Fisher Funds New Zealand Fixed Income Trust
Managed by Fisher Funds Fisher Funds New Zealand Fixed Income Trust is a nz fixed interest managed fund operated by Fisher Funds; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.96% · minimum investment NZ$5,000 · distributions no distributions (accumulating). Compared with 13 other same-category funds on this site, the 0.96% annual fund charge sits above the same-category median of 0.60%.
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
0.97%
vs peer avg 0.65%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
0.68%
peer avg 1.17%
Fund size
NZ$77.0m
0% growth · 100% income
Aims to provide stable returns over the long term by investing in New Zealand fixed interest assets.
Benchmark track record
Compare NZ Fixed Interest consistency →How Fisher Funds New Zealand Fixed Income Trust performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 3 of 10 years
annual returns to 30/06/2022Since inception: 1.6% p.a. after fees & tax vs benchmark 2.38%.
How Fisher Funds New Zealand Fixed Income Trust differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- NZ Government Bond 14/04/2033 3.50 (7.5%) · NZ Government Bond 15/05/2031 1.50 (7.2%) · NZ Government Bond 15/04/2037 2.75 (5.4%)
- Currency policy
- Active currency management is used to control risk and improve risk-adjusted returns. Benchmark hedge ratios are: International fixed interest 100% (range 90%-110%); Australasian shares 70% (range 0%-110%, proxy hedging …
Key facts
Fund start date
20 July 2011
Min. investment
NZ$5,000
Subsequent: NZ$1,000
Distributions
No distributions (accumulating)
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 |
|---|---|---|---|
| Cash and cash equivalents | 0% | 0% | 30% |
| New Zealand fixed interest | 100% | 70% | 100% |
Responsible-investment approach
Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises 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.
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.
- Fisher Funds discloses that each retail fund in the Scheme invests into wholesale funds also managed by Fisher Funds, meaning Fisher Funds acts as manager at both levels simultaneously.
- Fisher Funds states it fully rebates any management fee charged at the wholesale fund level, so investors are not double-charged management fees across the two layers.
- Fisher Funds may pay financial advisers and distributors up to 0.25% per annum from its own fees, which the OMI acknowledges may incentivise those intermediaries to recommend the Scheme.
- Fisher Funds may also pay adviser associations up to 0.075% per annum to support professional activities, which the OMI identifies as a potential indirect conflict of interest.
Generated 2026-05-28 from Fisher Funds Investment Series OMI (dated 2025-09-15). 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
Trustees Executors Limited
Custodian
Apex Investment Administration (NZ) Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- The funds in the Scheme invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest where Fisher Funds acts as manager of both the investing fund and the underlying wholesale fund.
- Fisher Funds may pay service fees of up to 0.25% per annum to financial advisers, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend the Scheme.
- Fisher Funds may make payments of up to 0.075% per annum to adviser associations to support professional activities, which may create an indirect conflict of interest.
How this fund compares to peers
Mechanical comparison vs the 14 other nz fixed interest 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
0.97%
Category median: 0.63%
Pricier than most peers (top 89% by fee)
5y return p.a. (after fees)
+0.68%
Category median: +1.13%
Lower than most peers (bottom 19% over period)
Fund size
NZ$77.0m
Category median: NZ$151.2m
39th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$476
Compounded charge over 5 years (excl. returns)
$167 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 |
|---|---|
| NG NZ Government Bond 14/04/2033 3.50 | 7.46% |
| NG NZ Government Bond 15/05/2031 1.50 | 7.21% |
| NG NZ Government Bond 15/04/2037 2.75 | 5.37% |
| NG NZ Government Bond 20/04/2029 3.00 | 3.69% |
| NZ NZ Local Government Funding Agency 15/05/28 2.25 | 3.20% |
| NG NZ Government Bond 15/05/2032 2.00 | 3.04% |
| NG NZ Government Bond 15/05/2036 4.25 | 2.84% |
| NZ Housing New Zealand Ltd 18/10/28 3.42 | 2.74% |
| NG NZ Government Bond 15/05/2034 4.25 | 2.53% |
| NG NZ Government Bond 15/05/2054 5.00 | 2.41% |
Documents
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- FISHER FUNDS NEW ZEALAND FIXED INCOME TRUST (FND1064) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 2.11 KB
- Fisher Funds Investment Series PDS 10 Mar 2026.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 245.55 KB
- Fisher Funds New Zealand Fixed Income Trust 31 March 2026 Fund Update.pdf The quarterly update published by the provider PDF, 54.69 KB
- Liquidity Risk Management Policy July 2025.pdf Liquidity Risk Management Policy July 2025 PDF, 146.27 KB
- Unlistedand Suspended Securities Policy Feb 2024.pdf Unlisted and Suspended Securities Policy Feb 2024 PDF, 193.75 KB
- Proxy Voting Policy Sep 2025.pdf Proxy Voting Policy Sep 2025 PDF, 175.65 KB
- Unit Pricingand Valuation Policy Apr 2025.pdf Unit Pricing and Valuation Policy Apr 2025 PDF, 161.30 KB
- Responsible Investment Policy Sep 2025.pdf Responsible Investment Policy Sep 2025 PDF, 173.36 KB
- Conflictsof Interest Policy Nov 2025.pdf Conflicts of Interest Policy Nov 2025 PDF, 167.49 KB
- Fisher Funds Investment Series OMI 30 Sep 2025.pdf This document provides material information about Fisher Funds Investment Series ('the Scheme’) to help you make an informed decision about investing
- Portfolio Trading Policy Apr 2025.pdf Portfolio Trading Policy Apr 2025 PDF, 233.77 KB
- Fisher Funds Investment Series SIPO 10 Mar 2026.pdf Statement of investment policy and objectives PDF, 240.48 KB
About this category
Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused.
