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 November 2025
Market Overview
− Global equity markets were mixed over the month, primarily driven by corporate earnings and central banks interest rate stances.
− The United States S&P 500 index rose 0.1%, the Japanese Nikkei 225 fell 4.1%, the UK FTSE 100 index was flat, the Australian ASX 200 index lost 2.7% and the MSCI World index ended the month up 0.1% (in local terms).
− The S&P/NZX 50 index ended the month down 0.4%.
Fund Highlights
− The fund ended the month down 0.6%, 0.2% behind the index return.
− News flow was dominated by earnings results for the period ended September along with Annual Shareholder Meetings for companies with June year ends.
− The fund’s foreign currency hedge was increased from 50% to 75% during the month.
− Overweight positions in Summerset and Sky City Entertainment and an underweight position in Vital Healthcare added value. Overweight positions in NextDC, Spark and Infratil detracted from value.