The New Zealand Growth Fund returned +2.1% in June, compared to its benchmark return of +2.9%.

Delegat (+5%) increased its full-year operating net profit guidance from $50-55 million to $60-62 million for its financial year ending 30 June. The company confirmed after a strong quarter that it is on track to achieve sales of 3.3 million cases, plus has benefited from lower tariff levels from February and the weak New Zealand dollar. Consumers continue to moderate their wine consumption. However, the trend towards premiumisation, along with strong demand for New Zealand wines in the US, leaves the company's Oyster Bay brand well placed.

a2 Milk (+40%) saw a very strong rebound in its share price, recovering some but not all weakness in recent months. The company announced it has received approval from the State Administration for Market Regulation (SAMR) to transition the two Chinese infant formula product registrations associated with its Pokeno facility to a2 branded products. This key milestone in its supply chain transformation has enabled a $300 million special dividend, which will see around 41¢ per share paid to shareholders in July. Encouragingly, there are also signs that product shortages are easing, following the company’s April update.

Vista (-5%) continued its strong run of recent contract announcements, with the news that Eastern European cinema circuit Cineplexx has signed to its Operational Excellence offering (its full suite of latest generation cloud-based software), across its 59 sites over 11 countries. Vista’s share price pared recent gains but still finished up +39% for the quarter.