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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 | 3.42% | 8.98% | 4.75% | 4.84% | 3.21% |
| Appropriate Market Index (AMI)2 | 0.87% | 4.25% | 4.62% | 4.54% | 2.38% |
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 | 11.24% |
| Infratil Limited | 10.00% |
| Spark New Zealand Ltd | 8.46% |
| Contact Energy Limited | 8.09% |
| Worley Limited | 7.99% |
| Summerset Group Holdings Ltd | 7.70% |
| Meridian Energy Ltd NPV | 6.25% |
| Waypoint REIT Fully Paid Ord Units Stapled Securities | 5.27% |
| Sky Network Television Ltd | 5.21% |
| Ryman Healthcare Ltd | 4.82% |
Commentary
As of 31 August 2025
Market Overview
Fund Commentary
The largest positive contributors to the fund’s return were positions in NextDC (NXT), Worley (WOR) and Ingenia Communities (INA). NXT rose 13.7% (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 10.0% (in AUD) on the back of a good result, strong margins and a large order book which supports earnings for a number of years. INA reported a better than expected result and also guided to strong growth in the year ahead. INA rose 13.0% (in AUD) over the month.
The largest negative contributors to the fund’s return were from Infratil (IFT), Summerset (SUM) and Sky City Entertainment (SKC). Despite generally positive updates during the month, including announcing the sale of its RetireAustralia holding, IFT drifted lower over the period, ending down 2.3%. Despite a good result, SUM came under pressure from a large shareholder selling stock during the month. This pushed SUM’s share price down 3.9% over the month. 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 26.3%.
Key portfolio changes during the month included adding to our positions in ResMed (RMD), Ryman Healthcare (RYM), Sky Network Television (SKT), and SUM. The fund also participated in the SKC capital raising. Positions in INA, Mainfreight (MFT) and Spark (SPK) were reduced. The fund’s holding in Fisher & Paykel Healthcare (FPH) was divested.
(Bold denotes stocks held in the portfolio).