Devon Funds Management Market Update

Explore sustainable investing in an in-depth discussion between Alice Jones, ESG Analyst at Devon Funds, and Wendy Cromwell, Vice Chair and Head of Sustainable Investment at Wellington Management. Wendy offers expert insights into the impact of U.S. policy on climate-focused investors and explores extreme weather resilience, investor stewardship, and the energy transition.To learn more about our Global Sustainability Fund, the Global Impact Bond Fund, or our terms and conditions, visit our website at www.devonfunds.co.nz

With the Reserve Bank of New Zealand holding the Official Cash Rate (OCR) at 2.25% and inflation forecast to remain elevated, monetary conditions continue to tighten.While higher rates may support term deposit returns in the short term, persistent inflation can erode real returns over time.Understanding how these dynamics influence your investment strategy is key in the current environment.Patrick Washer, Portfolio Manager at Devon Funds, discusses the recent OCR decision and its potential impact on your investments. Please note video was filmed on 08 April 2026, after the Reserve Bank of New Zealand’s OCR review. For our terms and conditions visit www.devonfunds.co.nz

Curious about dividend investment strategies?Devon Funds Managing Director Slade Robertson and Portfolio Manager Patrick Washer discuss the Devon Dividend Yield Fund's approach to generating sustainable growth and risk-managed returns.To find out more about the Devon Dividend Yield fund, please complete the form below.https://bit.ly/4icKhKxFor more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the market rocket fuel provided by Fed Chair Jerome Powell at Jackson Hole. He also looks at why Kiwi dairy farmers are in party mood following Fonterra's asset sale announcement and discusses the contrasting tales from the results of Sky City and Sky TV. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the cause for celebration in the NZ manufacturing sector which is back in expansion mode. He also discusses the tailwinds from net migration which are now barely a stiff breeze, but are blowing strongly from tourism. Offshore he looks at why US retail sales are strong yet consumers are becoming more uneasy about tariffs.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

