The New Zealand Superannuation Fund reported a negative return in September, down 0.4%, but is still providing an annual return of more than 17% on its investments.
Figures released by the fund's trustees showed the Cullen Fund, as it is known after its founder, former finance minister Sir Michael Cullen, was worth $26.73 billion at September 30.
The fund had returned 9.86% since its inception in 2003, 15.12% over the last five years, 20.82% over the last three years and 17.35% in the last 12 months.
The fund measures its performance in two ways: relative to the New Zealand 90-day Treasury bill return and relative to a passive reference portfolio benchmark.
The reference portfolio had a -1.29% return in September and a 14.44% return in the year ended September.
The bill rate return was 0.28% in the month and 2.84% in the year.
Under Sir Michael, the government contributed to the fund as a buffer against future superannuation payments to retired New Zealanders.
National cancelled the payments in 2008, and said contributions would return when the Crown accounts returned to surplus.
The fund has 35% of its investments in North America, 27% in Europe, 15% in New Zealand, 10% in Australia and 5% in Japan.
In New Zealand, the fund has significant holdings in Z Energy, Metlifecare, Fletcher Building, Spark New Zealand, Fisher and Paykel Healthcare, Meridian, Auckland International Airport, Contact Energy, Ryman Healthcare and Summerset Group.
Overseas, it has holdings in Apple, Zurich Airport, Exxon Mobil, Microsoft, Simon Property Group, Johnson & Johnson, Verizon Communications, Nestle, At & T and General Electric.
