We are pleased to enclose our Autumn Update covering the period from January to March 2026.
While the previous 12 months delivered generally strong investment returns, the first quarter of 2026 started off on a weaker note, with many share markets finishing the quarter in negative territory. One of the key issues during the quarter was the new conflict in Iran which began on 28 February with coordinated airstrikes by both US and Israeli forces. These attacks resulted in sharply higher geopolitical uncertainty and an unwelcome increase in the global price of oil.
The lead article provides a brief overview of the quarter and touches on several themes, including - geopolitical tension versus subsequent market performance, comparing 2026 to the oil shock of the 1970’s, and more on artificial intelligence, US tariffs and the state of the New Zealand economy in the current global environment.
A more detailed summary of important asset class returns through the quarter, and over longer time horizons, is covered in the key market movements section.
In the feature article, we outline the obvious difficulty identifying (in advance) the best global share market from year to year, and why there are several good reasons for maintaining a strategic allocation to New Zealand shares.
As always, we hope that 2026 turns out to be another rewarding year, and we look forward to continuing to update you with the progress of investment markets in the coming months.
Please view the commentary here
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