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 and resulting portfolio composition. The Salt Long Short Fund, as its name signals, employs a long-short strategy across Australasian equities, holding only 53.15% in growth assets. Nearly half the portfolio sits in cash and collateral positions — Cash at Bank (24.21%) and a Macquarie Collateral Account (23.43%) — reflecting the mechanics of a fund that takes short positions alongside long ones. The Octagon New Zealand Equities Fund, by contrast, is a straightforward long-only portfolio with 98.31% in growth assets, concentrated in recognisable NZX-listed names: Fisher & Paykel Healthcare (14.68%), Auckland International Airport (7.72%), and Infratil (7.03%).
Both funds carry a risk indicator of 4 on the standard 1–7 scale and sit in the same Australasian Equities category, yet their fee structures diverge sharply. Salt charges an annual fund charge of 3.21%, which reflects the operational complexity of running a long-short book; Octagon charges 1.17%. Over the five years captured in each fund's latest Quarterly Fund Update, Salt returned 13.56% per annum against Octagon's 1.25% — a substantial gap, though past returns are not a reliable guide to future performance. Fund sizes are broadly comparable: Salt at approximately NZD 178 million, Octagon at approximately NZD 161 million. A PDS URL was not available in our snapshot for the Salt fund; Octagon's PDS is dated 14 May 2026.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 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
- 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?
