Our Managed Funds

Amova Global Equity Multi-Manager Unhedged Fund

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About the fund

The Multi-Manager global equity strategy has four underlying managers. These managers select  companies from around the world covering a diverse range of regions and sectors.  The result is a portfolio that holds around 150-170 companies.

The appointed global managers  are responsible for the investment management of the assets, with the over all multi-manager global equity strategy managed by Yarra Capital Management.
 

Risk Indicator (volatility)

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5 High
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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.

Commentary

As of 31 October 2025

Market Overview

  • Companies that represent about 25% of the S&P 500's market capitalization reported their Q3 earnings through October, and the results were generally ahead of expectations.
  • US consumer price index (CPI) data for September offered reassurance to markets that the US Federal Reserve is on track to cut interest rates again in December - monthly price increases were below August's pace, while annual readings came in lower than expected.
  • Japan's Nikkei 225 crossed 50,000 for the first time during the last week of October.
  • Strong demand for computational resources should underpin robust AI capital spending.

Fund Highlights

  • The two core managers, JP Morgan and Life Cycle Investment Partners (LCIP), underperformed, as both were negatively impacted by the very strong momentum factor, which has a negative correlation with their strategies.
  • The two growth managers (WCM and Amova) both underperformed by significant margins, as they generally hold higher quality companies than the Growth index, with the Quality factor lagging Growth over recent months.

Performance

Amova Global Equity Multi-Manager Unhedged Fund
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Performance

at 31 October 2025
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.50% 7.01% 19.24% 21.87% 17.72%
Appropriate Market Index (AMI)2 3.66% 11.91% 27.46% 22.22% 17.94%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: MSCI All Countries World Index (net dividends reinvested), expressed in NZD (unhedged).

     

 

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
JPM Global Select Equity X Acc USD 30.78%
Life Cycle Concentrated Global Share Fund Class Z 27.86%
Amazon Com Inc 1.94%
Nvidia Corp 1.90%
Microsoft Corp 1.90%
Applovin Corp 1.80%
Taiwan Semicon Manufacturing Co Ltd 1.00%
3I Group Plc 0.84%
Siemens Energy Ag 0.82%
Saab Ord Shs Class B 0.80%