Our Managed Funds

Amova Core Equity Fund

 

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About the fund

This fund invests in a broad selection of NZ listed companies with potential for growth of income and capital, and may also invest in some Australian shares if the portfolio managers see opportunities, as part of an actively managed portfolio.

Morningstar Bronze Rating Report 

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Risk Indicator (volatility)

Lower riskHigher risk
1
2
3
4
5 High
6
7
Potentially
lower returnsPotentially
higher returns
Learn more

Target Asset Allocation

Growth 100.00%

Risk Indicator (volatility) Scale

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.

Find out more about the Amova Core Equity Fund from Michael Sherrock

Michael Sherrock is Head of Equities and Portfolio Manager 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 details the main reasons why you should consider the Amova Core Equity Fund for your next investment.

Commentary

As of 31 January 2026

 Market Overview
  • While most key global equity markets ended the month with positive returns, intra month volatility was high driven by corporate earnings, geopolitical tensions, central bank decisions and outlooks, inflation prints and US dollar weakness.
  • The United States S&P 500 index rose 1.4%, the UK FTSE 100 index increased 2.9%, the Japanese Nikkei 225 lifted 5.9%, the Australian ASX 200 index gained 1.8% and the MSCI World index ended the month up 2.5%.
  • The S&P/NZX 50 index lost 0.9%.
 Fund Highlights
  • The fund ended the month down 1.15%, and behind the index return.
  • It was a quiet period for news flow as companies prepare their results for the period ended December which will be released in February.
  • ResMed announced a solid second quarter result while Fletcher Building announced the sale of its Construction division. Kiwi Property also announced the sale of its North Wharf office building.
  • Overweight position in Worley, NextDC and ResMed added value. Overweight positions in Summerset, Vista Group and Ingenia Communities detracted from value.

Performance

Amova Core Equity Fund
Open Close

Performance

at 31 January 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -1.21% -2.13% 0.19% 3.55% 1.28%
Appropriate Market Index (AMI)2 -0.91% -0.82% 4.05% 4.73% 1.22%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: S&P/NZX 50 Index Gross with Imputation Credits.

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.  

5 year cumulative performance $10,000 invested

Top 10 Holdings

Security Name Percentage
Fisher & Paykel Healthcare 15.66%
Infratil Limited 10.08%
Auckland International Airport Ltd 9.61%
Contact Energy Limited 6.71%
Meridian Energy Ltd NPV 6.22%
Spark New Zealand Ltd 5.13%
EBOS Group Limited 4.79%
The A2 Milk Company Limited 4.60%
Summerset Group Holdings Ltd 4.22%
Mainfreight Limited 4.17%