Our Managed Funds

Amova Global Bond Fund

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About the fund

The fund invests in a selection of bonds and other fixed income instruments issued by companies and governments from around the world, covering a wide range of regions and sectors. This fund provides exposure to fixed income products outside of NZ and currency exposure is hedged to remove the impact of changes in value of the NZ dollar.

Risk Indicator (volatility)

Lower riskHigher risk
1
2
3
4 Medium to High
5
6
7
Potentially
lower returnsPotentially
higher returns
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Target Asset Allocation

Income 100.00%

Risk Indicator (volatility) Scale

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 30 June 2026

Market Overview

  • Early in the quarter, geopolitical tensions in the Middle East drove concerns over a potential inflation shock and tighter monetary policy, pushing yields higher.
  • Despite geopolitical uncertainty, global economic data remained resilient. In the United States, labour market data continued to exceed expectations.
  • Central bank policy remained a key market driver during the quarter. The European Central Bank raised its deposit rate by 25 basis points to 2.25%, while the Bank of Japan also increased rates, reflecting concerns that inflationary pressures were becoming more broad-based.

Fund Highlights

  • The fund outperformed over the quarter, with positive contributions across all of the strategies, including rates, sector allocation, and security selection.
  • Country and duration strategies outperformed over the quarter, driven by active positioning across global rate markets.

Performance

Amova Global Bond Fund
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Performance

at 30 June 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 0.79 1.87 2.61 4.18 0.13
Appropriate Market Index (AMI)2 0.27 0.99 1.68 3.64 0.24
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg Global Aggregate Index hedged into NZD.

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
Japan Treasury Disc Bill 060726 0.00 Gb 6.49%
USD BNP Paribas A/C 4.91%
French Discount T-Bill 190826 0.00 Gb 2.56%
French Discount T Bill 080726 0.00 Gb 1.96%
French Discount T Bill 050826 0.00 Gb 1.91%
Japan Treasury Disc Bill 290626 0.00 Gb 1.86%
Fnma 30Yr Conventional 150635 6.00 Tba 1.50%
Japan 5 Year Issue 201229 1.10 Gb 1.39%
Federal National Mortgage Association 150643 0.0 Tba 1.23%
Federal National Mortgage Association 150649 0.00 Tba 1.06%