# ManagedFundsNZ — full content concatenation > Single-file dump of every factual surface on managedfunds.nz, intended for LLM crawlers and AI assistants per the citation contract at /llms-policy.txt. Generated: 2026-05-31 Source: https://managedfunds.nz Pages included: 1831 · Markdown twins: 404 · HTML extracts: 1427 · Skipped (algorithmic / interactive): 906 Per-entity Markdown twins are emitted verbatim (already FMA-clean and citation-rich). Other pages are body-text extracts of the canonical HTML. Append `/markdown.md` to any /funds/// or /providers// URL to fetch the Markdown twin directly. Append `/data.json` to any /funds/// URL for the structured-data twin. Citation policy: /llms-policy.txt · Sitemap (with lastmod): /sitemap-index.xml --- ## ManagedFundsNZ — compare every NZ managed fund URL: https://managedfunds.nz/ > Independent comparison of 150+ NZ managed funds. Fees, returns, holdings and PDS history sourced from the FMA Disclose register. Sourced from FMA Disclose Every NZ managed fund.In one place. Compare fees, returns, holdings and PDS history across 289+ funds from 57+ NZ managers — without the spreadsheet. Browse all funds Open the screener Trusted data: FMA Disclose IRD (PIE / PIR) Sorted Smart Investor Browse By asset class 150+ managed funds organised the way investors actually shop — by what they hold and how risky they are. See all 289 → 67 funds Diversified Aggressive, growth, balanced and conservative one-stop funds. Explore 58 funds Australasian Equities NZ and Trans-Tasman shares — active, index and ETF wrappers. Explore 87 funds International Equities Global, US, Europe, Asia, emerging markets and thematic. Explore 14 funds NZ Fixed Interest NZ government and corporate bonds. Explore 34 funds International FI Global aggregate, corporate and sovereign bonds. Explore 16 funds Listed Property NZ, Australian and global REITs. Explore 5 funds Cash On-call and short-duration cash funds. Explore 8 funds Other Infrastructure, Bitcoin and specialty income funds. Explore Sourced. Not opinions. Every fee, every return, every holding links straight back to the original Product Disclosure Statement on the FMA Disclose register. No "best fund" lists. No paid placement. PDS history, tracked. When a fund's fees change, its objectives shift, or its top holdings rotate — we record the diff. See exactly how a fund has evolved before you commit. Compare, head-to-head. Pick any two funds and see them side-by-side: fees, returns, risk, holdings, philosophy. Includes the same fund's KiwiSaver wrapper if one exists. Tracking funds from AMP Booster Amova Antipodes Artesian ANZ Investments Bentham BetaShares Brandywine Castle Point Clarity Evidential Coolabah Daintree Devon + 42 more → Pick a fund. We'll show you everything. Fees over time, after-tax returns by PIR, top 10 holdings, manager track record, PDS changes and how it stacks up against its peers. Free, no signup. Browse 150+ funds → Managed funds vs KiwiSaver AI · API · Integrations Use ManagedFundsNZ data inside the tools you already use Free public read-only data + remote MCP server. Every NZ retail managed fund, brand manager and FMA-registered scheme is queryable as structured JSON, plain Markdown, or LLM tool calls — no auth required. Reuse policy. Per-entity Markdown 387 URLs Plain-text twins Append /markdown.md to any fund, manager or scheme URL. /funds///markdown.md Per-fund JSON 228 URLs Structured-data twins Append /data.json to any fund URL. CORS open. /funds///data.json MCP Server 9 tools · free Claude · Cursor · ChatGPT Remote MCP at /mcp. Anonymous, no signup. How to install → Bulk export 1.66 MB llms-full.txt Single-file concatenation of every Markdown twin for LLM crawler ingestion. Open llms-full.txt → Source authority: FMA Disclose register → IRD (PIE / PIR) → Sorted Smart Investor → --- ## About ManagedFundsNZ — independent NZ managed-fund comparison URL: https://managedfunds.nz/about/ > Why ManagedFundsNZ exists, how we source data from FMA Disclose, and how the site makes money. Independent, FMA-safe, no advice. About Independent fund data, in plain English. ManagedFundsNZ exists because comparing managed funds in New Zealand is harder than it should be. Fund managers publish data in inconsistent formats. The FMA Disclose register has everything but is not built for browsing. Sorted Smart Investor is comprehensive but utilitarian. Most "comparison" sites are sales surfaces dressed up as research. We collect the public data, clean it up, link every fact back to its source, and present it the way a curious retail investor actually wants to see it. No "best fund" lists, no star ratings, no paid placements. We are not a financial adviser, broker, fund manager, or platform. See our methodology for how the data is sourced, our independence statement for ownership and funding, and our disclaimer for what this site is not. --- ## Independence — how ManagedFundsNZ is owned, funded, and reviewed URL: https://managedfunds.nz/about/independence/ > Ownership, funding model, no-fund-manager-conflicts policy, methodology link, and the FMA-safety review process behind every page on ManagedFundsNZ. About Independence How ManagedFundsNZ is owned and funded, the conflict-of-interest controls we apply, and the FMA-safety review every page passes before it is published. Ownership ManagedFundsNZ is operated as part of the Mamba Ventures portfolio of independent New Zealand information sites. The site is not owned by a fund manager, supervisor, platform, or financial advice provider. Funding model ManagedFundsNZ does not take payment from fund managers for placement, ranking, or editorial coverage. There are no paid "featured fund" slots and no affiliate relationships with fund managers tied to fund selection. No fund-manager conflicts The site has no commercial relationship with any individual fund manager, supervisor, custodian, or distribution platform that would influence which funds are listed or how they are presented. Every fund registered on the FMA Disclose register is in scope; nothing is excluded for commercial reasons. Where third-party aggregators (Sorted Smart Investor, Morningstar) are referenced, they are cited as cross-validation, not as authority — the underlying primary source is always FMA Disclose or the fund manager's signed Product Disclosure Statement. Methodology Every numeric claim on a fund page links to its primary source via a confidence-tier badge. Tier A is direct from FMA Disclose or a signed PDS; tier B is from the fund manager's website or fact sheet; tier C is a third-party aggregator used only for cross-checking; tier D is explicitly derived or estimated. The full extraction pipeline (PDF download, document-hash recording, Sonnet structured extraction, fuzzy join back to the fund universe) is documented on the methodology page. Read the full methodology · Browse the source-document manifest FMA-safety review Every page that ships to production passes a pre-release review against the FMA's FMC Act 2013 misleading-conduct overlay, the FMA Disclose data-source freshness rule (36-month hard cap, 12-month soft warning), and the IRD's KiwiSaver trade-mark rules. The review is enforced in three places: A pre-commit lint pass (npm run lint:fma) that fails the build on any prohibited superlative (such as "guaranteed", "no risk", subjective "leading" or "trusted" claims) or fabricated source attribution. A manual review checklist in CLAUDE.md covering misleading claims, fabricated bylines or testimonials, made-up statistics, KiwiSaver trade-mark violations, and personal-name disclosure (only the brand name and hello@managedfunds.nz appear on user-facing pages). An FMA-safe wrapper on every MCP tool response that strips prohibited terms, enforces IRD-compliant KiwiSaver phrasing, prepends the FMA preamble, and detects advice-trigger language patterns to redirect users to a licensed financial advice provider. Source for the underlying rules: FMC Act 2013 · IRD — KiwiSaver · FMA Disclose register Disclaimer ManagedFundsNZ provides general information only. It is not personalised financial advice and should not be relied on as such. The site is operated by Mamba Ventures and is not a licensed financial advice provider under the FMC Act 2013. Past performance is not a reliable indicator of future returns. Always read the relevant Product Disclosure Statement and consider seeking advice from a licensed financial advice provider before investing. Read the full disclaimer · Privacy policy · About the site --- ## Australasian Equities — 58 NZ managed funds URL: https://managedfunds.nz/asset-class/australasian-equities/funds/ > All 58 australasian equities managed funds available to NZ retail investors. Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers. Australasian Equities Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers. 58 funds tracked · 58 with on-file fee · 58 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). Amova Concentrated Equity Fund Amova PIE · capped at PIR (max 28%) 1.15% fee 5/7 risk Amova Core Equity Fund Amova PIE · capped at PIR (max 28%) 0.95% fee 5/7 risk ANZ Investments OneAnswer Australian Share Fund ANZ Investments PIE · capped at PIR (max 28%) 1.09% fee 5/7 risk ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments PIE · capped at PIR (max 28%) 1.05% fee 5/7 risk BetaShares Australia 200 Fund BetaShares PIE · capped at PIR (max 28%) growth 0.23% fee 5/7 risk BetaShares Australian Sustainability Leaders Fund BetaShares PIE · capped at PIR (max 28%) Responsible / ethical growth 0.67% fee 5/7 risk BetaShares NZ Sustainability Leaders Fund BetaShares PIE · capped at PIR (max 28%) Responsible / ethical growth 0.59% fee 5/7 risk Castle Point Trans-Tasman Fund Castle Point PIE · capped at PIR (max 28%) 1.08% fee 5/7 risk Clarity New Zealand Equity Fund Clarity PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity Trans-Tasman Value Fund Clarity PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Devon Alpha Fund Devon PIE · capped at PIR (max 28%) 1.30% fee 4/7 risk Devon Australian Fund Devon PIE · capped at PIR (max 28%) 1.30% fee 5/7 risk Devon Dividend Yield Fund Devon PIE · capped at PIR (max 28%) 1.39% fee 4/7 risk Devon Trans-Tasman Fund Devon PIE · capped at PIR (max 28%) 1.36% fee 4/7 risk Dimensional Australian Sustainability PIE Fund Dimensional PIE · capped at PIR (max 28%) Responsible / ethical 0.35% fee 5/7 risk Fisher Funds Australian Growth Fund Fisher Funds PIE · capped at PIR (max 28%) 0.87% fee 5/7 risk Fisher Funds New Zealand Growth Fund Fisher Funds PIE · capped at PIR (max 28%) 1.42% fee 5/7 risk Fisher Funds Trans Tasman Equity Trust Fisher Funds PIE · capped at PIR (max 28%) 