Monthly Returns

This table sets out the Fund's returns since inception (September 2003) on a monthly basis. Click on the relevant year to see month-by-month returns.

We disclose:

  • Total Fund Return (after costs, before NZ tax)
  • Treasury Bill Return (proxy for the cost of debt) - the rolling yield on 90 day Treasury Bills
  • Long term performance expectation - Treasury Bill Return + 2.7% (+2.5% till 30 June 2014)
  • Net return (returns over and above the Treasury Bill return)
  • Reference Portfolio Return (passive benchmark)
  • Value added by Guardians (compared to Reference Portfolio)
  • Fund size. This is shown in NZ dollars and inclusive of net investment income, but excluding provisions for NZ tax.

Please note that:

  • these figures are unaudited.  For audited figures please refer to our Annual Reports
  • all Fund returns are quoted after fees and before NZ tax. Returns are measured on a 'time weighted' basis (monthly compounding). We measure on a 'time weighted' basis because we do not have control over the flow of cash in and out of the Fund
  • 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;
  • not all assets are valued on a monthly basis;
  • prior to July 2010, the column showing the Reference Portfolio Return refers to a previous performance benchmark, which used a Strategic Asset Allocation methodology.

 

YEAR & MONTH

FUND RETURN

T-BILLS

LONG-TERM PERFORMANCE EXPECTATION

NET RETURN

RP RETURN

VALUE ADD

FUND SIZE

NZ$ Million

2003/047.69%3.93%5.78%3.75%8.07%-0.38%$3,985.40
30/09/030.00%0.00%0.00%0.00%0.00% 0.00% $2,402.40
31/10/030.39%0.42%0.62% -0.03%0.74%-0.35% $2,551.40
30/11/030.73%0.41%0.60%0.32%0.25%0.49% $2,709.50
31/12/031.55% 0.44% 0.64%1.11%1.73% -0.19% $2,961.70
31/01/040.47%0.41% 0.61%0.06%0.64% -0.17% $3,113.90
29/02/040.63%0.42%0.61%0.21%  0.67%-0.03%$3,232.40
31/03/041.23%0.45%0.65%0.78%1.15%0.08%$3,413.40
30/04/040.63%0.42%0.61%0.21%0.64%-0.01% $3,572.10
31/05/040.10% 0.46%0.66%-0.36% 0.17% -0.08% $3,714.00
30/06/041.72% 0.43%0.63%1.28%1.81%-0.10%$3,985.40
2004/0514.13%6.42%8.92%7.71%13.86% 0.26% $6,613.50
31/07/04-1.38%0.49%0.69%-1.87%-1.34%-0.04%$4,088.60
31/08/040.00%0.50%0.70%-0.50%0.02%-0.01%$4,252.80
30/09/042.04%0.49%0.69%1.55%1.31%0.73%$4,499.50
31/10/040.98%0.53%0.73%0.45%1.18%-0.20%$4,675.70
30/11/043.16%0.53%0.72%2.63%2.89%0.27%$5,059.00
31/12/042.80%0.53%0.72%2.27%2.73%0.06%$5,329.70
