On this page:
This fund invests in a broad selection of NZ listed companies with potential for growth of income and capital, and may also invest in some Australian shares if the portfolio managers see opportunities, as part of an actively managed portfolio.
This fund provides a combination of specific exclusions and Environmental Social and Governance (ESG) integration, which considers the sustainability of companies.
The fund deliberately avoids investing in certain companies, industries, and sectors and aims to align social and personal values while still providing competitive returns.
Managed by a dedicated, institutional calibre SRI portfolio manager, the GoalsGetter Amova SRI Equity Fund comprises 30-35 New Zealand and Australian companies.
Find out more about our approach to Responsible Investing
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.
Michael is a Portfolio Manager here at Amova. In this video, Michael talks about the difference between ESG and SRI and outlines what the SRI Equity Fund is trying to achieve. Michael also outlines what the Fund's portfolio consists of and describes why you should consider this fund for your next investment.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.11% | 4.65% | 4.49% | 4.79% | |
| Appropriate Market Index (AMI)2 | 0.87% | 4.25% | 4.62% | 4.54% |
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 |
|---|---|
| Fisher & Paykel Healthcare | 16.10% |
| Infratil Limited | 10.50% |
| Auckland International Airport Ltd | 9.57% |
| Meridian Energy Ltd NPV | 6.55% |
| Contact Energy Limited | 6.34% |
| Spark New Zealand Ltd | 5.14% |
| The A2 Milk Company Limited | 4.94% |
| EBOS Group Limited | 4.50% |
| Mainfreight Limited | 4.21% |
| Summerset Group Holdings Ltd | 3.77% |
Commentary
As of 31 August 2025
Market Overview
Fund Commentary
The largest positive contributors to the fund’s relative return were from overweight positions Next DC (NXT) and Worley (WOR) and underweight positions EBOS (EBO), and restricted stock Sky City (SKC). NXT delivered a positive 13.7% return. The company released their FY25 result, with financial performance meeting market expectations. Contracted units lifted by 42%, positioning the company well for the years ahead as these contracts convert into revenue. The speed of this conversion is expected to accelerate. In addition, NXT will secure capital partners to help fund the large pipeline of developments in front of it. WOR delivered a positive 10.0% return. This was on the back of a good result, demonstrating strong margins and a large order book that supports the earnings growth trajectory over a number of years. EBO delivered a negative 20.3% return, announcing a disappointing FY25 result driven by eeaker than expected Community Pharmacy performance along with a material lift in operating expenses. Furthermore, it provided a concerning outlook, with certain headwinds extending until at least FY27.
The largest negative contributors to relative return were from overweight position Summerset (SUM), underweights A2 Milk (ATM) and (nil holding) Westpac (WBC). SUM delivered a negative 3.9% return. Despite a reasonable result, SUM came under pressure from a large shareholder selling stock during the month. ATM delivered a positive 21.5% return. The company announced a solid earnings result, a $300m special dividend and a transaction that gets them extra China label licenses for additional infant formula products. The transactions involved selling one manufacturing site in the South Island (without licenses) and buying another in Pokeno, Auckland (with licenses). The ability to use the licenses still requires approval by China's regulatory body SAMR (State Administration for Market Regulation) with a decision expected within 12 months. WBC delivered a positive 15.6% return. The company reported a good third quarter result on the back of strong revenue growth and higher than expected net interest margin. The other two listed banks, ANZ and Heartland also performed well over the period, with the industry supported by the dovish RBNZ cut.
Key portfolio changes during the month included adding to our positions in NXT, Chorus (CNU), and ATM. Reducing our positions in Waypoint (WPR), Precinct Properties (PCT), and EBO. (Bold denotes stocks held in the portfolio).