TFC
Total fund charge (TFC)
An older NZ disclosure term for the all-in annual percentage cost of being invested in a fund. Largely replaced by "annual fund charge" under current FMA Quarterly Fund Update formatting.
Total fund charge (TFC) is an older NZ disclosure term used in some legacy PDS and fund-fact-sheet templates to describe the total annual percentage cost of being in a fund — management fee plus supervisor and custodian fees plus audit plus other recurring operating costs. The current FMA Quarterly Fund Update format uses "annual fund charge" for the same concept.
Where TFC appears in a current document, it usually refers to either the total-cost figure or a manager-defined intermediate (e.g. base fund charges before performance fee). Always check the PDS fee table for the precise definition the manager is using.
TFC and similar acronyms (TER, OCR, ICR) are not strictly interchangeable across markets — Australian disclosure uses different definitions and PRC components than NZ. For NZ retail PIE funds the FMA-prescribed Quarterly Fund Update wording is the comparable cross-fund metric.
Related terms
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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.
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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.
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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.