{ "schemaVersion": "1.1", "canonicalUrl": "https://managedfunds.nz/funds/fisher-funds/income/", "fetchedAt": "2026-06-20T08:25:17.226Z", "fund": { "slug": "income", "name": "Fisher Funds Income Fund", "managerSlug": "fisher-funds", "category": "international-fixed-interest", "riskProfile": null, "isPie": true, "isEtf": null, "ticker": null, "isHedged": null, "isResponsibleInvestment": null, "isThematic": null, "isFifNotPie": null, "shortDescription": null, "availableVia": [ "direct" ], "dataStatus": "pending-ingestion" }, "manager": { "slug": "fisher-funds", "name": "Fisher Funds", "legalName": "Fisher Funds Management Limited", "parent": null, "website": "https://fisherfunds.co.nz", "hq": "Takapuna" }, "category": { "slug": "international-fixed-interest", "name": "International Fixed Interest", "shortName": "International FI" }, "metrics": { "status": "ok", "matchScore": 3.5, "sortedFundName": "FISHER FUNDS INCOME FUND", "sortedManager": "FISHER FUNDS MANAGEMENT LIMITED fisherfunds.co.nz", "sortedUrl": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1212/", "fetchedAt": "2026-05-22T02:57:49.844Z", "source_doc": "sorted/SCH10640/OFR10667/FND1212", "source_doc_date": "2026-05-22", "source_doc_url": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1212/", "source_tier": "C", "riskIndicator": 3, "annualFundChargePct": 0.99, "peerAvgFeePct": 0.65, "fiveYearReturnPct": 2.2, "peerAvg5YearReturnPct": 1.17, "growthAssetsPct": 0.07, "incomeAssetsPct": 99.93, "fundSizeNzd": 42249001.92, "pdsUrl": "/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf", "strategySummary": "“\n The fund aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets\n ”", "topHoldings": [ { "asset": "NZ Local Government Funding Agency 20/04/29 1.50", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 9.18 }, { "asset": "Te Tumu Whakatupu Ltd 29/04/32 11.00", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 3.85 }, { "asset": "TR Group Limited 05/10/2026 3.532", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 3.49 }, { "asset": "Westpac NZ LImited 24/09/2029 4.337", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 3.11 }, { "asset": "BNP Paribas 03/09/2026 1.795", "assetClass": "Bonds", "type": "International Fixed Interest", "country": "AU", "weightPct": 2.97 }, { "asset": "NatWest Grp PLC 11/31 2.105% Call 08/26", "assetClass": "Bonds", "type": "International Fixed Interest", "country": "GB", "weightPct": 2.83 }, { "asset": "NZ Local Government Funding Agency 15/05/28 2.25", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 2.4 }, { "asset": "Metlifecare Limited 30/09/2026 3.00", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 2.17 }, { "asset": "Chorus Limited 12/28 6.38", "assetClass": "Bonds", "type": "New Zealand Fixed Interest", "country": "NZ", "weightPct": 2.1 }, { "asset": "ANZ 10 A/C - Current Accounts", "assetClass": "Cash", "type": "Cash and Cash Equivalents", "country": "NZ", "weightPct": 2.03 } ], "fundStartDate": "18 April 2011", "minimumInvestmentNzd": 2000, "documents": [ { "label": "FISHER FUNDS INCOME FUND (FND1212) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.62 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/full-portfolio/FND1212/FISHER-FUNDS-INCOME-FUND-FND1212-Full-portfolio-holdings-31-March-2026.xlsx" }, { "label": "Fisher Funds Managed Funds PDS 30 Sep 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 594.70 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf" }, { "label": "Fisher Funds Income Fund 31 March 2026 Fund Update.pdf The quarterly update published by the provider PDF, 56.04 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/5312b210ed37d18c/Fisher-Funds-Income-Fund-31-March-2026-Fund-Update.pdf" }, { "label": "Unit Pricingand Valuation Policy Apr 2025.pdf Unit Pricing and Valuation Policy Apr 2025 PDF, 161.30 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdob425dbb55e64909c5d57b733bfac1ccd/Unit-Pricingand-Valuation-Policy-Apr-2025.pdf" }, { "label": "Fisher Funds Managed Funds OMI 30 Sep 2025.pdf This document provides material information about Fisher Funds Managed Funds ('the Scheme’) to help you make an informed decision about investing in the ", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf" }, { "label": "Responsible Investment