Our Managed Funds

Amova Global Equity Multi-Manager Unhedged Fund

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About the fund

The Multi-Manager global equity strategy has four underlying managers. These managers select  companies from around the world covering a diverse range of regions and sectors.  The result is a portfolio that holds around 150-170 companies.

The appointed global managers  are responsible for the investment management of the assets, with the over all multi-manager global equity strategy managed by Yarra Capital Management.
 

Risk Indicator (volatility)

Lower riskHigher risk
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3
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5 High
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7
Potentially
lower returnsPotentially
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Target Asset Allocation

Growth 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

    • The quarter had a strong start with broadening leadership and rotation away from mega-cap technology stocks, before sentiment reversed sharply in late February and early March. This shift came about due to escalating geopolitical tensions in the Middle East, with the conflict intensifying following U.S.-Israel airstrikes on Iran and subsequent interruptions to shipping through the Strait of Hormuz.
    • Value, small caps, energy, materials, defensives (healthcare, staples, utilities), and commodity-tilted sectors outperformed, while growth/tech lagged. Some de-escalation hopes provided a modest bounce towards quarter-end but was not enough to offset losses.

Fund Highlights

    • For the first quarter, the fund returned -5.84% lagging the benchmark which returned -2.42%.
    • The growth managers experienced a particularly challenging quarter; with underperformance driven by a mix of style headwinds, a market rotation away from growth stocks and a lack of exposure to the cyclical energy sector, which delivered significant outperformance over the period.

Performance

Amova Global Equity Multi-Manager Unhedged 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 -5.79 -7.97 7.02 18.24 12.85
Appropriate Market Index (AMI)2 -2.37 -2.42 19.15 20.23 14.07
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: MSCI All Countries World Index (net dividends reinvested), expressed in NZD (unhedged).

     

 

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 30.03%
Nvidia Corp 4.09%
Amazon Com Inc 3.05%
NZD BNP Paribas A/C 2.95%
Microsoft Corp 2.77%
Mastercard Inc - Class A 1.50%
Broadcom Corp Com 1.34%
Applovin Corp 1.18%
Siemens Energy Ag 1.14%
Taiwan Semicon Manufacturing Co Ltd 1.10%