The New Zealand Superannuation Fund has made a return of 14.6 percent after costs and before tax in the past year.
It made almost 17 percent on average over the past five years, double its target return.
The fund's latest annual report put its total assets at $29.5 billion, of which about $4.4 billion was invested in New Zealand.
Its biggest venture here are its 42 percent stake in the giant Kaingaroa Timberlands forestry business.
The fund recently cut its investment in the fuel retailer Zed Energy, from which it earned a 50 percent return on its original investment.
However the fund's chief executive Adrian Orr said such investments were hard to find in this country.