Policy Sep 2025.pdf Responsible Investment Policy Sep 2025 PDF, 173.36 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo874c2668b56f069f492a986e3c6820e1/Responsible-Investment-Policy-Sep-2025.pdf" }, { "label": "Portfolio Trading Policy Apr 2025.pdf Portfolio Trading Policy Apr 2025 PDF, 233.77 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo735339d5ad33a38727da9b057ecd2c28/Portfolio-Trading-Policy-Apr-2025.pdf" }, { "label": "Liquidity Risk Management Policy July 2025.pdf Liquidity Risk Management Policy July 2025 PDF, 146.27 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo0bafbc8de5b5b39c7a23d43fab2babbc/Liquidity-Risk-Management-Policy-July-2025.pdf" }, { "label": "Proxy Voting Policy Sep 2025.pdf Proxy Voting Policy Sep 2025 PDF, 175.65 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo1633fadc980c3ce0690739fb249b7b1e/Proxy-Voting-Policy-Sep-2025.pdf" }, { "label": "Conflictsof Interest Policy Nov 2025.pdf Conflicts of Interest Policy Nov 2025 PDF, 167.49 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo458086007b4495c80ade3fbdee59a693/Conflictsof-Interest-Policy-Nov-2025.pdf" }, { "label": "Unlistedand Suspended Securities Policy Feb 2024.pdf Unlisted and Suspended Securities Policy Feb 2024 PDF, 193.75 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo5a27cbb351865ccc4fe2174b6e58dbd9/Unlistedand-Suspended-Securities-Policy-Feb-2024.pdf" }, { "label": "Fisher Funds Managed Funds SIPO 10 Mar 2026.pdf Statement of investment policy and objectives PDF, 274.05 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf" } ] }, "pdsExtract": { "fund_name": "Income Fund", "objective": "Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets.", "benchmark": null, "risk_indicator": 3, "is_pie": true, "is_hedged": null, "asset_allocation": { "growth_assets_pct": 0, "income_assets_pct": 100, "equities_pct": null, "fixed_income_pct": 100, "cash_pct": null, "property_pct": null, "other_pct": null }, "fees": { "annual_fund_charge_pct": 0.98, "performance_fee_pct": null, "performance_fee_terms": null, "buy_spread_bps": null, "sell_spread_bps": null, "member_fee_nzd": null }, "minimum_investment_nzd": 2000, "minimum_subsequent_nzd": 1000, "distribution_frequency": "none", "source_paragraph": "Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets. Income assets 100%: New Zealand fixed interest 40%, International fixed interest 60%. Suggested minimum timeframe: four years.", "_match": { "score": 1, "extractFundName": "Income Fund", "ourFundName": "FISHER FUNDS INCOME FUND" }, "_provenance": { "scheme_id": "SCH10640", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf", "source_doc_date": "2025-09-23", "source_tier": "A", "pdf_hash": "6c92fc04c08e73b7708ab5c9cf8d53941d02c482598000fbb75bbe64d0379919", "extracted_at": "2026-05-27T23:22:01.214Z" } }, "sipoExtract": { "scheme_policies": { "investment_philosophy": "Fisher Funds believes superior investment returns can be achieved over time through adopting an active management approach, focusing on long-term investing, understanding the difference between price and value, and embedding ESG principles in research and investment processes. Diversified portfolios invest across industries, sectors and geographies to balance risk and return characteristics.", "responsible_investment_approach": "Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios.", "derivatives_policy": "Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO.", "rebalancing_policy": "For each fund, the weightings in each asset class will be reviewed at least weekly and rebalanced if appropriate, with the Manager having regard for transaction costs when considering whether a rebalancing is appropriate.", "currency_hedging_policy": "Active currency management is used to control risk and improve risk-adjusted returns. Benchmark hedge ratios are established for each asset class with tactical shifts permitted; hedge levels are monitored daily. Benchmark hedges into NZD: international fixed interest 100% (range 90-110%), listed property 70% (0-110%), Australian shares 70% (0-110%), Australasian shares 70% (0-110%), international shares 50% (0-110%), NZ shares no benchmark (0-110%). Property & Infrastructure Fund: 70% (0-110%).", "liquidity_policy": "Investors may redeem at short