Commentary

As of 31 January 2026

Market Overview
  • The move higher in interest rates over January weighed on bond returns.
  • The NZ yield curve remains steeply positive shaped with higher yields through investing longer in maturity. 
  • NZ Credit margins narrowed as demand was strong. 
Fund Highlights
  • The move higher in interest rates over the month was the key driver of fund returns with longer duration unhelpful.
  • NZ government bonds performed better than swaps with smaller increases in yields contracting their spread relative to similar maturities of swap.
  • We expect the funds will perform well over the medium term supported by carry and roll with a steep positive yield curve.

Performance

GoalsGetter Amova NZ Corporate Bond Fund
Open Close

Performance

at 31 January 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -0.20% -0.93% 4.93% 5.77% 1.95%
Appropriate Market Index (AMI)2 -0.15% -0.38% 5.05% 6.09% 2.49%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI: Bloomberg NZBond Credit 0+ year Index.

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
Bank Of New Zealand Cash at Call 4.40%
Housing NZ 1.534% 10/09/2035 3.17%
NZ Local Govt Funding Agency 150437 2.00 GB 2.76%
Insurance Australia Group Ltd 150628 5.32 Cb 2.51%
NZ Local Govt Funding Ag 3% 15/05/2035 2.40%
Rabo 5.31% 05/04/2029 2.31%
Westpac New Zealand Ltd 160932 6.19 Cb 2.22%
Dunedin City Treasury 101033 4.966 Lb 2.14%
Christchurch City Hldgs 210532 4.82 Gb 2.09%
Housing NZ 3.42% 18/10/2028 2.08%