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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 | 3.69 | 3.15 | 11.35 | 20.75 | 14.70 |
| Appropriate Market Index (AMI)2 | 3.61 | 2.37 | 20.07 | 24.28 | 16.13 |
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 | 29.63% |
| Nvidia Corp | 4.46% |
| Microsoft Corp | 3.74% |
| Amazon Com Inc | 3.25% |
| NZD BNP Paribas A/C | 2.40% |
| Meta Platforms Inc | 1.90% |
| Mastercard Inc - Class A | 1.53% |
| Alphabet Inc Cap Stk Usd0.001 Cl A | 1.43% |
| Taiwan Semicon Manufacturing Co Ltd | 1.38% |
| Apple Inc | 1.15% |
Commentary
As of 30 September 2026
Global equity markets took a breather in the third quarter of 2026 posting small gains after a very strong return over the previous period. Geopolitical tensions remained high and the war in the Middle East showed no signs of moving towards a lasting peace. Oil prices moved back above U$100 per barrel, and gas prices also ended the quarter higher. This kept inflation readings elevated and bond yields moved higher, in some cases to levels not seen since pre-GFC days.
Despite the macro volatility, global economic growth data was on balance positive. Corporate earnings reports were once again ahead of expectations and earnings forecasts were upgraded.In a number of regions, the US included, earnings expectations have moved faster than share prices, meaning valuations have become more attractive despite trading at or near record highs.
Returns for unhedged global equites (MSCI ACWI-NZD) were stronger than fully hedged, up 2.3% for the quarter as the NZ dollar fell sharply against all the majors. From a sector standpoint Energy was the standout on the back of higher oil prices, with Information Technology a distant second. Within IT there was weakness in semiconductor names, particularly in July, as some of the enthusiasm for AI-infrastructure beneficiaries unwound. Software names, underperformers over the previous quarters, rebounded strongly to be far and away the strongest performing industry group. Healthcare also outperformed the broader market and is now one of the top performing sectors over 12 months after enduring a difficult couple of years prior. Utilities and Real Estate were the laggards with the move higher in bond yields contributing to weakness in what are interest rate-sensitive businesses.
The fund outperformed the benchmark over the September quarter with three of the four managers ahead of the broader market. Life Cycle and Amova were the strongest performers while WCM underperformed, giving up some of their outperformance from the second quarter.
Portfolio names that outperformed included Valero and Shell (via Life Cycle) in the energy sector, as well as Microsoft and Nvidia which are held by all 4 underlying managers. Amova and WCM benefited from strong stock selection in the Healthcare sector with IQVIA Holdings, Encompass Health (Amova) and Illumina (WCM) outperforming. The main detractors were all companies linked to the AI-infrastructure build-out that had performed strongly over recent quarters. Applovin, SK Square, Corning and Western Digital are WCM holdings that underperformed the broader market.