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.

 

As summer arrives in New Zealand, I went for my skin check.

It’s a little awkward stripping down while the dermatologist scans you.

So what better thing to talk about than his investing…

 

Source: Image by Michelle Pitzel from Pixabay

 

‘I’m in a low-cost S&P 500 ETF,’ he says. ‘I just track the market. It’s done very well this year.’

He’s right. After the April tariff spasm, the S&P has motored ahead, delivering over 16% since January:

Source: Google Finance

 

Have we done any better across our wholesale portfolios?

 

I’m happy to report since January our composite portfolio is up over 26%:

 


Source: Wealth Morning consolidated portfolios*

 

This includes our running income yield (from dividends) at just over 5%.

Several aspects of our active strategy have helped us power ahead:

  • Europe at Deep Value — Entered when valuations were compelling, unlocking strong upside.
  • Income Focus — Secured passive dividend yield of just over 5% for clients.
  • Opportunistic Deployment — Invested decisively when attractive opportunities emerged.
  • Cash Discipline — Preserved liquidity during high‑price periods to mitigate risk.
  • Hidden Gems — Acquired overlooked businesses, including Warehouse REIT, bought out at a 25% premium.

 

  

Boulevard Industrial Park, Speke, UK. A typical Warehouse REIT property.
Source: Warehouse REIT Portfolio

 

Managed Account performance*

 

For the month of November 2025, we were up 0.45% across the composite portfolio (total aggregate TWR return across all portfolios following the strategy).

Since the start of this year (January 1 to November 30), we are now up 26.71%.

Our average annualised return since inception is 13.62% p.a.

Please see our performance chart for more details.

 

Benchmarking

 

Our MSCI EAFE benchmark was up 0.70%.

This month, to further improve benchmarking accuracy, we are using the S&P 500 in proportion with our growing holdings in the US.

The S&P 500 benchmark was up 0.04%.

Our blended MSCI EAFE/S&P 500 benchmark was up 0.59%.

 

November’s opportunity

 

A dip during mid-November provided a welcome opportunity to deploy.

We are conscious of investing in markets that are high, but are also continuing to grow on strong earnings and interest-rate moderation. Inevitable dips and corrections provide a ‘sliding-door opportunity’ for investors.

Lower interest rates mean growing liquidity. Money is constantly being created.

Research from Positive Money demonstrates that about 37% of this goes into financial markets and 40% into property.

This month, Deutsche Bank projected the S&P 500 would climb to 8,000 by the end of next year. They cited strong earnings and AI gains.

That implies 20%+ growth in 2026.

Positive tailwinds remain. Potential volatility in January and February could provide another ‘sliding-door’.

We’re going to continue to seek strong returns while investing in quality and value. Mitigating risk. And delivering compounding income for our clients.

It’s a very sunny market. And that’s why we’re doing our checks on every company and deploying judiciously.

 

 

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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