International Equities
April marked the strongest month for global equities since November 2020, with major indices rallying sharply despite ongoing geopolitical tensions - supported by a combination of very strong earnings, particularly from the technology sector, continued momentum in AI-driven investment, and a still-resilient global economy that has, for now, absorbed the impact of higher oil prices and uncertainty. Central banks largely adopting a “wait-and-see” approach has also been supportive to broader sentiment.
The MSCI World index jumped 9.5% during the month. The Nasdaq surged 15.3% over the month, and the S&P 500 rose 10.4%. The S&P 500 and Nasdaq both hit record highs. Europe was also solid, with the STOXX 50 up 5.6% and the FTSE 100 gaining 2%. Across Asia, the Nikkei jumped 16.1%, the CSI 300 rose 8% and the Hang Seng gained 4%.
Among the top performers in our funds, semiconductor names rebounded strongly during the month. SK Hynix surged 60.5% following exceptionally strong earnings from the South Korean chip manufacturer, with quarterly operating profit rising five-fold to a record level, driven by surging demand for AI-related memory. Sales nearly tripled as hyper-scalers continued to invest heavily in AI infrastructure. The company has highlighted that demand for high-bandwidth memory (a critical component for AI workloads) is expected to exceed supply for several years, supporting a favourable pricing environment. Micron Technology also performed strongly during the month, rising 53.1%, more than covering March’s decline, on similar themes of improving memory pricing and AI-driven demand.
UnitedHealth Group rose 36.9% over the month, supported by a strong first-quarter result that exceeded market expectations and helped rebuild investor confidence. The health insurance giant reported quarterly net income of US$6.28 billion and raised its full-year guidance. A key driver was a better-than-expected medical-loss ratio, reflecting improved cost control, and a milder flu season. All major business segments performed ahead of expectations, reinforcing confidence in the company’s diversified model and resilient earnings profile.
GE Vernova also delivered a strong performance, rising 24.1%. The company is benefitting from growing investor focus on energy security and infrastructure investment, alongside surging electricity demand from AI-driven data centre buildouts. The electrification division reported first-quarter orders of $2.4 billion, with equipment sales to data centre customers exceeding the total for all of last year, highlighting the scale of demand from hyper-scalers. Strength in both electrification and power segments supported improved margins and a lift in full-year guidance.
On the downside, Alamos Gold declined 10.1% during the month, as gold fell out of favour despite elevated geopolitical and inflation risks. Investor capital rotated out of the precious metal toward energy exposures amid Middle East tensions, while rising real yields (driven by shifting expectations regarding Federal Reserve policy) created additional headwinds for the non-yielding metal. ETF outflows point to softer investor sentiment and profit-taking following the strong rally seen through 2024 and early 2026. The fund had previously taken profits and reduced its exposure to Alamos Gold (and the sector generally), reflecting a more cautious positioning as these dynamics emerged.
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New Zealand & Australian equities
Over the month, both the NZX50 and ASX200 underperformed US indices. The NZX50 finished broadly flat, as improving domestic indicators such as employment and housing were offset by subdued sentiment and the prospect of limited earnings growth. The ASX200 rose 1.8% for the month which was a disappointing outcome after stronger performance earlier in April. Selling in the healthcare sector followed on from a series of high profile profit warnings, while the prospect of higher interest rates in Australia also weighed on tech, retail, and real estate stocks
Goodman Group was a standout performer during the month, rising 15.8%. The company announced a new data centre joint venture with US operator DataBank to develop the LAX01 project in Los Angeles. The site is located in the highly sought-after El Segundo area, a supply-constrained data centre hub supported by strong hyper-scaler and enterprise demand. The announcement is significant as it helps validate Goodman’s expanding data centre strategy, while also unlocking development profits and reinforcing investor confidence in the group’s long-term earnings growth.
Pro Medicus gained 15.0% over the month, rebounding after being caught up in the broader software sector sell-off in prior periods. The company benefited from a number of contract wins, reinforcing its strong competitive position in medical imaging software. In addition, management announced an upsized share buyback programme, signalling confidence in the company’s future and supporting the share price. We continue to view Pro Medicus favourably given its high-margin business model, global growth opportunities, and strong recurring revenue base.
On the downside, A2 Milk declined 24.9% during the month following a downgrade to its FY26 revenue and earnings expectations. The company signalled that the anticipated recovery, particularly in its infant nutrition segment, is likely to be slower and less certain than previously expected. This was driven in part by supply chain disruptions and increased regulatory hurdles, which have limited inventory availability into the key China market. The updated guidance also implies weaker near-term operating leverage, with costs not adjusting in line with softer sales. While the fund retains a position in A2 Milk, it is underweight relative to its benchmark, reflecting a more cautious view on the company’s near-term outlook.
Returns to the 30th April 2026
(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
8.56%
20.64%
8.16%
10.26%
10.08%
Growth
Fund
6.76%
16.40%
7.05%
8.96%
9.07%
Balanced Fund^
5.34%
13.27%
8.93%
Moderate Fund***
3.80%
9.67%
4.75%
5.43%
5.74%
Conservative Fund^
2.04%
5.86%
5.47%
CashPlus Fund^
0.18%
3.04%
4.30%
Thematic Fund^^^
15.48%
Global Fund^^^
12.05%
Australasian Fund^^^
1.32%
Generate Managed Funds:
1 Month
1 Year
5 Year (p.a.)
10 Year (p.a.)
Since inception** (p.a)
Focused Growth Managed Fund***
8.55%
20.60%
8.10%
9.19%
Balanced Managed Fund^
5.37%
13.24%
8.97%
Conservative Managed Fund^
2.02%
5.88%
5.46%
Thematic Managed Fund^^
15.50%
30.71%
22.02%
Australasian Managed Fund^^
1.29%
6.07%
3.43%
Global Managed Fund^^^
12.09%
CashPlus Managed Fund^^^
0.19%
Fixed Interest Managed Fund^^^
0.20%
* Except for the $3 per member per month administration expense that is charged to KiwiSaver members over 18.
** 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.
^^^ these funds were established on 30 April 2025.
Past performance is not necessarily an indicator of future performance.
Top Holdings as of the 30th April 2026
International Equities
Nvidia
Amazon
Microsoft
Alphabet
Apple
External Funds and Unlisted Equities
Te Ahumairangi Global Equity Fund
CIM Infrastructure III Fund
Novva Data Centre
Heal Partners Australia Fund 2
Property Income Fund
Properties & Infrastructure
Fisher & Paykel Healthcare
Contact Energy
Auckland International Airport
Goodman Group
Meridian Energy
Fixed Income
Westpac NZ Bonds
Community Housing Bonds
CBA AU Bonds
NZ Government Bonds