New Zealand Growth Fund

    Investments in your backyard

    Open an account
    Unit price

    $14.5754

    as at 10/10/2025
    See fund overview

    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

    September 2025

    The New Zealand Growth Fund returned +2.2% in September, compared to its benchmark of +3.0%. 

    Infratil (+9%) hosted an investor day in Sydney, showcasing its portfolio of growth infrastructure investments. Its data centre business, CDC, closed out the day with an upbeat presentation that foreshadowed major contract wins with 100MW announced the following week. CDC has now secured 95% of the revenue required to deliver its target of doubling 2025 earnings by 2027. 

    Longroad Energy, Infratil's US-based developer of renewable electricity projects, also provided a positive outlook. Despite changes to tax subsidies, Longroad remains confident in its strong development pipeline and confirmed that its equity needs are similar to what it expected before the changes. 

    Xero (-4%) saw its share price decline during the month despite no material news. Early in September, we attended the sold-out XeroCon in Brisbane: Xero’s annual flagship technology and innovation conference for accountants, bookkeepers, and small businesses that use its cloud accounting software. 

    Hot on the heels of releasing over 300 product features in the past 12 months, Chief Product Officer Diya Jolly stole the spotlight, unveiling an additional 30 new launches targeted for the ANZ audience. With a bold vision to “reimagine accounting through AI,” these features aim to automate workflows, deliver actionable insights. They also reflect extensive feedback from accountants and small business customers. Over time, Xero aspires to automate 90% of manual accounting tasks while reinforcing its role as a trusted partner. 

    As part of the event, Xero also hosted the investor community for a series of fireside chats with its executive leadership team, including the CEO of Melio, the US payments platform Xero is acquiring. We left reassured by the cadence of product development, which we believe will continue to drive value for accountants and small businesses and in turn, expand Xero’s revenue opportunities. We were also again impressed by the energy, depth and quality of the executive team across the board. Management also stood by its near- and medium-term targets. 

    Portfolio Team

      Our Managed Funds

      • Conservative Fund

        Aims to provide stable returns over the long term by investing mainly in income assets with a modest allocation to growth assets.

        Learn more
      • 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.

        Learn more
      • Growth Fund

        Aims to grow your investment over the long term by investing mainly in growth assets.

        Learn more
      • Aggressive Fund

        Aims to grow your investment over the long term by investing predominantly in growth assets.

        Learn more
      • Income Fund

        Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets.

        Learn more
      • Property & Infrastructure Fund

        Focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assets.

        Learn more
      • 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.

        Learn more
      • 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.

        Learn more
      • 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.

        Learn more