notice. The liquidity needs of each fund will be managed through the market liquidity of its securities and consideration of fund inflows and outflows." }, "scheme": { "scheme_name": "Fisher Funds Managed Funds", "manager_name": "Fisher Funds Management Limited", "sipo_version_date": "2026-03-10", "sipo_review_cadence": "every two years" }, "fund": { "fund_name": "Income Fund", "objective_verbatim": "Aims to achieve protection of capital over the short to medium term. The aim is to meet or exceed the return of the investment benchmark before fees and tax over the long term.", "benchmark": "S&P/NZX 2 Year Swap Index or equivalent index.", "investment_horizon_years": null, "permitted_assets": [ "Cash and cash equivalents", "New Zealand fixed interest", "International fixed interest" ], "asset_allocation_ranges": [ { "asset_class": "Cash and cash equivalents", "target_pct": 0, "min_pct": 0, "max_pct": 50 }, { "asset_class": "New Zealand fixed interest", "target_pct": 40, "min_pct": 0, "max_pct": 100 }, { "asset_class": "International fixed interest", "target_pct": 60, "min_pct": 0, "max_pct": 100 } ], "exclusions": [], "tilts": [], "performance_objective": "Meet or exceed the return of the investment benchmark before fees and tax over the long term.", "tracking_error_target": null, "source_paragraph": "Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets. Aims to achieve protection of capital over the short to medium term." }, "_match": { "score": 1, "extractFundName": "Income Fund", "ourFundName": "FISHER FUNDS INCOME FUND" }, "_provenance": { "scheme_id": "SCH10640", "doc_type": "sipo", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf", "source_doc_date": "2026-03-08", "source_tier": "A", "pdf_hash": "262b01a63f1602cc370a3763bc4ae024de641fda2a9c4e0fb7db4ac50e535841", "extracted_at": "2026-05-28T00:02:37.919Z" } }, "omiExtract": { "_provenance": { "scheme_id": "SCH10640", "doc_type": "omi", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf", "source_doc_date": "2025-09-15", "source_tier": "A", "pdf_hash": "0e049305d1a03cd43ebaeb6628f0d5f95339fc4ae8271ed2778832e249e774ea", "extracted_at": "2026-05-28T00:01:46.240Z" }, "scheme": { "scheme_name": "Fisher Funds Managed Funds", "manager_name": "Fisher Funds Management Limited", "omi_version_date": "30 September 2025" }, "related_party_transactions": [ { "counterparty": "Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)", "relationship": "Same manager — funds invest in wholesale funds also managed by Fisher Funds", "nature": "Management fee on investments in wholesale funds managed by Fisher Funds", "fee_or_rate": "Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee" } ], "conflicts_of_interest": [ "The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it.", "Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products." ], "fee_waivers": [ { "fund_name": null, "description": "The funds in the Scheme generally do not incur a management fee on investments in wholesale funds that are also managed by Fisher Funds, or in the instance that a fee is incurred, Fisher Funds fully rebates the management fee.", "expires": null } ], "performance_fee_mechanics": [ { "fund_name": "Fisher Funds New Zealand Growth Fund", "hurdle_verbatim": "OCR + 5% (Average OCR + 5%) multiplied by days since start of year/365 (366 days in leap years)", "high_water_mark": true, "high_water_mark_reset_terms": "The highest unit price for a fund at the end of any prior calculation period on which a performance-based fee was payable adjusted for any split or consolidation of units and any prior period distributions since the last performance-based fee was payable. Perpetual — performance-based fees are payable only if the fund's performance exceeds the high water mark, ensuring we don't get rewarded for making up any investment loss the fund incurs.", "crystallisation_cadence": "Calculated daily; payable annually 30 June", "cap_pct": 2, "performance_fee_terms_full": "A performance-based fee is charged when we beat the high water mark and achieve the Hurdle Rate. The performance-based fees are calculated daily. 