This fund invests in a broad selection of NZ listed companies with potential for growth of income and capital, and may also invest in some Australian shares if the portfolio managers see opportunities, as part of an actively managed portfolio.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
Commentary
As of 31 January 2025
Market Overview
Fund Commentary
The largest positive contributors to the fund’s relative return were overweight positions in Ingenia Communities (INA), Sky Network Television (SKT) and Aristocrat Leisure (ALL). Following a weak performance in December, INA had a very strong month in January after upgrading its earnings guidance. INA rose 25.6% (in AUD) over the month. SKT rose 7.7% over the period, assisted by a takeover of Foxtel in Australia on a much higher earnings multiple than what SKT trades on. On no specific news, ALL continued its excellent recent performance with another 10.6% (in AUD) return over January.
The largest negative contributors to relative return were from overweight positions in Infratil (IFT) and Ryman Healthcare (RYM) and an underweight position in Goodman Property (GMT). Following a strong run over the last 12 months, IFT gave up some gains as it was impacted by investors nervousness around what impact DeepSeek would have on datacentre demand. IFT fell 11.0% over the month. RYM continues to be volatile and traded down 7.4% while GMT rose 3.7%, both on no specific news.
Key portfolio changes during the month included adding to our positions in EBOS (EBO), Freightways (FRE), IFT, Kiwi Property (KPG), Mainfreight (MFT), Mercury (MCY) and RYM. Positions in Arcadium Lithium (LTM), Aristocrat Leisure (ALL), Channel Infrastructure (CHI), Fisher & Paykel Healthcare (FPH), INA, Scales (SCL) and Worley (WOR) were reduced.
(Bold denotes stocks held in the portfolio).