Fund-vs-fund · Australasian Equities
Octagon New Zealand Equities Fund vs Salt Long Short Fund
Both are Australasian Equities funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their investment approach, which explains nearly every other divergence in the data. The Octagon New Zealand Equities Fund is a conventional long-only equity portfolio, with 98.31% of assets in growth investments and concentrated positions in large-cap NZX names — Fisher & Paykel Healthcare at 13.9%, Auckland International Airport at 7.92%, and Infratil at 6.95%. The Salt Long Short Fund, as its name signals, employs a long-short strategy: only 52.35% of assets are classified as growth, and its two largest disclosed positions are a Macquarie collateral account (24.43%) and cash at bank (23.74%), reflecting the collateral and margin infrastructure typical of a fund that holds short positions alongside longs.
This structural difference flows directly into the fee comparison. Octagon charges 1.17% per annum; Salt charges 3.21%, consistent with the higher operational cost of running a derivatives-enabled, actively hedged strategy. Despite the higher fee, Salt's five-year return of 15.88% per annum substantially exceeds Octagon's 1.76% over the same period, though past performance is not indicative of future returns. Notably, Salt carries a lower risk indicator (4 versus Octagon's 5), reflecting the dampening effect of its short book on net market exposure. Fund sizes are broadly comparable — Octagon at NZD 161 million, Salt at NZD 171 million. A PDS URL for the Salt Long Short Fund was not available in this snapshot; the Octagon PDS is linked above.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Octagon New Zealand Equities Fund charges 2.04% lower in annual fund charges (1.17% vs 3.21%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Octagon
1.17%
Upper half of cohort
Salt
3.21%
Highest 1% of cohort
5-year return p.a.
Past performance — not a predictor
Octagon
1.25%
Lower half over 5 years
Salt
13.56%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
Octagon
NZ$161m
Largest 25% in cohort
Salt
NZ$178m
Largest 22% in cohort
| Metric | Octagon | Salt | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.17% | 3.21% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.25% | 13.56% | Higher is better (past not future) |
| Fund size | NZ$161m | NZ$178m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 53% / 47% | 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.
What each fund says it does
Octagon
Octagon New Zealand Equities Fund
The New Zealand Equities Fund invests mostly in New Zealand shares, and can invest in Australian listed shares, where the company has meaningful operations in New Zealand. It aims to achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX50 Gross with Imputation Index.Full Octagon Octagon New Zealand Equities Fund profile →
Salt
Salt Long Short Fund
The Fund aims to deliver positive absolute returns in all market environments. In addition to holding long-only New Zealand and Australian securities, the Fund may, at our discretion short sell securities, hold cash, lever its assets and utilise active currency management to generate returns (although generally will be fully hedged). The investment objective is to outperform the Reserve Bank of New Zealand Official Cash Rate +5% p.A. On a rolling three year basis.Full Salt Salt Long Short Fund profile →
Common questions
What's the difference between the Octagon New Zealand Equities Fund and the Salt Long Short Fund?
Which fund has lower fees, Octagon New Zealand Equities Fund or Salt Long Short 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?
