QFU · Fund Update
Quarterly Fund Update (QFU)
A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size.
Every NZ retail managed-investment scheme must publish a Quarterly Fund Update (QFU) within a fixed window after each calendar quarter. The QFU follows a standardised FMA template designed to make funds directly comparable — same headline metrics in the same place every time.
A QFU includes: total fees as a percentage of fund value (annual fund charge, and any performance fee), 1-year, 5-year and since-inception returns (after fees, before tax), the standardised risk indicator (1–7 scale based on past five-year price volatility), target asset mix, actual asset mix at quarter-end, the top-10 holdings, the number of investors, and the total assets under management.
QFUs are filed on the FMA Disclose register as PDFs. The standardised structure means the same information can be regex-extracted across managers — this is how ManagedFundsNZ surfaces a "data last updated" timestamp on each fund page that tracks QFU publication.
Common questions
- How often is a QFU published?
- Every quarter — within a fixed window after each calendar quarter-end (typically 60 days). The QFU presents data as at the most recent quarter-end.
- Does a QFU show after-tax returns?
- No — QFU returns are net of fees but before tax. Tax outcomes depend on each investor's PIR (for PIE funds) or FIF treatment (for AU Unit Trust funds).
Primary sources
Related terms
-
PDS
Product Disclosure Statement (PDS)
The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest.
-
SIPO
Statement of Investment Policy and Objectives (SIPO)
The fund-manager document setting out the fund's investment objectives, strategy, asset allocation ranges, and investment-policy constraints (including any responsible-investment screens).
-
Disclose register · disclose-register.companiesoffice.govt.nz
FMA Disclose register
The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures.
-
FMA risk indicator
Risk indicator (1–7 scale)
A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years.
-
AFC · Total fund charge · MER
Annual fund charge
The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs.