A library of the Guardians’ papers, reviews, articles and other published reports.
By Nathan Tuck and Fiona Mackenzie drawing on research by Chris Jagger, Guardians of New Zealand Superannuation, December 2017. This paper explains how we define expansion capital in a New Zealand context, how we access it, and how it aligns with our endowments and investment beliefs. It also explains the performance of the strategy to date.
By David Iverson and Alex Bacchus, Guardians of New Zealand Superannuation, July 2017. This paper explains how tilting works an how it aligns with our endowments and investment beliefs.
By Anne-Maree O'Connor, David Rae and Rishab Sethi, Guardians of New Zealand Superannuation, November 2015. This paper explores the foundations and implications of the Guardians' ESG beliefs, and summarises the underlying empirical evidence.
By David Iverson and Paul Gregory, Guardians of New Zealand Superannuation, September 2015.This paper sets out how we evaluate the capacity of active managers in NZ Equities.
The following article by Guardians CEO Adrian Orr was published, in association with the Milken Institute, in September 2015.
Current capitalist systems, and general financial market practices, do better than the alternatives at allocating scarce capital to its most productive uses. Witness the rapid per-capita income growth of recent centuries, which is unprecedented in human history. The economic outcomes in health, shelter, security and choice have never been greater.
However, not all is well. Social cohesion, culture and the environment continuously come under immense pressure. Likewise, modern economies lurch between boom and bust. The income and opportunity divide remains wide between and within countries. Cultural dominance strips communities of their sense of purpose. And the environment is being degraded at the cost of future generations. At times, capitalism and financial markets, when left alone, yield outcomes that can be unfair, unstable and unsustainable. How do we create more inclusion and stability?
By David Iverson, Guardians of New Zealand Superannuation, September 2015. This paper provides a summary of how we manage investment risk and liquidity in the context of the New Zealand Super Fund’s portfolio.
By Paul Gregory and Chris Jagger, Guardians of New Zealand Superannuation, August 2015. This paper provides an insight into how investment managers fit into the Fund’s overall investment process.
The Guardians of New Zealand Superannuation (Guardians), the investment manager of the New Zealand Superannuation Fund (NZSF or the Fund), has adopted a reference portfolio approach since 2010. A reference portfolio approach is first and foremost a governance construct designed to facilitate clear decision making and accountability of decisions. The Guardians has undertaken to review the composition of the Fund’s Reference Portfolio at least once every five years and concluded such a review in the first half of the 2015 calendar year. This paper provides a summary of the 2015 Reference Portfolio review.
An interview with New Zealand Super Fund Chief Executive Adrian Orr. The article was published in Global Investor magazine, published by Credit Suisse and can be found on Page 26.
A white paper prepared with insights from the New Zealand Superannuation Fund and an essay by New Zealand Superannuation Fund Chief Executive Adrian Orr have been published in association with the Focusing Capital on the Long Term initiative, of which the Fund is a member. Both works address the benefits of sustainable long-term investing and the paper also provides practical guidance for the design, benchmarking and evaluation of investment portfolios oriented to the long term.
