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 |
September 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) |
-1.52% |
5.60% |
10.88% |
12.17% |
9.83% |
|
Reference Portfolio Return (after costs, before NZ tax) |
-1.86% |
8.12% |
10.01% |
10.05% |
8.65% |
|
Value-added (actual return less Reference Portfolio Return) |
0.35% |
-2.52% |
0.87% p.a. |
2.12% p.a. |
1.18% p.a. |
|
Estimated $ earned relative to Reference Portfolio |
$ 167 million |
$(1.130) billion |
$1.718 billion |
$8.462 billion |
$8.077 billion |
|
NZ income tax (paid) / received |
$0 |
$(0.49) billion |
$(2.92) billion |
$(5.95) billion |
$(7.31) billion |
|
Treasury Bill Return |
0.02% |
0.63% |
1.59% |
2.17% |
3.67% |
|
Net Return (actual return less Treasury Bill Return) |
-1.53% |
4.97% |
9.29% |
9.99% |
6.16% |
|
Estimated $ earned relative to Treasury Bills |
$(738) billion |
$2.228 billion |
$15.987 billion |
$28.429 billion |
$28.465 billion |
|
Long-term performance expectation |
0.25% |
3.35% |
4.29% |
4.78% |
6.20% |
|
$ change in net asset position |
$(0.539) billion | $3.785 billion | $19.361 billion | $30.255 billion |
$47.464 billion |