Russell Investments NZ Fixed Interest Fund
Managed by Russell Investments Russell Investments NZ Fixed Interest Fund is a nz fixed interest managed fund operated by Russell Investments; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.49% · minimum investment NZ$5,000 · distributions semi-annually. Compared with 13 other same-category funds on this site, the 0.49% annual fund charge sits below the same-category median of 0.65%.
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
0.49%
vs peer avg 0.65%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
0.85%
peer avg 1.17%
Fund size
NZ$157.8m
0% growth · 100% income
To provide a total return, before costs and tax, higher than the Bloomberg NZBond Composite 0+ Yr Index over the long term. The underlying investment exposure is typically comprised of government fixed income securities, bank bills and cash equivalents, and securities issued by local authorities, semi-government organisations, and corporations, as well as to mortgage-backed and asset backed securities.
Benchmark track record
Compare NZ Fixed Interest consistency →How Russell Investments NZ Fixed Interest 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 3 of 10 years
annual returns to 31 March 2026Since inception: 1.66% p.a. after fees & tax vs benchmark 2.44%.
How Russell Investments NZ Fixed Interest Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- Bloomberg NZBond Composite 0+ Yr Index
- Top 3 holdings
- NZGB 3% 20/04/2029 (7.4%) · NZGB 3.5% 14/04/2033 (6.3%) · NZGB 4.50% 15/04/2027 (6.3%)
Key facts
Fund start date
14 February 2013
Min. investment
NZ$5,000
Subsequent: NZ$500
Distributions
Semi-annually
Buy / sell spread
8 bps (0.08%) / 8 bps (0.08%)
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 |
|---|---|---|---|
| New Zealand fixed interest and cash and cash equivalents | 100% | 80% | 100% |
| International fixed interest and cash and cash equivalents | — | 0% | 20% |
| Currency hedging instruments | — | 0% | 20% |
Responsible-investment approach
Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly.
Derivatives policy
Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives.
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 its administration manager Apex NZ share the same ultimate parent (Apex Group Limited), FundRock may be influenced to agree commercial terms that favour Apex NZ at investors' expense.
- FundRock NZ manages this conflict by certifying to the Supervisor that its contract with Apex NZ is on arms-length commercial terms and by applying its Conflicts of Interest Policy.
- FundRock NZ pays a related party, Apex Investment Administration (NZ) Limited, for administration services including registry, fund accounting, and unit pricing, funded from scheme assets.
- FundRock NZ has appointed Russell Investment Management Ltd as investment manager under a Fund Hosting Agreement, meaning an external third party selects the underlying investment managers for the funds.
Generated 2026-05-28 from Russell Investment Funds OMI (dated 2026-03-31). 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
Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund)
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- FundRock 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, benefiting Apex NZ at the expense of investors.
- FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ.
How this fund compares to peers
Mechanical comparison vs the 14 other nz fixed interest 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
0.49%
Category median: 0.63%
Cheaper than 68% of peers
5y return p.a. (after fees)
+0.85%
Category median: +1.13%
Below peer median (35th percentile)
Fund size
NZ$157.8m
Category median: NZ$151.2m
54th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$243
Compounded charge over 5 years (excl. returns)
$66 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 |
|---|---|
| N3 NZGB 3% 20/04/2029 | 7.44% |
| N3 NZGB 3.5% 14/04/2033 | 6.32% |
| N4 NZGB 4.50% 15/04/2027 | 6.31% |
| N1 NZGB 1.5% 15/05/2031 | 5.46% |
| N4 NZGB 4.50% 15/05/2030 | 5.14% |
| N4 NZGV 4.25% 15/05/2036 | 5.00% |
| N4 NZGV 4.5% 15/05/2035 | 4.84% |
| N0 NZGV 0.25% 15/05/2028 | 4.75% |
| N2 NZGB 2% 15/05/2032 | 4.58% |
| N4 NZGB 4.25% 15/05/2034 | 3.31% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- RUSSELL INVESTMENTS NZ FIXED INTEREST FUND (FND447) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 3.15 KB
- 20260420 Russell Investment Funds PDS Sustainable Global Shares Funds.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 344.36 KB
- 20260331 Russell Investments NZ Fixed Interest QFU.pdf The quarterly update published by the provider PDF, 467.43 KB
- 20260401 Russell Investment Funds OMI.pdf Other Material Information - 1 April 2026 PDF, 437.55 KB
- 20260420 Russell Investment Funds PDS Listed Real Assets.pdf Additional product disclosure statement from the provider PDF, 347.48 KB
- 20260420 Russell Investment Funds PDS.pdf Additional product disclosure statement from the provider PDF, 358.37 KB
- 20260401 Russell SIPO.pdf Statement of investment policy and objectives PDF, 571.24 KB
About this category
Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused.