1.63% fee 5/7 risk Harbour Australasian Equity Focus Fund Harbour PIE · capped at PIR (max 28%) 1.21% fee 5/7 risk Harbour Australasian Equity Fund Harbour PIE · capped at PIR (max 28%) 1.12% fee 5/7 risk Harbour Australasian Equity Income Fund Harbour PIE · capped at PIR (max 28%) 1.10% fee 4/7 risk Harbour Long Short Fund Harbour PIE · capped at PIR (max 28%) 1.23% fee 4/7 risk Harbour NZ Index Shares Fund Harbour PIE · capped at PIR (max 28%) 0.21% fee 5/7 risk Harbour Sustainable NZ Shares Fund Harbour PIE · capped at PIR (max 28%) Responsible / ethical 0.27% fee 5/7 risk Hyperion Australian Growth Companies PIE Fund Hyperion PIE · capped at PIR (max 28%) 0.98% fee 6/7 risk Kernel Australia 100 Fund Kernel PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel NZ 20 Fund Kernel PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel NZ 50 ESG Tilted Fund Kernel PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% fee 5/7 risk Kernel NZ Small & Mid Cap Opportunities Fund Kernel PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Mercer NZ Shares Passive Fund Mercer PIE · capped at PIR (max 28%) 0.36% fee 5/7 risk Mercer Responsible Trans-Tasman Shares Fund Mercer PIE · capped at PIR (max 28%) Responsible / ethical 1.06% fee 5/7 risk Milford Australian Absolute Growth Fund Milford PIE · capped at PIR (max 28%) 1.05% fee 4/7 risk Milford Trans-Tasman Equity Fund Milford PIE · capped at PIR (max 28%) 1.05% fee 4/7 risk Mint Australasian Equity Fund Mint PIE · capped at PIR (max 28%) 1.18% fee 5/7 risk Mint New Zealand SRI Equity Fund Mint PIE · capped at PIR (max 28%) Responsible / ethical 0.97% fee 5/7 risk NZ Funds New Zealand and Australian Shares NZ Funds PIE · capped at PIR (max 28%) growth 2.52% fee 5/7 risk Octagon Australasian Equities Fund Octagon PIE · capped at PIR (max 28%) 1.17% fee 5/7 risk Octagon New Zealand Equities Fund Octagon PIE · capped at PIR (max 28%) 1.17% fee 4/7 risk Pathfinder Ethical Trans-Tasman Fund Pathfinder PIE · capped at PIR (max 28%) Responsible / ethical 1.00% fee 4/7 risk QuayStreet NZ Equity Fund QuayStreet PIE · capped at PIR (max 28%) 1.27% fee 5/7 risk Russell Investments NZ Shares Fund Russell Investments PIE · capped at PIR (max 28%) 0.78% fee 5/7 risk Salt Long Short Fund Salt PIE · capped at PIR (max 28%) 3.21% fee 4/7 risk Salt NZ Dividend Appreciation Fund Salt PIE · capped at PIR (max 28%) 1.10% fee 4/7 risk SBS Wealth Australasian Equity Portfolio SBS Wealth PIE · capped at PIR (max 28%) growth 1.20% fee 4/7 risk Simplicity NZ Share Fund Simplicity PIE · capped at PIR (max 28%) growth 0.10% fee 5/7 risk Smart Australian Dividend ETF Smartshares PIE · capped at PIR (max 28%) ETF · ASD 0.54% fee 5/7 risk Smart Australian Financials ETF Smartshares PIE · capped at PIR (max 28%) ETF · ASF 0.54% fee 6/7 risk Smart Australian Mid Cap ETF Smartshares PIE · capped at PIR (max 28%) ETF · MZY 0.75% fee 6/7 risk Smart Australian Resources ETF Smartshares PIE · capped at PIR (max 28%) ETF · ASR 0.54% fee 6/7 risk Smart Australian Top 20 ETF Smartshares PIE · capped at PIR (max 28%) ETF · OZY 0.60% fee 5/7 risk Smart Australian Top 200 ETF Smartshares PIE · capped at PIR (max 28%) ETF · AUS 0.30% fee 5/7 risk Smart NZ Dividend ETF Smartshares PIE · capped at PIR (max 28%) ETF · DIV 0.54% fee 5/7 risk Smart NZ Mid Cap ETF Smartshares PIE · capped at PIR (max 28%) ETF · MDZ 0.60% fee 5/7 risk Smart NZ Top 10 ETF Smartshares PIE · capped at PIR (max 28%) ETF · TNZ 0.60% fee 5/7 risk Smart NZ Top 50 ETF Smartshares PIE · capped at PIR (max 28%) ETF · FNZ 0.50% fee 5/7 risk Smart S&P/NZX 50 ETF Smartshares PIE · capped at PIR (max 28%) ETF · NZG 0.20% fee 5/7 risk Summer Australian Equities Summer PIE · capped at PIR (max 28%) growth 1.02% fee 5/7 risk TAHITO Te Tai o Rehua Fund TAHITO PIE · capped at PIR (max 28%) Responsible / ethical 1.26% fee 5/7 risk Other asset classes Diversified International Equities NZ Fixed Interest International FI Listed Property Cash Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ australasian equities funds — what can go wrong URL: https://managedfunds.nz/asset-class/australasian-equities/risks/ > What can go wrong with NZ australasian equities funds: 5 fund-specific risks plus the FMA standardised risk indicator distribution across the 58 funds in our coverage of this asset class. Risks · Australasian Equities What can go wrong with NZ australasian equities funds Australasian equity funds hold NZX and ASX-listed shares. Their structural risks come from concentration, currency, and the smaller size of the NZ market relative to global benchmarks. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 58 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the australasian equities funds in our coverage distribute across the scale. Band 1 0 Band 2 0 Band 3 0 Band 4 14 Band 5 40 Band 6 4 Band 7 0 Median risk band 5 Range 4–6 Funds with risk band published 58 NZ Australasian-equity funds in our coverage cluster at FMA risk indicators 4–6. Pure-index trackers (Smartshares NZ Top 50, Foundation Series) typically sit at band 5; concentrated active strategies at band 5–6. 5-year return range across the class Realised 5-year annualised returns across the 49 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 0.0% Median realised 5y 1.7% Highest realised 5y 14.3% What specifically can go wrong with australasian equities funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Index concentration in the NZX top 20. Fisher & Paykel Healthcare, a2 Milk, Auckland Airport, Mainfreight and Spark together typically dominate any NZ50 tracker — meaning the index, and any fund that holds it, can move sharply on news about a handful of names. 2 Sector concentration in utilities, healthcare and consumer staples. The NZX has limited representation in technology, financials and energy compared to global indices. A NZ-equity fund that loses access to a major sector through a delisting (e.g. Vector's 2024 corporate restructure) sees structural composition change. 3 Currency exposure on the Australian portion. Most Trans-Tasman funds hold their ASX exposure unhedged. AUD/NZD volatility adds to total return volatility — the NZD strengthening against the AUD by 5% erases roughly 1.5–2% of fund return on a typical 30–40% AU weighting. 4 Liquidity in smaller names during stress. NZ small- and mid-cap shares can have very thin trading volumes. In market dislocations, fund managers may face wider bid-ask spreads when adjusting positions. 5 Imputation-credit treatment under PIE. The PIE wrapper passes imputation credits through, but valuing them at the right tax rate depends on each holder's PIR. The headline gross dividend yield does not always equal the after-tax cash you receive. Questions people ask about australasian equities funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Are ANZ shares a good investment? Individual share suitability depends on the investor's portfolio construction, time horizon and risk tolerance. ANZ Banking Group Limited (ASX: ANZ) is a major dual-NZX/ASX-listed Australian bank held by many Australasian equity funds. The FMA Disclose register lists every NZ managed fund that has ANZ in its top 10 holdings — see the per-fund page for current portfolio weight and the FMA-defined risk indicator for the fund itself. Are Australian bonds a safe investment? Australian bonds are a different asset class — fixed interest, not equities. Their risks (interest-rate sensitivity, credit risk, currency exposure when held unhedged from NZD) are not directly comparable to the equity risks of Australasian shares. NZ funds investing in Australian fixed interest sit in the "international fixed interest" category on this site. 58 australasian equities funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Smart Australian Financials ETF Smartshares 6 0.54% 14.3% Smart Australian Resources ETF Smartshares 6 0.54% 12.8% Smart Australian Mid Cap ETF Smartshares 6 0.75% 8.6% Hyperion Australian Growth Companies PIE Fund Hyperion 6 0.98% — Simplicity NZ Share Fund Simplicity 5 0.10% 0.0% Smart S&P/NZX 50 ETF Smartshares 5 0.20% 0.2% Harbour NZ Index Shares Fund Harbour 5 0.21% 0.1% BetaShares Australia 200 Fund BetaShares 5 0.23% — Kernel NZ 20 Fund Kernel 5 0.25% — Kernel NZ 50 ESG Tilted Fund Kernel 5 0.25% — Kernel NZ Small & Mid Cap Opportunities Fund Kernel 5 0.25% — Kernel Australia 100 Fund Kernel 5 0.25% — Harbour Sustainable NZ Shares Fund Harbour 5 0.27% 0.1% Smart Australian Top 200 ETF Smartshares 5 0.30% 9.1% Dimensional Australian Sustainability PIE Fund Dimensional 5 0.35% — Mercer NZ Shares Passive Fund Mercer 5 0.36% 0.0% Smart NZ Top 50 ETF Smartshares 5 0.50% 0.3% Smart Australian Dividend ETF Smartshares 5 0.54% 10.2% Smart NZ Dividend ETF Smartshares 5 0.54% 3.1% BetaShares NZ Sustainability Leaders Fund BetaShares 5 0.59% — Smart Australian Top 20 ETF Smartshares 5 0.60% 10.3% Smart NZ Mid Cap ETF Smartshares 5 0.60% 0.4% Smart NZ Top 10 ETF Smartshares 5 0.60% 0.3% BetaShares Australian Sustainability Leaders Fund BetaShares 5 0.67% — Russell Investments NZ Shares Fund Russell Investments 5 0.78% 0.3% Fisher Funds Australian Growth Fund Fisher Funds 5 0.87% 1.3% Amova Core Equity Fund Amova 5 0.95% 0.3% Mint New Zealand SRI Equity Fund Mint 5 0.97% 0.1% Summer Australian Equities Summer 5 1.02% 8.0% ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments 5 1.05% 0.3% Mercer Responsible Trans-Tasman Shares Fund Mercer 5 1.06% 0.0% Castle Point Trans-Tasman Fund Castle Point 5 1.08% 0.9% ANZ Investments OneAnswer Australian Share Fund ANZ Investments 5 1.09% 6.3% Harbour Australasian Equity Fund Harbour 5 1.12% 0.8% Amova Concentrated Equity Fund Amova 5 1.15% 0.7% Octagon Australasian Equities Fund Octagon 5 1.17% 7.8% Mint Australasian Equity Fund Mint 5 1.18% 0.3% Harbour Australasian Equity Focus Fund Harbour 5 1.21% 1.4% TAHITO Te Tai o Rehua Fund TAHITO 5 1.26% 1.8% QuayStreet NZ Equity Fund QuayStreet 5 1.27% 7.1% Devon Australian Fund Devon 5 1.30% 7.5% Fisher Funds New Zealand Growth Fund Fisher Funds 5 1.42% 1.5% Fisher Funds Trans Tasman Equity Trust Fisher Funds 5 1.63% 0.6% NZ Funds New Zealand and Australian Shares NZ Funds 5 2.52% 4.6% Pathfinder Ethical Trans-Tasman Fund Pathfinder 4 1.00% 0.5% Milford Australian Absolute Growth Fund Milford 4 1.05% 5.6% Milford Trans-Tasman Equity Fund Milford 4 1.05% 2.9% Clarity New Zealand Equity Fund Clarity 4 1.06% 1.7% Clarity Trans-Tasman Value Fund Clarity 4 1.06% 5.8% Harbour Australasian Equity Income Fund Harbour 4 1.10% 2.8% Salt NZ Dividend Appreciation Fund Salt 4 1.10% 3.8% Octagon New Zealand Equities Fund Octagon 4 1.17% 1.3% SBS Wealth Australasian Equity Portfolio SBS Wealth 4 1.20% 1.1% Harbour Long Short Fund Harbour 4 1.23% 1.8% Devon Alpha Fund Devon 4 1.30% 4.7% Devon Trans-Tasman Fund Devon 4 1.36% 6.1% Devon Dividend Yield Fund Devon 4 1.39% 5.5% Salt Long Short Fund Salt 4 3.21% 13.6% Related All australasian equities funds All fund screens All guides Risks of diversified fundsRisks of international equities fundsRisks of nz fixed interest fundsRisks of international fi fundsRisks of listed property funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## Cash and Cash Equivalents — 5 NZ managed funds URL: https://managedfunds.nz/asset-class/cash/funds/ > All 5 cash managed funds available to NZ retail investors. Funds holding bank deposits and short-term money-market instruments. Lowest-risk fund category; income-focused. Cash and Cash Equivalents Funds holding bank deposits and short-term money-market instruments. Lowest-risk fund category; income-focused. 