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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 2.17% | 6.37% | 12.48% | 12.61% | 6.25% |
| Appropriate Market Index (AMI)2 | 3.50% | 7.77% | 14.82% | 14.74% | 9.03% |
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 |
|---|---|
| JPM Global Select Equity X Acc USD | 16.52% |
| Life Cycle Concentrated Global Share Fund Class Z | 14.18% |
| Infratil Limited | 2.57% |
| Fisher & Paykel Healthcare | 1.81% |
| Contact Energy Limited | 1.78% |
| Kiwi Property Group Limited | 1.63% |
| NEXTDEC Ltd | 1.52% |
| Spark New Zealand Ltd | 1.51% |
| Meridian Energy Ltd NPV | 1.48% |
| Summerset Group Holdings Ltd | 1.44% |
Commentary
As of 30 September 2025
Market Overview
Fund Commentary
The Growth Fund posted a strong gain over both September and the third quarter of 2025, behind the return of the benchmark in both cases. Relative performance was strong across all the defensive asset classes, while global equities underperformed on a relative basis, and the Concentrated Fund (Australasian equities) delivered strong outperformance. The Property Fund returned 14.9% for the 3 months, just ahead of the benchmark thanks to 20%+ returns from Stride Property and Kiwi Property. The Multi-Manager Global Equity Fund underperformed over the month and quarter with three of the four managers trailing the strong absolute returns of the benchmark. WCM (‘growth’ style) was the standout manager with strong returns from AppLovin and Sea Ltd. Quality stocks underperformed over the quarter which was a head-wind for the fund. The Concentrated Fund’s outperformance was led by positions in NextDC, Worley and Infratil following strong earnings seasons, and positive outlook statements. NZ bonds had a strong quarter with NZ interest rates lower following offshore moves, a weak 2nd quarter GDP print, and a dovish Monetary Policy Statement update from the RBNZ in August. The Bond fund’s long duration was positioned for this and was the main contributor to the strong relative performance. Global bond returns were solid for September and the quarter, but not as strong as NZ bonds.