| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.16% | 2.61% | 5.89% | 5.84% | 1.64% |
| Appropriate Market Index (AMI)2 | 1.10% | 2.52% | 6.42% | 6.14% | 2.22% |
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 |
|---|---|
| Bank Of New Zealand Cash at Call | 4.15% |
| Housing NZ 1.534% 10/09/2035 | 3.61% |
| NZ Local Govt Funding Agency 150437 2.00 GB | 3.11% |
| Insurance Australia Group Ltd 150628 5.32 Cb | 2.84% |
| NZ Local Govt Funding Ag 3% 15/05/2035 | 2.74% |
| Rabo 5.31% 05/04/2029 | 2.66% |
| Westpac New Zealand Ltd 160932 6.19 Cb | 2.55% |
| Christchurch City Hldgs 210532 4.82 Gb | 2.43% |
| Housing NZ 3.42% 18/10/2028 | 2.38% |
| Dunedin City Treasury 101033 4.966 Lb | 2.32% |
Commentary
As of 31 August 2025
Market Overview
Fund Commentary
The fund had a positive return of 1.28% for the month of August and outperformed its the benchmark the Bloomberg Credit Index which returned 1.10% for the month.
All NZ bond sectors performed well with credit demand/supply dynamics supportive. The fall in rates was the main attributor of performance with the fund positioned approximately 1.3 years longer than benchmark. The higher fund yield continues to support performance.