Rangatira Annual Report 2025 - Flipbook - Page 15
Annual Report 2025
Listed shares
Venture capital
31 March 2025
10
10
$m
Return %
Benchmark
NZ income
10.68
-5.6%
2.40%
88
NZ growth
5.50
3.4%
2.40%
66
NZ trading
1.14
-11.7%
2.40%
44
International
39.03
12.4%
11.50%
56.35
99
$1.4m
77
55
$1.6m
$2.3m
$7.7m
$1.3m
33
22
$4.4m
$3.5m
11
5.8%
00
Airtree
Airtree
The shares were impacted by a fall in global markets
in March 2025 due to uncertainty created by President
Trump. This trend continued through April before a
recovery in May. The greatest impact was the fall in the
price of Infratil in March.
With a holding of $6.8m in Infratil makes it 70%
of the NZ Income portfolio and 12% of our total
Listed portfolio.
Movac
Movac
Icon
Icon
NAV
Uncalled
$2.9m
Pacific
Channel
Pacific
Channel
Note: The investment in Icon Ventures is held by Rangatira
Ventures Limited which is 100% owned by Rangatira Limited.
Our all-in IRR from venture capital since 2012 is 15%
(43% realised, 57% unrealised).
Total distributions of ~$1.5m in late 2024 / early 2025
following the sale of Quantifi by Pacific Channel and
Tradify by Movac.
The holdings are largely used as a place to invest
while we hold excess liquidity. Our underlying stocks
holdings have not changed much in the last year
with our New Zealand stocks including Contact,
Meridian, Mercury, Infratil, Mainfreight, Zespri and
F&P Healthcare.
Our consistent investing over time means we are not
overly exposed to any one period of the market cycle.
We expect to make one further commitment in 2025.
For our international holdings we use two managers
– Te Ahumairangi and Intermede. Over the course
of the year, we have increased our position in
Te Ahumairangi relative to Intermede.
Post year end we sold down $7m of our position
in Intermede. We are likely to continue to sell down
our position in listed equities to maintain a higher
proportion of our liquid position in cash.
Share price and performance history
$25
$25
$20
$20
$15
$15
$10
$10
A share price
B share price
2025
2024
2023
2022
2021
2020
2018
2019
2017
2016
2015
2013
2014
2011
2012
2010
2008
2009
2007
2006
2005
$0
$0
2004
$5
$5
NAV
15
