| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.33 | -0.12 | 2.98 | 5.38 | 2.22 |
| Appropriate Market Index (AMI)2 | 0.28 | 0.19 | 3.55 | 5.72 | 2.70 |
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 | 3.08% |
| NZ Local Govt Funding Agency 150437 2.00 GB | 2.70% |
| Bank Of New Zealand 010928 0.00 Cb | 2.55% |
| Rabobank Nederlandnz 200231 4.40 Cb | 2.47% |
| Insurance Australia Group Ltd 150628 5.32 Cb | 2.46% |
| Christchurch Intl Airpor 060336 5.08 Cb | 2.41% |
| NZ Local Govt Funding Ag 3% 15/05/2035 | 2.35% |
| Rabo 5.31% 05/04/2029 | 2.22% |
| Christchurch City Hldgs 210532 4.82 Gb | 2.18% |
| Westpac New Zealand Ltd 160932 6.19 Cb | 2.17% |
Commentary
As of 30 April 2026
Market Overview
It was a reasonable month for New Zealand bonds with positive returns as interest rates finished the month little changed.
The NZ yield curve remains steeply positive, with higher yields achieved by extending maturities.
New Zealand credit margins have been little changed, with demand strong at higher yields.
Fund Highlights
The fund return was largely attributed to positive income accrual, rather than capital price movements as interest rates finished little changed.
NZ government bonds performed better than similar swap maturities. Credit margins were resilient despite risk-off sentiment, and the fund remains high credit quality.
Looking forward, the fund is well positioned to deliver strong performance over the medium term, underpinned by carry and roll strategies in a steep, positive yield-curve environment.