AMP Moderate

New Zealand government bonds dominate the portfolio, with nine of the ten largest positions locked into sovereign debt maturing between 2027 and 2040, including three inflation-linked issues. The fund holds 65% in defensive assets, split between local bonds (30%), international bonds (19%) and cash (12%), with the remaining 35% in growth assets weighted toward international shares (23%) and Australasian equities (11%). Fisher & Paykel Healthcare is the sole share holding to crack the top ten, at 1.49%.

The fund charges 0.79% annually in total fees, comprising a 0.69% management fee plus smaller performance and other charges. It ranks 4th for one-year returns within the Moderate category at 8.3%, though that position slips to 6th over three years and 7th over five years, where the 4.0% annualised return trails the stronger recent performance. The fund manages $848 million in member assets.

The allocation reflects a conservative moderate stance, with nearly two-thirds anchored in fixed interest and cash. The concentration in government bonds, particularly inflation-linked securities, positions the fund as a bet on sovereign stability rather than diversified income or credit risk. The modest growth sleeve limits upside potential but keeps volatility in check.

General information only, not financial advice. Past performance is not a reliable indicator of future results.