Commentary

As of 31 March 2026

Market Overview

  • The US-Israeli attack on Iran triggered a sell-off in both equities and bonds with the effective closure of the Strait of Hormuz raising fears of stagflation.
  • US economic data remained resilient and this combined with some more hawkish rhetoric from the Federal Reserve contributed to a stronger US dollar. Economic growth signals from Europe and Asia were more tepid.
  • Energy was the standout sector for both March and the first quarter. Over March it was the only sector to post a positive return.

 

 

Fund Highlights

  • The Conservative Fund was down for the quarter. Most of the weak performance came in March.
  • For both global and local bonds the rise in rates over March was the key attributor to negative returns for the quarter.
  • Within global equities the market was volatile as escalating Middle East tensions sent oil prices soaring.
  • All four of the underlying external managers underperformed for the quarter, with Amova and WCM (‘growth’ managers) hit particularly hard.
  • Local listed property stocks were also down for the quarter.

Performance

GoalsGetter Amova Conservative Fund
Open Close

Performance

at 31 March 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -2.96 -2.57 3.25 5.32 2.12
Appropriate Market Index (AMI)2 -2.16 -1.13 5.46 6.04 2.83
  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 4.07%
Japan Treasury Disc Bill 130426 0.00 Gb 2.22%
NZD BNP Paribas A/C 2.19%
NZ Government 2.75% 15/04/2037 1.81%
NZ Government 150541 1.75 GB 1.62%
NZ Government Bond 2% 15/05/2032 1.38%
New Zealand Government 150536 4.25 Gb 1.31%
NZ Government 150534 4.25 Gb 1.22%
French Discount T-Bill 270526 0.00 Gb 0.91%
USD BNP Paribas A/C 0.90%