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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.
Currency exposure created as a consequence of investment in global shares is 100% hedged to the New Zealand dollar.
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, Iain explains a bit more about the Amova Global Shares Hedged fund, his global investment philosophy, the objectives of this portfolio. Iain also talks us through the long term focus on sustainability and the concept of future quality. Learn more about the Amova Global Shares Hedged Fund from Iain Fulton in the video now.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 11.07 | -4.00 | 5.90 | 10.82 | 2.77 |
| Appropriate Market Index (AMI)2 | 9.04 | 3.26 | 29.21 | 18.98 | 9.35 |
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 | 8.15% |
| Microsoft Corp | 5.73% |
| Amazon Com Inc | 5.72% |
| Broadcom Corp Com | 3.79% |
| Netflix Inc | 3.63% |
| Compass Group Ord GBP0 1105 | 2.96% |
| Coca-Cola Europacific Partners | 2.95% |
| Mastercard Inc - Class A | 2.88% |
| US Foods Holding Corp | 2.87% |
| Linde Plc | 2.76% |
Commentary
As of 30 April 2026
Market Overview
Global equity markets rebounded strongly in April 2026, recovering from March’s geopolitical tensions (Middle East conflict) amid solid corporate earnings, renewed AI enthusiasm, and easing concerns in some areas.
Major country/region indices showed broad gains, with notable leadership from tech-heavy areas: US equities gained 7% while the Nasdaq Composite gained more than 10%.
Fund Highlights
The fund returned 8.41% for the month, underperforming the benchmark which returned 9.04%.
Positive contributors to performance over the month included Amazon.com, ASM International and Broadcom.
Negative contributors to performance included Option Care Health and Netflix.
The biggest single contributor to underperformance (80 bps of 100 bps underperformance) came from not owning Google. Shares in Alphabet performed strongly in April after delivering strong Q1 2026 earnings.