# Foundation Series Growth Fund

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group
- **Asset class:** Diversified Funds
- **Risk profile:** growth
- **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 Foundation Series Growth Fund is a diversified managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow.

## Investment objective (from PDS)

> The Fund aims for high long-run returns by investing in a diversified portfolio weighted towards growth assets but with some income asset exposure. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund's investment benchmark is the weighted average return of the asset class benchmark indices.

Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod7a44fb29a36a26bc8c348a11bd895ac/20260130-Foundation-Series-Funds-Diversified-Funds-PDS.pdf

## Fund data

- **Annual fund charge:** 0.38% p.a. (from the latest Quarterly Fund Update)
- **5-year return (after charges, after tax at 28% PIR):** 6.31% p.a.
- **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$62 million
- **Asset mix:** 78% growth assets · 22% income assets
- **Fund started:** 2 September 2020
- **Minimum initial investment:** NZ$5,000

## Top 7 holdings

1. Vanguard ESG US Stock ETF — 38.94%
2. Harbour Sustainable NZ Shares Fund — 22.57%
3. Vanguard ESG INTL Stock ETF — 19.26%
4. IShares Global Aggregate Bond ESG SRI UCITS ETF — 15.75%
5. Mercer Macquarie NZ Fixed Interest Fund — 2.99%
6. Mercer Macquarie NZ Cash Fund — 1.62%
7. Cash at Bank (BNZ) — 0.60%

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$500
- **Distribution cadence:** No distributions (accumulating)
- **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption)

## Investment policy (from SIPO)

### Strategic asset allocation ranges

| Asset class | Target | Min | Max |
| --- | ---: | ---: | ---: |
| Cash and cash equivalents | 2% | 0% | 10% |
| New Zealand fixed interest | 3% | 0% | 15% |
| International fixed interest | 15% | 5% | 25% |
| Total income assets | 20% | 10% | 30% |
| Australasian equities | 23% | 13% | 33% |
| International equities | 57% | 42% | 72% |
| Total growth assets | 80% | 70% | 90% |

### Responsible-investment approach

Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others.

### Derivatives policy

The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments.

### Exclusions

- Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)
- Recreational cannabis producers/distributors (Australasian Equities)
- Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)
- Gambling services providers (>0% revenue) (Australasian Equities)
- Adult entertainment producers and high-revenue distributors (Australasian Equities)
- Anti-personnel landmines (any exposure) (Australasian Equities)
- Chemical and biological weapons (any exposure) (Australasian Equities)
- Cluster munitions (any exposure) (Australasian Equities)
- Nuclear weapons (any exposure) (Australasian Equities)
- Military weapons manufacturers (>0% revenue) (Australasian Equities)
- Civilian automatic and semi-automatic firearms (Australasian Equities)
- Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)
- Palm oil production (>=10% revenue) (Australasian Equities)
- Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)
- Factory farming / intensive agriculture (>0% revenue) (Australasian Equities)
- Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities)
- Human rights and child labour controversy companies (Australasian Equities)
- Poor ESG conduct companies (Australasian Equities)
- Tobacco manufacturers/distributors/retailers (International Equities)
- Cannabis Producers ICB subsector (International Equities)
- Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)
- Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)
- Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)
- Anti-personnel landmines (directly involved) (International Equities)
- Chemical and biological weapons (directly involved) (International Equities)
- Cluster munitions (directly involved) (International Equities)
- Nuclear weapons (directly involved) (International Equities)
- Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities)
- Civilian firearms producers/distributors (>0% revenue) (International Equities)
- Nuclear power operators and supply chain (>0% revenue) (International Equities)
- Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)
- UN Global Compact non-compliant and small-cap watchlist companies (International Equities)
- Uyghur Forced Labour Prevention Act Entity List companies (International Equities)
- Companies failing two of three diversity indicators (International Equities)
- Tobacco producers/distributors/retailers (>=5% revenue) (International Fixed Interest)
- Alcohol producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)
- Gambling facility owners/operators (>=5% revenue) and support providers (>=15% revenue) (International Fixed Interest)
- Adult entertainment producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)
- Anti-personnel and anti-vehicle landmine producers (International Fixed Interest)
- Biological and chemical weapons manufacturers (International Fixed Interest)
- Cluster munitions producers (International Fixed Interest)
- Nuclear weapons prime contractors and support providers (International Fixed Interest)
- Conventional weapons producers (>=5% revenue) and specialty weapons producers (>=10% revenue) (International Fixed Interest)
- Civilian firearms producers/retailers (>=5% revenue) (International Fixed Interest)
- Genetic engineering companies (>=5% revenue) (International Fixed Interest)
- Nuclear power operators (>15% revenue) or high nuclear generation share (International Fixed Interest, except green bonds)
- Coal, oil and gas companies meeting specified thresholds (International Fixed Interest, except green bonds)
- UN Security Council trade sanction subjects (International Fixed Interest)
- UN Global Compact very severe ongoing controversy companies (International Fixed Interest)

Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf

## Scheme disclosures (from OMI)

Scheme-level. The same disclosures apply to every fund in this scheme.

- **Trustee / Supervisor:** Public Trust
- **Auditor:** KPMG
- **Custodian:** Adminis NZ Limited
- **Conflicts of interest disclosed in OMI:** 3

### Conflicts of interest (verbatim from OMI)

- FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products.
- InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform.
- Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds.

### Related-party transactions

- **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers

Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf

## How to invest

Available via: Foundation Series 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=Foundation%20Series%20Growth%20Fund
- **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND20382/
- **Manager website:** https://www.investnow.co.nz/foundation-series-funds

## 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/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
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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.