The Monday Call

Hear how client portfolios are positioned for events in Iran. Headlines and markets move fast. Stay informed with this special edition of the Monday Call.

With missiles striking near his Dubai apartment, Paul De Klerk, veteran NZ Investment Adviser, joins Stephan for on-the-ground insights. James Grigor, Investment Strategist, who served in the region with the NZDF, discusses portfolio positioning.

Last year rewarded steadfast, diversified investors with solid returns. This year, the focus shifts to positioning for what’s next. Expectations are more grounded in reality, new sectors and regions are taking the lead and, in a world hooked on the next big headline, patience has quietly become a secret weapon.

Although the news cycle will remain busy, the underlying picture is improving. Growth in the United States is broadening, China’s momentum is building, and AI is moving beyond hype into supporting a productivity leap. Right now, the groundwork is being laid for a more durable and rewarding phase in this market cycle.

Join hosts James Grigor and Stephan Clark as they sit down with Michael Hanson, Senior Vice President of Research at Fisher Investments, for a straight-talking look at investing successfully in 2026. Based out of California, Fisher Investments manages over $600 billion globally and is one of a select group of managers NZ Funds partners with.

For our first Monday Call of the year, we report back from the Goldman Sachs Global Macro Conference Asia Pacific, a closed-door, highly anticipated Hong Kong event alongside some of the world’s leading investors. Mark and James join Stephan to offer perspectives from this investor gathering and provide a rare window into the flows of global capital.

Those on-the-ground insights highlight why China and Hong Kong are reasserting themselves on the world stage. High-speed rail, rapid AI adoption, and large-scale infrastructure and manufacturing are advancing at a breathtaking pace, in stark contrast to slower build-outs and policy gridlock in the United States. The coordination of government, capital and technology is reshaping how investors view the region.

Together, Mark, James and Stephan will explore infrastructure, AI and financial markets – and why China may be misunderstood and underestimated as a destination for capital and returns. The discussion examines why global investors are increasingly paying attention to the region, and whether the term ‘emerging markets’ remains fair given its extraordinary scale and sophistication.

Join us as we look back on the key themes that shaped markets in 2025, and the opportunities emerging for investors in 2026. 2025 has been defined by a world moving at different speeds: slowing growth in some regions, pockets of resilience in others, and meaningful divergence across interest rates, inflation, and equity performance.
The AI and data-centre investment cycle has continued to accelerate, while the energy transition and demand for critical minerals have reshaped capital flows and sector leadership. Equity markets have become increasingly dispersed, and volatility across regions and sectors has reinforced the importance of active positioning and the ability to adjust exposures as conditions evolve.
Here in New Zealand, after a challenging period for households and businesses, we are now seeing genuine green shoots in falling inflation, stabilising interest rates, improving confidence, and early signs of a turnaround in corporate earnings. These factors are expected to support the New Zealand share market into 2026, especially given attractive valuations and a historically strong dividend profile.
Against this backdrop, why does NZ Funds continue to believe a flexible, active, multi-asset investment approach is essential? We will explore these themes and more in the final Monday Call of the year.

Interest rates remain one of the most powerful forces shaping investment outcomes, and understanding the four phases of the interest-rate cycle (hiking, peak, cutting and the flat bottom) is key to navigating markets. Each phase affects share market performance and sector leadership in patterns that have repeated across multiple cycles.
To help investors make the most of these opportunities, NZ Funds has developed the Interest Rate Investment Strategy (IRIS), a research-driven framework that guides sector positioning as the cycle moves. This week, we look at why the strategy was developed, how it is currently being implemented, and what it tells us about expected equity returns across New Zealand, Australia and the United States.
In a world where interest-rate sensitivity creates both risks and opportunities, IRIS offers a clear, practical way to strengthen decision-making, build resilience, and stay positioned for what comes next. Join hosts James Grigor, Investment Strategist, Stephan Clark, Chief Client Officer, and special guest Charlie Astwick, Investment Analyst, as they share insights from NZ Funds’ latest research and discuss what the future path of interest rates may mean for investors.