Bentham Global Income PIE Fund
Managed by Bentham Bentham Global Income PIE Fund is a international fi managed fund operated by Bentham; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.83% · minimum investment NZ$50,000 · distributions monthly. Compared with 30 other same-category funds on this site, the 0.83% annual fund charge sits above the same-category median of 0.69%.
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
0.83%
vs peer avg 0.65%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 1.17%
Fund size
NZ$179.8m
0% growth · 100% income
The Income Fund provides exposure to an actively managed, diversified portfolio which invests in global credit markets. The Income Fund aims to generate income with some potential for capital growth over the medium to long term. The Income Fund aims to outperform its composite benchmark (50% Bloomberg AusBond Composite Bond Index hedged to the New Zealand dollar, 50% Bloomberg AusBond Bank Bill Index, hedged to the New Zealand dollar) over rolling 3-year periods.
How Bentham Global Income PIE Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- 50% Bloomberg AusBond Composite Bond Index hedged to NZD, 50% Bloomberg AusBond Bank Bill Index hedged to NZD
- Top 3 holdings
- Cash (10.7%) · Derivatives (FX/IR Hedges, Credit Derivatives) (7.6%) · Province of British Columb 5.20% 14/05/2036 GOVT S (1.5%)
Key facts
Fund start date
11 April 2023
Min. investment
NZ$50,000
Subsequent: NZ$1,000
Distributions
Monthly
Buy / sell spread
17 bps (0.17%) / 17 bps (0.17%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| International fixed interest (via the Underlying Fund) | 100% | 90% | 110% |
| Cash and cash equivalents | — | -10% | 10% |
Responsible-investment approach
Labour standards, environmental, social, ethical and governance considerations are taken into account in the selection, retention, and realisation of investments. Standards are country and industry specific. Explicit exclusions apply to tobacco manufacturers/producers and companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons). No formal rating systems, criteria, methodologies or weighting systems are applied. Bentham is a signatory of PRI.
Exclusions
- Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products)
- Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons)
Derivatives policy
Derivatives are used as a risk management tool and may include currency swaps, interest rate swaps, credit default swaps, total return swaps, futures and options. The Underlying Funds are not intended to be leveraged through derivatives (Income Fund), though the Opportunities Fund's underlying Bentham Global Opportunities Fund may use derivatives for leverage up to 30% of gross asset value.
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.
- FundRock NZ acknowledges that its common ultimate owner, Apex Group Limited, also owns the scheme's administration manager Apex NZ, creating a potential conflict where commercial terms may favour Apex NZ at investors' expense.
- Bentham Asset Management discloses a dual role as both investment manager for the feeder funds and manager of the underlying funds (Bentham Global Income, Global Opportunities, and Syndicated Loan Funds), which may create conflicting interests between investor groups.
- Apex NZ provides administration, unit pricing, and registry services to the scheme as a related party, meaning fees for those services flow to a company under the same ultimate owner as FundRock NZ.
Generated 2026-05-28 from Bentham Investment Funds OMI (dated 2026-03-26). 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
PricewaterhouseCoopers
Custodian
Public Trust
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- Bentham, as Investment Manager for the Funds (each representing a single investor into the relevant Underlying Fund), may have a potential conflict with its role as investment manager for the Underlying Funds (representing all investors in the Underlying Funds).
- Both FundRock NZ Limited and the Scheme's administration manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors.
- Parties related to the Funds, including staff of Bentham and their families, and staff of FundRock and their families, may from time to time invest in the Funds.