31/01/050.21%0.54%0.74%-0.33%-0.07%0.27%$5,494.20
28/02/052.39%0.50%0.68%1.88%1.96%0.42%$5,751.50
31/03/05-0.93%0.52%0.72%-1.45%-0.93%0.01%$5,858.00
30/04/05-1.76%0.54%0.73%-2.30%-0.81%-0.96%$5,901.60
31/05/05  3.51%0.55%0.74%2.97%3.44%0.08%$6,354.60
30/06/052.46%0.52%0.72%1.94%2.83%-0.36%$6,613.50
2005/0619.21%6.90%9.40%12.31%17.58%1.63%$10,108.70
31/07/053.29%0.54%0.74%2.75%3.35%-0.06%$7,008.00 
31/08/050.74%0.54%0.74%0.20%0.18%0.55%$7,239.00
30/09/052.54%0.52%0.71%2.02%2.16%0.37%$7,604.70
31/10/05-2.49%0.55%0.75%-3.04%-2.52%0.03%$7,534.00
30/11/052.75%0.52%0.71%2.23%2.80%-0.05%$8,013.60
31/12/052.68%0.59%0.79%2.09%2.87% -0.19% $8,406.40
31/01/063.49%0.62%0.81%2.88%3.15%0.34%$8,856.40
28/02/060.71%0.48%0.66%0.23%0.99%-0.29%$8,977.80
31/03/064.48% 0.58%0.77%3.90%4.38% 0.09% $9,563.30
30/04/061.31%0.58%0.77%0.73%0.43%0.89%$9,858.40
31/05/06-2.91%0.60% 0.80%-3.52%-2.79% -0.13% $9,832.00
30/06/061.40%0.57%0.76%0.83%1.55%-0.15%$10,108.70
2006/0714.58%7.32%9.82%7.26%13.09%1.50%$13,149.50
31/07/060.77%0.56%0.76%0.21%0.91%-0.14%$10,338.40
31/08/060.12%0.62%0.81%-0.50%0.59%-0.48%$10,507.80
30/09/060.89%0.58%0.77%0.30%1.14%-0.26%$10,758.60
31/10/062.12%0.65%0.84%1.47%2.39%-0.28%$11,173.80
31/11/061.69%0.59%0.79%1.10%1.92%-0.22%$11,524.00
31/12/061.60%0.55%0.74%1.06%1.09%0.52%$11,858.70
31/01/071.93%0.62%0.82%1.30%2.13%-0.21%$12,191.70
28/02/07-0.30%0.54%0.72%-0.84%-0.36%0.05%$12,132.40
31/03/071.36%0.58%0.78%0.78%0.96%0.40%$12,457.80
30/04/071.78%0.60%0.79%1.19%1.51%0.27%$12,807.20
31/05/072.20%0.61%0.81%1.58%2.06%0.14% $13,278.50
30/06/07-0.40%0.59%0.78%-1.00%-1.92%1.51%$13,149.50
2007/08-4.92%7.97%10.47%-12.88%-4.73%-0.18%$14,128.40
31/07/07-1.18%0.62%0.82%-1.80%-1.40%0.22%$13,126.70 
31/08/070.55%0.70%0.89%-0.15%2.10%-1.55%$13,328.00
30/09/071.36%0.66%0.85%0.70%1.78%-0.41%$13,676.20
31/10/072.10%0.59%0.79%1.50%2.06%0.04%$14,008.10
30/11/07-3.51%0.64%0.83%-4.14%-3.35%-0.15%$31,679.00
31/12/07-0.20%0.62%0.82%-0.82%-0.50%0.30%$13,806.20
31/01/08-5.25%0.59%0.79%-5.84%-4.99%-0.26%$13,241.50
28/02/080.29%0.65% 0.84%-0.37%-0.15%0.44%$13,450.30
31/03/08-0.72%0.66%0.85%-1.38%-0.40%-0.33%$13,476.00
31/04/084.28%0.65%0.84%3.64%4.51%-0.23%$14,299.90
31/05/081.65%0.68%0.87%0.98%1.29%0.36%$14,701.90
30/06/08-3.98%0.63%0.82%-4.61%-5.28%1.30%$14,128.40
2008/09-22.14%5.49%7.99%-27.63%-18.25%-3.89%$13,352.60 
31/07/08-0.25%0.67%0.87%-0.92%-0.08%-0.17%$14,236.30
