1 00:00:00,040 --> 00:00:02,400 Speaker 1: Jeremy Hutson, Milford ACIDT Management is with me. 2 00:00:02,400 --> 00:00:04,720 Speaker 2: Hey, Jeremy, Good evening, Heather. 3 00:00:05,040 --> 00:00:08,119 Speaker 1: So halfway through the year already flies by, so it's 4 00:00:08,160 --> 00:00:09,800 Speaker 1: probably a good time to check in on the global 5 00:00:09,800 --> 00:00:12,039 Speaker 1: share markets. How are our investments going so far? 6 00:00:13,920 --> 00:00:16,400 Speaker 2: Yeah, in twenty twenty five, at at a headline level, 7 00:00:16,400 --> 00:00:18,919 Speaker 2: you'd look at some of the key global markets yet 8 00:00:18,960 --> 00:00:21,840 Speaker 2: to date, you've got the SMP five hundred that's up 9 00:00:21,920 --> 00:00:25,640 Speaker 2: five percent, the tech Focus Nasdaq that's up seven, the 10 00:00:25,720 --> 00:00:28,360 Speaker 2: Aussie two hundred that's up five And you take some 11 00:00:28,400 --> 00:00:31,040 Speaker 2: of that performance and you say those are half decent returns, 12 00:00:31,080 --> 00:00:33,320 Speaker 2: and in a normal year after six months you'd be 13 00:00:33,360 --> 00:00:35,960 Speaker 2: pretty happy. But of course, if you look more into 14 00:00:35,960 --> 00:00:38,519 Speaker 2: the detail, there has been a lot of news and 15 00:00:38,560 --> 00:00:41,200 Speaker 2: a lot of noise out there, and this was led 16 00:00:41,360 --> 00:00:44,800 Speaker 2: effectively by the fifteen the nineteen percent four in the 17 00:00:44,840 --> 00:00:49,320 Speaker 2: SMP five hundred post Trump's Liberation Day. But despite this, 18 00:00:49,440 --> 00:00:53,800 Speaker 2: and despite the ongoing trade tensions, high tariffs, Middle Eastern conflict, 19 00:00:54,680 --> 00:00:58,320 Speaker 2: there's been a subsequent incredible twenty four percent rebound back 20 00:00:58,520 --> 00:01:01,280 Speaker 2: in the SMP five hundred, back to record market highs. 21 00:01:02,400 --> 00:01:04,399 Speaker 2: So a few comments i'd make you know investors have 22 00:01:04,440 --> 00:01:07,800 Speaker 2: become very accustomed to buying the dip in this post 23 00:01:07,800 --> 00:01:11,040 Speaker 2: COVID world, and that strategy seems to have worked again here. 24 00:01:11,600 --> 00:01:14,880 Speaker 2: And then finally, you know, staying calm, sticking to your strategy, 25 00:01:14,959 --> 00:01:17,800 Speaker 2: not panicking and selling at the wrong time has also 26 00:01:17,840 --> 00:01:19,560 Speaker 2: proven to be a good strategy here again. 27 00:01:20,040 --> 00:01:21,880 Speaker 1: But so, what's going on with the local market, because 28 00:01:21,880 --> 00:01:22,680 Speaker 1: it's been lagging. 29 00:01:24,120 --> 00:01:27,440 Speaker 2: Yeah, correct, the injet X fifty that's down to zero 30 00:01:27,480 --> 00:01:29,639 Speaker 2: point two percent year to date, so it is lagging 31 00:01:29,640 --> 00:01:32,280 Speaker 2: the key pairs who are up around five As mentioned earlier, 32 00:01:33,040 --> 00:01:35,800 Speaker 2: the inst X that did full two post liberation day 33 00:01:35,880 --> 00:01:39,959 Speaker 2: down nine percent through April and May, and our market 34 00:01:40,040 --> 00:01:42,679 Speaker 2: does tend not to have the same size moves or 35 00:01:42,760 --> 00:01:45,920 Speaker 2: volatility as global markets, just given the makeup of some 36 00:01:45,959 --> 00:01:48,800 Speaker 2: of the companies in our index. The inzd X has 37 00:01:48,840 --> 00:01:51,840 Speaker 2: bounced back a little bit, but it hasn't quite recovered 38 00:01:51,840 --> 00:01:55,280 Speaker 2: all the losses from that fall, unlike global markets which 39 00:01:55,280 --> 00:01:56,160 Speaker 2: have fully recovered. 