# ACI Conservative Fund

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** ACI
- **Asset class:** Diversified Funds
- **Risk profile:** conservative
- **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%)
- **Confidence tier:** C (Sorted Smart Investor → FMA Disclose)
- **Last verified:** 2026-05-22

## Summary

The ACI Conservative Fund is a diversified managed fund run by ACI. New Zealand-based fund manager offering diversified portfolio funds.

## Investment objective (from PDS)

> The ACI Conservative Fund aims to achieve a rate of return (net of fees but before tax) of at least 1.75% per annum above inflation (as measured by Statistics New Zealand's Consumer Price Index) over the longer term. The Fund's objective is to provide relatively consistent returns, with some capital growth over the long term.

Source: Product Disclosure Statement dated 2025-11-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo31d8d22e0ce16ee13d248904064e9fe7/20251127-ACI-Funds-PDS.pdf

## Fund data

- **Annual fund charge:** 1.50% p.a. (from the latest Quarterly Fund Update)
- **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$4 million
- **Asset mix:** 23% growth assets · 77% income assets
- **Fund started:** 4 April 2023
- **Minimum initial investment:** NZ$50

## Top 10 holdings

1. Dimensional Global Bond Sustain Trust Aud Class — 42.65%
2. Dimensional Two Year Sustain Fixed Interest Trust — 18.77%
3. Cash at Bank (BNZ) — 8.41%
4. Dimensional Global Real Estate Trust NZD Hedged Class — 5.07%
5. Dimensional Emerging Markets Sustainability Trust AUD — 4.37%
6. Smartshares NZ Core Equity Trust — 4.10%
7. Apple Inc — 0.81%
8. Nvidia Corp — 0.80%
9. Meta Platforms Inc — 0.33%
10. Amazon Com Inc — 0.32%

Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register.

## Additional terms (from PDS)

- **Minimum subsequent investment:** NZ$50
- **Distribution cadence:** No distributions (accumulating)
- **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption)

## Investment policy (from SIPO)

### Strategic asset allocation ranges

| Asset class | Target | Min | Max |
| --- | ---: | ---: | ---: |
| Cash and cash equivalents | 1% | 0% | 40% |
| International fixed interest | 66% | 40% | 80% |
| Total income assets | 67% | 40% | 100% |
| Australasian equities | 6% | 0% | 20% |
| International equities | 22% | 0% | 40% |
| Listed property | 5% | 0% | 10% |
| Total growth assets | 33% | 0% | 60% |

### Responsible-investment approach

All but two of the underlying funds integrate sustainability criteria into the investment process via Dimensional Sustainability Funds, which use a sustainability scoring system primarily focused on GHG emissions to underweight or exclude high-emissions companies and overweight low-emissions companies. These funds may also exclude companies involved in coal, palm oil, factory farming, child labour, tobacco, alcohol, gambling, adult entertainment, controversial weapons, nuclear weapons, personal firearms and private prisons.

### Derivatives policy

Underlying funds may use derivatives to manage large cashflows and forward contracts for hedging foreign currencies. The Funds themselves do not directly use derivatives beyond what is employed within underlying funds.

### Exclusions

- Coal
- Palm oil
- Factory farming
- Child labour
- Tobacco
- Alcohol
- Gambling
- Adult entertainment
- Controversial weapons
- Nuclear weapons
- Personal firearms
- Private prisons

Source: Statement of Investment Policy and Objectives dated 2025-11-26. https://smartinvestor.sorted.org.nz/disclose-document/mdoc54597ad0f849b514e3782c3e3035b93/20251127-ACI-Funds-SIPO.pdf

## Scheme disclosures (from OMI)

Scheme-level. The same disclosures apply to every fund in this scheme.

- **Trustee / Supervisor:** Public Trust
- **Auditor:** KPMG
- **Custodian:** Adminis NZ Limited
- **Conflicts of interest disclosed in OMI:** 3

### Conflicts of interest (verbatim from OMI)

- Parties related to the Funds, including the staff of Stewart Group and their families, and the staff of FundRock and their families may from time to time invest in the Funds.
- FundRock acts as manager for some of the underlying funds (Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)) that the ACI Funds invest into, which could influence it to invest the assets of the Funds into those underlying funds instead of into direct assets or investment funds managed by third parties.
- If the investment into the Underlying Dimensional PIE Funds is not on arms' length terms or if investment into direct assets or third party funds were a more efficient way of achieving the Funds' investment strategy, investors in the Funds could be adversely affected.

### Related-party transactions

- **Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)** (FundRock acts as manager for these underlying funds into which the ACI Funds invest) — Investment of ACI Fund assets into underlying PIE funds managed by FundRock

Source: Other Material Information document dated 2025-11-26. https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7661315b0dc20c034eb56f3d5801b1/20251127-ACI-Funds-OMI.pdf

## How to invest

Available via: ACI directly. Read the current Product Disclosure Statement (PDS) before investing.

## Sources

- **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ACI%20Conservative%20Fund
- **Product Disclosure Statement:** /disclose-document/mdo31d8d22e0ce16ee13d248904064e9fe7/20251127-ACI-Funds-PDS.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13499/OFR13507/FND43018/

## Citations (authoritative primary sources)

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ)
- Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities
- Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html
- Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
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ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.