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 30 September 2025
Market Overview
Fund Commentary
The largest positive contributors to the fund’s relative return were overweight positions in Infratil (IFT), NextDC (NXT) and Kiwi Property (KPG). IFT rose 16.5% over the quarter, assisted by being added to the S&P/ASX 200 index, an independent valuer’s uplift in the value of its investment in CDC along with announcing further contract wins for CDC. NXT rose 16.7% (in AUD) following announcing a good result and also a very strong outlook. NXT will also look for capital partners to help fund the large pipeline of developments in front of it. On the back of lower interest rates, the real estate sector performed strongly over the quarter with KPG being no exception, up 20.5%.
The largest negative contributors to relative return were from underweight positions in Freightways (FRW) and Heartland Group (HGH) and an overweight position in Summerset (SUM). Against a tough economic backdrop, FRW reported a solid result and also benefited from investors buying into an expected cyclical improvement. FRW rose 26.3% over the quarter. HGH’s result showed a better performance over the second half of their financial year and following share price weakness since February, rebounded strongly ending up 35.3% for the period. Despite a good result, SUM came under pressure from a large shareholder selling stock during the period. This pushed SUM’s share price down 4.1% over the quarter.
Key portfolio changes during the quarter included adding to our positions in Auckland International Airport (AIA), Chorus (CNU), EBOS (EBO), Fletcher Building (FBU), FRW, IFT, KPG, Merdian Energy (MEL), NXT, Ryman Healthcare (RYM), Scales (SCL), Spark (SPK) and SUM. The fund also participated in the Sky City Entertainment (SKC) capital raising. A new position was taken in Vista Group (VGL). Positions in ATM, Aristocrat Leisure (ALL), Channel Infrastructure (CHI), Mercury Energy (MCY), Mainfreight (MFT) Fisher & Paykel Healthcare (FPH), Ingenia Communities (INA), ResMed (RMD) and Spark (SPK) were reduced. The fund’s position in Restaurant Brands was divested. (Bold denotes stocks held in the portfolio).