{ "schemaVersion": "1.1", "canonicalUrl": "https://managedfunds.nz/funds/quaystreet/nz-equity/", "fetchedAt": "2026-06-20T08:25:17.175Z", "fund": { "slug": "nz-equity", "name": "QuayStreet NZ Equity Fund", "managerSlug": "quaystreet", "category": "australasian-equities", "riskProfile": null, "isPie": true, "isEtf": null, "ticker": null, "isHedged": null, "isResponsibleInvestment": null, "isThematic": null, "isFifNotPie": null, "shortDescription": null, "availableVia": [ "direct" ], "dataStatus": "pending-ingestion" }, "manager": { "slug": "quaystreet", "name": "QuayStreet", "legalName": "QuayStreet Asset Management Limited", "parent": "Craigs Investment Partners", "website": "https://www.quaystreet.com", "hq": "Christchurch" }, "category": { "slug": "australasian-equities", "name": "Australasian Equities", "shortName": "Australasian Equities" }, "metrics": { "status": "ok", "matchScore": 2.25, "sortedFundName": "QUAYSTREET AUSTRALIAN EQUITY FUND", "sortedManager": "SMARTSHARES LIMITED", "sortedUrl": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10414/OFR10416/FND323/", "fetchedAt": "2026-05-22T02:49:34.752Z", "source_doc": "sorted/SCH10414/OFR10416/FND323", "source_doc_date": "2026-05-22", "source_doc_url": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10414/OFR10416/FND323/", "source_tier": "C", "riskIndicator": 5, "annualFundChargePct": 1.27, "peerAvgFeePct": 0.91, "fiveYearReturnPct": 7.14, "peerAvg5YearReturnPct": 4.91, "growthAssetsPct": 98.31, "incomeAssetsPct": 1.69, "fundSizeNzd": 154966836, "pdsUrl": "/disclose-document/mdocb3ec12601480cfc873853cbe227fb0f/Product-Disclosure-Statement-Smartshares-CI-Pfunds%2829-November-2024%29.pdf", "strategySummary": "“\n The QuayStreet Australian Equity Fund invests predominantly in companies that are in the ASX 200 Index. The investment objective is to provide a level of return above the fund’s benchmark over the long term.\n ”", "topHoldings": [ { "asset": "BHP Billiton", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 11.21 }, { "asset": "Commonwealth Bank of Australia", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 8.65 }, { "asset": "Westpac Banking Corp", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 6.81 }, { "asset": "ANZ Group", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 5.79 }, { "asset": "Macquarie Group", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 4.56 }, { "asset": "CSL", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 3.61 }, { "asset": "Newmont Corp", "assetClass": "Shares", "type": "Australasian Equities", "country": "US", "weightPct": 2.95 }, { "asset": "Wesfarmers", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 2.32 }, { "asset": "Brambles", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 2.29 }, { "asset": "Coles Group", "assetClass": "Shares", "type": "Australasian Equities", "country": "AU", "weightPct": 2.15 } ], "fundStartDate": "30 November 2010", "minimumInvestmentNzd": 1000, "documents": [ { "label": "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", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdocb3ec12601480cfc873853cbe227fb0f/Product-Disclosure-Statement-Smartshares-CI-Pfunds%2829-November-2024%29.pdf" }, { "label": "quaystreet fund update quaystreet australian equity fund.pdf The quarterly update published by the provider PDF, 982.00 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/d5a3550084098575/quaystreet-fund-update-quaystreet-australian-equity-fund.pdf" }, { "label": "PDS Quay Street Funds 31 March 2026.pdf Additional product disclosure statement from the provider PDF, 5.30 MB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/8c62ad199381fc82/PDS---Quay-Street-Funds---31-March-2026.pdf" }, { "label": "Other Material Information Quay Street Funds 31 March 2026.pdf Other Material Information - QuayStreet Funds PDF, 2.52 MB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/4b3cc5c83c992124/Other-Material-Information---Quay-Street-Funds---31-March-2026.pdf" }, { "label": "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. 