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 December 2025
Market Overview
− Global equity markets delivered mostly strong returns in the fourth quarter of 2025, supported by moderating inflation and a shift in central bank tone toward policy normalization.
− The United States S&P 500 index rose 2.4%, the UK FTSE 100 index increased 6.2%, the Japanese Nikkei 225 lifted 12.0%, the Australian ASX 200 index lost -1.0%.
− The S&P/NZX 50 index gained 2.0%.
Fund Highlights
− The fund ended the month down 0.2%, and behind the index return. For the quarter the fund returned 1.2%, 0.8% 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 to 75%.
− Overweight positions in Summerset and Sky City, and an underweight (nil holding) in Precinct added value. Overweight positions in NextDC, Infratil and Worley detracted from value.