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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -1.09% | 2.32% | 6.94% | 11.26% | 5.00% |
| Appropriate Market Index (AMI)2 | -0.43% | 5.31% | 12.07% | 13.22% | 8.12% |
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 |
|---|---|
| Life Cycle Concentrated Global Share Fund Class Z | 14.94% |
| Infratil Limited | 2.41% |
| Microsoft Corp | 1.76% |
| Nvidia Corp | 1.74% |
| Fisher & Paykel Healthcare | 1.71% |
| NZD BNP Paribas A/C | 1.71% |
| Contact Energy Limited | 1.60% |
| Amazon Com Inc | 1.54% |
| Spark New Zealand Ltd | 1.54% |
| Summerset Group Holdings Ltd | 1.54% |
Commentary
As of 30 November 2025
Market Overview
− Global markets took a breather in November, with both equities and bonds finishing the month close to where they started.
− For global equities November was the first flattish month since the turmoil in April from the “Liberation Day” tariff announcements.
− Global bonds were flat for the month led by US bonds which did well on expectations the US Fed would continue cutting rates.
− The central banks in Japan, Australia and the UK all kept
Fund Highlights
− Returns for the Growth Fund were negative for November.
− Local equity, listed property, and bond markets were all weak, and the Global Equity Fund underperformed its benchmark.
− The Global Bond Fund posted positive gains ahead of benchmark due to being positioned to benefit from steeper yield curves in Europe.