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 31 March 2026

Market Overview

    • Fixed income markets experienced a volatile start to the year, ultimately ending the quarter under pressure despite early gains.
    • In March, sentiment deteriorated sharply as war in Iran drove a surge in energy prices following the closure of the Strait of Hormuz, reigniting inflation fears and prompting a significant repricing of global rate paths. Global bonds sold off, yield curves bear flattened, year‑to‑date gains were erased, and risk assets underperformed as central banks shifted from pricing rate cuts to holds or hikes.

Fund Highlights

  • The portfolio underperformed during the first quarter of 2026, but well ahead over longer time periods.
  • The country strategy underperformed over the quarter largely driven by the movements in the month of march.
  • The securitized credit selection contributed positively to performance, with non-agency and agency MBS, CMBS, and CLO selection all outperforming over the quarter, partially offsetting the drag from macro strategies.

 

 

Performance

Amova Global Bond Fund
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Performance

at 31 March 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -2.50 -1.44 1.93 3.58 -0.00
Appropriate Market Index (AMI)2 -2.00 -0.58 2.02 3.33 0.25
  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 130426 0.00 Gb 7.16%
French Discount T-Bill 270526 0.00 Gb 2.93%
Federal National Mortgage Association 150446 2.50 Tba 2.86%
USD BNP Paribas A/C 2.55%
Japan Treasury Disc Bill 110526 0.00 Gb 2.12%
Japan Treasury Disc Bill 060426 0.00 Gb 2.05%
Federal National Mortgage Association 150442 6.00 Tba 1.82%
Japan 5 Year Issue 201229 1.10 Gb 1.54%
Fnma 30 Year Conventional 140451 2.00 Tba 1.43%
Japan Government 200952 1.40 Gb 1.24%