The New Zealand Superannuation Fund has made up for previous losses with a 16.03 per cent return in 2023, taking its worth to almost $70 billion.
A recovery in global share markets helped its return to positive growth - a turnaround from 2022′s negative 9.26 per cent return.
“Our reference portfolio, which is made up of 80 per cent shares and 20 per cent fixed interest assets, returned 18.3 per cent for the year, as opposed to our actual portfolio return of 16.03 per cent,” said the fund’s acting chief executive, Paula Steed.
She noted volatility was part of the game it played, but it could weather large moves with its long-term investing horizon.
“In the short term, returns will vary and sometimes quite significantly.