The Guardians of New Zealand Superannuation (Guardians), the investment manager of the New Zealand Superannuation Fund (NZSF or the Fund), has adopted a reference portfolio approach since 2010. A reference portfolio approach is first and foremost a governance construct designed to facilitate clear decision making and accountability of decisions. The Guardians has undertaken to review the composition of the Fund’s Reference Portfolio at least once every five years and concluded such a review in the first half of the 2015 calendar year. This paper provides a summary of the 2015 Reference Portfolio review.