Clarity Enhanced Cash PIE
Clarity Enhanced Cash PIE is a cash managed fund from Clarity with a fund size of NZ$125.2 million and an annual fund charge of 0.26%, as shown on Sorted Smart Investor on 22 May 2026; its 1-year return after fees and tax was 2.66% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Managed by ClarityFund data last refreshed · holdings as filed to 31/03/2026
Clarity Enhanced Cash PIE is a cash managed fund operated by Clarity; PIE-structured; FMA risk indicator 1/7. Headline terms: annual fund charge 0.26% · minimum investment NZ$10,000 · distributions quarterly. Compared with 5 other same-category funds on this site, the 0.26% annual fund charge sits in line with the same-category median of 0.26%.
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 ourPIR guideandPIE tax basicsfor the full picture, or use thePIR calculatorto confirm your rate.
Annual fund charge
0.26%
vs peer avg 0.65%
Risk indicator
1/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 1.17%
Fund size
NZ$125.2m
0% growth · 100% income
Aims to provide investors with regular income in excess of bank deposits whilst preserving capital value. We intend for the Fund to make quarterly distributions.
How Clarity Enhanced Cash PIE differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- Bloomberg NZBond Bank Bill Index
- Top 3 holdings
- Amova W/S NZ Cash Fund (78.4%) · NZMS First Mortgage Securities Limited (8.0%) · NZD Cash at Bank (5.4%)
Key facts
Fund start date
11 June 2024
Min. investment
NZ$10,000
Subsequent: NZ$1,000
Distributions
Quarterly
Tax structure
PIE
Capped at your PIR (max 28%)
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.
- Clarity acknowledges that its parent company, ISG, provides administration, IT, legal, and other operational services to the Funds and is paid a portion of the total fund charge collected from investors.
- Clarity acknowledges that Devon Funds Management Limited manages three funds (Dividend Yield, Trans-Tasman Value, and New Zealand Equity) under an outsourced arrangement and also receives a portion of the total fund charge.
- Clarity discloses that directors, employees, and associated persons may personally invest in the Funds, which could create a conflict between their personal interests and those of other investors.
- Clarity states it will not enter related-party transactions except where agreed with the Supervisor and permitted under the FMC Act, but no performance-fee mechanic or fee rebate arrangement is disclosed in this document.
Generated 2026-05-28 from Clarity Funds Scheme OMI (dated 2026-04-01). 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
New Zealand Guardian Trust Company Limited
Auditor
PwC Auckland
Custodian
BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility)
Conflicts disclosed
4
In OMI
Conflicts of interest disclosed in OMI
- Directors, employees and other associated persons of Clarity may choose to invest in the Funds.
- ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict.
- Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict.
- Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act.
How this fund compares to peers
Mechanical comparison vs the 6 other cash funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Clarity Enhanced Cash PIE: 0.26% per annum. Cash median across 6 funds:0.26%. This fund is the same as the category median.
Annual fund charge
0.26%
Category median: 0.26%
Cheaper than 50% of peers
Fund size
NZ$125.2m
Category median: NZ$52.4m
Top 25% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$129
Compounded charge over 5 years (excl. returns)
$0 less 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.
Complete portfolio
This fund files 16 holdings with the FMA as at 31/03/2026. The largest 13 are shown.
Top 10 concentration: 99.3% of net assets.
Direct disclosed holdings only — a floor on exposure, not a total. Filings list wrappers and securities together, so a fund holding another fund shows no look-through here. Disclosed rows account for 100.0% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| Amova W/S NZ Cash Fund | 78.40% | |
| NZD Cash at Bank | 5.49% | |
| BCHINA Term Deposit 3.75% 20/08/2025 18/05/2026 | 4.09% | |
| BCHINA Term Deposit 3.4% 04/12/2025 04/06/2026 | 4.04% | |
| NZMS First Mortgage Securities Limited | 1.60% | |
| NZMS First Mortgage Securities Limited | 1.60% | |
| NZMS First Mortgage Securities Limited | 1.24% | |
| NZMS First Mortgage Securities Limited | 1.20% | |
| NZMS First Mortgage Securities Limited | 0.80% | |
| NZMS First Mortgage Securities Limited | 0.80% | |
| NZMS First Mortgage Securities Limited | 0.80% | |
| BOC Call Account | 0.00% | |
| Fee Pay Receive 2026-03-31 | 0.00% |
Every NZ managed fund must file its complete portfolio with the FMA each quarter. Where a line is itself a fund, trust or ETF, the securities inside it are not broken out here.
Top 5 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
AWAmova W/S NZ Cash Fund | 78.40% |
NFNZMS First Mortgage Securities Limited | 8.04% |
$NZD Cash at Bank | 5.44% |
BTBCHINA Term Deposit 3.75% 20/08/2025 18/05/2026 | 4.09% |
BTBCHINA Term Deposit 3.4% 04/12/2025 04/06/2026 | 4.04% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- ENHANCED CASH PIE (FND50928) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.85 KB
- Clarity PDS Document 2 April 26 FINAL.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 1.01 MB
- Enhanced Cash PIE 31 March 2026.pdf The quarterly update published by the provider PDF, 426.42 KB
- Enhanced Cash PIE PDS 2 Apr 26 FINAL.pdf Additional product disclosure statement from the provider PDF, 232.17 KB
- Clarity OMI Document 2 April 26 FINAL.pdf Other information related to the Clarity Funds, TAHITO and the Enhanced Cash PIE to supplement and be read in conjunction with, the Product Disclosure Stateme
- TAHITO PDS 13 May 26 Final.pdf Additional product disclosure statement from the provider PDF, 2.14 MB
- Combined SIP Os TAHITO 13 May 26 Clarity 02 Apr 26 Enhanced Cash PIE 02 Apr 26.pdf Statement of investment policy and objectives PDF, 3.09 MB
About this category
Funds holding bank deposits and short-term money-market instruments. Lowest-risk fund category; income-focused.
About Clarity
NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO.
Clarity has 9 retail funds in our coverage across International Equities, Diversified, International FI, Australasian Equities and Cash strategies, with annual fund charges from 0.26% to 1.21% a year.
Based in Auckland.
Head-to-head
Compare Clarity Enhanced Cash PIE with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Cash funds
Same manager
Other funds by Clarity
- Clarity Fixed Income FundInternational FI
- Clarity Global Shares FundInternational Equities
- Clarity - Capital Group New Perspective FundInternational Equities
FMA risk band
Same risk band (1/7)
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 Clarity Enhanced Cash PIE?
Clarity Enhanced Cash PIE is managed by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO.
What asset class is the Clarity Enhanced Cash PIE?
It is a cash managed fund. The fund has a conservative risk profile. Funds holding bank deposits and short-term money-market instruments. Lowest-risk fund category; income-focused.
What are the fees for the Clarity Enhanced Cash PIE?
The annual fund charge for the Clarity Enhanced Cash PIE is 0.26% 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 Clarity Enhanced Cash PIE?
The risk indicator is 1/7 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 Clarity Enhanced Cash PIE a PIE fund?
Yes. The Clarity Enhanced Cash PIE 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 Clarity Enhanced Cash PIE?
Fund size (assets under management) is NZ$125 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the Clarity Enhanced Cash PIE invest in?
The latest published top holdings are: Amova W/S NZ Cash Fund (78.40%), NZMS First Mortgage Securities Limited (8.04%), NZD Cash at Bank (5.44%). 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 Clarity Enhanced Cash PIE?
The Clarity Enhanced Cash PIE is available via Clarity directly. Always read the current Product Disclosure Statement before investing.