The Monday Call

As the third quarter draws to a close, we look back on the perspectives we shared at mid-year. We were right to remain confident: growth prospects for 2025 have continued to propel markets higher, and our outlook stays positive for the rest of the year.
Many of the same drivers remain in play. In New Zealand, interest rates and dairy prices should eventually help pull the economy out of the doldrums, and the share market has already been trading stronger in the second half. Globally, despite the United States dominating headlines for geopolitical reasons, the economy remains resilient and share markets are reflecting that.
So how should we think about positioning for continued headline-grabbing volatility while holding a constructive view on markets? Are there alternative assets we can invest in? And, remembering that while markets don’t repeat, they do rhyme, what can history teach us about what comes next? Mark Brooks, Chief Investment Officer at NZ Funds, joins us to discuss these questions as another wet New Zealand spring arrives in full bloom.

What happens when a leading Silicon Valley investor turns his focus to New Zealand? Rob Coneybeer, Co-Founder of Shasta Ventures, has backed global successes like Nest, Dollar Shave Club, Canva and Anaplan. Now he’s bringing that experience and perspective here, exploring how New Zealand can better attract talent, capital and opportunity.The new Active Investor Plus visa is opening doors for international investors and operators. But capital alone isn’t enough - real success depends on connecting people with the right skills, building strong networks, and creating supportive frameworks, including tax, to grow a thriving ecosystem.Join us as we explore why New Zealand is an attractive place to grow a business and how the country can strengthen its competitive edge, and learn about Kiwi companies pushing to make their mark globally. For business owners and investors alike, this is a valuable chance to hear directly from someone who has scaled world-class companies and understands what it takes on the global stage.

Diversification doesn’t mean what it used to. In a world where the old 60/40 equity-bond model is breaking down, investors must rethink how they construct portfolios. NZ Funds’ latest research shows how overlays in gold, copper, Bitcoin, and tail-risk hedging can reshape outcomes and boost returns while controlling systemic risk.

This week, we'll take a dive inside NZ Funds' recent Portfolio Optimisation Paper. From gold’s role as a diversifier, to multi-asset overlays that incorporate Bitcoin, to Universa’s tail-risk strategies, they explore how modern portfolio construction goes beyond bonds to achieve resilience in uncertain times.

Markets today demand more dynamic thinking. The data shows that with the right overlays, investors can earn higher compounded returns while keeping risks in check. Join James and Stephan as they break down the next evolution in portfolio optimisation.

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The presentation referenced in this video can be downloaded here - www.nzfunds.co.nz/emailarticles/monday_call/NZ_Funds_Knowledge_Series--Portfolio_Optimisation_Paper_July_2025.pdf

“Anyone who says they are an AI expert is lying!” In a world of rapid technological change, developments move so fast that it’s difficult for anyone to keep up. How do we navigate the complexities of AI and learn about it? Understanding these forces is essential for investors, businesses, and individuals alike. Craig Fenton is the founder of Fenton Innovation, an agency specialising in AI-driven automation solutions. Previously CEO of New Zealand Rugby Commercial and before that a Google veteran where he led Strategy and Operations for its business in the UK, Craig’s technology journey began at consultancy Accenture where he served as a Partner for 16 years.“Having grown up in splendid isolation at the bottom of the world, pre-internet, everything we take for granted today is still like magic to me...” Join us for an exclusive session with a seasoned technology leader, entrepreneur, and investor.

Inflation might not seem like an everyday threat, but over time, it can significantly impact your financial well-being. As prices rise steadily, the value of your savings and income can diminish, making it more challenging to save, spend, and plan for the future.

In this week's Monday Call, we’ll take a deep dive into the Inflation Category. NZ Funds uniquely offers a dedicated category specifically designed to fight inflation. These assets have the potential to grow earnings at a pace faster than inflation, helping preserve and even increase your purchasing power over time.

It’s essential to think in terms of decades rather than just years when planning your financial future. Join us as we explore these innovative strategies— part of all NZ Funds’ diversified portfolios—and identify the key assets that can help safeguard your wealth against the long-term effects of inflation.

