Investment Performance
The Fund's long-term expected rate of return is, before New Zealand tax, to exceed the risk-free rate of return (the interest rate on New Zealand Treasury bills) by at least 2.5% p.a. over rolling 20 year periods. While monthly updates on the Fund's performance are provided against this expectation, it is important to remember that this is a long-term expectation and, over the short-term, there will be periods when it is comfortably exceeded and periods when it is not reached.
The figures outlined in the monthly performance updates have not been audited and are subject to change. The return for the full financial year is reviewed as part of the annual audit programme.
Update (As at 30 June 2010)
| Month To |
Return*
|
Risk Free Rate of Return** | Excess Return Over Risk Free rate | Size of Fund*** |
| 30 September 2003 | - | - | - | $2,402.4 |
| 31 October 2003 | 0.40% | 0.41% | (0.01%) | $2,551.4 |
| 30 November 2003 | 0.73% | 0.38% | 0.35% | $2,709.5 |
| 31 December 2003 | 1.55% | 0.45% | 1.10% | $2,961.7 |
| 31 January 2004 | 0.47% | 0.41% | 0.06% | $3,113.9 |
| 28 February 2004 | 0.63% | 0.40% | 0.23% | $3,232.4 |
| 31 March 2004 | 1.23% | 0.47% | 0.76% | $3,413.4 |
| 30 April 2004 | 0.63% | 0.42% | 0.21% | $3,572.1 |
| 31 May 2004 | 0.10% | 0.46% | (0.36%) | $3,714.0 |
| 30 June 2004 | 1.72% | 0.46% | 1.26% | $3,985.4 |
| 2003/2004 | 7.69% | 3.93% | 3.76% | $3,985.4 |
| Month To |
Return*
|
Risk Free Rate of Return** | Excess Return Over Risk Free rate | Size of Fund*** |
| 31 July 2004 | (1.38%) | 0.47% | (1.86%) | $4,088.6 |
| 31 August 2004 | 0.00% | 0.52% | (0.52%) | $4,252.8 |
| 30 September 2004 | 2.04% | 0.50% | 1.54% | $4,499.5 |
| 31 October 2004 | 0.98% | 0.53% | 0.45% | $4,675.7 |
| 30 November 2004 | 3.16% | 0.51% | 2.65% | $5,059.0 |
| 31 December 2004 | 2.80% | 0.53% | 2.27% | $5,329.7 |
| 31 January 2005 | 0.21% | 0.53% | (0.32%) | $5,494.2 |
| 28 February 2005 | 2.39% | 0.48% | 1.91% | $5,751.5 |
| 31 March 2005 | (0.93%) | 0.53% | (1.46%) | $5,858.0 |
| 30 April 2005 | (1.76%) | 0.51% | (2.27%) | $5,901.6 |
| 31 May 2005 | 3.51% | 0.53% | 2.98% | $6,354.6 |
| 30 June 2005 | 2.46% | 0.51% | 1.95% | $6,613.5 |
| 2004/2005 | 14.13% | 6.33% | 7.80% | $6,613.5 |
| Month To |
Return*
|
Risk Free Rate of Return** | Excess Return Over Risk Free rate | Size of Fund*** |
| 31 July 2005 | 3.29% | 0.53% | 2.76% | $7,008.0 |
| 31 August 2005 | 0.74% | 0.53% | 0.21% | $7,239.0 |
| 30 September 2005 | 2.54% | 0.52% | 2.02% | $7,604.7 |
| 31 October 2005 | (2.49%) | 0.54% | (3.03%) | $7,534.0 |
| 30 November 2005 | 2.75% | 0.54% | 2.21% | $8,013.6 |
| 31 December 2005 | 2.68% | 0.57% | 2.11% | $8,406.4 |
|
31 January 2006 |
3.49% | 0.56% | 2.93% | $8,856.4 |
| 28 February 2006 | 0.71% | 0.49% | 0.22% | $8,977.8 |
| 31 March 2006 | 4.48% | 0.57% | 3.91% | $9,563.3 |
| 30 April 2006 | 1.31% | 0.56% | 0.75% | $9,858.4 |
| 31 May 2006 | (2.91%) | 0.58% | (3.49%) | $9,832.0 |
| 30 June 2006 | 1.40% | 0.55% | 0.85% | $10,108.7 |
| 2005/2006 | 19.20% | 6.77% | 12.43% | $10,108.7 |
| Month To |
Return*
|
Risk Free Rate of Return** | Excess Return Over Risk Free rate | Size of Fund*** |
| July 2006 | 0.78% | 0.58% | 0.20% | $10,338.4 |
| August 2006 | 0.14% | 0.59% | (0.45%) | $10,507.8 |
| September 2006 | 0.90% | 0.58% | 0.32% | $10,758.6 |
| October 2006 | 2.15% | 0.60% | 1.55% | $11,173.8 |
| November 2006 | 1.71% | 0.55% | 1.16% | $11,524.0 |
| December 2006 | 1.64% | 0.58% | 1.06% | $11,858.7 |
| January 2007 | 1.96% | 0.59% | 1.37% | $12,191.7 |
| February 2007 | (0.30%) | 0.53% | (0.83%) | $12,132.4 |
| March 2007 | 1.40% | 0.59% | 0.81% | $12,457.8 |
| April 2007 | 1.79% | 0.58% | 1.21% | $12,807.2 |
| May 2007 | 2.20% | 0.61% | 1.59% | $13,278.5 |
| June 2007 | (0.40%) | 0.60% | (1.00%) | $13,149.5 |
| 2006/2007 | 14.58% | 7.21% | 7.37% | $13,149.5 |
| Month To |
Return*
|
Risk Free Rate of Return** | Excess Return Over Risk Free rate | Size of Fund*** |
