[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"articles\u002Ffund-updates\u002Fapril-2026":3},{"fullWidthTemplates":4,"headers":4169,"footers":4361},[5],{"url":6,"name":7,"hideBreadcrumbs":8,"pageMetadata":9,"excludeSitemap":12,"contentSections":13,"footerDisclaimers":4120,"theme":8,"invertBreadcrumbsColour":8,"breadcrumbParent":8,"id":4168,"adminTitle":7,"showChatbot":8},"articles\u002Ffund-updates\u002Fapril-2026","Generate Fund Performance - April 2026 ",null,{"name":10,"property":8,"image":8,"content":11,"description":8},"Generate fund performance update April 2026 | Latest returns & holdings","Read Generate’s April 2026 fund update, including latest returns, top holdings and market commentary across our KiwiSaver and Managed Funds.",false,[14,1249,1888,2995],{"__typename":15,"id":16,"name":17,"headingText":18,"subheadingText":8,"thumbnail":19,"articleCategories":25,"author":32,"date":34,"articleContent":35},"Article","cmohr3ezrl64b071ae1w1dve6","Article - Generate Fund Performance - April 2026  ","Generate Fund Performance - April 2026",{"url":20,"altText":21,"size":22,"fileName":23,"title":21,"mimeType":24},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002FcqpNWYXRBawkUcXGuEHq","Generate fund performance",362778,"Our fund performance.png","image\u002Fpng",[26,31],{"name":27,"headingText":28,"template":29},"Article Category - Our fund performance","Our fund performance",{"url":30},"news-and-guides\u002Four-fund-performance",{},[33],"Greg Smith","2026-05-08",{"raw":36,"references":1248},{"children":37},[38,43,46,56,61,64,67,71,74,78,81,94,97,103,106,112,115,123,126,141,144,147,151,192,195,199,202,205,209,212,218,221,232,235,241,244,251,254,257,260,264,267,272,275,279,652,655,659,983,992,996,1000,1004,1008,1012,1018,1035,1038,1042,1235,1238,1245],{"type":39,"children":40},"paragraph",[41],{"text":42},"",{"type":39,"children":44},[45],{"text":42},{"src":47,"type":48,"title":49,"width":50,"handle":51,"height":52,"children":53,"mimeType":55},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002FxCUn7UNQQqxCYmtxerew","image","NewsletterFundPerformance.jpg",850,"xCUn7UNQQqxCYmtxerew",150,[54],{"text":42},"image\u002Fjpeg",{"type":57,"children":58},"heading-three",[59],{"text":60},"International Equities ",{"type":39,"children":62},[63],{"text":42},{"type":39,"children":65},[66],{"text":42},{"type":39,"children":68},[69],{"text":70},"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.  ",{"type":39,"children":72},[73],{"text":42},{"type":39,"children":75},[76],{"text":77},"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%.  ",{"type":39,"children":79},[80],{"text":42},{"type":39,"children":82},[83,85,88,90,92],{"text":84},"Among the top performers in our funds, semiconductor names rebounded strongly during the month. ",{"bold":86,"text":87},true,"SK Hynix",{"text":89}," 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. ",{"bold":86,"text":91},"Micron Technology",{"text":93}," 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. ",{"type":39,"children":95},[96],{"text":42},{"type":39,"children":98},[99,101],{"bold":86,"text":100},"UnitedHealth Group",{"text":102}," 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. ",{"type":39,"children":104},[105],{"text":42},{"type":39,"children":107},[108,110],{"bold":86,"text":109},"GE Vernova",{"text":111}," 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.  ",{"type":39,"children":113},[114],{"text":42},{"type":39,"children":116},[117,119,121],{"text":118},"On the downside, ",{"bold":86,"text":120},"Alamos Gold",{"text":122}," 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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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. ",{"type":39,"children":210},[211],{"text":42},{"type":39,"children":213},[214,216],{"bold":86,"text":215},"Goodman Group",{"text":217}," 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. ",{"type":39,"children":219},[220],{"text":42},{"type":127,"children":222,"className":140},[223,226],{"type":39,"children":224},[225],{"text":42},{"src":227,"type":48,"title":228,"width":135,"handle":229,"height":137,"altText":228,"children":230,"mimeType":24},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002Fresize=width:800,height:600\u002Fcmgy72p53d21m072rdrab5ji2","Cloud.png","cmgy72p53d21m072rdrab5ji2",[231],{"text":42},{"type":39,"children":233},[234],{"text":42},{"type":39,"children":236},[237,239],{"bold":86,"text":238},"Pro Medicus",{"text":240}," gained 15.0% over the month, rebounding after being caught up in the broader software sector sell-off in prior periods. 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Retirement","Retirement",{"__typename":15,"id":1889,"name":1836,"headingText":1837,"subheadingText":8,"thumbnail":1890,"articleCategories":1891,"author":1895,"date":1842,"articleContent":1896},"cmpyq0kmw4rj2071bqer4mebp",{"url":20,"altText":21,"size":22,"fileName":23,"title":21,"mimeType":24},[1892,1894],{"name":27,"headingText":28,"template":1893},{"url":30},{},[33],{"raw":1897,"references":2994},{"children":1898},[1899,1902,1905,1908,1911,1914,1917,1921,1924,1928,1931,1935,1938,1942,1945,1949,1952,1955,1963,1966,1969,1972,2001,2004,2007,2010,2013,2016,2020,2023,2027,2030,2034,2037,2041,2044,2048,2051,2055,2058,2061,2064,2068,2071,2074,2077,2080,2440,2443,2446,2763,2771,2774,2777,2780,2783,2787,2798,2801,2805,2982,2985,2991],{"type":39,"children":1900},[1901],{"text":42},{"type":39,"children":1903},[1904],{"text":42},{"src":47,"type":48,"title":49,"width":50,"handle":51,"height":52,"children":1906,"mimeType":55},[1907],{"text":42},{"type":57,"children":1909},[1910],{"text":60},{"type":39,"children":1912},[1913],{"text":42},{"type":39,"children":1915},[1916],{"text":42},{"type":39,"children":1918},[1919],{"text":1920},"Global equities continued to move higher during May despite ongoing uncertainty around inflation, interest rates, and geopolitical developments. Investor sentiment was supported by resilient economic data, strong corporate earnings, and continued enthusiasm for artificial intelligence-related investment. The prospect of a more durable ceasefire between the United States and Iran also helped improve risk appetite during the month, contributing to a sharp decline in oil prices and easing concerns around global energy supply.",{"type":39,"children":1922},[1923],{"text":42},{"type":39,"children":1925},[1926],{"text":1927},"The MSCI World Index rose 4.6% in US dollar terms during the month, while in the US all three major indices reached fresh record highs. The S&P 500 advanced 5.2%, the Nasdaq surged 8.4%, and the Dow Jones gained 2.8%. European markets also delivered positive returns, while Japan was a standout in Asia, with the Nikkei soaring 11.9% and reaching new all-time highs on the back of continued strength in semiconductor and technology-related stocks.",{"type":39,"children":1929},[1930],{"text":42},{"type":39,"children":1932},[1933],{"text":1934},"Among the strongest performers in our funds were memory semiconductor manufacturers Micron Technology and SK Hynix, which both surged more than 80% during the month. Micron became only the twelfth company in US history to surpass a US$1 trillion market capitalisation, while Korean-listed SK Hynix also crossed the trillion-dollar mark in US dollar terms. Both companies are leading suppliers of high-bandwidth memory chips, a critical component in advanced AI systems and data centres. Strong demand continues to outstrip supply, supporting a favourable pricing environment across the broader memory market.",{"type":39,"children":1936},[1937],{"text":42},{"type":39,"children":1939},[1940],{"text":1941},"Eli Lilly also performed strongly during the month as the pharmaceutical giant became the first healthcare company to achieve a market valuation exceeding US$1 trillion. Investor enthusiasm continues to be driven by the exceptional success of its obesity and diabetes treatments, Zepbound and Mounjaro, which are reshaping the global healthcare landscape. Strong earnings growth and increasing confidence in the long-term potential of obesity treatments have supported the shares, while management has also begun deploying the significant cash flows generated by these products into acquisitions and pipeline expansion initiatives aimed at diversifying future growth.",{"type":39,"children":1943},[1944],{"text":42},{"type":39,"children":1946},[1947],{"text":1948},"On the downside, Boston Scientific underperformed during the month after lowering its full-year profit and revenue growth guidance. While first-quarter earnings and revenue both exceeded market expectations, investors focused on the reduced outlook and what it may signal about growth prospects over the remainder of the year. Despite the softer guidance, underlying demand remains healthy, particularly within the company's cardiovascular division, and we continue to view Boston Scientific favourably given its strong market positions and long-term growth