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Its return in the June quarter was 2.6% against a benchmark of 2.2% and
the return for the past year was 9.9% against a benchmark of 9%.
A report from the Dunedin City Treasury said the outlook remained positive, as economic activity and corporate earnings were likely to continue to lift in the next year.
The Delta variant of Covid-19, inflation and higher interest rates could cause volatility.
The fund was established in 1999, using proceeds from the sale of Waipori electricity generation assets.
Its cash distribution to the council for the 2020-21 financial year was almost $3.4 million, about the same as in 2019-20.
The fund, after distributions, grew from $94 million to $100 million in the past year.