{ "schemaVersion": "1.1", "canonicalUrl": "https://managedfunds.nz/funds/squirrel/monthly-income/", "fetchedAt": "2026-06-20T08:25:17.250Z", "fund": { "slug": "monthly-income", "name": "Squirrel Monthly Income Fund", "managerSlug": "squirrel", "category": "other", "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": "squirrel", "name": "Squirrel", "legalName": "Squirrel Investments Limited", "parent": null, "website": "https://www.squirrel.co.nz", "hq": "Auckland" }, "category": { "slug": "other", "name": "Other", "shortName": "Other" }, "metrics": { "status": "ok", "matchScore": 3, "sortedFundName": "SQUIRREL MONTHLY INCOME FUND", "sortedManager": "FUNDROCK NZ LIMITED fundrock.com", "sortedUrl": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13142/OFR13187/FND35154/", "fetchedAt": "2026-05-22T03:01:10.274Z", "source_doc": "sorted/SCH13142/OFR13187/FND35154", "source_doc_date": "2026-05-22", "source_doc_url": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13142/OFR13187/FND35154/", "source_tier": "C", "riskIndicator": 2, "annualFundChargePct": 2.14, "peerAvgFeePct": 0.91, "fiveYearReturnPct": null, "peerAvg5YearReturnPct": 4.91, "fiveYearReturnNote": "Less than 5 years of data", "growthAssetsPct": 98.31, "incomeAssetsPct": 1.69, "fundSizeNzd": 210050397, "pdsUrl": "/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf", "strategySummary": "“\n 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. Loan exposure is obtained by investing in the Squirrel Wholesale Investment Funds scheme (\"Squirrel Wholesale Funds\"), whose funds obtain their loan exposure through investing via the Squirrel peer-to-peer (\"P2P\") platform operated by Squirrel Money Limited (\"Squirrel\"). Assets of the Squirrel Wholesale Funds may include exposure to fractional and", "topHoldings": [ { "asset": "Construction loan secured by Residential Dwelling (Auckland)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 2.4 }, { "asset": "Construction loan secured by Residential Dwelling (Auckland)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 2.02 }, { "asset": "Construction loan secured by Residential Dwelling (Wellington)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.95 }, { "asset": "Construction loan secured by Residential Dwelling (Bay of Plenty)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.85 }, { "asset": "Cash and cash equivalents", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.6 }, { "asset": "Construction loan secured by Residential Dwelling (Waikato)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.38 }, { "asset": "Construction loan secured by Residential Dwelling (Auckland)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.29 }, { "asset": "Construction loan secured by Residential Dwelling (Auckland)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.27 }, { "asset": "Construction loan secured by Residential Dwelling (Auckland)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.23 }, { "asset": "Home loan secured by Residential Dwelling (Auckland)", "assetClass": "Other", "type": "Other", "country": "NZ", "weightPct": 1.22 } ], "fundStartDate": "13 October 2021", "minimumInvestmentNzd": 500, "documents": [ { "label": "SQUIRREL MONTHLY INCOME FUND (FND35154) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 9.73 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/full-portfolio/FND35154/SQUIRREL-MONTHLY-INCOME-FUND-FND35154-Full-portfolio-holdings-31-March-2026.xlsx" }, { "label": "20241211 Squirrel PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 507.75 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf" }, { "label": "20260331 Squirrel Monthly Income QFU.pdf The quarterly update published by the provider PDF, 365.83 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/3d171f815cac7c0e/20260331---Squirrel-Monthly-Income---QFU.pdf" }, { "label": "20241211 Squirrel OMI.pdf Other Material Information Document PDF, 406.44 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo0e6aed20b5b4f44737bb3a6e7865d06d/20241211-Squirrel-OMI.pdf" }, { "label": "Financial Markets Conduct (Squirrel Investment Funds)Exemption Notice 2021.pdf Financial Markets Conduct (Squirrel Investment Funds) Exemption Notice 2021 PDF, 349.25 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo041e8a1ecbf0abf46183f77c3d76d8cf/Financial-Markets-Conduct%28Squirrel-Investment-Funds%29Exemption-Notice-2021.pdf" }, { "label": "20241211 Squirrel SIPO.pdf Statement of investment policy and objectives PDF, 366.60 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdod83247a025e1b88bba83cb8cf02f7244/20241211-Squirrel-SIPO.pdf" } ] }, "pdsExtract": { "fund_name": "Squirrel