Simplicity Homes and Income Investment Fund
Simplicity Homes and Income Investment Fund is a diversified managed fund from Simplicity with a fund size of NZ$67.8 million and an annual fund charge of 0.25%, as shown on Sorted Smart Investor on 22 May 2026; its 1-year return after fees and tax was 2.95% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Managed by SimplicityFund data last refreshed · holdings as filed to 31/03/2026
Simplicity Homes and Income Investment Fund is a diversified managed fund operated by Simplicity; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.24% · minimum investment NZ$1 · distributions no distributions (accumulating). Compared with 67 other same-category funds on this site, the 0.24% annual fund charge sits below the same-category median of 0.99%.
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 ourPIR guideandPIE tax basicsfor the full picture, or use thePIR calculatorto confirm your rate.
Annual fund charge
0.25%
vs peer avg 0.89%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 2.19%
Fund size
NZ$67.8m
23% growth · 77% income
The Homes and Income Investment Fund provides investors with an exposure to a mix of growth and income assets, with a focus on residential property. The Fund's objective is to minimise negative returns through investment in income generating assets such as community housing bonds and residential mortgages, while providing an opportunity for positive real returns over the longer term by investing a reasonable proportion in an unlisted build-to-rent property company.
How Simplicity Homes and Income Investment Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Simplicity Living Ltd Ordinary Shares (14.1%) · CHFA NZ Bond 3.472% 26 September 2028 (7.2%) · Kiwibank FRN 13 June 2028 (5.9%)
- Currency policy
- A market benchmarked approach is taken to managing currency risk. International equities are hedged passively at a 50% benchmark (range 40-60%) and international fixed interest at 100% benchmark (range 95-105%), implemen…
Key facts
Fund start date
27 October 2023
Min. investment
NZ$1
Distributions
No distributions (accumulating)
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 |
|---|---|---|---|
| Cash and cash equivalents | 40% | 35% | 100% |
| New Zealand fixed interest | 35% | 0% | 65% |
| Total Income Assets | 75% | 50% | 100% |
| Unlisted New Zealand property | 25% | 0% | 50% |
| Total Growth Assets | 25% | 0% | 50% |
Responsible-investment approach
A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay.
Derivatives policy
Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities.
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.
- Simplicity NZ Limited acknowledges a conflict of interest because investor funds flow from the KiwiSaver and Investment Funds schemes into a Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment chain.
- Simplicity discloses that the Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, a company 100% controlled by Simplicity through SIML, meaning the fund has no diversification outside this single related-party asset.
- Simplicity acknowledges that one of its directors sits on the Simplicity Living board and that Simplicity itself sets the valuation model parameters used to price those unlisted shares, combining shareholder representation and valuation control in the same organisation.
- Simplicity states it manages these conflicts through a Conflicts of Interest Policy requiring a certificate confirming all related-party transactions are on an arm's-length basis, comply with investment guidelines, and are in investors' interests.
Generated 2026-05-28 from Simplicity Wholesale Property Fund (Simplicity KiwiSaver Scheme and Simplicity Investment Funds Scheme) OMI (dated 2025-06-24). 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
Custodian
Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited)
Conflicts disclosed
4
In OMI
Conflicts of interest disclosed in OMI
- Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship.
- The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML.
- A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares.
- Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests.
How this fund compares to peers
Mechanical comparison vs the 68 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Simplicity Homes and Income Investment Fund: 0.25% per annum. Diversified median across 68 funds:0.99%. This fund is 0.74 percentage points below the category median.
Annual fund charge
0.25%
Category median: 0.99%
Cheaper than 94% of peers
Fund size
NZ$67.8m
Category median: NZ$45.7m
58th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$124
Compounded charge over 5 years (excl. returns)
$361 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.
Complete portfolio
This fund files 534 holdings with the FMA as at 31/03/2026. The largest 25 are shown.
Top 10 concentration: 50.5% of net assets.
