Salt Enhanced Property Fund is a listed property managed fund operated by Salt; PIE-structured; FMA risk indicator 6/7. Headline terms: annual fund charge 1.04% · minimum investment NZ$5,000 · distributions semi-annually. Compared with 14 other same-category funds on this site, the 1.04% annual fund charge sits in line with the same-category median of 1.04%.
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
1.02%
vs peer avg 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
1.67%
peer avg 4.91%
Fund size
NZ$18.4m
98% growth · 2% income
Aims to outperform the S&P/NZX All Real Estate (Industry Group) Gross Index over a full market cycle by investing predominantly in New Zealand and Australian property and property-related shares.
Benchmark track record
Compare Listed Property consistency →How Salt Enhanced Property 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 4 of 7 years
annual returns to 30/06/2022Since inception: 9.32% p.a. after fees & tax vs benchmark 8.87%.
How Salt Enhanced Property Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- S&P/NZX All Real Estate (Industry Group) Gross Index
- Top 3 holdings
- Precinct Properties NZ Ltd (20.6%) · Goodman Property Trust (19.9%) · Kiwi Property Group Ltd (13.8%)
Key facts
Fund start date
11 November 2014
Min. investment
NZ$5,000
Subsequent: NZ$1,000
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%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 0.02%
10% of the relevant Fund's return in excess of the return of the S&P/NZX All Real Estate (Industry Group) Gross Index plus 1% per annum over the performance period, subject to a high-water mark, calculated every 12 months up to and including 31 March each year, paid annually in arrears.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Gross equity exposure | — | 70% | 200% |
| Net equity exposure | — | 70% | 100% |
| Unlisted securities | — | 0% | 5% |
| Cash or cash equivalents | — | 0% | 30% |
Responsible-investment approach
Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research.
Derivatives policy
Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO.
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.
- Salt discloses that its manager is a wholly owned subsidiary of Salt Funds Management Limited, which is also the investment manager of the Funds, creating an incentive to appoint Salt over any independent third-party manager.
- Salt discloses that it may receive future distribution commissions from underlying fund managers based on Fund allocations to those managers, which could influence investment decisions.
- Salt Enhanced Property Fund charges a performance fee of 10% of returns above the S&P/NZX All Real Estate Gross Index plus 1% per annum, subject to a high-water mark, calculated and paid annually.
- Salt Long Short Fund charges a performance fee of 15% of returns above the RBNZ Official Cash Rate plus 5% per annum, subject to a high-water mark, calculated and paid annually.
Generated 2026-05-28 from Salt Investment Funds OMI (dated 2025-09-01). 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
Auditor
PricewaterhouseCoopers
Custodian
Apex Investment Administration (NZ) Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- The manager is a subsidiary of Salt Funds Management Limited, which is the investment manager of the Funds, creating an incentive to appoint Salt over a third-party investment manager.
- Directors and employees of the manager and Salt may from time to time hold units in the Funds, meaning decisions made by affected directors and employees may be influenced by their personal interest in the Funds.
- The manager may in the future receive distribution commissions from underlying fund managers based on the Funds' investments in those managers' underlying funds, which may influence investment allocation decisions.
How this fund compares to peers
Mechanical comparison vs the 15 other listed property 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
1.02%
Category median: 1.02%
Cheaper than 53% of peers
5y return p.a. (after fees)
+1.67%
Category median: +2.72%
Below peer median (29th percentile)
Fund size
NZ$18.4m
Category median: NZ$43.7m
30th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$500
Compounded charge over 5 years (excl. returns)
$0 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 |
|---|---|
 Precinct Properties NZ Ltd | 20.63% |
| GP Goodman Property Trust | 19.88% |
 Kiwi Property Group Ltd | 13.80% |
 Vital Healthcare Property Trust | 11.82% |
| PF Property for Industry Ltd | 9.76% |
 Argosy Property Trust | 9.43% |
 Stride Property Ltd and Stride Invest Mgmt Ltd | 6.79% |
| GP GDI Property Group | 3.46% |
| IP Investore Property Limited | 3.25% |
| NZ New Zealand Rural Land Co Ltd | 2.58% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SALT ENHANCED PROPERTY FUND (FND1144) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.32 KB
- Salt Investment Funds Productdisclosurestatement 13 June 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 1.02 MB
- Salt Enhanced Property Fund Quarterly Fund Update Mar 2026.pdf The quarterly update published by the provider PDF, 334.33 KB
- Salt Investment Funds Financial Statements 31 March 2025.pdf Salt Investment Funds Financial Statements for the period ended 31 March 2025 PDF, 468.05 KB
- Salt Investment Funds Financial Statements 31 March 2024.pdf Salt Investment Funds - Financial Statements - 31 March 2024 PDF, 426.61 KB
- Salt Long Short Fund Consolidated Establishment Deed September 2016.pdf Consolidated Establishment Deed for the Salt Long Short Fund, dated 7 September 2016 and effective 23 September 2016, between Sa
- Salt Enhanced Property Fund Consolidated Establishment Deed February 2017.pdf Consolidated Establishment Deed for the Enhanced Property Fund, dated 10 February 2017, between Salt Investment Funds Limi
- Salt Responsibleinvestmentpolicy 13 June 2025.pdf Salt Responsible investment policy - 13 June 2025 PDF, 235.90 KB
- Salt Investment Funds Master Trust Deed September 2016.pdf Master Trust Deed for the Salt Investment Funds, dated 7 September 2016, between Salt Investment Funds Limited and The New Zealand Guardian T
- Salt Investment Funds Othermaterial Information 1 September 2025.pdf Salt Investment Funds - Other material information - 1 September 2025 PDF, 828.13 KB
- Salt NZ Dividend Appreciation Fund Consolidated Establishment Deed February 2017.pdf Consolidated Establishment Deed for the NZ Dividend Appreciation Fund, dated 10 February 2017, between Salt Investm
- Salt Investment Funds Statementofinvestmentpolicy&objectives 13 June 2025.pdf Statement of investment policy and objectives PDF, 634.30 KB
About this category
Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property.
