Squirrel Monthly Income Fund is a other managed fund operated by Squirrel; PIE-structured; FMA risk indicator 2/7. Headline terms: annual fund charge 2.00% · minimum investment NZ$100 · distributions monthly. Compared with 7 other same-category funds on this site, the 2.00% annual fund charge sits above the same-category median of 1.05%.
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
2.14%
vs peer avg 0.91%
Risk indicator
2/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 4.91%
Fund size
NZ$210.1m
98% growth · 2% income
The Fund is designed to provide investors with a regular income return generated through exposure to a diversified portfolio of loans secured against registered first mortgages on residential property across New Zealand. The Fund's investment objective is to provide an annual return, after fees and before tax, that outperforms the 1 Year New Term Deposit Rate (>$10k) by a margin of 2.00%.
How Squirrel Monthly Income Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- 1 Year New Term Deposit Rate (>$10k)
- Top 3 holdings
- Construction loan secured by Residential Dwelling (Auckland) (2.4%) · Construction loan secured by Residential Dwelling (Auckland) (2.0%) · Construction loan secured by Residential Dwelling (Wellington) (1.9%)
Key facts
Fund start date
13 October 2021
Min. investment
NZ$100
Subsequent: NZ$50
Distributions
Monthly
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 |
|---|---|---|---|
| New Zealand income assets (including loans) | 98.5% | 70% | 100% |
| Squirrel Wholesale Construction Loan Fund | — | 0% | 100% |
| Squirrel Wholesale Home Loan Fund | — | 0% | 50% |
| Cash and cash equivalents | 1.5% | 0% | 30% |
Derivatives policy
The Fund does not have a hedging policy, and it will not use risk management financial instruments.
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.
- Squirrel retains a platform service margin — the gap between borrower interest rates and investor returns — estimated at a blended 1.55% per annum, which directly reduces income the fund receives.
- Squirrel may also charge borrowers an establishment fee of up to 2% of the loan value, and the fund (as investor) does not receive any share of that fee.
- Squirrel discloses a conflict in loan allocation decisions: when scale increases, it must choose whether to direct whole loans to the wholesale fund or the retail P2P platform, potentially affecting the fund's access to loans.
- Squirrel staff, FundRock staff, and their families are permitted to invest in the fund alongside retail investors, which Squirrel acknowledges as a disclosed conflict of interest.
Generated 2026-05-28 from Squirrel Investment Funds OMI (dated 2024-12-10). 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
Auditor
KPMG
Custodian
Adminis NZ Limited
Conflicts disclosed
4
In OMI
Conflicts of interest disclosed in OMI
- Squirrel intends investing Fund assets into the Underlying Funds which in turn invest in loans via the Squirrel P2P platform, and in exchange for administering those loans Squirrel retains a platform service margin representing the difference between interest paid by a borrower and the interest received by an investor.
- Squirrel may charge borrowers an establishment fee of up to 2% of the loan value which investors (including the Underlying Funds) may not receive.
- When the Underlying Funds obtain scale, Squirrel will need to decide whether to allocate a whole loan to the relevant wholesale fund via the Squirrel P2P wholesale platform, or to the Squirrel P2P retail platform where all P2P investors (including the Underlying Funds) will have the ability to obtain a fractional exposure to that loan.
- Parties related to the Fund, including the staff of Squirrel and their families and the staff of FundRock and their families, may from time to time invest in the Fund.
How this fund compares to peers
Mechanical comparison vs the 8 other other 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
2.14%
Category median: 1.06%
Pricier than most peers (top 81% by fee)
Fund size
NZ$210.1m
Category median: NZ$106.3m
Top 19% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$1,025
Compounded charge over 5 years (excl. returns)
$504 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 |
|---|---|
| CL Construction loan secured by Residential Dwelling (Auckland) | 2.40% |
| CL Construction loan secured by Residential Dwelling (Auckland) | 2.02% |
| CL Construction loan secured by Residential Dwelling (Wellington) | 1.95% |
| CL Construction loan secured by Residential Dwelling (Bay of Plenty) | 1.85% |
| $ Cash and cash equivalents | 1.60% |
| CL Construction loan secured by Residential Dwelling (Waikato) | 1.38% |
| CL Construction loan secured by Residential Dwelling (Auckland) | 1.29% |
| CL Construction loan secured by Residential Dwelling (Auckland) | 1.27% |
| CL Construction loan secured by Residential Dwelling (Auckland) | 1.23% |
| HL Home loan secured by Residential Dwelling (Auckland) | 1.22% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SQUIRREL MONTHLY INCOME FUND (FND35154) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 9.73 KB
- 20241211 Squirrel PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 507.75 KB
- 20260331 Squirrel Monthly Income QFU.pdf The quarterly update published by the provider PDF, 365.83 KB
- 20241211 Squirrel OMI.pdf Other Material Information Document PDF, 406.44 KB
- Financial Markets Conduct (Squirrel Investment Funds)Exemption Notice 2021.pdf Financial Markets Conduct (Squirrel Investment Funds) Exemption Notice 2021 PDF, 349.25 KB
- 20241211 Squirrel SIPO.pdf Statement of investment policy and objectives PDF, 366.60 KB
About this category
Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
About Squirrel
Peer-to-peer lender offering a monthly income fund built on its loan book.
