{ "schemaVersion": "1.1", "canonicalUrl": "https://managedfunds.nz/funds/te-ahumairangi/global-equity/", "fetchedAt": "2026-06-20T08:25:17.222Z", "fund": { "slug": "global-equity", "name": "Te Ahumairangi Global Equity Fund", "managerSlug": "te-ahumairangi", "category": "international-equities", "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": "te-ahumairangi", "name": "Te Ahumairangi", "legalName": "Te Ahumairangi Investment Management Limited", "parent": null, "website": "https://teahumairangi.co.nz", "hq": "Wellington" }, "category": { "slug": "international-equities", "name": "International Equities", "shortName": "International Equities" }, "metrics": { "status": "ok", "matchScore": 3, "sortedFundName": "TE AHUMAIRANGI GLOBAL EQUITY FUND", "sortedManager": "FUNDROCK NZ LIMITED fundrock.com", "sortedUrl": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13146/OFR13188/FND35155/", "fetchedAt": "2026-05-22T02:57:22.091Z", "source_doc": "sorted/SCH13146/OFR13188/FND35155", "source_doc_date": "2026-05-22", "source_doc_url": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13146/OFR13188/FND35155/", "source_tier": "C", "riskIndicator": 4, "annualFundChargePct": 0.62, "peerAvgFeePct": 0.91, "fiveYearReturnPct": null, "peerAvg5YearReturnPct": 4.91, "fiveYearReturnNote": "Less than 5 years of data", "growthAssetsPct": 98.31, "incomeAssetsPct": 1.69, "fundSizeNzd": 889343633, "pdsUrl": "/disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf", "strategySummary": "“\n The fund invests in global equities across various listed equity markets and will typically maintain a small weight (0 to 5%) in cash to maintain liquidity / flexibility but will occasionally hold a higher cash weighting if the investment manager considers this appropriate. The fund may use leverage of up to 5% of the aggregate value of its investments, but only for the purposes of providing short-term liquidity. The fund may use forward foreign exchange contracts to tilt the foreign exchange exposures of the portfolio but will typically have over 90% net unhedged", "topHoldings": [ { "asset": "Microsoft Corp", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 4.36 }, { "asset": "Verizon Communications", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 2.97 }, { "asset": "Apple", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 2.26 }, { "asset": "Alphabet (includes 2 classes of security)", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 2.03 }, { "asset": "Everest Group Ltd", "assetClass": "Shares", "type": "International Equities", "country": "BM", "weightPct": 1.47 }, { "asset": "NZ Dollar Cash at Bank", "assetClass": "Cash", "type": "Cash and Cash Equivalents", "country": "NZ", "weightPct": 1.42 }, { "asset": "National Grid", "assetClass": "Shares", "type": "International Equities", "country": "GB", "weightPct": 1.38 }, { "asset": "US Dollar cash at Bank", "assetClass": "Cash", "type": "Cash and Cash Equivalents", "country": "US", "weightPct": 1.23 }, { "asset": "CK Hutchison Holdings", "assetClass": "Shares", "type": "International Equities", "country": "KY", "weightPct": 1.21 }, { "asset": "Verisign", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 1.18 } ], "fundStartDate": "4 November 2021", "minimumInvestmentNzd": 50000, "documents": [ { "label": "TE AHUMAIRANGI GLOBAL EQUITY FUND (FND35155) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 8.08 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/full-portfolio/FND35155/TE-AHUMAIRANGI-GLOBAL-EQUITY-FUND-FND35155-Full-portfolio-holdings-31-March-2026.xlsx" }, { "label": "20260401 Te Ahumairangi Investment Funds PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 942.61 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf" }, { "label": "20260331 Te Ahumairangi Global Equity QFU.pdf The quarterly update published by the provider PDF, 502.44 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/f52a886632ff60d5/20260331---Te-Ahumairangi-Global-Equity---QFU.pdf" }, { "label": "20260401 Te Ahumairangi Investment Funds OMI.pdf Other Material Information document PDF, 935.75 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/c3a594520c5ce58d/20260401-Te-Ahumairangi-Investment-Funds-OMI.pdf" }, { "label": "20260401 Te Ahumairangi Investment Funds SIPO.pdf Statement of investment policy and objectives PDF, 887.78 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/895832a793f854fd/20260401-Te-Ahumairangi-Investment-Funds-SIPO.pdf" } ] }, "pdsExtract": { "fund_name": "Te Ahumairangi Global Equity Fund", "objective": "The Fund's primary objective is to outperform its benchmark index (50:50 combination of the MSCI World Index and the MSCI Minimum Volatility Index optimised for NZ dollar-based investors). Over the long-term (7+ years), the fund also aims to deliver pre-tax, post-fee returns of over 6.5% per annum and to produce better returns than the