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The Fund measures its performance in two ways:

  • relative to the NZ 90 day Treasury Bill return; and
  • relative to a passive Reference Portfolio benchmark.

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.

This 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
31 May 2020

May 2020

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)

3.56%

3.71%

7.76%

12.18%

9.54%

Reference Portfolio Return (after costs, before NZ tax)

3.70%

5.76%

6.43%

9.77%

8.29%

Value-added (actual return less Reference Portfolio Return)

-0.13%

-2.05%

1.34% p.a.

2.42% p.a.

1.25% p.a.

Estimated $ earned relative to Reference Portfolio

$(55) million

$(858) million

$2.552 billion

$8.704 billion

$7.743 billion

NZ income tax (paid) / received

$0 billion

$(0.32) billion

$(2.13) billion

 $(5.37) billion

$(6.80) billion

Treasury Bill Return

0.02%

0.99%

1.78%

2.26%

3.74%

Net Return (actual return less Treasury Bill Return)

3.55%

2.72%

5.98% p.a.

9.92% p.a.

5.80% p.a.

Estimated $ earned relative to Treasury Bills

$1.494 billion

$1.101 billion

$10.345 billion

$26.013 billion

$25.180 billion

Long-term performance expectation

0.24%

3.69%

4.47%

4.85%

6.27%

$ change in net asset position

$1.640 billion   $2.589 billion   $14.126 billion   $27.910 billion

 $43.771 billion

 

 

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