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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 | 2.64 | 6.32 | -1.57 | 13.35 | 8.09 |
| Appropriate Market Index (AMI)2 | 1.99 | 3.16 | 22.04 | 20.74 | 14.81 |
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 | 7.53% |
| Microsoft Corp | 5.54% |
| Amazon Com Inc | 5.38% |
| Broadcom Corp Com | 3.76% |
| NZD BNP Paribas A/C | 3.25% |
| Mastercard Inc - Class A | 3.15% |
| Coca-Cola Europacific Partners | 2.91% |
| Cencora Inc Com | 2.79% |
| Compass Group Ord GBP0 1105 | 2.73% |
| Criteria Caixacorp Sa | 2.73% |
Commentary
As of 31 August 2026
Global equity markets delivered a strong return over August after the extreme intra-market volatility experienced earlier in the month as the northern hemisphere summer faded. Many global equity markets returned to, or near, all-time highs despite heightened tensions in the Middle East and modestly higher global bond yields. Economic growth remained resilient and second quarter company earnings came in ahead of expectations, particularly in the United States. Outlook statements from companies involved in the AI-infrastructure buildout reinforced confidence in the ongoing investment in this area. Information Technology was once again among the strongest contributors following its July correction. Software and Services was the strongest industry group, while Semiconductors and hardware equipment were more mixed. In the more economically cyclical sectors, Materials stocks benefited from improving industrial sentiment and continued support from commodity markets, and Energy performed well as geopolitical tensions remained unresolved. Healthcare was a notable bright spot among defensive sectors, delivering strong relative returns and demonstrating a broadening of market leadership beyond the AI beneficiaries.
Given the somewhat eclectic mix of sector leaders, very little separated returns from global growth indices from those of global value. Smaller companies outperformed the broader market as economic indicators, including global purchasing managers' indices, remained comfortably in expansion territory.
Regional performance was more mixed. Asia, including Japan, produced strong returns, while Canada benefited from strength in commodity-related sectors. Europe and the United Kingdom lagged somewhat but still generated positive returns. US markets were amongst the best performers. The technology-heavy NASDAQ is comfortably ahead of the broader based S&P500 on a year-to-date basis and 1-year and 3-years.
Positives: Nvidia Corporation outperformed in August after delivering another blockbuster earnings report that eased fears of an AI spending slowdown. Revenue grew more than 100% year on year, data-centre revenue rose 117%, guidance exceeded expectations and management highlighted continued supply constraints due to exceptionally strong demand. Netflix, Inc. outperformed in August as investors focused on the long-term strength of its business. Advertising commitments nearly doubled year on year, the ad-supported tier continued to scale, and several analysts highlighted Netflix’s strong cash generation and monetisation opportunities. IQVIA Holdings Inc. continued to outperform in August as investors digested its strong Q2 results and raised full-year guidance. Earnings and revenue exceeded expectations, R&D bookings remained strong and management highlighted broad-based demand across clinical research and healthcare analytics.
Negatives: Curtiss-Wright Corporation underperformed despite reporting strong Q2 results and raising full-year guidance. Amazon.com, Inc. underperformed in August largely due to profittaking after its strong post-results rally. Applied Materials, Inc. underperformed despite delivering record revenue, earnings and forward guidance. Investor expectations had become exceptionally high following the AI-driven semiconductor rally, and concerns about margin expansion, rising capacity investment costs and China-related risks triggered profit-taking.