Our Managed Funds

Amova NZ Bond Fund

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About the fund

The fund invests in a broad selection of NZ dollar denominated bonds issued by Governments, Government entities, banks and companies, providing investors with a regular income. The fund may experience modest ups and downs in value. 

Risk Indicator (volatility)

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

Target Asset Allocation

Income 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 NZ Bond Fund from Ian Bellow

Ian is a Fixed Income Manager here at Amova. In this video, Ian talks about the Amova NZ Bond Fund and describes what this fund aims to achieve in terms of returns. Ian also explains what sets this fund apart from the rest and why you should consider the NZ Bond Fund for your next investment.

Commentary

As of 28 February 2026

Market Overview

  • New Zealand bonds delivered strong returns as interest rates declined.
  • The NZ yield curve remains steeply positive shaped with higher yields achieved through investing longer in maturity.
  • New Zealand credit outperformed, with constrained supply supporting prices in both primary and secondary markets.

Fund Highlights

  • The decline in interest rates over the month was the primary driver of fund returns, with longer duration exposures proving advantageous.
  • NZ government bonds performed in line with swaps with similar declines in yield. Credit was the best performing sector over the month.
  • The funds are well positioned to deliver strong performance over the medium term, underpinned by carry and roll strategies in a steep, positive yield curve environment.

Performance

Amova NZ Bond Fund
Open Close

Performance

at 28 February 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.84 1.17 5.84 6.30 1.90
Appropriate Market Index (AMI)2 1.54 1.11 5.77 5.90 1.63
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg NZBond Composite 0+ year Index.

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
NZ Government 150541 1.75 GB 7.48%
NZ Government 2.75% 15/04/2037 7.41%
NZ Government Bond 2% 15/05/2032 6.89%
NZ Government 150534 4.25 Gb 5.49%
Westpac New Zealand Ltd 240929 4.34 Cb 3.62%
Kiwibank Ltd 111229 4.746 Cb 3.59%
New Zealand Government 150536 4.25 Gb 3.57%
NZ Government 150535 4.50 Gb 3.27%
NZ Local Government Funding Agency 4.5% 15/05/2030 3.20%
Bank Of New Zealand 191129 4.889 Cb 2.77%