How this fund compares to peers
Mechanical comparison vs the 31 other international fi 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
0.83%
Category median: 0.70%
Mid-pack — cheaper than 32% of peers
Fund size
NZ$179.8m
Category median: NZ$141.0m
56th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$408
Compounded charge over 5 years (excl. returns)
$63 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 |
|---|---|
| $ Cash | 10.70% |
| D( Derivatives (FX/IR Hedges, Credit Derivatives) | 7.60% |
| PO Province of British Columb 5.20% 14/05/2036 GOVT S | 1.48% |
| NS New South Wales Treasury C 3.50% 20/11/2037 GOVT G | 1.33% |
| PF PUMA FINANCE PTY LTD 0.8% 18/01/2057 MBS | 1.21% |
| EB Export-Import Bank of Kore 4.80% 05/03/2031 AGEN S | 1.06% |
| NW Nederlandse Waterschapsban 4.80% 05/08/2031 AGEN S | 1.04% |
| QT Queensland Treasury Corp 3.37% 18/03/2036 GOVT GG | 1.01% |
| NS New South Wales Treasury C 2.50% 22/11/2032 GOVT G | 0.93% |
| SA South Australian Governmen 24/11/2031 FRN SEN UNSE | 0.93% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- BENTHAM GLOBAL INCOME PIE FUND (FND43027) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 48.80 KB
- 20260401 Bentham Investment Funds PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 413.87 KB
- 20260331 Bentham Global Income QFU.pdf The quarterly update published by the provider PDF, 499.34 KB
- 20260401 Bentham Investment Funds OMI.pdf Other Material Information PDF, 334.58 KB
- 20260401 Bentham Investment Funds SIPO.pdf Statement of investment policy and objectives PDF, 311.11 KB
About this category
Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD.
About Bentham
Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors.
See all funds from Bentham →Common questions
Questions people ask about Bentham Global Income PIE 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 the management fee for the Bentham Global Income Fund?
The annual fund charge for Bentham Global Income PIE Fund is 0.83% p.a., as disclosed in the latest Quarterly Fund Update. This is 0.18 percentage points above the peer-cohort average of 0.65% p.a. for comparable international fixed-income funds.
What is the best high income fund?
Bentham Global Income PIE Fund has an asset mix of approximately 99.93% income assets, meaning it is structured primarily to generate income rather than capital growth. Compare this fund's fees, risk profile (3/7), and investment approach against other international fixed-income funds in our coverage using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/.
What is the highest paying income fund?
Fund income payments vary based on the underlying investments and market conditions; past distributions are not indicative of future payments. Check the fund's latest Quarterly Fund Update and Product Disclosure Statement for historical distribution data and current yield information.
Head-to-head
Compare Bentham Global Income PIE Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International FI funds
FMA risk band
Same risk band (3/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
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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 Bentham Global Income PIE Fund?
Bentham Global Income PIE Fund is managed by Bentham. Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors.
What asset class is the Bentham Global Income PIE Fund?
It is a international fi managed fund. The fund has a conservative risk profile. Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD.
What are the fees for the Bentham Global Income PIE Fund?
The annual fund charge for the Bentham Global Income PIE Fund is 0.83% 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 Bentham Global Income PIE Fund?
The risk indicator is 3/7 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 Bentham Global Income PIE Fund a PIE fund?
Yes. The Bentham Global Income PIE 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 Bentham Global Income PIE Fund?
Fund size (assets under management) is NZ$180 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the Bentham Global Income PIE Fund invest in?
The latest published top holdings are: Cash (10.70%), Derivatives (FX/IR Hedges, Credit Derivatives) (7.60%), Province of British Columb 5.20% 14/05/2036 GOVT S (1.48%). 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 Bentham Global Income PIE Fund?
The Bentham Global Income PIE Fund is available via Bentham directly. Always read the current Product Disclosure Statement before investing.
What is the management fee for the Bentham Global Income Fund?
The annual fund charge for Bentham Global Income PIE Fund is 0.83% p.a., as disclosed in the latest Quarterly Fund Update. This is 0.18 percentage points above the peer-cohort average of 0.65% p.a. for comparable international fixed-income funds.
What is the best high income fund?
Bentham Global Income PIE Fund has an asset mix of approximately 99.93% income assets, meaning it is structured primarily to generate income rather than capital growth. Compare this fund's fees, risk profile (3/7), and investment approach against other international fixed-income funds in our coverage using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/.
What is the highest paying income fund?
Fund income payments vary based on the underlying investments and market conditions; past distributions are not indicative of future payments. Check the fund's latest Quarterly Fund Update and Product Disclosure Statement for historical distribution data and current yield information.