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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.88% | 1.81% | 8.95% | 5.23% | 1.98% |
| Appropriate Market Index (AMI)2 | 0.77% | 1.63% | 8.91% | 5.55% | 2.23% |
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 | 3.99% |
| NZ Local Govt Funding Agency 150437 2.00 GB | 3.49% |
| Insurance Australia Group Ltd 150628 5.32 Cb | 3.28% |
| NZLGFA 3% 15/05/2035 | 3.13% |
| Westpac New Zealand Ltd 160932 6.19 Cb | 2.91% |
| Housing NZ 3.42% 18/10/2028 | 2.69% |
| Auckland Council 170639 5.745 Cb | 2.60% |
| Dunedin City Treasury 101033 4.966 Lb | 2.57% |
| Chorus Ltd 4.35% 06/12/2028 | 2.35% |
| Westpac New Zealand Ltd 140234 6.73 Cb | 2.29% |
Commentary
As of 30 April 2025
Market Overview
Fund Commentary
The fund returned 0.93% for April, ahead of the benchmark the Bloomberg Credit Index that returned 0.77%.
The move lower in interest rates was the main driver of return over the month, with the longer duration positioning helpful. We did add some longer maturity bonds at better levels during the month. Credit holdings widened in margin with volatility but finished little changed by month end. NZ swaps outperformed government bonds, but the impact was relatively neutral for the fund. We continue to maintain a longer duration with a steep yield curve and expect carry and roll will support returns over the medium term.