Commentary

As of 31 July 2026

Market Overview

  • Following a very strong second quarter, global equity markets took a pause over July as the USA-Iran peace deal unravelled mid-month and the conflict re-escalated.
  • Oil finished the month around U$90 pushing bond yields higher as the market factored in stronger inflation and increased likelihood Central Banks would respond with tighter monetary policy.
  • Energy and Financials were the strongest sectors within global equity markets which meant ‘value’ stocks outperformed ‘growth’ stocks by a significant margin.
  • Both global bonds and NZ bonds fell by -1.1% over the month.

Fund Highlights

  • Returns for the Balanced Fund were down slightly over July, but ahead of the benchmark.
  • The Global Equity Fund outperformed over July due to strong stock selection across Information Technology, Healthcare, Energy, Financials and Consumer sectors.
  • Both local and global bond markets were also down following the renewed hostilities in the Middle East.
  • In local equities Mainfreight, Sky City Entertainment and Spark all posted strong returns.

Performance

GoalsGetter Amova Balanced Fund
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Performance

at 31 July 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -1.08 2.60 4.58 7.82 3.01
Appropriate Market Index (AMI)2 -0.98 3.23 10.30 9.97 5.73
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Composite - refer to the GoalsGetter KiwiSaver Scheme SIPO

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

Fund documents for download

Top 10 Holdings

Security Name Percentage
Life Cycle Concentrated Global Share Fund Class Z 12.12%
Infratil Limited 2.12%
NZD BNP Paribas A/C 1.71%
Nvidia Corp 1.62%
Fisher & Paykel Healthcare 1.50%
Contact Energy Limited 1.40%
Amazon Com Inc 1.38%
Kiwi Property Group Limited 1.26%
Microsoft Corp 1.23%
Meridian Energy Ltd NPV 1.21%