Global Equity Fund

Super Amazing Fund Management  |  Month ended 31 August 2026

Benchmark: MSCI World Index (NZD, unhedged)

Fund returns

Attribution

Total attribution effect for the period: -1.43%

Positioning

Attribution by country

Positioning by country

Attribution by holding

Positioning by holding

Macro drivers

• Interest rates: US Fed funds rate held at 4.25%-4.50%

  The Federal Reserve held rates steady for a third consecutive meeting, with commentary continuing to lean on incoming inflation data before signalling any cutting cycle. This kept discount rate assumptions for growth-oriented sectors broadly stable over the month.

• FX: NZD/USD ended the month at 0.585, down 1.2%

  A softer New Zealand dollar over the month added a modest tailwind to unhedged offshore returns for New Zealand-based investors, contributing roughly 1.2 percentage points of the fund's total return in NZD terms.

• Bond yields: US 10-year Treasury yield eased 8bps to 4.21%

  A modest pullback in long-dated yields provided some relief for higher duration growth names, part of the same rally in the technology sector that the fund's underweight position there missed most of.

• Geopolitical events: Ongoing trade policy discussions between major economies

  Continued uncertainty around trade policy kept volatility elevated in cyclical sectors, particularly industrials and energy, though broad market impact was contained over the period.

Market reactions

How the market responded to disclosures by the companies and funds held.

Commentary

Market commentaryAI-drafted

Global equities extended their record run in August 2026, with the S&P 500 pushing to further all-time highs on the back of AI-linked corporate earnings, and a rally that stayed heavily concentrated in a handful of mega-cap technology names. Technology stocks rallied on a blockbuster outlook from Nvidia, lifting key equity indexes, while every other sector in the US stock market fell, with the S&P 500 ending the session 0.7% higher. That pattern, where the equal-weight version of the benchmark declined even as the headline index rose, reflecting the number of stocks falling despite tech's strength, was echoed in mid-month strength too: the tech rally lifted the S&P 500 even as most of its shares fell, with the nearly 9% surge in the giant chipmaker adding $442 billion to its market value. A commentary from the ECB flagged the broader risk in this dynamic, noting that the dominance of the Mag7 on widely held global indices such as MSCI World carries significant risks for euro area investors given how concentrated the gains had become. Against that backdrop, a fund with meaningful exposure outside the small group of AI-driven mega-caps would have captured a smaller share of the benchmark's headline gain over the month, consistent with the fund's 1.14% return trailing the benchmark's 2.58%, even as its longer 1-year and since-inception numbers (14.20% versus 12.70%, and 9.80% versus 8.90%) show it ahead of the index over periods less dominated by that single narrow rally.

Attribution commentaryAI-drafted

Global Equity Fund's largest single detractor over the month, Information Technology (-0.83%), coincided with a powerful tech-led rally in the broader market after Nvidia's results on 27 August 2026, when technology stocks rallied on a blockbuster outlook from Nvidia Corp. lifting key equity indexes, while every other sector in the US stock market fell. The scale of that move was significant: a blockbuster outlook from Nvidia Corp. spurred gains in technology stocks, bolstering confidence in the artificial-intelligence trade, with the nearly 9% surge in the giant chipmaker adding $442 billion to its market value after the company said revenue will grow about 70% in the next fiscal year, a move that left the fund's positioning in the sector well behind the benchmark's advance. Industrials (-0.58%) also detracted against a backdrop in which AI hardware continued to drive August's increase in import prices, commodity-price volatility from the Iran war raised the cost of industrial materials at the border, and companies faced higher input costs and rising expenses tied to the AI buildout, a cost environment that weighed on cyclical, import-exposed businesses. Energy (-0.09%) was a smaller but consistent drag as crude continued its slide through the month, with commentary in early August noting that 150-plus days since the Iran war started, West Texas Intermediate crude was hovering at about $75 a barrel, down 35% from its conflict peak, prompting majors to brace for softer prices. Against these larger detractors, the positive effects from Utilities, Financials, Real Estate, Health Care and Materials were comparatively modest in scale and were not tied to a single dominant sector-wide news theme evident in the month's coverage, leaving Information Technology, Industrials and Consumer Discretionary as the dominant drags on relative performance for the period.

OutlookAI-drafted

Analyst earnings forecasts compiled by Bloomberg Intelligence pointed to a broadening of growth beyond technology into 2026, with all other major sectors except communications set for faster growth than in 2025, discretionary flipping from a 5.4% contraction to 16.8% growth, staples, financials, health care and industrial earnings growth accelerating, energy's decline moderating and materials holding steady, while communications lagged because of US tech-adjacent giants Alphabet and Meta, a backdrop that lines up with the fund's overweights in financials, industrials and health care and its underweight in communication services. Within technology, Goldman Sachs strategists led by Peter Oppenheimer argued in April that the sector had become "increasingly attractive" as its valuation, relative to expected consensus growth, had fallen below that of the global aggregate market, even as UBS's Arend Kapteyn noted that tech was still driving roughly 60% of global equity returns from about 30% of index weight, a concentration risk consistent with the fund's underweight there. Energy markets stayed a live source of uncertainty, with Kapteyn warning that depleted energy inventories could see prices "begin to move exponentially" once panic buying set in, while European defence and infrastructure spending, reaffirmed at the July 2026 NATO summit's commitment to spending 5% of GDP annually by 2035, continued to underpin industrial order books, consistent with the fund's overweight positions in energy and industrials. On policy, the Federal Reserve held its target range at 3-1/2 to 3-3/4% at its July meeting, noting that economic activity was expanding at a solid pace despite elevated uncertainty tied to the Middle East conflict, while inflation remained elevated relative to the 2% goal in part reflecting supply shocks in sectors including energy, and Wall Street forecasters at Morgan Stanley, JPMorgan and Goldman Sachs subsequently said in September that any declines driven by expected Fed tightening were likely to be short-lived given healthy company profits. That combination of a resilient rate backdrop and lingering inflation risk was broadly consistent with the fund's modest cash buffer and underweights in rate-sensitive utilities and real estate.