Commentary

As of 31 October 2025

Market Overview

  • NZ bond markets have performed well over the past months due to moves lower in interest rates.
  • The NZ Yield curve remains steeply positive shaped.
  • Credit margins appear to have stabilised after a strong performance, and supply/demand dynamics remain supportive.

Fund Highlights

  • The move lower in rates remains the key driver of performance with a higher yield continuing to support returns.
  • NZ government bonds and swaps performed well over the month with credit the star performer.
  • 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 October 2025
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 0.63% 2.92% 7.49% 6.92% 1.86%
Appropriate Market Index (AMI)2 0.44% 2.51% 7.01% 7.02% 2.40%
  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
Housing NZ 1.534% 10/09/2035 3.53%
NZ Local Govt Funding Agency 150437 2.00 GB 3.05%
Insurance Australia Group Ltd 150628 5.32 Cb 2.77%
NZ Local Govt Funding Ag 3% 15/05/2035 2.71%
Rabo 5.31% 05/04/2029 2.53%
Westpac New Zealand Ltd 160932 6.19 Cb 2.44%
Christchurch City Hldgs 210532 4.82 Gb 2.37%
Dunedin City Treasury 101033 4.966 Lb 2.37%
Housing NZ 3.42% 18/10/2028 2.27%
Auckland Council 170639 5.745 Cb 2.25%