Commentary

As of 31 October 2025

Market Overview

  • RBNZ cuts OCR by 50bps to 2.50% – Policy moves into clearly stimulatory territory; markets had expected 25bps but priced a 50% chance of a larger move.
  •  “Circuit breaker” cut signals easing bias – The RBNZ aims to boost confidence and spending, noting it remains open to further reductions; markets now price another 25bps cut in November and some risk of more in 2026.
  • Inflation at 3% expected to ease – Despite sitting at the top of the target band, pressures should moderate given spare capacity, focus shifts from additional cuts to the duration of accommodative settings.

Fund Highlights

  • The fund holds a longer than benchmark duration position reflecting our view that the RBNZ is likely to maintain stimulatory monetary policy settings for an extended time.
  • The fund has a yield advantage of 77bps over its benchmark.
  • Credit quality remains high and is expected to perform well as the economy recovers over the coming year.

Performance

GoalsGetter Amova NZ Cash Fund
Open Close

Performance

at 31 October 2025
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 0.26% 0.86% 4.07% 5.16% 3.50%
Appropriate Market Index (AMI)2 0.26% 0.81% 3.84% 4.90% 3.35%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg NZBond Bank Bill 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
Westpac New Zealand 060726 FRN 3.71%
Kiwibank Ltd 130628 FRN 3.54%
Westpac NZ 1.439% 02/24/26 3.42%
Rabobank NederlandNZ 190628 FRN 3.13%
ASB Bank Limited 181027 FRN 3.07%
MUFG Bank Ltd Auckland Branch 241126 FRN 2.79%
ASB Bank Ltd 040526 1.646 Cb 2.56%
New Zealand Tax Trading Co 141125 Rcd 2.30%
Rabobank NederlandNZ 160326 FRN 2.17%
BNZ 1.884% 08/06/2026 2.06%