Fund Performance and Investment Updates

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.
Latest Fund Performance
2025-06-30 Lifetime Master Trust investment returns
Market Commentary - June 2025
June was jam-packed with market moving events, though not all markets were equally moved as investors got more comfortable on the edge of their seats. Tariffs remained a hot topic, as was the spectacularly public implosion of the world’s most unlikely bromance. But it was Israel’s air assault on Iran later in the month that really rattled cages.
US equities were relatively range-bound at first as investors kept their cool despite the near constant economic and geopolitical noise. Trade talks with China overturned recent tit-for-tat restrictions but yielded little else. Meanwhile, manufacturing came under strain, with US factory activity contracting for a third straight month in May, while lengthy supplier delays suggested some goods were becoming harder to get. More reassuringly, the job market held up and inflation remained well under control.
Stocks stumbled, oil prices surged and gold broke records in the wake of Israel’s attack on Iran and the latter’s swift retaliation. The US then joined the fray with a series of strikes that helped bring tensions back to a low simmer. Assets immediately course-corrected. Oil and the US dollar slumped, while equities gathered steam, with US markets ending the half year at all-time highs. Except for Tesla. Its share price cratered amid mudslinging between CEO Elon Musk and erstwhile bestie President Trump over his big, beautiful, expensive Bill.
On home turf, local equities kept their heads above water in June, albeit with less buoyancy than some global peers. The NZX’s defensive tilt means risk-based sell offs don’t hit quite so hard, but nor do the enthusiastic rebounds. The performance disparity was particularly pronounced over the half year, with the NZX ending the period down almost 4%. While the domestic economy was stronger than expected in the first quarter, Kiwis remained reluctant consumers, with retail spending down again in May.
Australian markets were also relatively subdued amid an uncertain backdrop, although energy sector resilience proved broadly supportive. As did the latest inflation print, which eased to its lowest in several years, making a July rate cut close to certain.
Against this backdrop, the S&P 500 finished June up 5.0%, while the tech-focused Nasdaq rose 6.6%. The NZX 50 gained 1.5% over the month, while the ASX 200 finished 1.4% ahead. Meanwhile, the UK’s FTSE 100 was less upbeat, ending June down -0.1%. The World Bank slashed its global growth forecast for 2025 to 2.3% amid higher tariffs and heightened geopolitical risk, while NATO members agreed to amp up their defence budgets to 5% of GDP over the next decade.
Past Investment Performance 2025
2025-05-31 Lifetime Master Trust investment returns
2025-04-30 Lifetime Master Trust investment returns
2025-03-31 Lifetime Master Trust investment returns
2025-02-28 Lifetime Master Trust investment-returns
2025-01-31 Lifetime Master Trust investment-returns
Past Investment Performance 2024
2024-12-31 Lifetime Master Trust investment-returns
2024-11-30 Lifetime Master Trust investment-returns
2024-10-31 Lifetime Master Trust investment-returns
2024-09-30 Lifetime Master Trust investment-returns
2024-08-31 Lifetime Master Trust investment-returns
2024-07-31 Lifetime Master Trust investment-returns
2024-06-30 Lifetime Master Trust investment-returns