opportunities.",{"type":39,"children":1950},[1951],{"text":42},{"type":39,"children":1953},[1954],{"text":42},{"type":127,"children":1956,"className":140},[1957,1960],{"type":39,"children":1958},[1959],{"text":42},{"src":133,"type":48,"title":134,"width":135,"handle":136,"height":137,"altText":134,"children":1961,"mimeType":24},[1962],{"text":42},{"type":39,"children":1964},[1965],{"text":42},{"type":39,"children":1967},[1968],{"bold":86,"text":42},{"type":39,"children":1970},[1971],{"bold":86,"text":150},{"type":152,"children":1973},[1974,1983,1992],{"type":155,"children":1975},[1976],{"type":158,"children":1977},[1978,1979,1982],{"text":42},{"href":162,"type":163,"title":164,"children":1980,"openInNewTab":86},[1981],{"text":167},{"text":169},{"type":155,"children":1984},[1985],{"type":158,"children":1986},[1987,1988,1991],{"text":42},{"href":176,"type":163,"title":177,"children":1989,"openInNewTab":86},[1990],{"text":177},{"text":42},{"type":155,"children":1993},[1994],{"type":158,"children":1995},[1996,1997,2000],{"text":42},{"href":187,"type":163,"title":188,"children":1998,"openInNewTab":86},[1999],{"text":188},{"text":42},{"type":39,"children":2002},[2003],{"text":42},{"type":57,"children":2005},[2006],{"text":198},{"type":39,"children":2008},[2009],{"text":42},{"type":39,"children":2011},[2012],{"text":42},{"type":39,"children":2014},[2015],{"text":42},{"type":39,"children":2017},[2018],{"text":2019},"The New Zealand market delivered a strong monthly performance, with the NZX50G rising 2.6% during May - its best monthly gain since September. Australian equities also posted a positive return, with the ASX200 gaining 0.8% and recording a second consecutive monthly advance. The NZX outperformed its Australian counterpart, supported by solid earnings updates and growing confidence that domestic economic conditions are beginning to stabilise. Market sentiment was also aided by easing trade and geopolitical tensions, with lower oil prices helping support risk appetite across the region.",{"type":39,"children":2021},[2022],{"text":42},{"type":39,"children":2024},[2025],{"text":2026},"Infratil was the standout performer within the portfolio, rising 26.4% during the month. Increasing demand for AI-related infrastructure was reinforced by CDC Data Centres (49.7% owned by Infratil) signing a 555MW data centre contract with a US investment-grade customer - the largest data centre contract in Australian history. The agreement took CDC's contracted capacity above 1GW for the first time, underscoring the scale of demand emerging from AI and cloud computing customers. The company also reported a strong full-year result, driven by growth across its data centre and renewable energy businesses. Management highlighted increasing demand for AI-related infrastructure, reinforcing confidence in future earnings growth. ",{"type":39,"children":2028},[2029],{"text":42},{"type":39,"children":2031},[2032],{"text":2033},"In many respects, Infratil has become one of New Zealand's purest listed exposures to the AI infrastructure buildout, with its increased investment in US-based Longroad Energy providing additional exposure to the substantial growth in electricity demand expected from data centres. During the month, Infratil also raised almost $500 million through a partial sell-down of its Contact Energy stake. The move reflects management's disciplined approach to recycling capital into higher-growth opportunities while continuing to focus the portfolio on scalable infrastructure assets.",{"type":39,"children":2035},[2036],{"text":42},{"type":39,"children":2038},[2039],{"text":2040},"Fletcher Building gained 12.5% over the month. Investor sentiment improved following the successful sale of its construction division, which generated approximately $315 million in proceeds and reduced pressure to quickly divest its residential business. The company also exited its remaining Fiji construction operations as part of its broader asset sale programme. These actions reflect management's ongoing efforts to simplify the business, reduce debt, and sharpen its focus on its core building materials and distribution operations.",{"type":39,"children":2042},[2043],{"text":42},{"type":39,"children":2045},[2046],{"text":2047},"Mainfreight rose 9.7% during the month following the release of its full-year result. While revenue growth remained modest and profits were impacted by higher fuel costs and broader economic pressures, investors had entered the result concerned that management might downgrade its outlook. Instead, the company provided reassurance that demand from its largest customers remains relatively resilient despite ongoing economic uncertainty. Management also reaffirmed its commitment to investing in network expansion and operational capacity, supporting confidence in its longer-term growth prospects. 