The New Zealand Superannuation Fund says it earned 3.65% on investments in October, taking its value to $24.8 billion.
The fund is usually known as the Cullen Fund after a former finance minister, Sir Michael Cullen.
It says its return over the last 12 months was more than 28%, while its annual return since it started in September 2003 has been 9.44%.
That is well above the 7.35% level achieved by its benchmark, which is the return on New Zealand Treasury bills plus 2.5% a year.
Just over 18% of the fund ($3.6 billion) is invested in New Zealand assets.