30 June each year marks the date that the performance-based fees become payable if the high water mark and Hurdle Rate are exceeded. The performance-based fees are capped at 2% of each fund's average net asset value per year. The performance-based fees payable are 10% of the Excess Return above the Hurdle Rate (assuming we have beaten the high water mark), plus GST (if any), subject to the 2% cap. Where Excess Return ≤ 0, no performance-based fee is payable; where Excess Return > 0, the performance-based fee calculation is the lowest of: Excess Return x 10% [the basic fee calculation]; [(UPt / HW) -1] x AVNAV x 10% [the fee on the amount above the high water mark]; and AVNAV x 2% [the cap]." }, { "fund_name": "Fisher Funds Australian Growth Fund", "hurdle_verbatim": "OCR + 5% (Average OCR + 5%) multiplied by days since start of year/365 (366 days in leap years)", "high_water_mark": true, "high_water_mark_reset_terms": "The highest unit price for a fund at the end of any prior calculation period on which a performance-based fee was payable adjusted for any split or consolidation of units and any prior period distributions since the last performance-based fee was payable. Perpetual — performance-based fees are payable only if the fund's performance exceeds the high water mark, ensuring we don't get rewarded for making up any investment loss the fund incurs.", "crystallisation_cadence": "Calculated daily; payable annually 30 June", "cap_pct": 2, "performance_fee_terms_full": "A performance-based fee is charged when we beat the high water mark and achieve the Hurdle Rate. The performance-based fees are calculated daily. 30 June each year marks the date that the performance-based fees become payable if the high water mark and Hurdle Rate are exceeded. The performance-based fees are capped at 2% of each fund's average net asset value per year. The performance-based fees payable are 10% of the Excess Return above the Hurdle Rate (assuming we have beaten the high water mark), plus GST (if any), subject to the 2% cap. Where Excess Return ≤ 0, no performance-based fee is payable; where Excess Return > 0, the performance-based fee calculation is the lowest of: Excess Return x 10% [the basic fee calculation]; [(UPt / HW) -1] x AVNAV x 10% [the fee on the amount above the high water mark]; and AVNAV x 2% [the cap]." }, { "fund_name": "Fisher Funds International Growth Fund", "hurdle_verbatim": "OCR + 5% (Average OCR + 5%) multiplied by days since start of year/365 (366 days in leap years)", "high_water_mark": true, "high_water_mark_reset_terms": "The highest unit price for a fund at the end of any prior calculation period on which a performance-based fee was payable adjusted for any split or consolidation of units and any prior period distributions since the last performance-based fee was payable. Perpetual — performance-based fees are payable only if the fund's performance exceeds the high water mark, ensuring we don't get rewarded for making up any investment loss the fund incurs.", "crystallisation_cadence": "Calculated daily; payable annually 30 June", "cap_pct": 2, "performance_fee_terms_full": "A performance-based fee is charged when we beat the high water mark and achieve the Hurdle Rate. The performance-based fees are calculated daily. 30 June each year marks the date that the performance-based fees become payable if the high water mark and Hurdle Rate are exceeded. The performance-based fees are capped at 2% of each fund's average net asset value per year. The performance-based fees payable are 10% of the Excess Return above the Hurdle Rate (assuming we have beaten the high water mark), plus GST (if any), subject to the 2% cap. Where Excess Return ≤ 0, no performance-based fee is payable; where Excess Return > 0, the performance-based fee calculation is the lowest of: Excess Return x 10% [the basic fee calculation]; [(UPt / HW) -1] x AVNAV x 10% [the fee on the amount above the high water mark]; and AVNAV x 2% [the cap]." }, { "fund_name": "Fisher Funds Property & Infrastructure Fund", "hurdle_verbatim": "OCR + 3% (Average OCR + 3%) multiplied by days since start of year/365 (366 days in leap years)", "high_water_mark": true, "high_water_mark_reset_terms": "The highest unit price for a fund at the end of any prior calculation period on which a performance-based fee was payable adjusted for any split or consolidation of units and any prior period distributions since the last performance-based fee was payable. Perpetual — performance-based fees are payable only if the fund's performance exceeds the high water mark, ensuring we don't get rewarded for making up any investment loss the fund incurs.", "crystallisation_cadence": "Calculated daily; payable annually 30 June", "cap_pct": 2, "performance_fee_terms_full": "A performance-based fee is charged when we beat the high water mark and achieve the Hurdle Rate. The performance-based fees are calculated daily. 