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This fund aims for a steady investment return over the medium to longer term without too many ups and downs. The fund does this by investing across a range asset classes with exposure to shares for growth complemented by exposure to bonds and alternatives to reduce volatility.
Growth Fund Strategic Asset Allocation
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.
Hear from Alan Clarke, Portfolio Manager. In this video, he explains what an average day in his job looks like and how The Nikko AM Balanced Fund works.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.87% | 4.13% | 9.24% | 7.85% | 5.05% |
| Appropriate Market Index (AMI)2 | 1.97% | 4.00% | 10.06% | 9.27% | 6.34% |
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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.86% | 4.07% | 9.03% | 7.75% | 5.01% |
| Appropriate Market Index (AMI)2 | 1.97% | 4.00% | 10.06% | 9.27% | 6.34% |
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 |
|---|---|
| Jpm Global Select Equity X Acc Usd | 12.78% |
| Microsoft Corp | 1.72% |
| Infratil Limited | 1.66% |
| Amazon Com Inc | 1.43% |
| Fisher & Paykel Healthcare | 1.43% |
| Contact Energy Limited | 1.33% |
| Nvidia Corp | 1.30% |
| Kiwi Property Group Limited | 1.23% |
| Spark New Zealand Ltd | 1.15% |
| Meridian Energy Ltd NPV | 1.14% |
Commentary
As of 30 June 2025
Market Overview
Fund Commentary
The Balanced Fund posted a strong gain over both June and the second quarter of 2025, ahead of the return of the benchmark in both cases. Pleasingly, relative performance was strong across all the key asset classes, highlighting the diversification the fund has to a range of different active investment strategies. Global equities were the standout asset class over the quarter, and local property also performed very well. Local equities lagged their global counterparts but posted solid gains, and both global and local bond markets delivered positive returns. The Multi-Manager Global Equity Fund outperformed the global benchmark, with the two ‘growth’ style managers (WCM and Nikko-Europe) outperforming strongly to more than make up for weakness from the two ‘core’ managers (Royal London and JPM AM). WCM outperformed the benchmark by more than 7%, with RobinHood Markets, Applovin, Siemens Energy, and SAAB the top contributors. Closer to home the positions that added the most value in Australasian equites were NextDC, Sky TV and Spark, and Goodman group from the listed property allocation. The Global Bond Fund’s outperformance was driven by GSAM’s duration, cross-sector and security selection in corporate bonds. In the local bond allocation, outperformance was driven by the longer duration position as well as the recovery in credit margins post the early April volatility that initially led to some spread widening.