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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -0.37% | 0.82% | 1.91% | 6.04% | 1.65% |
| Appropriate Market Index (AMI)2 | 0.50% | 2.02% | 4.08% | 6.54% | 1.46% |
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 |
|---|---|
| Fisher & Paykel Healthcare | 14.98% |
| Infratil Limited | 9.60% |
| Auckland International Airport Ltd | 9.40% |
| Meridian Energy Ltd NPV | 6.48% |
| Contact Energy Limited | 6.03% |
| The A2 Milk Company Limited | 5.45% |
| Spark New Zealand Ltd | 4.73% |
| EBOS Group Limited | 4.47% |
| Mainfreight Limited | 3.97% |
| NZD BNP Paribas A/C | 3.94% |
Commentary
As of 31 December 2025
Market Overview
− Global equity markets delivered mostly strong returns in the fourth quarter of 2025, supported by moderating inflation and a shift in central bank tone toward policy normalization.
− The United States S&P 500 index rose 2.4%, the UK FTSE 100 index increased 6.2%, the Japanese Nikkei 225 lifted 12.0%, the Australian ASX 200 index lost -1.0%.
− The S&P/NZX 50 index gained 2.0%.
Fund Highlights
− The fund ended the month down 0.3%, and behind the index return. For the quarter the fund returned 1.1%, 0.9% behind the index return.
− News flow was dominated by earnings results for the period ended September, along with Annual Shareholder Meetings for companies with June year ends.
− The fund’s foreign currency hedge was increased to 75%.
− An overweight position in Summerset and underweights (nil holdings) in Precinct and Goodman Property added value. Overweight positions in NextDC, Infratil and Resmed detracted from value.