The New Zealand Growth Fund returned +0.7% in July, compared to its benchmark of +1.8%. 

Mainfreight (-10%) provided a 17-week trading update at its Annual Shareholders Meeting. This showed an unexpectedly large fall in profit before tax of -24% versus the corresponding week of the prior year, with a decline in all three products: Transport, Warehousing, and Air & Ocean freight forwarding. The company didn't provide its usual regional breakdown of performance. Mainfreight referenced the shorter trading weeks in April and May and tariff uncertainty during the period, and alluded to trading improving into June and July, although did not provide any figures to quantify this. The company pointed to new business wins of $65 million in the period, although this has been offset by downtrading of existing customers to the tune of $38 million. Market conditions have been competitive, with revenue growth of around +1.5%, a sharp deceleration from the +14% in the six months to March 2025, across all three products. This prolongs the period where the company's longer term organic growth strategy has been overshadowed by tough market conditions. 

Fisher & Paykel Healthcare (FPH, +2%) hosted an investor day in Melbourne featuring discussions with Australian clinicians across hospital's neonatal, emergency, anaesthesia, and ward settings where its respiratory support products are used. This demonstrated FPH's progress in changing clinical practice, as well as providing the opportunity to speak to members of the wider management team. Australia has been an early-adopter market for the company and so it provided proof-of-concept that its therapies can continue to see greater penetration throughout the hospital setting. The day was well attended and while there was little by way of new product announcements or business forecasts, it was a good reminder of FPH's strong business fundamentals. The company continues to demonstrate quality leadership, a genuine long-term sustainable horizon and a substantial runway for further earnings growth. 

Summerset (+2%) delivered a strong June quarter trading update, with total unit sales up +21% on the same period last year, driven by a record for new sales. Summerset is making solid progress selling down its St Johns project in Auckland with both settled sales and contracting rates continuing to progress well.