Global Equities Fund

Overview

Invests in international shares. Aims to achieve long-term returns (before fees, taxes and other expenses) greater than the MSCI ACWI Net Total Return Index, 50% hedged to the New Zealand dollar. These investments typically have high levels of movement up and down in value.

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Unit Price

Month End Unit Price

As at 31 Dec 2025

2.1774 NZD

The unit prices shown do not take into account any adjustment for any accrued PIE tax that individual investors may need to pay on withdrawal. Buy/sell spreads may apply when transacting - there are currently none.

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Manager's Comment

How did your portfolio perform?

The Global Equities Fund delivered a gross return of 0.69% during December, broadly in-line with the fund’s benchmark return of 0.77%.  

For the 12 months to the end of December, the Global Equities Fund delivered a gross return of 16.16%, underperforming its benchmark return of 19.13% by -2.96%. 

In the second half of 2025 the Global Equity Fund transitioned from our GARP global manager to a Global Factor Portfolio. To find out more about this change, please click here to access our webinar.

Major Investments

As at 31 Dec 2025
Company name % of fund
Microsoft Corp. 4.34%
Alphabet Inc. 3.69%
Apple Inc. 2.57%
Amazon.com Inc. 2.50%
NVIDIA Corp. 1.93%
Salesforce Inc. 1.69%
Mastercard Inc. 1.68%
Nestle SA 1.68%
Verizon Communications Inc. 1.51%
Uber Technologies Inc. 1.49%
Major holdings as % of total portfolio 23.08%

% Split of FUM by Investment Manager

Investment Manager  
Te Ahumairangi 45.00%
WMR Model Portfolio                             25.00%
Octagon Global Factors Portfolio    20.00%
Transition Manager                                 10.00%

Performance over time

Return Comparison

As at 31 Dec 2025
1 Month 3 Months 1 Year *3 Years *Since commenced operation
Net Fund Return 1 Month 0.57% 3 Months 4.09% 1 Year 14.58% *3 Years 18.85% *Since commenced operation 4.69%
Gross Fund Return 1 Month 0.69% 3 Months 4.45% 1 Year 16.16% *3 Years 20.50% *Since commenced operation 5.88%
MSCI ACWI Net TR Index (50% hedged to the NZD) 1 Month 0.77% 3 Months 3.82% 1 Year 19.13% *3 Years 22.76% *Since commenced operation 10.54%

*Annualised
Net Fund Returns are calculated before deduction of taxes but after deduction of fund charges and trading expenses and including foreign tax credits where available. Prior to October 2022 Net Fund Returns were calculated after deduction of fund charges, trading expenses and accrued tax for a New Zealand resident paying individual tax at the highest Prescribed Investor Rate (28%). Gross Fund Returns are calculated before deduction of taxes and fund charges but after deduction of trading expenses and including foreign tax credits where applicable. Market index returns do not have any deductions for fund charges, trading expenses or tax.

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Fund update

As at 31 December 2025

This document tells you how the Global Equities Fund has performed and what fees were charged. The document will help you to compare the fund with other funds. (Please note that this fund was previously known as the Forsyth Barr Global Equities Fund, and that Fund Updates may refer to the fund by that name.)
Fund update pdf (163 KB)
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General Fund Information

Risk indicator

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The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the relevant fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. The risk indicator is based on the returns data for the five years to 31 March 2025. See more information about the risks of investing in the Product Disclosure Statement. 

 

Target investment mix

Cash and cash equivalents 10.00%
New Zealand fixed interest 0.00%
International fixed interest 0.00%
Australasian equities 0.00%
International equities 90.00%
Listed property 0.00%

Things to note

  • Manager: Forsyth Barr Investment Management Limited
  • Investment manager: Octagon Asset Management Limited
  • Date the fund started: 26 June 2008
  • Tax status: Portfolio Investment Fund (PIE)
  • Minimum suggested investment time frame: At least five years
  • Benchmark: MSCI ACWI Net Total Return Index, 50% hedged to the NZD
  • Currency: New Zealand dollars

View the Product Disclosure Statement for detailed information about this Fund and Octagon Investment Funds Scheme.

Fees

  • Annual fund charges are currently 1.35% p.a. of the value of your investment. We pay management and administration charges along with the Supervisor fee out of this. All fees and charges are quoted exclusive of GST.

Important resources

Forsyth Barr Investment Management Limited is the issuer and Octagon Asset Management Limited the investment manager of the Octagon Investment Funds. The comments on this webpage do not take your personal circumstances into account. Before acting on any information on this webpage, we recommend you seek financial advice. Past performance is not a reliable guide to future performance. Forsyth Barr Investment Management Limited, Octagon Asset Management Limited and their affiliates do not make any representation or warranty (express or implied) that this webpage is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this webpage. This webpage is not intended to be distributed or made available to any person in any jurisdiction where doing so would constitute a breach of any applicable laws or regulations.
 

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