Investment Knowhow – June quarter 2026 in review.
Markets don’t move in a straight line. Some months are stronger, some are weaker, and often different parts of the world behave differently at the same time.
This quarter was a good example of that. Overall conditions were steady, with both New Zealand and global markets showing a mix of positives amid ongoing uncertainty.
Here’s a simple summary of what helped markets, and what we were watching.
What went well?
Global share markets held up well – International share markets generally performed positively over the quarter, supported by steady company earnings in major regions like the US and parts of Europe.
New Zealand shares remained relatively stable – The New Zealand share market was more mixed but broadly stable, with some companies performing well despite ongoing economic caution locally.
Fuel prices eased – While there is still uncertainty in the Middle East, fuel prices eased during the quarter, giving some much-needed relief to households.
Bond markets showed positive signs – The New Zealand bond market had a strong month in May, up around 3%, while global markets were up 2%.
Diversification helped balance outcomes – Different parts of portfolios performed differently across regions and asset types. Having investments spread across NZ and global shares, bonds, alternatives, and cash helped smooth overall returns.
What captured our attention?
New Zealand’s two speed economy – Agricultural exports remain strong, while many households and domestic businesses continue to face softer conditions.
Global growth uncertainty
While some regions are performing well, global growth remains uneven, with different countries experiencing different levels of momentum.
The direction of inflation is unclear
Although inflation in NZ did not rise as much as in previous quarters, the RBNZ held interest rates steady, until the outlook becomes clearer.
Geopolitical risks
Ongoing global tensions and political uncertainty continue to create short-term market volatility from time to time.
Concentration in global markets
A small number of very large global companies continue to have a big influence on overall market performance, which can increase short-term swings.
Market Commentary – Quarter Ended 30 June 2026
The June quarter was another reminder that markets are shaped by many moving parts. While global uncertainty and geopolitical tensions continued to appear in headlines, investment markets were generally resilient over the period. Many companies continued to deliver solid earnings, which helped support global share markets.
Inflation continued to ease in several major economies, including signs of improvement in New Zealand. This has helped improve confidence that the sharp increases in interest rates over recent years may be near their peak, with attention now shifting toward when they may begin to ease.
Closer to home, New Zealand’s economy remained subdued. Higher living costs and slower growth continued to affect households and businesses, although conditions appear to be gradually stabilising.
As in the past, markets move through periods of both optimism and uncertainty. Short-term movements can feel important, but they are only one part of the investment journey.
This quarter’s feature article explores a simple but important idea: the return you see is only part of the story.
What a return figure doesn’t show
When quarterly results are published, it’s natural to focus on the return. It’s the most visible (and measurable) number and often becomes the main way people compare investments.
But a return on its own does not tell the full story.
Behind every return is a set of decisions, what its invested in, how it is structured, and how much risk is taken along the way. Without that context, it is easy to miss what really matters over the long term.
Returns are the outcome, not the strategy
A return is the result of an investment approach over time. It does not show how smooth or volatile the journey was, or what had to happen along the way to achieve it.
For example, two investments can produce similar long-term returns but behave very differently in the short term. One may experience larger swings in value, while another may be more balanced and diversified, with steadier movements over time.
The experience behind the return matters just as much as the return itself.
What sits behind your investment
At Anglican Financial Care, your investments are designed with a focus on diversification, long-term resilience and values-based investments in line with our Ethical Investment Policy.
This means investing across a wide range of companies, sectors, countries, and asset classes. Rather than relying on a small number of investments, portfolios are built from over 200 holdings. This helps spread risk and reduce the impact of any single outcome. You can view the current investment holdings here.
Active management is also part of the process. Our investment team regularly reviews portfolios and adjusts when needed, based on changing market conditions and long-term opportunities. This is not about reacting to short-term movements but about maintaining a disciplined approach over time.
A key message
Investing is not just about chasing the highest return in any one period. It is about understanding how those returns are achieved, and whether the journey aligns with long-term goals and values.
Returns matter, but they are only one part of a much bigger picture.
To learn more about your investment with Anglican Financial Care, visit our website and if you are in Christian KiwiSaver Scheme you can view the Fund Fact Sheets.
Christian KiwiSaver Scheme Income Fund (Fact sheet) Refresh your screen after clicking on the link
Christian KiwiSaver Scheme Growth fund (Fact sheet) Refresh your screen after clicking on the link
Christian KiwiSaver Scheme Balanced Fund (Fact sheet) Refresh your screen after clicking on the link
The above information is for information purposes only and is not financial advice. Past returns are not a guarantee of future returns. We recommend you seek advice from a licensed financial advice provider when making decisions about your investments.
The New Zealand Anglican Church Pension Board trading as Anglican Financial Care are the manager and issuer of Christian KiwiSaver Scheme, The Retire Fund and The New Zealand Anglican Church Pension Fund. Product Disclosure Statements and Fund Updates are available on the Documents page of the AFC website Forms and Documents.