Super Fund buoyed by global equities

The NZ Super Fund has reported a 20.7% (after costs, before NZ tax) return for the 12 months to June 30, one of its best annual results.

It finished the year at $35 billion, up $5 billion on the year before.

Chair Catherine Savage said: “The fund is generating world-class returns and creating significant wealth for New Zealanders on a sustained basis. It should not, however, be measured on its short-term returns. We are here to create long-term value for New Zealand taxpayers. "

She said the fund had returned 10.2% per year, more than twice the Government's cost of contributions, over 14 years. That was based on the returns of Treasury bills.