Insights.

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.

Artificial intelligence is reshaping global markets, but the long-term success of AI investment depends on whether massive infrastructure spending delivers sustainable returns for investors.

For decades, the assumption was simple: if a business became big enough, it would need employees. That assumption is starting to break. A new wave of data points to a striking shift in the economy: more people are building meaningful businesses on their own – and they are scaling faster than before.

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.

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.

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.

In April, the concentrated selection of stocks we have in our portfolio delivered a negative return of 1.37%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 5% over the month while emerging market equities delivered their strongest absolute return since 2009.

In April, the concentrated selection of stocks we have in our portfolio delivered a negative return of 2.28%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 5% over the month while emerging market equities delivered their strongest absolute return since 2009.

The launch of U.S.–Israeli military operations against Iran on the final day of February triggered a significant and broad-based repricing of global risk assets in March. The Strait of Hormuz — through which approximately 20% of global oil and liquefied natural gas supply transits — became the central flashpoint.

Patience is perhaps the most cited virtue in long-term investing — and yet it is rarely tested in quite the way the past 12-18 months have been.

Different parts of the market have been pulled in different directions simultaneously: energy surged while technology retreated; defensives lagged while cyclicals briefly led; geographies…

These observations are drawn from Insync’s senior analyst walking Shanghai’s, Beijing’s and Shenzen’s malls and street retail, visiting stores, and speaking directly with founders, operators and industry experts. What they point to is not a cyclical slowdown in luxury, but a structural reset in how Chinese consumers think, behave and spend.

For years, the debate around autonomous vehicles has been framed incorrectly. The question has been: when will AI fully replace the human driver? But the real story is far more profound and far more investable.

The Fund faced short-term headwinds for the month posting a negative return whilst retaining the essential longer term double-digit returns after fees.

The Insync Global Quality Equity Fund returned -2.42% over the month and -8.22% for the last 12 months to February 2026.

The Insync Global Capital Aware Fund returned -2.49% over the month and -8.35% for the last 12 months to February 2026. As at month-end, the Fund maintained approximately 41.3% protection.

For years, the debate around autonomous vehicles has been framed incorrectly. The question has been: when will AI fully replace the human driver? But the real story is far more profound and far more investable.

The Insync Global Quality Equity PIE Fund returned -3.00% over the month and 0.92% for the last 6 months to January 2026.

The Insync Global Capital Aware Fund returned -3.07% over the month and -6.05% for the last 12 months to January 2026. As at the end of January 2026, the Fund maintained approximately 69% protection.

The Insync Global Quality Equity Fund returned -2.95% over the month and -5.97% for the last 12 months to January 2026.

The Insync Global Quality Equity PIE Fund returned -1.73% over the month and 4.05% since its inception on 13 August 2025.

The Insync Global Quality Equity Fund returned -0.90% over the month and has gained 4.74% for the last 12 months to November 2025. Alphabet was a key contributor to portfolio returns, with its shares reaching all-time high during the month

The Insync Global Capital Aware Fund returned -1.24% over the month and has gained 4.77% for the last 12 months to November 2025. Approximately 65% of the fund is covered by index puts on a notional basis.

Over more than sixteen years, Insync has delivered annualised returns in the 10–12% range by investing in high-quality, highly profitable businesses with enduring competitive advantages, exposure to long-term structural growth trends…

Equity market returns in 2025 were dominated by an unusually narrow group of large technology stocks, reinforced by strong passive fund inflows and an exceptional run in momentum-driven strategies.

We often talk about “experiences over things” as if it’s a generational slogan. But for Gen Z, and increasingly for the cohorts just behind them, experiences are the portfolio. Overnight, travel, meals, and cultural immersion are no longer optional indulgences: they are existential expressions.

The Insync Global Quality Equity Fund returned 1.81% over the month and has gained 11.57% for the last 12 months to October 2025, consistent with the returns of the fund since inception

The Insync Global Capital Aware Fund returned 1.30% over the month and has gained 11.63% for the last 12 months to October 2025, consistent with the returns of the fund since inception. Approximately 43% of the fund is covered by index puts on a notional basis.

Gen Z isn’t “addicted” to their phones they’re embedded in a system where digital is the default environment. They’ve never known a world where waiting, uncertainty, or physical friction was a requirement to act.

The Insync Global Quality Equity Fund returned 1.14% over the month and has gained 12.30% for the last 12 months to September 2025.

The Insync Global Capital Aware Fund returned -0.97% over the month and has gained 11.08% for the last 12 months to August 2025. Approximately 27% of the fund is covered by index puts on a notional basis.

China’s fossil fuel demand nears its peak, signaling a global energy shift driven by electrification, integration, and structural demand change.

Gen Alpha will number nearly 2 billion people worldwide by 2025 and they are shaping brands and markets, how will this first 21st-century generation influence consumer behaviour?

The Insync Global Capital Aware Fund returned 0.95% over the month and has gained 12.90% for the last 12 months to August 2025. Approximately 27% of the fund is covered by index puts on a notional basis.

The Insync Global Quality Equity Fund returned -0.51% over the month and has gained 10.68% for the last 12 months to August 2025.

