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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -0.16 | -4.65 | 6.68 | 2.18 | 0.00 |
| Appropriate Market Index (AMI)2 | -0.07 | -3.68 | 9.14 | 3.18 | 0.00 |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Fisher & Paykel Healthcare | 15.91% |
| Infratil Limited | 10.88% |
| Auckland International Airport Ltd | 9.10% |
| Contact Energy Limited | 7.08% |
| Meridian Energy Ltd NPV | 6.70% |
| The A2 Milk Company Limited | 5.94% |
| EBOS Group Limited | 4.45% |
| Spark New Zealand Ltd | 4.21% |
| NZD BNP Paribas A/C | 3.96% |
| Mainfreight Limited | 3.86% |
Commentary
As of 20 April 2026
Market Overview
Despite ongoing conflict in the middle east and high energy prices, global equity markets had a strong month as they bounced back from the weak performance in March and also helped by the start of earnings results being released in the US.
The United States S&P 500 index rose 10.4%, the UK FTSE 100 index increased 2.0%, the Japanese Nikkei 225 gained 16.1%, the Australian ASX 200 index added 2.2% and the MSCI World index ended the month up 9.4%.
The S&P/NZX 50 index fell 0.1%.
Fund Highlights
The fund ended the month up, and ahead of the index return – albeit returns were small.
NextDC conducted a $1.5 billion capital raise to fund the continued development of its data centre portfolio.
Mercury and Genesis Energy upgraded earnings guidance while A2 Milk and EBOS downgraded.
Overweight positions Next DC, Infratil, and Vista added value. Underweight positions Mercury, Genesis Energy, and Skellerup detracted value.