Monthly, we update our wholesale investors on what’s happening in the market. Running what’s probably the only late-night trading desk from New Zealand, we’re well-positioned to feel the pulse of the market’s direction.

While the NZX has gone backwards since the start of the year, our global equities strategy is already up 6.15%.

It’s a big world out there with lots of opportunity. The pace of US leadership is waking up Europe and casting a hard light on New Zealand’s economic progress.

 

Source: Rihards Kols / X

 

Strong performance in Europe (ahead of the S&P 500) reinforces our belief in focusing on value where there is potential.

Diversification remains the one free, tasty lunch in finance.

 

Benchmarking

 

Last month, we reported outperformance of our MSCI EAFE benchmark.

From 2018 to 2024, we outperformed by about 45%.

We also mentioned that we’d be adjusting our benchmark to a proportional hybrid once our US exposure reached a material level.

This occurred in February.

From our next update (1 April 2025), we will be benchmarking against MSCI EAFE / MSCI World on a proportional basis.

 

Managed Account performance*

 

For the month of February 2025, we were up 2.85% across the composite portfolio (total aggregate TWR return across all portfolios following the strategy).

Our MSCI EAFE benchmark was up 4.18%.

Since the start of this year, we are now up 6.15%.

Our average annualised return since inception is 14.59% p.a.

Please see our performance chart for more details.

 

A risk-managed strategy

 

We’re positioning for growth and income, with a focus on value. Particularly in real estate and financials as interest-rate moderation drives capital gain.

There’s some volatility as Trump applies game theory in global trade tariffs.

Being unpredictable puts you in a strong negotiating position.

Patches of irrational fear allow us to capture value.

 

Regards,

Simon Angelo

Editor, Wealth Morning 

*Past performance is not an indicator for future performance. Your actual portfolio will differ from the composite portfolio mentioned. The information contained in this document does not constitute an offer to sell or a solicitation to buy an investment, nor should it be construed as investment advice. Wealth Morning Managed Accounts are available to Eligible Investors and Wholesale Investors (not to Retail Investors) as defined in the Financial Markets Conduct Act (2013).

 

 

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