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Forsyth Barr Global Equities Fund

The fund aims to achieve positive long-term returns by investing in selected international shares, subject to the risks associated with investments in international share markets.

Unit Price

AS AT 27 Oct 2020

1.5688 NZD

Buy/sell spreads may apply when transacting. There are currently none.

Month End Unit Price

As at 30 Sep 2020

1.5894 NZD

Manager's Comment

The Global Equities Fund performed well over the September quarter achieving a gross fund return of 6.42%, and was ahead of its benchmark.  Over the 12 months ending 30 September 2020 the fund achieved a gross return of 16.97%, which was 9.72% ahead of its benchmark.  The strong performance has been achieved despite holding relatively high cash holdings of around 10% for most of 2020.

Over the September quarter the main sources of both positive return contributions and outperformance were the following sectors:

  • Consumer Discretionary: In May we made a strategic move to increase our weightings towards consumer discretionary stocks, introducing new investments in Kering (Gucci), Starbucks and Adidas, which together with the existing holdings in Amazon, Nike, Alibaba and LVMH performed strongly as a group over the September quarter.
  • Information Technology. IT stocks have been amongst the best performers over 2020, and this continued in the September quarter. The best contributors within the IT sector were: Apple, Nvidia, Salesforce and TravelSky. Over the September quarter we broadened our IT exposure, adding Fortinet, Qualcomm and Taiwan Semiconductor Manufacturing. We continue to see the IT stocks as beneficiaries of a post-COVID-19 world as these companies are well positioned to scale up revenue and earnings from companies undertaking digital transformations.

The magnitude and speed of the recovery in global equities has been extraordinary. Globally interest rates have converged towards zero and central banks, led by the US Federal Reserve, have signalled that low interest rates are here to stay as they openly target inflating domestic economies to combat the economic costs caused by the COVID-19 virus.  

Looking ahead, the fund plans to continue to evaluate investments that meet our “value-for-risk” criteria, targeting stocks we believe have enduring above average earnings growth prospects. In the current investment environment, we continue to favour a growth bias, which is why we plan to stick with our strategy of owning global leading companies in the Information Technology, Healthcare and Consumer sectors. In addition to adding the above mentioned Consumer Discretionary and IT stocks, the fund also added two Industrial companies (Deere & Co and Schneider Electric), which we believe will reap substantial financial benefits from the investment they have made transitioning their operations through developing new technologies and innovative products.

We actively manage the fund’s foreign currency exposures. As at 30 September 2020, these exposures represented 95.01% of the value of the fund. After allowing for foreign currency hedges in place, 77.01% of the value of the fund was unhedged and exposed to foreign currency risk.

Major Investments

As at 30 Sep 2020

Company name Volume
ANZ transactional bank account 4.99%
NIKE, Inc. 4.73%
Alphabet Inc Class A 4.65%
Comcast Corp Class A 4.49%
Takeda Pharmaceutical Co Limited 4.27%
Apple Inc. 3.88%
Visa Inc.- Class A Shares 3.59%, Inc. 3.51%
LVMH Moet Hennessy- Louis Vuitton 3.24%
Medtronic Inc. 3.17%
Major holdings as % of total portfolio 40.53%
Total portfolio holdings 50

Performance over time

Return Comparison

As at 30 Sep 2020

1 Month 3 Months 1 Year 3 Years* Since commenced operation*
Net Fund Return 1 Month -0.76% 3 Months 5.65% 1 Year 14.00% 3 Years* 10.53% Since commenced operation* 3.32%
Gross Fund Return 1 Month -0.67% 3 Months 6.42% 1 Year 16.97% 3 Years* 13.18% Since commenced operation* 5.02%
MSCI ACWI Net TR Index (0% hedged to the NZD) 1 Month -1.04% 3 Months 5.32% 1 Year 4.78% 3 Years* 10.36% Since commenced operation* 7.20%
MSCI ACWI Net TR Index (50% hedged to the NZD) 1 Month -1.88% 3 Months 6.16% 1 Year 7.25% 3 Years* 9.30% Since commenced operation* 8.42%
MSCI ACWI Net TR Index (100% hedged to the NZD) 1 Month -2.72% 3 Months 7.00% 1 Year 9.51% 3 Years* 8.03% Since commenced operation* 9.29%

The unit prices shown do not take into account any adjustment for PIE tax.

Net Fund Returns are calculated after deduction of fund charges, trading expenses and accrued tax for a New Zealand resident paying individual tax at the highest Prescribed Investor Rate (28%). Gross Fund Returns are calculated before deduction of taxes and fund charges but after deduction of trading expenses. Market index returns do not have any deductions for fund charges, trading expenses or tax.

Morningstar Performance

Morningstar, are a leading global provider of independent investment research that rank and report on Funds within New Zealand and Australia. View the latest Fund Report for the Global Equities Fund here.

Fund update

As at 30 September 2020

This document tells you how the Forsyth Barr Global Equities Fund has performed and what fees were charged. The document will help you to compare the fund with other funds.

General Fund Information

Risk indicator

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The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the relevant fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. The risk indicator is based on the returns data for the five years to 30 September 2020. See more information about the risks of investing in the Product Disclosure Statement.

Target investment mix

Cash and cash equivalents 10.00%
New Zealand fixed interest 0.00%
International fixed interest 0.00%
Australasian equities 0.00%
International equities 90.00%
Listed property 0.00%

Things to note

  • Manager: Forsyth Barr Investment Management Limited
  • Date the fund started: 26 June 2008
  • Tax status: Portfolio Investment Fund (PIE)
  • Minimum suggested investment time frame: At least five years
  • Benchmark: None
  • Currency: New Zealand dollars
  • View the Product Disclosure Statement for detailed information about this Fund and Forsyth Barr Investment Funds Scheme.


Annual fund charges are currently 1.53% of the net asset value of the fund (estimated), made up of our management fee (1.50% of the portion of the fund's assets that we invest directly or 0.50% of the portion of the fund's assets that we invest in other managed funds) and other annual fund charges (0.03%, estimated).

All fees and charges are quoted exclusive of GST.

Forsyth Barr Investment Management is the manager of the Investment Funds. The comments on this webpage do not take your personal circumstances into account. Before acting on this information, please contact your Forsyth Barr Authorised Financial Adviser. His or her disclosure statement is available on request and free of charge. Forsyth Barr Limited and its affiliates do not make any representation or warranty (express or implied) that this webpage is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this webpage. This webpage is not intended to be distributed or made available to any person in any jurisdiction where doing so would constitute a breach of any applicable laws or regulations.

© 2020 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser.

Get in touch

22 locations around New Zealand

To find out more about our Global Equities Fund, speak to one of our Investment Advisers. They will help you determine the role an Investment Fund can play in helping you achieve your goals.