Salt NZ Dividend Appreciation Fund
Managed by Salt Salt NZ Dividend Appreciation Fund is a australasian equities managed fund operated by Salt; PIE-structured; FMA risk indicator 6/7. Headline terms: annual fund charge 1.10% · minimum investment NZ$5,000 · distributions semi-annually. Compared with 57 other same-category funds on this site, the 1.10% annual fund charge sits above the same-category median of 1.00%.
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
1.10%
vs peer avg 0.91%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
3.81%
peer avg 4.91%
Fund size
NZ$112.5m
98% growth · 2% income
Aims to outperform the S&P/NZX 50 Gross Index on a rolling three-year basis by investing predominantly in New Zealand shares that may pay high and sustainable dividends.
Benchmark track record
Compare Australasian Equities consistency →How Salt NZ Dividend Appreciation 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 6 years
annual returns to 30/06/2022Since inception: 8.91% p.a. after fees & tax vs benchmark 10.64%.
How Salt NZ Dividend Appreciation Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- S&P/NZX 50 Gross Index
- Top 3 holdings
- Fisher & Paykel Healthcare Ltd (16.1%) · Auckland International Airport Ltd (9.1%) · Infratil Ltd (8.1%)
Key facts
Fund start date
30 June 2015
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%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| NZ Shares | 100% | 95% | 100% |
| Unlisted securities | 0% | 0% | 5% |
| Cash or cash equivalents | 0% | 0% | 5% |
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 58 other australasian equities 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
1.10%
Category median: 1.01%
Mid-pack — cheaper than 33% of peers
5y return p.a. (after fees)
+3.81%
Category median: +1.68%
Above peer median (62th percentile)
Fund size
NZ$112.5m
Category median: NZ$74.1m
58th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$538
Compounded charge over 5 years (excl. returns)
$43 more 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 |
|---|---|
 Fisher & Paykel Healthcare Ltd | 16.10% |
 Auckland International Airport Ltd | 9.12% |
 Infratil Ltd | 8.06% |
 Contact Energy Ltd | 6.10% |
 A2 Milk Company Ltd | 4.87% |
 Ebos Group Ltd | 4.19% |
| TA Turners Automotive Group Ltd | 4.12% |
 Meridian Energy Limited | 4.06% |
 Mercury NZ Limited | 4.03% |
| HG Heartland Group Holdings Ltd | 3.68% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SALT NZ DIVIDEND APPRECIATION FUND (FND1145) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.33 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 NZ Dividend Appreciation Fund Quarterly Fund Update Mar 2026.pdf The quarterly update published by the provider PDF, 333.18 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 primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
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 NZ Dividend Appreciation 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.
What is a dividend appreciation fund?
A dividend appreciation fund is an equity fund that focuses on companies with a history of growing their dividend payments over time. Salt NZ Dividend Appreciation Fund invests in Australasian equities selected for dividend-growth characteristics, with an asset mix of approximately 98.31% growth assets and 1.69% income assets as at the latest QFU.
What is the highest paying dividend fund?
Dividend yield varies by fund strategy and market conditions. Salt NZ Dividend Appreciation Fund focuses on dividend *appreciation* (growth in payments) rather than current yield alone; its 5-year return after fees before tax was 4.01% p.a. as at the latest QFU. Compare returns and yields across funds using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/.
Is Harbor Capital Appreciation fund a good investment?
Assessment of any fund depends on your personal circumstances, investment horizon, and objectives. You can compare Harbor Capital Appreciation with Salt NZ Dividend Appreciation Fund using FMA Disclose data (https://disclose-register.companiesoffice.govt.nz/), which includes annual fund charges, risk indicators, and historical returns. Consult the Product Disclosure Statements and consider seeking financial advice.
Head-to-head
Compare Salt NZ Dividend Appreciation Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Australasian Equities 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 NZ Dividend Appreciation Fund?
Salt NZ Dividend Appreciation Fund is managed by Salt. NZ active manager with long-short, dividend and listed-property strategies.
What asset class is the Salt NZ Dividend Appreciation Fund?
It is a australasian equities managed fund. Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
What are the fees for the Salt NZ Dividend Appreciation Fund?
The annual fund charge for the Salt NZ Dividend Appreciation Fund is 1.10% 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 NZ Dividend Appreciation Fund?
The risk indicator is 4/7 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 NZ Dividend Appreciation Fund a PIE fund?
Yes. The Salt NZ Dividend Appreciation 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 NZ Dividend Appreciation Fund?
Fund size (assets under management) is NZ$112 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Salt NZ Dividend Appreciation Fund invest in?
The latest published top holdings are: Fisher & Paykel Healthcare Ltd (16.10%), Auckland International Airport Ltd (9.12%), Infratil Ltd (8.06%). 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 NZ Dividend Appreciation Fund?
The Salt NZ Dividend Appreciation Fund is available via Salt directly. Always read the current Product Disclosure Statement before investing.
What is a dividend appreciation fund?
A dividend appreciation fund is an equity fund that focuses on companies with a history of growing their dividend payments over time. Salt NZ Dividend Appreciation Fund invests in Australasian equities selected for dividend-growth characteristics, with an asset mix of approximately 98.31% growth assets and 1.69% income assets as at the latest QFU.
What is the highest paying dividend fund?
Dividend yield varies by fund strategy and market conditions. Salt NZ Dividend Appreciation Fund focuses on dividend *appreciation* (growth in payments) rather than current yield alone; its 5-year return after fees before tax was 4.01% p.a. as at the latest QFU. Compare returns and yields across funds using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/.
Is Harbor Capital Appreciation fund a good investment?
Assessment of any fund depends on your personal circumstances, investment horizon, and objectives. You can compare Harbor Capital Appreciation with Salt NZ Dividend Appreciation Fund using FMA Disclose data (https://disclose-register.companiesoffice.govt.nz/), which includes annual fund charges, risk indicators, and historical returns. Consult the Product Disclosure Statements and consider seeking financial advice.