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.
Currency exposure created as a consequence of investment in global shares is 100% hedged to the New Zealand dollar.
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.
Commentary
As of 30 November 2025
Market Overview
− The MSCI All Countries World Index returned -0.03% (100% gross hedged to NZD) in November.
− The decline was driven largely by mega cap information technology stocks, which
are now among the largest constituents in the index.
− November was characterised by a broader shift in investor sentiment. Investors sought defensive plays amid rising uncertainty and a pullback in technology shares, with healthcare, consumer staples and financials outperforming the more growth-oriented sectors.
Fund Highlights
− The fund returned -1.32% for the month, underperforming the benchmark which returned -0.03%.
− Positive contributors to performance included Genpact Limited, Samsonite Group S.A and Broadcom Inc.
− Not owning Alphabet Inc. (owner of Google) was the largest detractor from performance as the company’s launch of Gemini 3, Alphabet’s advanced AI model, and growing adoption of its TPU chips reinforced its leadership in AI infrastructure.
− Negative contributors to performance included Oracle Corporation, Tencent Music Entertainment Group and Rakuten Bank, Ltd.