Commentary

As of 28 February 2026

Market Overview

  • New Zealand bonds delivered strong returns as interest rates declined.
  • The NZ yield curve remains steeply positive shaped with higher yields achieved through investing longer in maturity.
  • New Zealand credit outperformed, with constrained supply supporting prices in both primary and secondary markets.

Fund Highlights

  • The decline in interest rates over the month was the primary driver of fund returns, with longer duration exposures proving advantageous.
  • NZ government bonds performed in line with swaps with similar declines in yield. Credit was the best performing sector over the month.
  • The funds are 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 28 February 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.30% 1.16% 5.76% 6.65% 2.63%
Appropriate Market Index (AMI)2 1.00% 1.09% 5.74% 6.77% 3.00%
  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%