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The Multi-Manager global equity strategy has four underlying managers. These managers select companies from around the world covering a diverse range of regions and sectors. The result is a portfolio that holds around 150-170 companies.
The appointed global managers are responsible for the investment management of the assets, with the over all multi-manager global equity strategy managed by Yarra Capital Management.
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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -1.19% | 1.37% | 6.98% | 17.89% | 10.38% |
| Appropriate Market Index (AMI)2 | -0.03% | 6.42% | 16.43% | 17.58% | 10.98% |
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 | 29.78% |
| Microsoft Corp | 3.50% |
| Nvidia Corp | 3.48% |
| Amazon Com Inc | 3.08% |
| USD BNP Paribas A/C | 1.87% |
| Apple Inc | 1.78% |
| Applovin Corp | 1.73% |
| NZD BNP Paribas A/C | 1.46% |
| Tencent Hldgs Limited | 1.34% |
| Broadcom Corp Com | 1.27% |
Commentary
As of 30 November 2025
Market Overview
− The MSCI All Countries World Index returned -0.03% (NZD, hedged) in November.
− The decline was driven largely by mega cap information technology stocks, which are now among the largest constituents in the index.
− November was characterised by a broader shift in investor sentiment. Investors sought defensive plays amid rising uncertainty and a pullback in technology shares, with healthcare, consumer staples and financials outperforming the more growth-oriented sectors.
Fund Highlights
− The fund underperformed over the month with three of the four underlying managers behind the benchmark.
− The top contributors to relative performance were overweight exposures to Delta Air Lines, Steel Dynamics and HCA Healthcare.
− The fund’s top detractors relative to the benchmark included a nil exposure to the pharmaceutical giant Eli Lilly and the technology conglomerate Alphabet, which both had double digit gains.