Fund Size


Increase of Fund
(Before tax)



(After costs, before tax)

Value Add
(vs. reference portfolio)


Value added

Since inception

Net Return

Since inception
Returns are after costs and before New Zealand tax

Fund Returns - As at 30 June 2016

Actual Fund Return

Actual Fund Return

(Returns are after costs and before New Zealand tax)

Value added by Guardians

Value added by Guardians

(compared to passive Reference Portfolio benchmark)

Net Return

Net Return

(returns over and above the Treasury Bill return - the Government's marginal cost of debt)

Graph key

** The first capital contributions were invested in September 2003.

2015/16 Achievements:

  • Reference Portfolio review recommendations implemented.
  • Refreshed our risk reporting (Risk Appetite Statement and Risk Assessment Framework) and completed vendor research for an Investment Risk Management System.
  • Key lessons from post-implementation review of new Performance System implemented.

Priorities for 2016/17:

  • Climate Change Strategy – finalising and implementing our strategy to deal with associated risks and opportunities.
  • Collateral optimisation1 – increasing the efficiency of collateral supply and demand management.
  • Implement the Investment Risk Management System platform that best matches our requirements.

 1 See Glossary.

We welcome feedback to help us improve our reporting. Comments can be directed to

Download our full Annual Report (PDF 11,207KB)