October 2021 Fund Performance
Download the full performance report below.
This report contains a breakdown of the previous months overall top-performing funds and Index Funds. It also contains the most recent figures of the top-performing funds and Index Funds of the last 12 months.
The performance reports include all funds open to applications, on InvestNow, at the end of each calendar month. For information about funds held by InvestNow customers, that are no longer accepting applications, click here.
This report is aimed to provide an overview of recent short-term performance of the funds hosted on InvestNow. Please note, past performance is not a guarantee of future returns. Returns are after fees, before tax and denominated in NZD. Performance figures over 1 year are annualised.
For full historical fund performance data, please log in to your investor profile/account. If you don’t have an account with us yet, create your online account here – it only takes a few minutes to set up.
Performance summary – all funds
| Name | Category | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|---|---|---|
| Vault International Bitcoin Fund | Other | 38.65% | - | - | - | - | - | - |
| Lighthouse Global Equity Fund | International Equities | 8.75% | -0.55% | 8.83% | - | - | - | - |
| Nikko AM Global Shares Hedged Fund | International Equities | 5.68% | 2.75% | 5.14% | 36.10% | - | - | - |
| Vanguard International Shares Select Exclusions Index Fund (Hedged) - NZD Class | International Equities | 5.57% | 4.37% | 9.91% | 39.84% | 17.17% | - | - |
| AMP Capital Global Property Securities Fund | Listed Property | 5.45% | 2.84% | 11.03% | 39.58% | 11.57% | 9.04% | 10.54% |
| AMP Capital Core Hedged Global Shares Fund | International Equities | 5.14% | 2.89% | 5.42% | 34.59% | 13.90% | 11.70% | 12.53% |
| Pathfinder Global Responsibility Fund | International Equities | 4.54% | 3.57% | 9.98% | 33.61% | 16.10% | - | - |
| Milford Global Equity Fund | International Equities | 4.33% | 1.82% | 9.90% | 27.95% | 18.91% | 15.24% | - |
| Russell Investments Global Opportunities Fund $NZ Hedged Class B | International Equities | 3.85% | 2.01% | 5.36% | 37.64% | 14.13% | 12.75% | 12.21% |
| Russell Investments Hedged Global Shares Fund | International Equities | 3.82% | 1.92% | 5.15% | 37.15% | 13.90% | 12.57% | - |
| Fisher Funds Property & Infrastructure Fund | International Equities | 3.79% | 3.96% | 5.46% | 25.99% | 14.00% | 14.13% | 12.91% |
| APN AREIT PIE Fund | Listed Property | 3.52% | 8.65% | 12.74% | 29.35% | 5.65% | - | - |
| AMP Capital Global Listed Infrastructure Fund | International Equities | 3.42% | 3.38% | 7.84% | 28.18% | 10.44% | 8.56% | - |
| AMP Capital Australian Shares Fund | Australasian Equities | 3.31% | 0.48% | 3.81% | 26.14% | 10.65% | 9.92% | 6.70% |
| Mint Diversified Growth Fund | Diversified | 3.16% | 3.52% | 8.93% | 25.84% | - | - | - |
| Milford Aggressive Fund | Diversified | 2.87% | 2.19% | - | - | - | - | - |
| Russell Investments Global Listed Infrastructure Fund - $NZ Hedged Class B | International Equities | 2.87% | 3.75% | 5.50% | 24.37% | 8.60% | - | - |
| All Country Global Shares Index Fund | International Equities | 2.79% | 2.09% | 6.79% | 30.51% | 15.45% | - | - |
