NZ Funds New Zealand Property and Retirement Villages
NZ Funds New Zealand Property and Retirement Villages is a listed property managed fund from NZ Funds with a fund size of NZ$43.7 million and an annual fund charge of 2.52%, as shown on Sorted Smart Investor on 22 May 2026; its 1-year return after fees and tax was −4.42% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Managed by NZ FundsFund data last refreshed · holdings as filed to 31/03/2026
NZ Funds New Zealand Property and Retirement Villages is a listed property managed fund operated by NZ Funds; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 2.55% · distributions no distributions (accumulating). Compared with 14 other same-category funds on this site, the 2.55% annual fund charge sits above the same-category median of 1.02%.
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
2.52%
vs peer avg 1.10%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 3.77%
Fund size
NZ$43.7m
53% growth · 47% income
To mitigate the impact of inflation on your investment over the medium and/or long term with active management.
How NZ Funds New Zealand Property and Retirement Villages differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Goodman Property Trust (9.7%) · Precinct Properties Group (9.0%) · Ryman Healthcare Ltd (8.4%)
- Currency policy
- NZ Funds actively manages foreign currency in each Portfolio. Where a Portfolio holds assets denominated in a foreign currency, NZ Funds may choose to hedge back to the New Zealand dollar or retain a foreign currency exp…
Key facts
Fund start date
17 March 2023
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 2% | — | 50% |
| New Zealand fixed interest | 4% | — | 50% |
| International fixed interest | 4% | — | 50% |
| Australasian equities | 30% | — | 100% |
| International equities | 0% | 0% | 50% |
| Listed property | 60% | — | 150% |
| Alternative Securities | 0% | 0% | 50% |
Responsible-investment approach
NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives.
Derivatives policy
NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used.
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.
- NZ Funds discloses a conflict of interest: it acts as manager of both the investor-facing Strategies/Portfolios and the underlying wholesale trusts, meaning it sets fees at both levels simultaneously.
- NZ Funds charges performance fees of 10–15% of returns above benchmark inside certain wholesale trusts; these fees reduce wholesale trust values and therefore indirectly reduce investor returns before any portfolio-level fees apply.
- A notional management fee of 0.50% per annum is built into the hurdle-rate calculation for wholesale trusts, meaning the performance-fee threshold is set lower than if actual costs alone were used.
- NZ Funds' directors, employees, and their associated persons may invest in the same Strategies and Portfolios as external investors, a personal-interest conflict NZ Funds has openly disclosed.
Generated 2026-05-28 from NZ Funds Managed Portfolio Service Part Two (NZ Funds Wealth Builder) OMI (dated 2025-10-20). 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
The New Zealand Guardian Trust Company Limited
Auditor
Ernst & Young
Custodian
Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor)
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid.
- NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios.
How this fund compares to peers
Mechanical comparison vs the 15 other listed property funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
NZ Funds New Zealand Property and Retirement Villages: 2.52% per annum. Listed Property median across 15 funds:1.02%. This fund is 1.50 percentage points above the category median.
Annual fund charge
2.52%
Category median: 1.02%
Pricier than most peers (top 93% by fee)
Fund size
NZ$43.7m
Category median: NZ$43.7m
50th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$1,198
Compounded charge over 5 years (excl. returns)
$698 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.
Complete portfolio
This fund files 1 holding with the FMA as at 31/03/2026. The largest 1 are shown.
Top 10 concentration: 3.8% 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 3.8% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| WESTPAC CASH | 3.81% |
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 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
GPGoodman Property Trust | 9.71% |
 Precinct Properties Group | 9.00% |
 Ryman Healthcare Ltd | 8.42% |
 Summerset Group Holdings Ltd | 8.27% |
 Property for Industry Ltd | 4.93% |
 Vital Healthcare Property Trust | 4.52% |
 Kiwi Property Group Ltd | 4.45% |
 Westpac Cash | 3.80% |
 Goldman Sachs Futures | 3.61% |
 Argosy Property Ltd | 2.39% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- NEW ZEALAND PROPERTY AND RETIREMENT VILLAGES (FND42555) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.80 KB
- NZ Funds Active Growth Series PDS 28 October 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 307.64 KB
- NZ Funds Active Series New Zealand Property and Retirement Villages Fund Update 31.03.26.pdf The quarterly update published by the provider PDF, 173.18 KB
- NZ Funds Active Inflation Series PDS 28 October 2025.pdf Additional product disclosure statement from the provider PDF, 430.11 KB
- NZ Funds Active Income Series PDS 28 October 2025.pdf Additional product disclosure statement from the provider PDF, 261.19 KB
- NZ Funds Active Series Other Material Information 28 October 2025.pdf NZ Funds Active Series – Other Material Information contains additional information relating to the NZ Funds Active Series and sho
- NZ Funds Managed Portfolio Service Scheme SIPO 28 October 2025.pdf Statement of investment policy and objectives PDF, 798.71 KB
About this category
Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property.
