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

The shine well and truly wore off risk assets in April, with global markets rattled by escalating geopolitical tensions as Iran took a shot across Israel’s bow. Furthermore, persistent inflation proved a fly in the ointment of imminent interest rate cuts, crushing the hopes of investors the world over.

US markets bore the brunt of the sell-off. While the economy slowed to a leisurely 1.6% annualised GDP in the first quarter, inflation data disappointed on the upside. The latest consumer prices were hotter than expected, labour costs topped expectations, and personal consumption - the Federal Reserve’s preferred measure of underlying inflation – shot up to 3.7%, markedly higher than expectations and well north of the 2% recorded in the final quarter of 2023.

However, the tide appeared to be turning toward month end as tensions in the Middle East eased and earnings season got into full swing. Robust results from the likes of Microsoft and Alphabet overshadowed a less stellar showing from the banks and sparked a relief rally – though not enough to claw back all the losses from the earlier rout.

While our local market wobbled under the weight of deteriorating global sentiment, the NZX’s defensive tilt shielded us from the worst of it. Meanwhile, a slowdown in first-quarter consumer inflation to 4% annualised was chalked up as a win. However, the domestic component was a less salutary 5.8%.

Across the pond, Australia’s quarterly inflation rate was 3.6% on a year-to-year basis – better than ours, but not quite good enough to make interest rate cuts a sure thing this year.

Against this backdrop, the S&P 500 slumped 4.2% in April, while the tech-focused Nasdaq fell 4.4%. The NZX 50 was down by a less drastic 1.2%, while the ASX 200 dropped by 3%.

The UK’s FTSE 100 outpaced its peers for a second month running, finishing April up by 2.4%. British central bankers were among the few to take a dovish tone as inflation in the UK continued to behave itself and jobless numbers crept up. Sterling subsequently plummeted to five-month lows.

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