11 August 2025Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the differing reactions to results from travel platform Expedia, retail brand Under Amour and delivery service Instacart, and what they say about the state of the US consumer. Also up for discussion, is the tariff confusion around gold bars, and data showing that deflation might be abating in China. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the big news over the weekend with the US agreeing to a deal with Europe, its biggest trading partner. He also discusses how this will be welcomed by the likes of Volkswagen which delivered a result heavily impacted by tariffs. Meanwhile, Chinese companies will also be looking for some trade relief with profits falling last month. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Head of Retail Greg Smith discusses with ZB Mike Hosking the quite different market reactions to results from mega-cap stocks Alphabet and Tesla. Also up for discussion are the numbers from computing giant IBM. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith speaks to ZB's Mike Hosking about how markets have celebrated a trade deal between the US and Japan, and why Japanese automakers are particularly relieved. Also, US car makers who are not so enthused as yet, with General Motors amongst those wearing a big tariff hit, however, there is a cause for optimism for the auto giant. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith speaks to ZB's Mike Hosking about results from Coca-Cola, and Donald Trump's influence on the beverage giant's recipe. He also discusses the implications of China's biggest project this century, and what to make of the latest Kiwi trade surplus.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about what a softer than expected NZ inflation print means for the RBNZ's next move. He also discusses strong earnings reports offshore from telco Verizon, Domino's Pizza, and budget airline Ryanair.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about why markets didn't react that positively to solid results from Netflix but lapped up those from luxury goods giant Burberry. He also discusses the latest read on US consumer sentiment. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Heather du Plessis-Allan about the current cost of living pressures in New Zealand, focusing on food and rent prices. He also breaks down the recent employment figures from Australia, noting shifts in part-time and full-time work. Additionally, he reviews US retail sales, highlighting good news for the world’s largest economy.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Heather du Plessis-Allan about the latest round of bank earnings in the US and what a lower than expected wholesale inflation print means for the interest rate outlook. Locally he discusses updates from two big gentailers and the implications of an announcement by the Electricity Authority regarding off-peak power rates.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Heather du Plessis-Allan about the latest US inflation print which shows the impact of tariffs to the world's largest economy. He also covers off the key takeaways from the earnings releases of four big US banks. Locally he looks at the latest REINZ data which indicated a subdued housing market. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Heather du Plessis-Allan about the extended contraction in the kiwi services sector, along with slightly more positive news on retail sales. He also looks at why the latest trade data out of China is encouraging, but also needs to be taken with a pinch of salt. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Heather du Plessis-Allan about the latest escalation of tariff tensions by Donald Trump and what this means for markets. He also looks at why Levis Strauss is coping well with the trade tensions, and the latest kiwi manufacturing data which has reminded how tough things are for our economy. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about why the S&P500 has hit a record high despite lingering trade front and geopolitical uncertainties. He also discusses why Nike's results got a big tick from investors, and why Kiwi consumers are feeling a little bit more chipper. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the possible fallout to markets from Donald Trump's decision to launch strikes on Iran over the weekend. He also discusses why UK consumers are feeling the pinch, and why the Bank of Japan is in a bind with inflation at the highest in 2 years.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the latest positive news on the trade front with NZ's current account deficit narrowing, and the key takeaways from this morning's Fed meeting. He also discusses claims that global oil demand has peaked. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about weak retail sales numbers out of the US and what this means for the Fed meeting which is underway. Back home, he ponders the still astonishing rise in food prices. Also, up for discussion is one of the surprises from the Bank of Japan's policy meeting. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the hurdles facing a ~A$30 billion takeover bid for energy giant Santos, and what has driven a takeover bid for campervan operator Tourism Holdings. He also discusses whether a surge in retail sales last month means China is in better shape than previously thought. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the impact of soaring oil prices amidst escalating tensions in the Middle East, and how this could also affect US consumers who have been feeling more optimistic of late. Back home, he discusses what the Kiwi manufacturing sector slipping back into contraction says about the broader economy.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks with ZB's Mike Hosking on why Kiwi consumers should get out and spend following the latest card spending numbers. He also reviews how AI has driven a huge result from software giant Oracle, and why there should be cautious optimism over a soft wholesale inflation print in the US. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about some mixed news for the kiwi economy with net migration at the lowest levels since 2014 (ex-Covid), but tourism numbers are pumping. He also discusses why potential buyers may be attracted to Fletchers and casts his view on the latest US inflation numbers which have come in on the soft side. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about more good news for the kiwi agricultural sector, with our biggest apple producer raising earnings guidance. The champagne however may be on ice for the broader kiwi economy with the light and heavy traffic indices both falling in May. Meanwhile, the prospect of further rate cuts across the Tasman has increased following the latest prints on consumer confidence and business conditions.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about why China and Japan may both be more motivated to get a trade deal done with the US following data out Monday. He also looks at how the Kiwi agricultural sector appears to be taking tariffs in their stride, with red meat exports to the US up 39% in April from a year ago.