This fund invests in a broad selection of NZ listed companies with potential for growth of income and capital, and may also invest in some Australian shares if the portfolio managers see opportunities, as part of an actively managed portfolio.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
Commentary
As of 31 July 2025
The largest positive contributors to the fund’s relative return overweight positions in Infratil (IFT), Ryman Healthcare (RYM) and Kiwi Property (KPG). IFT rose 9.7% over the month, assisted by being added to the S&P/ASX 200 index along with an independent valuer’s uplift in the value of its investment in CDC. RYM provided quarterly sales numbers along with contracts which were better than expected and also said that they expect sales to be towards the upper end of guidance. RYM ended the month up 11.6%. KPG announced that ASB had extended their lease. ASB are a relatively large tenant for KPG so this was a good outcome. KPG gained 9.6% over the period.
The largest negative contributors to relative return were from overweight positions in Mainfreight (MFT) and Channel Infrastructure (CHI) and an underweight position in Precinct Properties (PCT). MFT provided a disappointing first 17 weeks trading update at its Annual Shareholder Meeting with weak margins driving profit before tax, down 24% compared to the same period last year. This led to MFT falling 10.2%. While the consortium looking to build a biorefinery on CHI’s land has pushed out their final investment decision until next year the likelihood of this proceeding is still strong. Following a recent strong run, CHI declined 4.1%. PCT, along with most property securities, had a strong month as investors are attracted to the relatively strong yields. PCT added 5.0%.
Key portfolio changes during the month included adding to our positions in Auckland International Airport (AIA), Gentrak (GTK) and Spark (SPK). Positions in A2 Milk (ATM), Aristocrat Leisure (ALL), (CHI), Freightways (FRW), ResMed (RMD), Mercury Energy (MCY) and Sky Network Television (SKT) were reduced.
(Bold denotes stocks held in the portfolio).