5 funds tracked · 5 with on-file fee · 5 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). Clarity Enhanced Cash PIE Clarity PIE · capped at PIR (max 28%) conservative 0.26% fee 1/7 risk Kernel Cash Plus Fund Kernel PIE · capped at PIR (max 28%) conservative 0.25% fee 1/7 risk Lifetime Cash Fund Lifetime PIE · capped at PIR (max 28%) conservative 0.65% fee 2/7 risk Simplicity NZ Cash Fund Simplicity PIE · capped at PIR (max 28%) conservative 0.12% fee 2/7 risk Summer New Zealand Cash Summer PIE · capped at PIR (max 28%) conservative 0.62% fee 1/7 risk Other asset classes Diversified Australasian Equities International Equities NZ Fixed Interest International FI Listed Property Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ cash funds — what can go wrong URL: https://managedfunds.nz/asset-class/cash/risks/ > What can go wrong with NZ cash funds: 4 fund-specific risks plus the FMA standardised risk indicator distribution across the 5 funds in our coverage of this asset class. Risks · Cash What can go wrong with NZ cash funds Cash funds hold bank deposits and short-term money-market instruments. They are the lowest-risk fund category, but "low risk" is not the same as "no risk". This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 5 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the cash funds in our coverage distribute across the scale. Band 1 3 Band 2 2 Band 3 0 Band 4 0 Band 5 0 Band 6 0 Band 7 0 Median risk band 1 Range 1–2 Funds with risk band published 5 NZ cash funds in our coverage cluster at FMA risk indicators 1–2 — the lowest bands on the 7-point scale. 5-year return range across the class Realised 5-year annualised returns across the 1 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 2.4% Median realised 5y 2.4% Highest realised 5y 2.4% What specifically can go wrong with cash funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Inflation risk on real returns. A cash fund returning 4–5% per annum during a period when inflation runs at 6–7% delivers a negative real (purchasing-power-adjusted) return. The nominal balance grows; what it buys shrinks. 2 Credit risk on bank deposits. Cash funds hold deposits with banks. NZ deposits are not government-guaranteed (the Deposit Compensation Scheme begins in mid-2025 with a NZ$100k per-institution cap). Funds holding deposits in any single bank above $100k carry residual bank-credit risk on the excess. 3 Manager fee can exceed earned interest in low-rate environments. When the OCR is near zero (as in 2020–2021), an annual fund charge of 0.30–0.50% can consume most of the interest the underlying deposits earn — resulting in flat or marginally-negative total returns before tax. 4 Unit-price funds can technically fall. Most NZ cash funds are unit-priced, not deposit-style, so the unit price can move slightly in either direction even though the underlying assets are short-term and high-grade. Questions people ask about cash funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Is a cash fund the same as a term deposit? No. A cash fund is a unit-priced managed fund holding a portfolio of short-term instruments — its unit price can move slightly, and the income paid varies with prevailing interest rates. A term deposit is a fixed contract with a specific bank at a specific rate for a specific term. Term deposits are simpler but less liquid; cash funds are more liquid but carry the fund-manager fee and a degree of unit-price variability. 5 cash funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Simplicity NZ Cash Fund Simplicity 2 0.12% — Lifetime Cash Fund Lifetime 2 0.65% — Kernel Cash Plus Fund Kernel 1 0.25% — Clarity Enhanced Cash PIE Clarity 1 0.26% — Summer New Zealand Cash Summer 1 0.62% 2.4% Related All cash funds All fund screens All guides Risks of diversified fundsRisks of australasian equities fundsRisks of international equities fundsRisks of nz fixed interest fundsRisks of international fi funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## Diversified Funds — 67 NZ managed funds URL: https://managedfunds.nz/asset-class/diversified/funds/ > All 67 diversified managed funds available to NZ retail investors. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash. Diversified Funds Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash. 67 funds tracked · 67 with on-file fee · 67 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). ACI Conservative Fund ACI PIE · capped at PIR (max 28%) conservative 1.50% fee 4/7 risk ACI Growth Fund ACI PIE · capped at PIR (max 28%) growth 1.61% fee 4/7 risk AMP Aggressive Managed Fund AMP PIE · capped at PIR (max 28%) aggressive 0.80% fee 4/7 risk AMP Balanced Managed Fund AMP PIE · capped at PIR (max 28%) balanced 0.81% fee 4/7 risk AMP Growth Managed Fund AMP PIE · capped at PIR (max 28%) growth 0.81% fee 4/7 risk ANZ Investments OneAnswer Balanced Fund ANZ Investments PIE · capped at PIR (max 28%) balanced 0.90% fee 4/7 risk ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments PIE · capped at PIR (max 28%) balanced growth 0.95% fee 4/7 risk ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments PIE · capped at PIR (max 28%) conservative balanced 0.75% fee 4/7 risk ANZ Investments OneAnswer Conservative Fund ANZ Investments PIE · capped at PIR (max 28%) conservative 0.63% fee 3/7 risk ANZ Investments OneAnswer Growth Fund ANZ Investments PIE · capped at PIR (max 28%) growth 0.95% fee 4/7 risk ANZ Investments OneAnswer High Growth Fund ANZ Investments PIE · capped at PIR (max 28%) aggressive 0.95% fee 5/7 risk Booster Shielded Growth Fund Booster PIE · capped at PIR (max 28%) growth 1.41% fee 4/7 risk Booster Socially Responsible Balanced Fund Booster PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.33% fee 4/7 risk Booster Socially Responsible Growth Fund Booster PIE · capped at PIR (max 28%) Responsible / ethical growth 1.34% fee 4/7 risk Booster Socially Responsible High Growth Fund Booster PIE · capped at PIR (max 28%) Responsible / ethical aggressive 1.35% fee 5/7 risk Booster Wealth Balanced Fund Booster PIE · capped at PIR (max 28%) balanced 0.83% fee 4/7 risk Booster Wealth Geared Growth Fund Booster PIE · capped at PIR (max 28%) aggressive 1.35% fee 5/7 risk Booster Wealth Growth Fund Booster PIE · capped at PIR (max 28%) growth 0.91% fee 4/7 risk Booster Wealth High Growth Fund Booster PIE · capped at PIR (max 28%) aggressive 0.96% fee 5/7 risk Booster Wealth Moderate Fund Booster PIE · capped at PIR (max 28%) conservative 0.74% fee 4/7 risk Castle Point 5 Oceans Fund Castle Point PIE · capped at PIR (max 28%) balanced 1.18% fee 3/7 risk Clarity Diversified Growth Fund Clarity PIE · capped at PIR (max 28%) growth 1.16% fee 4/7 risk Clarity Diversified Income Fund Clarity PIE · capped at PIR (max 28%) income 0.96% fee 3/7 risk Fisher Funds Conservative Fund Fisher Funds PIE · capped at PIR (max 28%) conservative 1.35% fee 3/7 risk Fisher Funds Growth Fund Fisher Funds PIE · capped at PIR (max 28%) growth 1.46% fee 4/7 risk Foundation Series Balanced Fund Foundation Series PIE · capped at PIR (max 28%) balanced 0.36% fee 4/7 risk Foundation Series Growth Fund Foundation Series PIE · capped at PIR (max 28%) growth 0.38% fee 4/7 risk Foundation Series High Growth Fund Foundation Series PIE · capped at PIR (max 28%) aggressive 0.37% fee 5/7 risk Generate Focused Growth Managed Fund Generate PIE · capped at PIR (max 28%) growth 1.35% fee 5/7 risk Harbour Balanced Growth Fund Harbour PIE · capped at PIR (max 28%) balanced growth 1.04% fee 4/7 risk Harbour Income Fund Harbour PIE · capped at PIR (max 28%) income 0.66% fee 3/7 risk Harbour Sustainable Impact Fund Harbour PIE · capped at PIR (max 28%) Responsible / ethical balanced 0.27% fee 5/7 risk Kernel Balanced Fund Kernel PIE · capped at PIR (max 28%) balanced 0.25% fee 4/7 risk Kernel Conservative Fund Kernel PIE · capped at PIR (max 28%) conservative 0.25% fee 3/7 risk Kernel High Growth Fund Kernel PIE · capped at PIR (max 28%) aggressive 0.25% fee 5/7 risk Lifetime Balanced Fund Lifetime PIE · capped at PIR (max 28%) balanced 0.99% fee 4/7 risk Lifetime Conservative Fund Lifetime PIE · capped at PIR (max 28%) conservative 0.99% fee 3/7 risk Lifetime Growth Fund Lifetime PIE · capped at PIR (max 28%) growth 0.99% fee 4/7 risk Lifetime Retirement Income Fund Lifetime PIE · capped at PIR (max 28%) income 1.36% fee 4/7 risk Mercer Income Generator Fund Mercer PIE · capped at PIR (max 28%) income 1.28% fee 4/7 risk Mercer Responsible Balanced Fund Mercer PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.25% fee 4/7 risk Milford Active Growth Fund Milford PIE · capped at PIR (max 28%) growth 1.05% fee 4/7 risk Milford Aggressive Fund Milford PIE · capped at PIR (max 28%) aggressive 1.15% fee 5/7 risk Milford Balanced Fund Milford PIE · capped at PIR (max 28%) balanced 1.05% fee 4/7 risk Milford Conservative Fund Milford PIE · capped at PIR (max 28%) conservative 0.85% fee 3/7 risk Milford Diversified Income Fund Milford PIE · capped at PIR (max 28%) income 0.65% fee 3/7 risk Mint Diversified Growth Fund Mint PIE · capped at PIR (max 28%) growth 1.21% fee 5/7 risk Mint Diversified Income Fund Mint PIE · capped at PIR (max 28%) income 1.01% fee 3/7 risk NZ Funds Income Generator NZ Funds PIE · capped at PIR (max 28%) income 1.67% fee 4/7 risk NZ Funds Wealth Builder - Growth Strategy NZ Funds PIE · capped at PIR (max 28%) growth 2.14% fee 6/7 risk NZ Funds Wealth Builder - Income Strategy NZ Funds PIE · capped at PIR (max 28%) income 1.20% fee 4/7 risk NZ Funds Wealth Builder - Inflation Strategy NZ Funds PIE · capped at PIR (max 28%) balanced 1.58% fee 5/7 risk Octagon Balanced Fund Octagon PIE · capped at PIR (max 28%) balanced 1.17% fee 4/7 risk Pathfinder Ethical Growth Fund Pathfinder PIE · capped at PIR (max 