International Growth Fund

    A world of investment opportunities

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    Unit price

    $3.6926

    as at 13/06/2024
    See fund overview

    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

    May 2024

    The International Growth Fund was up +1.6% vs. the benchmark (S&P Global LargeMidCap Index, 50% hedged to NZD) which was up +1.9%. Companies that meaningfully influenced portfolio returns were:

    Netflix’s (+17%) share price rose steadily in May after a sharp pullback in April. Last month, the company’s solid first quarter results were unfairly overshadowed by its announcement to stop reporting subscriber numbers and revenue per user figures, leading to a 9% decline in the stock price in April. Mid-May, Netflix stated the number of users on its ad-tier had nearly doubled since the start of the year to 40 million, which was a positive update. This, along with positive initiation reports from analysts saw the stock recover its April losses, finishing May at a two-year high.

    Salesforce (-13%) reported weaker than expected earnings at the end of May. While software subscription revenue was largely as expected, the 12 month ahead contracted revenue number was unexpectedly weaker. While Salesforce maintained full year guidance, the guide for next quarter key growth metrics were below expectations, bringing the full year outlook into question. Management stated weakness in the quarter was driven by the macro environment. They are currently seeing deal cycles elongate, deal sizes compress, and higher levels of budget scrutiny from customers. This all came as a surprise as at their previous quarterly report, and throughout the quarter, management sounded optimistic for the year. Additionally, management couldn’t calm nerves about potential large-scale Mergers & Aquisitions they might do in the near future, which continue to concern investors.

    Portfolio Team

      Our Managed Funds

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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.

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