Investment performance
We measure the Fund's investment performance in two ways:
- relative to the NZ 90 day Treasury Bill return — the reward for taking market risk
- relative to a passive reference portfolio benchmark — the value added by the Guardians' active management.
Given our long-term mandate, we expect to return at least 7.2% p.a. over any 20-year moving average period. This is our long-term performance expectation.
The below graph shows how the first dollar invested in the Fund has grown over time, versus our Reference Portfolio and Treasury Bill benchmarks.
Performance as at |
Jan 24 |
Last 12 months |
Last 5 years p.a. |
Last 10 years p.a. |
Since inception p.a. |
Actual Fund Return (after costs, before NZ tax) |
0.73% |
11.46% |
9.28% |
10.33% |
9.79% |
Reference Portfolio Return (after costs, before NZ tax) |
0.77% |
12.70% |
7.86% |
8.42% |
8.30% |
Value-added (actual return less Reference Portfolio Return) |
-0.04% |
-1.24% |
1.42% |
1.91% |
1.49% |
Estimated $ earned relative to Reference Portfolio |
$(0.03) billion |
$(0.77) billion |
$4.20 billion |
$10.29 billion |
$15.99 billion |
NZ income tax (paid) / received |
$0 billion |
$(0.19) billion |
$(3.26) billion |
$(6.09) billion |
$(9.66) billion |
Treasury Bill Return |
0.46% |
5.29% |
1.91% |
2.12% |
3.46% |
Net Return (actual return less Treasury Bill Return) |
0.28% |
6.17% |
7.36% |
8.21% |
6.33% |
Estimated $ earned relative to Treasury Bills |
$0.19 billion |
$3.88 billion |
$19.37 billion |
$34.76 billion |
$44.88 billion |
$ change in net asset position |
$0.58 billion |
$8.88 billion |
$30.23 billion |
$45.37 billion |
$70.24 billion |