Performance and Portfolio Update To October 2010

PERFORMANCE AND PORTFOLIO UPDATE
TO 31 October 2010

1. Headline results

Returns to 31 October 2010

Please note that Returns are after fees but before NZ tax paid. We regard NZ tax paid as a return to the Crown.

Fund Size therefore reflects the since inception combination of:

Contributions + Returns – NZ tax paid

The two tables on this page show:

a. the Fund’s headline returns for the month, FYTD and since inception; and

b. we have expressed in $ how the size of the Fund has changed since inception and what has contributed to that change (in this table we also show current month and FYTD data).

FUND SIZE AT 31 October 2010 $17.66bn

Return (annualised since inception)
Month 2.66%
2010/11 FYTD 12.55%
Since Inception 6.99%

Main factors influencing monthly return Strong rallies in the global equity markets and global fixed income markets during the month.

FUND SIZE SINCE INCEPTION COMPRISED AS FOLLOWS

OPENING FUND BALANCE $0

/ Month / 2011 FYTD / Since Inception
Contributions received / $0bn / $0bn / $14.88bn
Plus Returns after fees / $0.46bn / $1.97bn / $4.16bn
Less Tax (Paid) / Received[1] / $0bn[2] / $0.07bn / ($1.36bn)
Other movements[3] / / / ($0.02bn)

CLOSING FUND BALANCE AT 31 OCTOBER 2010 $17.66bn

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1 Tax ‘received’ covers any instances of refunds for overpayment of tax.
2 Principally because of the impact of the GFC, the Guardians accumulated approximately $1.6 billion of tax losses. As a result of more positive market conditions post June 2009, there are no remaining tax losses at 31 August 2010.
3 Movements relate to transactions other than tax paid or returns e.g. tax expense, movements in reserves.

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Full release: Fund_performance_to_31_October_2010.pdf

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