Our Managed Funds

Amova Concentrated Equity Fund

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About the fund

This fund provides investors with concentrated exposure to New Zealand and Australian share markets from an actively managed investment portfolio of high conviction companies. The manager selects companies for investment where they have a strong view on the medium-term outlook for positive returns.

In times of high uncertainty or low conviction the fund can hold more cash than typical Australasian shares funds.

Risk Indicator (volatility)

Lower riskHigher risk
1
2
3
4
5 High
6
7
Potentially
lower returnsPotentially
higher returns
Learn more

Target Asset Allocation

Growth 100.00%

Risk Indicator (volatility) Scale

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.

Find out more about the Amova Concentrated Equity Fund from Michael Sherrock

Michael is the Head of Equities at Amova. In this video, he explains what an average day in his job looks like, what he's trying to achieve with this portfolio, and what he sees as a good investment. Michael also talks us through the investment process and outlines the main reasons why you should consider the Amova Concentrated Equity Fund for your next investment.

Commentary

As of 28 February 2026

Market Overview

  • Global equity markets had mixed outcomes over the month as company earnings results, economic data, central bank moves and geopolitical tensions all played a part.
  • The United States S&P 500 index declined 0.9%, the UK FTSE 100 index increased 6.7%, the Japanese Nikkei 225 lifted 10.4%, the Australian ASX 200 index gained 4.1% and the MSCI World index ended the month up 1.4%.
  • The S&P/NZX 50 index gained 2.3%.

Fund Highlights

  • The fund ended the month down 2.7%.
  • It was a busy period for news flow as companies reported their earnings results for the period ending December 2025.
  • Fisher & Paykel Healthcare announced an earnings guidance upgrade.
  • Contact Energy and Genesis Energy both announced equity raisings to fund their pipelines of new electricity generation. Contact is raising $525 million while Genesis is raising $400 million.
  • The fund’s positions in NextDC, Waypoint REIT and Contact Energy added value while positions in Summerset, Ryman Healthcare and Worley detracted from value.

Performance

Amova Concentrated Equity Fund
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Performance

at 28 February 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -2.80% -5.83% -1.57% 3.77% 2.05%
Appropriate Market Index (AMI)2 2.27% 1.85% 9.68% 5.73% 3.13%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: S&P/NZX 50 Index Gross with Imputation Credits.

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
Infratil Limited 10.48%
NEXTDEC Ltd 9.63%
Spark New Zealand Ltd 8.70%
Summerset Group Holdings Ltd 8.39%
Worley Limited 7.90%
Meridian Energy Ltd NPV 7.15%
Contact Energy Limited 6.88%
Ryman Healthcare Ltd 6.03%
Aristocrat Leisure Ltd 5.24%
Resmed Inc 5.16%