Our Managed Funds

Amova NZ Cash Fund

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About the fund

This fund invests in a  selection of NZ dollar denominated cash investments and short-term  bonds that aim to protect value while at the same time providing a higher return than bank deposits.

 

Risk Indicator (volatility)

Lower riskHigher risk
1
2 Low
3
4
5
6
7
Potentially
lower returnsPotentially
higher returns
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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.

Summary of Amova

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Amova Asset Management New Zealand Limited, established in 1994, manages funds for a wide range of clients including charities, corporations, local governments, and individual investors.

As a New Zealand-based investment manager, it benefits from the global expertise of its parent company, Amova Asset Management, one of Asia’s largest asset managers. Led by Stuart Williams since 2023, Amova NZ actively manages New Zealand equity and fixed income assets, partnering with Goldman Sachs, NAM Europe, and ARK for global investments. Believing in active management, they seek to uncover market opportunities.

 

About the Fund Manager

Commentary

As of 31 May 2026

Market Overview

  • RBNZ holds - but split vote signals hikes ahead – The MPC divided 3:3, with Governor Breman's casting vote preserving the 2.25% OCR. All six members agreed that increases at upcoming meetings would likely be necessary, with the revised track implying a cycle peak of 3.28%.
  • The debate centres on persistence vs spare capacity – Those voting to hold cited contained core inflation, anchored long-term expectations, and deteriorating activity; those voting to hike warned that broad first-round price increases raise the risk of second-round effects becoming embedded.
  • Amova expects a more measured hiking cycle – We see the economy's weak starting point and the oil shock's drag on household demand as natural constraints on inflation persistence, and expect the RBNZ to gradually lift the OCR toward 3.00% to 3.25% over the coming year.

Fund Highlights

  • The fund holds a longer than benchmark duration position reflecting our view that the RBNZ will increase rates at a slower pace than markets are pricing as energy and food prices take discretionary spending capacity out of the economy.
  • The fund has a yield advantage of 78bps over its benchmark.
  • Credit quality remains high and is expected to perform well despite impacts from the Iran conflict.

Performance

Amova NZ Cash Fund
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Performance 

at 31 May 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 0.26 0.67 3.26 4.86 3.87
Appropriate Market Index (AMI)2 0.21 0.62 2.85 4.48 3.61
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg NZBond Bank Bill 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
Rabobank NederlandNZ 190628 FRN 5.65%
Kiwibank Ltd 130628 FRN 4.51%
Rabobank NederlandNZ 200229 Frn 3.84%
ASB Bank Limited 181027 FRN 3.65%
Kiwibank Ltd 150328 FRN 3.56%
MUFG Bank Ltd Auckland Branch 241126 FRN 2.91%
Toyota Finance New Zealand Ltd 110926 Frn 2.67%
KiwiBank 2.635% 05/10/2026 2.66%
Toyota Fin New Zealand 300927 Frn 2.38%
Auckland Council 260628 Frn 2.28%