Commentary

As of 31 May 2026

Market Overview

  • After a very strong April, global equity markets remained constructive in May as investors continued to price in geopolitical de-escalation.
  • The rally was narrow and technology led. Semiconductors, technology hardware and selected software names drove the bulk of gains, while more defensive, energy-related and selected financial exposures lagged.
  • Key sector drivers centred on AI, with broad participation but clear leadership in growth-oriented areas: the information technology (15.84%) and communication services (11.21%) sectors were the top performers (with semiconductors soaring 24%).

Fund Highlights

  • The fund returned -0.64% for the month, underperforming the benchmark which returned 3.41%.
  • Positive contributors to performance over the month included Compass Group, IQVIA Holdings and Microsoft Corporation.
  • Negative contributors to performance included US Foods Holding, Rakuten Bank and SMC Corporation.
  • The fund was under-weight in the highest beta segments, namely DRAM and NAND manufacturers, especially across Asia, which experienced outsized gains. This positioning accounted for the majority of the relative underperformance, contributing more than three-quarters of the total shortfall.

Performance

GoalsGetter Amova Global Shares Fund
Open Close

Performance

at 31 May 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -1.30 0.74 0.25 13.10 8.70
Appropriate Market Index (AMI)2 3.41 7.78 29.91 22.34 15.90
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI:MSCI ACWI, with net dividends reinvested unhedged in 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
Nvidia Corp 8.48%
Amazon Com Inc 6.38%
Microsoft Corp 5.99%
Broadcom Corp Com 4.70%
Asm International Nv 3.08%
Compass Group Ord GBP0 1105 2.97%
NZD BNP Paribas A/C 2.95%
Netflix Inc 2.79%
Coca-Cola Europacific Partners 2.54%
Criteria Caixacorp Sa 2.51%