# Squirrel Monthly Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Squirrel (Squirrel Investments Limited) - **Asset class:** Other - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Squirrel Monthly Income Fund is a other managed fund run by Squirrel. Peer-to-peer lender offering a monthly income fund built on its loan book. ## Investment objective (from PDS) > 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%. Source: Product Disclosure Statement dated 2024-12-10 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf ## Fund data - **Annual fund charge:** 2.14% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$210 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 13 October 2021 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Construction loan secured by Residential Dwelling (Auckland) — 2.40% 2. Construction loan secured by Residential Dwelling (Auckland) — 2.02% 3. Construction loan secured by Residential Dwelling (Wellington) — 1.95% 4. Construction loan secured by Residential Dwelling (Bay of Plenty) — 1.85% 5. Cash and cash equivalents — 1.60% 6. Construction loan secured by Residential Dwelling (Waikato) — 1.38% 7. Construction loan secured by Residential Dwelling (Auckland) — 1.29% 8. Construction loan secured by Residential Dwelling (Auckland) — 1.27% 9. Construction loan secured by Residential Dwelling (Auckland) — 1.23% 10. Home loan secured by Residential Dwelling (Auckland) — 1.22% 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$50 - **Distribution cadence:** monthly ## Investment policy (from 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. Source: Statement of Investment Policy and Objectives dated 2024-12-10. https://smartinvestor.sorted.org.nz/disclose-document/mdod83247a025e1b88bba83cb8cf02f7244/20241211-Squirrel-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from 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. ### Related-party transactions - **Squirrel Money Limited** (Investment Manager and Distributor of the Fund) — 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 · 0.85% p.a. on home loans to 2.60% p.a. on construction loans; estimated blended 1.55% per annum - **Squirrel Money Limited** (Investment Manager and Distributor of the Fund) — Establishment fee charged to borrowers which investors (including the Underlying Funds) may not receive · up to 2% of the loan value - **Squirrel P2P Trustees Limited** (Related company of Squirrel (Investment Manager); lender of record and bare trustee for loans on Squirrel P2P platform) — Holds each loan (together with cash and other associated rights) on bare trust for relevant investors including the Underlying Funds - **Adminis NZ Limited** (Custodian and Fund Administrator appointed by FundRock) — Registry services, unit pricing, fund accounting, and custody of cash and beneficial interests in assets held by Squirrel Trustee Source: Other Material Information document dated 2024-12-10. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e6aed20b5b4f44737bb3a6e7865d06d/20241211-Squirrel-OMI.pdf ## How to invest Available via: Squirrel 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=Squirrel%20Monthly%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13142/OFR13187/FND35154/ - **Manager website:** https://www.squirrel.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/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/squirrel/monthly-income/ - **Markdown (this file):** https://managedfunds.nz/funds/squirrel/monthly-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/squirrel/monthly-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- 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.