Fund watch
How has each SIL fund performed?
| SIL Mutual Scheme Performance as at 31 March 2024 |
3 months (%) |
1 year (%) |
3 years (% p.a.) |
5 years (% p.a.) |
10 years (% p.a.) |
| SIL Cash Plus Fund | 1.36% | 5.55% | 2.94% | 2.21% | 4.23% |
| SIL Balanced Plus Fund | 3.64% | 10.11% | 3.23% | 6.17% | 10.03% |
| SIL New Zealand Fixed Interest Fund | 0.16% | 3.52% | -1.73% | 0.14% | 6.93% |
| SIL New Zealand Share Fund | 2.70% | 1.55% | -1.49% | 4.35% | 9.38% |
| SIL International Share Fund | 10.47% | 19.94% | 8.95% | 12.01% | 6.60% |
Performance is after annual fund charges and before tax.
Global equity markets had a strong start to the year, driven in part by the ongoing artificial intelligence boom, which saw indices in most major markets reach new highs. In the US, the S&P 500 rose 10.6%, while the NASDAQ 100 was up 9.3%. The standout performer over the quarter though, was Japan’s Nikkei 225, which rose 21.5%, helped in part by a revitalisation of the local economy, which has been stuck in a deflationary period over the last decade. Against the backdrop of a good quarter for global equities, the SIL International Share Fund rose 10.47% over the quarter.
New Zealand equities were also higher over the quarter, but underperformed most global counterparts as economic data showed signs the domestic economy was slowing. Retail sales fell 1.9% during the final quarter of last year – the eighth consecutive fall for this data series, while Gross Domestic Product (GDP) data showed the economy entered a recession in the second half of 2023 (defined as two consecutive quarters of negative growth). Despite the underperformance relative to some overseas markets, the SIL New Zealand Share Fund delivered a 2.7% return over the quarter.
It wasn’t such a good quarter for bonds. Despite some weaker-than-expected economic data, bonds largely took their lead from offshore markets. Despite the weakness in domestic government bonds, the SIL New Zealand Fixed Interest Fund was able to deliver a positive return, rising 0.16% over the quarter. Meanwhile, cash continued to deliver stable and positive returns, with the SIL Cash Plus Fund up 1.36%.
Finally, the SIL Balanced Plus Fund has around 65% of its holdings in growth investments, such as international shares, with the remaining 35% in income investments. The fund returned 3.64% over the quarter.
This article has been prepared by ANZ New Zealand Investments Limited (‘ANZ Investments’) for information purposes only and it should not be treated as financial advice.
Superannuation Investments Limited is the issuer and manager of the SIL Mutual Scheme. ANZ Investments is not an authorised deposit taking institution (ADI) under Australian law and investments in the scheme aren't deposits in or liabilities of ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited, or their subsidiaries (together 'ANZ Group'). ANZ Group doesn’t stand behind or guarantee ANZ Investments. Investments in the scheme are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group won’t be liable to you for the capital value or performance of your investment.
Past performance does not indicate future performance, and performance can be negative as well as positive. This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product.
Investment and administration manager: ANZ New Zealand Investments Limited.