# Te Ahumairangi Global Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Te Ahumairangi (Te Ahumairangi Investment Management Limited) - **Asset class:** International Equities - **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 Te Ahumairangi Global Equity Fund is a international equities managed fund run by Te Ahumairangi. Wellington boutique running a global equity strategy. ## Investment objective (from PDS) > 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. Source: Product Disclosure Statement dated 2026-03-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.62% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$889 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 November 2021 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. Microsoft Corp — 4.36% 2. Verizon Communications — 2.97% 3. Apple — 2.26% 4. Alphabet (includes 2 classes of security) — 2.03% 5. Everest Group Ltd — 1.47% 6. NZ Dollar Cash at Bank — 1.42% 7. National Grid — 1.38% 8. US Dollar cash at Bank — 1.23% 9. CK Hutchison Holdings — 1.21% 10. Verisign — 1.18% 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$10,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 10 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Global equities | 98% | 0% | 100% | | Cash and cash equivalents | 2% | 0% | 20% | | Listed fixed interest or hybrid securities | — | 0% | 5% | | Equity index futures (gross notional) | — | — | 15% | ### 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. ### 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 Source: Statement of Investment Policy and Objectives dated 2026-03-29. https://smartinvestor.sorted.org.nz/disclose-document/895832a793f854fd/20260401-Te-Ahumairangi-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - 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. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/c3a594520c5ce58d/20260401-Te-Ahumairangi-Investment-Funds-OMI.pdf ## How to invest Available via: Te Ahumairangi 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=Te%20Ahumairangi%20Global%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13146/OFR13188/FND35155/ - **Manager website:** https://teahumairangi.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/te-ahumairangi/global-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/te-ahumairangi/global-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/te-ahumairangi/global-equity/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.