| Pathfinder Global Property Fund | Listed Property | 2.56% | 1.23% | 6.57% | 28.67% | 4.46% | 4.97% | - |
| Clarity Global Shares Fund | International Equities | 2.48% | 1.09% | 6.35% | 34.46% | 13.18% | - | - |
| Smartshares Australian Financials ETF (ASF) | Australasian Equities | 2.47% | 7.69% | 9.05% | 46.50% | 10.02% | 6.94% | - |
| Pathfinder Ethical Growth Fund | Diversified | 2.18% | 3.58% | 5.86% | 15.50% | - | - | - |
| AMP Capital Global Shares Fund | International Equities | 2.15% | 0.85% | 4.59% | 27.40% | 13.36% | 12.56% | 12.31% |
| Fisher Funds International Growth Fund | International Equities | 2.10% | -0.88% | 3.50% | 30.58% | 21.79% | 19.11% | 13.73% |
| Vanguard International Shares Select Exclusions Index Fund | International Equities | 2.06% | 1.50% | 9.46% | 29.93% | 15.28% | - | - |
| Fisher Funds Global Fund | International Equities | 2.00% | -0.23% | 3.93% | 30.82% | 15.68% | 14.04% | 11.51% |
| Pathfinder Global Water Fund | International Equities | 1.84% | -1.67% | 7.98% | 31.74% | 17.05% | 12.47% | 12.43% |
| Pie Funds Global Growth 2 Fund | International Equities | 1.63% | 0.61% | 6.05% | 18.11% | 11.92% | - | - |
| OneAnswer Balanced Growth Fund | Diversified | 1.58% | 1.21% | 4.67% | 19.27% | 11.33% | 9.77% | 10.06% |
| Salt Long Short Fund | Australasian Equities | 1.55% | 3.17% | 5.73% | 36.61% | 9.47% | 7.52% | - |
| AMP Capital Ethical Leaders Growth Fund | Diversified | 1.41% | 1.59% | 5.57% | 28.07% | 12.58% | 11.37% | 9.86% |
| Russell Investments Low Carbon Global Shares Fund Class A | International Equities | 1.34% | 0.59% | 7.05% | 25.59% | 14.45% | - | - |
| Smartshares US Large Growth ETF (USG) | International Equities | 1.33% | 2.78% | 13.58% | 28.17% | 25.17% | 22.33% | - |
| Smartshares Australian Mid Cap ETF (MZY) | Australasian Equities | 1.25% | 2.31% | 6.49% | 23.22% | 13.46% | 12.93% | 9.36% |
| Smartshares Australian Top 20 ETF (OZY) | Australasian Equities | 1.19% | -2.83% | 2.55% | 27.40% | 11.16% | 9.55% | 6.40% |
| OneAnswer International Share Fund | International Equities | 1.12% | 0.16% | 6.56% | 27.01% | 15.17% | 15.68% | 15.04% |
| Smartshares Australian Property ETF (ASP) | Listed Property | 1.12% | 5.23% | 8.83% | 27.66% | 8.45% | 9.30% | - |
| AMP Capital Ethical Leaders Global Shares Fund | International Equities | 1.10% | 0.99% | 5.22% | 33.60% | 13.31% | 12.56% | 11.18% |
| Milford Australian Absolute Growth Fund | Australasian Equities | 0.99% | 2.26% | 5.35% | 24.09% | 13.35% | - | - |
| APN Global REIT Income Fund | Listed Property | 0.97% | 1.03% | 10.18% | 30.32% | - | - | - |
| Smartshares S&P/ASX 200 ETF (AUS) | Australasian Equities | 0.88% | -0.39% | 3.92% | 24.55% | - | - | - |
| AMP Capital Ethical Leaders Balanced Fund | Diversified | 0.84% | 0.73% | 3.83% | 18.04% | 9.50% | 8.44% | 8.35% |
| Milford Active Growth Fund | Diversified | 0.80% | 2.55% | 5.85% | 22.23% | 14.20% | 12.62% | 14.22% |
| Milford Balanced Fund | Diversified | 0.74% | 2.02% | 4.77% | 16.26% | 11.58% | 10.37% | 11.28% |
| Smartshares Australian Resources ETF (ASR) | Australasian Equities | 0.60% | -17.50% | -10.72% | 16.40% | 8.42% | 13.03% | - |