About Russell Investments
Global multi-manager firm running diversified and sector index funds in NZ.
See all funds from Russell Investments →Common questions
Questions people ask about Russell Investments NZ Fixed Interest 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 Russell Investments a good company?
Russell Investments is a globally-established investment manager offering managed funds in New Zealand, including this fixed interest fund. Performance and suitability depend on your individual circumstances; compare fund metrics (fees, risk indicator, returns) on FMA Disclose at https://disclose-register.companiesoffice.govt.nz/ and review the current Product Disclosure Statement before investing.
What investment has the highest return in NZ?
Returns vary significantly by asset class, fund manager, and time period. This Russell Investments NZ Fixed Interest Fund returned 0.54% p.a. after fees (before tax) over the 5 years to the latest QFU, reflecting income asset positioning. Compare returns across funds in our coverage or consult FMA Disclose for peer-cohort benchmarks.
Who is Russell Investments owned by?
For ownership structure and corporate information, visit Russell Investments' website at https://russellinvestments.com/nz or their global site. The fund prospectus and Product Disclosure Statement also contain relevant corporate details.
Head-to-head
Compare Russell Investments NZ Fixed Interest Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other NZ Fixed Interest funds
Same manager
Other funds by Russell Investments
- Russell Investments Hedged Sustainable Global Shares FundInternational Equities
- Russell Investments Global Fixed Interest FundInternational FI
- Russell Investments Sustainable Global Shares FundInternational Equities
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 Russell Investments NZ Fixed Interest Fund?
Russell Investments NZ Fixed Interest Fund is managed by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ.
What asset class is the Russell Investments NZ Fixed Interest Fund?
It is a nz fixed interest managed fund. Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused.
What are the fees for the Russell Investments NZ Fixed Interest Fund?
The annual fund charge for the Russell Investments NZ Fixed Interest Fund is 0.49% 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 Russell Investments NZ Fixed Interest 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 Russell Investments NZ Fixed Interest Fund a PIE fund?
Yes. The Russell Investments NZ Fixed Interest 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 Russell Investments NZ Fixed Interest Fund?
Fund size (assets under management) is NZ$158 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the Russell Investments NZ Fixed Interest Fund invest in?
The latest published top holdings are: NZGB 3% 20/04/2029 (7.44%), NZGB 3.5% 14/04/2033 (6.32%), NZGB 4.50% 15/04/2027 (6.31%). 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 Russell Investments NZ Fixed Interest Fund?
The Russell Investments NZ Fixed Interest Fund is available via Russell Investments directly. Always read the current Product Disclosure Statement before investing.
Is Russell Investments a good company?
Russell Investments is a globally-established investment manager offering managed funds in New Zealand, including this fixed interest fund. Performance and suitability depend on your individual circumstances; compare fund metrics (fees, risk indicator, returns) on FMA Disclose at https://disclose-register.companiesoffice.govt.nz/ and review the current Product Disclosure Statement before investing.
What investment has the highest return in NZ?
Returns vary significantly by asset class, fund manager, and time period. This Russell Investments NZ Fixed Interest Fund returned 0.54% p.a. after fees (before tax) over the 5 years to the latest QFU, reflecting income asset positioning. Compare returns across funds in our coverage or consult FMA Disclose for peer-cohort benchmarks.
Who is Russell Investments owned by?
For ownership structure and corporate information, visit Russell Investments' website at https://russellinvestments.com/nz or their global site. The fund prospectus and Product Disclosure Statement also contain relevant corporate details.