Fund watch
How has each SIL fund performed?
| SIL Mutual Scheme Performance as at 31 March 2025 |
3 months (%) |
1 year (%) |
3 years (% p.a.) |
5 years (% p.a.) |
10 years (% p.a.) |
| SIL Cash Plus Fund | 1.02% | 5.15% | 4.55% | 2.91% | 2.51% |
| SIL Balanced Plus Fund | -1.60% | 3.11% | 2.90% | 7.53% | 6.12% |
| SIL New Zealand Fixed Interest Fund | 0.63% | 5.64% | 2.40% | 0.32% | 2.25% |
| SIL New Zealand Share Fund | -6.47% | 1.35% | 0.37% | 4.14% | 7.45% |
| SIL International Share Fund | -3.24% | 5.38% | 9.19% | 12.68% | 10.65% |
Performance is after annual fund charges and before tax.
It was a challenging quarter for US equity markets, which ended lower weighed down by US President Donald Trump’s trade policies, which include new tariffs on imports from China, on-again, off-again tariffs on Mexico and Canada, and the threat of retaliatory tariffs on many of its trading partners. The technology sector was hit the hardest as it also dealt with concerns about new AI developments and their impact on the sector. For the quarter, the S&P 500 Index fell 4.3%, while the Nasdaq 100 Index dropped 10.3%.
European equity markets showed resilience, however, with the Euro Stoxx 50 Index up a solid 7.5% and the UK’s FTSE 100 Index gaining 6.1%. Both regions benefitted from a continuation of interest rate cuts. In Asia, Japan’s Nikkei 225 Index was down 9.9% amid worries about US tariffs and their economic implications, while China’s Shanghai Composite Index fell only 0.2%.
Against the backdrop of a volatile quarter for global equity markets, the SIL International Share Fund fell 3.24%.
The NZX 50 Index saw a decline of 6.4% over the quarter, underperforming several of its overseas counterparts. The market was dragged down by large caps, while mid and small cap stocks outperformed. The poor quarter for New Zealand equities saw the SIL New Zealand Share Fund fall 6.47%.
During the quarter, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 50 basis points, responding to a prolonged period of sluggish growth and falling inflation. Meanwhile, in economic data, the unemployment rate jumped to 5.1%, up from 4.8%, while GDP expanded by 0.7% in the final quarter of 2024, helped by primary industries, retail trade, transport and accommodation.
New Zealand bonds had a better quarter, responding to the relatively sluggish economic outlook, while a good quarter for bonds in the US also provided support for domestic bonds. Against this backdrop, the SIL New Zealand Fixed Interest Fund rose 0.63%.
Elsewhere cash investment delivered steady returns, with the SIL Cash Plus Fund up 1.02%, while the SIL Balanced Plus Fund – which has around 65% of its holdings in growth investments and the remaining 35% in income investments – fell 1.60% 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 the investment and administration manager. 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.