Welcome to your December update
Dear investor, welcome to the SBS Wealth Investment Funds Investor Update for December 2025. Below you will find the latest performance data and market commentary from your SBS Wealth Investment Management Team.
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Performance data
Performance as at 30 November 2025.
| Strategy | 1M | 3M | 1Y |
| High Growth Strategy | 0.04% | 5.64% | 10.98% |
| Growth Strategy | -0.03% | 4.75% | 9.60% |
| Balanced Strategy | -0.09% | 3.86% | 8.17% |
| Conservative Strategy | -0.19% | 2.50% | 5.92% |
| Portfolio | 1M | 1Y | 5Y pa |
| World Equity Portfolio | 0.48% | 13.92% | 12.71% |
| Australasian Equity Portfolio | -1.30% | 2.33% | 3.33% |
| World Bond Portfolio | 0.01% | 2.78% | -0.06% |
| New Zealand Bond Portfolio | -0.77% | 5.56% | 1.30% |
Performance is shown after fees and before tax. For more information about how performance is calculated and more performance periods, click here.
Market update
What happened in the markets
November saw volatility across global markets and shifting expectations for central bank policies. Diversification was the best strategy to follow.
Healthcare was the standout sector for global equities during November, up 9% in the US. Several larger companies posted positive trial findings and better third-quarter results than expected.
This was backed up by Communication Services up 6% (helped by a good return from mega weight Alphabet, which is now the world’s 3rd most valuable company, and proving a winner in the AI space), and the defensive sector Consumer Staples, up 4%. These returns offset a pause in the IT sector, which after six months of charging along fell around 4% during November. There were concerns about AI-linked valuations and the levels of economic growth in Europe and Asia.
Global bond markets were mixed in November. US corporate credit performed well, but interest premiums widened versus Treasuries. The Treasury yield curve steepened as yields in shorter maturities fell while the long end remained stable upon consensus that the central banks are nearing the end of the rate reductions.
Domestically the Reserve Bank continued cutting the OCR, down another 0.25% to 2.25%. Indications were signalled that we could be now closer to the bottom and the next cut may not be until early 2026. These indications were not taken too positively by the share market, which fell 0.4% during the month. Across the ditch the Australian share market was even worse, down almost 3%.
What happened in our Funds
The World Equity Fund returned 0.48% for November. While the AI-related investments took a backward step last month (after six positive months), other sectors like Healthcare, Communication Services and Consumer Staples stood up. These returns from previously underperforming sectors helps demonstrate the benefits of diversification.
Top performers within the Fund during November were Eli Lilly +26.4%, Roche +18.4% (lifted by optimism over an experimental breast cancer pill and encouraging trial results), Alphabet +14.2%, AstraZeneca +11.7%, Johnson & Johnson +10% (favourable clinical trials findings for its multiple myeloma therapy), and Walmart +9%.
The Australasian Equity Fund returned -1.30% for November. An unexpected rise in core inflation in October has diminished prospects for near-term RBA cuts. This news is not good for interest rate sensitive sectors like Australian financial sector and IT stocks, thus several of them suffered large losses in November (Xero –15.7%, CBA –10.9%, Macquarie –8.6%). Within New Zealand results were slightly better. Mainfreight was up +11.5%, and Summerset Group +8.2%.
The World Bond Fund was flat for November, returning +0.01%, with interest from the underlying holdings offsetting a slight increase in longer dated interest rates. The New Zealand Bond Fund returned –0.77% for November. Even though the RBNZ reduced the OCR by 0.25%, the hawkish delivery sent two-year yields up nearly 30bp and the New Zealand Dollar 2% north.