31/08/080.48% 0.63% 0.82%-0.15%1.23%-0.76%$14,449.30
30/09/08-7.98%0.70%0.89%-8.68%-7.11%-0.87% $13,578.70
31/10/08 -13.49% 0.56% 0.76%-14.05%-13.88% 0.39% $12,025.00
30/11/08 -5.03% 0.48% 0.68%-5.51%-4.57% -0.46% $11,664.00
31/12/08 1.46% 0.52% 0.72%0.94%2.07% -0.61% $12,045.40
31/01/09 -3.24% 0.52% 0.72%-3.76%-4.30% 1.06% $11,883.10
28/02/09-6.67% 0.28% 0.47%-6.95%-6.98%0.32% $11,203.70
31/03/091.12% 0.23% 0.44% 0.89%3.10% -1.98% $11,552.00
30/04/096.74% 0.30% 0.50% 6.44%9.20%-2.46% $12,509.10
31/05/093.47% 0.25% 0.45% 3.23%3.30%0.17% $13,096.70
30/06/090.40%0.21%0.41% 0.19%0.19% 0.22% $13,352.60
2009/1015.45%2.60%5.10%12.85%14.62%0.83%$15,625.20
31/07/096.31% 0.22%0.43%6.09% 6.06%0.24% $14,445.60
31/08/092.80%  0.24%0.44%2.56% 3.55%-0.75% $14,864.00
30/09/092.47%  0.21%0.41%2.26% 2.60%-0.13% $15,230.20
31/10/09-0.22%  0.23%0.43%-0.45% -1.08%0.86% $15,192.70
30/11/092.61%  0.21%0.41%2.41% 2.37%0.24% $15,606.30
31/12/092.39%  0.23%0.44%2.16% 2.62%-0.23% $15,963.90
31/01/10-1.97% 0.22%0.42%-2.19% -2.13%0.16% $15,647.30
28/02/101.88% 0.20%0.39%1.67% 1.84%0.03% $15,937.70
31/03/104.29%  0.21%0.41%4.08% 4.48%-0.20% $16,591.20
30/04/100.76%  0.19%0.39%0.58% 1.00%-0.24% $16,706.30
31/05/10-4.82%  0.21%0.41%-5.02% -4.69%-0.13% $15,861.10
30/06/10-1.54%  0.20%0.40%-1.74% -2.36%0.82% $15,625.20
2010/1125.05%2.89% 5.39%22.16%19.48%5.57%$19,032.50
31/07/104.76% 0.21% 0.41%4.55%4.37%0.39%$16,443.50
31/08/10-1.37% 0.23% 0.44%-1.61%-1.78%0.41% $16,212.50
30/09/106.11% 0.26% 0.45%5.85%5.76%0.35% $17,209.30
31/10/102.66% 0.25% 0.45%2.41%2.47%0.19% $17,664.20
30/11/10-0.38% 0.24% 0.44%-0.62%-0.32%-0.06% $17,429.00
31/12/104.42% 0.25% 0.46%4.17%4.32%0.10% $18,209.40
31/01/111.61% 0.26% 0.46%1.35%1.15%0.46% $18,466.40
28/02/113.00% 0.27% 0.45%2.73%2.11%0.89% $18,996.00
31/03/110.41% 0.25% 0.46%0.16%-0.02%0.43% $18,822.20
30/04/111.82% 0.21% 0.41%1.61%2.00%-0.18% $19.148.30
31/05/110.85% 0.22% 0.42%0.63%-0.46%1.31% $19,224.40
30/06/11-1.02% 0.20% 0.40%-1.22%-1.35%0.33% $19,032.50
2011/121.21%2.45%4.96% -1.24%-0.23%1.44% $18,996.20
31/07/11 -2.81%0.20%0.41% -3.01% -1.45%-1.36%$18,302.80 
31/08/11 -5.04% 0.22%0.43% -5.27% -5.09%0.05%$17,356.20 
30/09/11 -3.67% 0.23%0.43% -3.90% -5.22%1.55%$16,634.70 
31/10/116.66% 0.20%0.41% 6.46% 6.67%-0.01%$17,798.80 
30/11/11 -0.54% 0.20%0.40% -0.74%  -1.54%0.99%$17,639.50 
31/12/110.43% 0.20%0.40% 0.24%  0.79%-0.36%$17,728.60