broader global equity universe (as proxied by the MSCI World index), while at the same time achieving a significantly lower level of risk (which can be measured in terms of lower return volatility and smaller drawdowns) than the MSCI World Index.", "benchmark": "50:50 combination of the MSCI World Index and the MSCI Minimum Volatility Index optimised for NZ dollar-based investors", "risk_indicator": 4, "is_pie": true, "is_hedged": false, "asset_allocation": { "growth_assets_pct": null, "income_assets_pct": null, "equities_pct": 98, "fixed_income_pct": null, "cash_pct": 2, "property_pct": null, "other_pct": null }, "fees": { "annual_fund_charge_pct": 0.61, "performance_fee_pct": null, "performance_fee_terms": null, "buy_spread_bps": 10, "sell_spread_bps": 10, "member_fee_nzd": null }, "minimum_investment_nzd": 50000, "minimum_subsequent_nzd": 10000, "distribution_frequency": "none", "source_paragraph": "The Fund does not currently distribute income or capital gains but may elect to do so in the future. 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They seek to prudently tilt portfolios towards companies with positive investment characteristics that are currently under-appreciated by investors. Te Ahumairangi focuses purely on management of global equity portfolios, believing a focused approach is more conducive to good decision making.", "responsible_investment_approach": "Te Ahumairangi maintains an ethical exclusion list excluding companies involved in manufacture of nuclear, chemical, biological weapons, cluster munitions, automatically triggered landmines, certain tobacco-based products, automatic and semi-automatic weapons for civilian use. The list may also exclude companies acting irresponsibly in areas including corruption/bribery, marketing of alcohol or recreational cannabis, gambling, sale of weapons, mining/resource extraction, GHG-intensive fossil fuels, employment of vulnerable people, and illegal colonisation of occupied foreign territories.", "derivatives_policy": "The Fund may use forward currency contract derivatives for currency hedging purposes and futures contracts linked to global equity markets, with gross notional value of all equity index futures positions limited to 15% of NAV. Short positions in equity index futures are permitted provided they do not reduce net effective exposure to any national equity market below zero; short selling of equity securities is not permitted.", "rebalancing_policy": "There is no formal rebalancing policy; the Fund rebalances between securities, sectors, countries, and asset classes based on the investment manager's judgement of what is likely to achieve the best balance of risk and return. The investment manager aims to maintain a cash weighting of less than 5% most of the time but may occasionally hold up to 20% in cash or cash plus fixed interest securities.", "currency_hedging_policy": "The default position is to accept unhedged currency exposure associated with the securities held; however, the Fund will sometimes use foreign exchange forwards (and allocation of cash balances) to tilt exposure to a different mix of currencies if judged likely to result in a better balance of risk and return. The Fund will typically have over 90% net unhedged exposure to currencies other than the New Zealand dollar.", "liquidity_policy": "The Fund invests in highly liquid investments and hence has daily applications and redemptions. If the Fund experiences liquidity problems or if major markets are closed, the Manager may defer or suspend redemptions for a period." }, "scheme": { "scheme_name": "Te Ahumairangi Investment Funds", "manager_name": "FundRock NZ Limited", "sipo_version_date": "2026-04-01", "sipo_review_cadence": "annually" }, "fund": { "fund_name": "Te Ahumairangi Global Equity Fund", "objective_verbatim": "The Fund's primary objective is to outperform its benchmark index (50:50 combination of the MSCI World Index and the MSCI Minimum Volatility Index optimised for NZ dollar-based investors). Over the long-term (7+ years), the fund also aims to deliver pre-tax, post-fee returns of over 6.5% per annum and to produce better returns than the broader global equity universe (as proxied by the MSCI World index), while at the same time achieving a significantly lower level of risk than the MSCI World Index.", "benchmark": "50:50 combination of the MSCI World Index and the MSCI Minimum Volatility Index optimised for NZ dollar-based investors, rebalanced to 50:50 at the end of each month", "investment_horizon_years": 7, "permitted_assets": [ "Cash and cash equivalents", "Global equities in any listed equity market, including ordinary shares, preference shares, American depositary receipts (ADRs), rights issued to security holders, exchange-traded funds (ETFs), real estate investment trusts (REITs), Master Limited Partnerships (MLPs), unit trusts, and stapled