The New Zealand Superannuation Fund says it's had a tough ride but does not plan to sell underperforming assets.
In the fund's annual report, chairman David May says now is the time to retain discipline to stay the course, and ride out tough patches without selling undervalued assets.
The fund made a return of negative 22% for the year to the end of June.
Mr May this says reflected a dramatic fall in the value of equities and other real assets.
