Super Amazing Fund Management | Month ended 30 September 2026
Benchmark: MSCI World Index (NZD, unhedged)
| 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 |
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.
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.
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.
Continued uncertainty around trade policy kept volatility elevated in cyclical sectors, particularly industrials and energy, though broad market impact was contained over the period.
Global equities advanced over the month, led by continued strength in large-cap technology names on the back of resilient earnings and ongoing enthusiasm around AI-related capital expenditure. Energy was the notable laggard as oil prices softened on demand concerns.
The fund returned 1.14% against the benchmark's 2.58% over the month, an underperformance of roughly 1.4 percentage points. The largest detractor was Information Technology: the fund entered the month underweight the sector, and as it rallied strongly that underweight cost allocation, while several of the fund's own technology names, including Applied Materials and Microsoft, also lagged the wider move. Industrials was the next largest drag, driven by weak stock selection in Cummins and Fanuc Corporation. Partially offsetting this, an overweight position in Financials added value through stock selection, and holding no exposure to Real Estate and Utilities, both weak sectors this month, contributed positively through allocation.
The portfolio remains meaningfully underweight Information Technology relative to the benchmark heading into the next quarter, a position under review given the sector's continued momentum. The overweight to Financials and Industrials reflects conviction in specific holdings within those sectors rather than a broad sector-level call.
| Fund (%) | Benchmark (%) | Active (%) | Alloc. (%) | Select. (%) | Total (%) | |
|---|---|---|---|---|---|---|
| Utilities | 0.0 | 2.5 | -2.5 | +0.15 | +0.00 | +0.15 |
| Financials | 24.8 | 16.6 | +8.3 | -0.14 | +0.24 | +0.09 |
| Real Estate | 0.0 | 1.7 | -1.7 | +0.08 | +0.00 | +0.08 |
| Health Care | 10.5 | 9.2 | +1.3 | +0.06 | +0.02 | +0.07 |
| Materials | 3.2 | 3.4 | -0.2 | -0.00 | +0.05 | +0.05 |
| Cash | 0.7 | 0.0 | +0.7 | -0.01 | +0.00 | -0.01 |
| Consumer Staples | 3.7 | 5.0 | -1.3 | +0.05 | -0.08 | -0.04 |
| Communication Services | 4.5 | 8.0 | -3.5 | +0.08 | -0.12 | -0.04 |
| Energy | 5.2 | 4.0 | +1.2 | +0.02 | -0.11 | -0.09 |
| Consumer Discretionary | 7.1 | 8.9 | -1.8 | +0.05 | -0.33 | -0.28 |
| Industrials | 16.0 | 11.4 | +4.5 | -0.15 | -0.44 | -0.58 |
| Information Technology | 24.4 | 29.5 | -5.1 | -0.18 | -0.65 | -0.83 |
| Fund (%) | Benchmark (%) | Active (%) | Alloc. (%) | Select. (%) | Total (%) | |
|---|---|---|---|---|---|---|
| United States | 61.6 | 72.0 | -10.3 | -0.02 | -1.12 | -1.14 |
| Japan | 8.7 | 5.7 | +3.0 | +0.02 | -0.58 | -0.56 |
| Australia | 3.2 | 1.6 | +1.5 | +0.02 | +0.25 | +0.26 |
| Germany | 3.8 | 2.2 | +1.6 | +0.02 | +0.11 | +0.13 |
| Canada | 3.2 | 3.5 | -0.3 | +0.02 | -0.11 | -0.09 |
| France | 10.2 | 2.4 | +7.8 | -0.29 | +0.19 | -0.09 |
| United Kingdom | 2.1 | 3.5 | -1.4 | +0.03 | -0.10 | -0.07 |
| Switzerland | 0.0 | 2.3 | -2.3 | +0.06 | +0.00 | +0.06 |
| All other countries | 7.2 | 6.8 | +0.4 | +0.10 | -0.04 | +0.06 |
| Fund (%) | Benchmark (%) | Active (%) | Alloc. (%) | Select. (%) | Total (%) | |
|---|---|---|---|---|---|---|
| BHP Group Ltd | 3.2 | 0.2 | +2.9 | +0.29 | -0.03 | +0.26 |
| Merck & Co., Inc. | 2.8 | 0.4 | +2.5 | +0.26 | +0.00 | +0.26 |
| SAP SE | 1.0 | 0.2 | +0.7 | +0.13 | +0.00 | +0.13 |
| Oracle Corporation | 1.1 | 0.3 | +0.8 | +0.09 | -0.00 | +0.09 |
| BlackRock, Inc. | 2.2 | 0.2 | +2.0 | +0.06 | +0.00 | +0.06 |
| FAST RETAILING CO., LTD. | 1.9 | 0.1 | +1.8 | -0.19 | +0.00 | -0.19 |
| Howmet Aerospace Inc. | 0.8 | 0.1 | +0.7 | -0.26 | -0.00 | -0.26 |
| Fanuc Corporation | 1.6 | 0.0 | +1.6 | -0.33 | +0.00 | -0.33 |
| Cummins Inc. | 3.0 | 0.1 | +2.9 | -0.41 | +0.00 | -0.41 |
| Applied Materials, Inc. | 4.0 | 0.4 | +3.5 | -0.43 | +0.00 | -0.43 |
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