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
October 2024
The International Growth Fund was down -1.4% vs the benchmark (S&P Global LargeMidCap Index, 50% hedged into NZD) which was up +1.7%.
Netflix (+7%) reported another quarter of strong new subscriber growth, reaching 283m global users; and saw continued momentum in its ad-supported membership tier which grew 35% in the quarter. Intuitive Surgical (+3%), the global leader in surgical robots, continued its strong performance year-to-date, beating market expectations for procedure growth and new robotic placements. The company is still early in the launch of its latest surgical robot, and we anticipate strong growth over the next few years.
Icon (-23%) and Danaher (-12%) are both seeing a slower than expected recovery in pharmaceutical R&D spending following a period of rationalisation post COVID. ASML (-19%) reduced its 2025 guidance as a delayed recovery in end markets such as mobile and automotive offset strength in data centre and AI, resulting in orders for its EUV lithography tools being pushed out.
Portfolio Team
Our Managed Funds
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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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Growth Fund
Aims to grow your investment over the long term by investing mainly 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.
