I’ve written quite a bit over the last few weeks about the New Zealand Superannuation Fund. My argument is not that they have done badly – indeed, some evidence suggests that over a relatively short period (since their own self-assessment benchmark is a rolling 20 year horizon) they have done rather well – but rather that what they do isn’t worth doing at all (for citizens and taxpayers). Total returns have been rather risky – interviewed on Radio New Zealand the chief executive called it a “high octane” fund – and don’t stack up that well against rate of return requirements the government generally expected over that period for discretionary investment projects, or with the sorts of hurdle rate private sector entities typically use in evaluating projects.
One reader has suggested several times that I show the data for the ACC investment performance. The value of ACC’s total assets is currently quite…
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Utopia, you are standing in it! 
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