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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -0.54% | 1.52% | 5.42% | 6.74% | 2.58% |
| Appropriate Market Index (AMI)2 | -0.30% | 2.32% | 6.63% | 7.01% | 3.13% |
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 |
|---|---|
| Life Cycle Concentrated Global Share Fund Class Z | 4.23% |
| Japan Treasury Disc Bill 151225 0.00 Gb | 2.27% |
| NZ Government 150541 1.75 GB | 1.72% |
| Federal National Mortgage Association 151242 0.0 Tba | 1.67% |
| USD BNP Paribas A/C | 1.62% |
| NZ Government 2.75% 15/04/2037 | 1.62% |
| United Staes Treasury Bill 290126 0.00 Gb | 1.59% |
| NZ Government 150534 4.25 Gb | 1.58% |
| Japan Treasury Disc Bill 130126 0.00 Gb | 1.18% |
| Federal National Mortgage Association 151242 0.00 Tba | 1.08% |
Commentary
As of 30 November 2025
Market Overview
− Global markets took a breather in November, with both equities and bonds finishing the month close to where they started.
− For global equities November was the first flattish month since the turmoil in April from the “Liberation Day” tariff announcements.
− Global bonds were flat for the month led by US bonds which did well on expectations the US Fed would continue cutting rates.
− The central banks in Japan, Australia and the UK all kept rates unchanged, with the RBA and BoJ citing concerns around inflation.
Fund Highlights
− Returns for the Conservative Fund were negative in November.
− Local equity, listed property, and bond markets were all weak, and the Global Equity Fund underperformed its benchmark.
− The Global Bond Fund posted positive gains ahead of benchmark due to being positioned to benefit from steeper yield curves in Europe.