QuayStreet Income Fund is a diversified managed fund operated by QuayStreet; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.77% · minimum investment NZ$1,000. Compared with 66 other same-category funds on this site, the 0.77% annual fund charge sits below the same-category median of 0.99%.
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
0.77%
vs peer avg 0.65%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
2.90%
peer avg 1.17%
Fund size
NZ$329.2m
0% growth · 100% income
The QuayStreet Income Fund will invest in a diversified portfolio with an emphasis on income producing assets such as New Zealand and International fixed interest investments and derivatives. The fund may include an allocation to growth assets. The investment objective is to provide a level of return above the fund’s benchmark over the long term. The fund aims to make quarterly distributions.
Benchmark track record
Compare Diversified consistency →How QuayStreet Income 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 2 of 7 years
annual returns to 30/06/2022Since inception: 3.27% p.a. after fees & tax vs benchmark 3.98%.
How QuayStreet Income Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- NZ Govt Inflation Linked (Sep 2035) (4.4%) · ANZ New Zealand Subordinated Notes (Sep 2031) (3.1%) · Kiwibank AU (Oct 2027) (2.9%)
- Currency policy
- All Funds actively implement hedging strategies as per their respective investment objectives. Funds may utilise hedging strategies to mitigate specific risks or adjust underlying investment exposure related to foreign c…
Key facts
Fund start date
30 September 2014
Min. investment
NZ$1,000
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 |
|---|---|---|---|
| Australasian Equity | 10% | 0% | 30% |
| International Equity | 0% | 0% | 30% |
| Listed Property | 10% | 0% | 30% |
| Unlisted Property | 0% | 0% | 0% |
| NZ Fixed Interest | 35% | 0% | 100% |
| International Fixed Interest | 35% | 0% | 100% |
| Cash | 10% | 0% | 20% |
| Growth Assets | 20% | 0% | 30% |
| Defensive Assets | 80% | 70% | 100% |
Responsible-investment approach
Each Fund except the SRI Fund is managed in accordance with the QuayStreet Responsible Investment Policy, incorporating ESG factors within investment decision-making. Exclusions under the RI Policy include tobacco farming, manufacture of cigarettes and cigars, and manufacturing of cluster bombs, landmines, bio-weapons and nuclear weapons. The SRI Fund applies additional exclusionary screening covering tobacco, alcohol, fossil fuel exploration/mining/extraction, gambling, uranium/nuclear weapons, weapons manufacturing, and adult entertainment, plus a qualitative ESG scoring framework requiring each factor to score 5 or higher.
Derivatives policy
Derivatives are permitted to hedge market price fluctuations, gain economic exposure without physical purchase, adjust exposure within SAA parameters, and obtain prices or reduce transaction costs. Use of derivatives to provide financial leverage outside the SIPO or a Fund mandate is prohibited.
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.
- Smartshares acknowledges that because it is wholly owned by NZX Limited, fund investments in NZX-issued financial products may generate commercial benefits for NZX group entities.
- Smartshares discloses that CIP acts as both delegated investment manager and distributor of the funds, roles that may create a conflict of interest between investment decisions and distribution incentives.
- Smartshares states that any benefit given to a related party from fund property requires Supervisor certification or consent under its related-party transactions procedure.
- Smartshares discloses no performance-fee mechanic applicable to these funds; ongoing costs arise from asset-value-based fees paid to the Supervisor, Custodian, and administration manager, plus registry and fund accounting fees.
Generated 2026-05-28 from Smartshares CIP Funds OMI (dated 2024-11-26). 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
Custodian
Citibank N.A.
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- Smartshares is a wholly owned subsidiary of NZX Limited, and the Funds can invest in financial products issued by NZX, meaning entities in the NZX group of companies may receive commercial benefits from such investments.
- The Investment Manager chooses investments based on its own internal investment selection process and in accordance with each Fund's SIPO, and is stated to not be influenced by Smartshares' relationship with NZX or any other NZX group member.
- Smartshares and the Investment Manager have internal policies and procedures to identify, assess and manage potential conflicts of interest, including a related party transactions procedure requiring Supervisor certification or consent before any benefit is given to a related party out of a Fund's property.