30 June each year marks the date that the performance-based fees become payable if the high water mark and Hurdle Rate are exceeded. The performance-based fees are capped at 2% of each fund's average net asset value per year. The performance-based fees payable are 10% of the Excess Return above the Hurdle Rate (assuming we have beaten the high water mark), plus GST (if any), subject to the 2% cap. Where Excess Return ≤ 0, no performance-based fee is payable; where Excess Return > 0, the performance-based fee calculation is the lowest of: Excess Return x 10% [the basic fee calculation]; [(UPt / HW) -1] x AVNAV x 10% [the fee on the amount above the high water mark]; and AVNAV x 2% [the cap]." } ], "material_risks_not_in_pds_summary": [ { "risk_name": "Concentration risk", "description": "As an active manager, we invest the funds in a relatively small number of securities that we have individually researched and hold a high conviction will perform well over the long term. Where a portfolio consists of a small number of securities, the performance of one or a few securities will have a larger impact on the performance of the fund than in a fund that holds a greater number of securities. Concentration risk is more applicable to the Income Fund, Property & Infrastructure Fund, New Zealand Growth Fund, Australian Growth Fund and International Growth Fund." }, { "risk_name": "Valuation risk", "description": "A fund may invest in private and/or illiquid investments, which carry the risk of valuation uncertainty. In such cases, a verifiable and objective market value may not be readily available, potentially affecting the returns of that fund." }, { "risk_name": "Counterparty risk", "description": "A party to an investment contract may not honour their obligations, or fail to complete a transaction, or may become insolvent. If this occurs in any of the investment contracts held by a fund, you may not receive the full amount of your investment in that fund." }, { "risk_name": "PIE status", "description": "Should the funds fail to satisfy the PIE eligibility criteria necessary to retain PIE status, this would result in the funds being taxed at 28%, rather than the individual Prescribed Investor Rate (PIR) of investors. It may also result in the funds being taxed on investment gains that would not be taxable if the fund was a PIE." }, { "risk_name": "Borrowing", "description": "Where permitted by the SIPO we may borrow on behalf of the funds and this may include borrowing against the assets of a fund. This may exaggerate the effect of any increase or decrease in the value of the assets of the fund and increase the risk of insolvency. Under our current investment strategies this risk is predominantly relevant to funds that invest in unlisted property assets." }, { "risk_name": "Key personnel", "description": "The success of each fund depends to a significant extent upon us continuing to employ a number of key personnel. Profiles of the Fisher Funds investment team can be found at fisherfunds.co.nz/team." }, { "risk_name": "Unfulfilled investment objectives", "description": "There is no guarantee that the funds will achieve the investment objectives set out in the SIPO and these objectives should not be taken as a guarantee or assurance of returns. A failure to meet investment objectives would affect the value of the relevant fund." }, { "risk_name": "Derivative risk", "description": "A derivative is typically a financial contract such as futures contracts or swaps, whose value depends on the future value of its underlying assets such as shares, bonds, currency or cash. Any risks which can affect the physical asset can also affect the derivative and therefore their use may not remove all exposure they are intended to