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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.68% | 1.15% | 5.53% | 4.95% | 1.66% |
| Appropriate Market Index (AMI)2 | 0.63% | 1.21% | 6.17% | 5.28% | 2.15% |
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 | 3.68% |
| Bank Of New Zealand Cash at Call | 3.61% |
| NZ Local Govt Funding Agency 150437 2.00 GB | 3.18% |
| Insurance Australia Group Ltd 150628 5.32 Cb | 2.93% |
| NZLGFA 3% 15/05/2035 | 2.81% |
| Rabo 5.31% 05/04/2029 | 2.73% |
| Westpac New Zealand Ltd 160932 6.19 Cb | 2.62% |
| Christchurch City Hldgs 210532 4.82 Gb | 2.49% |
| Housing NZ 3.42% 18/10/2028 | 2.45% |
| Dunedin City Treasury 101033 4.966 Lb | 2.37% |
Commentary
As of 31 July 2025
The fund had a positive return of 0.74% for the month of July and outperformed its benchmark the Bloomberg Credit Index which returned 0.63% for the month.
The fall in rates was helpful with the fund positioned approximately 1.3 years longer than benchmark. Credit holdings were the better performing sectors as margins narrowed on the supply shortage. Swaps and government bonds had a similar performance with modest declines in yield. The higher fund yield continues to support performance.