Active Series
Global Shares
The investment objective of the Global Shares Portfolio is to grow your investment over the long term through active management.
The Portfolio is anticipated to mainly own and trade international shares, and other authorised asset classes over the minimum suggested timeframe.
More Information
Long-term capital appreciation
Over long periods of time global shares have been one of the top performing asset types in the world, appreciating in real terms by around 7% per annum before fees and tax. Long term, they have offered investors the opportunity to, on average, double the value of their investment every 7 to 10 years (before fees, tax and expenses).
Global shares do not always rise and fall at the same time as the New Zealand share market, so owning both global shares and New Zealand and Australian shares can even out some of the volatility in a portfolio without reducing the potential for long-term capital appreciation, as can owning global macro assets (see Global Macro Portfolio).
Professionally selected companies
NZ Funds Global Shares Portfolio offers investors a professionally selected portfolio of over 100 global companies. NZ Funds works with world class investor Fisher Investments (based in California) to research and buy a portfolio of world class companies for investors.
The Portfolio also holds index futures to closely match the market returns of the global share market index. This ensures investors benefit from owning both actively chosen companies and the broader share market. By using index tracking futures, the Portfolio may be more than 100% invested (for example, 120% invested). This amplifies the opportunity for the Portfolio to generate returns over time, but may also increase the risk of the Portfolio.
Currency hedging & downside mitigation
Investing in global shares can mean investors are exposed to currency fluctuations. This is especially the case if shares are held directly via a share broker. NZ Funds can remove this uncertainty by actively hedging investments back into New Zealand dollars when the manager deems it appropriate to do so.
The Portfolio also offers investors the potential for downside mitigation during share market crashes through an actively managed portfolio of options managed by Universa (USA). The options are designed to reduce the degree to which the Portfolio drops in a significant market decline, which is defined as a drop of more than 20% in a single month.
Returns
Since inception (31 October 2008) to 30 September 2026
| Annualised | Cumulative | |
|---|---|---|
| Year to date | 8.82% | 8.82% |
| 1 Month | -0.75% | -0.75% |
| 3 Months | -0.14% | -0.14% |
| 6 Months | 16.33% | 16.33% |
| 1 Year | 9.77% | 9.77% |
| 2 Years | 11.36% | 24.01% |
| 3 Years | 18.58% | 66.74% |
| 5 Years | 4.50% | 24.62% |
| 10 Years | 9.17% | 140.46% |
| Since Inception | 6.93% | 232.54% |
| Maximum Decline 12 Months | -12.28% | -12.28% |
| Volatility 5 Years | 18.29% | 18.29% |
Notes
Since inception (31 October 2008) to 30 September 2026. Returns are stated after full Portfolio fees and expenses including performance fees (where applicable), but before any advisory fees or investor tax. No management fee rebates have been applied to these numbers, see PDS for management fee rebate criteria. Past performance is not necessarily an indication of future returns. Maximum decline represents the largest decline in value in the previous 12 months. Volatility 5 Years is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 September 2026.
Performance
Since inception (31 October 2008) to 30 September 2026
Notes
The graph displays the change in value of a notional investment of $100 after full fees and tax (assuming a tax rate of 28%) but before any advisory fees (if applicable). No management fee rebates have been applied in the graphs of individual Portfolio performance. In the graph above, quarter ends are full standard calendar year quarters except the first quarter from inception (31 October 2008) which is not a full quarter.
Holdings at 30 September 2026
| Asset Allocation | Country | Sector | Exposure |
|---|---|---|---|
| Global Shares | |||
| NVIDIA Corp USA Technology 4.8% | |||
| Apple Inc USA Technology 4.2% | |||
| Microsoft Corp USA Technology 3.2% | |||
| JPMorgan Chase & Co USA Banks 2.8% | |||
| Taiwan Semiconductor Manufacturing Taiwan Technology 2.4% | |||
| Bank of America Corp USA Banks 2.3% | |||
| Broadcom Inc USA Technology 2.1% | |||
| Amazon.com Inc USA Retail 2.1% | |||
| Eli Lilly and Co USA Healthcare 1.8% | |||
| Merck & Co Inc USA Healthcare 1.7% | |||
| Alphabet Inc USA Technology 1.7% | |||
| ASML Holding NV (ADR) Europe Technology 1.6% | |||
| ABB Ltd Europe Industrial 1.5% | |||
| Johnson & Johnson USA Healthcare 1.5% | |||
| AbbVie Inc USA Healthcare 1.5% | |||
| Schneider Electric SE Europe Industrial 1.4% | |||
| Walmart Inc USA Retail 1.4% | |||
| Royal Bank of Canada Canada Banks 1.4% | |||
| Meta Platforms Inc USA Technology 1.4% | |||
| Applied Materials Inc USA Technology 1.3% | |||
| S&P500 USA Index Futures 37.5% | |||
| EURO STOXX 50 Europe Index Futures 8.8% | |||
| TOPIX Japan Index Futures 5.3% | |||
| FTSE 100 UK Index Futures 2.2% | |||
| Other Share Exposure 33.4% | |||
| Share Exposure | 129.3% | ||
| Gross Exposure | 129.3% | ||
| Less Downside Mitigation | 28.9% | ||
| Universa† 16.5% | |||
| JPY/USD‡ 12.4% | |||
| Estimated Net Exposure | 100.3% |
† Universa is designed to reduce the degree to which the Portfolio drops in a sudden market decline of 20% or more in the S&P 500. The figure represents the estimated percentage of NAV with this downside mitigation.
‡ JPY/USD assumed beta -0.5×.
Notes
The market index for the Portfolio is the MSCI All Countries World Daily TR Net Local Currency Index. You cannot invest in this index and it does not take Environmental, Social and Governance (ESG) factors into account.
NZ Funds takes ESG criteria into account in its investment decisions. This impacts on our investment choices. Our ESG criteria are set out in NZ Funds Active Series SIPO.
NZ Funds is an active manager so the securities listed above may not be held in the future. Past performance is not an indicator of future returns. A full list of securities held by the Strategy is available through NZ Funds Digital Wallet. Rounding may affect totals.
Overview
Further information
Further information is contained in the Portfolio Strategies and in the NZ Funds Advised Portfolio Service Product Disclosure Statement (PDS).