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 + 2.8% 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 |
Mar 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) |
1.37% |
6.65% |
10.59% |
12.56% |
10.23% |
|
Reference Portfolio Return (after costs, before NZ tax) |
1.24% |
3.56% |
9.56% |
10.58% |
8.92% |
|
Value-added (actual return less Reference Portfolio Return) |
0.13% |
3.09% |
1.03% |
1.98% |
1.31% |
|
Estimated $ earned relative to Reference Portfolio |
$78 million |
$1.74 billion |
$2.55 billion |
$9.29 billion |
$10.64 billion |
|
NZ income tax (paid) / received |
$0 billion |
$(2.07) billion |
$(4.14) billion |
$(7.30) billion |
$(9.61) billion |
|
Treasury Bill Return |
0.08% |
0.49% |
1.07% |
1.83% |
3.40% |
|
Net Return (actual return less Treasury Bill Return) |
1.30% |
6.16% |
9.51% |
10.73% |
6.83% |
|
Estimated $ earned relative to Treasury Bills |
$760 million |
$3.4 billion |
$20.34 billion |
$35.31 billion |
$40.76 billion |
|
$ change in net asset position |
$0.95 billion | $3.88 billion | $25.55 billion | $40.18 billion |
$59.64 billion |