{ "schemaVersion": "1.1", "canonicalUrl": "https://managedfunds.nz/funds/salt/nz-dividend-appreciation/", "fetchedAt": "2026-06-20T08:25:17.177Z", "fund": { "slug": "nz-dividend-appreciation", "name": "Salt NZ Dividend Appreciation Fund", "managerSlug": "salt", "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": "salt", "name": "Salt", "legalName": "Salt Investment Funds Limited", "parent": null, "website": "https://www.saltfunds.co.nz", "hq": "Auckland" }, "category": { "slug": "australasian-equities", "name": "Australasian Equities", "shortName": "Australasian Equities" }, "metrics": { "status": "ok", "matchScore": 3.25, "sortedFundName": "SALT NZ DIVIDEND APPRECIATION FUND", "sortedManager": "SALT INVESTMENT FUNDS LIMITED saltfunds.co.nz", "sortedUrl": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1145/", "fetchedAt": "2026-05-28", "source_doc": "sorted/SCH10872/OFR10881/FND1145", "source_doc_date": "2026-05-22", "source_doc_url": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1145/", "source_tier": "C", "riskIndicator": 4, "annualFundChargePct": 1.1, "peerAvgFeePct": 0.91, "fiveYearReturnPct": 3.81, "peerAvg5YearReturnPct": 4.91, "growthAssetsPct": 98.31, "incomeAssetsPct": 1.69, "fundSizeNzd": 112452102, "pdsUrl": "https://www.saltfunds.co.nz/_files/ugd/7d7e3c_5a16ab546c214579ad48cd9be7ccf107.pdf", "strategySummary": "“\n The Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. 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Override sourced from saltfunds.co.nz/dividend-appreciation-fund.", "manualSource": "saltfunds.co.nz/dividend-appreciation-fund", "manualSourceUrls": [ "https://www.saltfunds.co.nz/dividend-appreciation-fund" ] }, "pdsExtract": { "fund_name": "Salt NZ Dividend Appreciation Fund", "objective": "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": "S&P/NZX 50 Gross Index", "risk_indicator": 6, "is_pie": true, "is_hedged": null, "asset_allocation": { "growth_assets_pct": null, "income_assets_pct": null, "equities_pct": 100, "fixed_income_pct": null, "cash_pct": null, "property_pct": null, "other_pct": null }, "fees": { "annual_fund_charge_pct": 1.1, "performance_fee_pct": null, "performance_fee_terms": null, "buy_spread_bps": 20, "sell_spread_bps": 20, "member_fee_nzd": null }, "minimum_investment_nzd": 5000, "minimum_subsequent_nzd": 1000, "distribution_frequency": "semi-annually", "source_paragraph": "Aims to outperform the S&P/NZX 50 Gross Index on a rolling three-year basis by investing predominantly in New Zealand shares. The Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. Australasian equities 100%.", "_match": { "score": 1, "extractFundName": "Salt NZ Dividend Appreciation Fund", "ourFundName": "SALT NZ DIVIDEND APPRECIATION FUND" }, "_provenance": { "scheme_id": "SCH10872", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo25a37d6d71eff18be753953b35417860/Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf", "source_doc_date": "2025-06-12", "source_tier": "A", "pdf_hash": "0960c92de652ef2f019d5dc22bd7e0997f832ec87494c383964b3cc068844d3b", "extracted_at": "2026-05-27T23:06:40.291Z" } }, "sipoExtract": { "scheme_policies": { "investment_philosophy": "Salt and the Manager are active managers whose shared investment philosophy is centred on the belief that market inefficiencies exist that can be exploited over time to deliver superior risk-adjusted returns. This philosophy is based on the belief that the value of any financial asset is the net present value of some measure of future cash flows, discounted appropriately, and that observed prices will often differ from this value and provide both near and long-term trading and investment opportunities.", "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.", "rebalancing_policy": "Each Fund's actual asset allocation is monitored daily relative to its benchmark asset allocation range. Rebalancing is undertaken by buying and selling assets when allocations get close to the limits of their benchmark asset allocation ranges.", "currency_hedging_policy": "Changes in foreign exchange rates introduce volatility in valuations of investments held in currencies other than the New Zealand dollar. To reduce this volatility, the Funds may hedge their overseas assets. The Funds may be fully, partially or completely unhedged at Salt's discretion.", "liquidity_policy": "Apex calculates unit prices on every New Zealand business day including regional anniversary days but with the exception of Auckland Anniversary Day. Prices are not calculated on other New Zealand public holidays. Each Fund maintains an appropriate level of liquid assets, including cash, to manage daily redemption flows and ongoing expenses." }, "scheme": { "scheme_name": "Salt Investment Funds", "manager_name": "Salt Investment Funds Limited", "sipo_version_date": "2025-06-13", "sipo_review_cadence": "annually" }, "fund": { "fund_name": "Salt NZ Dividend Appreciation Fund", "objective_verbatim": "The Fund's investment objective is to outperform (after fees and expenses but before tax) the S&P/NZX 50 Gross Index on a rolling three-year basis by investing predominantly in New Zealand shares.", "benchmark": "S&P/NZX 50 Gross