2025 Year in Review – Investment commentary
Local markets have rallied strongly on the back of gold and resources this year – sectors that sit largely outside our Ethical Charter. While this has been a short‑term headwind, it’s also creating opportunity. Technology and healthcare have softened despite strong long‑term fundamentals, and we’re finding compelling value in the areas where we are most invested.
Globally, equities delivered another year of solid gains despite volatility, with leadership broadening across regions. Our tilts toward Asia and Emerging Markets added value, while domestic Materials strength and parts of the US market were more challenging. Fixed income also contributed as we remained active across credit and rates.
Looking ahead, inflation, geopolitics and the pace of AI‑driven productivity will shape 2026. We continue to favour high‑quality businesses with durable growth, alongside real assets and infrastructure that offer diversification and inflation protection. Our ethical approach keeps us focused on opportunities with both long‑term potential and real‑world outcomes.
Fund updates
Active equities
Multi-Asset
Systematic Equities
Fixed Income
PRIVATE MARKETS
