Commentary

As of 31 August 2026

Market Overview
Global equities generally advanced in August, although performance diverged across regions and sectors with the MSCI World Index up 2.7%. The S&P 500 gained 2.6%, supported by resilient US corporate earnings and renewed confidence in artificialintelligence investment. Sentiment softened late in the month as renewed Middle East tensions lifted oil prices and bond yields, reviving inflation and interest-rate concerns. The FTSE 100 declined 0.4%, despite strength in energy and financial stocks. Japan outperformed, with the Nikkei 225 rising 3.0%, although the market remained sensitive to movements in the yen and expectations for Bank of Japan policy. The Australian S&P/ASX 200 gained 1.5% while in New Zealand the S&P/NZX 50 rose 1.7% and closed at 13,917. The index reached an intra-month record of 14,069 on 26 August before retreating over the final trading sessions. The NZ domestic earnings season was an important focus, with many companies reporting full-year results, maintaining aggregate earnings growth despite disruption associated with the energy shock, although results varied considerably across sectors.
Fund Highlights

The largest positive contributors to the fund’s relative return were overweight positions in Sky Network Television (SKT), Vista Group (VGL), and Spark (SPK). SKT (+12.3%) produced an in-line result. The dividend was strong and management signalled expectations for 10% per annum dividend growth over the next three years, in addition to potential capital management through share buybacks. VGL (+10.9%) announced a small guidance upgrade and signalled growing confidence in its ability to deliver the company’s 2030 targets. SPK (+11.5%) delivered a result in line with guidance, and an optimistic outlook that included a strong dividend forecast. This improved the credibility of management guidance following a period of market disappointment.

The largest negative contributors to relative return were from overweight positions in Ingenia Communities (INA) and Infratil (IFT) and an underweight in Fletcher Building (FBU). INA (-15.2%) delivered a result ahead of market expectations, yet a large acquisition overshadowed this and resulted in the stock trading down. IFT (-2.4%) held its Annual General Meeting during the month and provided portfolio company updates on renewable energy firm Longroad and telecommunications operator One NZ. The stock finished August up 31% year-to-date. FBU (+9.0%) rose following a better-than-expected result.

Performance

GoalsGetter Amova SRI Equity Fund
Open Close

Performance

at 31 August 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.44 3.99 5.29 5.85 1.54
Appropriate Market Index (AMI)2 1.67 5.25 8.40 7.23 1.82
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: S&P/NZX 50 Index Gross with Imputation Credits.

    The Amova KiwiSaver Scheme SRI Equity Fund transitioned from core strategy to SRI strategy in February 2022.

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

GoalsGetter KiwiSaver Scheme

Top 10 Holdings

Security Name Percentage
Fisher & Paykel Healthcare 17.81%
Infratil Limited 12.66%
Auckland International Airport Ltd 9.17%
Contact Energy Limited 7.70%
Meridian Energy Ltd NPV 6.16%
Mainfreight Limited 5.41%
EBOS Group Limited 4.42%
Spark New Zealand Ltd 4.37%
A2 Milk 3.96%
NZD BNP Paribas A/C 3.17%