manage." }, { "risk_name": "Legislative and regulatory", "description": "Returns may be affected by any legislative or regulatory changes in both New Zealand and offshore, which could have an impact on any investment or the markets in which they operate. Changes to legislation could have a significant impact on the Scheme and your investments in the funds." } ], "tax_disclosures": [ "Each fund is a multi-rate portfolio investment entity (PIE) for tax purposes, meaning each investor's share of taxable income is taxed at their prescribed investor rate (PIR) of 0%, 10.5%, 17.5%, or 28%.", "PIE tax payable is funded by cancelling a portion of an investor's units; any tax rebate owed is reflected by issuing additional units, which may not occur until the rebate is received from Inland Revenue.", "PIE tax payable is withheld as at 31 March or on any full or partial withdrawal.", "If an investor does not provide their PIR, income will be taxed at the highest rate (28%).", "If Inland Revenue believes an investor's PIR is incorrect, they may notify Fisher Funds and Fisher Funds is required to apply the PIR notified by Inland Revenue as soon as reasonably practicable.", "For joint investors, the highest PIR of the joint investors will be used; Inland Revenue splits income and tax equally between all joint investors.", "Funds holding shares in NZ resident companies or certain Australian Securities Exchange-listed Australian resident companies are taxed only on dividends, with a credit for imputation credits attached; tax should not be payable on gains from sale of such shares.", "Other international shares may have taxable income calculated under the Fair Dividend Rate (FDR) method (5% of opening market value, adjusted for proportion of year) or the comparative value (CV) method; the majority of shares held are taxed under the FDR method.", "Under the FDR method, any dividends or profits from sales of shares are ignored for tax purposes and no tax deduction may be claimed for losses.", "Tax may be imposed in overseas jurisdictions in relation to overseas investments, although this may give rise to a tax credit in New Zealand.", "Where a fund invests in funds that are themselves PIEs, the funds should attribute PIE income to the investing fund to be taxed as if the underlying investments had been held directly.", "PIE tax advantages include: PIR cap at 28% benefiting high-marginal-rate investors; management of foreign withholding tax reclaims; gains on disposals of most Australian and NZ shares not taxable; and foreign exchange hedges on certain offshore investments can be taxed under the FDR method." ], "trustee_supervisor": "Trustees Executors Limited", "auditor": null, "custodian": "Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets)", "source_paragraphs": [ "A performance-based fee is charged when we beat the high water mark and achieve the Hurdle Rate. The performance-based fees are calculated daily. 30 June each year marks the date that the performance-based fees become payable if the high water mark and Hurdle Rate are exceeded. The performance-based fees are capped at 2% of each fund's average net asset value per year.", "The funds in the Scheme generally do not incur a management fee on investments in these wholesale funds, or in the instance that a fee is incurred, Fisher Funds fully rebates the management fee.", "Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors. Service fees can include a one-off introduction fee of up to $500 and/or a percentage-based fee of up to 0.25% per annum of an investor's balance." ], "_match": { "schemeId": "SCH10640", "ourFundName": "FISHER FUNDS INCOME FUND", "scope": "scheme-level" } }, "sources": { "fmaDisclose": "https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Income%20Fund", "sortedSmartInvestor": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1212/", "productDisclosureStatement": "/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf", "pdsExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf", "sipoExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf", "omiExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf" }, "licence": { "reuse": "Citation with link-back to canonicalUrl required. No paid redistribution.", "contact": "hello@managedfunds.nz" } }