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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -0.96% | 4.00% | 3.08% | 6.03% | 2.28% |
| Appropriate Market Index (AMI)2 | -0.42% | 4.59% | 3.97% | 6.14% | 1.88% |
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 | 14.82% |
| Infratil Limited | 10.41% |
| Auckland International Airport Ltd | 9.52% |
| Meridian Energy Ltd NPV | 6.70% |
| Contact Energy Limited | 6.49% |
| The A2 Milk Company Limited | 5.30% |
| Spark New Zealand Ltd | 5.01% |
| EBOS Group Limited | 4.59% |
| Summerset Group Holdings Ltd | 4.08% |
| Mainfreight Limited | 4.08% |
Commentary
As of 30 November 2025
Market Overview
− Global equity markets were mixed over the month, primarily driven by corporate earnings and central banks’ interest rate stances.
− The United States S&P 500 index rose 0.1%, the Japanese Nikkei 225 fell 4.1%, the
UK FTSE 100 index was flat, the Australian ASX 200 index lost 2.7% and the MSCI World index ended the month up 0.1% (in local terms).
− The S&P/NZX 50 index ended the month down 0.4%.
Fund Highlights
− The fund ended the month down 0.9%, and 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 from 50% to 75% during the month.
− Overweight position Summerset and underweights (nil holdings) Vital Healthcare, Goodman Property added value. Overweight positions in NextDC, Spark, and Infratil detracted from value.