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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)
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 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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 2.12% | 8.12% | 6.05% | 7.92% | 3.58% |
| Appropriate Market Index (AMI)2 | 3.04% | 5.79% | 7.75% | 7.15% | 3.29% |
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 |
|---|---|
| NEXTDEC Ltd | 11.47% |
| Infratil Limited | 10.80% |
| Contact Energy Limited | 8.31% |
| Spark New Zealand Ltd | 7.96% |
| Summerset Group Holdings Ltd | 7.92% |
| Worley Limited | 7.83% |
| Meridian Energy Ltd NPV | 6.47% |
| Ryman Healthcare Ltd | 5.20% |
| Sky Network Television Ltd | 5.06% |
| Waypoint REIT Fully Paid Ord Units Stapled Securities | 4.80% |
Commentary
As of 30 September 2025
Market Overview
Fund Commentary
The largest positive contributors to the fund’s return were positions in NextDC (NXT), Worley (WOR) and Infratil (IFT). NXT rose 16.7% (in AUD) following announcing a good result and also a very strong outlook. NXT will also look for capital partners to help fund the large pipeline of developments in front of it. WOR added 9.3% (in AUD) on the back of a good result, strong margins and a large order book which supports earnings for a number of years. IFT rose 16.5% over the quarter, assisted by being added to the S&P/ASX 200 index, an independent valuer’s uplift in the value of its investment in CDC along with announcing further contract wins for CDC.
The largest negative contributors to the fund’s return were from Mainfreight (MFT), Summerset (SUM) and Sky City Entertainment (SKC). MFT provided a disappointing first 17 weeks trading update at its Annual Shareholder Meeting with weak margins driving profit before tax down 24% compared to the same period last year. This contributed to MFT falling 4.6%. Despite a good result, SUM came under pressure from a large shareholder selling stock during the period. This pushed SUM’s share price down 4.1% over the quarter. SKC conducted a deeply discounted $240m capital raising during the period to improve its balance sheet. SKC have identified property assets for divestment but to avoid being a forced seller the capital raise was conducted to ensure it did not breach banking covenants. The capital raise resulted in SKC falling 24.6%.
Key portfolio changes during the quarter included adding to our positions in Meridian Energy (MEL), Ryman Healthcare (RYM) and SUM. The fund also participated in the SKC capital raising. Positions in Ingenia Communities (INA), MFT, Aristocrat Leisure (ALL), ResMed (RMD) and Waypoint REIT (WPR) were reduced. (Bold denotes stocks held in the portfolio).