Amova Concentrated Equity Fund is a australasian equities managed fund operated by Amova; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 1.15% · minimum investment NZ$250 · distributions semi-annually. Compared with 57 other same-category funds on this site, the 1.15% annual fund charge sits above the same-category median of 1.00%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.15%
vs peer avg 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
0.65%
peer avg 4.91%
Fund size
NZ$13.2m
98% growth · 2% income
To outperform the RBNZ Official Cash Rate plus 5.0% per annum over a rolling three-year period before fees, expenses and taxes. Aims to provide investors with concentrated exposure to New Zealand and Australian equity markets from an actively managed investment portfolio investing directly into Australasian equities, listed property, cash and cash equivalents, New Zealand fixed income and international fixed income securities.
Benchmark track record
Compare Australasian Equities consistency →How Amova Concentrated Equity Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 5 of 11 years
annual returns to 31 March 2026Since inception: 11.22% p.a. after fees & tax vs benchmark 13.53%.
How Amova Concentrated Equity Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Investment style
- Actively managed, benchmarked to the RBNZ Official Cash Rate plus 5.0% per annum.
- Top 3 holdings
- Infratil Limited (11.9%) · Spark New Zealand Ltd (8.8%) · Contact Energy Limited (8.1%)
Key facts
Fund start date
21 August 2006
Min. investment
NZ$250
Distributions
Semi-annually
Buy / sell spread
29 bps (0.29%) / 29 bps (0.29%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 10.00%
10% of gains above the hurdle rate. The hurdle rate for the fund is 5% above the Reserve Bank of New Zealand Official Cash Rate over a 12 month financial period after deducting our management fee and expenses.
Earlier PDS versions
Archived Product Disclosure Statements held by Sorted Smart Investor. Older than 36 months so not used for current fund facts above; useful for fee-history context.
- 2020 dated Annual fund charge 1.15% View archived PDF →
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Amova NZ acknowledges a conflict of interest because it hires related-party firms AAME and AAMA, which share common ownership with Amova NZ, to manage underlying fund assets.
- Amova NZ pays management fees to AAME for global equity management and to AAMA for the ARK Disruptive Innovation Fund, meaning fund costs flow to entities under common ownership.
- The Amova Concentrated Equity Fund charges a performance fee of 10% of gains exceeding the OCR plus 5% over 12 months, measured after deducting the management fee and expenses.
Generated 2026-05-28 from Amova NZ Investment Scheme OMI (dated 2025-11-24). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Auditor
KPMG
Custodian
BNP Paribas Fund Services Australasia Pty Limited
Conflicts disclosed
1
In OMI
Conflicts of interest disclosed in OMI
- Amova NZ engages related party managers AAME and AAMA (both having common ownership with Amova NZ) to manage underlying assets of certain funds, creating a potential conflict of interest between obtaining best execution/terms and maintaining intra-group relationships.
How this fund compares to peers
Mechanical comparison vs the 58 other australasian equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.15%
Category median: 1.01%
Mid-pack — cheaper than 28% of peers
5y return p.a. (after fees)
+0.65%
Category median: +1.68%
Below peer median (34th percentile)
Fund size
NZ$13.2m
Category median: NZ$74.1m
15th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$562
Compounded charge over 5 years (excl. returns)
$67 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 Infratil Limited | 11.90% |
 Spark New Zealand Ltd | 8.85% |
 Contact Energy Limited | 8.13% |
 Meridian Energy Ltd NPV | 7.71% |
| WO Worley Limited | 7.59% |
| NE NEXTDEC Ltd | 7.44% |
 Summerset Group Holdings Ltd | 7.24% |
 Resmed Inc | 5.45% |
| AL Aristocrat Leisure Ltd | 5.31% |
 Sky Network Television Ltd | 5.12% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- AMOVA CONCENTRATED EQUITY FUND (FND468) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.64 KB
- Nikko AM Cashand Fixed Interest Product Disclosure Statement 29 May 2020.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 616.05 KB
- Amova Concentrated Equity Fund fund update 31 March 2026.pdf The quarterly update published by the provider PDF, 605.35 KB
- Nikko AM Domestic Equity Funds Product Disclosure Statement 29 May 2020.pdf Additional product disclosure statement from the provider PDF, 565.22 KB
- Nikko AM Global Equity Funds Product Disclosure Statement 1 April 2020.pdf Additional product disclosure statement from the provider PDF, 589.40 KB
- Nikko AM Option Fund Product Disclosure Statement 14 May 2020.pdf Additional product disclosure statement from the provider PDF, 548.05 KB
- Amova Freedom Fund Product Disclosure Statement 1 September 2025.pdf Additional product disclosure statement from the provider PDF, 519.90 KB
- Nikko AM Cashand Fixed Interest Product Disclosure Statement 29 May 2020.pdf Additional product disclosure statement from the provider PDF, 616.05 KB
- Nikko AM Cashand Fixed Interest Product Disclosure Statement 29 May 2020.pdf Additional product disclosure statement from the provider PDF, 616.05 KB
- Nikko AM Australasian Small Companies Fund PDS 18 June 2016.pdf Additional product disclosure statement from the provider PDF, 2.84 MB
- Amova Global Equity Funds Product Disclosure Statement 1 September 2025.pdf Additional product disclosure statement from the provider PDF, 546.13 KB
- Nikko AM Multi Strategy Fund PDS 3 April 2018.pdf Additional product disclosure statement from the provider PDF, 310.53 KB
- Amova Diversified Funds Product Disclosure Statement 1 September 2025.pdf Additional product disclosure statement from the provider PDF, 556.15 KB
- Amova ARK Disruptive Innovation Fund Product Disclosure Statement 1 September 2025.pdf Additional product disclosure statement from the provider PDF, 541.04 KB
- Nikko AM Income Fund Product Disclosure Statement 3 July 2023.pdf Additional product disclosure statement from the provider PDF, 791.12 KB
- Amova Cashand Fixed Interest Product Disclosure Statement 1 September 2025.pdf Additional product disclosure statement from the provider PDF, 544.38 KB
- Amova Domestic Equity Funds Product Disclosure Statement 1 September 2025.pdf Additional product disclosure statement from the provider PDF, 560.10 KB
- Nikko AM Cashand Fixed Interest Product Disclosure Statement 29 May 2020.pdf Additional product disclosure statement from the provider PDF, 616.05 KB
- Amova NZ Investment Other Material Information 24 November 2025.pdf Amova NZ Investment Scheme - Other Material Information PDF, 799.84 KB
- Amova Asset Management New Zealand Limited Other Material Information Buy Sell Spreads.pdf Amova Asset Management New Zealand Limited Other Material Information - Buy Sell Spreads PDF, 515.69 KB
About this category
Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
About Amova
Active New Zealand and global equity manager (formerly Nikko AM NZ).