40 00:01:57,000 --> 00:01:59,560 Speaker 1: So tell me what's been leading the inzt X so far. 41 00:02:01,280 --> 00:02:03,600 Speaker 2: Interestingly, there is there is a common theme so far 42 00:02:03,640 --> 00:02:06,000 Speaker 2: this year. Some of the food and agri names have 43 00:02:05,760 --> 00:02:09,680 Speaker 2: been really strong and leading the charts. This year, so 44 00:02:09,800 --> 00:02:11,919 Speaker 2: A two milk that's the current leader on the NSI 45 00:02:12,200 --> 00:02:16,400 Speaker 2: X infant formula into China that's up thirty seven percent 46 00:02:16,919 --> 00:02:19,320 Speaker 2: after a very strong result in February. They'll have some 47 00:02:19,440 --> 00:02:23,079 Speaker 2: updated numbers in August two which will be widely followed. 48 00:02:23,720 --> 00:02:26,720 Speaker 2: Fishing business Sanford that's up thirty six percent yet to date. 49 00:02:26,880 --> 00:02:30,000 Speaker 2: The new CEO there, David Mayer, that he's working wonders already, 50 00:02:30,639 --> 00:02:34,160 Speaker 2: Fonterra as we know, Strong Dairy that's up twenty eight percent. 51 00:02:34,960 --> 00:02:38,240 Speaker 2: Scales that's apple and pet food business doing really well, 52 00:02:38,320 --> 00:02:42,120 Speaker 2: up twenty percent. And then finally Turner's Automotive that's up 53 00:02:42,160 --> 00:02:45,080 Speaker 2: twenty eight percent in twenty twenty five so far. That 54 00:02:45,240 --> 00:02:47,680 Speaker 2: so that's continuing. It's really strong past few years. 55 00:02:47,680 --> 00:02:48,960 Speaker 1: And what's not been doing so well. 56 00:02:50,520 --> 00:02:53,160 Speaker 2: Yeah, despite some of those winners above, it does depend 57 00:02:53,280 --> 00:02:56,440 Speaker 2: on their relative size in the index to see how 58 00:02:56,440 --> 00:02:59,160 Speaker 2: it impacts the market as a whole. And unfortunately we've 59 00:02:59,160 --> 00:03:02,639 Speaker 2: had some larger companies like Rhyme and Healthcare with its 60 00:03:02,639 --> 00:03:06,400 Speaker 2: big capital Rays that's down forty eight percent, sky City 61 00:03:06,440 --> 00:03:10,360 Speaker 2: down thirty eight percent, Spark down sixteen and Auckland Airport 62 00:03:10,400 --> 00:03:13,000 Speaker 2: down ten percent as well, and given there some of 63 00:03:13,000 --> 00:03:16,280 Speaker 2: our largest companies in the index Index. It does drag 64 00:03:16,360 --> 00:03:19,639 Speaker 2: the whole market down, but it does show that there 65 00:03:19,639 --> 00:03:22,079 Speaker 2: are always pockets of strength out there and always pockets 66 00:03:22,080 --> 00:03:23,240 Speaker 2: of weakness in every market. 67 00:03:23,520 --> 00:03:25,600 Speaker 1: Brilliant stuff, Jeremy, thanks for running us through to appreciate it. 68 00:03:25,680 --> 00:03:29,960 Speaker 1: Jeremy Hutton, Milford Asset Management. For more from Heather Duplessy 69 00:03:29,960 --> 00:03:32,799 Speaker 1: Allen Drive, listen live to news talks. It'd be from 70 00:03:32,880 --> 00:03:36,480 Speaker 1: four pm weekdays, or follow the podcast on iHeartRadio.