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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.
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 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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.75 | 4.86 | 4.99 | 5.10 | 1.14 |
| 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 |
|---|---|
| Fisher & Paykel Healthcare | 17.95% |
| Infratil Limited | 12.63% |
| Auckland International Airport Ltd | 8.94% |
| Contact Energy Limited | 7.74% |
| Meridian Energy Ltd NPV | 6.05% |
| Mainfreight Limited | 4.92% |
| Spark New Zealand Ltd | 4.71% |
| EBOS Group Limited | 4.46% |
| A2 Milk | 4.03% |
| Summerset Group Holdings Ltd | 2.91% |
Commentary
As of 31 August 2026
Global equities generally advanced in August, although performance diverged across regions and sectors with the MSCI World Index up 2.7%. The S&P 500 gained 2.6%, supported by resilient US corporate earnings and renewed confidence in artificialintelligence investment. Sentiment softened late in the month as renewed Middle East tensions lifted oil prices and bond yields, reviving inflation and interest-rate concerns. The FTSE 100 declined 0.4%, despite strength in energy and financial stocks. Japan outperformed, with the Nikkei 225 rising 3.0%, although the market remained sensitive to movements in the yen and expectations for Bank of Japan policy. The Australian S&P/ASX 200 gained 1.5% while in New Zealand the S&P/NZX 50 rose 1.7% and closed at 13,917. The index reached an intra-month record of 14,069 on 26 August before retreating over the final trading sessions. The NZ domestic earnings season was an important focus, with many companies reporting full-year results, maintaining aggregate earnings growth despite disruption associated with the energy shock, although results varied considerably across sectors.
The largest positive contributors to the fund’s relative return were overweight positions in Spark (SPK), Sky Network Television (SKT) and Vista Group (VGL). 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. VGL announced a small guidance upgrade and the market has growing confidence in their ability to deliver on their 2030 targets. VGL rose 10.9%.
The largest negative contributors to relative return were from overweight positions in Ingenia Communities (INA) and Infratil (IFT) and an underweight in Fletcher Building (FBU). While INA delivered a result better than expectations, a large acquisition shadowed this and resulted in the stock trading down 15.2%. On no specific news, 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. FBU rose 9.0% after announcing a better-than-expected result.