Trust Investments has released the Q2 2026 Outlook Report, covering a quarter in which investors were rewarded for maintaining a long-term perspective despite ongoing market uncertainty.

Global and domestic markets rebounded strongly over the three months to 30 June 2026, supported by resilient corporate earnings, easing inflation concerns, lower bond yields and improving investor sentiment. Positive returns were recorded across all Trust Management PIE Funds, highlighting the benefits of diversification during changing market conditions.

The Trust Management ESG Balanced Fund returned 5.0% for the quarter, while the Trust Management Property Fund continued to benefit from stable income, high occupancy and improving confidence across key commercial property sectors. Global equities delivered particularly strong returns as investors looked through short-term volatility and focused on underlying economic and corporate fundamentals.

We are also pleased to announce the appointment of Devon Funds Management as the new investment manager of the Trust Management ESG Australasian Share Fund, effective 7 July 2026, following a comprehensive review process.

In this quarter's Outlook, we cover:

• Strong returns across shares, bonds and commercial property
• How diversification supported portfolios through a volatile market environment
• The appointment of Devon Funds Management as manager of the ESG Australasian Share Fund
• Key developments across the Trust Management PIE Funds
• Insights from the RIAA Conference on the future of responsible investment, including stewardship, nature, AI and sustainability disclosure

If you're a not-for-profit, charity, church, iwi organisation, trustee or adviser looking for practical insights into markets and long-term investing, we invite you to explore the full report.

For organisations with long-term investment horizons, understanding market developments is only one part of effective governance. Our quarterly Outlook is designed to support trustees and decision-makers by combining market commentary, fund updates, and insights into ethical and responsible investment practices that can help strengthen long-term investment outcomes.