28%) Responsible / ethical growth 1.31% fee 4/7 risk QuayStreet Income Fund QuayStreet PIE · capped at PIR (max 28%) income 0.77% fee 3/7 risk SBS Wealth Balanced Strategy SBS Wealth PIE · capped at PIR (max 28%) balanced 1.03% fee 4/7 risk SBS Wealth Conservative Strategy SBS Wealth PIE · capped at PIR (max 28%) conservative 0.90% fee 3/7 risk SBS Wealth Growth Strategy SBS Wealth PIE · capped at PIR (max 28%) growth 1.17% fee 5/7 risk SBS Wealth High Growth Strategy SBS Wealth PIE · capped at PIR (max 28%) aggressive 1.17% fee 5/7 risk Simplicity Balanced Investment Fund Simplicity PIE · capped at PIR (max 28%) balanced 0.25% fee 4/7 risk Simplicity Conservative Investment Fund Simplicity PIE · capped at PIR (max 28%) conservative 0.25% fee 3/7 risk Simplicity Growth Investment Fund Simplicity PIE · capped at PIR (max 28%) growth 0.25% fee 4/7 risk Simplicity High Growth Investment Fund Simplicity PIE · capped at PIR (max 28%) aggressive 0.25% fee 5/7 risk Simplicity Homes and Income Investment Fund Simplicity PIE · capped at PIR (max 28%) balanced 0.25% fee 3/7 risk Summer Balanced Selection Summer PIE · capped at PIR (max 28%) balanced 1.02% fee 4/7 risk Summer Conservative Selection Summer PIE · capped at PIR (max 28%) conservative 0.87% fee 3/7 risk Summer Growth Selection Summer PIE · capped at PIR (max 28%) growth 1.02% fee 4/7 risk Other asset classes Australasian Equities International Equities NZ Fixed Interest International FI Listed Property Cash Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ diversified funds — what can go wrong URL: https://managedfunds.nz/asset-class/diversified/risks/ > What can go wrong with NZ diversified funds: 5 fund-specific risks plus the FMA standardised risk indicator distribution across the 67 funds in our coverage of this asset class. Risks · Diversified What can go wrong with NZ diversified funds Diversified funds blend shares, bonds, cash and sometimes property in a single portfolio. The blend determines almost all of the risk you experience. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 67 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the diversified funds in our coverage distribute across the scale. Band 1 0 Band 2 0 Band 3 15 Band 4 37 Band 5 14 Band 6 1 Band 7 0 Median risk band 4 Range 3–6 Funds with risk band published 67 Most NZ diversified funds in our coverage carry an FMA standardised risk indicator of 3, 4 or 5 on the 7-point scale — reflecting the bond-and-cash buffer relative to a pure equity fund. Growth-leaning diversified funds cluster at band 5; balanced and conservative-balanced at bands 3–4. 5-year return range across the class Realised 5-year annualised returns across the 42 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 0.1% Median realised 5y 3.4% Highest realised 5y 7.9% What specifically can go wrong with diversified funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Equity allocation drives the drawdown. A balanced fund holding 60% growth assets will typically experience around half the peak-to-trough fall of a 100%-equity fund in a sharp market drop — but in severe events that can still mean a 15–25% paper loss before recovery. 2 Rebalancing drag in trending markets. Funds that rebalance to fixed target weights sell winners and buy laggards by design. In a year where one asset class runs hard, this systematically clips the upside relative to a buy-and-hold benchmark. 3 Currency exposure on the international sleeve. Most diversified funds hold some unhedged international shares; NZD strength erodes returns when measured in NZD. 4 Bond-sleeve interest-rate risk. When the RBNZ raises the Official Cash Rate, the bond component of a diversified fund typically falls in value before higher-coupon income compensates. 2022 was a notable example — most balanced funds lost ground from both stocks and bonds at once. 5 Fee stacking in fund-of-funds structures. Where a NZ manager builds a diversified portfolio by allocating to other managers' funds, the underlying-fund fees stack on top of the headline annual fund charge. The annual fund charge disclosed on FMA Disclose should already include these, but verify against the PDS. Questions people ask about diversified funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. What are the disadvantages of a balanced fund? A balanced fund holds roughly 50–60% growth assets and 40–50% income assets. The main trade-offs are: lower long-run expected return than a growth fund (a slower path to a given balance), still meaningful drawdown in severe market falls (the income sleeve doesn't fully cancel equity volatility), and rebalancing drag in trending markets. Balanced funds also typically charge a higher annual fund charge than a single-asset-class index fund because they hold underlying assets across multiple categories. Are balanced funds good for retirees? Whether a balanced fund suits a retiree depends on the retiree's spending horizon, other income sources (NZ Super, rental income, dividends), and risk tolerance — factors that vary by individual. The structural feature relevant to retirees is sequence-of-returns risk: a sharp market fall in the early years of drawing income is harder to recover from than the same fall later. The FMA standardised risk indicator on each fund's PDS quantifies recent volatility on a 7-point scale. What is the average return on a balanced fund? There is no single "average return" — past returns vary by manager, currency exposure, mix and time window, and historical returns do not predict future performance. NZ balanced funds typically target a 5-year return in the range of 4–7% per annum, but actual delivered returns over any given 5-year window vary widely. Each fund's realised return is reported quarterly in its Fund Update on FMA Disclose. 67 diversified funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return NZ Funds Wealth Builder - Growth Strategy NZ Funds 6 2.14% 1.0% Simplicity High Growth Investment Fund Simplicity 5 0.25% — Kernel High Growth Fund Kernel 5 0.25% — Harbour Sustainable Impact Fund Harbour 5 0.27% 0.1% Foundation Series High Growth Fund Foundation Series 5 0.37% — ANZ Investments OneAnswer High Growth Fund ANZ Investments 5 0.95% — Booster Wealth High Growth Fund Booster 5 0.96% — Milford Aggressive Fund Milford 5 1.15% — SBS Wealth Growth Strategy SBS Wealth 5 1.17% 7.4% SBS Wealth High Growth Strategy SBS Wealth 5 1.17% 7.4% Mint Diversified Growth Fund Mint 5 1.21% 2.4% Generate Focused Growth Managed Fund Generate 5 1.35% 6.3% Booster Wealth Geared Growth Fund Booster 5 1.35% — Booster Socially Responsible High Growth Fund Booster 5 1.35% 6.8% NZ Funds Wealth Builder - Inflation Strategy NZ Funds 5 1.58% 2.3% Simplicity Balanced Investment Fund Simplicity 4 0.25% 4.3% Simplicity Growth Investment Fund Simplicity 4 0.25% 6.0% Kernel Balanced Fund Kernel 4 0.25% — Foundation Series Balanced Fund Foundation Series 4 0.36% 4.8% Foundation Series Growth Fund Foundation Series 4 0.38% 6.3% Booster Wealth Moderate Fund Booster 4 0.74% — ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments 4 0.75% 2.2% AMP Aggressive Managed Fund AMP 4 0.80% — AMP Balanced Managed Fund AMP 4 0.81% — AMP Growth Managed Fund AMP 4 0.81% — Booster Wealth Balanced Fund Booster 4 0.83% — ANZ Investments OneAnswer Balanced Fund ANZ Investments 4 0.90% 3.0% Booster Wealth Growth Fund Booster 4 0.91% — ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments 4 0.95% 3.7% ANZ Investments OneAnswer Growth Fund ANZ Investments 4 0.95% 3.7% Lifetime Balanced Fund Lifetime 4 0.99% — Lifetime Growth Fund Lifetime 4 0.99% — Summer Balanced Selection Summer 4 1.02% 3.4% Summer Growth Selection Summer 4 1.02% 4.5% SBS Wealth Balanced Strategy SBS Wealth 4 1.03% — Harbour Balanced Growth Fund Harbour 4 1.04% 1.2% Milford Active Growth Fund Milford 4 1.05% 6.8% Milford Balanced Fund Milford 4 1.05% 4.7% Clarity Diversified Growth Fund Clarity 4 1.16% 7.9% Octagon Balanced Fund Octagon 4 1.17% 3.2% NZ Funds Wealth Builder - Income Strategy NZ Funds 4 1.20% 0.8% Mercer Responsible Balanced Fund Mercer 4 1.25% 3.5% Mercer Income Generator Fund Mercer 4 1.28% 2.5% Pathfinder Ethical Growth Fund Pathfinder 4 1.31% 4.8% Booster Socially Responsible Balanced Fund Booster 4 1.33% 4.0% Booster Socially Responsible Growth Fund Booster 4 1.34% — Lifetime Retirement Income Fund Lifetime 4 1.36% — Booster Shielded Growth Fund Booster 4 1.41% 5.1% Fisher Funds Growth Fund Fisher Funds 4 1.46% 3.0% ACI Conservative Fund ACI 4 1.50% — ACI Growth Fund ACI 4 1.61% — NZ Funds Income Generator NZ Funds 4 1.67% 0.9% Simplicity Conservative Investment Fund Simplicity 3 0.25% 1.8% Simplicity Homes and Income Investment Fund Simplicity 3 0.25% — Kernel Conservative Fund Kernel 3 0.25% — ANZ Investments OneAnswer Conservative Fund ANZ Investments 3 0.63% 1.6% Milford Diversified Income Fund Milford 3 0.65% 3.8% Harbour Income Fund Harbour 3 0.66% 3.2% QuayStreet Income Fund QuayStreet 3 0.77% 2.9% Milford Conservative Fund Milford 3 0.85% 2.5% Summer Conservative Selection Summer 3 0.87% 2.2% SBS Wealth Conservative Strategy SBS Wealth 3 0.90% — Clarity Diversified Income Fund Clarity 3 0.96% 2.9% Lifetime Conservative Fund Lifetime 3 0.99% — Mint Diversified Income Fund Mint 3 1.01% 1.4% Castle Point 5 Oceans Fund Castle Point 3 1.18% 3.9% Fisher Funds Conservative Fund Fisher Funds 3 1.35% 1.7% Related All diversified funds All fund screens All guides Risks of australasian equities fundsRisks of international equities fundsRisks of nz fixed interest fundsRisks of international fi fundsRisks of listed property funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## International Equities — 87 NZ managed funds URL: https://managedfunds.nz/asset-class/international-equities/funds/ > All 87 international equities managed funds available to NZ retail investors. Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors. International Equities Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors. 87 funds tracked · 81 with on-file fee · 83 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). Amova Global Shares Fund Amova PIE · capped at PIR (max 28%) 1.20% fee 5/7 risk Amova Global Shares Hedged Fund Amova PIE · capped at PIR (max 28%) NZD hedged 1.20% fee 6/7 risk AMP International Shares Managed Fund AMP PIE · capped at PIR (max 28%) 0.79% fee 5/7 risk Antipodes Global Fund – Long (PIE) Antipodes PIE · capped at PIR (max 28%) 4/7 risk ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments PIE · capped at PIR (max 28%) 0.84% fee 5/7 risk ANZ Investments OneAnswer International Share Fund ANZ Investments PIE · capped at PIR (max 28%) 0.96% fee 5/7 risk Aurellan Global Shares Fund Aurellan PIE · capped at PIR (max 28%) growth 1.12% fee 5/7 risk Aurellan Hedged Global Shares Fund Aurellan PIE · capped at PIR (max 28%) NZD hedged growth 1.12% fee 5/7 risk BetaShares Global Quality Leaders Fund BetaShares PIE · capped at PIR (max 28%) growth 0.49% fee 5/7 risk BetaShares Global Sustainability Leaders Fund BetaShares PIE · capped at PIR (max 28%) Responsible / ethical growth 0.77% fee 5/7 risk BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.79% fee 5/7 risk Brandywine Global Opportunistic Equity Fund Brandywine PIE · capped at PIR (max 28%) growth 0.93% fee 5/7 risk Clarity - Capital Group New Perspective Fund Clarity PIE · capped at PIR (max 28%) growth 1.21% fee 5/7 risk Clarity Dividend Yield Fund Clarity PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity Global Shares Fund Clarity PIE · capped at PIR (max 28%) growth 1.06% fee 5/7 risk Dimensional Global Sustainability PIE Fund Dimensional PIE · capped at PIR (max 28%) Responsible / ethical 0.40% fee 5/7 risk Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.40% fee 5/7 risk Elevation Capital Global Shares Fund Elevation Capital PIE · capped at PIR (max 28%) 1.80% fee 6/7 risk Ellerston Global Mid Small Cap Fund Ellerston PIE · capped at PIR (max 28%) Evidential Sustainable Targeted Factor Fund Evidential PIE · capped at PIR (max 28%) Responsible / ethical 0.62% fee 5/7 risk Fisher Funds Global Fund Fisher Funds PIE · capped at PIR (max 28%) 1.64% fee 5/7 risk Fisher Funds International Growth Fund Fisher Funds PIE · capped at PIR (max 28%) 1.31% fee 6/7 risk Foundation Series Global ESG Fund Foundation Series PIE · capped at PIR (max 28%) Responsible / ethical 0.10% fee 5/7 risk Foundation Series Hedged Total World Fund Foundation Series PIE · capped at PIR (max 28%) NZD hedged 0.07% fee 5/7 risk Foundation Series Hedged US 500 Fund Foundation Series PIE · capped at PIR (max 28%) NZD hedged 0.03% fee 6/7 risk Foundation Series Nasdaq-100 Fund Foundation Series PIE · capped at PIR (max 28%) Thematic 0.15% fee 6/7 risk Foundation Series Total World Fund Foundation Series PIE · capped at PIR (max 28%) 0.07% fee 5/7 risk Foundation Series US 500 Fund Foundation Series PIE · capped at PIR (max 28%) 0.03% fee 5/7 risk Foundation Series US Dividend Equity Fund Foundation Series PIE · capped at PIR (max 28%) 0.06% fee 5/7 risk Harbour T. Rowe Price Global Equity Fund Harbour PIE · capped at PIR (max 28%) 1.21% fee 5/7 risk Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour PIE · capped at PIR (max 28%) NZD hedged 1.24% fee 5/7 risk Hyperion Global Growth Companies PIE Fund Hyperion PIE · capped at PIR (max 28%) 4.38% fee 6/7 risk India Avenue Equity Fund — H Class India Avenue FIF · file IR3 each year Thematic Kernel Emerging Markets Fund Kernel PIE · capped at PIR (max 28%) growth 0.45% fee 5/7 risk Kernel Global ESG Fund Kernel PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% fee 5/7 risk Kernel S&P 500 (NZD Hedged) Fund Kernel PIE · capped at PIR (max 28%) NZD hedged growth 0.25% fee 6/7 risk Kernel S&P 500 (Unhedged) Fund Kernel PIE · capped at PIR (max 28%) growth 0.25% fee 6/7 risk Kernel S&P Global 100 (NZD Hedged) Fund Kernel PIE · capped at PIR (max 28%) NZD hedged growth 0.25% fee 5/7 risk Kernel S&P Global 100 Fund Kernel PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel S&P Global Clean Energy Fund Kernel PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive 0.45% fee 6/7 risk Kernel S&P Global Dividend Aristocrats Fund Kernel PIE · capped at PIR (max 28%) Thematic growth 0.25% fee 5/7 risk Kernel World ex-US Fund Kernel PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Lighthouse Global Equity Fund Lighthouse PIE · capped at PIR (max 28%) 1.03% fee 7/7 risk Mercer All Country Global Shares Index Fund Mercer PIE · capped at PIR (max 28%) 0.43% fee 5/7 risk Mercer Core Global Shares Fund Mercer PIE · capped at PIR (max 28%) 1.24% fee 5/7 risk Mercer Core Hedged Global Shares Fund Mercer PIE · capped at PIR (max 28%) NZD hedged 1.46% fee 5/7 risk Mercer Global Shares Fund Mercer PIE · capped at PIR (max 28%) 1.25% fee 5/7 risk Mercer Responsible Global Shares Fund Mercer PIE · capped at PIR (max 28%) Responsible / ethical 1.69% fee 5/7 risk Milford Global Equity Fund Milford PIE · capped at PIR (max 28%) 1.35% fee 5/7 risk NZ Funds Global Shares NZ Funds PIE · capped at PIR (max 28%) growth 3.12% fee 6/7 risk NZ Funds Global Utilities NZ Funds PIE · capped at PIR (max 28%) Thematic balanced 2.53% fee 5/7 risk Pathfinder Global Responsibility Fund Pathfinder PIE · capped at PIR (max 28%) Responsible / ethical 1.30% fee 5/7 risk Pathfinder Global Water Fund Pathfinder PIE · capped at PIR (max 28%) Responsible / ethical Thematic 1.30% fee 5/7 risk Pella Global Generations PIE Fund Pella PIE · capped at PIR (max 28%) growth 0.85% fee 5/7 risk Pie Global Growth Fund 2 Pie Funds PIE · capped at PIR (max 28%) 1.61% fee 5/7 risk Pie Growth UK & Europe Fund Pie Funds PIE · capped at PIR (max 28%) 1.85% fee 5/7 risk Plato Global Alpha PIE Fund Plato PIE · capped at PIR (max 28%) growth 5/7 risk Russell Investments Global Shares Fund Russell Investments PIE · capped at PIR (max 28%) 0.93% fee 4/7 risk Russell Investments Hedged Global Shares Fund Russell Investments PIE · capped at PIR (max 28%) NZD hedged 0.92% fee 5/7 risk Russell Investments Hedged Sustainable Global Shares Fund Russell Investments PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.33% fee 5/7 risk Russell Investments Sustainable Global Shares Fund Russell Investments PIE · capped at PIR (max 28%) Responsible / ethical 0.33% fee 4/7 risk SBS Wealth World Equity Portfolio SBS Wealth PIE · capped at PIR (max 28%) growth 1.18% fee 5/7 risk Schroder Sustainable Global Core PIE Fund Schroders PIE · capped at PIR (max 28%) Responsible / ethical growth 0.39% fee 5/7 risk Schroder Sustainable Global Core PIE Fund (Hedged) Schroders PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.39% fee 5/7 risk Simplicity Hedged Global Share Fund Simplicity PIE · capped at PIR (max 28%) NZD hedged growth 0.15% fee 5/7 risk Simplicity Unhedged Global Share Fund Simplicity PIE · capped at PIR (max 28%) growth 0.15% fee 5/7 risk Smart Asia Pacific ETF Smartshares PIE · capped at PIR (max 28%) ETF · APA 0.55% fee 5/7 risk Smart Automation and Robotics ETF Smartshares PIE · capped at PIR (max 28%) ETF · BOT Thematic 0.75% fee 6/7 risk Smart Emerging Markets ESG ETF Smartshares PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical 0.59% fee 5/7 risk Smart Emerging Markets ETF Smartshares PIE · capped at PIR (max 28%) ETF · EMF 0.59% fee 5/7 risk Smart Europe ESG ETF Smartshares PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical 0.55% fee 5/7 risk Smart Europe ETF Smartshares PIE · capped at PIR (max 28%) ETF · EUF 0.55% fee 5/7 risk Smart Global ESG ETF Smartshares PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical 0.54% fee 5/7 risk Smart Healthcare Innovation ETF Smartshares PIE · capped at PIR (max 28%) ETF · LIV Thematic 0.75% fee 6/7 risk Smart Japan ESG ETF Smartshares PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical 0.55% fee 5/7 risk Smart Total World ETF Smartshares PIE · capped at PIR (max 28%) ETF · TWF 0.40% fee 4/7 risk Smart US 500 ETF Smartshares PIE · capped at PIR (max 28%) ETF · USF 0.34% fee 5/7 risk Smart US ESG ETF Smartshares PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical 0.34% fee 5/7 risk Smart US Large Growth ETF Smartshares PIE · capped at PIR (max 28%) ETF · USG 0.51% fee 6/7 risk Smart US Large Value ETF Smartshares PIE · capped at PIR (max 28%) ETF · USV 0.51% fee 5/7 risk Smart US Mid Cap ETF Smartshares PIE · capped at PIR (max 28%) ETF · USM 0.51% fee 5/7 risk Smart US Small Cap ETF Smartshares PIE · capped at PIR (max 28%) ETF · USS 0.51% fee 6/7 risk Stewart Investors Worldwide Leaders Fund Stewart Investors PIE · capped at PIR (max 28%) Responsible / ethical growth 0.61% fee 5/7 risk Summer Global Equities Summer PIE · capped at PIR (max 28%) growth 1.02% fee 5/7 risk Te Ahumairangi Global Equity Fund Te Ahumairangi PIE · capped at PIR (max 28%) 0.62% fee 4/7 risk Vanguard International Shares Select Exclusions Index Fund Vanguard FIF · file IR3 each year Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class Vanguard FIF · file IR3 each year NZD hedged Other asset classes Diversified Australasian Equities NZ Fixed Interest International FI Listed Property Cash Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ international equities funds — what can go wrong URL: https://managedfunds.nz/asset-class/international-equities/risks/ > What can go wrong with NZ international equities funds: 5 fund-specific risks plus the FMA standardised risk indicator distribution across the 83 funds in our coverage of this asset class. Risks · International Equities What can go wrong with NZ international equities funds International equity funds invest in shares listed outside Australasia. The dominant risks are concentration in the US technology sector and currency exposure when funds are held unhedged. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 83 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the international equities funds in our coverage distribute across the scale. Band 1 0 Band 2 0 Band 3 0 Band 4 6 Band 5 62 Band 6 14 Band 7 1 Median risk band 5 Range 4–7 Funds with risk band published 83 NZ international-equity funds in our coverage cluster tightly at FMA risk indicator 5, with thematic and emerging-market variants reaching band 6 or 7. Index trackers (Smartshares US 500, Foundation Series) at band 5 reflect the underlying equity-only volatility plus currency. 5-year return range across the class Realised 5-year annualised returns across the 43 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 0.2% Median realised 5y 8.3% Highest realised 5y 14.1% What specifically can go wrong with international equities funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 US technology concentration in market-cap-weighted global indices. A standard global index fund (MSCI World, S&P 500-weighted exposure) is typically 25–35% in just six US technology and growth names — Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta. A correction in those names disproportionately affects the fund. 2 Currency direction matters more than people expect. A 10% NZD strengthening against the USD wipes roughly 10% off the NZD-value of an unhedged US-equity holding even if the US index itself was flat. Hedged variants remove this exposure but cost more in management fees and incur hedging cost drag. 3 Emerging-market funds have additional risks. Beyond price volatility, EM equity funds face country-political risk, currency convertibility restrictions, settlement and custody risk, and shallower liquidity. The FMA-defined risk indicator quantifies recent volatility but doesn't separately surface these structural risks. 