About Fisher Funds
One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income.
See all funds from Fisher Funds →Common questions
Questions people ask about Fisher Funds New Zealand Fixed Income Trust
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.
Is my money safe with Fisher funds?
Fisher Funds New Zealand Fixed Income Trust holds NZ$80,632,988.58 in assets as at the latest quarterly fund update and is registered as a managed investment scheme. The fund is rated 3 out of 7 on the FMA's standardised risk indicator, indicating lower risk relative to growth assets. Check the current Product Disclosure Statement (PDS) and fund updates on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for detailed information about fund structure, custodianship, and regulatory oversight.
How does Fisher Funds compare to other investment firms?
Fisher Funds New Zealand Fixed Income Trust has an annual fund charge of 0.97% p.a., which is higher than the peer-cohort average of 0.66% p.a. for NZ fixed interest funds; a 5-year return after fees and before tax of 0.38% p.a.; and holds approximately 99.87% income assets. You can view comparable funds in the NZ Fixed Interest category on this site or check the FMA Disclose register to compare fund charges, returns, and risk ratings across multiple managers.
What are the alternatives to Fisher Investments?
This site compares multiple NZ fixed interest managed funds, allowing you to filter by fund size, annual charge, risk indicator, and historical returns. You can also access funds from this manager via InvestNow or directly through Fisher Funds; check each provider's platform for the full range of alternative fixed income options available to you.
Head-to-head
Compare Fisher Funds New Zealand Fixed Income Trust with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other NZ Fixed Interest funds
Same manager
Other funds by Fisher Funds
- Fisher Funds Growth FundDiversified
- Fisher Funds New Zealand Growth FundAustralasian Equities
- Fisher Funds Property & Infrastructure FundListed Property
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.
View risk band 3 funds →AI & integrations
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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 Fisher Funds New Zealand Fixed Income Trust?
Fisher Funds New Zealand Fixed Income Trust is managed by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income.
What asset class is the Fisher Funds New Zealand Fixed Income Trust?
It is a nz fixed interest managed fund. Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused.
What are the fees for the Fisher Funds New Zealand Fixed Income Trust?
The annual fund charge for the Fisher Funds New Zealand Fixed Income Trust is 0.97% 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 Fisher Funds New Zealand Fixed Income Trust?
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 Fisher Funds New Zealand Fixed Income Trust a PIE fund?
Yes. The Fisher Funds New Zealand Fixed Income Trust 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 Fisher Funds New Zealand Fixed Income Trust?
Fund size (assets under management) is NZ$77 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the Fisher Funds New Zealand Fixed Income Trust invest in?
The latest published top holdings are: NZ Government Bond 14/04/2033 3.50 (7.46%), NZ Government Bond 15/05/2031 1.50 (7.21%), NZ Government Bond 15/04/2037 2.75 (5.37%). 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 Fisher Funds New Zealand Fixed Income Trust?
The Fisher Funds New Zealand Fixed Income Trust is available via Fisher Funds directly. Always read the current Product Disclosure Statement before investing.
Is my money safe with Fisher funds?
Fisher Funds New Zealand Fixed Income Trust holds NZ$80,632,988.58 in assets as at the latest quarterly fund update and is registered as a managed investment scheme. The fund is rated 3 out of 7 on the FMA's standardised risk indicator, indicating lower risk relative to growth assets. Check the current Product Disclosure Statement (PDS) and fund updates on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for detailed information about fund structure, custodianship, and regulatory oversight.
How does Fisher Funds compare to other investment firms?
Fisher Funds New Zealand Fixed Income Trust has an annual fund charge of 0.97% p.a., which is higher than the peer-cohort average of 0.66% p.a. for NZ fixed interest funds; a 5-year return after fees and before tax of 0.38% p.a.; and holds approximately 99.87% income assets. You can view comparable funds in the NZ Fixed Interest category on this site or check the FMA Disclose register to compare fund charges, returns, and risk ratings across multiple managers.
What are the alternatives to Fisher Investments?
This site compares multiple NZ fixed interest managed funds, allowing you to filter by fund size, annual charge, risk indicator, and historical returns. You can also access funds from this manager via InvestNow or directly through Fisher Funds; check each provider's platform for the full range of alternative fixed income options available to you.