Resolution Capital Global Listed Infrastructure PIE Fund
Resolution Capital Global Listed Infrastructure PIE Fund is a managed fund from Resolution Capital with a fund size of NZ$31.2 million and an annual fund charge of 1.05%, as shown on Sorted Smart Investor on 22 May 2026.
Managed by Resolution CapitalFund data last refreshed · holdings as filed to 31/03/2026
Resolution Capital Global Listed Infrastructure PIE Fund is a other managed fund operated by Resolution Capital; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 1.05% · minimum investment NZ$25,000 · distributions semi-annually. Compared with 7 other same-category funds on this site, the 1.05% annual fund charge sits in line with the same-category median of 1.08%.
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
1.05%
vs peer avg 0.91%
Risk indicator
6/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 4.91%
Fund size
NZ$31.2m
98% growth · 2% income
The Fund aims to provide income and some capital growth over the long-term. In particular, the Fund aims to achieve an annual total return that exceeds the total return of the benchmark after fees on a rolling 3-year basis. The Fund primarily invests in global listed infrastructure securities that the Investment Manager considers provide long term sustainable cashflows backed by physical assets or concessions which provide essential services.
How Resolution Capital Global Listed Infrastructure PIE Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- FTSE Developed Core Infrastructure 50/50 Net TRI (100% hedged to NZ dollars)
- Top 3 holdings
- H2O America (9.7%) · SSE plc (8.1%) · Entergy Corp (7.2%)
Key facts
Fund start date
26 September 2025
Min. investment
NZ$25,000
Subsequent: NZ$5,000
Distributions
Semi-annually
Buy / sell spread
20 bps (0.20%) / 20 bps (0.20%)
Transaction cost on subscription / redemption
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 |
|---|---|---|---|
| International equities (infrastructure and infrastructure related securities) | 100% | 85% | 100% |
| Cash and cash equivalents | — | 0% | 15% |
Responsible-investment approach
Resolution Capital applies ESG considerations when selecting, retaining or realising investments, generally only to the extent they financially affect the investment. Each investment is assessed on a case-by-case basis with special consideration given to the UN-sponsored Principles for Responsible Investment, UN Global Compact and UN Guiding Principles on Business and Human Rights. Resolution Capital may also exclude certain securities or sectors based on ESG factors.
Derivatives policy
The Funds may invest in currencies including derivatives. Currency hedging instruments are permitted investments used to hedge currency risk to New Zealand dollars using forward foreign exchange contracts.
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.
- FundRock NZ acknowledges that because it and Apex NZ share the same ultimate parent (Apex Group Limited), FundRock may agree commercial terms with Apex NZ that favour Apex NZ at investors' expense.
- FundRock NZ has disclosed that registry services, fund accounting, and unit pricing are provided by related party Apex NZ under an Administration Agreement, meaning fund costs flow to a company under common ownership.
- FundRock NZ has disclosed that its staff, their families, and other service providers to the funds may also invest in, or act for, other funds with similar objectives, creating potential conflicts of interest.
Generated 2026-05-28 from Resolution Capital Investment Funds OMI (dated 2025-09-17). 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
Public Trust
Auditor
PricewaterhouseCoopers
Custodian
BNP Paribas Fund Services Australasia Pty Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- FundRock NZ Limited and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, potentially benefiting Apex NZ at the expense of investors.
- Parties related to the Funds, including the staff of FundRock and their families, may from time to time invest in the Funds.
- Service providers to the Funds and their related parties may from time to time act as manager, issuer, supervisor or trustee, investment manager, custodian, unit registry, administrator, or distributor to other parties or funds that have similar objectives to those of the Funds, creating potential conflicts of interest.
How this fund compares to peers
Mechanical comparison vs the 8 other other funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Resolution Capital Global Listed Infrastructure PIE Fund: 1.05% per annum. Other median across 8 funds:1.06%. This fund is 0.01 percentage points below the category median.
Annual fund charge
1.05%
Category median: 1.06%
Cheaper than 56% of peers
Fund size
NZ$31.2m
Category median: NZ$106.3m
6th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$514
Compounded charge over 5 years (excl. returns)
$7 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.
Complete portfolio
This fund files 36 holdings with the FMA as at 31/03/2026. The largest 25 are shown.