See all funds from Amova →Common questions
Questions people ask about Amova Concentrated Equity Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
What is a concentrated mutual fund?
A concentrated fund holds a smaller number of securities than a diversified fund, meaning larger positions in each holding. Amova Concentrated Equity Fund, for example, has its three largest holdings representing approximately 28.88% of the fund, compared to a more broadly diversified approach. Concentration can amplify both gains and losses, which is reflected in the fund's risk indicator of 5/7 on the FMA standardised scale.
Which equity fund is best for long term?
Comparing equity funds for long-term suitability depends on your risk tolerance, investment horizon, and financial goals—not on a single metric. The Amova Concentrated Equity Fund returned 0.65% p.a. after fees before tax over the past 5 years as at the latest QFU; you can compare this and other funds' historical returns, fees, and risk indicators via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Consider checking the fund's Product Disclosure Statement for specific objectives and time horizons.
Which is a better investment option when selecting an equity fund?
When evaluating equity funds, consider comparing annual fund charges (Amova's is 1.15% p.a., against a peer-cohort average of 0.95% p.a.), risk indicators, historical returns, asset mix, and tax efficiency. The Amova fund is structured as a PIE, meaning your income tax is capped at your prescribed investor rate up to a maximum of 28%. Use the FMA Disclose register to review the Product Disclosure Statement and Quarterly Fund Update for the funds you are comparing.
Head-to-head
Compare Amova Concentrated Equity Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Australasian Equities funds
Same manager
Other funds by Amova
- Amova Corporate Bond FundNZ Fixed Interest
- Amova Global Shares Hedged FundInternational Equities
- Amova Global Shares FundInternational Equities
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 5 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Amova Concentrated Equity Fund?
Amova Concentrated Equity Fund is managed by Amova. Active New Zealand and global equity manager (formerly Nikko AM NZ).
What asset class is the Amova Concentrated Equity Fund?
It is a australasian equities managed fund. Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
What are the fees for the Amova Concentrated Equity Fund?
The annual fund charge for the Amova Concentrated Equity Fund is 1.15% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Amova Concentrated Equity Fund?
The risk indicator is 5/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Amova Concentrated Equity Fund a PIE fund?
Yes. The Amova Concentrated Equity Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Amova Concentrated Equity Fund?
Fund size (assets under management) is NZ$13 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Amova Concentrated Equity Fund invest in?
The latest published top holdings are: Infratil Limited (11.90%), Spark New Zealand Ltd (8.85%), Contact Energy Limited (8.13%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Amova Concentrated Equity Fund?
The Amova Concentrated Equity Fund is available via Amova directly. Always read the current Product Disclosure Statement before investing.
What is a concentrated mutual fund?
A concentrated fund holds a smaller number of securities than a diversified fund, meaning larger positions in each holding. Amova Concentrated Equity Fund, for example, has its three largest holdings representing approximately 28.88% of the fund, compared to a more broadly diversified approach. Concentration can amplify both gains and losses, which is reflected in the fund's risk indicator of 5/7 on the FMA standardised scale.
Which equity fund is best for long term?
Comparing equity funds for long-term suitability depends on your risk tolerance, investment horizon, and financial goals—not on a single metric. The Amova Concentrated Equity Fund returned 0.65% p.a. after fees before tax over the past 5 years as at the latest QFU; you can compare this and other funds' historical returns, fees, and risk indicators via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Consider checking the fund's Product Disclosure Statement for specific objectives and time horizons.
Which is a better investment option when selecting an equity fund?
When evaluating equity funds, consider comparing annual fund charges (Amova's is 1.15% p.a., against a peer-cohort average of 0.95% p.a.), risk indicators, historical returns, asset mix, and tax efficiency. The Amova fund is structured as a PIE, meaning your income tax is capped at your prescribed investor rate up to a maximum of 28%. Use the FMA Disclose register to review the Product Disclosure Statement and Quarterly Fund Update for the funds you are comparing.