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.

 

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 July 2026

Market Overview

  • Global equity markets were mixed over the month with key drivers being corporate earnings results in the US, continued conflict in the Middle East and central bank interest rate decisions.
  • The US S&P 500 index fell 0.1%, the UK FTSE 100 index rose 3.5%, the Japanese Nikkei 225 lost 8.1%, the Australian ASX 200 index added 2.3% and the MSCI World index ended the month down 0.3%.
  • The S&P/NZX 50 index ended the month up 0.6%.

Fund Highlights

  • The fund ended the month up 0.7%, 0.1% ahead of the index return.
  • Ahead of June period end earnings results to be released in August, several companies provided updates including Fletcher Building upgrading guidance and Spark and A2 Milk reconfirming their guidance numbers.
  • Mainfreight provided a strong trading update at its Annual Shareholder Meeting.
  • Sky City Entertainment announced the unconditional sale of one of its property assets along with signing heads of agreement for the sale of another property which should alleviate any balance sheet concerns.
  • Underweight positions in Mercury and Port of Tauranga and an overweight position in Mainfreight added value. Overweight positions in NextDC, Infratil and Summerset detracted from value.

Performance

Amova Core Equity Fund
Open Close

Performance

at 31 July 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 0.61 6.51 3.98 3.21 1.87
Appropriate Market Index (AMI)2 0.59 6.27 7.56 5.14 2.48
  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 17.28%
Infratil Limited 13.04%
Auckland International Airport Ltd 9.33%
Contact Energy Limited 8.13%
Meridian Energy Ltd NPV 6.29%
Mainfreight Limited 5.19%
EBOS Group Limited 4.35%
Spark New Zealand Ltd 4.32%
A2 Milk 4.14%
Summerset Group Holdings Ltd 2.90%