Fund Manager News

Market volatility creates significant opportunities for active investors like Milford, who invest in specific companies rather than simply investing in the whole market. In the short-term, outside events can cause shares to move in step, as we saw when markets dropped sharply during February and March this year. Over time, business fundamentals such as earnings…

Whilst Environmental, Social and Governance (ESG) policies take time to impact investment returns, we present evidence that ESG policies added value in the volatile first half of 2020 Companies with better ESG credentials fell by less when the market dropped in the first quarter of 2020 and kept up with the market when it rallied…

key points: Interest rates - how low can they go? Are we seeing more money flowing into the share markets? It’s difficult to time the market. What approach are we taking at the moment? What are the alternatives to term deposits, and what are the pros and cons? Watch the video >

Market Commentary Markets remain turbulent but continue to trend higher, climbing a wall of worry. A string of stronger than expected economic data continues to support the bull market thesis, with the Nasdaq technology index at fresh highs, and closer to home the New Zealand market is just 4% off its high. The positive news-flow…

Fund and Market Commentary: June 2020 The India Avenue Equity Fund (wholesale) rose 4.65% (net) for the month of June 2020, outperforming its benchmark by 1.68%, following the 0.84% outperformance in May. Our approach is to focus on a broader set of Indian companies, not just the ones typically found in Global/Emerging Market funds or…

NZ’s S&P/NZX50 Gross Index posted a +16.9% return over the quarter to bring the year-to-date performance to nearly flat (-0.5%). The key performers were Pushpay (PPH +159%) due to two small guidance upgrades, Tourism Holdings (THL +82%) on cost-out and avoiding a capital raise thus far, and Air New Zealand (AIR +55%) as it recovered from…

In response to the global pandemic, we have altered our behaviour in innumerable ways. Enforced social distancing and isolation measures caused changes to our patterns of movement, our consumption habits, and our daily exercise and culinary routines. These adjustments have had a major detrimental impact on many businesses, while strongly benefiting others. As investors, we…

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Having had our personal and professional lives turned upside-down, we’re now familiar with the realities of an extended period of enforced ‘hibernation’. For commercial property investors like us, the experience of the last few months has provoked some challenging questions: Will remote working become the norm? Is this the end of the office building as…

The June quarter was the best quarter in more than 20 years for the US market, following a horrid March. WELCOME MAT IS OUT FOR EQUITY SPECULATORS The June quarter was the best quarter in more than 20 years for the US market, following a horrid March. Covid-19 has continued to spread in many parts…

Key Points Rio to leave, another Think Big Project bites the dust Rio Tinto has announced the closure of the New Zealand Aluminium Smelter (NZAS) from August 2021. Short term, the biggest impact on earnings will be felt by Contact Energy and Meridian Energy with stranded generation in the lower half of the South Island.…

Key points Equities continued to bounce back with the S&P/NZX 50 Index returning 5.3%, S&P/ASX 200 Index (in AUD) up 2.6% and the MSCI ACWI Index up 3.0%. US employment growth has continued to surprise to the upside, with the improving economic data providing a stark contrast to the worsening COVID case numbers. Global COVID-19…