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
December 2025
The International Growth Fund returned +0.9% in December, slightly outperforming the benchmark index which returned +0.8%.
Old Dominion Freight Line (+16%) was driven by a tightening trucking market. The combination of fewer drivers (due to new limits on foreign drivers), lower supply of new trucks, and increased bankruptcies after an exceptionally long trucking recession is constraining supply. We haven’t yet seen a rebound in demand, but the sharp move in the stock on only a slight tightening in supply highlights how poor the sentiment in the trucking sector has been.
Netflix (-13%) was our worst performing position in the month. The market is concerned Netflix will overpay for Warner Bros Discovery (WBD) as it goes head-to-head with Paramount Skydance to buy the assets. The combination of NFLX’s strong balance sheet, unparalleled distribution reach for WBD’s quality content and ability to remove costs from the combined entity is attractive. This, along with the fact we had cut the position size to a minimum at higher prices earlier in the year, gave us the opportunity to begin rebuilding the NFLX position in December.
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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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.
