The Monday Call

Economic and political tides are shifting. Australia's new government is tackling low growth and rising fiscal pressure head-on, as New Zealand tries to ignite a sluggish economy. Meanwhile, trade tensions keep challenging global stability but also open new doors for business. This week we're joined by Professor Richard Holden, Chief Economist at CA ANZ and one of Australasia's strongest economic voices. A UNSW Professor, Harvard PhD, and Member of the Order of Australia, Richard is known for his bold views on how policy, geopolitics and markets are shaping our region's future. For investors, business owners and advisers, these shifts matter. What new opportunities will emerge? Which sectors will face headwinds or tailwinds? And how can business seize growth in an uncertain but promising landscape? Join us on the Monday Call to hear Professor Holden's insights.

The last three months have been packed with headlines and market moves: shares dropped sharply before bouncing back, Bitcoin hit new highs, and government fiscal positions – including New Zealand's Budget – came into focus. While volatility may remain elevated, we continue to have confidence in the long-term outlook. What sparked the sharp market swings and the strong rebound? How did NZ Funds adjust its client portfolios, and where are they positioned now? Why is Bitcoin on such a tear, and what impact will the Budget have for investors in New Zealand?Mark Brooks, Chief Investment Officer at NZ Funds, joins us to unpack these questions and share expert insights. Enkoy this Monday Call to gain clarity and confidence about investing in today's dynamic market environment.

Is property ownership still the Kiwi dream - or has it lost its sparkle? With interest rates falling, rents rising and prices stagnating, the housing market is full of unknowns. Add a surge in listings, and it's no wonder Kiwis are wondering if the game has changed for good.On this Monday Call, we're joined by Kelvin Davidson, Chief Property Economist at CoreLogic, to explore the latest data and what's driving the market. We'll discuss how macro factors and changing policies are shaping the future of property in New Zealand.Kelvin's expertise in translating complex data into clear insights makes him a top authority on the subject. Whether you're a homeowner, investor or just curious, you'll gain valuable knowledge from this session.

Since the 2024 United States election, cryptocurrency has gained legitimacy as an asset class in the eyes of regulators. This shift has facilitated increased institutional adoption, trading, and advancements in technology surrounding digital currencies and payments that affect everyday transactions.This week, we are joined by Christopher Rhine, Galaxy Asset Management's liquid active crypto portfolio manager and emerging technology strategist. With over 20 years of investment experience, join us as Chris brings valuable insights into how investors are deploying capital into this rapidly evolving asset class.

It is an understatement to say that a lot has happened over the first two weeks of April. On this The Monday Call we discuss the motivation behind the Tariff announcement from the United States, our view of the last 10 days and scenarios for the path ahead.This session will cover:• the initial and subsequent tariff announcements• what tariffs could mean for the United States, New Zealand and global economies• how NZ Funds is positioning client portfolios• smart steps for longer-term investors to consider.Download the presentation here.

Are New Zealand shares finally poised for a turnaround? Since the COVID lockdowns, the New Zealand share market has struggled, down 12%, while the United States market has surged 69%. With local shares lagging, is this the moment for a rebound?Mortgage rates have stabilised, consumer spending is on the rise, and farmers and exporters are back at the forefront. With valuations looking more attractive than ever, where are the biggest opportunities to capitalise on this shift?This week, Casey Keiper, Portfolio Manager at NZ Funds, joins James Grigor, Investment Strategist, to discuss the outlook for New Zealand shares and the factors driving the potential recovery. Join us to learn how NZ Funds, as an active manager, is positioning client portfolios to seize these emerging opportunities.

Less than a month ago, the S&P 500 hit a record high. Now it's down 10%, sparking media headlines. But despite the drop, United States shares are still up over 8% in the past year. Market swings like this are normal, and not all global markets are reacting the same way. While Trump's trade policies dominate the conversation, they're just one piece of a bigger picture.This week, Mark Brooks, Chief Investment Officer at NZ Funds, joins James Grigor, Investment Strategist, to discuss these market swings. Is this a routine correction or something bigger? Are recession concerns justified, or is the noise drowning out the facts? With Trump touting economic strength while markets retrace, what's the bigger risk – staying in or stepping out? And how can long-term investors use volatility to their advantage?

