By David Iverson, Qing Ding, Charles Hyde, Carly Falconer, Christopher Worthington and Matthieu Raoux. 

The Reference Portfolio has served as the NZ Super Fund's benchmark since its adoption in 2010. It is an alternative portfolio to the actual portfolio the Fund invests in and is designed with the Fund's objective and mandate in mind. 

The Guardians undertook a five-yearly review of the Reference Portfolio in 2019/20. This paper provides a summary of the process and outcome of that review.