International Equities
World equity markets had a very volatile month in April yet ultimately ended slightly higher (+0.9%) in USD terms, while falling (-5%) in NZD as the Kiwi gained materially during the month.
The story of the month was the continually evolving nature of President Trump’s tariffs plan, from the sell off following their initial announcement on April 2nd, to an initial rebound after the 90-day delay was announced on April 8, and then a strong finish to the month with 8 consecutive days of gains on the S&P 500.
Our best performers for the month were companies that gained after strong earnings reports. Vertiv, which makes cooling equipment for data centres, gained 18.3% in April, and Amphenol, which makes electrical connectors that are also used in data centres, rose +17.3% as the company recaptured its all-time-high price after a weaker start to the year. Amongst our diversified holdings, we also saw good gains from European eCommerce logistics business InPost (+9.6%), gold miner Newmont (+9.1%), Constellation Software (+9.0%), and pharmaceutical company Eli Lilly (+8.8%).
Our weakest performer was Pinterest (-21.4%), which sold off on recessionary fears. Similar internet advertising companies like Alphabet and Meta have reported good results for Q1 so far, and we await Pinterest’s results later this month.
New Zealand & Australian equities
April was another challenging month as global markets continued to navigate uncertainty surrounding US trade policies and growing recessionary fears. Australian equities appeared to weather global growth risks relatively well, with the S&P/ASX200 increasing by +3.6% over the month. Relative outperformance was attributed to Australia’s strong economic ties to Asia, with only 11% of ASX 200 revenue coming from the U.S. over the past year.
Domestically, it was another story with the S&P/NZX declining by -3%. This was partly off the back of weak economic news following the pre-budget speech made by the finance minister in the last week of the month.
One of the worst performers for the Australasian portfolio over the month was Auckland Airport (-8%), after MBIE announced it had initiated a review on how airports are regulated in NZ. This raises a risk that the Airport’s retail and carparking businesses could be combined with the regulated aeronautical activities when the airport's allowable returns are being reviewed, which would reduce the profits the airport generates from these activities.
Other detractors for the month were Mainfreight (-10%) and Ryman (-20%) for more of the same reasons as last month; tariff uncertainty for Mainfreight, the global logistics company, and continued negative sentiment from investors following their dilutive $1bn equity capital raise for Ryman.
Amid broader market turbulence, there were a few companies that posted modest positive returns for the month. Infratil rose +1.6% for the month, buoyed by the revaluation of Australian-based data centre company, CDC. This, coupled with insider share purchases and renewed investor sentiment towards data centres bolstered the stock. Defensive names such as Vector (+1.5%) and REITS (HomeCo +3.8%) also provided some support for the portfolio.
Returns to the 30th of April 2025
(after fees* and before tax)
Generate KiwiSaver Funds:
1 Month
1 Year
5 Year (p.a.)
10 Year (p.a.)
Since inception**
(p.a.)
Focused
Growth Fund
-1.61%
7.02%
9.03%
8.80%
9.25%
Growth
Fund
-1.25%
6.55%
8.25%
8.16%
8.48%
Balanced Fund^
-0.68%
6.41%
7.50%
Moderate Fund***
-0.27%
6.79%
4.93%
5.41%
5.42%
Conservative Fund^
0.17%
7.54%
5.34%
Defensive Fund^
0.62%
7.90%
4.73%
Generate Managed Funds:
1 Month
1 Year
5 Year (p.a.)
10 Year (p.a.)
Since inception** (p.a)
Focused Growth Managed Fund***
-1.60%
6.98%
8.94%
7.23%
Balanced Managed Fund^
-0.67%
6.37%
7.56%
Conservative Managed Fund^
0.25%
7.53%
5.31%
Thematic Managed Fund^^
-1.46%
13.02%
17.50%
Australasian Managed Fund^^
-1.67%
0.15%
2.01%
* Except for the $3 per member per month administration expense that is charged to KiwiSaver members.
** The Generate KiwiSaver Scheme funds opened on 16 April 2013. The Generate Focused Growth Trust opened on 1 November 2019.
***Following the launch of new funds in May 2022, our original Conservative Fund was renamed as the Moderate Fund and the Focused Growth Trust has been renamed as the Focused Growth Managed Fund.
^ these funds were established on 16 May 2022.
^^ these funds were established on 3 July 2023
Past performance is not necessarily an indicator of future performance.
Top Holdings as of the 30th of April 2025
International Equities
Amazon
Nvidia
Microsoft
Meta
Taiwan Semiconductor
External Managers
T Rowe Price Global Equity Fund
Te Ahumairangi Global Equity Fund
Worldwide Healthcare Trust
CIM Infrastructure III Fund
Nuveen ESG Small Cap ETF
Australasian Equities
Fisher & Paykel Healthcare
Infratil
Contact Energy
Auckland International Airport
Spark
Fixed Income
Local Government Funding Agency Bonds
Kāinga Ora Bonds
NZ Government Bonds
Westpac AUD Bonds
NZ Mortgages and Securities Bonds