Index", "investment_horizon_years": 5, "permitted_assets": [ "Ordinary shares, ordinary units, stapled securities, preference shares, convertible and converting notes, warrants, options, rights and other securities listed on NZX or dual-listed on NZX and ASX (or expected to be listed within one year)", "Derivatives (exchange traded or over-the-counter) including swaps, interest rate and forward rate contracts, forward foreign exchange contracts, options, and futures contracts", "Units and other prescribed interests in unit trusts, managed investment schemes or other pooled funds", "Cash or cash equivalent securities", "Sub-underwriting arrangements in respect of shares to be listed on NZX or ASX" ], "asset_allocation_ranges": [ { "asset_class": "NZ Shares", "target_pct": 100, "min_pct": 95, "max_pct": 100 }, { "asset_class": "Unlisted securities", "target_pct": 0, "min_pct": 0, "max_pct": 5 }, { "asset_class": "Cash or cash equivalents", "target_pct": 0, "min_pct": 0, "max_pct": 5 } ], "exclusions": [], "tilts": [ "Companies with high and sustainable dividend yields", "Overweight positions in stocks with high relative dividend yield after quality and sustainability screening", "Focus on companies exhibiting future earnings growth supportive of sustained dividends" ], "performance_objective": "Outperform S&P/NZX 50 Gross Index on a rolling three-year basis (after fees and expenses but before tax)", "tracking_error_target": null, "source_paragraph": "The Salt NZ Dividend Appreciation Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. The Fund's investment objective is to outperform (after fees and expenses but before tax) the S&P/NZX 50 Gross Index on a rolling three-year basis. 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Both the amount and the basis of calculation of these performance fees may be amended by giving at least one month's prior notice to affected unit holders and the Supervisor (for example, the benchmark hurdle rate or fee percentage could be changed). We have estimated these based on the average of the Funds' nine years of performance fees payable against its performance fee hurdle rate of return, based on gross fund value and converted to a percentage of average daily net asset value over the period. Ten-year average performance fee for the Long Short Fund: 0.53%." }, { "fund_name": "Salt Enhanced Property Fund", "hurdle_verbatim": "performance fee hurdle rate of return (as set out in the PDS)", "high_water_mark": null, "high_water_mark_reset_terms": null, "crystallisation_cadence": null, "cap_pct": null, "performance_fee_terms_full": "We are also entitled to a performance fee, plus GST, for the Salt Long Short Fund and Salt Enhanced Property Fund, as set out in the PDS. Both the amount and the basis of calculation of these performance fees may be amended by giving at least one month's prior notice to affected unit holders and the Supervisor (for example, the benchmark hurdle rate or fee percentage could be changed). We have estimated these based on the average of the Funds' nine years of performance fees payable against its performance fee hurdle rate of return, based on gross fund value and converted to a percentage of average daily net asset value over the period. Ten-year average performance fee for the Enhanced Property Fund: 0.02%." } ], "material_risks_not_in_pds_summary": [ { "risk_name": "Regulatory risk", "description": "Regulatory risk is the risk of future changes to laws or regulations (including tax or managed fund legislation) that could affect the operation of the Funds or your investment in any of them. In addition, there is the risk that the Trust Deed could be amended in a manner permitted by law that adversely affects your interests." }, { "risk_name": "Taxation risk", "description": "Changes in taxation rates, policies, regulations and laws or tax treatment of an investment in a Fund may impact your investment returns and the effectiveness of the Fund's investment strategy (e.g. short selling). We recommend you seek advice from a tax adviser before making an investment into a Fund." }, { "risk_name": "Fund liquidity risk", "description": "There is a risk of a Fund being unable to meet monetary obligations in a timely manner, which arises where there is a mismatch between the maturity profile of investments and the amounts required to pay benefits (although the Funds' investments are managed with a view to ensuring their cashflow requirements are met)." }, { "risk_name": "Insolvency risk", "description": "There is a risk of one or more of the Funds becoming insolvent and being placed into receivership, liquidation, or statutory management, or being otherwise unable to meet their financial obligations during the term of your investment in it." }, { "risk_name": "Administration risk", "description": "There is a risk of technological or other failures, or other external events (such as pandemics), impacting on the operation of the Funds or financial markets in general." }, { "risk_name": "Loss of PIE status risk", "description": "There is a risk of a Fund losing its PIE status and instead being subject to tax on its net investment income at a flat rate of 28% (although