Single Sector Fund
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This fund invests in a selection of companies from around the world, covering a diverse range of regions and sectors where the manager believes there is potential for quality and future value.
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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 | -0.26% | -9.45% | 4.11% | 15.28% | |
Appropriate Market Index (AMI)2 | -0.60% | -6.84% | 8.02% | 13.01% |
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.
One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
---|---|---|---|---|---|
Fund performance1 | -0.28% | -9.47% | 4.20% | 15.71% | |
Appropriate Market Index (AMI)2 | -0.60% | -6.84% | 8.02% | 13.01% |
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 |
---|---|
Microsoft Corp | 6.82% |
Amazon Com Inc | 3.84% |
Taiwan Semicon Manufacturing Co Ltd | 3.28% |
Emerson Electric Co | 3.20% |
Compass Group Ord GBP0 1105 | 3.16% |
Encompass Health Corp Com USD | 3.08% |
Accenture Plc | 3.05% |
Sony Corp Y50 | 3.01% |
Coca Cola Co USD | 3.00% |
NZD BNP Paribas A/C | 2.89% |
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Commentary
As of 31 March 2022
Market Highlights
The strategy returned 0.09% for the month but down -9.58% for the quarter, well behind benchmark. Holdings with notable impact on returns over the quarter included positive contributions from Deere & Co, which has continued to outperform, following the Russian invasion of Ukraine - as soft commodity prices have risen on uncertainty over the fate of Ukrainian corn and wheat exports. High crop prices will feed through into increased investment spending by farmers and this will likely boost demand for Deere’s farm equipment and precision agriculture technology; LHC Group has been recovering in recent weeks as the US nursing market normalizes, following the stress caused by COVID-19. Better nurse availability and less recourse to expensive, short-term contract labour should gradually accelerate service revenue growth and widen profit margins at the business as we work through 2022. Progressive Corp outperformed this quarter but there was little stock specific news driving this performance. The insurance sector generally has enjoyed a good start to the year as rising inflation has driven interest rate expectations higher. Holdings with a negative impact on the portfolio included Masimo which fell sharply in February following the company’s announcement of its planned acquisition of Sound United. Investors struggled to understand the strategic rationale behind the deal and were concerned about the USD 1 billion price tag attached to it; HelloFresh underperformed in Q1 on the back of mixed year-end results. Most significantly, the market reacted negatively to management’s FY22 margin outlook. AdaptHealth also underperformed this quarter after ResMed announced that chip shortages remain challenging. These shortages mean that the company has not been able to boost CPAP device production in Q1, as originally planned.