How this fund compares to peers
Mechanical comparison vs the 67 other diversified 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
0.77%
Category median: 0.99%
Cheaper than 74% of peers
5y return p.a. (after fees)
+2.90%
Category median: +3.27%
Below peer median (39th percentile)
Fund size
NZ$329.2m
Category median: NZ$57.5m
Top 25% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$379
Compounded charge over 5 years (excl. returns)
$106 less 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 Govt Inflation Linked (Sep 2035) | 4.41% |
 ANZ New Zealand Subordinated Notes (Sep 2031) | 3.11% |
 Kiwibank AU (Oct 2027) | 2.91% |
 Chorus (Dec 2028) | 2.63% |
| NG NZ Govt Inflation Linked (Sep 2040) | 2.60% |
| GP Goodman Property Trust (Sep 2028) | 2.53% |
| CI Channel Infrastructure NZ (May 2027) | 2.47% |
| M( Metlifecare (Sep 2026) | 2.30% |
| NS NAB Subordinated Notes (Nov 2035) | 2.29% |
| $ Cash ANZNZ (NZD) | 2.27% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- QUAYSTREET INCOME FUND (FND321) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.29 KB
- Product Disclosure Statement Smartshares CI Pfunds (29 November 2024).pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 4.63 MB
- quaystreet fund update quaystreet income fund.pdf The quarterly update published by the provider PDF, 983.96 KB
- PDS Quay Street Funds 31 March 2026.pdf Additional product disclosure statement from the provider PDF, 5.30 MB
- Other Material Information Quay Street Funds 31 March 2026.pdf Other Material Information - QuayStreet Funds PDF, 2.52 MB
- Other Material Information Smartshares CI Pfunds (29 November 2024).pdf Other Material Information for the Smartshares CIP NZ Core Equity Fund and Smartshares CIP NZ Yield Equity Fund. PDF, 710.60 KB
- Quay Street Responsible Investment Policy 31 March 2026.pdf Responsible Investment Policy PDF, 170.05 KB
- Quay Street Socially Responsible Investment Policy 31 March 2026.pdf Socially Responsible Investment Policy PDF, 194.66 KB
- SIPO Quay Street Funds Smartshares CIP Funds.pdf Statement of investment policy and objectives PDF, 4.21 MB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About QuayStreet
NZ-based multi-asset and equity manager owned by Craigs Investment Partners.
Parent: Craigs Investment Partners
See all funds from QuayStreet →Common questions
Questions people ask about QuayStreet Income 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.
Is an income fund a good investment?
Whether an income fund suits your circumstances depends on your financial goals, time horizon, and risk tolerance. QuayStreet Income Fund is classified as a Diversified fund with a Risk indicator of 3/7 (medium-low risk) and has delivered a 5-year return after fees of 2.9% p.a.; you should review the Product Disclosure Statement and latest FMA Disclose information to assess whether this aligns with your objectives.
What are the risks of income funds?
Income funds typically carry interest-rate risk (bond values fall when rates rise), credit risk (issuer default), and reinvestment risk (income may be reinvested at lower rates). QuayStreet Income Fund holds ~99.87% income assets and carries a Risk indicator of 3/7; the full risk disclosure is available in the Product Disclosure Statement and on the FMA Disclose register.
What is a good fee for an investment fund?
Fund fees vary by asset class, strategy, and scale. For context, the peer-cohort average annual fund charge for funds comparable to QuayStreet Income Fund is 0.66% p.a., while QuayStreet charges 0.77% p.a.; you can compare fees across funds in our managed fund comparison tool.
Head-to-head
Compare QuayStreet Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
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 QuayStreet Income Fund?
QuayStreet Income Fund is managed by QuayStreet (parent: Craigs Investment Partners). NZ-based multi-asset and equity manager owned by Craigs Investment Partners.
What asset class is the QuayStreet Income Fund?
It is a diversified managed fund. The fund has a income risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the QuayStreet Income Fund?
The annual fund charge for the QuayStreet Income Fund is 0.77% 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 QuayStreet Income Fund?
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 QuayStreet Income Fund a PIE fund?
Yes. The QuayStreet Income 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 QuayStreet Income Fund?
Fund size (assets under management) is NZ$329 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the QuayStreet Income Fund invest in?
The latest published top holdings are: NZ Govt Inflation Linked (Sep 2035) (4.41%), ANZ New Zealand Subordinated Notes (Sep 2031) (3.11%), Kiwibank AU (Oct 2027) (2.91%). 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 QuayStreet Income Fund?
The QuayStreet Income Fund is available via QuayStreet directly. Always read the current Product Disclosure Statement before investing.
Is an income fund a good investment?
Whether an income fund suits your circumstances depends on your financial goals, time horizon, and risk tolerance. QuayStreet Income Fund is classified as a Diversified fund with a Risk indicator of 3/7 (medium-low risk) and has delivered a 5-year return after fees of 2.9% p.a.; you should review the Product Disclosure Statement and latest FMA Disclose information to assess whether this aligns with your objectives.
What are the risks of income funds?
Income funds typically carry interest-rate risk (bond values fall when rates rise), credit risk (issuer default), and reinvestment risk (income may be reinvested at lower rates). QuayStreet Income Fund holds ~99.87% income assets and carries a Risk indicator of 3/7; the full risk disclosure is available in the Product Disclosure Statement and on the FMA Disclose register.
What is a good fee for an investment fund?
Fund fees vary by asset class, strategy, and scale. For context, the peer-cohort average annual fund charge for funds comparable to QuayStreet Income Fund is 0.66% p.a., while QuayStreet charges 0.77% p.a.; you can compare fees across funds in our managed fund comparison tool.