Our Managed Funds

Amova Global Bond Fund

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About the fund

The fund invests in a selection of bonds and other fixed income instruments issued by companies and governments from around the world, covering a wide range of regions and sectors. This fund provides exposure to fixed income products outside of NZ and currency exposure is hedged to remove the impact of changes in value of the NZ dollar.

Risk Indicator (volatility)

Lower riskHigher risk
1
2
3
4 Medium to High
5
6
7
Potentially
lower returnsPotentially
higher returns
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Target Asset Allocation

Income 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.

Commentary

As of 31 July 2026

Market Overview

  • Broadly, fixed income markets delivered negative returns in July as conflict in the Middle East reignited and central banks responded to inflation risks.
  • Across developed markets curves in general bear-steepened driven by higher term premium and exacerbated by the increased uncertainty around central banks’ reaction functions.
  • While the Fed also held rates steady at the July’s FOMC meeting, there were three dissents in favour of a hike (broadly in line with expectations) and limited forward guidance under new Chair Warsh.

Fund Highlights

  • The portfolio underperformed the benchmark in July, driven by Duration, Country, and Security Selection Strategies, while Sector Allocation strategy was a small contributor.
  • Sector allocation added positively driven by exposure to securitized credits such as CMBS and CLOs.

Performance

Amova Global Bond Fund
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Performance

at 31 July 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -1.29 0.20 1.46 3.60 -0.40
Appropriate Market Index (AMI)2 -1.08 -0.30 0.79 3.25 -0.22
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg Global Aggregate Index hedged into NZD.

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
French Discount T-Bill 300926 0.00 Gb 6.14%
USD BNP Paribas A/C 3.88%
French Discount T-Bill 020926 0.00 Gb 3.00%
French Discount T Bill 141026 0.00 Gb 2.89%
Fnma 30 Yr Conventional 150846 0.0 Tba 2.28%
Japan 5 Year Issue 201229 1.10 Gb 1.42%
Federal National Mortgage Association 150843 0.00 Tba 1.22%
Federal National Mortgage Association 250250 0.00 Tba 1.05%
Gnma Ii 30Yr Single Family 150853 5.50 Tba 1.05%
China Government Bond 150535 1.65 Gb 1.00%