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The Investment Manager targets investments which have good and sustainable underlying business models which are trading at an attractive valuation in relation to their intrinsic value.", "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.", "rebalancing_policy": "Each asset class and individual security is monitored daily across all Funds and rebalanced when required to the appropriate target. Portfolio weightings changes are addressed at fortnightly meetings, though changes may be made between meetings when considered appropriate.", "currency_hedging_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 currencies, executed through derivatives or physical assets, monitored daily.", "liquidity_policy": "The Funds have regular inflows from investor contributions and investment income and outflows from investor redemption requests. The Investment Manager defines ranges on cash and liquid assets appropriate for each Fund, with liquidity and cash flow management part of the daily portfolio monitoring process." }, "scheme": { "scheme_name": "QuayStreet Funds", "manager_name": "Smartshares Limited", "sipo_version_date": "2026-03-31", "sipo_review_cadence": "annually" }, "fund": { "fund_name": "QuayStreet Australian Equity Fund", "objective_verbatim": "The investment objective is to provide a level of return above the Fund's benchmark over the long term. Investment returns may vary substantially from year to year and may be negative.", "benchmark": "S&P/ASX 200 Total Return Index", "investment_horizon_years": null, "permitted_assets": [ "Australian Equity (including S&P/ASX 200 companies and smaller ASX-listed companies)", "Unlisted companies intending to list within 12 months", "Listed Property (Australian)", "Cash", "Derivatives" ], "asset_allocation_ranges": [ { "asset_class": "Australasian Equity (Australian only)", "target_pct": 100, "min_pct": 0, "max_pct": 100 }, { "asset_class": "International Equity", "target_pct": 0, "min_pct": 0, "max_pct": 0 }, { "asset_class": "Listed Property (Australian only)", "target_pct": 0, "min_pct": 0, "max_pct": 100 }, { "asset_class": "Unlisted Property", "target_pct": 0, "min_pct": 0, "max_pct": 0 }, { "asset_class": "NZ Fixed Interest", "target_pct": 0, "min_pct": 0, "max_pct": 0 }, { "asset_class": "International Fixed Interest", "target_pct": 0, "min_pct": 0, "max_pct": 0 }, { "asset_class": "Cash", "target_pct": 0, "min_pct": 0, "max_pct": 30 }, { "asset_class": "Growth Assets", "target_pct": 100, "min_pct": 70, "max_pct": 100 }, { "asset_class": "Defensive Assets", "target_pct": 0, "min_pct": 0, "max_pct": 30 } ], "exclusions": [], "tilts": [ "Concentrated in S&P/ASX 200 companies", "Targeting returns above the long term performance of the Australian sharemarket" ], "performance_objective": "Provide a level of return above the Fund's benchmark (S&P/ASX 200 Total Return Index) over the long term", "tracking_error_target": null, "source_paragraph": "The QuayStreet Australian Equity Fund invests in a portfolio of shares from the Australian market, targeting returns above the long-term performance of the Australian sharemarket. The Fund invests predominantly in companies that are in the S&P/ASX 200 Index. The Fund will typically be invested in 20-40 securities." }, "_match": { "score": 1, "extractFundName": "QuayStreet Australian Equity Fund", "ourFundName": "QUAYSTREET AUSTRALIAN EQUITY FUND" }, "_provenance": { "scheme_id": "SCH10414", "doc_type": "sipo", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/53c7218b070c7fae/SIPO---Quay-Street-Funds---Smartshares-CIP-Funds.pdf", "source_doc_date": "2026-03-30", "source_tier": "A", "pdf_hash": "ed51516a548edafd1343de02785d7f6f1cc3c851ae81daea1cf0a7054fe8a506", "extracted_at": "2026-05-27T23:58:45.932Z" } }, "omiExtract": { "_provenance": { "scheme_id": "SCH10414", "doc_type": "omi", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/4b3cc5c83c992124/Other-Material-Information---Quay-Street-Funds---31-March-2026.pdf", "source_doc_date": "2026-03-26", "source_tier": "A", "pdf_hash": "e0fc437dd53ba86fc696fe901cee15e7748646273c14e1f2becd8477681a6a8c", "extracted_at": "2026-05-27T23:56:32.245Z" }, "scheme": { "scheme_name": "QuayStreet Funds", "manager_name": "Smartshares Limited", "omi_version_date": "31 March 2026" }, "related_party_transactions": [ { "counterparty": "NZX Limited", "relationship": "ultimate parent of Smartshares Limited", "nature": "The Funds can invest in financial products issued by NZX; entities in the NZX group of companies may receive commercial benefits from this.", "fee_or_rate": null }, { "counterparty": "QuayStreet Limited", "relationship": "Investment Manager appointed by