On this page:
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.58% | 5.46% | 9.72% | 8.03% | 4.52% |
| Appropriate Market Index (AMI)2 | 1.45% | 5.48% | 9.91% | 9.32% | 5.98% |
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 | 12.68% |
| Buy Usd:Sell Eur 23/09/2025 | 5.04% |
| Buy Usd:Sell Jpy 29/09/2025 | 1.80% |
| Japan Treasury Disc Bill 290925 0.00 Gb | 1.75% |
| Infratil Limited | 1.73% |
| Microsoft Corp | 1.67% |
| Amazon Com Inc | 1.55% |
| Nvidia Corp | 1.39% |
| Kiwi Property Group Limited | 1.37% |
| Fisher & Paykel Healthcare | 1.36% |
Commentary
As of 31 August 2025
Market Overview
Fund Commentary
Returns for the Balanced Fund were strong in August, with all of the underlying strategies posting positive returns.
All of the ‘growth asset classes’ (equities and listed property) posted strong returns over the month, with the Concentrated Equity Fund (Australasian equities) and NZ Property Fund the two standouts with returns of 3.5% and 2.8% respectively. NextDC, Worley and Ingenia were all up by 10% or more in August on the back of better-than-expected earnings results. In the property space, Kiwi Property delivered a strong return following a solid result and optimistic guidance. The Multi-manager Global Equity Fund underperformed for the month, with all four external managers behind benchmark. The key detractors from performance were predominantly mega cap in nature (companies with a market capitalization exceeding USD 1 trillion) – among this group were underweight exposures to outperforming names such as Apple, Alphabet and Tesla, as well as overweight exposures to underperforming names such as Microsoft and Amazon.com. Outperformers included two technology names (AppLovin and Sea Limited), two consumer names (Sony Group and Lithia Motors) as well as HCA Healthcare.
NZ bonds delivered strong returns in absolute and relative terms with rates moving slightly lower, and while global bonds didn’t quite keep pace, they comfortably outperformed cash.