Our Managed Funds

Amova Core Equity Fund

 

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About the fund

This fund invests in a broad selection of NZ listed companies with potential for growth of income and capital, and may also invest in some Australian shares if the portfolio managers see opportunities, as part of an actively managed portfolio.

 

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 Core Equity Fund from Michael Sherrock

Michael Sherrock is Head of Equities and Portfolio Manager 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 details the main reasons why you should consider the Amova Core Equity Fund for your next investment.

Commentary

As of 31 May 2026

Market Overview

  • Global equity markets had a strong month with all key markets posting positive returns, helped by a strong reporting season. This was despite ongoing tensions in the Middle East.
  • The United States S&P 500 index rose 5.2%, the UK FTSE 100 index increased 0.3%, the Japanese Nikkei 225 gained 11.9%, the Australian ASX 200 index added 1.2% and the MSCI World index ended the month up 5.3%.
  • The S&P/NZX 50 index ended the month up 2.7%.

Fund Highlights

  • The fund ended the month up 3.4%, 0.8% ahead of the index return.
  • Infratil was in the headlines during the month, with its data centre investment, CDC, announcing a very large new contract. Infratil also sold down a portion of its Contact Energy holding, raising approximately $495 million.
  • A number of companies reported their earnings results for the period ended March during the month.
  • Overweight positions in Infratil and Vista Group and an underweight position in Gentrack added value. Overweight positions in Spark, Sky City Entertainment and EBOS detracted from value.

Performance

Amova Core Equity Fund
Open Close

Performance

at 31 May 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 3.35 -3.13 4.42 2.78 1.85
Appropriate Market Index (AMI)2 2.65 -3.32 7.37 4.67 2.24
  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
Fisher & Paykel Healthcare 16.47%
Infratil Limited 14.29%
Auckland International Airport Ltd 9.35%
Contact Energy Limited 8.15%
Meridian Energy Ltd NPV 6.83%
Spark New Zealand Ltd 4.59%
Mainfreight Limited 4.27%
EBOS Group Limited 3.97%
The A2 Milk Company Limited 3.11%
Summerset Group Holdings Ltd 2.95%