About Salt
NZ active manager with long-short, dividend and listed-property strategies.
See all funds from Salt →Common questions
Questions people ask about Salt Enhanced Property 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 a property fund a good investment?
Property funds offer exposure to listed real-estate assets and can form part of a diversified portfolio. Salt Enhanced Property Fund holds ~98.31% growth assets, carries a risk indicator of 5/7 on the FMA standardised scale, and achieved a 5-year return of 0.27% p.a. after fees before tax as at the latest QFU. Suitability depends on your personal financial goals, time horizon, and risk tolerance—refer to the product disclosure statement or speak with a financial adviser.
What are typical fees for a fund of funds?
This fund is a listed property fund (not a fund of funds). Its annual fund charge is 1.02% p.a., which sits marginally above the peer-cohort average of 0.95% p.a. for its category. For fee comparisons across different fund structures, check the latest Product Disclosure Statement or use the FMA Disclose register.
What is the dark side of mutual funds?
Managed funds carry various risks including market volatility, concentration risk, and fee drag on returns. Salt Enhanced Property Fund holds significant allocations in its top three holdings (Precinct Properties NZ Ltd 21.84%, Goodman Property Trust 19.23%, Kiwi Property Group Ltd 14.19%), which concentrates exposure to specific entities. Review the current Product Disclosure Statement and fund prospectus on the manager's website or FMA Disclose register for full risk disclosures.
Head-to-head
Compare Salt Enhanced Property Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Listed Property funds
FMA risk band
Same risk band (6/7)
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 6 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 Salt Enhanced Property Fund?
Salt Enhanced Property Fund is managed by Salt. NZ active manager with long-short, dividend and listed-property strategies.
What asset class is the Salt Enhanced Property Fund?
It is a listed property managed fund. Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property.
What are the fees for the Salt Enhanced Property Fund?
The annual fund charge for the Salt Enhanced Property Fund is 1.02% 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 Salt Enhanced Property Fund?
The risk indicator is 5/7 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 Salt Enhanced Property Fund a PIE fund?
Yes. The Salt Enhanced Property 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 Salt Enhanced Property Fund?
Fund size (assets under management) is NZ$18 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Salt Enhanced Property Fund invest in?
The latest published top holdings are: Precinct Properties NZ Ltd (20.63%), Goodman Property Trust (19.88%), Kiwi Property Group Ltd (13.80%). 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 Salt Enhanced Property Fund?
The Salt Enhanced Property Fund is available via Salt directly. Always read the current Product Disclosure Statement before investing.
Is a property fund a good investment?
Property funds offer exposure to listed real-estate assets and can form part of a diversified portfolio. Salt Enhanced Property Fund holds ~98.31% growth assets, carries a risk indicator of 5/7 on the FMA standardised scale, and achieved a 5-year return of 0.27% p.a. after fees before tax as at the latest QFU. Suitability depends on your personal financial goals, time horizon, and risk tolerance—refer to the product disclosure statement or speak with a financial adviser.
What are typical fees for a fund of funds?
This fund is a listed property fund (not a fund of funds). Its annual fund charge is 1.02% p.a., which sits marginally above the peer-cohort average of 0.95% p.a. for its category. For fee comparisons across different fund structures, check the latest Product Disclosure Statement or use the FMA Disclose register.
What is the dark side of mutual funds?
Managed funds carry various risks including market volatility, concentration risk, and fee drag on returns. Salt Enhanced Property Fund holds significant allocations in its top three holdings (Precinct Properties NZ Ltd 21.84%, Goodman Property Trust 19.23%, Kiwi Property Group Ltd 14.19%), which concentrates exposure to specific entities. Review the current Product Disclosure Statement and fund prospectus on the manager's website or FMA Disclose register for full risk disclosures.