Fund Performance

Welcome to our fund performance page, where you can track the historical returns and key metrics of our investment funds.

Here, you will find comprehensive information to help you make informed decisions about your investment portfolio.

Market Commentary - August 2025

Global markets were relatively subdued in August. This is fairly typical for the waning days of the Northern summer when financiers head to the beach and take their liquidity with them. However, the news cycle did not take a holiday. Tariffs and tech valuations remained hot topics, particularly when US President Trump slapped duties of 50% on India’s exports.

US markets were further unsettled by Trump’s growing interest in HR. When the US Bureau of Labour Statistics released startlingly soft jobs data for July, and slashed estimates for the prior two months, Trump fired the head statistician. Meanwhile, US Federal Reserve chair Jerome Powell took a breather as POTUS’s chief punching bag when Trump demanded the resignation of a different Fed board member.

Tech stocks came under pressure as jittery investors looked for signs of a sector slowdown, predominantly in Nvidia’s quarterly tea leaves. While the market heavyweight’s latest earnings did not disappoint, it succumbed to a bout of profit-taking anyway. Despite this, markets found support from the apparently unassailable US consumer and the Fed’s hints that it might finally be in the mood to cut rates.

Sentiment was softer at home following confirmation of a 15% tariff on our products into the US, with estimates it could cost exporters north of $1.4 billion in trade costs. Unemployment continued to creep up and wage growth slowed as businesses held back on hiring. The RBNZ helped lift spirits by cutting interest rates to 3% and signalling further wiggle room.

Australian stocks tore out of the starting gate to reach record highs following the RBA’s widely expected 25 basis point rate cut and a slew of encouraging earnings. Markets suffered a mild hangover later in the month on weakness in healthcare and energy, as well as some opportunistic profit-taking.

Against this backdrop, the S&P 500 finished August up 1.9%, while the tech-focused Nasdaq rose 1.6%. The NZX 50 gained 0.8% over the month, while the ASX 200 finished 2.6% ahead.

Elsewhere, the UK’s FTSE 100 ended August up 0.6%. Investors celebrated the Bank of England’s decision to drop borrowing costs to their lowest level in more than two years. However, the mood swiftly soured on evidence that Britain has a bit of an inflation problem. Consumer prices climbed by 3.8% in July compared to a year ago, up from 3.6% in June.

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