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.
Commentary
As of 30 November 2025
Market Overview
−Global markets took a breather in November, with both equities and bonds finishing the month close to where they started.
−For global equities November was the first flattish month since the turmoil in April from the “Liberation Day” tariff announcements.
−The mega-cap technology names - and a number of AI-related companies - generally underperformed over the month on the back of concerns there was a valuation bubble developing in this fast-evolving space.
−The central banks in Japan, Australia and the UK all kept rates unchanged, with the RBA and BoJ citing concerns around inflation.
Fund Highlights
−Returns for the High Growth Fund were negative for November.
−Local equity and listed property markets were weak, and the Global Equity Fund underperformed its benchmark.
−The top contributors to relative performance were overweight exposures to Delta Air Lines, Steel Dynamics and HCA Healthcare.
−The detractors relative to the benchmark included a nil exposure to the pharmaceutical giant Eli Lilly and the technology conglomerate Alphabet, which both had double digit gains.