NZ Super Releases White Paper on 2020 Reference Portfolio Review Posted on 01/19/2021 The Guardians of New Zealand Superannuation, the Crown entity that manages the NZ Super Fund (New Zealand Superannuation Fund), has published a white paper documenting the outcome of its 2020 review of the Fund’s Reference Portfolio. According to the press release, “The Reference Portfolio is the basis on which the majority of the Fund is invested, and represents the single biggest driver of Fund returns. It is designed to gain broad, low cost access to listed global investment markets, in order to maximise the Fund’s returns without undue risk to the Fund as a whole. It is also a benchmark for active investment.