Investment

The Fund measures its performance in two ways:

It is our expectation, given our long-term mandate and hence portfolio construction, that we will return at least the Treasury Bill return + 2.7% over any 20-year moving average period.

Performance as at 28 February 2019February 2019Last 12 months Last 5 years p.a.Last 10 years p.a.Last 15 years p.a.Since inception p.a.
Actual Fund Return (after costs, before NZ tax) 2.83% 5.18% 11.39% 14.90% 10.18% 10.10%
Reference Portfolio Return (after costs, before NZ tax) 2.63% 2.49% 8.83% 12.59% 8.59% 8.58%
Value-added (actual return less Reference Portfolio Return)0.20%2.69%2.55% p.a.2.30% p.a.1.59% p.a. 1.52% p.a.
Estimated $ earned relative to Reference Portfolio$81 million$1.037 billion $4.486 billion $7.183 billion$8.286 billion$8.271 billion
NZ income tax (paid) / received$0 billion $(0.14) billion $(2.82) billion $(5.07) billion$(6.35) billion $(6.39) billion
Treasury Bill Return 0.13% 1.67% 2.32% 2.45% 3.94% 3.95%
Net Return (actual return less Treasury Bill Return)2.70%3.51%9.07% p.a.12.44% p.a.6.24% p.a.6.15% p.a.
Estimated $ earned relative to Treasury Bills$1.074 billion$1.358 million$14.152 billion$27.473 billion$23.900 billion$24.014 billion
Long-term performance expectation 0.33% 4.37% 4.97% 5.02% 6.48% 6.47%
$ change in net asset position $1.187 billion  $2.853 billion  $15.683 billion  $29.996 billion  $37.966 billion $41.198 billion

Archive of previous monthly reports.

To find out more:

For full audited information on the Fund's investment returns, see our Annual Reports.