Global Equity Fund
How this report was made: what the research step did, which words are whose, and the fund's own figures as they were supplied. None of it appears in the document.
Published
This report has been published, so its text can no longer change: what investors were told stays on the record. A correction is a new report, generated and reviewed on its own.
See it in the review queue.
- Type
- Fund report
- Generated
- 30 Sep 2026, 20:00
- Period
- Month ended 31 August 2026
- Template
- Standard fund report
- Written for
- Savvy wholesale investors
- Drafted under
- No prompt guide
- Asked for as
- Word
- Sources
- 24
- Provenance
- Clean
Research run
- Calls
- 6
- Searches
- 22
- Time spent
- 111.1s
- Cost
- US$7.6704
| What was researched | Outcome | Started | Took | Searches | Sources | Cost |
|---|---|---|---|---|---|---|
|
Microsoft
Market reaction · claude-sonnet-5
|
Drafted | 30 Sep 2026, 19:58 | 17.6s | 4 | 4 | US$1.4633 |
|
ASML Holding
Market reaction · claude-sonnet-5
|
Drafted | 30 Sep 2026, 19:59 | 13.5s | 4 | 2 | US$1.5184 |
|
Novo Nordisk
Market reaction · claude-sonnet-5
|
Drafted | 30 Sep 2026, 19:59 | 12.5s | 3 | 3 | US$0.8309 |
|
Market commentary
Fund commentary · claude-sonnet-5
|
Drafted | 30 Sep 2026, 19:59 | 24.2s | 3 | 3 | US$1.3515 |
|
Attribution commentary
Fund commentary · claude-sonnet-5
|
Drafted | 30 Sep 2026, 20:00 | 19.7s | 4 | 4 | US$1.1383 |
|
Outlook
Fund commentary · claude-sonnet-5
|
Drafted | 30 Sep 2026, 20:00 | 23.5s | 4 | 6 | US$1.3680 |
|
Cited:
FOMC Minutes, July 28–29, 2026 ·
US Stock Futures Drop as Megacap Tech Selloff Spreads to Asian Chipmakers - Bloomberg ·
Financial Stability Review, May 2026 - European Central Bank ·
Wall Street Banks Push Back Fed Rate Cut Forecasts After Strong Jobs Data - Bloomberg ·
Indices 2026 outlook: Equity | Insights | Bloomberg Professional Services ·
2026 Industrial Outlook: Sector Trends & Key Risks: BI Replay Webinars | Bloomberg Professional Services
|
||||||
Where each passage came from
The Sources list below answers "what does this source hold up". This is the same question from the other end: for a sentence you doubt, what is under it.
Fund figures, as supplied
The fund's own numbers, as the data source gave them to this run. Nothing here was written by a model. A country or holding table in the document is a reduction of what is below — the rows it does not name are still figures the report was built on, so they are kept here rather than dropped.
Returns 4 rows
Every row the data carries is named in the document.
| Period | Fund % | Benchmark % | Excess % |
|---|---|---|---|
| 1 Month | +1.14 | +2.58 | -1.44 |
| 3 Months | +4.60 | +4.90 | -0.30 |
| 1 Year | +14.20 | +12.70 | +1.50 |
| Since Inception | +9.80 | +8.90 | +0.90 |
Attribution by sector 12 rows
Every row the data carries is named in the document.
| Name | Allocation % | Selection % | Total effect % |
|---|---|---|---|
| Utilities | +0.15 | +0.00 | +0.15 |
| Financials | -0.14 | +0.24 | +0.09 |
| Real Estate | +0.08 | +0.00 | +0.08 |
| Health Care | +0.06 | +0.02 | +0.07 |
| Materials | -0.00 | +0.05 | +0.05 |
| Cash | -0.01 | +0.00 | -0.01 |
| Consumer Staples | +0.05 | -0.08 | -0.04 |
| Communication Services | +0.08 | -0.12 | -0.04 |
| Energy | +0.02 | -0.11 | -0.09 |
| Consumer Discretionary | +0.05 | -0.33 | -0.28 |
| Industrials | -0.15 | -0.44 | -0.58 |
| Information Technology | -0.18 | -0.65 | -0.83 |
Positioning by sector 12 rows
Every row the data carries is named in the document.
