Vision Income Fund is a international fi managed fund operated by Vision; PIE-structured; FMA risk indicator 1/7. Headline terms: annual fund charge 2.50% · minimum investment NZ$250 · distributions monthly. Compared with 30 other same-category funds on this site, the 2.50% annual fund charge sits above the same-category median of 0.69%.
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
2.51%
vs peer avg 0.65%
Risk indicator
1/7
1 = lower risk · 7 = higher risk
5-year return p.a.
3.17%
peer avg 1.17%
Fund size
NZ$149.2m
0% growth · 100% income
The investment objective is to generate returns (after fees but before tax) that are above the median 1 year gross term deposit rate paid by the registered New Zealand banks. The Fund is intended to provide members of the Brethren community with an investment product that suitably satisfies the Community's ethical requirements, as an alternative to other fixed income investments in the market.
How Vision Income Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- median 1 year gross term deposit rate paid by the registered New Zealand banks
- Top 3 holdings
- Loan secured by rural property (11.7%) · Mercer Macquarie NZ Cash Fund (10.3%) · Loan secured by other assets (9.4%)
Key facts
Fund start date
5 June 2020
Min. investment
NZ$250
Subsequent: NZ$100
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 fixed interest (including loans) | 90% | 0% | 90% |
| Cash and cash equivalents | 10% | 10% | 100% |
| International fixed interest | — | 0% | 90% |
| Currency hedging instruments | — | 0% | 90% |
Exclusions
- Cashout without acceptable reason
- Significant speculative risk (loan value exceeds security value, reliant on a valuation upswing to protect capital)
- Any Credit Contracts and Consumer Finance Act (CCCFA) regulated purpose
Derivatives policy
The Fund may invest in derivative instruments for the purposes of currency hedging only. Currency hedging instruments are permitted within an asset allocation range of 0%-90% measured on a notional value basis.
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.
- FundRock NZ discloses that Vision Invest (the Investment Manager) sets the monthly Set Distribution Rate, while its related entity Vision Invest Trust receives all remaining Net Income, creating an incentive to set a lower rate.
- FundRock NZ discloses that an OCR + 0.45% floor applies, meaning no Residual is paid to Vision Invest Trust unless the Set Distribution Rate is at least that level, partially limiting the conflict.
- FundRock NZ discloses that ICC members personally or professionally connected to a loan applicant must be excluded from votes on non-standard loan applications to manage lending-decision conflicts.
- FundRock NZ discloses that fund assets pay fees to at least three related or appointed parties: Vision Invest (investment management), Funding Partners Administration Limited (loan administration), and Adminis NZ Limited (fund administration).
Generated 2026-05-28 from Vision Invest NZ Funds OMI (dated 2025-05-06). 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
Public Trust
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- A member of the ICC who is associated, from a personal or business perspective, with a potential borrower from the Fund could influence the ICC's decision on whether a loan application that falls outside the Lending and Credit Policy is accepted; managed by excluding the conflicted member from the vote.
- The recipient of the Residual amount (Vision Invest Trust) is a related entity to the Investment Manager (Vision Invest), who sets the Set Distribution Rate, creating an incentive to set a lower rate so the related entity receives a higher Residual amount, potentially resulting in investors receiving a lower return; managed by a floor of OCR + 0.45% below which no Residual is paid.
How this fund compares to peers
Mechanical comparison vs the 31 other international fi 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
2.51%
Category median: 0.70%
Pricier than most peers (top 98% by fee)
5y return p.a. (after fees)
+3.17%
Category median: +0.48%
Higher than 97% of peers
Fund size
NZ$149.2m
Category median: NZ$141.0m
53th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$1,194
Compounded charge over 5 years (excl. returns)
$848 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 |
|---|---|
| LS Loan secured by rural property | 11.73% |
 Mercer Macquarie NZ Cash Fund | 10.35% |
| LS Loan secured by other assets | 9.39% |
| $ Cash at Bank (BNZ) | 9.15% |
| LS Loan secured by other assets | 5.36% |
| LS Loan secured by commercial property | 5.36% |
| LS Loan secured by other assets | 4.46% |
| LS Loan secured by other assets | 4.36% |
| LS Loan secured by other assets | 3.38% |
| LS Loan secured by other assets | 3.24% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- VISION INCOME FUND (FND18019) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.93 KB
- Vision Invest NZ Funds PDS 6 May 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 344.60 KB
- 20260331 Vision Income QFU.pdf The quarterly update published by the provider PDF, 355.27 KB
- Vision Invest NZ Funds OMI 6 May 2025.pdf Other Material Information Document PDF, 356.81 KB
- Vision Invest NZ Funds SIPO 1 April 2025.pdf Statement of investment policy and objectives PDF, 286.11 KB
About this category
Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD.
About Vision
Christchurch-based manager offering a global-credit Income Fund as a PIE wrapper.
See all funds from Vision →Head-to-head
Compare Vision Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International FI funds
FMA risk band
Same risk band (1/7)
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 1 funds →Explore this with AI
Open a fresh AI chat pre-loaded with this page — ask it to summarise, explain, or compare, and it can read ManagedFundsNZ's underlying data directly.
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/vision/income/This page. Browsable.
- Markdown twinmanagedfunds.nz/funds/vision/income/markdown.mdPlain text. AI-crawler-ready.
- Structured (JSON)managedfunds.nz/funds/vision/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 Vision Income Fund?
Vision Income Fund is managed by Vision. Christchurch-based manager offering a global-credit Income Fund as a PIE wrapper.
What asset class is the Vision Income Fund?
It is a international fi managed fund. The fund has a income risk profile. Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD.
What are the fees for the Vision Income Fund?
The annual fund charge for the Vision Income Fund is 2.51% 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 Vision Income Fund?
The risk indicator is 1/7 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 Vision Income Fund a PIE fund?
Yes. The Vision 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 Vision Income Fund?
Fund size (assets under management) is NZ$149 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the Vision Income Fund invest in?
The latest published top holdings are: Loan secured by rural property (11.73%), Mercer Macquarie NZ Cash Fund (10.35%), Loan secured by other assets (9.39%). 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 Vision Income Fund?
The Vision Income Fund is available via Vision directly. Always read the current Product Disclosure Statement before investing.