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.
The question that matters now The question is no longer whether artificial intelligence will be transformative. It will be. The more important investment question is where sustainable shareholder value will accrue as this technology becomes increasingly embedded across the economy.
The strength of the quarter was undeniable. However, periods of exceptional market performance are also the moments when investors should look beyond what has already happened and ask an even more important question: what comes next?
Global equity markets delivered another strong quarter, driven by continued enthusiasm around artificial intelligence and the companies positioned at the centre of the AI infrastructure build-out.
Investing periodically goes through difficult relative periods, particularly when markets become concentrated in a narrow group of companies, sectors or themes. During those periods, share prices can move well ahead of fundamentals in the favoured areas...
The MSCI ACWI ex Australia Index rose 5.2% in May, with Asia ex Japan leading regional performance, up 11.2%. Japan also posted strong gains of 6.2% in local currency, while the S&P 500 advanced 5.3% in the United States. P
The most important point to make this month is that the portfolio has not changed its character. We continue to own companies with strong competitive positions, high returns on capital, healthy balance sheets and long-term growth opportunities. What
In April, the concentrated selection of stocks we have in our portfolio delivered a return of 0.31%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 6.8% over the month while emerging market equities delivered their strongest absolute return since 2009.
