Investment performance
We measure the Fund's investment performance in two ways:
- relative to the NZ 90 day Treasury Bill return; and
- relative to a passive reference portfolio benchmark.
Given our long-term mandate, we expect to return at least the Treasury Bill return + 2.8% over any 20-year moving average period.
This graph shows how the first dollar invested in the Fund has grown over time, versus our Reference Portfolio and Treasury Bill benchmarks.
|
Performance as at |
May 2022 |
Last 12 months |
Last 5 years p.a. |
Last 10 years p.a. |
Since inception p.a. |
|
Actual Fund Return (after costs, before NZ tax) |
-0.35% |
-1.07% |
9.13% |
12.70% |
9.89% |
|
Reference Portfolio Return (after costs, before NZ tax) |
-0.90% |
-6.92% |
7.41% |
10.41% |
8.42% |
|
Value-added (actual return less Reference Portfolio Return) |
0.55% |
5.85% |
1.72% |
2.29% |
1.47% |
|
Estimated $ earned relative to Reference Portfolio |
$317 million |
$3.47 billion |
$4.17 billion |
$9.99 billion |
$10.74 billion |
|
NZ income tax (paid) / received |
$(0) billion |
$(2.21) billion |
$(4.29) billion |
$(7.43) billion |
$(9.76) billion |
|
Treasury Bill Return |
0.10% |
0.63% |
1.05% |
1.81% |
3.38% |
|
Net Return (actual return less Treasury Bill Return) |
-0.45% |
-1.70% |
8.08% |
10.90% |
6.51% |
|
Estimated $ earned relative to Treasury Bills |
$(258) million |
$(1.09) billion |
$17.2 billion |
$33.88 billion |
$39.21 billion |
|
$ change in net asset position |
$106 billion | $(0.45) billion | $22.58 billion | $39.22 billion |
$57.45 billion |