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 |
April 2020 |
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) |
8.18% |
-3.98% |
7.36% |
11.24% |
9.36% |
|
Reference Portfolio Return (after costs, before NZ tax) |
8.53% |
-2.24% |
5.85% |
8.85% |
8.10% |
|
Value-added (actual return less Reference Portfolio Return) |
-0.34% |
-1.75% |
1.51% p.a. |
2.39% p.a. |
1.26% p.a. |
|
Estimated $ earned relative to Reference Portfolio |
$(133) million |
$(770) million |
$2.784 billion |
$8.507 billion |
$7.519 billion |
|
NZ income tax (paid) / received |
$0.02 billion |
$(0.317) billion |
$(2.178) billion |
$(5.368) billion |
$(6.795) billion |
|
Treasury Bill Return |
0.02% |
1.13% |
1.84% |
2.28% |
3.76% |
|
Net Return (actual return less Treasury Bill Return) |
8.16% |
-5.11% |
5.52% p.a. |
8.96% p.a. |
5.60% p.a. |
|
Estimated $ earned relative to Treasury Bills |
$3.151 billion |
$(2.269) billion |
$9.295 billion |
$23.891 billion |
$23.717 billion |
|
Long-term performance expectation |
0.23% |
3.83% |
4.53% |
4.87% |
6.28% |
|
$ change in net asset position |
$3.399 billion | $(0.795) billion | $12.809 billion | $25.424 billion |
$42.131 billion |