The global order is shifting with rising autocracies, evolving alliances, and rapid technological advancements redefining international stability, trade and security – presenting important questions about New Zealand's geopolitical position and economic direction.Joining us from New York, Alex Grigor is an expert in international relations, cyberwarfare and AI. With over 20 years of experience, he has advised governments on foreign policy, co-authored AI and cybersecurity white papers, and worked as a geopolitical analyst, providing insights into the forces shaping our world.We examine the role of cyberwarfare and AI in modern geopolitics and the impact of shifting alliances, including the significance of Chinese warships in the Tasman Sea. We will also explore what these macro-developments mean for global stability and trade, and how investors in New Zealand can think about the evolving landscape.

The New Zealand economy is turning a corner, with green shoots replacing red flags and confidence inching its way back. But global uncertainty remains. Trade tensions are heating up, and tariff threats loom large.This week, top economist Cameron Bagrie joins us to discuss the outlook. Will the recovery move up a gear, or are the brakes about to be applied? Will our exports be hurt, or can we create new markets? And how should investors think about both risks and rewards in this shifting landscape?With over 20 years of experience – including a decade as ANZ's Chief Economist – Cameron delivers sharp, independent insights through Bagrie Economics, a boutique firm known for its no-nonsense economic analysis.

In our first Monday Call for 2025, we welcome Mark Brooks, Chief Investment Officer at NZ Funds, to discuss the key themes shaping the investment landscape. Despite global uncertainty, geopolitical tensions and major elections, 2024 ended on a strong note for markets. Now we look at what's next. Markets enter 2025 with a mix of opportunities and challenges. The US remains a driving force, powered by its tech sector, but high valuations combined with high expectations and the Trump presidency add complexity. New Zealand's share market, like many outside of the US, showed strength in late 2024, and while expectations remain modest, signs of improvement are emerging. What can investors expect in 2025? Will the downgrades seen in New Zealand turn to upgrades? Will new tariffs and geopolitical risks hinder growth? Why is the US so highly valued, and is this at risk? And where does Bitcoin fit in? Mark's insights will equip investors with the knowledge to navigate the year ahead.

The global economy's return to normality in 2024 fuelled the continuation of the bull market that began in 2022, delivering a record year for many markets. At the start of the year, the average forecaster predicted just a 3% increase in the United States stock market – yet markets surged far beyond those expectations. In this year-in-review podcast, we'll unpack the key trends and insights. What worked for the Portfolios? What didn't work as expected? We also explore a range of other themes, including the rise of AI, the return of Bitcoin, and why we believe 2025 will mark New Zealand's own return to economic normality – a positive development for local markets.

Hugh Hendry is an award-winning hedge fund manager, investment thought leader, and surfer. He founded Eclectica in 2005, a London-based global macro fund known for its high-conviction, contrarian approach. Shortly after launching Eclectica, Hugh gained recognition with impressive returns of 50% in its second year and over 30% in 2008 during the height of the Global Financial Crisis. Although Eclectica has since closed, Hugh remains an active and influential market commentator. Reflecting his commitment to creative freedom in investing, he once said, “I have always been a heretic and argued against the consensus. I have always been angry.” Join us for a lively discussion with Hugh as we explore today's investment landscape, hear his views on the U.S. election, his skepticism toward mainstream economic policies, and his belief in the value of reading broadly as a source of inspiration for business and investing.

The suspense of the U.S. election, mounting government budget pressures, persistent inflation concerns in key economies, global power shifts, and new technologies are driving a complex, opportunity-rich environment for investors with longer time horizons. In this episode we explore this shifting environment with London-based James Grigor, Partner at Syzygy Investment Advisory and NZ Funds alumnus. Syzygy is a global macro asset management that serves sovereign wealth funds and family offices and is one of a select group of managers with which NZ Funds partners.

