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Kia ora tatau Ngati Porou,
I am very pleased to report that Nati Growth has made a net profit after tax of $11.0m in the year to 30 June 2025, which is close to the previous year's profit of $11.6m, despite challenging economic conditions in New Zealand and globally. From this profit, we have made $6m of distributions to the Runanganui Group in the 2025 year, to assist its social and cultural outputs to Ngati Porou.
Capital & Resource Reallocation
We are constantly looking to invest our capital in profitable ventures, which includes liquidating from unprofitable ventures to divert the sale proceeds to better alternative investments. Hauiti Berries and the Real Fresh seafood store are examples of those categories which we exited. We have a detailed investment framework for managing our balance sheet assets and debt, to enable us to optimise our returns subject to an acceptable level of risk.
Asset Allocation
The financial goal of Nati Growth Ltd is to maximise the long-term dividends to the Runanganui so that it can maximise benefits to the iwi. To manage this balance wisely, Nāti Growth like many iwi and long-term investors - follows a disciplined approach built around diversification. By spreading our investments across a mix of asset types, we can smooth out volatility and strengthen the overall resilience of our portfolio. The main investment categories we consider, in descending order of both risk and expected return are: venture capital, direct business ownership, private equity, listed equities, property, and fixed-income securities. Our responsibility as governors and managers is to determine the most effective combination of investment assets to maximise our returns. These decisions are based on our Statement of Investment Purpose and Objectives (SIPO). The SIPO regulates our key balance sheet decisions, namely the level of debt, the mix of assets, dividend policy and the targeted level of risk.
Investment Approach
Nāti Growth uses an external adviser Mapua Wealth (formerly called My Fiduciary) to assist us in investing in a diversified and cost-efficient portfolio of marketable assets. Mapua Wealth reports to Nāti Growth on portfolio performance on a monthly basis, and from time-to-time makes recommendations on adjustments to the portfolio based on market conditions and expectations, which are considered and approved by Nati Growth. The past year has seen significant volatility in financial markets, mainly because of changing political dynamics in the US and flow-on effects around the world. We work closely with Mapua Wealth to ensure our portfolio is appropriately balanced in the face of ongoing uncertainties. As we look to the future, we will target increased direct investments in businesses, private credit and property, by co-investing with partners who have specialised or industry expertise, including iwi groups. We believe this strategy will deliver a more optimal investment portfolio that maximizes returns to the Runanganui Group over time.
Direct Investment Management
To achieve these goals, we have developed the internal capability of Nati Growth as an investment company, by expanding our human skills and internal systems. We are also investing in our existing investment relationships and forging new ones, so that investment market participants are aware that Nati Growth is an attractive business and investment partner. The close management of our funds, and the selective reallocation of those funds to other categories, such as direct investments, has been integral to our stable performance this year in an economically challenging environment. This creates a strong platform for the future, which is covered in more detail in our CEO report.
Ta Robert McLeod Chair
Te Whanau a Rakaihoea me Rakairoa
Download a copy of the TRONPnui Group 2025 Annual Report https://www.ngatiporou.com/publication/annual-report-2025
Download a copy of the TRONPnui Group 2025 Financials
https://www.ngatiporou.com/publication/annual-consolidated-financial-statement-2025
Kia ora tatau Ngati Porou,
I am very pleased to report that Nati Growth has made a net profit after tax of $11.0m in the year to 30 June 2025, which is close to the previous year's profit of $11.6m, despite challenging economic conditions in New Zealand and globally. From this profit, we have made $6m of distributions to the Runanganui Group in the 2025 year, to assist its social and cultural outputs to Ngati Porou.
Capital & Resource Reallocation
We are constantly looking to invest our capital in profitable ventures, which includes liquidating from unprofitable ventures to divert the sale proceeds to better alternative investments. Hauiti Berries and the Real Fresh seafood store are examples of those categories which we exited. We have a detailed investment framework for managing our balance sheet assets and debt, to enable us to optimise our returns subject to an acceptable level of risk.
Asset Allocation
The financial goal of Nati Growth Ltd is to maximise the long-term dividends to the Runanganui so that it can maximise benefits to the iwi. To manage this balance wisely, Nāti Growth like many iwi and long-term investors - follows a disciplined approach built around diversification. By spreading our investments across a mix of asset types, we can smooth out volatility and strengthen the overall resilience of our portfolio. The main investment categories we consider, in descending order of both risk and expected return are: venture capital, direct business ownership, private equity, listed equities, property, and fixed-income securities. Our responsibility as governors and managers is to determine the most effective combination of investment assets to maximise our returns. These decisions are based on our Statement of Investment Purpose and Objectives (SIPO). The SIPO regulates our key balance sheet decisions, namely the level of debt, the mix of assets, dividend policy and the targeted level of risk.