Top 10 concentration: 56.6% 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 100.0% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| H2O AMERICA | 9.67% | |
| SSE PLC | 8.13% | |
| ENTERGY CORP | 7.18% | |
| KINDER MORGAN INC/DE | 6.80% | |
| SPIRE INC | 5.48% | |
| BLACK HILLS CORP | 4.14% | |
| ALLIANT ENERGY CORP | 3.98% | |
| NISOURCE INC | 3.84% | |
| GEK TERNA SA | 3.74% | |
| ITALGAS SPA | 3.69% | |
| WILLIAMS COMPANIES INC | 3.64% | |
| EIFFAGE SA | 3.41% | |
| AMEREN CORP | 3.40% | |
| OGE ENERGY CORP | 3.13% | |
| SEVERN TRENT PLC | 2.86% | |
| FERROVIAL SE | 2.48% | |
| UNION PACIFIC CORP | 2.40% | |
| NATIONAL GRID PLC | 2.33% | |
| XCEL ENERGY INC | 2.19% | |
| CONSTELLATION ENERGY CORP | 2.17% | |
| FRAPORT AG FRANKFURT AIRPORT | 1.95% | |
| RWE AG | 1.88% | |
| PINNACLE WEST CAPITAL CORP | 1.79% | |
| CELLNEX TELECOM SA | 1.72% | |
| ELIA GROUP SA | 1.39% |
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 |
|---|---|
HAH2O America | 9.67% |
SSSSE plc | 8.13% |
ENEntergy Corp | 7.18% |
KMKinder Morgan Inc/DE | 6.80% |
SPSpire Inc | 5.48% |
$Cash at Bank (BNZ) | 4.77% |
BHBlack Hills Corp | 4.14% |
AEAlliant Energy Corp | 3.98% |
NINiSource Inc | 3.84% |
GTGEK Terna SA | 3.74% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- RESOLUTION CAPITAL GLOBAL LISTED INFRASTRUCTURE PIE FUND (FND58947) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.22 KB
- Resolution Capital Investment Funds PDS Global Property Securities 22 September 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 427.52 KB
- 20260331 Resolution Capital Global Listed Infrastructure PIE QFU.pdf The quarterly update published by the provider PDF, 442.87 KB
- Resolution Capital Investment Funds PDS Global Listed Infrastructure 22 September 2025.pdf Additional product disclosure statement from the provider PDF, 405.63 KB
- Resolution Capital Investment Funds OMI 22 September 2025.pdf Other material information PDF, 296.72 KB
- Resolution Capital Investment Funds SIPO 22 September 2025.pdf Statement of investment policy and objectives PDF, 368.38 KB
About this category
Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
About Resolution Capital
Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors.
Resolution Capital has 2 retail funds in our coverage across Other and Listed Property strategies, with annual fund charges from 1.05% to 1.05% a year.
Based in Sydney.
Head-to-head
Compare Resolution Capital Global Listed Infrastructure PIE Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Other 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.
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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 Resolution Capital Global Listed Infrastructure PIE Fund?
Resolution Capital Global Listed Infrastructure PIE Fund is managed by Resolution Capital. Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors.
What asset class is the Resolution Capital Global Listed Infrastructure PIE Fund?
It is a other managed fund. The fund has a balanced risk profile. Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
What are the fees for the Resolution Capital Global Listed Infrastructure PIE Fund?
The annual fund charge for the Resolution Capital Global Listed Infrastructure PIE Fund is 1.05% 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 Resolution Capital Global Listed Infrastructure PIE Fund?
The risk indicator is 6/7 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 Resolution Capital Global Listed Infrastructure PIE Fund a PIE fund?
Yes. The Resolution Capital Global Listed Infrastructure PIE 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 Resolution Capital Global Listed Infrastructure PIE Fund?
Fund size (assets under management) is NZ$31 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Resolution Capital Global Listed Infrastructure PIE Fund invest in?
The latest published top holdings are: H2O America (9.67%), SSE plc (8.13%), Entergy Corp (7.18%). 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 Resolution Capital Global Listed Infrastructure PIE Fund?
The Resolution Capital Global Listed Infrastructure PIE Fund is available via Resolution Capital directly. Always read the current Product Disclosure Statement before investing.