4 Thematic funds (clean energy, AI, healthcare, water) are concentrated by design. Single-theme funds typically hold 20–50 stocks vs the 1,500+ in a broad global tracker, meaning much higher single-stock and single-sub-sector risk. They also lose the diversification benefit if the theme falls out of favour. 5 Index-tracking error. Where a fund tracks an index synthetically or via swap contracts (less common in NZ), counterparty risk and tracking error become additional considerations beyond what the PDS describes as "passive". Questions people ask about international equities funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Is a global equity fund a good investment? Whether any fund "is a good investment" depends on the investor's time horizon, other holdings, currency views and risk tolerance — factors that vary by individual. Globally diversified equity funds reduce single-country risk relative to NZ-only or US-only funds, but introduce currency exposure and exposure to whatever drives global markets (typically US technology in recent years). The fund's PDS and Fund Update on FMA Disclose disclose recent returns, the risk indicator, top holdings and fees. Are global equities a good investment? Global equities have delivered positive long-run returns over multi-decade periods but with material drawdowns along the way — the MSCI World fell ~50% in the 2008 financial crisis and ~30% in March 2020 before recovering. Whether they suit your portfolio is a question of horizon and risk tolerance, not of the asset class being "good" or "bad". Are global funds risky? Yes — equity funds carry market risk, currency risk (when unhedged), and concentration risk in whatever drives the underlying index. The FMA standardised risk indicator on each fund's PDS quantifies recent return volatility on a 7-point scale; most global equity funds sit at band 5 or 6. 83 international equities funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Lighthouse Global Equity Fund Lighthouse 7 1.03% 10.7% Foundation Series Hedged US 500 Fund Foundation Series 6 0.03% — Foundation Series Nasdaq-100 Fund Foundation Series 6 0.15% — Kernel S&P 500 (Unhedged) Fund Kernel 6 0.25% — Kernel S&P 500 (NZD Hedged) Fund Kernel 6 0.25% — Kernel S&P Global Clean Energy Fund Kernel 6 0.45% — Smart US Large Growth ETF Smartshares 6 0.51% 13.8% Smart US Small Cap ETF Smartshares 6 0.51% 7.6% Smart Automation and Robotics ETF Smartshares 6 0.75% 7.0% Smart Healthcare Innovation ETF Smartshares 6 0.75% 0.2% Amova Global Shares Hedged Fund Amova 6 1.20% 2.4% Fisher Funds International Growth Fund Fisher Funds 6 1.31% 0.3% Elevation Capital Global Shares Fund Elevation Capital 6 1.80% 3.4% NZ Funds Global Shares NZ Funds 6 3.12% 1.4% Hyperion Global Growth Companies PIE Fund Hyperion 6 4.38% — Foundation Series US 500 Fund Foundation Series 5 0.03% — Foundation Series US Dividend Equity Fund Foundation Series 5 0.06% — Foundation Series Total World Fund Foundation Series 5 0.07% — Foundation Series Hedged Total World Fund Foundation Series 5 0.07% — Foundation Series Global ESG Fund Foundation Series 5 0.10% — Simplicity Hedged Global Share Fund Simplicity 5 0.15% — Simplicity Unhedged Global Share Fund Simplicity 5 0.15% — Kernel S&P Global 100 Fund Kernel 5 0.25% — Kernel S&P Global 100 (NZD Hedged) Fund Kernel 5 0.25% — Kernel World ex-US Fund Kernel 5 0.25% — Kernel Global ESG Fund Kernel 5 0.25% — Kernel S&P Global Dividend Aristocrats Fund Kernel 5 0.25% — Russell Investments Hedged Sustainable Global Shares Fund Russell Investments 5 0.33% — Smart US 500 ETF Smartshares 5 0.34% 14.1% Smart US ESG ETF Smartshares 5 0.34% 14.1% Schroder Sustainable Global Core PIE Fund Schroders 5 0.39% — Schroder Sustainable Global Core PIE Fund (Hedged) Schroders 5 0.39% — Dimensional Global Sustainability PIE Fund Dimensional 5 0.40% — Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional 5 0.40% — Mercer All Country Global Shares Index Fund Mercer 5 0.43% 9.8% Kernel Emerging Markets Fund Kernel 5 0.45% — BetaShares Global Quality Leaders Fund BetaShares 5 0.49% — Smart US Large Value ETF Smartshares 5 0.51% 13.0% Smart US Mid Cap ETF Smartshares 5 0.51% 9.0% Smart Global ESG ETF Smartshares 5 0.54% 12.1% Smart Asia Pacific ETF Smartshares 5 0.55% 8.7% Smart Europe ESG ETF Smartshares 5 0.55% 10.9% Smart Europe ETF Smartshares 5 0.55% 10.8% Smart Japan ESG ETF Smartshares 5 0.55% 8.3% Smart Emerging Markets ESG ETF Smartshares 5 0.59% 6.3% Smart Emerging Markets ETF Smartshares 5 0.59% 5.8% Stewart Investors Worldwide Leaders Fund Stewart Investors 5 0.61% — Evidential Sustainable Targeted Factor Fund Evidential 5 0.62% — BetaShares Global Sustainability Leaders Fund BetaShares 5 0.77% — AMP International Shares Managed Fund AMP 5 0.79% — BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares 5 0.79% — ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments 5 0.84% — Pella Global Generations PIE Fund Pella 5 0.85% — Russell Investments Hedged Global Shares Fund Russell Investments 5 0.92% 6.9% Brandywine Global Opportunistic Equity Fund Brandywine 5 0.93% — ANZ Investments OneAnswer International Share Fund ANZ Investments 5 0.96% 8.3% Summer Global Equities Summer 5 1.02% 6.9% Clarity Global Shares Fund Clarity 5 1.06% 13.6% Aurellan Global Shares Fund Aurellan 5 1.12% — Aurellan Hedged Global Shares Fund Aurellan 5 1.12% — SBS Wealth World Equity Portfolio SBS Wealth 5 1.18% 9.2% Amova Global Shares Fund Amova 5 1.20% 6.7% Harbour T. Rowe Price Global Equity Fund Harbour 5 1.21% 5.7% Clarity - Capital Group New Perspective Fund Clarity 5 1.21% 7.3% Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour 5 1.24% — Mercer Core Global Shares Fund Mercer 5 1.24% 13.9% Mercer Global Shares Fund Mercer 5 1.25% 10.4% Pathfinder Global Responsibility Fund Pathfinder 5 1.30% 5.0% Pathfinder Global Water Fund Pathfinder 5 1.30% 5.0% Milford Global Equity Fund Milford 5 1.35% 6.3% Mercer Core Hedged Global Shares Fund Mercer 5 1.46% 9.3% Pie Global Growth Fund 2 Pie Funds 5 1.61% 3.4% Fisher Funds Global Fund Fisher Funds 5 1.64% 5.5% Mercer Responsible Global Shares Fund Mercer 5 1.69% 9.3% Pie Growth UK & Europe Fund Pie Funds 5 1.85% 1.0% NZ Funds Global Utilities NZ Funds 5 2.53% — Plato Global Alpha PIE Fund Plato 5 — — Russell Investments Sustainable Global Shares Fund Russell Investments 4 0.33% — Smart Total World ETF Smartshares 4 0.40% 11.5% Te Ahumairangi Global Equity Fund Te Ahumairangi 4 0.62% — Russell Investments Global Shares Fund Russell Investments 4 0.93% 11.1% Clarity Dividend Yield Fund Clarity 4 1.06% 4.9% Antipodes Global Fund – Long (PIE) Antipodes 4 — 12.6% Related All international equities funds All fund screens All guides Risks of diversified fundsRisks of australasian equities fundsRisks of nz fixed interest fundsRisks of international fi fundsRisks of listed property funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## International Fixed Interest — 34 NZ managed funds URL: https://managedfunds.nz/asset-class/international-fixed-interest/funds/ > All 34 international fi managed funds available to NZ retail investors. Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD. International Fixed Interest Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD. 34 funds tracked · 31 with on-file fee · 34 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments PIE · capped at PIR (max 28%) 0.49% fee 4/7 risk Artesian Green and Sustainable Bond Fund (NZD) Artesian PIE · capped at PIR (max 28%) Responsible / ethical conservative 3/7 risk Artesian Short Duration Corporate Bond Fund (NZD) Artesian PIE · capped at PIR (max 28%) conservative 2/7 risk Bentham Global Income PIE Fund Bentham PIE · capped at PIR (max 28%) conservative 0.83% fee 3/7 risk Bentham Global Opportunities PIE Fund Bentham PIE · capped at PIR (max 28%) balanced 4/7 risk BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares PIE · capped at PIR (max 28%) NZD hedged conservative 0.34% fee 4/7 risk Brandywine Global Opportunistic Fixed Income Fund Brandywine PIE · capped at PIR (max 28%) 0.77% fee 4/7 risk Clarity Fixed Income Fund Clarity PIE · capped at PIR (max 28%) conservative 0.70% fee 3/7 risk Coolabah Active Composite Bond PIE Fund Coolabah PIE · capped at PIR (max 28%) conservative 0.76% fee 4/7 risk Coolabah Global Floating-Rate High Yield PIE Fund Coolabah PIE · capped at PIR (max 28%) balanced 1.00% fee 2/7 risk Coolabah Long-Short Credit PIE Fund Coolabah PIE · capped at PIR (max 28%) balanced 1.76% fee 3/7 risk Coolabah Short Term Income PIE Fund Coolabah PIE · capped at PIR (max 28%) conservative 0.67% fee 2/7 risk Daintree Core Income PIE Daintree PIE · capped at PIR (max 28%) conservative 0.73% fee 3/7 risk Daintree High Income PIE Daintree PIE · capped at PIR (max 28%) balanced 0.90% fee 3/7 risk Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional PIE · capped at PIR (max 28%) NZD hedged 0.28% fee 3/7 risk Dimensional Global Bond Sustainability PIE Fund Dimensional PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.32% fee 3/7 risk Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.25% fee 2/7 risk Evidential Sustainable Global Bond Fund Evidential PIE · capped at PIR (max 28%) Responsible / ethical 0.32% fee 4/7 risk Fisher Funds BondPlus Fund Fisher Funds PIE · capped at PIR (max 28%) 1.26% fee 3/7 risk Fisher Funds Income Fund Fisher Funds PIE · capped at PIR (max 28%) 0.99% fee 3/7 risk Hunter Global Fixed Interest Fund Hunter PIE · capped at PIR (max 28%) 0.53% fee 4/7 risk Hunter Private Credit Fund Hunter PIE · capped at PIR (max 28%) balanced 0.83% fee 2/7 risk JPMorgan Global Bond Fund JPMorgan PIE · capped at PIR (max 28%) conservative 0.47% fee 4/7 risk Kernel US Bond Fund Kernel PIE · capped at PIR (max 28%) conservative 0.30% fee 4/7 risk Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.43% fee 4/7 risk Milford Global Corporate Bond Fund Milford PIE · capped at PIR (max 28%) 0.85% fee 3/7 risk NZ Funds Global Bonds NZ Funds PIE · capped at PIR (max 28%) conservative 1.44% fee 4/7 risk Russell Investments Global Fixed Interest Fund Russell Investments PIE · capped at PIR (max 28%) 0.58% fee 4/7 risk SBS Wealth World Bond Portfolio SBS Wealth PIE · capped at PIR (max 28%) conservative 0.77% fee 3/7 risk Simplicity Hedged Global Bond Fund Simplicity PIE · capped at PIR (max 28%) NZD hedged conservative 0.15% fee 4/7 risk Smart Global Aggregate Bond ETF Smartshares PIE · capped at PIR (max 28%) ETF · AGG 0.30% fee 3/7 risk Smart Global Bond ETF Smartshares PIE · capped at PIR (max 28%) ETF · GBF 0.54% fee 4/7 risk Summer Global Fixed Interest Summer PIE · capped at PIR (max 28%) conservative 0.87% fee 3/7 risk Vision Income Fund Vision PIE · capped at PIR (max 28%) income 2.51% fee 1/7 risk Other asset classes Diversified Australasian Equities International Equities NZ Fixed Interest Listed Property Cash Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ international fi funds — what can go wrong URL: https://managedfunds.nz/asset-class/international-fixed-interest/risks/ > What can go wrong with NZ international fi funds: 5 fund-specific risks plus the FMA standardised risk indicator distribution across the 34 funds in our coverage of this asset class. Risks · International FI What can go wrong with NZ international fi funds International fixed-interest funds invest in non-NZ government and corporate bonds, typically with currency hedging back to NZD. Their main risks are interest-rate, credit and the cost of hedging. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 34 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the international fi funds in our coverage distribute across the scale. Band 1 1 Band 2 5 Band 3 14 Band 4 14 Band 5 0 Band 6 0 Band 7 0 Median risk band 3 Range 1–4 Funds with risk band published 34 NZ international fixed-interest funds in our coverage cluster at FMA risk indicators 2–4 — similar to NZ-only fixed-interest funds because the currency hedging removes most FX volatility. Higher-yield and emerging-market debt variants reach band 4. 5-year return range across the class Realised 5-year annualised returns across the 15 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 0.1% Median realised 5y 0.5% Highest realised 5y 3.2% What specifically can go wrong with international fi funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Global interest-rate sensitivity. Funds tracking global aggregate or international corporate indices are sensitive to Fed, ECB and BOJ policy decisions, not just RBNZ. A multi-currency portfolio averages this exposure but doesn't eliminate it. 2 Hedging cost drag. Most NZ international-fixed-interest funds hedge currency back to NZD to remove FX volatility. This hedging is not free — when NZ short rates are higher than the foreign rate (common historically), hedging actually adds a small positive carry; when NZ rates are lower, it costs. The Fund Update typically discloses this as part of total return attribution. 3 Credit risk on corporate and emerging-market sleeves. Global corporate bond funds carry single-issuer and sector concentration risk. Emerging-market debt funds add country-political and currency risk on the underlying issuer. 4 Liquidity in off-the-run securities. Less-traded foreign bonds (older issues, smaller corporate names) can be hard to value or trade in stressed markets, which can widen the gap between published unit price and realisable value. 5 Tracking-error to the stated benchmark. Some "global bond" funds significantly under- or over-weight regions and credit qualities relative to their benchmark index. Verify holdings against the PDS rather than relying on the fund name alone. Questions people ask about international fi funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Are global bonds a good investment? Global bonds provide currency-hedged exposure to a much broader issuer set than the NZ bond market alone. Whether they fit your portfolio depends on your horizon, income needs and how diversified you want your fixed-interest exposure to be. Returns are sensitive to global interest-rate moves and to corporate-credit conditions; both are disclosed in each fund's Fund Update. Are corporate bond funds a good investment now? Corporate-bond fund timing depends on the credit-spread environment, the issuer mix and your overall portfolio. When credit spreads are wide (corporate bonds yield well above government bonds), the income compensation is higher but reflects elevated default risk. When spreads are tight, less compensation. The current yield-to-maturity and credit-rating breakdown are disclosed in the PDS. Is a global bond fund a good investment? Global bond funds suit investors seeking fixed-interest exposure beyond what the small NZ market can offer, typically with currency hedging back to NZD. Their risk profile is closer to NZ bonds than to global equities. The FMA standardised risk indicator on each fund's PDS is the comparable measure across the NZ universe. 34 international fi funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Simplicity Hedged Global Bond Fund Simplicity 4 0.15% — Kernel US Bond Fund Kernel 4 0.30% — Evidential Sustainable Global Bond Fund Evidential 4 0.32% — BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 4 0.34% — Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer 4 0.43% 0.5% JPMorgan Global Bond Fund JPMorgan 4 0.47% — ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments 4 0.49% 0.6% Hunter Global Fixed Interest Fund Hunter 4 0.53% 0.1% Smart Global Bond ETF Smartshares 4 0.54% 0.1% Russell Investments Global Fixed Interest Fund Russell Investments 4 0.58% 0.3% Coolabah Active Composite Bond PIE Fund Coolabah 4 0.76% — Brandywine Global Opportunistic Fixed Income Fund Brandywine 4 0.77% 0.2% NZ Funds Global Bonds NZ Funds 4 1.44% 0.2% Bentham Global Opportunities PIE Fund Bentham 4 — — Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 3 0.28% — Smart Global Aggregate Bond ETF Smartshares 3 0.30% 1.3% Dimensional Global Bond Sustainability PIE Fund Dimensional 3 0.32% — Clarity Fixed Income Fund Clarity 3 0.70% 1.8% Daintree Core Income PIE Daintree 3 0.73% — SBS Wealth World Bond Portfolio SBS Wealth 3 0.77% 0.3% Bentham Global Income PIE Fund Bentham 3 0.83% — Milford Global Corporate Bond Fund Milford 3 0.85% 1.3% Summer Global Fixed Interest Summer 3 0.87% 0.2% Daintree High Income PIE Daintree 3 0.90% — Fisher Funds Income Fund Fisher Funds 3 0.99% 2.2% Fisher Funds BondPlus Fund Fisher Funds 3 1.26% 0.5% Coolabah Long-Short Credit PIE Fund Coolabah 3 1.76% — Artesian Green and Sustainable Bond Fund (NZD) Artesian 3 — — Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 2 0.25% — Coolabah Short Term Income PIE Fund Coolabah 2 0.67% — Hunter Private Credit Fund Hunter 2 0.83% — Coolabah Global Floating-Rate High Yield PIE Fund Coolabah 2 1.00% — Artesian Short Duration Corporate Bond Fund (NZD) Artesian 2 — — Vision Income Fund Vision 1 2.51% 3.2% Related All international fi funds All fund screens All guides Risks of diversified fundsRisks of australasian equities fundsRisks of international equities fundsRisks of nz fixed interest fundsRisks of listed property funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## Listed Property — 16 NZ managed funds URL: https://managedfunds.nz/asset-class/listed-property/funds/ > All 16 listed property managed funds available to NZ retail investors. Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property. Listed Property Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property. 16 funds tracked · 15 with on-file fee · 15 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). ANZ Investments OneAnswer International Property Fund ANZ Investments PIE · capped at PIR (max 28%) 0.99% fee 6/7 risk ANZ Investments OneAnswer Property Securities Fund ANZ Investments PIE · capped at PIR (max 28%) 1.06% fee 5/7 risk Dexus Global REIT Fund Dexus PIE · capped at PIR (max 28%) Fisher Funds Property & Infrastructure Fund Fisher Funds PIE · capped at PIR (max 28%) 1.53% fee 4/7 risk Harbour Real Estate Investment Fund Harbour PIE · capped at PIR (max 28%) 0.77% fee 5/7 risk Kernel NZ Commercial Property Fund Kernel PIE · capped at PIR (max 28%) balanced 0.25% fee 5/7 risk Mercer Global Listed Real Estate Fund Mercer PIE · capped at PIR (max 28%) 1.33% fee 6/7 risk Mint Australasian Property Fund Mint PIE · capped at PIR (max 28%) 1.07% fee 5/7 risk NZ Funds Global Property NZ Funds PIE · capped at PIR (max 28%) balanced 2.52% fee 5/7 risk NZ Funds New Zealand Property and Retirement Villages NZ Funds PIE · capped at PIR (max 28%) balanced 2.52% fee 5/7 risk Pathfinder Global Property Fund Pathfinder PIE · capped at PIR (max 28%) 1.00% fee 5/7 risk Resolution Capital Global Property Securities PIE Fund Resolution Capital PIE · capped at PIR (max 28%) balanced 1.05% fee 6/7 risk Salt Enhanced Property Fund Salt PIE · capped at PIR (max 28%) 1.02% fee 5/7 risk Smart Australian Property ETF Smartshares PIE · capped at PIR (max 28%) ETF · ASP 0.54% fee 6/7 risk Smart NZ Property ETF Smartshares PIE · capped at PIR (max 28%) ETF · NPF 0.54% fee 5/7 risk Summer Listed Property Summer PIE · capped at PIR (max 28%) balanced 1.02% fee 5/7 risk Other asset classes Diversified Australasian Equities International Equities NZ Fixed Interest International FI Cash Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ listed property funds — what can go wrong URL: https://managedfunds.nz/asset-class/listed-property/risks/ > What can go wrong with NZ listed property funds: 5 fund-specific risks plus the FMA standardised risk indicator distribution across the 15 funds in our coverage of this asset class. Risks · Listed Property What can go wrong with NZ listed property funds Listed-property funds hold REITs (Real Estate Investment Trusts) and listed property companies. They are equity-like in their day-to-day price behaviour but exposed to the property cycle as well as interest rates. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 15 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the listed property funds in our coverage distribute across the scale. Band 1 0 Band 2 0 Band 3 0 Band 4 1 Band 5 10 Band 6 4 Band 7 0 Median risk band 5 Range 4–6 Funds with risk band published 15 NZ listed-property funds in our coverage cluster at FMA risk indicators 4–6 — similar to broad equity funds. The "property" label can suggest stability that the FMA risk indicator does not support. 5-year return range across the class Realised 5-year annualised returns across the 12 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 0.8% Median realised 5y 2.8% Highest realised 5y 4.6% What specifically can go wrong with listed property funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Equity-like volatility, not direct-property volatility. Listed REITs trade on share markets and move with equity sentiment. They are not a "safer" version of direct property — in equity bear markets, listed property funds typically fall as hard as or harder than broad equities. 2 Interest-rate sensitivity. Higher interest rates increase the discount rate on future property cashflows and raise the cost of REIT debt. Most listed-property funds underperform broad equities in rising-rate environments. 