Like any lasting marriage there have been tense moments during the relationship. With these two it was back in 1999-2000 when the markets had a huge growth phase on the back of the tech boom.

While Templeton was still making money, its performance was 10-15 points behind the index. BNZ, at the time seriously considered sacking Templeton, or at the least add a bit of a growth tilt to their strategy.

To its credit Templeton stuck to its guns and came down and defended itself.

Templeton portfolio manager Jeff Everitt is quite candid about the time now saying it was hard. “I’ve never earned so much money in a portfolio but felt so badly.”

His message now is that the philosophy behind the fund, which BNZ launched in Rotorua a decade ago, is still in tact, and that although the market is difficult there are many decent value plays out there.

He dismisses the idea that the market is in either a growth or value phase. Rather he now prefers to say that there are always value stories out there, it’s a matter of finding them and doing the deal.

His view is that while the market is tough at the moment Templeton can still find value stocks for its portfolio.

And Everitt’s view on the topical issues?

Oil isn’t as a big a problem for the market as many commentators are making out, he says. It’s not the big bear factor out there.

On the US elections: The outcome won’t have a big impact as whoever wins will economically be hamstrung by Congress, the US deficits, geo-political issues and the fact there is little room to move interest rates or cut taxes.

To find out more about BNZ's International Equity fund visit Special Reports.