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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.59 | -0.75 | 4.93 | 5.55 | 2.17 |
| Appropriate Market Index (AMI)2 | 1.31 | 0.32 | 6.74 | 6.22 | 2.91 |
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 | 4.07% |
| Japan Treasury Disc Bill 130426 0.00 Gb | 2.22% |
| NZD BNP Paribas A/C | 2.19% |
| NZ Government 2.75% 15/04/2037 | 1.81% |
| NZ Government 150541 1.75 GB | 1.62% |
| NZ Government Bond 2% 15/05/2032 | 1.38% |
| New Zealand Government 150536 4.25 Gb | 1.31% |
| NZ Government 150534 4.25 Gb | 1.22% |
| French Discount T-Bill 270526 0.00 Gb | 0.91% |
| USD BNP Paribas A/C | 0.90% |
Commentary
As of 30 April 2026
Market Overview
Global equity returns for April 2026 joined a short-list of near-record high monthly returns over the last 30 years.
Oil prices remained elevated with Brent Crude trading at U$114 per barrel at month end, down from the highs reached in March.
Returns from bonds over April were more muted, global bonds and NZ bond markets were up 0.2% and 0.3% respectively, and both are slightly negative year to date.
Sector leadership was dominated by information technology (+19.5%) whereas energy lagged after a very strong March return.
Fund Highlights
Returns for the Conservative Fund were positive in April, and slightly ahead of benchmark.
The main defensive asset classes of bonds and cash posted solid returns over the month, while global equities were the clear stand-out as markets recovered from the March sell-off.
The Global Equity Fund did not keep up with the strong returns of global equity markets, with only WCM (‘growth’ manager) outperforming.