securities", "Listed fixed interest securities and listed hybrid securities (such as convertible notes)", "IPOs, Reg S securities, and 144A securities", "Unlisted equity securities received as a direct result of a spin-off, distribution from, or delisting of a listed equity", "Forward currency contract derivatives (for currency hedging purposes)", "Futures contracts linked to global equity markets" ], "asset_allocation_ranges": [ { "asset_class": "Global equities", "target_pct": 98, "min_pct": 0, "max_pct": 100 }, { "asset_class": "Cash and cash equivalents", "target_pct": 2, "min_pct": 0, "max_pct": 20 }, { "asset_class": "Listed fixed interest or hybrid securities", "target_pct": null, "min_pct": 0, "max_pct": 5 }, { "asset_class": "Equity index futures (gross notional)", "target_pct": null, "min_pct": null, "max_pct": 15 } ], "exclusions": [ "Manufacture of nuclear weapons", "Manufacture of chemical weapons", "Manufacture of biological weapons", "Cluster munitions", "Automatically triggered landmines", "Certain tobacco-based products", "Automatic weapons for civilian use", "Semi-automatic weapons for civilian use", "Companies acting irresponsibly in corruption/bribery", "Marketing of alcohol or recreational cannabis", "Gambling", "Sale of weapons", "Mining/resource extraction", "GHG-intensive fossil fuels", "Employment of vulnerable people", "Participating in the illegal colonisation of occupied foreign territories" ], "tilts": [ "Tilt towards companies with positive investment characteristics currently under-appreciated by investment markets", "Tilt towards companies with average or lower-than-average risk characteristics", "Value-focused orientation when market has been chasing growth characteristics for extended period", "Growth-focused orientation after extended period of value outperformance" ], "performance_objective": "Outperform benchmark index (50:50 MSCI World / MSCI Minimum Volatility Index); deliver pre-tax, post-fee returns of over 6.5% per annum over the long term (7+ years); produce better returns than MSCI World Index with significantly lower risk", "tracking_error_target": null, "source_paragraph": "The Fund's primary objective is to outperform its benchmark index (50:50 combination of the MSCI World Index and the MSCI Minimum Volatility Index optimised for NZ dollar-based investors). Over the long-term (7+ years), the fund also aims to deliver pre-tax, post-fee returns of over 6.5% per annum and to produce better returns than the broader global equity universe, while achieving a significantly lower level of risk than the MSCI World Index." }, "_match": { "score": 1, "extractFundName": "Te Ahumairangi Global Equity Fund", "ourFundName": "TE AHUMAIRANGI GLOBAL EQUITY FUND" }, "_provenance": { "scheme_id": "SCH13146", "doc_type": "sipo", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/895832a793f854fd/20260401-Te-Ahumairangi-Investment-Funds-SIPO.pdf", "source_doc_date": "2026-03-29", "source_tier": "A", "pdf_hash": "0e007b4d8a7ae799976498450f55cc5883819fb4f99b0d0a03afb7fbc5ce0a7f", "extracted_at": "2026-05-28T00:08:55.911Z" } }, "omiExtract": { "_provenance": { "scheme_id": "SCH13146", "doc_type": "omi", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/c3a594520c5ce58d/20260401-Te-Ahumairangi-Investment-Funds-OMI.pdf", "source_doc_date": "2026-03-30", "source_tier": "A", "pdf_hash": "10b68d945fa411fe630b9465ac0a01563c58f5978ff8790c75124a8f07f64299", "extracted_at": "2026-05-28T00:04:53.592Z" }, "scheme": { "scheme_name": "Te Ahumairangi Investment Funds", "manager_name": "FundRock NZ Limited", "omi_version_date": "2026-04-01" }, "related_party_transactions": [ { "counterparty": "Apex Investment Administration (NZ) Limited", "relationship": "Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)", "nature": "Registry services provided to the Scheme", "fee_or_rate": null } ], "conflicts_of_interest": [ "Both FundRock and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors.", "Parties related to the Fund, including the staff of Te Ahumairangi 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 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 and/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": "Fund risk", "description": "These are risks specific to the Fund. These risks include that the Fund could terminate; the fees and expenses of the Fund could change; FundRock may be replaced as manager; Te Ahumairangi's 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 or international 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. Regulatory risk is managed by FundRock by regularly and closely reviewing changes in the law and seeking expert legal advice where necessary." }, { "risk_name": "Derivative risk", "description": "Risks associated with investing in derivatives may include the value of the derivative failing to move in line with an underlying investment; potential