The New Zealand Superannuation Fund returned 27.76% on its
investments in the last 12 months to lift its value to nearly
$25 billion at the end of November.
Since inception in 2003, the fund has returned 9.55% a year
and in November returned 1.66%.
The fund, set up by former finance minister Sir Michael
Cullen and also know as the ''Cullen fund'', was established
to pre-fund New Zealand's superannuation requirements.
The Government stopped contributions to the scheme and
Finance Minister Bill English indicated contributions would
restart once the Crown accounts returned to surplus.
The fund has received no Government contributions in the past
three years but in that time has added more than $9.5 billion
from investment returns.
Since the inception of the fund, the guardians have added
$8.2 billion to the fund, compared with the Treasury bill
rate, one of the measures used to rate the fund's
The fund has 62% of its money invested in global equities,
10% in fixed income, 6% in property and 5% in each of timber,
infrastructure and New Zealand equities. It has the rest
invested in other private markets, private equity and
In New Zealand, it has $296 million invested in Z Energy,
$180.6 million in Metlifecare, $160.8 million in Fletcher
Building, and $110 million in Telecom. Other New Zealand
investments include Auckland International Airport, Fisher
and Paykel Healthcare, Ryman Healthcare, Contact Energy, Sky
City Entertainment and Infratil, the company with which it
went halves to buy Z Energy. International investments
include Apple, Zurich Airport, Exxon Mobil, Microsoft, Google
Fund size: $24.93 billion.
Return since inception: 9.55% p.a.
Return over last 12 months: 27.76%.
November return: 1.66%.