The New Zealand Growth Fund returned -0.2% in October, compared to its benchmark of +1.9%. 

Freightways (+7%) delivered a better-than-expected September quarter update at its annual meeting. Core operating earnings grew +12% from a year ago, driven mainly by robust performance in its courier operations. In its network courier business, same-customer volumes accelerated from +0.6% in the first half of 2025 to +1.8% in the latest quarter. The company continues to win meaningful new business which has lifted overall volume growth in this segment to +4.5%. 

Summerset (+9%) provided its September quarter sales update, with total settlements for the quarter up +28% (excluding care beds conversions). This includes a second consecutive quarter of strong new sales for its core villa offering. Summerset is shifting its care offering from premium daily fees to Occupational Right Agreements (ORAs). This accelerated conversion is designed to release capital and drive improvements in care economics over time. 

Vista (-11%) shares declined on concerns that a weaker than expected box office will impact short term performance. US September quarter box office revenue was US$2.4b, down -11% year-on-year, prompting some modest downward revisions to 2025 full-year estimates. The company provided a guidance update for its 2025 year, reiterating its profit margin guidance of 16-18% with no change to revenue guidance. Vista's revenue has a relatively small exposure to box office performance, and outcomes are also likely to depend on the timing of one-off revenues around the end of the period. The company's 2026 and medium-term prospects hinge far more on customer uptake of its digital and cloud product suite than on short-term box office performance.