The Insync Global Capital Aware Fund returned -0.89% over the month and added 10.56% for the last 12 months to July 2025. Currently, the Fund’s protection level is approximately 25% of its notional equity exposure.exposure.

The Insync Global Quality Equity Fund returned -0.88% over the month and added 10.03% for the last 12 months to July 2025.

Gaming has become a gateway to fandom. Over 50% of Gen Z fans say sports video games and fantasy leagues increase their real-world engagement—almost double that of older generations.

The Insync Global Quality Equity Fund added 2.53% over the quarter and returned 13.42% for the last 12 months to June 2025.

The Insync Global Capital Aware Fund added 4.29% over the quarter and returned 13.94% for the last 12 months to June 2025. Currently, the Fund’s protection level is approximately 23% of its notional equity exposure.

The Insync Global Quality Equity Fund added 2.99% in May, in comparison to a benchmark return of 5.16%. The underperformance during the month was primarily driven by our relative underweights in the U.S. megacap technology sector, particularly Nvidia, where we viewed valuations as excessive and maintained a conservative positioning, pricing and timing of the Switch 2 launch was understandable, as the new console was unveiled amid heightened geopolitical tensions following the U.S. announcement of sweeping reciprocal tariffs.

The Insync Global Capital Aware Fund added 2.59% in May, in comparison to a benchmark return of 5.16%. Currently, the Fund’s protection level is approximately 24% of its notional equity exposure. The underperformance during the month was primarily driven by our relative underweights in the U.S.

The era of waiting even for a day for your purchases to arrive is ending. In China, consumers can now order anything from an iPhone to a toothbrush and receive it in just 9 minutes. The rise of on-demand retail, or “quick commerce,” marks a new chapter in the evolution of e-commerce: one driven by immediacy, convenience, and changing consumer expectations.

The Insync Global Capital Aware Fund generated a positive return of 1.81% in April, outperforming the benchmark by 3.6%. Currently, the Fund’s protection level is approximately 45% of its notional equity exposure down from 70% at the end of March.

The Insync Global Quality Equity Fund returned -0.34% in April, outperforming the benchmark by 1.45%. Nintendo was the largest contributor to performance during the month. Initial market skepticism around the pricing and timing of the Switch 2 launch was understandable, as the new console was unveiled amid heightened geopolitical tensions following the U.S. announcement of sweeping reciprocal tariffs.

The Insync Global Capital Aware Fund returned 0.99% in the three months to March 2025, outperforming the benchmark by 2.93%. Currently, the Fund’s protection level is approximately 70% of its notional equity exposure.

The Insync Global Quality Equity Fund returned 0.97% in the three months to March 2025, outperforming the benchmark by 2.91%. Key contributors to performance included our overweight position in Tencent and a zero allocation to NVIDIA.

The Insync Global Capital Aware Fund outperformed the benchmark in February. The Fund’s protection level increased in January due to stretched valuations — particularly in the U.S., where valuations have reached their highest levels since the dot-com bubble.

The Insync Global Capital Aware Fund outperformed the benchmark in February. The Fund’s protection level increased in January due to stretched valuations. The Insync Global Quality Equity Fund outperformed the benchmark in February.

Global equity markets demonstrated resilience and growth across January despite the challenges of unpredictable policies from President Trump, persistently high inflation, and the prospect of sustained elevated interest rates. Whilst US stocks rose, their return lagged against many other key markets.

The best back-to-back returns since the 1990s for global equity markets with the MSCI index returning 29.8% in 2024 on the back of 21.6% in 2023. This was largely driven by U.S. stocks which now constitute 67% of the MSCI, and in particular the ‘Magnificent 7’ companies.

Investing is more than data; it requires anticipating future trends. This is why relying on past performance is often risky. Generational shifts, rising geopolitical tensions, and evolving consumer behaviours demand excellence in trend spottng. Luxury goods, where China’s rising affluent class is undergoing significant changes in spending preferences is a case in point. Whilst luxury has historically been a secular growth story, we believe that more nuanced factors are at play, making active stock picking essential.

A quiet transformation is underway in global consumer behaviour, reshaping entire industries from retail to healthcare. The growing humanisation of pets is turning dogs, cats, and even hamsters into full-fledged family members— complete with personalised diets, fashion wardrobes, and tech-enabled care. This emotional shift is more than just a social quirk; it is a powerful megatrend redefining spending priorities and creating lucrative, high-growth investment opportunities.

Observing where the world is moving to is crucial to future-proofing portfolios and generating strong consistent returns. Demographic and technological shifts are rapidly changing consumer buying patterns. While understanding numbers is important, grasping human behaviour delivers deeper insights. Diligently analyzing these shifts and their implications helps identify future winners.

The era of blindly betting on Western brands to tap into China’s burgeoning consumer market is over. Once considered no-brainers, global titans like L’Oreal, Nike and Starbucks are finding their footng increasingly precarious. Despite the allure of its growing middle class the dynamics at play are more nuanced than ever.

Trump’s victory and Republican control of Congress drove US market performance in November as expectations for tax cuts, deregulation, and expansionary fiscal measures rose. US stocks overall rose 6% significantly outperforming other markets.