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Portfolio Watch - Q4 2024 | Investor Update

Trust Management Ethical Investment Funds

Investor Update for the period ending 31 December 2024


Tēnā koutou and hello,


We are pleased to share with you the December edition of Portfolio Watch. This edition offers valuable insights into market developments and highlights the performance of the Trust Management PIE Funds during the final quarter of 2024.



As we reflect on the year that has passed, I want to extend my thanks to you, our clients and key business partners, for your support and trust in our business. Your commitment to our shared mission of creating a positive impact to society through philanthropy and charitable endeavours continues to be an inspiration to us.


For many businesses and charities, it was a challenging 2024 given the difficult economic conditions of the last year. These conditions have put increased scrutiny on investment performance and, in particular, the need for sustainable income returns into the future, a feature of the investment settings for many of the Funds we operate. One of our key highlights of 2024 for Trust Management was the release of our inaugural Trust Management PIE Funds Climate Report | Pūrongo Āhuarangi Tūao me te kōrahiwhāiti. This report prepared by our investment professionals, contains specific sections on each of the Trust Management PIE Funds, outlining our approach to addressing climate-related risks and opportunities across the Funds. We believe that integrating environmental considerations into the investment settings for the Funds is not only a responsibility but also a pathway to more resilient and future-proof portfolios. We encourage you to read this report by clicking here.


Looking ahead, we have a constructive view on the outlook for portfolios in 2025 although we expect some volatility in the listed markets, particularly shares, in the year ahead. We have more information on the markets and the outlook in this report.


As a business, we remain committed to providing you with exceptional service, innovative solutions, and strategic guidance to help our clients to achieve their goals. In keeping with this commitment, we are looking to expand our client offering. We will be in touch with more information on this later in the year.


Thank you once again for your partnership and trust. We look forward to continuing to support our clients to make a meaningful difference in our communities and beyond. Should you have any questions or wish to discuss your portfolio in more detail, please do not hesitate to reach out to us.


Nā tō rourou, nā taku rourou ka ora ai te iwi.

With your food basket and my food basket, the people will thrive.


Nāku iti nei, nā


Rachael McDonald

CEO Trust Management

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