Please download the presentation associated with this week's Monday Call by copying and pasting this link -- https://www.nzfunds.co.nz/emailarticles/monday_call/NZ_Funds_The_Monday_Call_Inflation_Category_Review_July_2025.pdf

What happens when the rules of value change? From the rise of blockchain to tokenised assets, a quiet revolution is reshaping everything from money to markets. As systems evolve, questions around trust, ownership and coordination matter more than ever for investors, institutions and governments navigating today’s fast-changing economic landscape.

We’re joined on this Monday Call by Distinguished Professor Jason Potts, one of the world’s leading thinkers on institutional economics and innovation. Based at RMIT University in Melbourne, Jason leads the Blockchain Innovation Hub, is a Fellow of the Academy of Social Sciences in Australia, and co-edits the Journal of Institutional Economics. His work spans blockchain, creative fields and economic change.

We explore the future of value, the role of digital assets in society, how blockchain can support transparency and trust, and what it means for investors and policy makers in New Zealand and beyond. Whether you're crypto-curious, intrigued by changing property rights, or keen to understand the impact of decentralised tech, this session offers sharp insight into where the world is heading.

Global forces are driving significant structural changes to the economy, creating challenges and opportunities. While tariffs and geopolitical tensions add uncertainty, we remain confident about growth prospects for 2025. A key reason for this optimism is that the changes are neither purely tariff-related nor purely negative. Three positive changes are easing banking regulation, new Crypto regulations, and the AI compute cycle.

We are particularly positive about New Zealand’s outlook, supported by strong global demand for dairy, lower interest rates, and attractive market valuations, making it an appealing investment destination for a patient investor in this evolving environment. Outside of the farming sector, the local economic recovery is slow to emerge but the signs show that there is an underlying recovery happening.

In the United States, the current economic setup is proving more robust than expected and this is supporting market performance. Equally, Europe and China have overdelivered relative to the downbeat sentiment. While tariff-related disruptions and corporate caution may temper growth, we believe corporate earnings will remain resilient. Overall, we see continued opportunities despite these structural shifts.

This week, Mark Brooks, Chief Investment Officer at NZ Funds, joins us to review the first half of 2025 and discuss what might lie ahead for the remainder of the year.

New Zealand’s tech sector has produced major success stories, and Rowan Simpson has been behind many of them. As a founding team member of Trade Me and Xero, and an investor in firms like Vend and Timely, Rowan has helped shape a generation of Kiwi innovation. He shares the lessons learned in his new book, How to Be Wrong – A Crash Course in Start Up Success.

Rowan was Trade Me’s third employee and helped grow it into a national icon. He then became a pre-IPO investor and executive at Xero, now one of New Zealand’s most successful global tech companies with millions of subscribers. These experiences gave him firsthand insight into the messy reality of scaling a business.

Rowan joins us this week to discuss the mindset behind his success, share stories from the front lines, and inspire founders and business owners. From choosing the right team to scaling with confidence, Rowan brings a unique blend of optimism and clarity. If you are involved in building a business – or backing someone who is – this is a must-listen episode.

Economic and political tides are shifting. Australia’s new government is tackling low growth and rising fiscal pressure head-on, as New Zealand tries to ignite a sluggish economy. Meanwhile, trade tensions keep challenging global stability but also open new doors for business.

This week we’re joined by Professor Richard Holden, Chief Economist at CA ANZ and one of Australasia’s strongest economic voices. A UNSW Professor, Harvard PhD, and Member of the Order of Australia, Richard is known for his bold views on how policy, geopolitics and markets are shaping our region’s future.

For investors, business owners and advisers, these shifts matter. What new opportunities will emerge? Which sectors will face headwinds or tailwinds? And how can business seize growth in an uncertain but promising landscape? Join us on the Monday Call to hear Professor Holden’s insights.

The last three months have been packed with headlines and market moves: shares dropped sharply before bouncing back, Bitcoin hit new highs, and government fiscal positions – including New Zealand’s Budget – came into focus. While volatility may remain elevated, we continue to have confidence in the long-term outlook.

What sparked the sharp market swings and the strong rebound? How did NZ Funds adjust its client portfolios, and where are they positioned now? Why is Bitcoin on such a tear, and what impact will the Budget have for investors in New Zealand?

Mark Brooks, Chief Investment Officer at NZ Funds, joins us to unpack these questions and share expert insights. Enkoy this Monday Call to gain clarity and confidence about investing in today’s dynamic market environment.