Tēnā koutou and hello,

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

The quarter delivered another period of strong returns across the Funds. While that’s encouraging, our commentary also highlights that risks remain elevated beneath the surface. Geopolitical tensions, central bank policy shifts, and changing investor sentiment all reinforce the importance of diversification and disciplined risk management.

Here in Aotearoa, the Reserve Bank’s series of OCR cuts marks an important turning point for investors. Lower rates can place pressure on short-term income, but lower rates also support the outlook for other asset classes, particularly real assets such as property. We talk more about this in our commentary.

We’ve also reached a key milestone with the relaunch of the Trust Management ESG International Bond Fund with Nuveen, a global leader in sustainable fixed income. This partnership positions the Fund to deliver stronger long-term outcomes and deepen alignment with our ethical investment principles.

Finally, as a founding signatory to the Aotearoa New Zealand Stewardship Code and a proud sponsor of the 2025 RIAA Conference, Trust Investments remains committed to responsible investment - helping investors in the Funds achieve meaningful returns with purpose.

Thank you for your continued partnership and trust. I hope you enjoy this latest edition of The Outlook. Please link in with me directly if you would like to discuss these issues more.

Nāku iti nei, nā

Matthew Goldsack

General Manager - Investments