Tēnā koutou and hello,

We are pleased to share the December Quarter 2025 edition of The Outlook, our quarterly update on the Trust Management PIE Funds and market developments.

Despite ongoing uncertainty from policy shifts, geopolitics, and market volatility, markets were generally positive towards the end of the year, driven in particular by strong capital gains from global share markets. The year also saw solid income returns from commercial property, providing a valuable offset to lower interest rates on bank term investments. You can read more about the markets and our views on the year ahead in The Outlook.

During the year, we made some targeted changes across the Funds to strengthen resilience and long-term return potential, including asset-allocation adjustments within the ESG Balanced Fund and the transition of the ESG International Bonds Fund to active management and strengthening of ESG and Impact through our partnership with global investment house Nuveen.

We were encouraged by our 2025 assessment under the UN-supported Principles for Responsible Investment, which remained well above global medians across all modules. Our report provides a good overview of the results from this year’s assessment. 

Thank you to our clients, partners, and stakeholders for your continued trust and support. If you would like to discuss our investment solutions, current market conditions, our would like to review your current investment governance arrangements, we would welcome the opportunity to connect.

Nāku iti nei, nā

Matthew Goldsack

General Manager - Investments