Monthly Income Fund", "objective": "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%.", "benchmark": "1 Year New Term Deposit Rate (>$10k)", "risk_indicator": 2, "is_pie": true, "is_hedged": null, "asset_allocation": { "growth_assets_pct": null, "income_assets_pct": null, "equities_pct": null, "fixed_income_pct": null, "cash_pct": 1.5, "property_pct": null, "other_pct": 98.5 }, "fees": { "annual_fund_charge_pct": 2, "performance_fee_pct": null, "performance_fee_terms": null, "buy_spread_bps": null, "sell_spread_bps": null, "member_fee_nzd": null }, "minimum_investment_nzd": 100, "minimum_subsequent_nzd": 50, "distribution_frequency": "monthly", "source_paragraph": "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%. We expect to make monthly distributions for the Fund. The minimum initial investment for the Fund is $100. Thereafter, the minimum additional investment is $50.", "_match": { "score": 1, "extractFundName": "Squirrel Monthly Income Fund", "ourFundName": "SQUIRREL MONTHLY INCOME FUND" }, "_provenance": { "scheme_id": "SCH13142", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf", "source_doc_date": "2024-12-10", "source_tier": "A", "pdf_hash": "5282efcbd90134c14fd8b8f7b95e9780f664c791337603e38787b03bc6c12d92", "extracted_at": "2026-05-27T23:16:47.770Z" } }, "sipoExtract": { "scheme_policies": { "investment_philosophy": "Squirrel will establish, maintain and actively manage exposure to a broad range of loans that are secured by registered first mortgage and focused on the New Zealand residential market, for the purpose of providing a steady income stream to the Fund. This loan exposure will be diversified across a range of maturity dates, interest rates and physical locations of the mortgaged properties to mitigate loan default risk.", "responsible_investment_approach": null, "derivatives_policy": "The Fund does not have a hedging policy, and it will not use risk management financial instruments.", "rebalancing_policy": "Asset allocation targets and ranges will be monitored daily. Exposures will be passively rebalanced back to the target asset allocations using cashflows. If an asset allocation moves outside its permitted range, the Investment Manager must move back within the range within 20 business days, unless prior approval is obtained from the Supervisor for the rebalancing to take a longer period of time.", "currency_hedging_policy": "The Fund does not have a hedging policy, and it will not use risk management financial instruments.", "liquidity_policy": "Investors are required to provide 30 calendar days written notice for redemptions. Notice starts on the first business day after receipt. FundRock may need to delay or suspend withdrawals if there are insufficient liquid assets to meet withdrawal requests." }, "scheme": { "scheme_name": "Squirrel Investment Funds", "manager_name": "FundRock NZ Limited", "sipo_version_date": "2024-12-11", "sipo_review_cadence": "annually" }, "fund": { "fund_name": "Squirrel Monthly Income Fund", "objective_verbatim": "The Fund aims 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%. This is achieved through obtaining exposure to a diversified portfolio of actively managed loans predominately secured against registered first mortgages on residential property across New Zealand.", "benchmark": "1 Year New Term Deposit Rate (>$10k)", "investment_horizon_years": null, "permitted_assets": [ "Squirrel Wholesale Construction Loan Fund", "Squirrel Wholesale Home Loan Fund", "Cash and cash equivalents" ], "asset_allocation_ranges": [ { "asset_class": "New Zealand income assets (including loans)", "target_pct": 98.5, "min_pct": 70, "max_pct": 100 }, { "asset_class": "Squirrel Wholesale Construction Loan Fund", "target_pct": null, "min_pct": 0, "max_pct": 100 }, { "asset_class": "Squirrel Wholesale Home Loan Fund", "target_pct": null, "min_pct": 0, "max_pct": 50 }, { "asset_class": "Cash and cash equivalents", "target_pct": 1.5, "min_pct": 0, "max_pct": 30 } ], "exclusions": [], "tilts": [], "performance_objective": "Outperform the 1 Year New Term Deposit Rate (>$10k) by a margin of 2.00% per annum, after fees and before tax.", "tracking_error_target": null, "source_paragraph": "The Fund aims 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%. This is achieved through obtaining exposure to a diversified portfolio of actively managed loans predominately secured against registered first mortgages on residential property across New Zealand." }, "_match": { "score": 1, "extractFundName": "Squirrel