Commentary

As of 30 June 2026

Market Overview

  • It was a good month and quarter for New Zealand bonds with positive returns as bond sentiment improved and interest rates finished lower.
  • The NZ yield curve remains steeply positive, with higher yields achieved by extending maturities.
  • New Zealand credit margins have been resilient with demand strong versus supply.

Fund Highlights

  • The fund return was attributed to a higher income accrual and some capital gain as interest rates finished lower.
  • NZ government bonds performed in line with similar swap maturities. Credit margins were stable and the fund remains high credit quality.
  • Looking forward, the fund is well positioned to deliver strong performance over the medium term, underpinned by carry and roll strategies in a steep, positive yield-curve environment.

Performance

GoalsGetter Amova NZ Corporate Bond Fund
Open Close

Performance

at 30 June 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.20 2.64 4.87 6.27 2.75
Appropriate Market Index (AMI)2 0.91 1.99 4.72 6.35 3.11
  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 3.04%
New Zealand Government 150536 4.25 Gb 2.97%
NZ Local Govt Funding Agency 150437 2.00 GB 2.64%
Bank Of New Zealand 010928 0.00 Cb 2.43%
Rabobank Nederlandnz 200231 4.40 Cb 2.38%
Christchurch Intl Airpor 060336 5.08 Cb 2.35%
Insurance Australia Group Ltd 150628 5.32 Cb 2.32%
NZ Local Govt Funding Ag 3% 15/05/2035 2.29%
Rabo 5.31% 05/04/2029 2.12%
Christchurch City Hldgs 210532 4.82 Gb 2.06%