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The funds have maintained a relatively small position in A2 Milk, reflecting concerns around previously elevated valuation levels, but have been selectively adding to the position as the share price correction has made the opportunity more compelling.",{"type":39,"children":2056},[2057],{"text":42},{"type":39,"children":2059},[2060],{"text":42},{"type":39,"children":2062},[2063],{"text":42,"underline":86},{"type":57,"children":2065},[2066],{"text":2067},"Returns to the 31st May 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While there was cause for optimism on the geopolitical front, which saw oil prices fall around 25% from their peak levels earlier in the month, there were questions over the durability of the US\u002FIran ceasefire. This in turn continued to cast uncertainty over the outlook for inflation and interest rates. Hawkish comments from some central bankers at meetings during the month further prompted investor caution. After leading the way higher in previous months, the technology sector retreated, while older economy names were more in demand.",{"type":39,"children":3028},[3029],{"text":42},{"type":39,"children":3031},[3032],{"text":3033},"The MSCI World Index eased 0.83% in US dollar terms during the month. In the US the S&P500 and Nasdaq both made record highs at the start of the month, before closing out June down 1.1% and 2.8% respectively as the technology sector eased. A rotation towards older economy stocks saw the Dow Jones gain 2.5% over the month, closing June at record highs. European markets delivered strong gains with the STOXX50 up 4.6% while in Asia, Japan was a standout, with the Nikkei jumping 5.6%, reaching new all-time highs, before giving up some gains towards the end of the month. ",{"type":39,"children":3035},[3036],{"text":42},{"type":39,"children":3038},[3039],{"text":3040},"The strongest performers in our international portfolios were an eclectic mix of semiconductor, healthcare, and cyclical companies. This reflected both the persistence of certain AI-driven investment trends, and improving sentiment across parts of the broader economy.",{"type":39,"children":3042},[3043],{"text":42},{"type":39,"children":3045},[3046],{"text":3047},"Semiconductor and AI infrastructure-related companies remained key contributors despite broader volatility in the sector during the month. Micron Technology delivered another strong performance, rising 18.9% during the month. The company delivered a very strong earnings result, with the memory-chip maker reporting a more than quadrupling in revenue from a year earlier to US$41 billion. Management pointed to extraordinary demand for AI infrastructure and little sign of supply catching up anytime soon.  ",{"type":39,"children":3049},[3050],{"text":42},{"type":39,"children":3052},[3053],{"text":3054},"Lam Research (+36.2%) and ASML (+23.4%) delivered even strong performances. Investors continued to recognise their central roles in the semiconductor manufacturing ecosystem and continued robust expenditure by chipmakers seeking to meet accelerating AI-related demand.",{"type":39,"children":3056},[3057],{"text":42},{"type":39,"children":3059},[3060],{"text":3061},"Marvell Technology (+35.5%) was also a very strong contributor, benefiting from its exposure to custom silicon and high-speed networking solutions used in cloud and AI infrastructure. Demand from hyperscale customers remains robust, with increasing adoption of AI-optimised architectures supporting strong growth expectations.",{"type":39,"children":3063},[3064],{"text":42},{"type":39,"children":3066},[3067],{"text":3068},"Outside the technology sector, UnitedHealth Group (+9.3%) performed well during the month, with investor sentiment supported by the company's defensive earnings profile and continued strength in its core health insurance and services businesses. In a market still navigating macroeconomic uncertainty, UnitedHealth's consistent earnings delivery and scale continue to underpin its appeal.",{"type":39,"children":3070},[3071],{"text":42},{"type":39,"children":3073},[3074],{"text":3075},"Alaska Air Group (+13.4%) was a positive contributor, with the shares benefiting from improving sentiment toward the airline sector. Lower fuel costs and signs of steady travel demand have supported the outlook for margins, while signs of easing geopolitical tensions have helped reduce concerns around demand disruption.",{"type":39,"children":3077},[3078],{"text":42},{"type":39,"children":3080},[3081],{"text":3082},"On the downside, Microsoft (-17.2%) and Amazon (-11.9%) detracted from performance during the month. Investor focus remains around the scope for AI to significantly disrupt their business models. In addition, the scale of  capital investment required to support their expanding AI infrastructure has prompted increased scrutiny from the market, particularly regarding the timing and ultimate returns on this investment. Despite this, the underlying fundamentals for both companies remain strong, with continued growth in cloud services and expanding AI capabilities expected to support earnings over the long