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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.41% | 0.75% | 7.10% | 4.44% | 2.37% |
| Appropriate Market Index (AMI)2 | 0.51% | 0.92% | 7.57% | 4.84% | 2.53% |
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 |
|---|---|
| Housing NZ 1.534% 10/09/2035 | 3.91% |
| NZ Local Govt Funding Agency 150437 2.00 GB | 3.45% |
| Insurance Australia Group Ltd 150628 5.32 Cb | 3.17% |
| NZLGFA 3% 15/05/2035 | 3.06% |
| Westpac New Zealand Ltd 160932 6.19 Cb | 2.85% |
| Housing NZ 3.42% 18/10/2028 | 2.67% |
| Dunedin City Treasury 101033 4.966 Lb | 2.59% |
| Auckland Council 170639 5.745 Cb | 2.54% |
| Chorus Ltd 4.35% 06/12/2028 | 2.29% |
| Air New Zealand Ltd Sydney Branch 250529 6.50 Cb | 2.26% |
Commentary
As of 31 March 2025
Market Overview
Fund Commentary
The fund returned 0.47% for the month of March and 0.94% for the quarter. Performance for the quarter was close to benchmark the Bloomberg Credit Index which returned 0.92%.
The higher income accrual was the main positive attributor of return over the quarter, with the longer duration positioning unhelpful as rates moved modestly higher. Credit holdings continued to perform well with limited new issuance. We continue to maintain a longer duration with a steep yield curve and expect carry and roll will support returns over the medium term.