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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -3.02% | -5.59% | 27.58% | 39.46% | -4.59% |
| Appropriate Market Index (AMI)2 | -0.96% | 3.24% | 17.37% | 37.34% | 20.25% |
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 | 8.36% |
| Robinhood Markets Inc | 5.53% |
| Shopify Inc | 5.08% |
| Coinbase Global Inc | 4.79% |
| Roku Inc | 4.57% |
| Palantir Technologies Inc | 4.19% |
| Tempus Ai Inc | 4.04% |
| NZD BNP Paribas A/C | 3.90% |
| Roblox Corp | 3.53% |
| Advanced Micro Devices Inc. | 3.33% |
Commentary
As of 31 December 2025
Market Overview
− Broad-based global equity indexes rose due to improved economic outlooks in Europe and interest rate cuts by the Federal Reserve.
− Relative to the MSCI World Index, the Health Care, Materials, and Communication Services sectors outperformed on balance in November, while the Information Technology, Consumer Discretionary, and Industrials sectors lagged.
Fund Highlights
− The fund returned -3.69% for the month and -5.37% for the quarter, underperforming the benchmark for both periods.
− Key contributors for the month include Roku (ROKU), Tesla (TSLA) and Beam Therapeutics (BEAM).
− Key detractors for the month include Tempus AI (TEM), Coinbase (COIN) and Robinhood (HOOD).