As flagged in our unit holder letter of 14 April 2026 and effective 17 July 2026 we have updated the PDS with enhancements designed to improve the consistency of outcomes across market environments, while maintaining the Fund’s core objective:
Global equities declined 3.19% in New Zealand dollar terms in July, with emerging markets among the weakest-performing regions. Market leadership also became less concentrated during the month,
From this month, you will notice that we are reporting the Fund against its long-term absolute return objective of 8–12% per annum over a full market cycle, rather than expressing the objective relative to any broader market index or benchmark.
