Commentary

As of 31 March 2026

Market Overview

  • It was a tough quarter for New Zealand bonds as interest rates moved higher following the advent of war in the Middle East and surge in energy prices.
  • The NZ yield curve remains steeply positive shaped with higher yields achieved through investing longer in maturity.
  • New Zealand credit margins have remained little changed with demand strong at higher yields.

 

 

Fund Highlights

  • The rise in interest rates over March was the primary driver of the negative fund returns for the quarter, with longer duration exposures underperforming.
  • NZ government bonds performed marginally better than similar maturities of swaps. Credit margins were resilient to the risk off sentiment, and the fund remains high in credit quality.
  • Looking forward, the fund is well positioned to deliver strong performance over the medium term, underpinned by carry and roll strategies in a steep, positive yield curve environment.

 

 

Performance

GoalsGetter Amova NZ Corporate Bond Fund
Open Close

Performance

at 31 March 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -1.73 -0.65 3.52 5.50 2.22
Appropriate Market Index (AMI)2 -1.09 -0.24 4.06 5.89 2.72
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg NZBond Credit 0+ year 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
Housing NZ 1.534% 10/09/2035 3.08%
NZ Local Govt Funding Agency 150437 2.00 GB 2.70%
Bank Of New Zealand 010928 0.00 Cb 2.55%
Rabobank Nederlandnz 200231 4.40 Cb 2.47%
Insurance Australia Group Ltd 150628 5.32 Cb 2.46%
Christchurch Intl Airpor 060336 5.08 Cb 2.41%
NZ Local Govt Funding Ag 3% 15/05/2035 2.35%
Rabo 5.31% 05/04/2029 2.22%
Christchurch City Hldgs 210532 4.82 Gb 2.18%
Westpac New Zealand Ltd 160932 6.19 Cb 2.17%