Direct disclosed holdings only — a floor on exposure, not a total. Filings list wrappers and securities together, so a fund holding another fund shows no look-through here. Disclosed rows account for 100.0% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| Simplicity Living Ltd Ordinary Shares | 14.11% | |
| CHFANZ 3.472% 26/09/2028 | 7.24% | |
| KIWI Float 13/06/2028 | 5.88% | |
| WSTP NFIX3FRA + 73 06/07/2026 | 5.70% | |
| KIWI NFIX3FRA + 65 15/03/2028 | 4.76% | |
| HOUSNZ 2.247% 05/10/2026 | 3.79% | |
| NZTTC 0% 26/06/2026 | 2.83% | |
| NZTTC 0% 27/05/2026 | 2.36% | |
| ACCNZ 3.744% 10/08/2026 | 1.91% | |
| WATERC 0% 14/04/2026 | 1.90% | |
| DCTL 0% 12/05/2026 | 1.89% | |
| ICBCAS 0% 27/05/2026 | 1.89% | |
| DCTL 0% 15/06/2026 | 1.89% | |
| WATERC 0% 16/06/2026 | 1.89% | |
| WELLCC 0% 23/07/2026 | 1.88% | |
| RABOBK NFIX3FRA + 74 19/06/2028 | 1.78% | |
| RABOBK NFIX3FRA + 57 20/02/2029 | 1.69% | |
| TPNZ FLOAT 31/07/2028 | 1.62% | |
| CFHB 5.580% 07/06/2029 | 1.45% | |
| RABOBK NFIX3FRA + 80 12/08/2026 | 1.33% | |
| WATERC 2.585% 13/05/2026 | 1.32% | |
| RABOBK NFIX3FRA + 80.000 05/04/2027 | 1.22% | |
| UDC Endeavour ABS Trust | 0.99% | |
| UDCAU 2025-2 A | 0.98% | |
| KIWI Term Deposit 2.9% 04/02/2026 05/05/2026 | 0.95% |
Every NZ managed fund must file its complete portfolio with the FMA each quarter. Where a line is itself a fund, trust or ETF, the securities inside it are not broken out here.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
SLSimplicity Living Ltd Ordinary Shares | 14.11% |
CNCHFA NZ Bond 3.472% 26 September 2028 | 7.24% |
 Kiwibank FRN 13 June 2028 | 5.88% |
 Westpac FRN 6 July 2026 | 5.70% |
| Kiwibank FRN 15 March 2028 | 4.76% |
$Cash at Bank | 3.80% |
HNHousing NZ 2.247% 5 October 2026 | 3.79% |
TTTax Traders CP 26 June 2026 | 2.83% |
TTTax Traders CP 27 May 2026 | 2.36% |
ACAuckland City Council Bond 10 August 2026 | 1.91% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- HOMES AND INCOME INVESTMENT FUND (FND46015) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 7.17 KB
- Product Disclosure Statement Simplicity Investment Funds 1 September 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 168.18 KB
- Simplicity Homes and Income Investment Fund update 31 March 2026.pdf The quarterly update published by the provider PDF, 538.15 KB
- Simplicity Wholesale Property Fund OMI 30 June 2025.pdf Wholesale Property Fund other material information 30 June 2025 PDF, 322.79 KB
- Letterto FMA (FMC Exemption Notice 2020)18 August 20.pdf Financial Markets Conduct (Financial Reporting and Other Relief—COVID-19) Exemption Notice 2020 (Exemption Notice) PDF, 239.41 KB
- Other Material Information Simplicity Investment Funds 1 September 2025.pdf Other Material Information PDF, 4.07 MB
- Simplicity Investment Funds Financial Statements&Annual Report 31 March 2017.pdf Letter in lieu of annual report and financial statements PDF, 227.39 KB
- Simplicity Private Equity Valuation Policy Final 250130 v 5.pdf Simplicity Private Equity Valuation Policy PDF, 700.81 KB
- Simplicity Investment Funds 31 March 2026 Register Entry Additional Information First Home Mortgage Fund.pdf Simplicity Investment Funds- 31 December 2025 - Register Entry Additional Information - Fir
- Statement of Investment Policy and Objectives Simplicity Investment Funds 1 May 2026.pdf Statement of investment policy and objectives PDF, 395.98 KB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About Simplicity
Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity.
