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
January 2026
The New Zealand Growth Fund returned -3.6% in January, compared to its benchmark of -0.9%.
There was little by way of fundamental newsflow for the portfolio companies, which meant that shifting sentiment drove share prices. To this end, reports that the AI-based software development tool Claude Cowork was creating productivity gains for software developers drove a broad-based selloff in software companies, with fears that new AI native software tools could disrupt incumbent systems.
As a result, software companies Vista (-28%) and Xero (-18%) saw meaningful declines in their share prices. Both Xero and Vista provide critical software that helps their clients manage their businesses. They have deep industry domain knowledge, proprietary data, integrations with critical systems, and customer trust which mean they are positioned well with functionality and value-add that AI tools will struggle to reach. Both companies are already augmenting their leading offerings with AI tools, rather than seeing their functionality replicated or usurped. That said, we acknowledge AI technology is evolving rapidly and it may take time for these fears to subside.
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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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.
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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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Aggressive Fund
Aims to grow your investment over the long term by investing predominantly 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.