| July 2007 | (1.18%) | 0.65% | (1.83%) | $13,126.7 |
| August 2007 | 0.54% | 0.65% | (0.11%) | $13,328.0 |
| September 2007 | 1.36% | 0.59% | 0.77% | $13,676.2 |
| October 2007 | 2.09% | 0.60% | 1.49% | $14,008.1 |
| November 2007 | (3.52%) | 0.59% | (4.11%) | $13,679.0 |
| December 2007 | (0.20%) | 0.61% | (0.81%) | $13,806.2 |
| January 2008 | (5.24%) | 0.64% | (5.88%) | $13,241.5 |
| February 2008 | 0.29% | 0.61% | (0.32%) | $13,450.3 |
| March 2008 | (0.73%) | 0.65% | (1.38%) | $13,476.0 |
| April 2008 | 4.28% | 0.63% | 3.65% | $14,299.9 |
| May 2008 | 1.65% | 0.64% | 1.01% | $14,701.9 |
| June 2008 | (3.99%) | 0.63% | (4.62%) | $14,128.4 |
| 2007/2008 | (4.92%) | 7.97% | (12.89%) | $14,128.4 |
|
Month To |
Return* |
Risk Free Rate of Return** |
Excess Return Over Risk Free rate |
Size of Fund*** |
|
July 2008 |
(0.24%) |
0.67% |
(0.91%) |
$14,263.3 |
|
August 2008 |
0.48% |
0.63% |
(0.15%) |
$14,499.3 |
|
September 2008 |
(7.96%) |
0.70% |
(8.66%) |
$13,578.7 |
|
October 2008 |
(13.51%) |
0.56% |
(14.07%) |
$12,025.0 |
| November 2008 | (5.04%) | 0.48% | (5.52%) | $11,664.4 |
|
December 2008 |
1.47% | 0.52% | 0.95% | $12,045.4 |
| January 2009 | (3.24%) | 0.52% | (3.76%) | $11,833.1 |
| February 2009 | (6.67%) | 0.28% | (6.95%) | $11,203.7 |
| March 2009 | 1.12% | 0.23% | 0.89% | $11,552.0 |
| April 2009 | 6.74% | 0.30% | 6.44% | $12,509.1 |
| May 2009 | 3.47% | 0.25% | 3.22% | $13,096.7 |
| June 2009 | 0.40% | 0.21% | 0.19% | $13,352.6 |
|
2008/2009 |
(22.14%) |
5.49% |
(27.63%) |
$13,352.6 |
|
Month To |
Return* |
Risk Free Rate of Return** |
Excess Return Over Risk Free rate |
Size of Fund*** |
|
July 2009 |
6.31% |
0.22% |
6.09% |
$14,445.6 |
|
August 2009 |
2.80% |
0.24% |
2.56% |
$14,864.0 |
| September 2009 | 2.47% | 0.21% | 2.26% | $15,230.2 |
| October 2009 | (0.22%) | 0.23% | (0.45%) | $15,192.7 |
| November 2009 | 2.64% | 0.20%% | 2.44% | $15,606.3 |
| December 2009 | 2.40% | 0.23% | 2.17% | $15,963.9 |
| January 2010 | (1.97%) | 0.22% | (2.19%) | $15,647.3 |
| February 2010 | 1.88% | 0.21% | 1.67% | $15,937.7 |
| March 2010 | 4.29% | 0.21% | 4.08% | $16,591.2 |
| April 2010 | 0.76% | 0.19% | 0.57% | $16,706.3 |
| May 2010 | (4.82%) | 0.20% | (5.02%) | $15,861.1 |
| June 2010 | (1.54%) | 0.20% | (1.74%) | $15,625.2 |
| 2009/10 | 15.45% | 2.60% | 12.85% | $15,625.2 |
|
Month To |
Return* | Risk Free Rate of Return** | Excess Return Over Risk Free rate | Size of Fund*** |
| July 2010 | 4.76% | 0.21% | 4.55% | $16,443.5 |
| 2010/11 | 4.76% | 0.21% | 4.55% | $16,443.5 |
|
Since inception (30 September 2003) on annualised basis |
6.14% | 5.96% | 0.18% | $16,443.5 |
*After fees, but before tax. Returns are measured on a 'time weighted' basis (monthly compounding). This is common practice when measuring investment managers' performance against benchmarks, as it eliminates the impact of cash flows. The Guardians' performance expectation is to exceed the risk free rate by at least 2.5% p.a., over rolling 20 year periods, on a 'time weighted' basis.
**Rolling yield on 90 day Treasury bills.
***In New Zealand dollars and inclusive of net investment income, but excluding provision for tax.
Note: From 1 July 2007, the Fund has applied New Zealand International Financial Reporting Standards (NZ IFRS), under which listed securities are valued based on the end of day bid price on the relevant exchange. In line with common market practice, performance continues to be reported based on last sale price.
Monthly Performance and Portfolio Updates
Each month the Fund publishes a performance and portfolio update. The report includes information on the portfolio's performance, the current asset allocation and significant holdings.
To view the performance and portfolio updates for the current financial year click on the links below.
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2010/11 |
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July '10
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