| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.10% | 2.95% | 6.10% | 6.59% | 1.77% |
| Appropriate Market Index (AMI)2 | 0.95% | 2.71% | 6.38% | 6.82% | 2.35% |
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 |
|---|---|
| Housing NZ 1.534% 10/09/2035 | 3.61% |
| NZ Local Govt Funding Agency 150437 2.00 GB | 3.15% |
| Insurance Australia Group Ltd 150628 5.32 Cb | 2.82% |
| NZ Local Govt Funding Ag 3% 15/05/2035 | 2.77% |
| Rabo 5.31% 05/04/2029 | 2.60% |
| Westpac New Zealand Ltd 160932 6.19 Cb | 2.50% |
| Christchurch City Hldgs 210532 4.82 Gb | 2.44% |
| Housing NZ 3.42% 18/10/2028 | 2.38% |
| Dunedin City Treasury 101033 4.966 Lb | 2.34% |
| Auckland Council 170639 5.745 Cb | 2.30% |
Commentary
As of 30 September 2025
Market Overview
Fund Commentary
The fund had strong returns for the September month (1.19%) and quarter (3.24%) and outperformed it’s benchmark the Bloomberg Credit Index which returned 0.95% for the month and 2.71% for the quarter. All NZ bond sectors performed well with credit the star performer.
The fall in rates was the main attributor of both absolute and relative performance with the fund positioned approximately 1.3 years longer than benchmark. The higher fund yield and roll down the steep yield curve should continue to support performance.