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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.03% | 0.33% | 5.68% | 6.97% | 2.36% |
| Appropriate Market Index (AMI)2 | 0.03% | 0.76% | 6.58% | 7.39% | 2.95% |
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 | 4.17% |
| Japan Treasury Disc Bill 260126 0.00 Gb | 2.21% |
| Federal National Mortgage Association 150144 0.00 Tba | 2.06% |
| United Staes Treasury Bill 290126 0.00 Gb | 1.71% |
| NZ Government 150541 1.75 GB | 1.65% |
| NZ Government 2.75% 15/04/2037 | 1.59% |
| French Discount T-Bill 040326 0.00 Gb | 1.52% |
| NZD BNP Paribas A/C | 1.29% |
| NZ Government 150534 4.25 Gb | 1.23% |
| NZ Government Bond 2% 15/05/2032 | 1.20% |
Commentary
As of 31 December 2025
Market Overview
− The final quarter of 2025 saw another strong performance from global equities, and a number of countries/regions saw their share markets reach new all-time highs.
− US treasuries sold off over December despite the US Fed delivering another 0.25% reduction in interest rates.
− Annual inflation in the US eased to 2.7% - below expectations but still some distance from the preferred 2% level.
− Over the year emerging market equities (local currency) delivered returns of nearly 30%, comfortably ahead of developed markets for the first time since 2019.
Fund Highlights
− The Conservative Fund was flat for December, and up slightly for the fourth quarter of 2025, although slightly behind the return of the benchmark for the quarter.
− Relative performance was strong for global bonds and local property, while both global and local equities underperformed on a relative basis.
− NZ bonds underperformed their global counterparts over the quarter as interest rates moved higher.