Commentary

As of 31 July 2026

Market Overview

  • Following a very strong second quarter, global equity markets took a pause over July as the USA-Iran peace deal unravelled mid-month and the conflict re-escalated.
  • Oil finished the month around U$90 pushing bond yields higher as the market factored in stronger inflation and increased likelihood Central Banks would respond with tighter monetary policy.
  • Energy and Financials were the strongest sectors within global equity markets which meant ‘value’ stocks outperformed ‘growth’ stocks by a significant margin.
  • Both global bonds and NZ bonds fell by -1.1% over the month.

Fund Highlights

  • Returns for the Conservative Fund were weak in July, and in line with benchmark.
  • The Global Equity Fund outperformed over July due to strong stock selection across Information Technology, Healthcare, Energy, Financials and Consumer sectors.
  • Both local and global bond markets were also down following the renewed hostilities in the Middle East.
  • In local equities Mainfreight, Sky City Entertainment and Spark all posted strong returns.

Performance

GoalsGetter Amova Conservative Fund
Open Close

Performance

at 31 July 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -0.99 1.40 3.08 5.68 2.23
Appropriate Market Index (AMI)2 -0.82 1.51 5.09 6.31 2.99
  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 4.26%
NZD BNP Paribas A/C 2.56%
French Discount T-Bill 300926 0.00 Gb 1.87%
NZ Government 2.75% 15/04/2037 1.79%
NZ Government 150541 1.75 GB 1.62%
New Zealand Government 150536 4.25 Gb 1.48%
NZ Government Bond 2% 15/05/2032 1.33%
USD BNP Paribas A/C 1.27%
NZ Government 150534 4.25 Gb 1.14%
French Discount T-Bill 020926 0.00 Gb 0.91%