# Fisher Funds Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** International Fixed Interest - **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 Fisher Funds Income Fund is a international fi managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 0.99% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.20% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$42 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 18 April 2011 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. NZ Local Government Funding Agency 20/04/29 1.50 — 9.18% 2. Te Tumu Whakatupu Ltd 29/04/32 11.00 — 3.85% 3. TR Group Limited 05/10/2026 3.532 — 3.49% 4. Westpac NZ LImited 24/09/2029 4.337 — 3.11% 5. BNP Paribas 03/09/2026 1.795 — 2.97% 6. NatWest Grp PLC 11/31 2.105% Call 08/26 — 2.83% 7. NZ Local Government Funding Agency 15/05/28 2.25 — 2.40% 8. Metlifecare Limited 30/09/2026 3.00 — 2.17% 9. Chorus Limited 12/28 6.38 — 2.10% 10. ANZ 10 A/C - Current Accounts — 2.03% 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$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 50% | | New Zealand fixed interest | 40% | 0% | 100% | | International fixed interest | 60% | 0% | 100% | ### 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. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - 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. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds 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=Fisher%20Funds%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1212/ - **Manager website:** https://fisherfunds.co.nz ## 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/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/income/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- 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.