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 31 December 2025
Market Overview
− Global equities were supported in Q4 by resilient economic data, strong AI-related capital expenditure that contributed materially to growth and expectations of one to two Federal Reserve rate cuts in 2026, following the three cuts of 0.25% in September, October and December.
− Emerging Markets equities delivered a 5.80% return in Q4, driven by growth in China and India.
− Sector rotation was notable over the quarter, with a shift away from concentrated AIdriven gains toward broader participation.
Fund Highlights
− The fund returned -1.67% for the quarter, underperforming the benchmark which returned 3.38%.
− Positive contributors to performance included CaixaBank, Intesa Sanpaolo, First Citizens BancShares, Danaher Corporation’s, Hitachi and Amphenol Corporation.
− While the fund’s 5% relative underperformance for the quarter was partly a function of the headwinds facing quality investors, it also reflected stock‑specific issues such as Netflix’s move to acquire Warner Brothers. However, the biggest driver of underperformance was being on the wrong side of Alphabet Inc.’s surge in the second half of 2025.
− Negative contributors to performance included Netflix, Rakuten Bank and Uber Technologies.