NZ’s S&P/NZX50 Gross Index rose by a solid +2.0%. The best performers were Pushpay (PPH +12%) on strong offshore buying, Fletcher Building (FBU +9%) on confidence the housing market is stabilising and Spark (SPK +8%). The Fund marginally lagged its benchmark in January, returning +1.76.  The largest tailwind was the Fund’s sizeable overweight in Spark (SPK, +7.6%) that stood out in relative valuation and yield terms versus other “safe” dividend yielders such as property companies and the gentailers.

For more detail, the latest Salt NZ Dividend Appreciation Fund fact sheet can be found here.

The S&P/NZX All Real Estate Gross Index followed up a strong month in December with another solid month in January, advancing by +2.4%. There was a strong tailwind for the market thanks to NZ 10-year bond yields falling from 1.65% to 1.30% and such moves saw offshore property markets also perform strongly. The Fund lagged its benchmark in the month of January, returning +1.84%.  By far the strongest positive contribution to the Fund came from the moderate overweight in Augusta Capital (AUG, +31.3%) which surged on the bid from Centuria Capital at $2.00 per share.

For more detail, the latest Salt Enhanced Property Fund fact sheet can be found here.