The New Zealand Superannuation Fund has recorded strong annual returns, due to the recovery in equity markets, and investments in local assets Z Energy and the Kaingaroa Forest.
The fund made a return of 25% in the year to the end of June, and is now worth more than $19 billion.
Since the end of June, however, plunging global equity markets have hurt the value of the fund, though its chief executive Adrian Orr says it's now a good time to invest in stocks.
He says there has been enormous market volatility globally and that's been directly reflected in the value of the fund, so the numbers were down in July and August.
Mr Orr says he hopes that people get used to the way in which the money is being invested.
He says it's times like this when the true opportunities exist for funds such as the New Zealand Superannuation Fund, when there is a known liquidity and it's possible to take advantage of the extreme risk aversion globally.
Mr Orr says it's a defining time, when it's possible to tilt towards the risks and grab the opportunities while they are available.