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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.14% | 3.16% | 5.84% | 5.90% | 2.74% |
| Appropriate Market Index (AMI)2 | 0.99% | 3.05% | 6.23% | 6.05% | 3.05% |
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 |
|---|---|
| Buy Usd:Sell Eur 23/09/2025 | 9.79% |
| JPM Global Select Equity X Acc USD | 4.57% |
| Buy Usd:Sell Jpy 29/09/2025 | 3.49% |
| Japan Treasury Disc Bill 290925 0.00 Gb | 3.41% |
| Buy Eur:Sell Usd 23/09/2025 | 2.38% |
| NZ Government 150541 1.75 GB | 1.78% |
| NZ Government 2.75% 15/04/2037 | 1.68% |
| NZ Government 150534 4.25 Gb | 1.66% |
| Buy Usd:Sell Jpy 11/09/2025 | 1.54% |
| Federal National Mortgage Association 150943 0.00 Tba | 1.48% |
Commentary
As of 31 August 2025
Fund Commentary
Returns for the Conservative Fund were strong in August, with all of the underlying strategies posting positive returns.
NZ bonds had a strong month in August with NZ interest rates lower following offshore moves and a dovish Monetary Policy Statement update from the RBNZ. The NZ Bond Fund’s long duration was positioned for this and was the main contributor to the strong relative performance. Global bonds delivered moderate positive returns in August, supported by easing data and dovish central bank commentary despite persistent long-end yield pressures. The Global Bond Fund outperformance was driven by Cross Sector and Government Swaps strategies. All of the ‘growth asset classes’ (equities and listed property) posted strong returns over the month, with the Concentrated Fund (Australasian equities) and NZ Property Fund being 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 were underweight exposures to outperforming Mega-cap 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.