A record high for New Zealand Super Fund

The fund’s value increased by $9.7 billion to $65.4 billion, a record high for the year end.

The result followed strong performance by global share markets during the first half of this year, the NZ Super Fund said in a statement.

The global recovery in share prices meant the results were slightly behind the fund’s reference portfolio benchmark of 12%.

But, it exceeded its Treasury Bill return benchmark, a measure of the cost to the government of paying into the fund, by 8.1% or $4.7 billion.