Simplicity has 11 retail funds in our coverage across Diversified, Cash, NZ Fixed Interest, International FI, Australasian Equities and International Equities strategies, with annual fund charges from 0.10% to 0.25% a year.
Based in Auckland.
Common questions
Questions people ask about Simplicity Homes and Income Investment Fund
Questions that recur in search results for this fund, answered from its filed PDS, Fund Update and FMA Disclose record. How the question set was captured is documented in our methodology. Not personal financial advice — for guidance specific to your situation, consult a licensed financial adviser.
How much does Simplicity fund charge?
Simplicity Homes and Income Investment Fund charges an annual fund charge of 0.25% p.a., as disclosed on the FMA Disclose register. This is materially lower than the peer-cohort average of 0.89% p.a. for comparable diversified funds.
How safe is Simplicity?
The fund carries a risk indicator of 3 out of 7 on the FMA standardised scale, reflecting a moderate risk profile appropriate to its ~76.63% allocation to income assets and ~23.37% to growth assets. The specific risks and past performance are detailed in the fund's current Product Disclosure Statement on the FMA Disclose register.
What are the alternatives to Simplicity?
You can compare Simplicity Homes and Income Investment Fund against other diversified funds on managedfunds.nz using filters for risk level, annual fund charge, and asset mix. The FMA Disclose register also allows you to review Product Disclosure Statements for all competing funds in this category.
Head-to-head
Compare Simplicity Homes and Income Investment Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Simplicity
- Simplicity Unhedged Global Share FundInternational Equities
- Simplicity Hedged Global Share FundInternational Equities
- Simplicity NZ Share FundAustralasian 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.
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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 Simplicity Homes and Income Investment Fund?
Simplicity Homes and Income Investment Fund is managed by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity.
What asset class is the Simplicity Homes and Income Investment Fund?
It is a diversified managed fund. The fund has a balanced risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Simplicity Homes and Income Investment Fund?
The annual fund charge for the Simplicity Homes and Income Investment Fund is 0.25% 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 Simplicity Homes and Income Investment 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 Simplicity Homes and Income Investment Fund a PIE fund?
Yes. The Simplicity Homes and Income Investment 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 Simplicity Homes and Income Investment Fund?
Fund size (assets under management) is NZ$68 million as at the latest Quarterly Fund Update. Asset mix is approximately 23% growth assets and 77% income assets.
What does the Simplicity Homes and Income Investment Fund invest in?
The latest published top holdings are: Simplicity Living Ltd Ordinary Shares (14.11%), CHFA NZ Bond 3.472% 26 September 2028 (7.24%), Kiwibank FRN 13 June 2028 (5.88%). 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 Simplicity Homes and Income Investment Fund?
The Simplicity Homes and Income Investment Fund is available via Simplicity directly. Always read the current Product Disclosure Statement before investing.
How much does Simplicity fund charge?
Simplicity Homes and Income Investment Fund charges an annual fund charge of 0.25% p.a., as disclosed on the FMA Disclose register. This is materially lower than the peer-cohort average of 0.89% p.a. for comparable diversified funds.
How safe is Simplicity?
The fund carries a risk indicator of 3 out of 7 on the FMA standardised scale, reflecting a moderate risk profile appropriate to its ~76.63% allocation to income assets and ~23.37% to growth assets. The specific risks and past performance are detailed in the fund's current Product Disclosure Statement on the FMA Disclose register.
What are the alternatives to Simplicity?
You can compare Simplicity Homes and Income Investment Fund against other diversified funds on managedfunds.nz using filters for risk level, annual fund charge, and asset mix. The FMA Disclose register also allows you to review Product Disclosure Statements for all competing funds in this category.