About NZ Funds
NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios.
NZ Funds has 12 retail funds in our coverage across Diversified, International Equities, International FI, Listed Property, Other, Australasian Equities and NZ Fixed Interest strategies, with annual fund charges from 1.20% to 3.12% a year.
Based in Auckland.
Common questions
Questions people ask about NZ Funds New Zealand Property and Retirement Villages
Questions that recur in search results for this fund, answered from its filed PDS, Fund Update and FMA Disclose record. How the question set was captured is documented in our methodology. Not personal financial advice — for guidance specific to your situation, consult a licensed financial adviser.
How do I know the fee on funds?
The annual fund charge is disclosed in the Product Disclosure Statement (PDS) and the latest Quarterly Fund Update (QFU), which are available from the fund manager and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. For NZ Funds New Zealand Property and Retirement Villages, the annual fund charge is 2.52% p.a. as at the latest QFU.
What are the pros and cons of retirement villages NZ?
This fund holds shares in listed retirement-village operators (for example, Ryman Healthcare Ltd at 8.42% of the fund), which may provide exposure to the retirement-village sector; however, fund holdings, sector dynamics, and individual village structures vary. Prospective residents or investors should review independent retirement-village guides (such as those from the Retirement Commissioner) and the PDS for this fund to understand both the investment characteristics and the operational realities of individual villages.
How much money do we need to comfortably retire today in New Zealand?
Retirement income needs depend on individual circumstances, lifestyle, and life expectancy. The Retirement Commissioner publishes guidance on retirement planning at https://www.retirementcommissioner.govt.nz/, and the IRD provides information on KiwiSaver®, superannuation, and tax-efficient investing. This fund offers one possible vehicle for long-term property and retirement-sector exposure; consult a financial adviser for personalised retirement planning.
Head-to-head
Compare NZ Funds New Zealand Property and Retirement Villages with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Listed Property funds
Same manager
Other funds by NZ Funds
- NZ Funds New Zealand and Australian SharesAustralasian Equities
- NZ Funds Global SharesInternational Equities
- NZ Funds New Zealand and Australian BondsNZ Fixed Interest
FMA risk band
Same risk band (5/7)
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 NZ Funds New Zealand Property and Retirement Villages?
NZ Funds New Zealand Property and Retirement Villages is managed by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios.
What asset class is the NZ Funds New Zealand Property and Retirement Villages?
It is a listed property managed fund. The fund has a balanced risk profile. Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property.
What are the fees for the NZ Funds New Zealand Property and Retirement Villages?
The annual fund charge for the NZ Funds New Zealand Property and Retirement Villages is 2.52% 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 NZ Funds New Zealand Property and Retirement Villages?
The risk indicator is 5/7 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 NZ Funds New Zealand Property and Retirement Villages a PIE fund?
Yes. The NZ Funds New Zealand Property and Retirement Villages 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 NZ Funds New Zealand Property and Retirement Villages?
Fund size (assets under management) is NZ$44 million as at the latest Quarterly Fund Update. Asset mix is approximately 53% growth assets and 47% income assets.
What does the NZ Funds New Zealand Property and Retirement Villages invest in?
The latest published top holdings are: Goodman Property Trust (9.71%), Precinct Properties Group (9.00%), Ryman Healthcare Ltd (8.42%). 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 NZ Funds New Zealand Property and Retirement Villages?
The NZ Funds New Zealand Property and Retirement Villages is available via NZ Funds directly. Always read the current Product Disclosure Statement before investing.
How do I know the fee on funds?
The annual fund charge is disclosed in the Product Disclosure Statement (PDS) and the latest Quarterly Fund Update (QFU), which are available from the fund manager and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. For NZ Funds New Zealand Property and Retirement Villages, the annual fund charge is 2.52% p.a. as at the latest QFU.
What are the pros and cons of retirement villages NZ?
This fund holds shares in listed retirement-village operators (for example, Ryman Healthcare Ltd at 8.42% of the fund), which may provide exposure to the retirement-village sector; however, fund holdings, sector dynamics, and individual village structures vary. Prospective residents or investors should review independent retirement-village guides (such as those from the Retirement Commissioner) and the PDS for this fund to understand both the investment characteristics and the operational realities of individual villages.
How much money do we need to comfortably retire today in New Zealand?
Retirement income needs depend on individual circumstances, lifestyle, and life expectancy. The Retirement Commissioner publishes guidance on retirement planning at https://www.retirementcommissioner.govt.nz/, and the IRD provides information on KiwiSaver®, superannuation, and tax-efficient investing. This fund offers one possible vehicle for long-term property and retirement-sector exposure; consult a financial adviser for personalised retirement planning.