illiquidity of the derivative; the Fund not being able to meet payment obligations as they arise; and counterparty risk (that is, where the counterparty to the derivative contract cannot meet its obligations under the contract). The use of derivatives may result in the Fund being leveraged, for example if this was not backed by cash, cash equivalents, or securities." }, { "risk_name": "Administration risk", "description": "This 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. FundRock, the Investment Manager, and the Administration Manager will follow reasonable electronic instructions in good faith." }, { "risk_name": "Country market risk", "description": "Economic, political, or legal conditions and market sentiment can lead to volatility in the value of investments and the overall level of liquidity in the share market of a particular country or group of countries. To the extent possible, Te Ahumairangi, as Investment Manager, aims to reduce this risk by actively engaging in research and analysis to form a view of the market." }, { "risk_name": "Concentration risk", "description": "The investments in the Fund will typically be concentrated in a smaller number of securities than the benchmark index, and accordingly the proportion of the Fund invested in the largest portfolio holdings will often be greater than the proportion of the benchmark index that is invested in the largest benchmark holdings, which has the potential to make returns from the Fund more volatile than the return of the Benchmark." } ], "tax_disclosures": [ "The Fund has elected to be a Portfolio Investment Entity (a 'PIE fund').", "The Fund calculates the taxable income accruing from investments in global shares listed outside of New Zealand and Australia, and forward currency contracts used for currency hedging, using the Fair Dividend Rate ('FDR') method.", "As a Multi-Rate PIE, 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.", "Investors will not pay tax on distributions (if any) paid to Investors from the Fund.", "The Fund has elected to be a Foreign Investment zero-rate PIE; a zero-rate PIE applies 0% PIR to eligible foreign residents who have sufficiently completed and provided a notified foreign investor form.", "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.", "Taxable income is attributed annually to 31 March, or at any time an Investor withdraws all or part of their investment from the Fund.", "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.", "If there is a tax loss or excess tax credits allocated to an Investor, these will generally be available to Investors with a PIR other than 0% in the form of a rebate, re-invested by purchasing Units or included in net proceeds on full withdrawal.", "An Investor will be liable to meet any tax liability attributable to them which exceeds the value of their investment in the Fund (indemnifying the Supervisor for the difference)." ], "trustee_supervisor": "Public Trust", "auditor": "PricewaterhouseCoopers", "custodian": "BNP Paribas Fund Services Australasia Pty Limited", "source_paragraphs": [ "Both we and the Scheme's registry manager, Apex Investment Administration (NZ) Limited, are ultimately owned by Apex Group Limited. This common ownership may influence us to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case.", "The Fund has elected to be a Foreign Investment zero-rate PIE. Zero-rate PIEs invest most of their funds in non-New Zealand based investments, with only minimum levels of funds in New Zealand. A zero-rate PIE applies 0% PIR to eligible foreign residents who have sufficiently completed and provided to us a notified foreign investor form.", "The investments in the Fund will typically be concentrated in a smaller number of securities than the benchmark index, and accordingly the proportion of the Fund invested in the largest portfolio holdings will often be greater than the proportion of the benchmark index that is invested in the largest benchmark holdings." ], "_match": { "schemeId": "SCH13146", "ourFundName": "TE AHUMAIRANGI GLOBAL EQUITY FUND", "scope": "scheme-level" } }, "sources": { "fmaDisclose": "https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Te%20Ahumairangi%20Global%20Equity%20Fund", "sortedSmartInvestor": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13146/OFR13188/FND35155/", "productDisclosureStatement": "/disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf", "pdsExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf", "sipoExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/895832a793f854fd/20260401-Te-Ahumairangi-Investment-Funds-SIPO.pdf", "omiExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/c3a594520c5ce58d/20260401-Te-Ahumairangi-Investment-Funds-OMI.pdf" }, "licence": { "reuse": "Citation with link-back to canonicalUrl required. No paid redistribution.", "contact": "hello@managedfunds.nz" } }