Cam Gracey, Chief Financial Officer, provides an overview of our financial investment area activity for the year in review.

Global headlines have made for a volatile year. Our returns were tracking in double digits heading into 2026, before geopolitical tensions around the Straits of Hormuz, ongoing uncertainty and wider market turbulence created headwinds for most investments.

So how did we endure it? We stayed focused on our fundamentals. At Rātā, we take a long-term view, guided by our Statement of Investment Policy and Objectives.

That discipline was tested this year. While markets dropped sharply, our investment posture held firm and our 10-year return remained close to benchmark, at 7.4% against 7.1%. For the year to March, our return was 8%, against a target of around 7.6% and a benchmark of 10.2%. View our Annual Consolidated Financial Statements to 31 March 2026.

As mentioned above, we also continued to progress our direct investment strategy. This supports our focus on getting closer to our investments, board-level engagement and our longer-term target of around $200 million in direct investments. We continue to assess new opportunities.

This is our final year using the Mercer ESG ratings framework. A new approach is being developed to give a clearer picture of our portfolio’s impact, and we will share more as it progresses.

Markets will always move, but a clear structure helps keep us focused on the long term. Our diversified portfolio and investment strategy leave us well placed to keep funding at a meaningful level, now and into the future.