Pie Growth UK & Europe Fund
Managed by Pie Funds Pie Growth UK & Europe Fund is a international equities managed fund operated by Pie Funds; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 1.92% · minimum investment NZ$25,000 · distributions no distributions (accumulating). Compared with 80 other same-category funds on this site, the 1.92% 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
1.85%
vs peer avg 1.29%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
0.98%
peer avg 4.31%
Fund size
NZ$125.8m
78% growth · 22% income
Capital growth over a period exceeding five years. Invests predominantly in listed UK & European smaller companies. It may also invest in other types of financial products such as cash and unlisted equities.
Benchmark track record
Compare International Equities consistency →How Pie Growth UK & Europe Fund 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 4 of 6 years
annual returns to 31 March 2026Since inception: 8.08% p.a. after fees & tax vs benchmark 7.65%.
How Pie Growth UK & Europe Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Alzchem Group AG (3.9%) · JPM Call Account - EUR (3.7%) · FLATEXDEGIRO AG (3.7%)
- Currency policy
- Except for the Fixed Income Fund and the Property & Infrastructure Fund (target hedging level 100%), the approach is not to fully hedge foreign currency exposure; some exposure will remain unhedged at the manager's discr…
Key facts
Fund start date
1 November 2016
Min. investment
NZ$25,000
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Earlier PDS versions
Archived Product Disclosure Statements held by Sorted Smart Investor. Older than 36 months so not used for current fund facts above; useful for fee-history context.
- 2019 dated Annual fund charge 1.85% (−0.07pp vs current) View archived PDF →
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Responsible-investment approach
Pie Funds has a Responsible Investment Policy whereby it screens direct investments and integrates ESG (Environmental, Social and Governance) considerations within its investment process. Investments not excluded by the Responsible Investment Policy and permitted by the Supervisor are authorised.
Exclusions
- Investments excluded by the Responsible Investment Policy
Derivatives policy
Funds may use derivatives (including exchange-traded or OTC index/sector put options, short-sold individual or baskets of listed shares, OTC equity derivatives, and exchange-traded futures contracts) to gain long or short exposure to permitted assets or for market hedging. Tactical trading positions will typically not exceed 10% of the portfolio of the relevant Fund.
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.
- Pie Funds acknowledges that investment or operational decisions could be made to favour Pie Funds Management Limited's own shareholders over investors in the Funds.
- Pie Funds acknowledges that directors, employees, and associated persons who invest in the Funds may receive preferential treatment over other investors in those Funds.
- Pie Funds discloses that when the Chairman's Fund invests in other Pie Funds products, no management fee is charged on the Chairman's Fund, but fees and expenses within the underlying funds are not rebated to investors.
- Pie Funds has delegated administration, unit pricing, registry, and custody services to related-party Apex Investment Administration (NZ) Limited under a Services Agreement, representing a cost borne by the Funds.
Generated 2026-05-28 from Pie Funds Management Scheme OMI (dated 2026-03-24). 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
Auditor
PWC
Custodian
Apex Investment Administration (NZ) Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- Investment or operational decisions may be made to benefit investors in Pie Funds Management Limited over investors in the Funds.
- Investment or operational decisions may be made to benefit those investors in the Funds who are Pie Funds directors, employees, and associated persons ahead of those investors who do not have that status.
- Certain Funds have the ability to invest in some or all of the other Funds (Other Pie Funds Products), including the Chairman's Fund investing in Other Pie Funds Products on an arm's length basis without management fee rebates.
How this fund compares to peers
Mechanical comparison vs the 81 other international equities 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
1.85%
Category median: 0.61%
Pricier than most peers (top 96% by fee)
5y return p.a. (after fees)
+0.98%
Category median: +8.31%
Lower than most peers (bottom 6% over period)
Fund size
NZ$125.8m
Category median: NZ$95.7m
55th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$891
Compounded charge over 5 years (excl. returns)
$590 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 |
|---|---|
| AG Alzchem Group AG | 3.85% |
| JC JPM Call Account - EUR | 3.73% |
| FL FLATEXDEGIRO AG | 3.68% |
| HU Huber+Suhner AG | 3.66% |
| BO Boku Inc | 3.40% |
| TI TAG Immobilien AG | 3.06% |
| BC BNZ Call Account - NZD | 2.99% |
| DC Dixons Carphone PLC | 2.70% |
| JC JPM Call Account - GBP | 2.65% |
| VU Vusiongroup SA | 2.62% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- PIE GROWTH UK & EUROPE FUND (FND1633) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.74 KB
- Pie Funds Management Scheme PDS 1 April 2026.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 943.12 KB
- UKE QFU.pdf The quarterly update published by the provider PDF, 691.11 KB
- Chairmans Product Disclosure Statement 1 September 2023.pdf Additional product disclosure statement from the provider PDF, 196.23 KB
- Pie Global Small Companies Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 118.09 KB
- Pie Australasian Emerging Companies Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 123.74 KB
- Pie Growth U Kand Europe Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 111.76 KB
- Pie Multi Strategy Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 151.72 KB
- Pie Climate Friendly Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 113.91 KB
- Pie Conservative Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 148.81 KB
- Pie Funds Management Scheme OMI 1 April 2026.pdf Other Material Information PDF, 218.78 KB
- Pie s Responsible Investment Policy 1 April 2026.pdf Responsible Investment Policy PDF, 70.12 KB
- Pie Funds Management Scheme SIPO 1 April 2026.pdf Statement of investment policy and objectives PDF, 299.15 KB
About this category
Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
About Pie Funds
Active manager focused on global growth equities including UK, Europe and small-cap strategies.
