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 | 4.55% | 4.77% | 22.99% | 11.63% | 12.34% |
| Appropriate Market Index (AMI)2 | 3.26% | 5.74% | 22.87% | 8.06% | 10.10% |
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 | 31.97% |
| Amazon Com Inc | 3.81% |
| Microsoft Corp | 3.44% |
| Nvidia Corp | 2.52% |
| Applovin Corp | 2.35% |
| Visa Inc - A | 1.85% |
| Unitedhealth Group Inc Com Stk Us0.01 | 1.71% |
| Taiwan Semicon Manufacturing Co Ltd | 1.48% |
| Progressive Corp | 1.38% |
| Alphabet Inc Cap Stk Usd0.001 Cl A | 1.23% |
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 January 2025
Market Overview
Fund Commentary
The fund had a return of 4.71% (NZD), outperforming the global equity index (MSCI ACWI) 100% gross hedged to NZD return of 3.26% over the month. WCM was once again a key driver of the outperformance, returning 5.88% to outperform by a significant 345 bps. Royal Lon-don also excelled with 155 bps of outperformance, while NAME’s return of 2.51% placed them marginally ahead of the Index return. JP Morgan, however, had another challenging month in relative terms – while their return of 2.09% was quite good for the month, it lagged the Index return by 33 bps.
In terms of individual performance drivers, there wasn’t a specific theme behind these names. While overweights to outperforming tech-nology-related names such as AppLovin Corp, Amazon.com, TSMC and Meta Platforms counted among the top 10 individual contributors, there was also good representation from the industrials, consumer discretionary, healthcare and financials sectors. These include names such as Safran, GE Aerospace, LVMH, UnitedHealth Group and Interactive Brokers. GE Aerospace and Interactive Brokers were the stars of the month, with the shares of both companies gaining more than 20% over the month.
The fund’s key detractors from performance were nil exposure to outperforming index names such as JP Morgan Chase & Co., Alphabet Class C and SAP SE, as well as overweights to names which underperformed, for example Booking Holdings and Microsoft Corp. NVIDIA Corp was the fund’s worst performer down -11.4%, as investors got spooked by the emergence of the Chinese AI company DeepSeek.