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Each year we publish an Annual Report for the Guardians and Fund. Included in this report is a Statement of Performance, which sets out how we performed against the strategic objectives set out in our Statement of Intent and annual Statement of Performance Expectations.

Our Annual Reports describe how the Fund has performed relative to its benchmarks, and give a breakdown of how the Guardians' active investment decisions have added value during the year. They also include a detailed overview of our governance and risk management processes, a dedicated responsible investment report, and a list of the external managers and custodians we used during the year.

As part of our commitment to best practice disclosure we index our reports against the Global Reporting Initiative criteria.

Annual Reports cover the year ended 30 June and are usually published the following October.

Stakeholder feedback on our reports is welcome and can be sent to [email protected].

2020 Annual Report

Tēnā koe,

On behalf of the Guardians of New Zealand Superannuation, I am pleased to present our Annual Report for the 2019/20 financial year.

For the Guardians, as for other investors, companies, governments and people all over the world, the 2019/20 year was ultimately dominated by the impact of the COVID-19 pandemic, both from an investment and an organisational perspective. This global crisis has reinforced once again the advantages the Guardians enjoys in financial markets as an agile, long-term sovereign investor, while highlighting the resilience and commitment of our team.

The theme of this year’s report is a fitting one: tā te wā whakamātau (the test of time). In managing the NZ Super Fund, our role is to reduce the tax burden faced by future generations of New Zealanders from the increasing cost of providing New Zealand Superannuation. At the highest level, what matters is long-term performance. This sets a clear context for everything we do and constantly reminds us that our horizons are over generations rather than years. In the seventeen years that the Fund has been investing, we have generated more than $26 billion more than the government would have saved by repaying debt, demonstrating our significant and ongoing contribution to reducing that future tax burden.

The 2019/20 year was also notable for the Guardians being given a new investment mandate, to oversee the Elevate NZ Venture Fund. This Fund was established by the New Zealand Government in 2019 to support New Zealand’s early stage growth companies and venture capital ecosystem.

Ngā mihi
Matt Whineray

 

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