| Castle Point 5 Oceans Fund | Diversified | 0.56% | 1.14% | 3.73% | 12.29% | 7.36% | 7.44% | - |
| Smartshares US Equities ESG ETF (USA) | International Equities | 0.50% | 1.37% | 11.05% | 29.31% | - | - | - |
| AMP Capital Global Multi-Asset Fund | Diversified | 0.48% | 0.63% | 2.91% | 10.67% | 5.17% | 4.62% | - |
| Smartshares Europe Equities ESG ETF (EUG) | International Equities | 0.40% | -1.35% | 5.50% | 29.23% | - | - | - |
| Harbour Long Short Fund | Australasian Equities | 0.39% | 5.52% | 6.39% | 11.38% | - | - | - |
| Russell Investments Global Opportunities Fund Class B | International Equities | 0.33% | -0.93% | 4.76% | 28.27% | 12.40% | 13.37% | 11.80% |
| Russell Investments Global Shares Fund | International Equities | 0.30% | -1.05% | 4.56% | 27.81% | 12.14% | 13.14% | - |
| Pie Growth UK & Europe Fund | International Equities | 0.28% | -1.37% | 2.38% | 40.91% | 17.19% | - | - |
| Devon Alpha Fund | Australasian Equities | 0.26% | 4.93% | 6.32% | 21.61% | 10.24% | 9.30% | 12.08% |
| Smartshares Global Equities ESG ETF (ESG) | International Equities | 0.26% | 0.55% | 8.98% | 27.10% | - | - | - |
| Smartshares US 500 ETF (USF) | International Equities | 0.21% | 2.36% | 10.51% | 30.62% | 16.78% | 17.09% | - |
| Fisher Funds Growth Fund | Diversified | 0.19% | 1.30% | 3.64% | 16.85% | 12.79% | - | - |
| Harbour Australasian Equity Focus Fund | Australasian Equities | 0.18% | 10.07% | 12.54% | 25.81% | 17.76% | 17.89% | - |
| TAHITO Te Tai o Rehua Fund | Australasian Equities | 0.14% | 2.51% | - | - | - | - | - |
| AMP Capital NZ Cash Fund | Cash and Cash Equivalents | 0.07% | 0.14% | 0.18% | 0.29% | 1.02% | 1.48% | 2.35% |
| Antipodes Global Fund - Long (PIE) | International Equities | 0.07% | 0.02% | -0.57% | 22.05% | 8.40% | - | - |
| Devon Australian Fund | Australasian Equities | 0.06% | -0.71% | 2.00% | 30.78% | 6.06% | 6.71% | 8.41% |
| Milford Cash Fund | Cash and Cash Equivalents | 0.04% | 0.13% | 0.22% | 0.42% | - | - | - |
| Smartshares US Mid Cap ETF (USM) | International Equities | -0.01% | 1.96% | 9.28% | 33.09% | 16.74% | 14.77% | - |
| Harbour Active Growth Fund | Diversified | -0.02% | 1.67% | - | 12.28% | - | - | - |
| Smartshares NZ Cash ETF (NZC) | Cash and Cash Equivalents | -0.03% | 0.03% | 0.23% | 0.69% | 1.52% | 1.96% | - |
| Ellerston Global Mid Small Cap Fund - Class A | International Equities | -0.05% | 1.88% | 6.48% | 32.71% | 19.74% | - | - |
| Fisher Funds Multi Sector Fund | Diversified | -0.07% | 0.06% | 1.80% | 10.81% | 9.14% | 7.90% | 8.15% |
| Harbour T. Rowe Price Global Equity Fund | International Equities | -0.08% | -0.92% | 6.60% | 23.11% | 22.18% | 20.68% | - |
| AMP Capital Ethical Leaders Conservative Fund | Diversified | -0.12% | -1.20% | 0.58% | 4.83% | 4.29% | 3.87% | 4.49% |
| Smartshares Australian Dividend ETF (ASD) | Australasian Equities | -0.12% | -9.22% | -2.14% | 15.73% | 5.50% | 5.11% | - |
| Smartshares Global Bond ETF (GBF) | International Fixed Interest | -0.12% | -0.59% | 1.09% | 1.54% | 4.04% | 3.27% | - |
| Smartshares Global Aggregate Bond ETF (AGG) | International Fixed Interest | -0.15% | -1.28% | 0.45% | -0.82% | - | - | - |