| Name | Fund weight % | Benchmark weight % | Active weight % |
|---|---|---|---|
| Utilities | +0.00 | +2.45 | -2.45 |
| Financials | +24.84 | +16.56 | +8.28 |
| Real Estate | +0.00 | +1.66 | -1.66 |
| Health Care | +10.52 | +9.23 | +1.29 |
| Materials | +3.17 | +3.38 | -0.21 |
| Cash | +0.72 | +0.00 | +0.72 |
| Consumer Staples | +3.68 | +4.95 | -1.27 |
| Communication Services | +4.48 | +7.97 | -3.49 |
| Energy | +5.16 | +3.97 | +1.19 |
| Consumer Discretionary | +7.07 | +8.87 | -1.80 |
| Industrials | +15.96 | +11.43 | +4.53 |
| Information Technology | +24.40 | +29.53 | -5.13 |
Attribution by country 25 rows, 17 not named in the document
The document names the eight countries with the largest effect on return and folds the rest into a single “All other countries” row, whose figures are the true sum of what it covers.
| Name | Allocation % | Selection % | Total effect % | |
|---|---|---|---|---|
| Australia | +0.02 | +0.25 | +0.26 | |
| Germany | +0.02 | +0.11 | +0.13 | |
| Switzerland | +0.06 | +0.00 | +0.06 | |
| Italy | -0.01 | +0.07 | +0.06 | not in the document |
| Netherlands | +0.14 | -0.11 | +0.02 | not in the document |
| Hong Kong | +0.01 | +0.00 | +0.01 | not in the document |
| Spain | +0.00 | +0.00 | +0.00 | not in the document |
| Sweden | +0.00 | +0.00 | +0.00 | not in the document |
| Israel | +0.00 | +0.00 | +0.00 | not in the document |
| Belgium | -0.00 | +0.00 | -0.00 | not in the document |
| New Zealand | -0.00 | +0.00 | -0.00 | not in the document |
| Argentina | -0.00 | +0.00 | -0.00 | not in the document |
| Denmark | -0.00 | +0.00 | -0.00 | not in the document |
| Portugal | -0.00 | +0.00 | -0.00 | not in the document |
| Austria | -0.00 | +0.00 | -0.00 | not in the document |
| Norway | -0.00 | +0.00 | -0.00 | not in the document |
| Finland | -0.01 | +0.00 | -0.01 | not in the document |
| Ireland | -0.01 | +0.00 | -0.01 | not in the document |
| Cash | -0.01 | +0.00 | -0.01 | not in the document |
| Singapore | -0.01 | +0.00 | -0.01 | not in the document |
| United Kingdom | +0.03 | -0.10 | -0.07 | |
| Canada | +0.02 | -0.11 | -0.09 | |
| France | -0.29 | +0.19 | -0.09 | |
| Japan | +0.02 | -0.58 | -0.56 | |
| United States | -0.02 | -1.12 | -1.14 |
Positioning by country 25 rows, 17 not named in the document
The document names the eight countries with the largest effect on return and folds the rest into a single “All other countries” row, whose figures are the true sum of what it covers.
| Name | Fund weight % | Benchmark weight % | Active weight % | |
|---|---|---|---|---|
| Australia | +3.17 | +1.65 | +1.52 | |
| Germany | +3.81 | +2.18 | +1.63 | |
| Switzerland | +0.00 | +2.30 | -2.30 | |
| Italy | +2.29 | +0.82 | +1.47 | not in the document |
| Netherlands | +4.18 | +1.46 | +2.72 | not in the document |
| Hong Kong | +0.00 | +0.44 | -0.44 | not in the document |
| Spain | +0.00 | +0.98 | -0.98 | not in the document |
| Sweden | +0.00 | +0.86 | -0.86 | not in the document |
| Israel | +0.00 | +0.28 | -0.28 | not in the document |
| Belgium | +0.00 | +0.27 | -0.27 | not in the document |
| New Zealand | +0.00 | +0.04 | -0.04 | not in the document |
| Argentina | +0.00 | +0.09 | -0.09 | not in the document |
| Denmark | +0.00 | +0.40 | -0.40 | not in the document |
| Portugal | +0.00 | +0.05 | -0.05 | not in the document |
| Austria | +0.00 | +0.09 | -0.09 | not in the document |
| Norway | +0.00 | +0.15 | -0.15 | not in the document |
| Finland | +0.00 | +0.28 | -0.28 | not in the document |
| Ireland | +0.00 | +0.10 | -0.10 | not in the document |
| Cash | +0.72 | +0.00 | +0.72 | not in the document |
| Singapore | +0.00 | +0.45 | -0.45 | not in the document |
| United Kingdom | +2.13 | +3.52 | -1.39 | |
| Canada | +3.16 | +3.45 | -0.29 | |
| France | +10.23 | +2.41 | +7.82 | |
| Japan | +8.67 | +5.71 | +2.96 | |
| United States | +61.63 | +71.98 | -10.35 |
Attribution by holding 45 rows, 31 not named in the document
The document names the holdings chosen on the generate form — by default the five largest contributors and five largest detractors. A holding named on neither list is not shown in the document at all.
