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.

Morningstar Bronze Rating Report 

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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 28 February 2026

Market Overview

  • Global equity markets had mixed outcomes over the month as company earnings results, economic data, central bank moves and geopolitical tensions all played a part.
  • The United States S&P 500 index declined 0.9%, the UK FTSE 100 index increased 6.7%, the Japanese Nikkei 225 lifted 10.4%, the Australian ASX 200 index gained 4.1% and the MSCI World index ended the month up 1.4%.
  • The S&P/NZX 50 index gained 2.3%.

Fund Highlights

  • The fund ended the month up 1.2%, but behind the index return.
  • It was a busy period for news flow as companies reported their earnings results for the period ending December 2025.
  • Fisher & Paykel Healthcare announced an earnings guidance upgrade.
  • Contact Energy and Genesis Energy both announced equity raisings to fund their pipelines of new electricity generation. Contact is raising $525 million while Genesis is raising $400 million.
  • Overweight position in Scales and NextDC and an underweight position in Precinct Properties added value. Overweight positions in Summerset, Ryman Healthcare and Worley detracted from value.

Performance

Amova Core Equity Fund
Open Close

Performance

at 28 February 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.15% -0.35% 5.21% 4.39% 3.00%
Appropriate Market Index (AMI)2 2.27% 1.85% 9.68% 5.73% 3.13%
  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 15.66%
Infratil Limited 10.08%
Auckland International Airport Ltd 9.61%
Contact Energy Limited 6.71%
Meridian Energy Ltd NPV 6.22%
Spark New Zealand Ltd 5.13%
EBOS Group Limited 4.79%
The A2 Milk Company Limited 4.60%
Summerset Group Holdings Ltd 4.22%
Mainfreight Limited 4.17%