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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)
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.
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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.27 | 0.78 | 3.06 | 4.61 | 4.01 |
| Appropriate Market Index (AMI)2 | 0.23 | 0.67 | 2.67 | 4.22 | 3.73 |
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 |
|---|---|
| Rabobank NederlandNZ 190628 FRN | 5.75% |
| Kiwibank Ltd 130628 FRN | 4.59% |
| Rabobank NederlandNZ 200229 Frn | 3.92% |
| ASB Bank Limited 181027 FRN | 3.72% |
| Kiwibank Ltd 150328 FRN | 3.63% |
| MUFG Bank Ltd Auckland Branch 241126 FRN | 2.96% |
| Toyota Finance New Zealand Ltd 110926 Frn | 2.71% |
| Toyota Fin New Zealand 300927 Frn | 2.42% |
| Auckland Council 260628 Frn | 2.32% |
| Asb Bank Limited 161126 5.928 Cb | 2.22% |
Commentary
As of 31 August 2026
Global equities generally advanced in August, although performance diverged across regions and sectors with the MSCI World Index up 2.7%. The S&P 500 gained 2.6%, supported by resilient US corporate earnings and renewed confidence in artificialintelligence investment. Sentiment softened late in the month as renewed Middle East tensions lifted oil prices and bond yields, reviving inflation and interest-rate concerns. The FTSE 100 declined 0.4%, despite strength in energy and financial stocks. Japan outperformed, with the Nikkei 225 rising 3.0%, although the market remained sensitive to movements in the yen and expectations for Bank of Japan policy. The Australian S&P/ASX 200 gained 1.5% while in New Zealand the S&P/NZX 50 rose 1.7% and closed at 13,917. The index reached an intra-month record of 14,069 on 26 August before retreating over the final trading sessions. The NZ domestic earnings season was an important focus, with many companies reporting full-year results, maintaining aggregate earnings growth despite disruption associated with the energy shock, although results varied considerably across sectors
The largest positive contributors to the fund’s return were positions in Spark (SPK), Sky Network Television (SKT) and NextDC (NXT). SPK delivered a result in line with guidance which was enough to give investors confidence that their recent history of disappointing the market is behind them. SPK rose 11.5% over the month. SKT, up 12.3%, produced a result in line with their guidance and market expectations. Importantly their dividend was higher than expected and has signalled they expect to grow the dividend by 10% p.a. over the next 3 years and may conduct a buyback of shares. NXT, up 3.4% (in AUD), recovered from a weak performance in July and was also assisted by a well received earnings result.
The largest negative contributors to return were positions in Ingenia Communities (INA), Infratil (IFT) and Meridian (MEL). While INA delivered a result better than expectations, a large acquisition shadowed this and resulted in the stock trading down 15.2%. IFT lost 2.4% in a month that comprised its Annual General Meeting, and portfolio company updates regarding renewable energy firm Longroad, and the communications firm One NZ. The stock finished August up 31% year-to-date. Despite delivering a strong result, albeit in line with expectations, MEL fell 3.0% over the month.