It's the end of smooth sailing for the New Zealand Superfund, with rough times on the horizon.

The Superannuation Fund made $261 million the past year and now has $43 billion.

Chief executive Matt Whineray told Mike Hosking the market has been calm for the past few years, but has become more turbulent.

"The last few years we have seen some pretty low volatility.

"We have seen reasonably calm markets and what we are seeing now is a return to that volatility, which is quite troubling."

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