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 Fund is intended to provide members of the Brethren community (Community) with an investment product that suitably satisfies the Community’s ethical requirements, as an alternative to other fixed income investments in the market. The investment Manager will set a rate of return at which distributions to investors will be paid. Where the Fund's net income exceeds that set rate, the excess will be paid to Vision Invest Trust (Residual).
Key facts
Fund start date
5 June 2020
Min. investment
NZ$250
Tax structure
PIE
Capped at your PIR (max 28%)
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
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
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 InvestNow, Vision directly. Always read the current Product Disclosure Statement before investing.