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Whakarāpopototanga mākete / Market Commentary to 31 December 2023

The final chapter of 2023 saw equity markets rallying back towards their 2023 highs. Both equites and bonds saw strong returns after a poor start in October, with November providing the strongest set of monthly returns in over three years. 

Global equities were again the star for the quarter, as the continued strength in US tech mega-caps was this time supported by positive returns across the board. US tech mega-cap stocks are companies with market valuations exceeding $200 billion USD, these include companies such as Microsoft, Apple, and Amazon.  

New Zealand business confidence had reached a two-year high, indicating a positive outlook in the market. This shift in sentiment may have been influenced by expectations of interest rates reaching their peak and the outcome of the NZ election, which resulted in the formation of a National-led Government who are perceived to be more economy and business friendly. 

Whakaata Haumi / Investment update video

The Whai Rawa tīma discuss the current market situation.

Hua ahumoni ki Whai Rawa / Whai Rawa Returns as at 31 December 2023

Notes: Past performance is not a reliable indicator of future performance. Where applicable returns include, and assume the full utilisation of, tax credits. Net returns shown are returns after fees and taxes. The benchmark is the strategic asset allocation weighted benchmark index return, where the benchmark indices (which comprise of market indices and peer group indices) are defined in the Statement of Investment Policy and Objectives (SIPO). The benchmark does not include any deductions for tax but does include deductions for some charges. Where applicable returns include, and assume the full utilisation of, tax credits. Numbers are rounded.

This information does not take into account your personal objectives, financial situation or needs. Historical market performance may not be indicative of future market performance. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. Before making any investment decision, you should refer to the Product Disclosure Statement and / or consult a licensed financial advice provider.

Whai Rawa Fund Limited is the issuer of the Whai Rawa Unit Trust. A copy of the Product Disclosure Statement is available at www.whairawa.com/pds. All content is subject to WRFL’s financial advice disclosure statement available here www.whairawa.com/financial-advice.