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The Amova Europe team manages this fund, investing in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. The manager selects companies where they believe there is potential for quality and future value.
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.
Iain is a Portfolio Manager within the Global Equity Team based in Edinburgh. In this video, Ian explains his global investment philosophy, the objectives of this portfolio, and the concept of future quality. Iain also talks us through the long term focus on sustainability and what's personally satisfying about doing what he does. Find out more about the Amova Global Shares Fund from Iain Fulton in the video now.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.19% | 8.34% | 24.66% | 17.76% | 13.72% |
| Appropriate Market Index (AMI)2 | 2.52% | 9.81% | 22.78% | 19.17% | 15.09% |
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 |
|---|---|
| Nvidia Corp | 5.98% |
| Microsoft Corp | 5.96% |
| Amazon Com Inc | 4.64% |
| Meta Platforms Inc | 4.49% |
| Broadcom Corp Com | 3.42% |
| Netflix Inc | 3.15% |
| Uber Technologies Inc | 2.62% |
| Intesa Sanpaolo Spa | 2.61% |
| Sony Corp Y50 | 2.60% |
| HDFC Bank Ltd | 2.60% |
Commentary
As of 31 August 2025
Fund Commentary
Contributors: Trip.com Group Ltd. surged to its highest close of the year, buoyed by a 16% year-on-year revenue increase in Q2 and a 26% rise in net profit. The rebound in China’s travel sector, especially inbound and outbound bookings surpassing pre-COVID levels, significantly boosting investor sentiment. Sony Group Corporation saw its stock rise over 12% during the month, driven by robust Q1 earnings and optimism around its gaming division. The company reported strong sales growth and raised its annual profit outlook, benefiting from increased PlayStation 5 engagement and new product launches in its INZONE gaming gear line. Elevance Health, Inc. outperformed in August after Warren Buffet’s Berkshire Hathaway Group took a stake in peer in-surer United Health, and in so doing, highlighting value across the sector. The shares had been weak in July after 2Q results.
Detractors: The largest negative contributor to performance was not owning Apple Inc., one of the ‘unowned’ magnificent 7, costing the strategy more than 100 bps in August. Apple’s shares rose over 9% during the month, driven by a combination of strategic announcements and easing macroeconomic pressures. A key catalyst was the company’s pledge to invest an additional US$100 billion in U.S. manufacturing, bringing its total commitment to US$600 billion over four years, a move that likely helps Apple secure exemptions from proposed semiconductor import tariffs. Oracle Corporation fell 13% during the month as investor sentiment turned sharply negative following news of job cuts in its cloud division and rising AI infrastructure costs. Despite securing major AI-related contracts, including a multibillion-dollar deal with OpenAI, the market grew wary of Oracle’s ability to sustain earnings upgrades, thereby ending its recent stock momentum. TransDigm Group Inc. underperformed despite announcing a hefty $90 per share special dividend. The stock was weighed down by disappointing Q3 results - driven by slower-than-expected production at Boeing and Airbus - which led to a downward revision in revenue guidance. Concerns over its aggressive use of debt to fund shareholder returns also weighed on the shares.