NZ’s S&P/NZX50 Gross Index posted a +16.9% return over the quarter to bring the year-to-date performance to nearly flat (-0.5%). The key performers were Pushpay (PPH +159%) due to two small guidance upgrades, Tourism Holdings (THL +82%) on cost-out and avoiding a capital raise thus far, and Air New Zealand (AIR +55%) as it recovered from depressed levels and amid a torrent of retail buying. The Fund lagged the benchmark in the extremely strong June quarter, rising by +15.69%. The largest positive by some distance was the Fund’s overweight in the high-yielding Turners (TRA, +52.9%) which recovered from a good deal of the punishment meted out to it in the March quarter. The largest headwind was having no holding in Pushpay Holdings (PPH, +159.3%). This soared as it delivered a result at the bottom-end of expectations but this came with better than expected guidance as the Covid crisis has accelerated the channel shift from physical to digital church donations that their app powers.