On this page:
The Amova Europe team manages this fund, investing in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. The manager selects companies where they believe there is potential for quality and future value.
Risk Indicator (volatility)
Target Asset Allocation
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.
Iain is a Portfolio Manager within the Global Equity Team based in Edinburgh. In this video, Ian explains his global investment philosophy, the objectives of this portfolio, and the concept of future quality. Iain also talks us through the long term focus on sustainability and what's personally satisfying about doing what he does. Find out more about the GoalsGetter Global Shares Fund from Iain Fulton in the video now.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.73% | 5.93% | 23.42% | 18.92% | 13.95% |
| Appropriate Market Index (AMI)2 | 5.30% | 12.52% | 28.50% | 22.05% | 16.52% |
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.
| Security Name | Percentage |
|---|---|
| Nvidia Corp | 6.35% |
| Microsoft Corp | 6.03% |
| Meta Platforms Inc | 4.42% |
| Amazon Com Inc | 4.41% |
| Broadcom Corp Com | 3.49% |
| Netflix Inc | 3.09% |
| Oracle Corp | 2.80% |
| Uber Technologies Inc | 2.71% |
| Intesa Sanpaolo Spa | 2.71% |
| Sony Corp Y50 | 2.67% |
Commentary
As of 30 September 2025
Market Overview
Fund Commentary
Over the past 12 months, global economies have been slowing, hindered by geopolitical uncertainties and tightening consumer finances. Growth has been dominated by all things AI. We have been diversifying the portfolio away from AI and into higher-quality, more predictable growth franchises. Up to the end of July, this approach worked well. However, over the past two months, there has been a significant de-rating of low-volatility, high-quality companies, while the market rotated into an unusual combination of high growth in the United States and value elsewhere. In the short term, these trades have been unfavourable, but for long-term investors, the confluence of factors driving this rotation is likely to be temporary.
Contributors: Oracle Corporation’s shares surged in September, driven by a blockbuster Q1 earnings report that, despite missing on EPS and revenue, revealed a 50%+ increase to their 2030 FY targets backed by significant growth in their remaining performance obligations (RPO). This was largely attributed to multibillion-dollar AI infrastructure contracts, including a rumoured US Dollars 300 billion deal with OpenAI.Trip.com Group Ltd. surged to its highest close of the year, buoyed by a 16% year-on-year revenue increase in Q2 and a 26% rise in net profit. The rebound in China’s travel sector, especially inbound and outbound bookings surpassing pre-COVID levels, significantly boosting investor sentiment. Amphenol Corporation’s stock outperformed in the quarter, climbing steadily on the back of momentum in key end markets like AI and aerospace. On the back of Oracle’s results, AI infrastructure plays across the board performed well and Amphenol participated in that rally.
Detractors: The main negative contributor came from a sharp relief rally in large unowned stocks, Apple Inc., Tesla Inc. and Alphabet Inc. These stocks contributed more than 1.6% to the quarter’s underperformance. Netflix, Inc. shares had been strong into results but failed to exceed already inflated expectations. Despite strong revenue growth and cost management, Elevance Health, Inc. faces elevated medical cost trends in its ACA and Medicaid businesses, which significantly impacts margins. These cost pressures prompted a downward revision in full-year earnings guidance, driving the share price lower. Toast, Inc. shares declined, weighed down by a combination of analyst downgrades and concerns over pricing pressure in the lower end of the restaurant tech market.