Commentary

As of 31 October 2025

Market Overview

  • Corporate earnings season was a positive driver of market sentiment over October, with US companies again the standout.
  • A number of regional or national equity markets made new all-time highs on the back of another solid quarterly earnings season and more rate cuts from the US Federal Reserve and other central banks.
  • Japanese equities delivered the strongest return due in part to the unexpected victory of Sanae Takaichi in the Liberal Democratic Party leadership election early in the month.

Fund Highlights

  • Returns for the Growth Fund were strong in October, with all of the underlying strategies posting positive returns.
  • The ‘growth asset classes’ (equities and listed property) posted strong returns around the 1-2% range over the month, with the weaker NZ Dollar versus the US helping unhedged global equities top the monthly performance rankings.
  • NZ bonds delivered strong returns with interest rates moving lower over October.

Performance

GoalsGetter Amova Growth Fund
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Performance

at 31 October 2025
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.25% 5.24% 11.14% 11.91% 6.23%
Appropriate Market Index (AMI)2 2.19% 7.50% 15.92% 14.40% 9.53%
  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
JPM Global Select Equity X Acc USD 15.54%
Life Cycle Concentrated Global Share Fund Class Z 14.06%
Infratil Limited 2.49%
Contact Energy Limited 1.75%
Fisher & Paykel Healthcare 1.73%
Spark New Zealand Ltd 1.61%
Kiwi Property Group Limited 1.56%
Summerset Group Holdings Ltd 1.51%
Meridian Energy Ltd NPV 1.50%
NEXTDEC Ltd 1.36%