Smartshares", "nature": "Investment management services — proposing strategic and tactical asset allocation and selecting underlying investments for each Fund.", "fee_or_rate": "A fee based on the Gross Asset Value of each Fund" }, { "counterparty": "Apex Investment Administration (NZ) Limited", "relationship": "Delegate of Smartshares for registry, unit pricing and fund accounting", "nature": "Registry, unit pricing and fund accounting functions; also acts as administration manager.", "fee_or_rate": "Fixed annual fee (Registrar); annual fee based on Gross Asset Value (administration manager)" }, { "counterparty": "NZX WT Nominees Limited", "relationship": "Nominee entity within NZX group", "nature": "Legal holder of units on bare trust for investors who join through the QuayStreet Portfolio Service.", "fee_or_rate": null } ], "conflicts_of_interest": [ "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." ], "fee_waivers": [ { "fund_name": null, "description": "We have currently agreed to meet the fees payable to the Investment Manager, Registrar, Administration Managers and Supervisor (other than special fees) from the management fee. We have also agreed to pay the valuation-based custody fees charged by the Custodian for holding and maintaining securities held by the Funds.", "expires": null } ], "performance_fee_mechanics": [ { "fund_name": "QuayStreet Altum Fund", "hurdle_verbatim": "OCR + 6%", "high_water_mark": true, "high_water_mark_reset_terms": "The high water mark resets when a performance fee is paid (i.e. on crystallisation). Where the current unit price is below the high water mark no performance fee will be accrued or paid, irrespective of the Fund's returns.", "crystallisation_cadence": null, "cap_pct": null, "performance_fee_terms_full": "In calculating performance fees, the QuayStreet Altum Fund must return more than the hurdle rate since the high water mark was last set, and the unit price must be above the high water mark. Where the Fund's returns do not exceed the hurdle rate, no performance fee is paid. Where the current unit price is below the high water mark no performance fee will be accrued or paid, irrespective of the Fund's returns. A performance fee was not charged for the QuayStreet Altum Fund in the year ended 31 March 2025. However, the total annual fund charge of 1.33% for this fund includes an estimated performance fee of 0.08%, which has been calculated as an average of the annual performance fee charged over the last five years to 31 March 2025. The hurdle rate of return used for the determination of the performance fee payable is the OCR plus 6%. This may result in a performance fee being charged even if the Fund's returns do not exceed the composite market index (S&P/NZX 50 Gross Index 50% and S&P/ASX 200 Total Return Index 50%) used for reporting purposes." }, { "fund_name": "QuayStreet Balanced Fund", "hurdle_verbatim": "N/A — performance fee charged indirectly via investment in QuayStreet Altum Fund", "high_water_mark": null, "high_water_mark_reset_terms": null, "crystallisation_cadence": null, "cap_pct": null, "performance_fee_terms_full": "The QuayStreet Balanced Fund itself does not charge a performance fee. However, it invests into the QuayStreet Altum Fund, which may charge a performance fee. The total annual fund charge for the QuayStreet Balanced Fund includes an estimated performance fee of 0.01%, calculated as a percentage of the fund's weighted investments in the QuayStreet Altum Fund in the year ended 31 March 2025 with reference to the Estimated Altum Fund Performance Fee." }, { "fund_name": "QuayStreet Growth Fund", "hurdle_verbatim": "N/A — performance fee charged indirectly via investment in QuayStreet Altum Fund", "high_water_mark": null, "high_water_mark_reset_terms": null, "crystallisation_cadence": null, "cap_pct": null, "performance_fee_terms_full": "The QuayStreet Growth Fund itself does not charge a performance fee. However, it invests into the QuayStreet Altum Fund, which may charge a performance fee. The total annual fund charge for the QuayStreet Growth Fund includes an estimated performance fee of 0.01%, calculated as a percentage of the fund's weighted investments in the QuayStreet Altum Fund in the year ended 31 March 2025 with reference to the Estimated Altum Fund Performance Fee." }, { "fund_name": "QuayStreet High Growth Fund", "hurdle_verbatim": "N/A — performance fee charged indirectly via investment in QuayStreet Altum Fund", "high_water_mark": null, "high_water_mark_reset_terms": null, "crystallisation_cadence": null, "cap_pct": null, "performance_fee_terms_full": "The QuayStreet High Growth Fund itself does not charge a performance fee. However, it invests into the QuayStreet Altum Fund, which may charge a performance fee. The total annual fund charge for the QuayStreet High Growth Fund includes an estimated performance fee of 0.01%, calculated as a percentage of the fund's weighted investments in the QuayStreet Altum Fund in the year ended 31 March 2025 with reference to the Estimated Altum Fund Performance Fee." } ], "material_risks_not_in_pds_summary": [ { "risk_name": "General Business Risk", "description": "Disruption to the operations of the Fund through such events as the loss of key personnel, failure of processes and procedures, the extended loss of power, technology failure, or the destruction of premises." }, { "risk_name": "Derivative Risk", "description": "The Funds may invest in derivatives, such as forward contracts, futures, swaps and options. Derivatives may be leveraged (where the Fund's exposure exceeds the assets invested in the Fund) and small changes in the value of the underlying assets may significantly increase losses to the Fund." }, { "risk_name": "Counterparty Risk", "description": "A third party may default on their obligations resulting in a loss of value in an investment." }, { "risk_name": "Regulatory Risk", "description": "Future changes to legislation or applicable regulations (including New Zealand and international taxation legislation), which could affect the operation of each Fund or unitholders' distributions or the level or nature of returns from each Fund. The Master Trust Deed could be amended in a manner that is required or permitted by law that has the effect of reducing the value of unitholders' interests or restricting access to unitholders' returns." }, { "risk_name": "Insolvency Risk", "description": "Any of the Funds becoming insolvent or being otherwise unable to meet their financial obligations. If this occurs, unitholders may not recover the full amount of their interest in that Fund." }, { "risk_name": "PIR Risk", "description": "We may either over or underpay tax within the Funds on a unitholder's behalf, for example, as a result of a unitholder providing us with the wrong PIR or not advising us to change that rate when it needed to be changed. If tax is underpaid, the unitholder will be obliged to pay additional tax (and potentially penalties or interest) to the IRD." }, { "risk_name": "PIE Registration Risk", "description": "If a Fund fails to satisfy any eligibility criteria for PIE status and that failure is not remedied within the permitted period under the Income Tax Act 2007, a Fund could lose its PIE status. If a Fund was to lose PIE status, that Fund would be taxed at the rate of 28% rather than at each unitholder's PIR, and the tax exemption for gains on sale of certain New Zealand and Australian shares would also cease to apply." }, { "risk_name": "Asset Allocation Risk", "description": "The Fund returns are directly affected by deviation from the target asset class weighting. The asset allocation risk can impact both a Fund's absolute return and its relative return compared to similar funds that have a different asset allocation. The Funds that have more defensive assets are likely over time to provide a lower return with smaller fluctuations, while Funds with more growth assets are likely to provide a higher return but with larger variability." }, { "risk_name": "Asset Class Risk — Defensive Assets", "description": "The performance of defensive assets is usually more closely aligned to changes in interest rates than growth assets. A rise in interest rates will generally result in a decrease in the value of a defensive asset and the longer the period to maturity the greater the decline. In extreme circumstances, if an issuer defaults on its obligations, a defensive asset issued by it may be worthless." }, { "risk_name": "Asset Class Risk — Growth Assets", "description": "The value of a growth asset, such as shares and property, is reflected in the market price of the asset. If the company performs poorly, or if it needs to reduce or stop paying dividends, its share price will