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This fund provides access to a global share portfolio that offers thematic exposure to disruptive innovation across a number of sectors and geographies.
Disruptive innovation is caused by the introduction of new technologically enabled products or services that permanently change an industry or economic sector by providing greater simplicity, accuracy, customisation and accessibility while driving down costs.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
Nikko AM, established in 1994, manages funds for a wide range of clients including charities, corporations, local governments, and individual investors. As a New Zealand-based investment manager, it benefits from the global expertise of its parent company, Nikko Asset Management, one of Asia’s largest asset managers. Led by Stuart Williams since 2023, Nikko AM actively manages New Zealand equity and fixed income assets, partnering with Goldman Sachs, NAM Europe, and ARK for global investments. Believing in active management, they seek to uncover market opportunities.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -11.21% | -13.09% | 10.07% | -1.05% | |
| Appropriate Market Index (AMI)2 | -8.81% | -9.37% | 11.98% | 17.37% |
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 |
|---|---|
| Tesla Motors Inc | 9.12% |
| Palantir Technologies Inc | 7.38% |
| Roblox Corp | 7.00% |
| Roku Inc | 5.95% |
| Coinbase Global Inc | 5.80% |
| Robinhood Markets Inc | 4.81% |
| Shopify Inc | 4.66% |
| Tempus Ai Inc | 4.47% |
| Meta Platforms Inc | 3.91% |
| Amazon Com Inc | 2.77% |
Commentary
As of 31 March 2025
Fund Commentary
Key contributors for the month include Advanced Micro Devices (AMD), PagerDuty (PD), and Twist Bioscience (TWST).
Shares of Advanced Micro Devices contributed to fund performance this month on little company-specific news, despite turbulence in semiconductor markets attributed to a competitor’s product announcements, China's ability to produce competitive large language models, and concerns over the impact of tariffs from the US. Shares of PagerDuty contributed to fund performance this month following the announcement of their fourth-quarter and full-year fiscal 2025 financial results, which highlighted a year-over-year revenue increase for the quarter and the introduction of a $150 million share repurchase program. The company also launched new AI offerings in their Operations Cloud, reinforcing their focus on operational excellence and innovation, despite some anticipated short-term moderation in enterprise sales as they reorient their sales teams to focus on large customers. Shares of Twist Bioscience contributed to fund performance this month after the company announced that, for a limited time, all Twist Express Genes orders placed by academic customers globally will be shipped in as few as four days without incurring a premium for the rapid turnaround time, reinforcing its commitment to supporting researchers amidst funding challenges.
Key detractors for the month include Coinbase (COIN), Roku (ROKU), Tesla (TSLA), Robinhood (HOOD), and DraftKings (DKNG).
Shares of Coinbase, Roku, Robinhood, and DraftKings detracted from the fund this month, following a broader market sell-off driven by concerns over tariffs weighing on the economy and escalating recession fears, rattling investor sentiment. Technology and consumer discretionary sectors were among the hardest hit. Coinbase was hit disproportionately relative to Bitcoin, perhaps due to rising competition from both peers like Robinhood and traditional financial institutions gearing up to enter the crypto markets following a March 7th statement from the OCC clarifying that U.S. banks were permitted to engage with digital assets. Shares of Tesla detracted from fund performance this month following significant stock declines attributed to falling sales and backlash against CEO Elon Musk's political involvement. Concerns were exacerbated by a lowered delivery forecast from surveys indicating that a majority of investors believe Musk's political activities are negatively impacting the company's fundamentals.