Investment Approach
Nāti Growth uses an external adviser Mapua Wealth (formerly called My Fiduciary) to assist us in investing in a diversified and cost-efficient portfolio of marketable assets. Mapua Wealth reports to Nāti Growth on portfolio performance on a monthly basis, and from time-to-time makes recommendations on adjustments to the portfolio based on market conditions and expectations, which are considered and approved by Nati Growth. The past year has seen significant volatility in financial markets, mainly because of changing political dynamics in the US and flow-on effects around the world. We work closely with Mapua Wealth to ensure our portfolio is appropriately balanced in the face of ongoing uncertainties. As we look to the future, we will target increased direct investments in businesses, private credit and property, by co-investing with partners who have specialised or industry expertise, including iwi groups. We believe this strategy will deliver a more optimal investment portfolio that maximizes returns to the Runanganui Group over time.
Direct Investment Management
To achieve these goals, we have developed the internal capability of Nati Growth as an investment company, by expanding our human skills and internal systems. We are also investing in our existing investment relationships and forging new ones, so that investment market participants are aware that Nati Growth is an attractive business and investment partner. The close management of our funds, and the selective reallocation of those funds to other categories, such as direct investments, has been integral to our stable performance this year in an economically challenging environment. This creates a strong platform for the future, which is covered in more detail in our CEO report.
Ta Robert McLeod Chair
Te Whanau a Rakaihoea me Rakairoa
Download a copy of the TRONPnui Group 2025 Annual Report https://www.ngatiporou.com/publication/annual-report-2025
Download a copy of the TRONPnui Group 2025 Financials
https://www.ngatiporou.com/publication/annual-consolidated-financial-statement-2025
Kia ora tatau Ngati Porou,
I am very pleased to report that Nati Growth has made a net profit after tax of $11.0m in the year to 30 June 2025, which is close to the previous year's profit of $11.6m, despite challenging economic conditions in New Zealand and globally. From this profit, we have made $6m of distributions to the Runanganui Group in the 2025 year, to assist its social and cultural outputs to Ngati Porou.
Capital & Resource Reallocation
We are constantly looking to invest our capital in profitable ventures, which includes liquidating from unprofitable ventures to divert the sale proceeds to better alternative investments. Hauiti Berries and the Real Fresh seafood store are examples of those categories which we exited. We have a detailed investment framework for managing our balance sheet assets and debt, to enable us to optimise our returns subject to an acceptable level of risk.
Asset Allocation
The financial goal of Nati Growth Ltd is to maximise the long-term dividends to the Runanganui so that it can maximise benefits to the iwi. To manage this balance wisely, Nāti Growth like many iwi and long-term investors - follows a disciplined approach built around diversification. By spreading our investments across a mix of asset types, we can smooth out volatility and strengthen the overall resilience of our portfolio. The main investment categories we consider, in descending order of both risk and expected return are: venture capital, direct business ownership, private equity, listed equities, property, and fixed-income securities. Our responsibility as governors and managers is to determine the most effective combination of investment assets to maximise our returns. These decisions are based on our Statement of Investment Purpose and Objectives (SIPO). The SIPO regulates our key balance sheet decisions, namely the level of debt, the mix of assets, dividend policy and the targeted level of risk.
Investment Approach
Nāti Growth uses an external adviser Mapua Wealth (formerly called My Fiduciary) to assist us in investing in a diversified and cost-efficient portfolio of marketable assets. Mapua Wealth reports to Nāti Growth on portfolio performance on a monthly basis, and from time-to-time makes recommendations on adjustments to the portfolio based on market conditions and expectations, which are considered and approved by Nati Growth. The past year has seen significant volatility in financial markets, mainly because of changing political dynamics in the US and flow-on effects around the world. We work closely with Mapua Wealth to ensure our portfolio is appropriately balanced in the face of ongoing uncertainties. As we look to the future, we will target increased direct investments in businesses, private credit and property, by co-investing with partners who have specialised or industry expertise, including iwi groups. We believe this strategy will deliver a more optimal investment portfolio that maximizes returns to the Runanganui Group over time.
Direct Investment Management
To achieve these goals, we have developed the internal capability of Nati Growth as an investment company, by expanding our human skills and internal systems. We are also investing in our existing investment relationships and forging new ones, so that investment market participants are aware that Nati Growth is an attractive business and investment partner. The close management of our funds, and the selective reallocation of those funds to other categories, such as direct investments, has been integral to our stable performance this year in an economically challenging environment. This creates a strong platform for the future, which is covered in more detail in our CEO report.
Ta Robert McLeod Chair
Te Whanau a Rakaihoea me Rakairoa
Download a copy of the TRONPnui Group 2025 Annual Report https://www.ngatiporou.com/publication/annual-report-2025
Download a copy of the TRONPnui Group 2025 Financials
https://www.ngatiporou.com/publication/annual-consolidated-financial-statement-2025
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