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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 | 2.37% | 9.08% | 0.13% | 3.52% | 2.92% |
| Appropriate Market Index (AMI)2 | 1.78% | 7.83% | 4.13% | 4.56% | 2.57% |
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 | 10.48% |
| NEXTDEC Ltd | 9.97% |
| Spark New Zealand Ltd | 8.48% |
| Contact Energy Limited | 8.37% |
| Summerset Group Holdings Ltd | 7.98% |
| Worley Limited | 7.32% |
| Meridian Energy Ltd NPV | 6.40% |
| Ingenia Communities Group | 5.12% |
| Ryman Healthcare Ltd | 5.05% |
| Waypoint REIT Fully Paid Ord Units Stapled Securities | 5.05% |
Commentary
As of 31 July 2025
The largest positive contributors to the fund’s return were positions in Infratil (IFT), Aristocrat Leisure (ALL) and Ryman Healthcare (RYM). IFT rose 9.7% over the month, assisted by being added to the S&P/ASX 200 index along with an independent valuer’s uplift in the value of its investment in CDC. ALL rose 7.5% (in AUD) on no specific news. RYM provided quarterly sales numbers along with contracts which were better than expected and also said that they expect sales to be towards the upper end of guidance. RYM ended the month up 11.6%.
The largest negative contributors to the fund’s return were from Mainfreight (MFT), Meridian Energy (MEL) and Ingenia Communities (INA). MFT provided a disappointing first 17 weeks trading update at its Annual Shareholder Meeting with weak margins driving profit before tax down 24% compared to the same period last year. This led to MFT falling 10.2%. While MEL completed the acquisition of NZ Windfarms during the month, MEL stock price has continued to be impacted by weak operating numbers due to low hydro generation driven by low lake levels. MEL fell 3.4% over the month. INA was impacted by a ruling against Lifestyle Communities (LIC) and the deferred management that it charges. The ruling has no impact on INA but it was dragged lower as LIC fell 36.6% (in AUD) over the month. INA ended down 3.8% (in AUD).
Key portfolio changes during the month included adding to our positions in INA, RYM, Spark (SPK) and Waypoint REIT (WPR). Positions in ALL, Contact Energy (CEN), IFT, ResMed (RMD) and Sky Network Television (SKT) were reduced.
(Bold denotes stocks held in the portfolio).