Investment
The Fund measures its performance in two ways:
- relative to the NZ 90 day Treasury Bill return; and
- relative to a passive Reference Portfolio benchmark.
It is our expectation, given our long-term mandate and hence portfolio construction, that we will return at least the Treasury Bill return + 2.7% 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 |
February 2021 |
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) |
1.58% |
18.95% |
13.51% |
12.22% |
10.31% |
|
Reference Portfolio Return (after costs, before NZ tax) |
1.19% |
20.98% |
12.44% |
10.22% |
9.13% |
|
Value-added (actual return less Reference Portfolio Return) |
0.39% |
-2.02% |
1.07% |
1.99% |
1.18% |
|
Estimated $ earned relative to Reference Portfolio |
$ 204 million |
$(911) million |
$2.308 billion |
$9.002 billion |
$9.218 billion |
|
NZ income tax (paid) / received |
$(0) billion |
$(0.51) billion |
$(2.93) billion |
$(5.83) billion |
$(7.42) billion |
|
Treasury Bill Return |
0.02% |
0.33% |
1.40% |
2.05% |
3.59% |
|
Net Return (actual return less Treasury Bill Return) |
0.56% |
18.62% |
12.11% |
10.16% |
6.72% |
|
Estimated $ earned relative to Treasury Bills |
$829million |
$8.263 billion |
$21.775 billion |
$32.120 billion |
$34.005 billion |
|
Long-term performance expectation |
0.23% |
3.09% |
4.10% |
4.67% |
6.13% |
|
$ change in net asset position |
$1.026 billion | $10.096 billion | $26.017 billion | $35.102 billion |
$54.098 billion |