Commentary

As of 30 June 2026

Market Overview

  • Q2 2026 saw the strongest quarterly return for global equities since the Q2 2020 Covid rebound.
  • Global bonds also delivered solid returns with yields remaining relatively stable even as inflation readings remained uncomfortably high from higher energy prices.
  • Economic data continued to paint a mixed picture in many countries. US economic data remained resilient, and this combined with some more hawkish rhetoric from the Federal Reserve contributed to a stronger US dollar.
  • Other central bank activity saw hikes from the European, Japanese and Australian central banks in an effort to keep inflation in check.

Fund Highlights

  • The Conservative Fund posted a strong return over June and an exceptionally strong return for the second quarter of 2026.
  • The Global Bond Fund outperformed during the second quarter of 2026, with positive contributions from rates positioning, sector allocation and security selection.
  • Local bonds had a very strong second quarter, comfortably outperforming their global counterparts.
  • The Multi-Manager Global Equity Fund outperformed the benchmark in June, but did not keep pace with the strong returns over the quarter.

Performance

GoalsGetter Amova Conservative Fund
Open Close

Performance

at 30 June 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.14 4.04 5.01 6.24 2.60
Appropriate Market Index (AMI)2 0.97 3.69 6.89 6.88 3.26
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Composite - refer to the GoalsGetter KiwiSaver Scheme SIPO

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
Life Cycle Concentrated Global Share Fund Class Z 4.17%
NZD BNP Paribas A/C 2.18%
Japan Treasury Disc Bill 060726 0.00 Gb 1.97%
NZ Government 2.75% 15/04/2037 1.80%
USD BNP Paribas A/C 1.64%
NZ Government 150541 1.75 GB 1.64%
New Zealand Government 150536 4.25 Gb 1.51%
NZ Government Bond 2% 15/05/2032 1.32%
NZ Government 150534 4.25 Gb 1.14%
Westpac New Zealand Ltd 240929 4.34 Cb 0.83%