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This fund provides investors with concentrated exposure to New Zealand and Australian share markets from an actively managed investment portfolio of high conviction companies. The manager selects companies for investment where they have a strong view on the medium-term outlook for positive returns.
In times of high uncertainty or low conviction the fund can hold more cash than typical Australasian shares funds.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
Michael is the Head of Equities at Amova. In this video, he explains what an average day in his job looks like, what he's trying to achieve with this portfolio, and what he sees as a good investment. Michael also talks us through the investment process and outlines the main reasons why you should consider the Amova Concentrated Equity Fund for your next investment.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.05 | 0.08 | -4.55 | 2.19 | -0.72 |
| Appropriate Market Index (AMI)2 | 1.67 | 5.25 | 8.40 | 7.23 | 1.82 |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Infratil Limited | 12.39% |
| Spark New Zealand Ltd | 9.44% |
| Contact Energy Limited | 8.36% |
| NEXTDEC Ltd | 8.34% |
| Meridian Energy Ltd NPV | 7.86% |
| Summerset Group Holdings Ltd | 6.81% |
| Aristocrat Leisure Ltd | 6.77% |
| Mainfreight Limited | 6.72% |
| Sky Network Television Ltd | 5.58% |
| Worley Limited | 5.35% |
Commentary
As of 31 August 2026
The largest positive contributors to the fund’s return were positions in Spark (SPK), Sky Network Television (SKT) and NextDC (NXT). SPK delivered a result in line with guidance which was enough to give investors confidence that their recent history of disappointing the market is behind them. SPK rose 11.5% over the month. SKT, up 12.3%, produced a result in line with their guidance and market expectations. Importantly their dividend was higher than expected and has signalled they expect to grow the dividend by 10% p.a. over the next 3 years and may conduct a buyback of shares. NXT, up 3.4% (in AUD), recovered from a weak performance in July and was also assisted by a well received earnings result.
The largest negative contributors to return were positions in Ingenia Communities (INA), Infratil (IFT) and Meridian (MEL). While INA delivered a result better than expectations, a large acquisition shadowed this and resulted in the stock trading down 15.2%. IFT lost 2.4% in a month that comprised its Annual General Meeting, and portfolio company updates regarding renewable energy firm Longroad, and the communications firm One NZ. The stock finished August up 31% year-to-date. Despite delivering a strong result, albeit in line with expectations, MEL fell 3.0% over the month.