Commentary

As of 28 February 2026

Market Overview

  • Global equity markets continued their solid upward trend from the ‘Liberation Day’ drawdown, with leadership broadening well beyond US mega-caps.
  • The US Supreme Court ruled President Trump did not have the authority to impose the 2025 reciprocal tariffs via executive orders.
  • Middle East tensions also built up and at the end of the month combined US-Israeli forces attacked Iran who responded in kind.
  • Sector leadership yet again came from the cyclical energy and materials sectors, with utilities and consumer staples also outperforming.

Fund Highlights

  • Returns for the Growth Fund were positive for February but behind the benchmark.
  • The main asset classes posted solid returns over the month, with underperformance driven by stock selection in global equities, local equities and Australasian listed property.
  • It was a rare month in which all four global equity managers underperformed, with Amova and JPMorgan the key drivers of underperformance.
  • The NZ bond funds long duration position benefited from the move lower in interest rates.

Performance

GoalsGetter Amova Growth Fund
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Performance

at 28 February 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -0.25% -0.78% 6.81% 10.24% 4.58%
Appropriate Market Index (AMI)2 1.55% 1.55% 12.90% 13.42% 8.28%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Composite - refer to the GoalsGetter KiwiSaver Scheme SIPO

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
Life Cycle Concentrated Global Share Fund Class Z 14.90%
Infratil Limited 2.30%
NZD BNP Paribas A/C 2.06%
Nvidia Corp 1.99%
Fisher & Paykel Healthcare 1.76%
Amazon Com Inc 1.59%
Spark New Zealand Ltd 1.54%
Summerset Group Holdings Ltd 1.52%
Contact Energy Limited 1.52%
Kiwi Property Group Limited 1.52%