See all funds from Pie Funds →Common questions
Questions people ask about Pie Growth UK & Europe Fund
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.
Are pie funds good?
PIE funds offer a tax-efficient structure in New Zealand, with investor tax capped at your prescribed investor rate (maximum 28%). The Pie Growth UK & Europe Fund has delivered a 5-year return after fees of 0.98% p.a. as at the latest QFU; you can compare this against other funds in the same category and your own investment timeframe and goals via the FMA Disclose register.
How are pie funds taxed in NZ?
PIE funds are taxed under the PIE tax rules, where your tax liability is calculated at your prescribed investor rate (PIR) rather than your marginal tax rate, with a maximum PIR of 28%. This structure applies to the Pie Growth UK & Europe Fund; further details on how PIRs work are available from the IRD website.
How much does a pie fund charge?
The Pie Growth UK & Europe Fund has an annual fund charge of 1.85% p.a. as at the latest QFU, which is higher than the peer-cohort average of 1.23% p.a. for this category. You can compare charges across all managed funds on the FMA Disclose register.
Is pie fund better than term deposit?
PIE funds and term deposits serve different purposes and carry different risk profiles. The Pie Growth UK & Europe Fund is a growth-focused investment with a risk indicator of 5/7 and a 5-year return after fees of 0.98% p.a.; term deposits typically offer fixed, lower returns with minimal volatility. Your choice depends on your investment timeframe, risk tolerance, and financial goals.
Head-to-head
Compare Pie Growth UK & Europe Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International Equities funds
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.
View risk band 5 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 Pie Growth UK & Europe Fund?
Pie Growth UK & Europe Fund is managed by Pie Funds. Active manager focused on global growth equities including UK, Europe and small-cap strategies.
What asset class is the Pie Growth UK & Europe Fund?
It is a international equities managed fund. Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
What are the fees for the Pie Growth UK & Europe Fund?
The annual fund charge for the Pie Growth UK & Europe Fund is 1.85% 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 Pie Growth UK & Europe Fund?
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 Pie Growth UK & Europe Fund a PIE fund?
Yes. The Pie Growth UK & Europe Fund 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 Pie Growth UK & Europe Fund?
Fund size (assets under management) is NZ$126 million as at the latest Quarterly Fund Update. Asset mix is approximately 78% growth assets and 22% income assets.
What does the Pie Growth UK & Europe Fund invest in?
The latest published top holdings are: Alzchem Group AG (3.85%), JPM Call Account - EUR (3.73%), FLATEXDEGIRO AG (3.68%). 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 Pie Growth UK & Europe Fund?
The Pie Growth UK & Europe Fund is available via Pie Funds directly. Always read the current Product Disclosure Statement before investing.
Are pie funds good?
PIE funds offer a tax-efficient structure in New Zealand, with investor tax capped at your prescribed investor rate (maximum 28%). The Pie Growth UK & Europe Fund has delivered a 5-year return after fees of 0.98% p.a. as at the latest QFU; you can compare this against other funds in the same category and your own investment timeframe and goals via the FMA Disclose register.
How are pie funds taxed in NZ?
PIE funds are taxed under the PIE tax rules, where your tax liability is calculated at your prescribed investor rate (PIR) rather than your marginal tax rate, with a maximum PIR of 28%. This structure applies to the Pie Growth UK & Europe Fund; further details on how PIRs work are available from the IRD website.
How much does a pie fund charge?
The Pie Growth UK & Europe Fund has an annual fund charge of 1.85% p.a. as at the latest QFU, which is higher than the peer-cohort average of 1.23% p.a. for this category. You can compare charges across all managed funds on the FMA Disclose register.
Is pie fund better than term deposit?
PIE funds and term deposits serve different purposes and carry different risk profiles. The Pie Growth UK & Europe Fund is a growth-focused investment with a risk indicator of 5/7 and a 5-year return after fees of 0.98% p.a.; term deposits typically offer fixed, lower returns with minimal volatility. Your choice depends on your investment timeframe, risk tolerance, and financial goals.