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
June 2025
The New Zealand Growth Fund returned +0.04% in June, compared to its benchmark of +1.54%.
Vulcan Steel (-13%) announced a transition of its leadership team, with long time CEO Rhys Jones (in the role since 2011) to be replaced by current Chief Commercial Officer, Gavin Street, in January 2026. Gavin joined the Vulcan business in late 2024 with the view that his strong background in trade products distribution meant he had potential to be Rhys's successor. Since then, the Board has become confident that he can perform strongly in this role. Rhys will transition to become Chair of the Board, which means his market knowledge and strategic insights will be retained by the company, together with his focus on maintaining the company's successful culture.
Xero (-2%) announced the strategic acquisition of US payments business, Melio, for around US$2.5 billion, also raising A$2.05 billion to help fund the transaction. Melio is a fast-growing US platform that enables small and medium businesses to seamlessly pay their bills. This aligns with Xero’s key objectives, complementing its core accounting and payroll services in its most lucrative market. It will provide Xero added scale in the US market and open up new avenues to acquire and monetise customers. Melio has a direct offering to customers that can be embedded into the Xero offering, but furthermore its platform is also white-labelled through major players Fiserv, CapitalOne, and Shopify which may provide opportunities for their large customer bases. Management is confident that the combined business will see accelerated growth and can double in size over the next 3 years.
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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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.