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We compare the Fund's returns with a reference portfolio. The reference portfolio is our passive benchmark, and a clear way to measure active investment returns (the value we are adding) net of costs.

Our aim, as an active investor, is for our Actual Portfolio to add more value to the Fund than the Reference Portfolio would do, using strategies based on the Fund’s endowments as a long-term, sovereign investor with low liquidity requirements.

Since inception, the Fund has exceeded the Reference Portfolio return by 1.63% p.a. or NZ$13.29 billion (after costs, before tax).

In recent years the composition of the Fund has become increasingly different to the Reference Portfolio and the Fund has moved visibly ahead of the Reference Portfolio's returns.


Monthly updates

While monthly updates on the Fund's performance against the Reference Portfolio benchmark are provided, it is important to remember that the Fund's active investment strategies are long-term ones that are designed to play out over many years. Performance over short and medium-term periods needs to be seen in this context. Refer to our Annual Reports for audited figures.

Fund Performance (after costs, before tax) as at 30 June 2023 Since inception (Sept 2003) Ten years  Five years One year

Actual fund returns

9.76% p.a.

10.75% p.a.

7.98% p.a.


Reference portfolio return

8.22% p.a.

8.80% p.a.

6.29% p.a.


Value added (Actual return - reference portfolio return)

1.54% p.a.

1.95% p.a.

1.69% p.a.


Estimated $ earned relative to the reference portfolio

$15.12 billion

$9.86 billion

$4.71 billion

$(102) million


Note: the Reference Portfolio has been one of our performance benchmarks since July 2010. Prior to then the Guardians' used a Strategic Asset Allocation model to measure the value the Guardians were adding through active investment. Comparisons prior to July 2010 are based on the Strategic Asset Allocation model.