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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.30% | 0.45% | 8.22% | 11.99% | 4.31% |
| Appropriate Market Index (AMI)2 | 0.40% | 2.16% | 12.23% | 14.62% | 7.66% |
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 | 15.40% |
| Infratil Limited | 2.28% |
| NZD BNP Paribas A/C | 1.87% |
| Nvidia Corp | 1.86% |
| Microsoft Corp | 1.72% |
| Fisher & Paykel Healthcare | 1.71% |
| Summerset Group Holdings Ltd | 1.55% |
| Amazon Com Inc | 1.55% |
| Kiwi Property Group Limited | 1.55% |
| Spark New Zealand Ltd | 1.54% |
Commentary
As of 31 December 2025
Market Overview
− The final quarter of 2025 saw another strong performance from global equities, and a number of countries/regions saw their share markets reach new all-time highs.
− US treasuries sold off over December despite the US Fed delivering another 0.25% reduction in interest rates.
− Annual inflation in the US eased to 2.7% - below expectations but still some distance from the preferred 2% level.
− Over the year emerging market equities (local currency) delivered returns of nearly 30%, comfortably ahead of developed markets for the first time since 2019.
Fund Highlights
− The Growth Fund posted a small gain over both December and the fourth quarter of 2025, behind the return of the benchmark in both cases.
− Relative performance for the quarter was strong for global bonds and local property, while global and local equities underperformed.
− Global equities outperformed over December but trailed the broader market for the quarter with three of the four managers behind benchmark.