Greg Smith

There were some selective sales.

But most of the cases, we were companies that we thought were good value in February were

if they dropped in value because of the war in March, that's no reason to dislike them.

So we actually look to increase our exposure to companies that we liked.

And then that, you know, just I suppose like happened during COVID, like happened during the Trump tariff board saga, you know, the market rebounded.

Our focus growth was up about 12% in April, for instance.

So through not sitting on your hands, being active.

So that's certainly what we did.

Yeah, I mean, yeah, there's funds flow coming in, yeah, with members who have contributions.

So there is an advantage of being, you know, one of the biggest, well, being a KiwiSaver provider full stop and having, you know, good loyal members that contribute, right?

Yeah, because that's not as much use if people aren't contributing.

That takes it sort of narrowed away.

But, you know, we've got very high than average contribution rates when you look at the – and average balances, should I say, when you look at the average.

So, yeah, you've got funds coming in the door.

Obviously, there's guardrails around that in terms of custodians, but it means we can go, right, yes, we –

Microsoft was a good example, a company that a lot of people would have heard of.

It was under some pressure.

It was a company that we liked.

We were able to buy more of it.

There's KiwiSaver funds coming in, and so we can put those into our funds or put those into the companies that we like.