2024-05-31 Lifetime Master Trust investment-returns
2024-04-30 Lifetime Master Trust investment-returns
2024-03-31 Lifetime Master Trust investment-returns
2024-02-29 Lifetime Master Trust investment-returns
2024-01-31 Lifetime Master Trust investment-returns
Past Investment Performance 2023
2023-12-31 Lifetime Master Trust investment-returns
2023-11-30 Lifetime Master Trust investment-returns
2023-10-31 Lifetime Master Trust investment-returns
2023-09-30 Lifetime Master Trust investment-returns
2023-08-31 Lifetime Master Trust investment-returns
2023-07-31 Lifetime Master Trust investment-returns
2023-06-30 Lifetime Master Trust investment-returns
2023-05-31 Lifetime Master Trust investment-returns
2023-04-31 Lifetime Master Trust investment-returns
2023-03-31 Lifetime Master Trust investment-returns
Past Investment Performance 2022
2022-12-31 Lifetime Master Trust investment-returns
2022-09-30 Lifetime Master Trust investment-returns
2022-06-30 Aon Master Trust investment-returns
2022-03-31 Aon Master Trust investment-returns
Past Investment Performance 2021
2021-12-31 Aon Master Trust investment returns
2021-09-30 Aon Master Trust investment returns
2021-06-30 Aon Master Trust investment returns
2021-03-31 Aon Master Trust investment returns
Past Investment Performance 2020
2020-12-31 Aon Master Trust investment returns
2020-09-30 Aon Master Trust investment returns
2020-06-30 Aon Master Trust investment returns
2020-03-31 Aon Master Trust investment returns
Past Investment Performance 2019 and prior
2019-12-31 Aon Master Trust investment returns
2019-09-30 Aon Master Trust investment returns
2019-06-30 Aon Master Trust investment returns
2019-03-31 Aon Master Trust investment returns
2018-12-31 Aon Master Trust investment returns
Fund Updates
We prepare Fund Updates to assist members in keeping up to date with their Lifetime Master Trust investment. These fund updates provide key information including how the funds have performed, and will help members to compare them with other funds.
Fund Updates 2025
2025-03 Lifetime Conservative Fund
2025-03 Lifetime Balanced Fund
2025-03 Lifetime Active Growth Fund
2025-03 Lifetime Australasian Shares Fund
2025-03 Lifetime Overseas Bond Fund
2025-03 Lifetime Overseas Shares Fund
2025-03 Lifetime Property Fund
2025-03 Lifetime Target Date 2025 Fund
2025-03 Lifetime Target Date 2035 Fund
2025-03 Lifetime Target Date 2045 Fund
Fund Updates 2024
2024-03 Lifetime Conservative Fund
2024-03 Lifetime Balanced Fund
2024-03 Lifetime Active Growth Fund
2024-03 Lifetime Australasian Shares Fund
2024-03 Lifetime Overseas Bond Fund
2024-03 Lifetime Overseas Shares Fund
2024-03 Lifetime Property Fund
2024-03 Lifetime Target Date 2025 Fund
2024-03 Lifetime Target Date 2035 Fund
2024-03 Lifetime Target Date 2045 Fund
Fund Updates 2023
2023-03 Lifetime Conservative Fund
2023-03 Lifetime Balanced Fund
2023-03 Lifetime Active Growth Fund
2023-03 Lifetime Australasian Shares Fund
2023-03 Lifetime Overseas Bond Fund
2023-03 Lifetime Overseas Shares Fund
2023-03 Lifetime Property Fund
2023-03 Lifetime Target Date 2025 Fund
2023-03 Lifetime Target Date 2035 Fund
2023-03 Lifetime Target Date 2045 Fund
Fund Updates 2022
2022-03 ANZ Australasian Property Fund
2022-03 ANZ Australasian Shares Fund
2022-03 ANZ Capital Stable Fund
2022-03 ANZ International Bond Fund
2022-03 ANZ International Shares Fund
2022-03 Milford Active Growth Wholesale Fund
2022-03 Nikko Conservative Fund
2022-03 Russell LifePoints® Balanced Fund
2022-03 Russell LifePoints® Conservative Fund