term.",{"type":39,"children":3084},[3085],{"text":42},{"type":39,"children":3087},[3088],{"text":42},{"type":39,"children":3090},[3091],{"text":42},{"type":127,"children":3093,"className":140},[3094,3097],{"type":39,"children":3095},[3096],{"text":42},{"src":133,"type":48,"title":134,"width":135,"handle":136,"height":137,"altText":134,"children":3098,"mimeType":24},[3099],{"text":42},{"type":39,"children":3101},[3102],{"text":42},{"type":39,"children":3104},[3105],{"bold":86,"text":42},{"type":39,"children":3107},[3108],{"bold":86,"text":150},{"type":152,"children":3110},[3111,3120,3129],{"type":155,"children":3112},[3113],{"type":158,"children":3114},[3115,3116,3119],{"text":42},{"href":162,"type":163,"title":164,"children":3117,"openInNewTab":86},[3118],{"text":167},{"text":169},{"type":155,"children":3121},[3122],{"type":158,"children":3123},[3124,3125,3128],{"text":42},{"href":176,"type":163,"title":177,"children":3126,"openInNewTab":86},[3127],{"text":177},{"text":42},{"type":155,"children":3130},[3131],{"type":158,"children":3132},[3133,3134,3137],{"text":42},{"href":187,"type":163,"title":188,"children":3135,"openInNewTab":86},[3136],{"text":188},{"text":42},{"type":39,"children":3139},[3140],{"text":42},{"type":57,"children":3142},[3143],{"text":198},{"type":39,"children":3145},[3146],{"text":42},{"type":39,"children":3148},[3149],{"text":42},{"type":39,"children":3151},[3152],{"text":3153},"The NZX50G gained 2.9% during June. Investor sentiment improved as expectations for further interest rate increases eased somewhat following the ceasefire in the Middle East and the accompanying decline in oil prices. Lower energy prices have reduced inflation concerns, improving the outlook for household spending and supporting expectations that New Zealand's economic recovery can resume.",{"type":39,"children":3155},[3156],{"text":42},{"type":39,"children":3158},[3159],{"text":3160},"Australian equities also delivered a positive month, with the S&P\u002FASX200 rising 0.5%. The Reserve Bank of Australia left interest rates unchanged during June as policymakers continued to balance persistent inflation pressures against moderating economic growth. ",{"type":39,"children":3162},[3163],{"text":42},{"type":39,"children":3165},[3166],{"text":3167},"Amongst the strongest contributors, a2 Milk surged 39.7% during the month, driven by a series of favourable announcements that restored market confidence. The company received approval from China's State Administration for Market Regulation (SAMR) to transition its existing infant formula registrations to a2-branded products, removing a key regulatory overhang and validating its investment in production capacity at Pōkeno. Following the approval, the Board declared a fully franked NZ$300 million special dividend, signalling both balance sheet strength and confidence in the company's outlook. ",{"type":39,"children":3169},[3170],{"text":42},{"type":39,"children":3172},[3173],{"text":3174},"Pro Medicus was also a standout performer, soaring 53.8% during the month following a series of contract wins and renewals that reinforced the strength of its Visage imaging platform. The company secured a A$28 million, five-year renewal with Allegheny Health Network, alongside a A$16 million, seven-year contract with TidalHealth. In addition, a A$16 million, five-year renewal with Ohio State University's Wexner Medical Center expanded the scope of services to include workflow and cardiology imaging, increasing recurring revenue visibility. The company also announced a reseller agreement with Echo IQ, further enhancing its AI-enabled cardiovascular imaging capabilities and broadening its product ecosystem.",{"type":39,"children":3176},[3177],{"text":42},{"type":39,"children":3179},[3180],{"text":3181},"Brambles also delivered a strong return, gaining 17.6% during the month. While there were no major company-specific announcements, the shares continued to benefit from the company's on-market share buyback programme. ",{"type":39,"children":3183},[3184],{"text":42},{"type":39,"children":3186},[3187],{"text":3188},"On the downside, Mainfreight declined 4.3% during the month despite the absence of any material company-specific news. We remain positive on the company's long-term outlook, supported by its high-quality management team, strong balance sheet and proven ability to navigate economic cycles. Notably, the share price has improved since month end amid renewed optimism around ceasefire negotiations, which has helped buoyed market sentiment toward cyclical stocks.",{"type":39,"children":3190},[3191],{"text":42},{"type":39,"children":3193},[3194],{"text":42,"underline":86},{"type":57,"children":3196},[3197],{"text":3198},"Returns to the 30th June 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