Fund-vs-fund · Australasian Equities
Amova Concentrated Equity FundvsClarity New Zealand Equity Fund
Amova Concentrated Equity Fund (fund size NZ$13.2 million, annual fund charge 1.15%) and Clarity New Zealand Equity Fund (fund size NZ$12.6 million, annual fund charge 1.06%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were −2.56% and 7.25%, per their quarterly fund updates filed on FMA Disclose.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Amova Concentrated Equity Fund
Clarity New Zealand Equity Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their risk profile. The Amova Concentrated Equity Fund carries a risk indicator of 5 (out of 7), while the Clarity New Zealand Equity Fund sits at 4 — a meaningful distinction that reflects Amova's narrower, more concentrated stock selection approach, as its name suggests. Both funds allocate almost identically to growth assets (98.31%), so the risk divergence stems from portfolio construction rather than asset-class mix.
On fees, Amova charges 1.15% per annum against Clarity's 1.06%, a 9 basis-point difference that compounds over time on roughly comparable fund sizes (Amova NZ$13.2m; Clarity NZ$12.6m). The five-year return figures show Clarity at 1.68% annualised versus Amova at 0.65%, though past returns are not a reliable indicator of future performance and the short absolute figures suggest both funds have faced headwinds in the Australasian equities environment over this period.
Holdings overlap partially — Infratil, Contact Energy, and Meridian Energy appear in both top-five lists — but Amova's largest position is Infratil (11.9%) and includes Worley Limited and Spark New Zealand, while Clarity leads with Fisher & Paykel Healthcare (13.53%) and holds Auckland International Airport, indicating different sector tilts within the same category. Neither fund appears to be a KiwiSaver scheme account vehicle based on the disclosed data.
Always verify current fees, returns, and holdings against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any of this information.
Comparison generated 2026-05-21 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Clarity New Zealand Equity Fund charges 0.09% lower in annual fund charges (1.06% vs 1.15%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
1.15%
Upper half of cohort
Clarity
1.06%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Amova
0.65%
Lower half over 5 years
Clarity
1.68%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$13m
Smallest 15% in cohort
Clarity
NZ$13m
Smallest 13% in cohort
| Metric | Amova | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.15% | 1.06% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.65% | 1.68% | Higher is better (past not future) |
| Fund size | NZ$13m | NZ$13m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
Matching holdings
3
of each fund's top 10
Amova weight in shared
27.3%
of Amova Concentrated Equity Fund top 10 is shared
Clarity weight in shared
18.4%
of Clarity New Zealand Equity Fund top 10 is shared
| Holding | Amova | Clarity |
|---|---|---|
 Infratil LimitedNZ | 11.90% | 9.44% |
 Contact Energy LimitedNZ | 8.13% | 6.33% |
 Summerset Group Holdings LtdNZ | 7.24% | 2.63% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Amova
Amova Concentrated Equity Fund
The fund aims to outperform the RBNZ Official Cash Rate plus 5.0% per annum over a rolling three-year period before fees, expenses and taxes. This fund aims to provide investors with concentrated exposure to New Zealand and Australian equity markets from an actively managed investment portfolio.Full Amova Amova Concentrated Equity Fund profile →
Clarity
Clarity New Zealand Equity Fund
The Fund will provide actively managed exposure to New Zealand equities. The Fund aims to generate a better return than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity New Zealand Equity Fund profile →
Common questions
What's the difference between the Amova Concentrated Equity Fund and the Clarity New Zealand Equity Fund?
Which fund has lower fees, Amova Concentrated Equity Fund or Clarity New Zealand Equity Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