we have processes in place to manage compliance with the PIE eligibility requirements)." }, { "risk_name": "Risk of changes to Funds", "description": "There is a risk of a Fund being wound-up or changes to the way a Fund operates being made while you invest in it." }, { "risk_name": "Underlying investment manager risk", "description": "There is a risk of an underlying investment manager selecting an underlying investment that could negatively affect the returns of a Fund. We (and Salt, as the relevant Fund's investment manager) monitor the performance of underlying investment managers to reduce the likelihood or impact of this risk." } ], "tax_disclosures": [ "Each Fund is a multi-rate portfolio investment entity (PIE); all taxable income (or loss) is allocated between unit holders based on their proportionate interest and tax is calculated at each investor's nominated prescribed investor rate (PIR).", "PIRs for NZ resident individuals range from 10.5% to 28% based on taxable income thresholds over the two preceding income years; the PIR for non-resident unit holders is 28%.", "Tax is deducted by cancelling units equal to the value of the tax liability at the earliest of: end of the income year (after 31 March), on withdrawal/switch/transfer, or when the balance is or could become insufficient to cover accrued tax.", "PIE income may affect Work and Income assistance, working for families tax credits, student loan repayment obligations, and child support payments.", "Capital gains or losses on most NZ resident company and ASX-listed Australian company shares with a franking account are not taxable or deductible; distributions from these holdings are taxable.", "Other foreign shares and funds are generally subject to Foreign Investment Fund (FIF) rules and taxed under the fair dividend rate (FDR) method, deeming 5% per annum of average daily market value as taxable income; dividends under FDR are not taxable.", "Foreign shares considered non-ordinary shares (e.g. fixed rate, non-participating redeemable, or 80%+ in NZD financial arrangements) are taxed under the FIF comparative value method (annual change in market value plus distributions and disposal gains).", "Debt securities and other financial arrangements are taxed under the financial arrangements rules using the IFRS taxpayer method; foreign exchange gains and losses may be taxed under a method similar to FDR in some cases.", "For short selling in the Salt Long Short Fund and Salt Enhanced Property Fund: manufactured dividends received on collateral are taxable income; manufactured dividends paid on borrowed shares are tax deductible to the Fund.", "GST is currently only charged on 10% of management fees based on an industry agreement with Inland Revenue; the proportion may change.", "Withdrawals from the Funds and any distributions are not taxed in New Zealand as they are excluded income.", "Investors on a PIR higher than their correct rate must pay any shortfall at year-end; individual investors over-withheld may receive a refund; other investor types (e.g. companies) will not receive a refund of over-withheld tax." ], "trustee_supervisor": "The New Zealand Guardian Trust Company Limited", "auditor": "PricewaterhouseCoopers", "custodian": "Apex Investment Administration (NZ) Limited", "source_paragraphs": [ "We are also entitled to a performance fee, plus GST, for the Salt Long Short Fund and Salt Enhanced Property Fund, as set out in the PDS. Both the amount and the basis of calculation of these performance fees may be amended by giving at least one month's prior notice to affected unit holders and the Supervisor.", "We are a subsidiary of Salt, who is the investment manager of the Funds. As a subsidiary of Salt, we may have an incentive to appoint Salt over a third party investment manager.", "The Supervisor is entitled to a fee from each Fund of up to 0.075% plus any GST per annum of the gross fund value of that Fund as agreed with us (subject to a minimum fee of $20,000 plus any GST per annum, which is spread equitably across all of the funds within the Salt Investment Funds)." ], "_match": { "schemeId": "SCH10872", "ourFundName": "SALT NZ DIVIDEND APPRECIATION FUND", "scope": "scheme-level" } }, "sources": { "fmaDisclose": "https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Salt%20NZ%20Dividend%20Appreciation%20Fund", "sortedSmartInvestor": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1145/", "productDisclosureStatement": "https://www.saltfunds.co.nz/_files/ugd/7d7e3c_5a16ab546c214579ad48cd9be7ccf107.pdf", "pdsExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo25a37d6d71eff18be753953b35417860/Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf", "sipoExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo6020a9d9560e2963d175cb7b3c44f1b6/Salt-Investment-Funds-Statementofinvestmentpolicy%26objectives-13-June-2025.pdf", "omiExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdoac9cc4594b6c3a3323024462faf01bdc/Salt-Investment-Funds-Othermaterial-Information-1-September-2025.pdf" }, "licence": { "reuse": "Citation with link-back to canonicalUrl required. No paid redistribution.", "contact": "hello@managedfunds.nz" } }