Performance chart
* S&P Global LargeMidCap Index (50% hedged into NZD)
Fund performance figures are after deductions for charges but before tax. Please note that past performance is not necessarily indicative of future returns. Returns can be positive or negative, and returns over different time periods may vary. No returns are promised or guaranteed.
Fund highlights
June 2026
The International Growth Fund returned -1.4% in June, 3.4% behind the benchmark index which returned +2.0%.
Icon (+28%) rallied after first-quarter results showed new bookings well ahead of expectations. This was driven by an underlying improvement in clinical trial demand, as well as market share gains. This has reassured the market that earlier accounting concerns have not dented client demand and that ICON’s leading clinical research franchise remains intact. Floor & Decor (+15%) also contributed strongly as a decline in interest rates and easing fuel prices, coupled with the passing of housing affordability legislation, are supportive of improving existing home sales and demand for home renovations.
Microsoft (-17%) and Salesforce (-22%) were among the largest detractors, caught up in a broader sell-off in software stocks, with the MSCI World Software Index down 15%. Weakness was driven by a mix of ongoing fears of AI disruption, inflation, and global macroeconomic concerns, leading to tighter corporate budgets. While both Microsoft and Salesforce are showing steady progress in their agentic AI offerings (CoPilot and Agentforce), enterprise adoption of agentic AI remains in its early stages and is not yet material enough to accelerate overall revenue growth for these businesses.
Portfolio Team
Our Managed Funds
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Cash Fund
Aims to provide stable returns and reduce the potential of capital loss over the short to medium term by investing in New Zealand cash and New Zealand short term fixed interest assets.
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Conservative Fund
Aims to provide stable returns over the long term by investing mainly in income assets with a modest allocation to growth assets.
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Balanced Fund
Aims to provide a balance between stability of returns and growing your investment over the long term by investing in a mix of income and growth assets.
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Growth Fund
Aims to grow your investment over the long term by investing mainly in growth assets.
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Aggressive Fund
Aims to grow your investment over the long term by investing predominantly in growth assets.
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Income Fund
Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets.
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Property & Infrastructure Fund
Focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assets.
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New Zealand Growth Fund
Focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earnings.
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Australian Growth Fund
Focuses on growth of your investment over the long term by investing in quality Australian companies which can consistently produce increasing earnings.
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International Growth Fund
Focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earnings.