31/01/123.26% 0.19%0.40% 3.07%  4.06%-0.80%$18,357.20
28/02/123.72% 0.18%0.37% 3.54%  3.67%0.04%$19,059.30
31/03/122.89% 0.19%0.39% 2.71%  1.45%1.44%$19,460.30
30/04/12-0.86% 0.21%0.41% -1.07%  -0.53%-0.33%$19,228.70
31/05/12-4.45% 0.21%0.42% -4.66%  -5.03%0.58%$18,332.00
30/06/122.36% 0.19%0.39% 2.17%  2.84%-0.48%$18,996.20
2012/1325.83%2.41%4.91%23.42%18.47%7.36%$22,970.81
31/07/121.47% 0.21%0.41%1.26%1.59% -0.12%$19,147.96
31/08/122.72% 0.21%0.41%2.51% 1.73% 0.98%$19,667.99
30/09/121.92% 0.18% 0.38%1.74% 2.22% -0.30%$20,081.99
31/10/120.58% 0.21% 0.42%0.37% 0.13% 0.45%$20,173.94
30/11/12 2.01% 0.20% 0.40%1.81% 1.47% 0.54%$20,449.36
31/12/122.33% 0.21% 0.41%2.12% 2.04% 0.29%$20,923.04
31/01/134.30% 0.21% 0.41%4.09% 3.87% 0.43%$21,805.90
28/02/13 1.31% 0.19% 0.37%1.12% 1.31% 0.00%$21,993.25
31/03/131.76% 0.20% 0.41%1.56% 2.14% -0.38%$22,110.32
30/04/132.18% 0.20% 0.40%1.98% 2.52% -0.34%$22,564.65 
31/05/13 3.38% 0.19% 0.39%3.19% 0.56% 2.81%$23,171.35
30/06/13-0.66% 0.18% 0.38%-0.84% -2.39% 1.72%$22,970.81
2013/1419.36%2.55% 5.05%16.82%19.47% -0.11% $26,437.11
31/07/132.97%0.18%0.38%2.80%3.49%-0.51%$23,447.47
31/08/13-0.18%0.20%0.41%-0.38%-1.46%1.28%$23,353.30
30/09/132.11%0.18%0.38%1.92%3.44%-1.34%$23,932.04
31/10/133.71%0.21%0.42%3.49%3.39%0.31%$24,794.25
30/11/131.66%0.20%0.40%1.46%1.25%0.41%$24,925.66
31/12/130.98%0.21%0.42%0.77%1.28%-0.30%$25,201.04
31/01/14-1.27%0.20%0.41%-1.47%-1.61%0.34%$24,870.07
28/02/142.84%0.20%0.38%2.64%3.34%-0.50%$25,515.54
31/03/14-0.03%0.21%0.41%-0.24%0.56%-0.61%$25,188.57
30/04/141.41%0.22%0.42%1.19%0.79%0.22%$25,506.42
31/05/142.57%0.26%0.46%2.32%2.11%0.36%$26,139.22
30/06/141.17%0.25%0.44%0.92%1.50%-0.33%$26,437.11
2014/1514.64%3.48%5.98%11.16%10.18%4.46%$29,541.92
31/07/140.77%0.28%0.48%0.49%-0.16%0.93%$26,180.72
31/08/142.44%0.29%0.49%2.15%2.53%-0.09%$26,803.67
30/09/14-0.06%0.28%0.48%-0.32%-1.29%1.25%$26,729.47
30/10/141.47%0.29%0.49%1.18%1.78%-0.31%$27,112.79
30/11/142.05%0.27%0.47%1.78%2.26%-0.21%$27,631.28
31/12/14-0.17%0.29%0.50%-0.47%0.08%-0.26%$27,535.96
31/01/151.43%0.29%0.50%0.87%0.85%0.32%$27,775.18
28/02/153.91%0.27%0.45%3.64%4.05%-0.14%$28,984.77
31/03/150.50%0.29%0.49%0.21%0.30%0.29%$28,966.19
30/04/151.14%0.28%0.48%0.95%1%0.23%$29,321.98
31/05/151.64%0.30%0.50%1.35%0.93%0.72%$29,645.87
30/06/15-1.27%0.29%0.48%-1.56%-2.44%1.17%$29,541.92
2015/161.89%2.54%4.82%-0.65%1.37%0.52%$30,104.49