usually decline. There are also many broader market forces that can negatively affect the value of shares, such as a weak economy, increased regulation, political uncertainty or negative investor sentiment." } ], "tax_disclosures": [ "Each of the QuayStreet Funds is a Portfolio Investment Entity (PIE); if any Fund ceases to be a PIE, different taxation rules would apply to that Fund.", "As a PIE, each Fund attributes all taxable income (or losses) across all investors based on the number of Units held; tax is calculated at each investor's nominated Prescribed Investor Rate (PIR), capped at 28% for individuals.", "Investors must advise their IRD number (or foreign tax identification number if not a NZ tax resident) within six weeks of joining; failure to do so will result in cancellation of the investment.", "If the rate applied to PIE income is lower than the correct PIR, the investor must pay any tax shortfall as part of the income tax year-end process; if higher, any over-withheld tax will reduce income tax liability or be refunded by Inland Revenue.", "A Fund's tax liability is deducted from investors' interests at end of tax year (following 31 March), upon any full or partial withdrawal or switch, or if remaining units are or could become insufficient to cover accrued tax liability.", "The Funds invest in foreign markets and returns are subject to foreign withholding tax deducted at source; withholding tax rates and income determination rules may change from time to time.", "If an investor selects a PIR greater than 0%, tax paid by the Fund is generally a final tax (need not be included in personal income tax return), except where PIR is too low, investor is a trust selecting 10.5% or 17.5% PIR, or investor recently became a NZ tax resident and elected to disregard prior foreign-sourced income.", "If a 0% PIR is selected or PIE tax is not a final tax, the investor must include their share of income in their income tax return and pay any tax due.", "Smartshares is required to provide investors with an annual tax certificate including PIE income attributed to the investor and the amount of tax paid at their PIR.", "Units may be compulsorily redeemed to cover PIE tax payable by a Fund attributable to income attributed to a unitholder, and units may be redeemed or voided if a unitholder and associated persons would cause a Fund to lose PIE status." ], "trustee_supervisor": "The New Zealand Guardian Trust Company Limited", "auditor": null, "custodian": "Citibank N.A.", "source_paragraphs": [ "In calculating performance fees, the QuayStreet Altum Fund must return more than the hurdle rate since the high water mark was last set, and the unit price must be above the high water mark. Where the Fund's returns do not exceed the hurdle rate, no performance fee is paid.", "Smartshares is a wholly owned subsidiary of NZX Limited (NZX) and this may result in conflicts of interest, or perceived conflicts of interest for all of the Funds. The Funds can invest in financial products issued by NZX and entities in the NZX group of companies may receive commercial benefits from this.", "We have currently agreed to meet the fees payable to the Investment Manager, Registrar, Administration Managers and Supervisor (other than special fees) from the management fee. We have also agreed to pay the valuation-based custody fees charged by the Custodian for holding and maintaining securities held by the Funds." ], "_match": { "schemeId": "SCH10414", "ourFundName": "QUAYSTREET AUSTRALIAN EQUITY FUND", "scope": "scheme-level" } }, "sources": { "fmaDisclose": "https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=QuayStreet%20NZ%20Equity%20Fund", "sortedSmartInvestor": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10414/OFR10416/FND323/", "productDisclosureStatement": "/disclose-document/mdocb3ec12601480cfc873853cbe227fb0f/Product-Disclosure-Statement-Smartshares-CI-Pfunds%2829-November-2024%29.pdf", "pdsExtractSource": null, "sipoExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/53c7218b070c7fae/SIPO---Quay-Street-Funds---Smartshares-CIP-Funds.pdf", "omiExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/4b3cc5c83c992124/Other-Material-Information---Quay-Street-Funds---31-March-2026.pdf" }, "licence": { "reuse": "Citation with link-back to canonicalUrl required. No paid redistribution.", "contact": "hello@managedfunds.nz" } }