Diversified Funds

GoalsGetter Nikko AM Conservative Fund

About the fund

This fund aims for more modest investment returns which grow steadily over time, keeping ups and downs to a minimum. The fund does this by investing mostly in bonds and cash, but also has a moderate exposure to shares.

Risk Indicator (volatility)

1
2
3
4 Medium to High
5
6
7

Target Asset Allocation

Growth 23.00%
Income 77.00%

Commentary

As of 30 June 2024

Market Highlights

  • Global equity markets performed strongly for a second straight month in June, to close what began as a volatile quarter on a positive note.
  • Bond markets also posted a second straight month of gains after a difficult start to the year where interest rates moved higher as expectations for major central banks to start cutting rates were pushed back to later in 2024.
  • The main economic development data was an improvement in the inflation data indicating that disinflation is resuming its course in the US, UK, and Europe.


The Conservative Fund posted a moderate gain in the second quarter of 2024, with relative returns slightly ahead of benchmark.

The Global Share Fund was slightly ahead of benchmark for the quarter. Names that have benefited from the huge amount of interest in AI infrastructure continued to do well, and the portfolios positioning in Nvidia, Taiwan Semiconductor and Broadcom benefited from these names performing strongly. Companies in the more traditional sectors of finance, Consumer and Energy were the main detractors, led by PT Bank Mandiri, Samsonite and Schlumberger. The local equity and property funds were weak over the quarter on an absolute basis, but pleasingly outperformed their relevant market indices. Both the NZ and global bond portfolios added value over both the month and the quarter, with 1-year numbers also comfortably ahead of benchmark. The New Zealand bond funds increased their overweight to duration as interest rates moved higher in April, and this positioning was rewarded in May and June when they fell back to near where they began. The main positive drivers of relative return for the global bond fund were country and corporate bond selection, while the overweight to US duration detracted.

Performance

GoalsGetter KiwiSaver Scheme
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Performance

at 30 June 2024
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.11% 0.47% 6.68% 0.38% 2.35%
Appropriate Market Index (AMI)2 0.72% 0.29% 6.07% 0.66% 2.56%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Composite - refer to Nikko AM NZ Investment Scheme OMI 

5 year cumulative performance $10,000 invested

Top 10 Holdings

Security Name Percentage
NZ Government 150534 4.25 Gb 2.00%
NZ Government 2.75% 15/04/2037 1.98%
Housing NZ 1.534% 10/09/2035 1.37%
NZ Local Govt Funding Agency 150437 2.00 GB 1.09%
Rabobank Nederla 160326 Frn 0.99%
Westpac New Zealand 060726 Frn 0.95%
Goodman Property Trust 0.95%
China Construction Bank Nz Ltd 090226 Frn 0.93%
Mufg Bank Ltd Auckland Branch 241126 Frn 0.87%
NZLGFA 3% 15/05/2035 0.86%