Performance chart
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 New Zealand Growth Fund returned -0.4% in December, compared to its benchmark of +0.5%.
The fund was boosted by the performance of Freightways (+4%) during the month, following the news it will acquire a business in Australia called VT Freight Express (‘VTFE’) for A$71 million early in 2026. VTFE is based in Victoria with a growing inter-state business via agents and sees an opportunity to enter the New South Wales market due to strong interest from existing customers. The deal is strategically sound, with the Freightways team having proven their ability to buy and successfully grow private express logistics businesses in Australia after the acquisition of Allied Express in 2022.
Notable detractors of returns were business software provider Xero (-7%) and infrastructure investor Infratil (-5%). There were no material developments for either company and we took the opportunity to add to both positions at what we believe are attractive levels.
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.
