Commentary

As of 31 July 2026

Market Overview

  • It was a tough month for New Zealand bonds as interest rates followed oil prices higher after the resumption of conflict in the middle east.
  • The NZ yield curve remains steeply positive, with higher yields achieved by extending maturities.
  • NZ credit margins have been resilient with demand strong versus supply.

Fund Highlights

  • The monthly fund return was dominated by the move higher in interest rates.
  • NZ government bonds outperformed 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 31 July 2026
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 -0.91 1.37 3.23 5.85 2.56
Appropriate Market Index (AMI)2 -0.45 1.25 3.59 6.09 3.03
  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 3.96%
Housing NZ 1.534% 10/09/2035 2.96%
New Zealand Government 150536 4.25 Gb 2.83%
NZ Local Govt Funding Agency 150437 2.00 GB 2.50%
Bank Of New Zealand 010928 0.00 Cb 2.36%
Rabobank Nederlandnz 200231 4.40 Cb 2.30%
Insurance Australia Group Ltd 150628 5.32 Cb 2.26%
Christchurch Intl Airport 060336 5.08 Cb 2.24%
NZ Local Govt Funding Ag 3% 15/05/2035 2.18%
Rabo 5.31% 05/04/2029 2.06%