United States, European and Japanese share markets have delivered solid gains this year, defying global challenges. The United States economy is also showing remarkable resilience. But how can markets thrive in the face of so much uncertainty? Elections, geopolitical crises, weather events, high interest rates and inflation should all weigh on markets… shouldn't they? Mark Brooks, Chief Investment Officer at NZ Funds, and Stephan Clark, Chief Client Officer, explain why markets often react before economic data catches up. They'll cover key topics like the upcoming US elections, surprisingly strong job creation in the US, China's stimulus efforts, geopolitical risks, and changes in global interest rates - and what all of this means for the New Zealand economy.

With millions of Ukrainians displaced and amid constant missile attacks, former Tauranga mayor Tenby Powell took action by founding Kiwi Aid & Refugee Evacuation (Kiwi K.A.R.E.). He moved to Ukraine to deliver medical and humanitarian aid to ‘Red Zones' near the frontline. Join us for a discussion with Tenby, calling in from Warsaw, as he shares how Kiwi K.A.R.E. was born, how his military and business experiences shaped its mission, the charity's latest initiatives, and the most powerful moments from his time so far in Ukraine.

Banks and financial institutions are essential for driving economic growth. Without the right policy settings in place, economies slow. We spoke with Phil Doak, Partner at Mosaic, to explore the shifting landscape that banks, insurers and fund managers are navigating, along with the key regulatory initiatives the Government has underway.

After a volatile August, the US share market is reaching new highs. Closer to home, the NZX50 is below the peak of 2021, but the market is showing signs of recovery. Mark Brooks joins Stephan Clark to break down the major factors shaping markets.

The crypto world has come a long way since Bitcoin's inception. From the early hype of altcoins to the rise of decentralised finance, crypto is rapidly evolving, challenging concepts of money and finance. Today, crypto is increasingly mainstream with a growing list of traditional financial institutions offering crypto products, such as exchange-traded crypto funds approved by the US Securities and Exchange Commission.One of the key players in this space is Binance. Founded in 2017, Binance quickly became a dominant force in the crypto industry, establishing itself as the world's largest cryptocurrency exchange and processing an impressive $76 billion in trades daily.This week, we're excited to welcome Ben Rose, the General Manager for Binance in Australia and New Zealand. We'll be discussing Binance's role in the crypto market, the evolution of the sector, and Ben's insights on the future of crypto.

A decade ago, fintech was New Zealand's fifth-largest tech subsector, generating a modest $161 million in revenue. Today, it has rocketed to over $2.6 billion with an ever-growing list of ambitious entrepreneurs forging ahead. This week, we're joined by Greg Shanahan, Managing Director of the Technology Investment Network (TIN), to discuss the evolution, history and future of fintech in New Zealand and TIN's newly published Fintech Report 2024.

This week Mark Brooks, Chief Investment Officer at NZ Funds will join Stephan Clark to discuss the outlook for the remainder of 2024 and how NZ Funds' Portfolios are positioned for a second half of the year that will not be short of market moving events. Mark will talk through what the United States presidential election in November is likely to mean for NZ Funds' investors, the prospect that interest rate cuts will be seen in New Zealand before the end of the year and why we think the bad news is well and truly priced into New Zealand shares.

Recognised by Citywire as one of the top female portfolio managers globally and the only one based in Australasia, Kate Howitt built an impressive track record over 15 years managing the Australian Opportunities Fund at Fidelity International, a global investment house with over $1 trillion under management. Kate's investment approach focused on finding attractively valued companies with strong competitive positions and management teams. After stepping down from Fidelity, Kate now focuses on governance and advisory roles, including at Boston Consulting Group, and remains a sought-after business commentator in Australia. Join us as we ask Kate how she became a portfolio manager, how her investment approach evolved, why she's optimistic about Australia's outlook, why more women should pursue careers in financial services, and how to cut the noise and see the signals needed for investing success.