| Name | Allocation % | Selection % | Total effect % | |
|---|---|---|---|---|
| BHP Group Ltd | +0.29 | -0.03 | +0.26 | |
| Merck & Co., Inc. | +0.26 | +0.00 | +0.26 | |
| SAP SE | +0.13 | +0.00 | +0.13 | |
| Oracle Corporation | +0.09 | -0.00 | +0.09 | |
| BlackRock, Inc. | +0.06 | +0.00 | +0.06 | |
| Amazon.com, Inc. | +0.06 | -0.00 | +0.06 | not in the document |
| Intesa Sanpaolo S.p.A. | +0.05 | +0.00 | +0.05 | not in the document |
| Legrand SA | +0.05 | +0.00 | +0.05 | not in the document |
| Alphabet Inc. Class A | +0.07 | -0.02 | +0.05 | not in the document |
| Canadian Pacific Kansas City Limited | +0.05 | +0.00 | +0.05 | not in the document |
| Exxonmobil Holdings Corporation | +0.04 | +0.01 | +0.04 | not in the document |
| Johnson & Johnson | +0.03 | +0.00 | +0.03 | not in the document |
| Visa Inc. Class A | +0.02 | +0.00 | +0.02 | not in the document |
| Mitsubishi UFJ Financial Group, Inc. | +0.01 | +0.00 | +0.01 | not in the document |
| ASML Holding NV | +0.01 | +0.00 | +0.01 | not in the document |
| Cisco Systems, Inc. | +0.01 | -0.00 | +0.01 | not in the document |
| ING Groep N.V. | +0.00 | +0.00 | +0.01 | not in the document |
| Schneider Electric SE | +0.01 | +0.00 | +0.01 | not in the document |
| Mitsubishi Heavy Industries, Ltd. | +0.00 | +0.00 | +0.00 | |
| Meta Platforms Inc Class A | +0.00 | -0.00 | +0.00 | |
| Apple Inc. | -0.00 | +0.00 | -0.00 | not in the document |
| Eli Lilly and Company | -0.00 | +0.00 | -0.00 | not in the document |
| AbbVie, Inc. | -0.00 | +0.00 | -0.00 | not in the document |
| Siemens AG | -0.01 | +0.00 | -0.01 | not in the document |
| Netflix, Inc. | -0.02 | +0.00 | -0.02 | not in the document |
| NVIDIA Corporation | -0.02 | -0.00 | -0.02 | not in the document |
| JPMorgan Chase & Co. | -0.02 | +0.00 | -0.02 | not in the document |
| L'Oreal S.A. | -0.02 | +0.00 | -0.02 | |
| Broadcom Inc. | -0.03 | -0.00 | -0.03 | not in the document |
| Home Depot, Inc. | -0.04 | +0.00 | -0.04 | not in the document |
| Microsoft Corporation | -0.04 | +0.00 | -0.04 | |
| Morgan Stanley | -0.04 | +0.00 | -0.04 | not in the document |
| Danone SA | -0.05 | +0.00 | -0.05 | not in the document |
| Bank of America Corp | -0.05 | -0.00 | -0.05 | not in the document |
| Goldman Sachs Group, Inc. | -0.06 | -0.00 | -0.06 | not in the document |
| TotalEnergies SE | -0.06 | +0.00 | -0.06 | not in the document |
| Royal Bank of Canada | -0.09 | +0.00 | -0.09 | not in the document |
| LVMH Moet Hennessy Louis Vuitton SE | -0.09 | +0.00 | -0.09 | not in the document |
| Walmart Inc. | -0.11 | +0.00 | -0.11 | not in the document |
| AstraZeneca PLC | -0.12 | -0.00 | -0.12 | not in the document |
| FAST RETAILING CO., LTD. | -0.19 | +0.00 | -0.19 | |
| Howmet Aerospace Inc. | -0.26 | -0.00 | -0.26 | |
| Fanuc Corporation | -0.33 | +0.00 | -0.33 | |
| Cummins Inc. | -0.41 | +0.00 | -0.41 | |
| Applied Materials, Inc. | -0.43 | +0.00 | -0.43 |
Positioning by holding 45 rows, 31 not named in the document
The document names the holdings chosen on the generate form — by default the five largest contributors and five largest detractors. A holding named on neither list is not shown in the document at all.
