Bentham Global Opportunities PIE Fund
Managed by Bentham Bentham Global Opportunities PIE Fund is a international fi managed fund operated by Bentham; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.05% · minimum investment NZ$50,000 · distributions quarterly. Compared with 31 other same-category funds on this site, the 1.05% annual fund charge sits above the same-category median of 0.70%.
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
—
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
Fund size
NZ$0
0% growth · 1% income
The Opportunities Fund provides exposure to an actively managed portfolio of fixed income and credit securities focusing on relative value. The Opportunities 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. The Fund targets a position of being fully hedged back to New Zealand dollars, however the underlying funds into which the Opportunities Fund invests may take unhedged currency positions.
How Bentham Global Opportunities PIE Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Investment style
- Actively managed, benchmarked to the 50% Bloomberg AusBond Composite Bond Index hedged to NZD, 50% Bloomberg AusBond Bank Bill Index hedged to NZD.
- Currency policy
- Both Funds target a position of being fully hedged back to New Zealand dollars. Underlying funds aim to hedge foreign currency exposure back to the Australian dollar (or New Zealand dollar for the Syndicated Loan Fund) a…
Key facts
Min. investment
NZ$50,000
Subsequent: NZ$1,000
Distributions
Quarterly
Buy / sell spread
28 bps (0.28%) / 28 bps (0.28%)
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 Funds) | 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.
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- 20260401 Bentham Investment Funds PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 413.87 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 Opportunities 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.
Are opportunity funds risky?
The Bentham Global Opportunities PIE Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, indicating a moderate-to-higher level of risk. Risk indicators measure potential price fluctuations; check the fund's Product Disclosure Statement on the FMA Disclose register for full details on how this fund's strategy may affect your investment.
Is it good to invest in opportunities fund?
Whether an opportunities fund suits your circumstances depends on your personal financial goals, time horizon, and risk tolerance. The Bentham Global Opportunities PIE Fund is available directly from Bentham; visit their website or consult a financial adviser to assess whether it aligns with your investment needs.
Is 0.25% a high management fee?
Fee levels vary across the managed funds market depending on fund type and strategy complexity. You can compare annual fund charges across funds in our coverage, and the Bentham Global Opportunities PIE Fund's current fees are disclosed in its Product Disclosure Statement on the FMA Disclose register.
Head-to-head
Compare Bentham Global Opportunities 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 (4/7)
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 Opportunities PIE Fund?
Bentham Global Opportunities 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 Opportunities PIE Fund?
It is a international fi managed fund. The fund has a balanced 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 Opportunities PIE Fund?
The current annual fund charge is published in the fund's latest Quarterly Fund Update on the FMA Disclose register: https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Bentham%20Global%20Opportunities%20PIE%20Fund. Always check the current Product Disclosure Statement (PDS) for any additional fees.
What is the risk indicator for the Bentham Global Opportunities PIE Fund?
The risk indicator is 4/7 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 Opportunities PIE Fund a PIE fund?
Yes. The Bentham Global Opportunities 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 Opportunities PIE Fund?
Fund size (assets under management) is NZ$0 as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 1% income assets.
How can I invest in the Bentham Global Opportunities PIE Fund?
The Bentham Global Opportunities PIE Fund is available via Bentham directly. Always read the current Product Disclosure Statement before investing.
Are opportunity funds risky?
The Bentham Global Opportunities PIE Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, indicating a moderate-to-higher level of risk. Risk indicators measure potential price fluctuations; check the fund's Product Disclosure Statement on the FMA Disclose register for full details on how this fund's strategy may affect your investment.
Is it good to invest in opportunities fund?
Whether an opportunities fund suits your circumstances depends on your personal financial goals, time horizon, and risk tolerance. The Bentham Global Opportunities PIE Fund is available directly from Bentham; visit their website or consult a financial adviser to assess whether it aligns with your investment needs.
Is 0.25% a high management fee?
Fee levels vary across the managed funds market depending on fund type and strategy complexity. You can compare annual fund charges across funds in our coverage, and the Bentham Global Opportunities PIE Fund's current fees are disclosed in its Product Disclosure Statement on the FMA Disclose register.