Inflation, the invisible thief, reduces the purchasing power of your money. As the cost of living increases over time, it can be a challenge to preserve the value of your savings. To address this, NZ Funds maintains the Inflation Category, a portfolio series with investments specifically selected for their ability to grow earnings above inflation over the long run. This includes global and domestic investments across infrastructure, utilities and property. This week Mark Brooks, Chief Investment Officer, and Casey Keiper, Portfolio Manager, at NZ Funds will join Stephan Clark for a deep dive into the Inflation Category. They will discuss the role of inflation assets and defensive shares in a well-constructed diversified portfolio, explain how NZ Funds invests to mitigate the impact of inflation, and share case studies from NZ Funds' Inflation Category. Join us for this insightful discussion on a topic front of mind for investors over recent years.

With over 500,000 small and medium-sized enterprises (SMEs) in New Zealand, business owners eventually face the question of selling to a third party or passing the torch to a family member. Both options come with their own set of dramatic challenges and potential for great success. This week we join with leading experts for a panel discussion exploring the key factors SME business owners should consider when planning for succession. Our experts will discuss how to prepare a business for handover, run a successful process, obtain the right advice and bank support, appropriately value a business, and effectively manage the proceeds for the future. Join us for this engaging discussion at a time when we are starting to see more businesses transferring to the next generation.

Financial markets often have forces pulling prices in different directions, yet there are times when they move in unison. Investors who respond to changes early and actively position their portfolio can profit from these movements. This week we discuss four market themes that are top of mind for global investors with Mark Brooks, Chief Investment Officer at NZ Funds. We ask why the outlook for hard commodities is increasingly favourable, especially for copper? What positive steps is the Chinese Government exploring to tackle its property issues and sluggish economy? Why United States-based companies increasing their capital expenditure is a sign of optimism? And why is business activity in New Zealand even weaker than the headlines suggest?

Founder and Chief Investment Officer of the NASDAQ-listed Spear Alpha ETF (SPRX), Ivana Delevska built her career investing in technology companies. With experience at hedge funds like Citadel, Millennium and Tiger Management, Ivana is a sought-after speaker on tech-related topics and is often seen on Bloomberg TV. In this week's Monday Call, we discussed the ever-changing AI landscape, a driving force behind the strength of the United States share market. We will hear about the leading companies and the factors propelling their success. We also tackled questions on the risks of investing in AI and ask where the next wave of innovation may emerge. Join us to gain valuable insights on this fast-moving topic.

The accounting profession plays a critical role in the New Zealand economy by providing transparent financial reporting, audits, tax compliance and advice. However, the accounting sector is undergoing profound change, driven by new technologies, shifting regulations, growing complexity and evolving client demands. This week we explore this dynamic sector with special guests Matt Vincent, Scott Mason and Andrea Waters. We will discuss the underlying trends fuelling the changes, examine the opportunities new technologies offer, and explore how societal expectations have moved, among other topics

2024 started strongly for major share markets, with the S&P 500, Nikkei 225, and EuroStoxx 50 all posting double-digit returns in the first quarter. Rising commodity prices point to ongoing global growth. Although inflation is persisting more than central banks would like, it is trending down, which is fostering optimism about interest rate cuts. Mark Brooks, Chief Investment Officer at NZ Funds, and Stephan Clark, Chief Client Officer, discuss how NZ Funds is positioning client portfolios to capture the opportunities while managing the risks of today's dynamic environment and why New Zealand remains an important part of a diversified portfolio.

After a period of summer optimism, the New Zealand economy continues to bounce along in a lull as higher interest rates bite, but there are signs of improvement. Our guest this week is Stephen Toplis, Head of Research in BNZ's Markets Division. Stephen provides economic and political insights at one of New Zealand's largest banks and is routinely at the front line of corporate decision-making.

This week we are joined by Gary Paulin, Head of Global Strategic Solutions at Northern Trust, one of the largest banking institutions in America. Northern Trust caters to institutional investors, large corporations and ultra-high net worth individuals and has over $2 trillion in assets under management and $20 trillion under custody.

