Performance chart
* S&P Global LargeMidCap Index (50% hedged into NZD)
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
May 2026
The International Growth fund was down -0.8% in May, behind the benchmark index up +4.3%. The strong performance of AI-related stocks was the largest contributor to the benchmark return, with the SOXX index of semiconductor stocks up +23% for the month and now up +90% year-to-date.
In the portfolio, Dexcom (+22%) rallied after a well-received investor day set out a clear strategy to capture the larger underpenetrated global market for its continuous glucose monitors, boosting investor optimism. Icon (+13%) jumped as a delayed earnings release and an independent audit eased prior accounting concerns, while strong new bookings highlighted improving customer demand and higher win-rates for Icon.
In contrast, Zoetis (-33%) fell on a disappointing quarter, with weak pet-care spending reducing veterinary visits and intensifying competition in key product areas and lack of new product pipeline weighing on sales. Boston Scientific (-18%) also declined sharply after the company flagged slower growth in its Watchman heart device due to physician and operating room capacity constraints, which dampened near-term revenue expectations.
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.
