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 | -4.75% | -2.87% | 11.43% | 16.35% | 18.56% |
| Appropriate Market Index (AMI)2 | -4.97% | -2.39% | 13.17% | 14.49% | 16.23% |
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 | 31.76% |
| Microsoft Corp | 3.29% |
| Amazon Com Inc | 3.20% |
| Nvidia Corp | 2.39% |
| Visa Inc - A | 2.01% |
| Unitedhealth Group Inc Com Stk Us0.01 | 1.75% |
| Progressive Corp | 1.70% |
| Applovin Corp | 1.43% |
| Booking Hldgs Inc Com Usd0.008 | 1.22% |
| Safran Sa | 1.20% |
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 March 2025
Market Overview
Fund Commentary
The fund had a return of -2.81% over the first quarter, underperforming the global equity index (MSCI ACWI) return of -2.39%. While Royal London delivered a strong performance, the other three managers were less successful during the quarter. WCM and JP Morgan both underperformed the index while NAM Europe was slightly behind. In terms of individual performance drivers over the first quarter, the fund benefitted from having no exposure to Tesla Inc. and an underweight position in Apple Inc., as the share price of both companies experienced significant falls. The other top contributors to relative performance were overweights in Saab AB, Safran SA and Progressive Corp, all of which outperformed. Aerospace and Defence companies performed particularly well over the quarter, driven by a significant push among European nations to boost defence budgets in response to shifting US foreign policy dynamics. The fund benefitted from this theme through its positions in Saab AB, the Swedish maker of advanced military systems, and Safran SA, the French aircraft parts manufacturer. Although the share price of the US insurance company Progressive Corp made little progress during the volatile month of March, it experienced substantial gains in January and February on the back of impressive financial results and robust growth in policies in force across personal and commercial lines. The fund’s overweight exposure to several technology-related names (e.g. Amazon.com, Taiwan Semiconductor, AppLovin and Microsoft) was a key detractor from performance over the quarter. Part of the weakness in Amazon’s share price was related to competitive pressures from peers such as Chinese startup DeepSeek's efficient artificial intelligence (AI) model. In addition, Amazon's plan to spend over US$100 billion on capital expenditures in 2025, with a significant focus on AI, contributed to investor unease. This unease was also evident in the performance of Taiwan Semiconductor, where investors appear to be concerned about the company’s commitment to a US$100 billion investment in US manufacturing operations. The mobile marketing platform business AppLovin was another key detractor from performance, after a few short-seller reports generated eye-catching headlines and investor angst. WCM’s opinion is that a significant amount of misinformation is being circulated that is inconsistent with their own findings. They have found no clear evidence that invalidates their investment thesis but will continue to conduct checks and test their own assumptions as new information arises.