31/07/151.24%0.27%0.49%0.97%1.60%-0.36%$30,154.18
31/08/15-4.30%0.24%0.47%-4.55%-5.13%0.83%$28,792.11
30/09/15-2.29%0.23%0.45%-2.52%-2.18%-0.11%$28,103.09
31/10/155.54%0.21%0.44%5.33%5.67%-0.12%$29,798.35
30/11/151.05%0.22%0.43%0.83%0.61%0.44%$29,975.07
31/12/15-1.84%0.22%0.44%-2.06%-1.16%-0.68%$29,476.89
31/01/16-3.57%0.21%0.43%-3.78%-4.06%0.49%$28,326.60
29/02/16-1.05%0.20%0.40%-1.25%-0.50%-0.55%$28,080.99
31/03/165.38%0.21%0.42%5.10%5.04%0.26%$29,601.08
30/04/161.25%0.16%0.37%1.09%0.85%0.40%$30,016.59
31/05/161.70%0.17%0.39%1.52%1.57%0.13%$30,313.07
30/06/16-0.69%0.17%0.38%-0.86%-0.38%-0.32%$30,104.49
2016/1720.71%1.83%4.53%18.88%16.34%4.37%$35,373.07
31/07/163.70% 0.19% 0.42% 3.51% 3.74%-0.04% $30,994.25
31/08/161.16% 0.17% 0.39% 0.99% 0.69% 0.47% $31,367.14
30/09/160.61%0.16%0.38%0.45%0.36%0.25%$31,599.63
31/10/160.04%0.16%0.39%-0.12%-0.90%0.94%$31,581.58 
30/11/161.79%0.16%0.38%1.63%1.49%0.29%$31,943.30
31/12/162.44%0.15%0.37%2.29%2.01%0.43%$32,702.16
31/01/171.15%0.14%0.36%1.01%1.33%-0.18%$33,142.80
28/02/172.62%0.13%0.33%2.49%2.52%0.10%$33,932.28
31/03/171.58%0.13%0.35%1.45%0.96%0.62%$34,094.31
30/04/171.41%0.14%0.35%1.27%1.39%0.03%$34,548.96
31/05/171.08%0.15%0.36%0.93%1.29%-0.21%$34,975.79
30/06/171.42%0.14%0.35%1.28%0.43%0.99%$35,373.07
2017/18 12.43%1.72%4.42%10.71%10.42%2.02%$39,368.89
31/07/171.55%0.15%0.38%1.40%1.55%0.00%$35,464.18
31/08/170.95%0.15%0.37%0.80%0.64%0.31%$35,715.57
30/09/171.66%0.15%0.36%1.52%1.69%-0.02%$36,348.04
31/10/172.62%0.15%0.38%2.47%2.44%0.18%$37,207.09
30/11/171.01%0.14%0.36%0.86%1.13%-0.12%$37,383.48
31/12/171.13%0.14%0.37%0.98%1.08%0.04%$37,910.52
31/01/182.65%0.14%0.36%2.51%2.95%-0.30%$39,059.95
28/02/18-1.96%0.13%0.33%-2.09%-2.56%0.60%$38,345.43
31/03/18-1.060.13%0.35%-1.20%-1.36%0.30$37,834.34
30/04/181.75%0.14%0.36%1.61%1.27%0.48%$38,531.76
31/05/180.84%0.14%0.36%0.70%1.09%-0.25%$38,899.12
30/06/180.73%0.14%0.35%0.59%0.15%0.58%$39,368.89
2018/193.58%0.42%1.10%3.16%3.53%0.05%$41,096.23
31/07/182.02%0.15%0.38%1.87%2.06%-0.04%$40,244.58
31/08/181.07%0.14%0.36%0.93%1.52%-0.46%$40,719.33
30/09/180.45%0.13%0.35%0.32%-0.09%0.54%$41,096.23
31/10/18-4.84%0.13%0.35%-4.97%-5.92%1.08%$39,160.00
Since inception - as at 31/10/2018 4.02% p.a.6.53% p.a.6.43% p.a.8.98% p.a.1.47% p.a.$39,160.00

To find out more:

For audited performance figures please refer to our Annual Reports.

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