On this page:
The Multi-Manager global equity strategy has four underlying managers WCM Investment Management, Royal London Asset Management, Nikko Asset Management Europe Ltd and JP Morgan Asset Management. These managers select companies from around the world covering a diverse range of regions and sectors. The appointed global managers are responsible for the investment management of the assets. The multi-manager global equity strategy managed by Yarra Capital Management.
This fund combines four underlying managers WCM Investment Management, Royal London Asset Management, Nikko Asset Management Europe Ltd and JP Morgan Asset Management. Each manager selects companies from around the world covering a diverse range of regions and sectors based on their own investment process. The result is a portfolio that holds around 150-170 companies. The multi-manager global equity strategy is managed by Yarra Capital Management.
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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | -3.55% | 1.28% | 22.29% | 6.20% | 11.32% |
| Appropriate Market Index (AMI)2 | -1.66% | 1.23% | 20.52% | 4.64% | 8.93% |
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 |
|---|---|
| Jpm Global Select Equity X Acc Usd | 33.58% |
| Amazon Com Inc | 3.98% |
| Microsoft Corp | 3.95% |
| Nvidia Corp | 3.29% |
| Applovin Corp | 2.37% |
| Visa Inc - A | 1.93% |
| Unitedhealth Group Inc Com Stk Us0.01 | 1.80% |
| Taiwan Semicon Manufacturing Co Ltd | 1.55% |
| Progressive Corp | 1.50% |
| Booking Hldgs Inc Com Usd0.008 | 1.39% |
Find out about all the Nikko AM funds you can invest in using GoalsGetter.
For many of us, KiwiSaver will provide a significant portion of our retirement income. But it's only one part of the equation.
Find out about the types of fees that apply for our Nikko AM retail and KiwiSaver funds.
Commentary
As of 31 December 2024
Fund Commentary
The fund returned 1.94% over the fourth quarter, outperforming the global equity index (MSCI ACWI) 100% Gross Hedged NZD return of 1.23% by 0.71%.
WCM was a key driver of the outperformance, outperforming by a substantial 9.53% over the quarter. NAME also performed well with 1.76% outperformance, while Royal London underperformed by 0.62% over the quarter, primarily due to significant underperformance in December (profit taking in some of its former winners). JP Morgan however struggled the most over the quarter, underperforming by 1.92%.
Looking at WCM's three growth buckets, the current style allocation consists of 43% secular growth, 28% cyclical growth, and 25% defensive growth. Thematically, WCM is well-positioned for further growth in AI, anti-obesity initiatives, global defence, air travel, electrification, near-shoring, emerging market e-commerce penetration, and financial inclusion.
In terms of individual performance drivers over the quarter, the top contributors to the fund’s relative performance were overweight positions in technology-related names, for example AppLovin Corp, Amazon.com and Taiwan Semiconductor. AppLovin Corp was the highlight, with the strong return driven by its success in mobile game advertising and budding optimism surrounding its long-term opportunity in e-commerce.
The fund’s key detractors from performance were underweight positions in Apple and Tesla, which both outperformed, and nil exposure to JP Morgan, Alphabet Class C and Palantir Technologies (all of which also had strong positive returns over the quarter).
Regarding investment activity over the quarter, NAME added the leading Chinese travel platform Trip.com and the medical diagnostic business Siemens Healthineers, while WCM added Chinese food-delivery and consumer services giant Meituan, web hosting/domain registrar and software company GoDaddy, and global biopharma enterprise Vertex Pharmaceuticals.