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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
30 November 2020

November 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)

8.23%

8.57%

10.92%

12.66%

10.15%

Reference Portfolio Return (after costs, before NZ tax)

8.62%

11.22%

10.16%

10.56%

8.99%

Value-added (actual return less Reference Portfolio Return)

-0.39%

-2.65%

0.76%

2.10%

1.16%

Estimated $ earned relative to Reference Portfolio

$ (183) million

$(1.243) billion

$1.615 billion

$8.872 billion

$8.551 billion

NZ income tax (paid) / received

$(0.11) billion

$(0.507) billion

$(2.932) billion

 $(5.895) billion

$(7.42) billion

Treasury Bill Return

0.02%

0.54%

1.51%

2.13%

3.64%

Net Return (actual return less Treasury Bill Return)

8.2%

8.04%

9.41%

10.53%

6.51%

Estimated $ earned relative to Treasury Bills

$3.823 billion

$3.799 billion

$17.398 billion

$30.992 billion

$31.567 billion

Long-term performance expectation

0.25%

3.28%

4.21%

4.74%

6.17%

$ change in net asset position

$3.929 billion $5.385 billion   $21.006 billion  $33.552 billion

$50.981 billion

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