Commentary

As of 31 July 2026

Market Overview

  • Following a very strong second quarter, global equity markets took a pause over July as the USA-Iran peace deal unravelled mid-month and the conflict re-escalated.
  • Sector leadership saw a sharp reversal from recent periods with Information Technology lagging all others on the back of extreme weakness in the previously high-flying semiconductor companies and other AI-infrastructure beneficiaries.
  • Energy and Financials were the strongest sectors which meant ‘value’ stocks outperformed ‘growth’ stocks by a significant margin.

Fund Highlights

  • The fund returned 0.63% for the month, outperforming the benchmark which returned -3.13%.
  • Positive contributors to performance over the month included IQVIA Holdings Inc, Microsoft Corporation and Amazon.com, Inc.
  • Negative contributors to performance over the month included ASM International N.V., Sandvik AB and Amphenol Corporation.

Performance

GoalsGetter Amova Global Shares 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 -0.35 2.24 -2.99 13.15 7.95
Appropriate Market Index (AMI)2 -3.13 4.59 22.67 20.59 14.73
  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 7.86%
Amazon Com Inc 5.74%
Microsoft Corp 5.13%
Broadcom Corp Com 4.00%
Mastercard Inc - Class A 3.09%
NZD BNP Paribas A/C 3.00%
Coca-Cola Europacific Partners 2.99%
Compass Group Ord GBP0 1105 2.86%
Bio Techne Corp Com USD0.01 2.83%
Cencora Inc Com 2.72%