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the relief around a strong set of US jobs numbers and the outlook for Tesla after the end of the bromance between Elon Musk and Donald Trump. He also discusses why SkyCity has taken the gloves off against Fletchers, suing the company for over $330 million.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith speaks to ZB's Mike Hosking about Budget 2025, and in particular, the changes to KiwiSaver and business investment incentives. Also up for discussion, are some minnows from the reporting season in Oceania Healthcare, AFT Pharmaceuticals, and My Food Bag. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith speaks to ZB's Mike Hosking about a cracking result from Napier Port, with logs and apples driving container volumes. He also discusses results from big US discounter Target which were off the mark, and why Japan is doing it tough amidst the trade war. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith discusses with ZB's Mike Hosking the implications of the RBA's decision to reduce rates by 0.25%, while also discussing a bigger cut. He also assesses why demand for the world's biggest IPO this year was so strong, and what to make of the latest results from kiwi insurer Tower.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the weak services sector data which highlights the challenges facing the kiwi economy. He also discusses how the Chinese economy fared prior to the recent trade truce, and why drinks giant Diageo is in better spirits about the tariff situation.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about what we can expect from US/China trade discussions. He also looks at the tailwinds that the trade war is creating for airlines, along with the headwinds for energy companies including BP which now appears vulnerable to a takeover approach.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about the positive reaction to the US/UK trade deal and whether it will serve as a blueprint for others. He also discusses an encouraging trading update from the Warehouse Group and half year numbers from ANZ. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about why the latest developments on the trade front have pushed markets higher. Up for discussion as well are how tariffs are already impacting the US economy, and shaping the outlook for big tech companies such as Alphabet, which came in with a strong result. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB's Mike Hosking about why the US has blinked first in the tariff standoff with China, with iPhones and semiconductors now exempt. He also looks at how the trade war is driving US consumer confidence lower, and why the kiwi manufacturing sector is also wary. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith discusses with ZB’s Mike Hosking how investors should react to the market meltdown caused by Trump’s tariff plan. He also looks at the prospect of a U-Turn, and how the RBNZ might react when it meets this week.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about the “hard slog” being endured by kiwi consumers. He also discusses the impact of tariffs on US consumer sentiment and inflation expectations, along with how athletic wear company Lululemon is feeling the effects following its guidance downgrade.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about Nike, which had a ticking off from investors following its results. He also looks at some cause for celebration for The Warehouse Group following its earnings release, and for the two big supermarkets in Australia following the long-awaited view by the inquiry. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Ryan Bridge about the good news on New Zealand’s latest current account read, along with why gold and silver prices are marching higher. He also discusses why the Bank of Japan has decided to pause on further rate hikes. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Head of Retail Greg Smith talks to ZB’s Mike Hosking about the impact of tariff uncertainties on US consumer sentiment which is tracking lower. He discusses the mixed news on kiwi food price inflation, and also why optimism has increased over China’s birth rate which has caused A2 Milk’s share price to soar. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about the softer than expected US job numbers and the impact of Elon Musk’s DOGE initiatives. He also explains how retail giant Costco is benefitting from consumers trading down but has sounded some warnings. Also, up for discussion are some mixed economic growth numbers in Europe. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about the end of the Kiwi results season which finished on a good note. He also discusses the slight improvement in Kiwi consumer sentiment and US inflation, and what this means for the RBNZ and Fed, respectively. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about what has sparked a $1 billion fall in the value of Spark New Zealand. He also discusses some brighter news on the dairy front with Fonterra upgrading its earnings and farmgate milk forecasts. Across the Tasman, he looks at what a big takeover offer might mean for the Aussie online property advertising market. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about the surge in Airbnb’s share price and what it says about the US experiences market. He also outlines why Hermès is doing so well compared to other luxury goods peers. Back home he discusses why kiwi food prices are still on a tear. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Mike Hosking about the latest US job numbers which painted a mixed picture for the world’s largest economy. He also discusses why investors were disappointed with Amazon’s results announcement despite an earning beat. He also highlights some interesting financial facts about the Super Bowl, and why superstitious investors might be hoping for a Kansas City win.For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Ryan Bridge about the implications and drivers of falling net migration levels in NZ, with the “brain drain” accelerating according to the latest figures. He also discusses the contrasting fortunes of two massive European sportswear giants, along with two of the largest airlines in the US. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Ryan Bridge about the long-awaited quarterly CPI print in NZ and why this cements the case for 0.75% rate reduction at the next RBNZ meeting. He also discusses the standout result from streaming giant Netflix which now has over 300 million paid subscribers. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Ryan Bridge about the positive market reaction to Donald Trump’s first set of executive orders along with a strong earnings report from a big industrial bellwether. Back home he discusses whether a lift in NZ retail card spending in December is just a blip or something more enduring. For more market insights and our terms and conditions, visit www.devonfunds.co.nz

Devon Funds Head of Retail Greg Smith talks to ZB’s Ryan Bridge about the reaction to Donald Trump’s inauguration, along with some of his planned executive orders. He also outlines why Devon expects 2025 to be a big year for M&A, with plenty of chat here already, including speculation of a tie up between two mining giants, and at the other end of the scale a proposed buyout for a kiwi hotel chain. For more market insights and our terms and conditions, visit www.devonfunds.co.nz