| Milford Trans-Tasman Equity Fund | Australasian Equities | -0.17% | 3.60% | 6.15% | 22.42% | 18.32% | 16.63% | 15.36% |
| Ethical Leaders Hedged Global Fixed Interest Index Fund | International Fixed Interest | -0.18% | -1.46% | 0.40% | -1.28% | 3.77% | - | - |
| AMP Capital Income Generator Fund | Diversified | -0.18% | 0.20% | 2.39% | 8.68% | 8.16% | 6.92% | - |
| AMP Capital Global Short Duration Fund | International Fixed Interest | -0.19% | -0.20% | 0.10% | 0.37% | 1.70% | 1.72% | - |
| Australasian Property Index Fund | Listed Property | -0.22% | 1.85% | 7.05% | 13.45% | 12.30% | 10.42% | - |
| Fisher Funds CashPlus Fund | Cash and Cash Equivalents | -0.23% | -0.33% | -0.49% | -0.48% | 0.82% | 1.38% | 1.95% |
| Elevation Capital Global Shares Fund | International Equities | -0.24% | -1.83% | 5.44% | 50.01% | 15.14% | 12.07% | 10.07% |
| Hunter Global Fixed Interest Fund | International Fixed Interest | -0.27% | -1.14% | 0.47% | 0.46% | 4.36% | - | - |
| OneAnswer Australian Share Fund | Australasian Equities | -0.35% | 1.49% | 3.85% | 34.36% | 5.21% | 5.17% | 4.57% |
| Brandywine Global Opportunistic Fixed Income Fund | International Fixed Interest | -0.37% | -1.15% | -0.82% | 4.70% | 4.91% | - | - |
| Fisher Funds BondPlus Fund | International Fixed Interest | -0.41% | -1.57% | -0.37% | -1.22% | 3.19% | 2.34% | 4.59% |
| Foundation Series Growth Fund | Diversified | -0.41% | 1.04% | 5.26% | 15.97% | - | - | - |
| Devon Trans-Tasman Fund | Australasian Equities | -0.42% | 2.83% | 4.24% | 23.33% | 10.62% | 9.53% | 11.89% |
| Fisher Funds Conservative Fund | Diversified | -0.43% | -0.89% | 0.37% | 3.21% | 5.19% | - | - |
| Salt Enhanced Property Fund | Listed Property | -0.50% | 0.32% | 4.08% | 7.97% | 14.82% | 12.34% | - |
| Smartshares Europe ETF (EUF) | International Equities | -0.51% | -2.02% | 5.54% | 30.64% | 8.97% | 9.57% | - |
| QuayStreet Income Fund | Diversified | -0.52% | -0.45% | 0.58% | 2.76% | 4.01% | 4.46% | - |
| Smartshares Automation and Robotics ETF (BOT) | International Equities | -0.52% | 1.31% | 9.29% | 27.66% | - | - | - |
| Smartshares Total World ETF (TWF) | International Equities | -0.56% | 0.61% | 6.34% | 25.71% | 13.21% | 13.11% | - |
| Castle Point Trans-Tasman Fund | Australasian Equities | -0.59% | 4.31% | 5.02% | 12.79% | - | - | - |
| Nikko AM Global Shares Fund | International Equities | -0.59% | -1.54% | 4.41% | 21.55% | 19.11% | - | - |
| Smartshares US Small Cap ETF (USS) | International Equities | -0.61% | 0.56% | 3.98% | 36.91% | 13.73% | 14.05% | - |
| Smartshares NZ Top 50 ETF (FNZ) | Australasian Equities | -0.64% | 4.15% | 5.55% | 15.56% | 15.67% | 14.82% | 15.74% |
| Foundation Series Balanced Fund | Diversified | -0.68% | 0.08% | 3.35% | 10.92% | - | - | - |
| Smartshares Emerging Markets ETF (EMF) | International Equities | -0.76% | 0.00% | -2.30% | 8.26% | 9.30% | 7.53% | - |
| OneAnswer Property Securities Fund | Listed Property | -0.79% | 0.48% | 3.98% | 5.42% | 13.57% | 10.80% | 13.16% |
| Harbour Real Estate Investment Fund | Listed Property | -0.79% | 0.00% | 6.35% | 10.32% | 14.65% | - | - |
| Harbour Australasian Equity Fund | Australasian Equities | -0.83% | 7.56% | 7.71% | 14.65% | 15.03% | 15.16% | 15.50% |
