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How We Invest

We think that the best way to achieve our mandate is to have a growth-oriented, diversified portfolio. We are opportunistic investors; our strategies play to our natural advantages such as our long time horizon and our liquidity tolerance.

Beliefs

Our investment beliefs complement and underpin our endowments and act as a key driver of our investment decisions.

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Endowments

We have four "endowments" or competitive advantages - core features of the Fund that are derived from how we were established and which help guide us in our investing decisions.

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Balancing Risk and Return

Our Act requires us to "maximise returns without undue risk to the Fund as a whole". The key decision for our portfolio is to determine what balance of risk and return is appropriate. This decision establishes the ratio of growth to income assets in our portfolio.

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Risk and Volatility

In order to meet our mandate, the ability to take market risk to earn returns over long periods of time is crucial.

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Climate Change

We believe climate change is a material investment issue with risks for long-horizon investors.

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Reference Portfolio

We use a Reference Portfolio, which is set by the Guardians’ Board, to benchmark the performance of our actual investment portfolio and the value we are adding through our active investment strategies.

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Actual Portfolio

The real-life composition of the Fund at any one time is called the Actual Portfolio. It is the sum of all the investments we have made which reflect the Reference Portfolio, plus any value-adding "active" investments.

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Investment Managers

We can manage an investment ourselves or we can contract a third party, an external investment manager, to manage it for us.

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Responsible Investment

We have a long-standing commitment to Responsible Investment. We believe that environmental, social and governance factors are material to long-term returns. Our legislation also requires us to avoid prejudice to New Zealand’s reputation in the world community.

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