In the most recent quarter, the dairy prices appear to have stabilised and partially reversed their decline from the previous quarter, resulting in a slight firming of the New Zealand dollars. There appears to be a divergence emerging across different regions globally, fortunately New Zealand with its own independent monetary system and free floating currency should be relatively immune to the worst of any fallout in global markets that may emerge as a consequence of the inevitable tightening in US monetary conditions. As result of our view on the global market, we believe mergers & acquisitions markets will remain relatively healthy in New Zealand for the foreseeable future, continuing the trend of high proportion of add-on investments to portfolio companies allowing these companies to extract synergy gains and achieve greater scale over and above organic growth.

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