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
November 2023
The New Zealand Growth Fund was up +4.9% for November versus the S&P/NZX 50 gross index which was up +5.4%.
Mainfreight (+18%) saw its share price recover strongly after releasing its first half results. Despite the subdued trading environment, its New Zealand and Australian Transport businesses are now performing ahead of the same time last year. In the Air & Ocean freight forwarding business, weekly profits have stabilised after reducing from elevated levels, which provides confidence that the business can maintain profitability at well above pre-COVID levels. The company has now seen its 'sinking lid' approach to managing costs deliver gains, with 500 fewer people in the business than six months ago due to natural attrition. The team has expressed confidence that it can grow the business from current levels now that trading conditions have 'normalised', through its long-term organic growth strategy.
Fisher & Paykel Healthcare (+13%) delivered first half revenue and net profit slightly ahead of guidance issued at the company's annual meeting in August, which is supportive of the longer-term earnings growth prospects for the business. Revenue growth is being driven from recent product launches across both its Hospital and Homecare divisions, with obstructive sleep apnea masks and anaesthesia products the standout contributors.
Delegat (-16%) reduced its sales volume guidance for the current year by 5.5% to 3.614 million cases and its operating net profit forecast to $57-61 million (from $62-67 million). The company has seen distributors and retailers reduce their inventory holdings now that supply chains are operating more freely compared to previous 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.