| Name | Fund weight % | Benchmark weight % | Active weight % | |
|---|---|---|---|---|
| BHP Group Ltd | +3.17 | +0.25 | +2.92 | |
| Merck & Co., Inc. | +2.83 | +0.37 | +2.46 | |
| SAP SE | +0.98 | +0.24 | +0.74 | |
| Oracle Corporation | +1.09 | +0.27 | +0.82 | |
| BlackRock, Inc. | +2.17 | +0.18 | +1.99 | |
| Amazon.com, Inc. | +2.12 | +2.81 | -0.69 | not in the document |
| Intesa Sanpaolo S.p.A. | +2.29 | +0.12 | +2.17 | not in the document |
| Legrand SA | +1.98 | +0.04 | +1.94 | not in the document |
| Alphabet Inc. Class A | +3.16 | +3.97 | -0.81 | not in the document |
| Canadian Pacific Kansas City Limited | +1.07 | +0.09 | +0.98 | not in the document |
| Exxonmobil Holdings Corporation | +2.99 | +0.72 | +2.27 | not in the document |
| Johnson & Johnson | +2.39 | +0.69 | +1.70 | not in the document |
| Visa Inc. Class A | +1.64 | +0.68 | +0.96 | not in the document |
| Mitsubishi UFJ Financial Group, Inc. | +3.18 | +0.26 | +2.92 | not in the document |
| ASML Holding NV | +2.90 | +0.74 | +2.16 | not in the document |
| Cisco Systems, Inc. | +0.99 | +0.50 | +0.49 | not in the document |
| ING Groep N.V. | +1.28 | +0.11 | +1.17 | not in the document |
| Schneider Electric SE | +2.68 | +0.21 | +2.47 | not in the document |
| Mitsubishi Heavy Industries, Ltd. | +1.92 | +0.09 | +1.83 | |
| Meta Platforms Inc Class A | +0.95 | +1.37 | -0.42 | |
| Apple Inc. | +4.17 | +4.95 | -0.78 | not in the document |
| Eli Lilly and Company | +0.82 | +1.05 | -0.23 | not in the document |
| AbbVie, Inc. | +2.35 | +0.49 | +1.86 | not in the document |
| Siemens AG | +2.83 | +0.26 | +2.57 | not in the document |
| Netflix, Inc. | +0.38 | +0.35 | +0.03 | not in the document |
| NVIDIA Corporation | +4.76 | +5.46 | -0.70 | not in the document |
| JPMorgan Chase & Co. | +2.48 | +1.04 | +1.44 | not in the document |
| L'Oreal S.A. | +1.06 | +0.12 | +0.94 | |
| Broadcom Inc. | +2.39 | +1.91 | +0.48 | not in the document |
| Home Depot, Inc. | +1.42 | +0.37 | +1.05 | not in the document |
| Microsoft Corporation | +3.16 | +3.78 | -0.62 | |
| Morgan Stanley | +3.86 | +0.28 | +3.58 | not in the document |
| Danone SA | +0.75 | +0.05 | +0.70 | not in the document |
| Bank of America Corp | +2.47 | +0.47 | +2.00 | not in the document |
| Goldman Sachs Group, Inc. | +3.36 | +0.33 | +3.03 | not in the document |
| TotalEnergies SE | +2.17 | +0.19 | +1.98 | not in the document |
| Royal Bank of Canada | +2.10 | +0.32 | +1.78 | not in the document |
| LVMH Moet Hennessy Louis Vuitton SE | +1.60 | +0.15 | +1.45 | not in the document |
| Walmart Inc. | +1.87 | +0.53 | +1.34 | not in the document |
| AstraZeneca PLC | +2.13 | +0.27 | +1.86 | not in the document |
| FAST RETAILING CO., LTD. | +1.94 | +0.10 | +1.84 | |
| Howmet Aerospace Inc. | +0.84 | +0.12 | +0.72 | |
| Fanuc Corporation | +1.64 | +0.04 | +1.60 | |
| Cummins Inc. | +3.01 | +0.09 | +2.92 | |
| Applied Materials, Inc. | +3.95 | +0.44 | +3.51 |
What the report tells its reader
The figures in this report are fixed placeholder data and do not vary by period. Changing the reporting dates changes what the report says it covers, not the numbers in it.
Written for: Savvy wholesale investors.
Market reactions were drafted by an AI model, which searched NZX, ASX, Disclose Register, NZ Companies Office, Financial Markets Authority, Reserve Bank of New Zealand, Stats NZ, NZ Treasury, Bloomberg, BusinessDesk, National Business Review, interest.co.nz, US SEC EDGAR, US Federal Reserve, European Central Bank for Microsoft, ASML Holding, Novo Nordisk. Every resulting statement is labelled and footnoted to the source it came from.
Market commentary, attribution commentary and outlook were drafted by an AI model from the fund's own figures and current market reporting. Every resulting statement is labelled and footnoted to the source it came from.
Sources
Monthly valuation pack, August 2026
Performance attribution run, August 2026
Investment Committee minutes, 1 September 2026