Papers Reports Reviews

 A library of the Guardians’ papers, reviews, articles and other published reports.

How We Invest White Paper - Climate Change

Posted On: Monday, 11 March 2019

By Matt Whineray and Anne-Maree O'Connor. This paper sets out our climate change strategy, how we have implemented it and some of the frameworks we have used.

How We Invest White Paper - NZ Expansion Capital

Posted On: Thursday, 21 December 2017

By Nathan Tuck and Fiona Mackenzie drawing on research by Chris Jagger, Guardians of New Zealand Superannuation, December 2017. This paper explains how we define expansion capital in a New Zealand context, how we access it, and how it aligns with our endowments and investment beliefs. It also explains the performance of the strategy to date.

How We Invest White Paper - Strategic Tilting

Posted On: Monday, 3 July 2017

By David Iverson and Alex Bacchus, Guardians of New Zealand Superannuation, January 2019. This paper explains how tilting works an how it aligns with our endowments and investment beliefs.


How we Invest White Paper - Why We Believe Responsible Investing Pays Off

Posted On: Thursday, 19 November 2015

By Anne-Maree O'Connor, David Rae and Rishab Sethi, Guardians of New Zealand Superannuation, November 2015. This paper explores the foundations and implications of the Guardians' ESG beliefs, and summarises the underlying empirical evidence.

Holistic, Not Fragmented. Long-Term, Not Quarterly

Posted On: Friday, 18 September 2015

The following article by Guardians CEO Adrian Orr was published, in association with the Milken Institute, in September 2015.

Current capitalist systems, and general financial market practices, do better than the alternatives at allocating scarce capital to its most productive uses. Witness the rapid per-capita income growth of recent centuries, which is unprecedented in human history. The economic outcomes in health, shelter, security and choice have never been greater.

However, not all is well. Social cohesion, culture and the environment continuously come under immense pressure. Likewise, modern economies lurch between boom and bust. The income and opportunity divide remains wide between and within countries. Cultural dominance strips communities of their sense of purpose. And the environment is being degraded at the cost of future generations. At times, capitalism and financial markets, when left alone, yield outcomes that can be unfair, unstable and unsustainable. How do we create more inclusion and stability?


How we Invest White Paper: Managing Investment Risk and Liquidity

Posted On: Thursday, 3 September 2015

By David Iverson, Guardians of New Zealand Superannuation, September 2015. This paper provides a summary of how we manage investment risk and liquidity in the context of the New Zealand Super Fund’s portfolio.

How we Invest White Paper - Investment Manager Selection and Monitoring

Posted On: Friday, 28 August 2015

By Paul Gregory and Chris Jagger, Guardians of New Zealand Superannuation, August 2015. This paper provides an insight into how investment managers fit into the Fund’s overall investment process.

How We Invest White paper - 2015 Reference Portfolio

Posted On: Sunday, 2 August 2015

The Guardians of New Zealand Superannuation (Guardians), the investment manager of the New Zealand Superannuation Fund (NZSF or the Fund), has adopted a reference portfolio approach since 2010. A reference portfolio approach is first and foremost a governance construct designed to facilitate clear decision making and accountability of decisions. The Guardians has undertaken to review the composition of the Fund’s Reference Portfolio at least once every five years and concluded such a review in the first half of the 2015 calendar year. This paper provides a summary of the 2015 Reference Portfolio review.

Global Investor - Liquidity issues in an institutional portfolio context

Posted On: Thursday, 28 May 2015

An interview with New Zealand Super Fund Chief Executive Adrian Orr. The article was published in Global Investor magazine, published by Credit  Suisse and can be found on Page 26.