Tēnā koutou and hello,

We are pleased to share with you our June 2025 edition of The Outlook which provides insights into market developments and the performance of the Trust Management PIE Funds.

This edition reflects our refreshed identity. Trust Investments, the funds arm of Trust Management, now stands in its own right, with a renewed identity that speaks directly to our purpose:

Helping clients deliver meaningful returns through investing ethically.

We made a number of important changes to the management of the Trust Management PIE Funds Scheme (the “Scheme”) during the quarter impacting the administration functions of the Scheme.

On 1 July 2025, FundRock NZ Limited was appointed as the manager and issuer of the Scheme, with existing arrangements with Apex NZ Limited broadened to provide a wider range of administration services including accounting, and registry.

These partnerships enhance operational efficiency and free up capacity for us to focus more on client engagement and delivering long-term value.

In addition, we implemented some changes for the Trust Management ESG International Bond Fund. The Fund has transitioned from a passive strategy managed by BlackRock to an actively managed approach led by Nuveen, a global ESG fixed income specialist. This change is designed to improve performance while deepening alignment with investor values and delivering measurable impact. You can learn more about the fund by clicking here.

Finally, from a markets perspective, the June quarter was marked by heightened volatility - driven by Middle East tensions, renewed tariff and trade discussions, and broader market uncertainty. These conditions reinforce the importance of diversification and a disciplined, values-led investment approach. Our commentary contains more detail.

Thank you once again for your partnership and trust. We look forward to continuing to support our clients to make a meaningful difference in our communities and beyond.

Should you have any questions or wish to discuss your portfolio in more detail, we would love to hear from you.

Nāku iti nei, nā

Matthew Goldsack

General Manager - Investments