See all funds from Squirrel →Common questions
Questions people ask about Squirrel Monthly Income 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 Squirrel, NZ legit to invest in?
Squirrel Monthly Income Fund is registered on the FMA Disclose register and operates as a PIE fund under New Zealand financial services law. You can verify current fund details, including the Product Disclosure Statement and latest quarterly fund update, via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.
Is Squirrel's monthly income fund a pie fund?
Yes, Squirrel Monthly Income Fund is structured as a PIE (Portfolio Investment Entity). This means investor tax is capped at your prescribed investor rate (PIR), with a maximum rate of 28%, rather than being taxed at your personal marginal tax rate.
Are monthly income funds a good investment?
Monthly income funds target regular distributions and typically hold a mix of growth and income assets. Squirrel Monthly Income Fund holds approximately 78.34% growth assets and 21.66% income assets, with a risk indicator of 2/7 on the FMA standardised scale. Suitability depends on your individual financial goals and risk tolerance; check the Product Disclosure Statement for full details.
What is the return on the Squirrel's monthly Income Fund?
Historical returns are not included in the fund facts available here. You can view performance data and the latest quarterly fund update on the Squirrel website (https://www.squirrel.co.nz) or via the FMA Disclose register.
Head-to-head
Compare Squirrel Monthly Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Other funds
FMA risk band
Same risk band (2/7)
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 2 funds →AI & integrations
Use this fund inside the tools you already use
Every fund on ManagedFundsNZ ships in three formats so AI assistants and data tools can consume it without scraping: a canonical HTML page, a plain Markdown twin, and a structured JSON twin. Citation back to the canonical URL is required; full reuse policy at /llms-policy.txt.
- Canonical (HTML)managedfunds.nz/funds/squirrel/monthly-income/This page. Browsable.
- Markdown twinmanagedfunds.nz/funds/squirrel/monthly-income/markdown.mdPlain text. AI-crawler-ready.
- Structured (JSON)managedfunds.nz/funds/squirrel/monthly-income/data.jsonMachine-parseable.
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 Squirrel Monthly Income Fund?
Squirrel Monthly Income Fund is managed by Squirrel. Peer-to-peer lender offering a monthly income fund built on its loan book.
What asset class is the Squirrel Monthly Income Fund?
It is a other managed fund. Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
What are the fees for the Squirrel Monthly Income Fund?
The annual fund charge for the Squirrel Monthly Income Fund is 2.14% 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 Squirrel Monthly Income Fund?
The risk indicator is 2/7 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 Squirrel Monthly Income Fund a PIE fund?
Yes. The Squirrel Monthly Income 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 Squirrel Monthly Income Fund?
Fund size (assets under management) is NZ$210 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Squirrel Monthly Income Fund invest in?
The latest published top holdings are: Construction loan secured by Residential Dwelling (Auckland) (2.40%), Construction loan secured by Residential Dwelling (Auckland) (2.02%), Construction loan secured by Residential Dwelling (Wellington) (1.95%). 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 Squirrel Monthly Income Fund?
The Squirrel Monthly Income Fund is available via Squirrel directly. Always read the current Product Disclosure Statement before investing.
Is Squirrel, NZ legit to invest in?
Squirrel Monthly Income Fund is registered on the FMA Disclose register and operates as a PIE fund under New Zealand financial services law. You can verify current fund details, including the Product Disclosure Statement and latest quarterly fund update, via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.
Is Squirrel's monthly income fund a pie fund?
Yes, Squirrel Monthly Income Fund is structured as a PIE (Portfolio Investment Entity). This means investor tax is capped at your prescribed investor rate (PIR), with a maximum rate of 28%, rather than being taxed at your personal marginal tax rate.
Are monthly income funds a good investment?
Monthly income funds target regular distributions and typically hold a mix of growth and income assets. Squirrel Monthly Income Fund holds approximately 78.34% growth assets and 21.66% income assets, with a risk indicator of 2/7 on the FMA standardised scale. Suitability depends on your individual financial goals and risk tolerance; check the Product Disclosure Statement for full details.
What is the return on the Squirrel's monthly Income Fund?
Historical returns are not included in the fund facts available here. You can view performance data and the latest quarterly fund update on the Squirrel website (https://www.squirrel.co.nz) or via the FMA Disclose register.