Monthly Income Fund", "ourFundName": "SQUIRREL MONTHLY INCOME FUND" }, "_provenance": { "scheme_id": "SCH13142", "doc_type": "sipo", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdod83247a025e1b88bba83cb8cf02f7244/20241211-Squirrel-SIPO.pdf", "source_doc_date": "2024-12-10", "source_tier": "A", "pdf_hash": "0a4f2ae0233978a1e10bfc711d67d560b21fb2bc7f9da8a73edebc7afa946bd5", "extracted_at": "2026-05-28T00:08:54.488Z" } }, "omiExtract": { "_provenance": { "scheme_id": "SCH13142", "doc_type": "omi", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo0e6aed20b5b4f44737bb3a6e7865d06d/20241211-Squirrel-OMI.pdf", "source_doc_date": "2024-12-10", "source_tier": "A", "pdf_hash": "2fb436339dbc48d5db14e55973ec4e073ab2a0d6d9dcb904e84924c9b9348222", "extracted_at": "2026-05-28T00:06:10.796Z" }, "scheme": { "scheme_name": "Squirrel Investment Funds", "manager_name": "FundRock NZ Limited", "omi_version_date": "2024-12-11" }, "related_party_transactions": [ { "counterparty": "Squirrel Money Limited", "relationship": "Investment Manager and Distributor of the Fund", "nature": "Platform service margin retained by Squirrel for administering loans on the Squirrel P2P platform; difference between interest paid by borrower and interest received by investor", "fee_or_rate": "0.85% p.a. on home loans to 2.60% p.a. on construction loans; estimated blended 1.55% per annum" }, { "counterparty": "Squirrel Money Limited", "relationship": "Investment Manager and Distributor of the Fund", "nature": "Establishment fee charged to borrowers which investors (including the Underlying Funds) may not receive", "fee_or_rate": "up to 2% of the loan value" }, { "counterparty": "Squirrel P2P Trustees Limited", "relationship": "Related company of Squirrel (Investment Manager); lender of record and bare trustee for loans on Squirrel P2P platform", "nature": "Holds each loan (together with cash and other associated rights) on bare trust for relevant investors including the Underlying Funds", "fee_or_rate": null }, { "counterparty": "Adminis NZ Limited", "relationship": "Custodian and Fund Administrator appointed by FundRock", "nature": "Registry services, unit pricing, fund accounting, and custody of cash and beneficial interests in assets held by Squirrel Trustee", "fee_or_rate": null } ], "conflicts_of_interest": [ "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." ], "fee_waivers": [ { "fund_name": null, "description": "We may waive or decrease the Annual Fund Charges without notice.", "expires": null }, { "fund_name": null, "description": "We may decrease or waive the management fee for the Fund at any time without notice.", "expires": null }, { "fund_name": null, "description": "We may, in our absolute discretion, rebate the buy and sell spread or Fund charges (which includes management fees) by agreement with an Investor or a group of Investors.", "expires": null } ], "performance_fee_mechanics": [], "material_risks_not_in_pds_summary": [ { "risk_name": "Asset class risk", "description": "The Fund has exposure to fixed and variable rate loans denominated in New Zealand dollars. Therefore, investors are exposed to the risks associated with only having exposure to this economy, market, and currency. Individual investors can look to manage this risk by including other investments in their portfolio." }, { "risk_name": "Fund risk", "description": "These risks include that the Fund could terminate; the fees and expenses of the Fund could change; FundRock may be replaced as manager; the Squirrel investment team may change; or that investing in the Fund may lead to a different result than investing in the market directly." }, { "risk_name": "Key person risk", "description": "This is the risk that key individuals are no longer able to fulfil their obligations in respect of the investment or administration of the Fund. FundRock aims to ensure that all staff are highly qualified and capable of mitigating individual key personnel risk." }, { "risk_name": "Regulatory risk", "description": "This is the risk that domestic laws or regulations are changed adversely, or that regulatory supervision of transactions and reporting is performed by managers and their custodians at less than an appropriate standard." }, { "risk_name": "Administration and operational risk", "description": "Administration risk is the risk that instructions in relation to your investments in the Fund have not been accurately relayed or processed or that fraudulent instructions are acted upon. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes." }, { "risk_name": "Cybersecurity risk", "description": "Cybersecurity breaches may allow an unauthorised party to gain access to the Fund's assets, customer data, or proprietary information, or cause the Fund or its service providers to suffer data corruption or lose operational functionality." }, { "risk_name": "Credit decisioning process risk", "description": "The risk rating of loans, determined using the credit decisioning process, may not accurately reflect the actual credit risk of the loans concerned." }, { "risk_name": "Investment risk", "description": "The underlying investments of the Underlying Funds used by the Fund may fall in value. Squirrel, as Investment Manager, aims to reduce investment risk by limiting exposure to any one investment and with careful analysis of and research into the management of the underlying investment prior to investing." } ], "tax_disclosures": [ "The Fund has elected to be a Portfolio Investment Entity (PIE).", "Under the PIE tax regime, the Fund will allocate its taxable income to Investors and, where applicable, pay tax on allocated income on behalf of Investors for an Investor with a prescribed investor rate (PIR) of greater than zero.", "Gains derived from cash and fixed interest investments will generally be taxed on an accruals basis.", "Investors will not pay tax on distributions (if any) paid to Investors from the Fund.", "If an Investor is not a New Zealand resident, the Investor's allocated income from the Fund will be taxed at 28% and FundRock will account to the IRD directly for tax on a non-resident Investor's allocated income.", "If an Investor does not provide their PIR to FundRock, they will automatically be taxed at the maximum default rate of 28%.", "If an Investor provides a PIR lower than the correct PIR, they may need to pay any tax shortfall, plus interest, and penalties.", "The Commissioner of Inland Revenue can require FundRock to disregard a PIR notified by an Investor if the Commissioner considers the rate to be incorrect.", "Taxable income is attributed annually to 31 March, or at any time an Investor redeems all or part of their investment from the Fund.", "If there is a tax loss or excess tax credits, these will generally be available to Investors with a PIR other than 0% in the form of a rebate, either reinvested by purchasing Units or included in net proceeds on full redemption.", "For non-individual Investors with a 0% PIR, the tax loss or excess credits may be available for offset in that Investor's tax return against other income, with any excess available to carry forward.", "The indemnity covering the Manager and Supervisor includes any personal liability including PIE tax incurred by or on behalf of the Fund." ], "trustee_supervisor": "Public Trust", "auditor": "KPMG", "custodian": "Adminis NZ Limited", "source_paragraphs": [ "Platform service margins range from 0.85% p.a. on home loans to 2.60% p.a. on construction loans, depending on each underlying loan's attributes. The estimated Underlying Funds' blended platform service margin is 1.55% per annum.", "The reserve fund model effectively socialises lending losses across the entire loan portfolio to which it applies, meaning individual investors do not bear the full credit risk of the individual loan or borrower to which they are matched. The existence of a reserve fund does not provide investors a guarantee nor is it an insurance product.", "Neither the Supervisor, Manager nor any other person guarantees or provides undertakings in relation to the return of capital invested in the Fund by an Investor, the payment of any return on capital, or provision of any distribution or payment of any money in relation to the Fund, or the performance of the Fund." ], "_match": { "schemeId": "SCH13142", "ourFundName": "SQUIRREL MONTHLY INCOME FUND", "scope": "scheme-level" } }, "sources": { "fmaDisclose": "https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Squirrel%20Monthly%20Income%20Fund", "sortedSmartInvestor": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13142/OFR13187/FND35154/", "productDisclosureStatement": "/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf", "pdsExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf", "sipoExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdod83247a025e1b88bba83cb8cf02f7244/20241211-Squirrel-SIPO.pdf", "omiExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo0e6aed20b5b4f44737bb3a6e7865d06d/20241211-Squirrel-OMI.pdf" }, "licence": { "reuse": "Citation with link-back to canonicalUrl required. No paid redistribution.", "contact": "hello@managedfunds.nz" } }