New Zealand Superannuation Fund said its active management activities contributed strongly to the NZ$35.7 billion ($25.6 billion) Auckland-based sovereign wealth fund's 20.71% gain for the fiscal year ended June 30. Such activities — from moving beyond the fund's 80% equity-20% fixed income reference portfolio to add real assets to using futures and derivatives to sell overpriced markets or buy underpriced ones — accounted for 4.37 percentage points, or more than 20%, of the year's gains, according to the annual report the fund released Tuesday.