Trust Investments has released the Q1 2026 Outlook Report, covering a quarter marked by heightened volatility and uncertainty across global markets.

Despite a volatile quarter, with weakness seen across listed equities and bonds, the Trust Management Property Fund delivered resilient, income-driven returns. For investors in the Trust Management Balanced Fund, the solid performance of real assets during uncertain times illustrates the benefit holding both listed assets and carefully curated unlisted real assets within a diversified portfolio.

We also made meaningful progress in our ethical investment work, including supporting sector capability building through RIAA and Te Ao Māori initiatives.

In this quarter’s Outlook, we cover:

• Positive performance and continued recovery in New Zealand commercial property
• How diversification helped cushion returns during a volatile quarter
• Key developments across global equities, bonds, and the Trust Management PIE Funds
• Insights from our ethical investment work and client engagement

If you’re a not-for-profit, trustee, adviser, or sector leader looking for clear, practical insights on what shaped markets - and what it means for longterm investment outcomes - we invite you to explore the full report.

For not-for-profits, charities, faith-based organisations, and institutional investors with long-term mandates, understanding these market dynamics is essential for effective governance and portfolio oversight. Our analysis is designed to support informed decision-making by combining technical market insights with practical considerations for diversified, ethically aligned investment strategies.