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 31 October 2025

Market Overview

  • NZ bond markets have performed well over the past months due to moves lower in interest rates.
  • The NZ Yield curve remains steeply positive shaped.
  • Credit margins appear to have stabilised after a strong performance, and supply/demand dynamics remain supportive.

Fund Highlights

  • The move lower in rates remains the key driver of performance with a higher yield continuing to support returns.
  • NZ government bonds and swaps performed well over the month with credit the star performer.
  • We expect the funds will perform well over

Performance

Amova NZ Bond Fund
Open Close

Performance

at 31 October 2025
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 0.86% 3.70% 7.82% 6.59% 0.66%
Appropriate Market Index (AMI)2 0.82% 3.32% 7.32% 5.84% 0.41%
  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 8.28%
NZ Government 2.75% 15/04/2037 7.85%
NZ Government 150534 4.25 Gb 7.65%
NZ Government 150535 4.50 Gb 4.57%
NZ Government Bond 2% 15/05/2032 3.91%
New Zealand Government 150531 1.50 Gb 3.46%
NZ Local Government Funding Agency 4.5% 15/05/2030 3.43%
Rabo 5.31% 05/04/2029 2.55%
Christchurch City Hldgs 210532 4.82 Gb 2.44%
Housing NZ 1.534% 10/09/2035 2.38%