# Pie Growth UK & Europe Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pie Funds (Pie Funds Management Limited) - **Asset class:** International Equities - **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 Pie Growth UK & Europe Fund is a international equities managed fund run by Pie Funds. Active manager focused on global growth equities including UK, Europe and small-cap strategies. ## Investment objective (from PDS) > 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. Source: Product Disclosure Statement dated 2026-03-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/3c33fbacc9ba821f/Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf ## Fund data - **Annual fund charge:** 1.85% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.98% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$126 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 1 November 2016 ## Top 10 holdings 1. Alzchem Group AG — 3.85% 2. JPM Call Account - EUR — 3.73% 3. FLATEXDEGIRO AG — 3.68% 4. Huber+Suhner AG — 3.66% 5. Boku Inc — 3.40% 6. TAG Immobilien AG — 3.06% 7. BNZ Call Account - NZD — 2.99% 8. Dixons Carphone PLC — 2.70% 9. JPM Call Account - GBP — 2.65% 10. Vusiongroup SA — 2.62% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from 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. ### 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. ### Exclusions - Investments excluded by the Responsible Investment Policy Source: Statement of Investment Policy and Objectives dated 2026-03-23. https://smartinvestor.sorted.org.nz/disclose-document/07d4607cc5ca0b01/Pie-Funds-Management-Scheme-SIPO---1-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PWC - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from 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. ### Related-party transactions - **Pie Funds Management Limited (directors, employees, associated persons)** (Manager and its personnel investing in the Funds) — Pie Funds, directors, employees, or other associated persons may choose to invest in the Funds, creating potential conflicts of interest - **Other Pie Funds Products** (Funds within the same Scheme managed by Pie Funds) — Certain Funds (including the Chairman's Fund) may invest in Other Pie Funds Products on an arm's length basis; fees and expenses are not rebated; no management fee charged on the Chairman's Fund; no separate management fee charged on underlying Other Pie Funds Products for other Funds - **Apex Investment Administration (NZ) Limited** (Administration manager and custodian delegated by Pie Funds) — Investment accounting services (unit pricing and asset valuation), registry services (scheme administration), and custody of Funds' assets under a Services Agreement Source: Other Material Information document dated 2026-03-24. https://smartinvestor.sorted.org.nz/disclose-document/cbf80746d6405af9/Pie-Funds-Management-Scheme-OMI---1-April-2026.pdf ## How to invest Available via: Pie 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=Pie%20Growth%20UK%20%26%20Europe%20Fund - **Product Disclosure Statement:** /disclose-document/3c33fbacc9ba821f/Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10581/OFR10740/FND1633/ - **Manager website:** https://piefunds.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/pie/growth-uk-europe/ - **Markdown (this file):** https://managedfunds.nz/funds/pie/growth-uk-europe/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pie/growth-uk-europe/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.