The residential housing market looks to be turning a corner after a longer period of sluggishness. Market forces are tugging in different directions. On the one front, low levels of new builds and surging population growth are pushing upwards on prices, while on the other, higher interest rates and continued unaffordability are applying the brakes. This week, we make sense of the data with Nick Goodall, Head of Research at Core Logic. Will property prices take off again? Has housing affordability improved? Is it investors re-entering the market? And what new policies do the Reserve Bank and the new Government have planned? Join us to find out from one of New Zealand's most prominent property experts.

What will the year bring for investment markets?

Kieran talks about 
the valuable lessons learned as captain, goal-setting and team support in achieving long-term objectives.

NZ Funds discuss five key reasons giving confidence that financial markets are set to resume their upward march, sooner rather than later. Accurate as at 13 November 2023. Past performance is 
not necessarily an indicator of future returns.

Kiwibank's Chief Economist Jarrod Kerr discusses the current economic data, including the recent inflation print. Accurate as at 30 October 2023. Past performance is not necessarily an indicator of future returns.

On this episode of the Monday Call we speak with Mike Frith, Chief Economist at the NZ Super Fund. Accurate as at 16 October 2023. Past performance is not necessarily an indicator of future returns.

Mark Brooks and Stephan Clark discuss different asset classes and how a diversified portfolio over time outplays single assets. Accurate as at 2 October 2023. Past performance is not necessarily an indicator of future returns.

We discuss the current environment with James Grigor, Partner at Syzygy Investment Advisory and alumni of NZ Funds. Accurate as at 18 Sep 2023. Past performance 
is not necessarily an indicator of future returns.

Mike joins us for a conversation on supporting one another and leading a positive and productive life, both in our homes and at work. — Where to find help and support:Need to Talk? Call or text 1737Lifeline: 0800 543 354 or (09) 5222 999 within AucklandYouthline: 0800 376 633, text 234, email talk@youthline.co.nz or online chatSamaritans: 0800 726 666Depression Helpline: 0800 111 757Suicide Crisis Helpline: 0508 828 865 (0508 TAUTOKO)

Mark Brooks, Casey Keiper and Stephan Clark dig into some of NZ Funds' largest local investments. Accurate as at 29 August 2023. Past performance is not necessarily an indicator of future returns.

Reinier discusses semiconductors, Nvidia's market position, and why AI can be likened to a bullwhip. Accurate as at 7 August 2023. Past performance is not necessarily an indicator of future returns.

Mark Brooks & Stephan Clark make sense of the current economic data and discuss how NZ Funds is positioning client portfolios. Accurate as at 24 July 2023. Past performance is not necessarily an indicator of future returns.

We're joined by Nigel Latta for a discussion about preparing for retirement, how best to set goals and strategies to prioritise what truly matters.

We speak to Michael Hanson from US-based Fisher Investments on the potential investment opportunities of AI. Accurate as at 26 June 2023. Past performance is not necessarily an indicator of future returns.

We discuss interest rates and inflation, PIEs and how investors are using the NZ Funds Cash Portfolio to deploy their capital. Accurate as at 12 June 2023. Past performance is not necessarily an indicator of future returns.

Theresa and Angela speak to us about how they're driving positive change & empowering women through the Gattung Foundation.

We talk to Aaron Anderson, Senior Vice President of Research at U.S. based Fisher Investments about 
key market topics. Accurate as at 5 May 2023. Past performance 
is not necessarily an indicator of future returns.

The NZ Funds Private Wealth team share key facts about KiwiSaver and discuss why savings are so important. Accurate as at 24 April 2023. Past performance is not necessarily an indicator of future returns.

We talk to the F&P Healthcare CEO about his 40-year career and what's been fundamental to the company's success.

Andrew Curtayne examines the long-term returns that investors have seen in global markets. Accurate as at 13 March 2023. Past performance is not necessarily an indicator of future returns.

We talk to Phillip about resilience and building a successful international business while keeping roots firmly in NZ.

Our Investment Team discuss the outlook and opportunities for the year ahead. Accurate as at 13 Feb 2023. Past performance is not necessarily an indicator of future returns.