| AMP Capital Core Global Shares Fund | International Equities | -0.84% | -0.94% | 5.30% | 21.61% | 12.06% | 12.80% | 12.44% |
| Harbour Australasian Equity Income Fund | Australasian Equities | -0.84% | 3.47% | 7.12% | 20.82% | 13.68% | 10.93% | - |
| Russell Investments Global Fixed Interest Fund | International Fixed Interest | -0.84% | -1.99% | 0.16% | -0.60% | 4.60% | 3.25% | - |
| Mint Australasian Property Fund | Listed Property | -0.85% | 0.58% | 4.89% | 6.32% | 13.24% | 10.32% | 12.24% |
| Mint Diversified Income Fund | Diversified | -0.90% | -0.76% | 1.00% | 4.24% | 5.17% | 4.84% | - |
| Milford Global Corporate Bond Fund | International Fixed Interest | -0.91% | -1.25% | -0.37% | 1.91% | 4.59% | - | - |
| Smartshares NZ Property ETF (NPF) | Listed Property | -0.91% | -0.20% | 3.87% | 3.67% | 14.13% | 11.45% | - |
| Milford Diversified Income Fund | Diversified | -0.92% | 0.76% | 2.62% | 9.36% | 7.60% | 7.90% | 10.52% |
| Devon Dividend Yield Fund | Australasian Equities | -0.95% | 1.33% | 5.00% | 21.83% | 8.52% | 6.48% | - |
| Nikko AM Concentrated Equity Fund | Australasian Equities | -0.97% | 4.23% | 7.44% | 13.98% | 13.17% | 13.83% | 14.37% |
| Harbour NZ Index Shares Fund | Australasian Equities | -1.04% | 4.51% | 4.83% | 14.14% | 13.56% | 12.63% | - |
| Smartshares NZ Dividend ETF (DIV) | Australasian Equities | -1.04% | 2.54% | 5.04% | 13.28% | 11.22% | 9.43% | - |
| Harbour Income Fund | Diversified | -1.07% | 0.48% | 2.19% | 8.00% | 7.28% | 6.19% | - |
| Fisher Funds New Zealand Growth Fund | Australasian Equities | -1.10% | 5.97% | 5.53% | 16.12% | 21.88% | 17.87% | 17.54% |
| Smartshares NZ Mid Cap ETF (MDZ) | Australasian Equities | -1.14% | 4.33% | 6.05% | 15.59% | 14.30% | 15.33% | 17.18% |
| Smartshares S&P/NZX 50 ETF (NZG) | Australasian Equities | -1.16% | 3.57% | 3.18% | 8.46% | - | - | - |
| Smartshares US Large Value ETF (USV) | International Equities | -1.19% | 0.20% | 6.05% | 31.47% | 9.55% | 11.77% | - |
| AMP Capital NZ Short Duration Fund | New Zealand Fixed Interest | -1.21% | -1.53% | -2.07% | -2.71% | 1.48% | 2.12% | 3.19% |
| Smartshares NZ Top 10 ETF (TNZ) | Australasian Equities | -1.23% | 3.34% | 0.55% | 3.85% | 15.05% | 12.39% | 13.97% |
| QuayStreet NZ Equity Fund | Australasian Equities | -1.26% | 2.92% | 3.28% | 9.26% | 14.64% | 13.85% | 15.01% |
| Pathfinder Ethical Trans-Tasman Fund | Australasian Equities | -1.28% | 5.06% | 4.45% | 14.05% | - | - | - |
| AMP Capital Ethical Leaders NZ Shares Fund | Australasian Equities | -1.32% | 7.05% | 7.56% | 15.04% | 19.13% | 16.00% | - |
| NZ Shares Index Fund | Australasian Equities | -1.33% | 4.28% | 3.18% | 8.79% | 14.78% | - | - |
| Nikko AM Core Equity Fund | Australasian Equities | -1.34% | 4.87% | 5.41% | 10.33% | 12.84% | 14.03% | 15.59% |
| Harbour Sustainable NZ Shares Fund | Australasian Equities | -1.35% | 4.36% | 4.56% | - | - | - | - |
| Fisher Funds Income Fund | International Fixed Interest | -1.41% | -1.91% | -1.34% | -1.34% | 2.84% | 2.62% | 4.08% |
| Salt NZ Dividend Appreciation Fund | Australasian Equities | -1.51% | 3.03% | 2.68% | 11.44% | 14.09% | 12.73% | - |
| Milford Conservative Fund | Diversified | -1.52% | -1.27% | -0.50% | 2.61% | 5.21% | 5.56% | - |
