# Salt NZ Dividend Appreciation Fund

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** Salt (Salt Investment Funds Limited)
- **Asset class:** Australasian Equities
- **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%)
- **Confidence tier:** C (Sorted Smart Investor → FMA Disclose)
- **Last verified:** 2026-05-28

## Summary

The Salt NZ Dividend Appreciation Fund is a australasian equities managed fund run by Salt. NZ active manager with long-short, dividend and listed-property strategies.

## Investment objective (from PDS)

> 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.

Source: Product Disclosure Statement dated 2025-06-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo25a37d6d71eff18be753953b35417860/Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf

## Fund data

- **Annual fund charge:** 1.10% p.a. (from the latest Quarterly Fund Update)
- **5-year return (after charges, after tax at 28% PIR):** 3.81% p.a.
- **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$112 million
- **Asset mix:** 98% growth assets · 2% income assets
- **Fund started:** 30 June 2015
- **Minimum initial investment:** NZ$5,000

## Top 10 holdings

1. Fisher & Paykel Healthcare Ltd — 16.10%
2. Auckland International Airport Ltd — 9.12%
3. Infratil Ltd — 8.06%
4. Contact Energy Ltd — 6.10%
5. A2 Milk Company Ltd — 4.87%
6. Ebos Group Ltd — 4.19%
7. Turners Automotive Group Ltd — 4.12%
8. Meridian Energy Limited — 4.06%
9. Mercury NZ Limited — 4.03%
10. Heartland Group Holdings Ltd — 3.68%

Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register.

## Additional terms (from PDS)

- **Minimum subsequent investment:** NZ$1,000
- **Distribution cadence:** semi-annually
- **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption)

## Investment policy (from 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.

Source: Statement of Investment Policy and Objectives dated 2025-06-12. https://smartinvestor.sorted.org.nz/disclose-document/mdo6020a9d9560e2963d175cb7b3c44f1b6/Salt-Investment-Funds-Statementofinvestmentpolicy%26objectives-13-June-2025.pdf

## Scheme disclosures (from OMI)

Scheme-level. The same disclosures apply to every fund in this scheme.

- **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited
- **Auditor:** PricewaterhouseCoopers
- **Custodian:** Apex Investment Administration (NZ) Limited
- **Conflicts of interest disclosed in OMI:** 3

### Conflicts of interest (verbatim from 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.

### Related-party transactions

- **Salt Funds Management Limited** (Ultimate parent / investment manager; manager is wholly owned subsidiary of Salt) — Investment management functions outsourced to Salt under management support agreement; Salt provides people, operational and financial resources to the manager
- **Apex Investment Administration (NZ) Limited** (Administration Manager and Custodian appointed by manager and supervisor respectively) — Unit pricing, registry services, and custody of Fund assets; entitled to reimbursement of expenses
- **The New Zealand Guardian Trust Company Limited** (Supervisor of the Funds) — Supervisory services; also entitled to special fees for services of unusual or onerous nature · Up to 0.075% plus GST per annum of gross fund value (minimum $20,000 plus GST per annum spread equitably across all funds)

Source: Other Material Information document dated 2025-09-01. https://smartinvestor.sorted.org.nz/disclose-document/mdoac9cc4594b6c3a3323024462faf01bdc/Salt-Investment-Funds-Othermaterial-Information-1-September-2025.pdf

## How to invest

Available via: Salt directly. Read the current Product Disclosure Statement (PDS) before investing.

## Sources

- **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Salt%20NZ%20Dividend%20Appreciation%20Fund
- **Product Disclosure Statement:** https://www.saltfunds.co.nz/_files/ugd/7d7e3c_5a16ab546c214579ad48cd9be7ccf107.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1145/
- **Manager website:** https://www.saltfunds.co.nz

## Citations (authoritative primary sources)

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ)
- Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities
- Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html
- Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-28
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ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.