Commentary

As of 31 January 2026

Market Overview
  • Most key global equity markets ended the month with positive returns. Intra month volatility was high driven by corporate earnings, geopolitical tensions, central bank decisions, and inflation prints.
  • The United States S&P 500 index rose 1.4%, the UK FTSE 100 index increased 2.9%, the Japanese Nikkei 225 lifted 5.9%, the Australian ASX 200 index gained 1.8% and the MSCI World index ended the month up 2.5%.
  • The S&P/NZX 50 index lost 0.9%. 
Fund Highlights
  • The fund ended the month down 1.2%, and behind the index return. 
  • ResMed announced a solid second quarter result, EPS beat consensus by ~2.5%.
  • Fletcher Building agreed to sell its Construction division to Vinci Construction for $315.6mn; Kiwi Property agreed to sell ASB North Wharf to Precinct Pacific Properties for $205mn.
  • The value of Infratil’s ~50% stake in CDC – the Australasian data centre operator climbed to $8bn (according to an independent valuation). 
  • A2 Milk halted trading on the stock exchange after its share price fell 12%, following the release of Chinese data revealing a sharper-than-expected drop in births. 7.9mn births was a 17% drop from last year and the lowest level since 1939. 
  • Overweight positions in ResMed, NextDC, and Worley added value. Overweight positions in Stride Property, Vista Group, and Summerset detracted from value.

Performance

Amova SRI Equity Fund
Open Close

Performance

at 31 January 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -1.26% -2.60% 1.71% 4.22%
Appropriate Market Index (AMI)2 -0.91% -0.82% 4.05% 4.73%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: S&P/NZX 50 Index Gross with Imputation Credits.

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
Fisher & Paykel Healthcare 15.30%
Infratil Limited 10.04%
Auckland International Airport Ltd 9.64%
Meridian Energy Ltd NPV 6.44%
Contact Energy Limited 6.28%
The A2 Milk Company Limited 5.69%
EBOS Group Limited 4.67%
Mainfreight Limited 4.43%
Spark New Zealand Ltd 4.24%
Summerset Group Holdings Ltd 4.10%