| Nikko AM Income Fund | New Zealand Fixed Interest | -1.63% | -0.22% | 1.40% | 2.84% | 1.67% | 2.52% | 4.96% |
| Fisher Funds Trans Tasman Equity Trust | Australasian Equities | -1.64% | 5.80% | 7.19% | 19.95% | 21.10% | 16.75% | 15.58% |
| Russell Investments NZ Shares Fund | Australasian Equities | -1.67% | 4.55% | 3.67% | 10.45% | 14.56% | 13.52% | - |
| Mint New Zealand SRI Equity Fund | Australasian Equities | -1.73% | 4.83% | 4.80% | 10.24% | 16.52% | - | - |
| Smartshares NZ Bond ETF (NZB) | New Zealand Fixed Interest | -1.74% | -2.70% | -2.53% | -3.29% | 2.60% | 3.21% | - |
| Mint Australasian Equity Fund | Australasian Equities | -1.77% | 3.87% | 3.38% | 6.72% | 14.09% | 14.04% | 16.11% |
| AMP Capital NZ Shares Fund | Australasian Equities | -1.78% | 4.12% | 3.91% | 11.61% | 15.88% | 14.31% | 15.42% |
| OneAnswer New Zealand Share Fund | Australasian Equities | -1.84% | 4.48% | 3.59% | 8.50% | 14.58% | 13.22% | 14.76% |
| Fisher Funds Australian Growth Fund | Australasian Equities | -1.90% | 5.09% | 9.38% | 26.76% | 18.74% | 14.85% | 10.70% |
| OneAnswer Equity Selection Fund | Australasian Equities | -1.93% | 5.05% | 6.34% | 15.90% | 11.77% | 8.44% | 10.80% |
| Smartshares Emerging Markets Equities ESG ETF (EMG) | International Equities | -2.25% | -2.53% | -4.01% | 8.34% | - | - | - |
| Nikko AM NZ Corporate Bond Fund | New Zealand Fixed Interest | -2.32% | -3.27% | -3.57% | -6.19% | 2.35% | 3.14% | 4.55% |
| Harbour NZ Corporate Bond Fund | New Zealand Fixed Interest | -2.57% | -3.69% | -4.15% | -6.16% | 1.79% | 2.49% | 3.79% |
| Harbour NZ Core Fixed Interest Fund | New Zealand Fixed Interest | -2.70% | -4.02% | -3.84% | -7.15% | 1.38% | 2.20% | 3.69% |
| Milford Trans-Tasman Bond Fund | New Zealand Fixed Interest | -2.70% | -3.58% | -3.20% | -3.73% | 2.77% | 3.42% | - |
| Russell Investments NZ Fixed Interest Fund | New Zealand Fixed Interest | -2.76% | -4.30% | -4.28% | -8.14% | 1.10% | 2.07% | - |
| AMP Capital NZ Fixed Interest Fund | New Zealand Fixed Interest | -2.89% | -4.82% | -4.70% | -9.02% | 1.02% | 1.99% | 3.68% |
| Fisher Funds New Zealand Fixed Income Trust | New Zealand Fixed Interest | -2.93% | -4.80% | -4.67% | -8.61% | 1.62% | 2.30% | 3.29% |
| India Avenue Equity Fund - H Class | International Equities | -3.05% | 7.36% | 27.21% | 54.35% | 16.19% | - | - |
| APN Asian REIT Fund | Listed Property | -3.50% | -7.25% | -0.47% | 12.48% | 6.66% | 7.25% | 10.88% |
| AMP Capital Emerging Markets Shares Fund | International Equities | -3.73% | -6.76% | -7.65% | 5.77% | 7.87% | 8.26% | 6.00% |
| Smartshares Asia Pacific ETF (APA) | International Equities | -4.02% | -3.24% | -0.13% | 12.82% | 6.84% | 7.62% | - |
| Platinum International Fund | International Equities | -4.78% | -5.20% | -0.071 | 14.71% | 5.60% | 8.23% | 8.96% |
| Smartshares Healthcare Innovation ETF (LIV) | International Equities | -5.20% | -6.73% | -4.52% | 5.47% | - | - | - |
| Smartshares Japan Equities ESG ETF (JPN) | International Equities | -6.85% | -1.11% | 2.64% | 8.65% | - | - | - |
All returns are after fees but before tax, and denominated in NZD. Returns for periods over a year are annualised.
Past performance is not indicative of future results.