2022-03 Russell LifePoints® Growth Fund
2022-03 Russell LifePoints® Moderate Fund
2022-03 Russell LifePoints® Target Date 2015 Fund
2022-03 Russell LifePoints® Target Date 2025 Fund
2022-03 Russell LifePoints® Target Date 2035
2022-03 Russell LifePoints® Target Date 2045
Fund Updates 2021
2021-03 ANZ Australasian Property Fund
2021-30 ANZ Australasian Shares Fund
2021-03 ANZ Capital Stable Fund
2021-03 ANZ International Bond Fund
2021-03 ANZ International Shares Fund
2021-03 Milford Active Growth Wholesale Fund
2021-03 Nikko Conservative Fund
2021-03 Russell LifePoints® Balanced Fund
2021-03 Russell LifePoints® Conservative Fund
2021-03 Russell LifePoints® Growth Fund
2021-03 Russell LifePoints® Moderate Fund
2021-03 Russell LifePoints® Target Date 2015 Fund
2021-03 Russell LifePoints® Target Date 2025 Fund
2021-03 Russell LifePoints® Target Date 2035 Fund
2021-03 Russell LifePoints® Target Date 2045 Fund
Fund Updates 2020
2020-03 ANZ Australasian Property Fund
2020-30 ANZ Australasian Shares Fund
2020-03 ANZ Capital Stable Fund
2020-03 ANZ International Bond Fund
2020-03 ANZ International Property Fund
2020-03 ANZ International Shares Fund
2020-03 Milford Active Growth Wholesale Fund
2020-03 Nikko Conservative Fund
2020-03 Russell LifePoints® Balanced Fund
2020-03 Russell LifePoints® Conservative Fund
2020-03 Russell LifePoints® Growth Fund
2020-03 Russell LifePoints® Moderate Fund
2020-03 Russell LifePoints® Target Date 2015 Fund
2020-03 Russell LifePoints® Target Date 2025 Fund
2020-03 Russell LifePoints® Target Date 2035 Fund
2020-03 Russell LifePoints® Target Date 2045 Fund
Fund Updates 2019
2019-03 ANZ Australasian Property Fund
2019-30 ANZ Australasian Shares Fund
2019-03 ANZ Capital Stable Fund
2019-03 ANZ International Bond Fund
2019-03 ANZ International Property Fund
2019-03 ANZ International Shares Fund
2019-03 Milford Active Growth Wholesale Fund
2019-03 Nikko Conservative Fund
2019-03 Russell LifePoints® Balanced Fund
2019-03 Russell LifePoints® Conservative Fund
2019-03 Russell LifePoints® Growth Fund
2019-03 Russell LifePoints® Moderate Fund
2019-03 Russell LifePoints® Target Date 2015 Fund
2019-03 Russell LifePoints® Target Date 2025 Fund
2019-03 Russell LifePoints® Target Date 2035 Fund
2019-03 Russell LifePoints® Target Date 2045 Fund
Fund Updates 2018
2018-03 Milford Active Growth Wholesale Fund
2018-03 Nikko Conservative Fund
2018-03 Russell LifePoints® Balanced Fund
2018-03 Russell LifePoints® Conservative Fund
2018-03 Russell LifePoints® Growth Fund
2018-03 Russell LifePoints® Moderate Fund
2018-03 Russell LifePoints® Target Date 2025 Fund
2018-03 Russell LifePoints® Target Date 2035 Fund
2018-03 Russell LifePoints® Target Date 2045 Fund
Fund Updates 2017
2017-03 Milford Active Growth Wholesale Fund
2017-03 Nikko Conservative Fund
2017-03 Russell LifePoints® Balanced Fund
2017-03 Russell LifePoints® Conservative Fund
2017-03 Russell LifePoints® Growth Fund
2017-03 Russell LifePoints® Moderate Fund
2017-03 Russell LifePoints® Target Date 2025 Fund
2017-03 Russell LifePoints® Target Date 2035 Fund
2017-03 Russell LifePoints® Target Date 2045 Fund
Annual Reports
2024 Lifetime Master Trust annual report
2023 Lifetime Master Trust annual report
2022 Aon Master Trust annual report
2021 Aon Master Trust annual report
2020 Aon Master Trust annual report
2019 Aon Master Trust annual report
2018 Aon Master Trust annual report
2017 Aon Master Trust annual report
2016 Aon Master Trust annual report
2015 Aon Master Trust annual report