International Growth Fund

    A world of investment opportunities

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    Unit price

    $3.6167

    as at 11/09/2024
    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

    August 2024

    For the month, the International Growth Fund was down -0.8% vs the benchmark (S&P Global LargeMidCap Index, 50% hedged into NZD) which was down -0.6%. Companies that meaningfully influenced returns were:

    Floor and Decor (+15%) continues to take share in the US flooring market, despite a challenging housing environment and declining same-store-sales. One of Floor & Décor’s main competitors, LL Flooring, went into bankruptcy during the month given the challenging environment, demonstrating the strength of Floor & Décor’s position. Our medical device companies including Intuitive Surgical (+11%), Edwards Lifesciences (+11%) and Boston Scientific (+11%) outperformed for the month as underlying surgical volumes continue to grow in the US, helped by demographic factors, COVID backlogs and new medical device launches, albeit some legacy products such as Edward’s TAVR are facing capacity headwinds.

    Dollar General (-31%) and Dollar Tree (-19%) both fell after Dollar General’s earnings report late in the month. The company not only reported further weakness in its core low-income consumer, but also that increased competition meant Dollar General was not able to gain share in the middle-to-higher income consumers that are trading down. Given elevated competitive concerns, we exited our small position in Dollar General.

    Portfolio Team

      Our Managed Funds

      • 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.

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