3 Sector and geographic concentration. The NZ listed-property index is small and dominated by a few REITs (Goodman Property, Precinct, Argosy, Kiwi Property). Australian REITs add scale and diversification but introduce AUD currency exposure when held unhedged. 4 Tenant-concentration risk inside individual REITs. A REIT with one or two major office tenants is exposed to those tenants' renewal decisions. The fund's top-holdings table on FMA Disclose shows which REITs and what weights. 5 Liquidity in NZ-only listed-property funds. Daily trading volume in NZ REITs is modest relative to global REIT markets, which can widen bid-ask spreads in volatile markets. Questions people ask about listed property funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Are REIT ETFs a good investment? REIT ETFs provide low-cost diversified exposure to listed property but carry equity-market volatility — they are not a substitute for direct property in terms of return pattern. Whether they suit your portfolio depends on your horizon, income needs and what role you want listed property to play. The fund's PDS and Fund Update disclose the holdings mix and the FMA risk indicator. 15 listed property funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Smart Australian Property ETF Smartshares 6 0.54% 3.0% ANZ Investments OneAnswer International Property Fund ANZ Investments 6 0.99% 3.1% Resolution Capital Global Property Securities PIE Fund Resolution Capital 6 1.05% — Mercer Global Listed Real Estate Fund Mercer 6 1.33% 0.9% Kernel NZ Commercial Property Fund Kernel 5 0.25% 2.8% Smart NZ Property ETF Smartshares 5 0.54% 3.0% Harbour Real Estate Investment Fund Harbour 5 0.77% 1.5% Pathfinder Global Property Fund Pathfinder 5 1.00% 0.8% Salt Enhanced Property Fund Salt 5 1.02% 1.7% Summer Listed Property Summer 5 1.02% 2.7% ANZ Investments OneAnswer Property Securities Fund ANZ Investments 5 1.06% 4.2% Mint Australasian Property Fund Mint 5 1.07% 2.5% NZ Funds Global Property NZ Funds 5 2.52% — NZ Funds New Zealand Property and Retirement Villages NZ Funds 5 2.52% — Fisher Funds Property & Infrastructure Fund Fisher Funds 4 1.53% 4.6% Related All listed property funds All fund screens All guides Risks of diversified fundsRisks of australasian equities fundsRisks of international equities fundsRisks of nz fixed interest fundsRisks of international fi funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## New Zealand Fixed Interest — 14 NZ managed funds URL: https://managedfunds.nz/asset-class/nz-fixed-interest/funds/ > All 14 nz fixed interest managed funds available to NZ retail investors. Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused. New Zealand Fixed Interest Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused. 14 funds tracked · 14 with on-file fee · 14 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). Amova Corporate Bond Fund Amova PIE · capped at PIR (max 28%) 0.70% fee 3/7 risk ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments PIE · capped at PIR (max 28%) 0.46% fee 3/7 risk Fisher Funds New Zealand Fixed Income Trust Fisher Funds PIE · capped at PIR (max 28%) 0.97% fee 3/7 risk Harbour NZ Core Fixed Interest Fund Harbour PIE · capped at PIR (max 28%) 0.66% fee 3/7 risk Harbour NZ Corporate Bond Fund Harbour PIE · capped at PIR (max 28%) 0.47% fee 3/7 risk Kernel NZ Bond Fund Kernel PIE · capped at PIR (max 28%) conservative 0.40% fee 3/7 risk Mercer Macquarie NZ Fixed Interest Fund Mercer PIE · capped at PIR (max 28%) 0.60% fee 3/7 risk Mercer Macquarie NZ Short Duration Fund Mercer PIE · capped at PIR (max 28%) 0.68% fee 2/7 risk Milford Trans-Tasman Bond Fund Milford PIE · capped at PIR (max 28%) 0.65% fee 3/7 risk NZ Funds New Zealand and Australian Bonds NZ Funds PIE · capped at PIR (max 28%) conservative 1.44% fee 4/7 risk Russell Investments NZ Fixed Interest Fund Russell Investments PIE · capped at PIR (max 28%) 0.49% fee 3/7 risk SBS Wealth New Zealand Bond Portfolio SBS Wealth PIE · capped at PIR (max 28%) conservative 0.78% fee 3/7 risk Simplicity NZ Bond Fund Simplicity PIE · capped at PIR (max 28%) conservative 0.10% fee 4/7 risk Smart NZ Bond ETF Smartshares PIE · capped at PIR (max 28%) ETF · NZB 0.54% fee 3/7 risk Other asset classes Diversified Australasian Equities International Equities International FI Listed Property Cash Other Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ nz fixed interest funds — what can go wrong URL: https://managedfunds.nz/asset-class/nz-fixed-interest/risks/ > What can go wrong with NZ nz fixed interest funds: 5 fund-specific risks plus the FMA standardised risk indicator distribution across the 14 funds in our coverage of this asset class. Risks · NZ Fixed Interest What can go wrong with NZ nz fixed interest funds New Zealand fixed-interest funds hold NZ government and corporate bonds. Their main risks are interest-rate sensitivity, credit risk on the corporate sleeve, and concentration in NZ issuers. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 14 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the nz fixed interest funds in our coverage distribute across the scale. Band 1 0 Band 2 1 Band 3 11 Band 4 2 Band 5 0 Band 6 0 Band 7 0 Median risk band 3 Range 2–4 Funds with risk band published 14 NZ fixed-interest funds in our coverage cluster at FMA risk indicators 2–4. Short-duration funds typically sit at band 2; broad market and corporate-tilted funds at band 3; longer-duration or higher-credit funds at band 4. 5-year return range across the class Realised 5-year annualised returns across the 13 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 0.5% Median realised 5y 1.1% Highest realised 5y 1.9% What specifically can go wrong with nz fixed interest funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Interest-rate sensitivity. When the RBNZ raises the Official Cash Rate or market expectations shift, existing fixed-coupon bonds lose value because newer bonds offer higher yields. The longer the fund's portfolio duration, the larger the price impact. 2022 was a textbook example — many NZ bond funds posted negative returns despite holding "safe" government and high-grade corporate bonds. 2 Credit risk on the corporate sleeve. Funds that hold corporate bonds carry the risk that the issuer defaults or is downgraded. NZ corporate credit risk concentrates in domestic banks (ANZ, ASB, BNZ, Westpac, Kiwibank) and utilities. The PDS discloses the credit-quality breakdown by rating band. 3 Issuer concentration. The NZ bond market is small relative to global counterparts. A fund that buys NZ-issuer-only inevitably holds large positions in NZGBs and in a handful of major banks and corporates — limiting issuer diversification regardless of the manager's skill. 4 Inflation risk on real returns. Even when a bond fund returns 3–4% per annum, if inflation runs at 4–6% the real (inflation-adjusted) return is negative. Several NZ bond funds delivered negative real returns through 2022. 5 Liquidity in stressed markets. During severe market stress (e.g. March 2020), even high-grade NZ corporate bonds can become temporarily hard to trade at posted prices, widening bid-ask spreads. Questions people ask about nz fixed interest funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Are NZ bonds a good investment? NZ government bonds are typically lower-volatility than equities but not risk-free — they fall in value when interest rates rise. Whether they suit your portfolio depends on your horizon, income needs and how much equity-market drawdown protection you want. The FMA Disclose risk indicator quantifies the historical volatility of each NZ-bond fund on a 1–7 scale. Are bond funds a good investment now? The question of timing depends on interest-rate expectations, your time horizon and what role bonds play in your overall portfolio. Bond-fund returns have a structural inverse relationship with yields — when yields rise, prices fall; when yields fall, prices rise. Current yields and the FMA standardised risk indicator are disclosed in each fund's PDS. 14 nz fixed interest funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Simplicity NZ Bond Fund Simplicity 4 0.10% 0.5% NZ Funds New Zealand and Australian Bonds NZ Funds 4 1.44% 1.0% Kernel NZ Bond Fund Kernel 3 0.40% — ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 3 0.46% 0.6% Harbour NZ Corporate Bond Fund Harbour 3 0.47% 1.6% Russell Investments NZ Fixed Interest Fund Russell Investments 3 0.49% 0.8% Smart NZ Bond ETF Smartshares 3 0.54% 1.4% Mercer Macquarie NZ Fixed Interest Fund Mercer 3 0.60% 0.7% Milford Trans-Tasman Bond Fund Milford 3 0.65% 1.7% Harbour NZ Core Fixed Interest Fund Harbour 3 0.66% 1.1% Amova Corporate Bond Fund Amova 3 0.70% 1.6% SBS Wealth New Zealand Bond Portfolio SBS Wealth 3 0.78% 1.1% Fisher Funds New Zealand Fixed Income Trust Fisher Funds 3 0.97% 0.7% Mercer Macquarie NZ Short Duration Fund Mercer 2 0.68% 1.9% Related All nz fixed interest funds All fund screens All guides Risks of diversified fundsRisks of australasian equities fundsRisks of international equities fundsRisks of international fi fundsRisks of listed property funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## Other — 8 NZ managed funds URL: https://managedfunds.nz/asset-class/other/funds/ > All 8 other managed funds available to NZ retail investors. Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds. Other Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds. 8 funds tracked · 8 with on-file fee · 8 with on-file risk indicator. Source: funds.ts + Sorted Smart Investor (FMA Disclose). First Sentier Global Listed Infrastructure Fund First Sentier PIE · capped at PIR (max 28%) Thematic balanced 1.03% fee 5/7 risk Kernel Global Infrastructure Fund Kernel PIE · capped at PIR (max 28%) Thematic balanced 0.25% fee 5/7 risk Mercer Global Listed Infrastructure Fund Mercer PIE · capped at PIR (max 28%) 1.34% fee 5/7 risk NZ Funds Global Infrastructure NZ Funds PIE · capped at PIR (max 28%) Thematic balanced 2.53% fee 5/7 risk Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital PIE · capped at PIR (max 28%) Thematic balanced 1.05% fee 6/7 risk Russell Investments Global Listed Infrastructure Fund Russell Investments PIE · capped at PIR (max 28%) 1.08% fee 5/7 risk Smart Bitcoin ETF Smartshares PIE · capped at PIR (max 28%) ETF · BTC Thematic 0.55% fee 7/7 risk Squirrel Monthly Income Fund Squirrel PIE · capped at PIR (max 28%) 2.14% fee 2/7 risk Other asset classes Diversified Australasian Equities International Equities NZ Fixed Interest International FI Listed Property Cash Methodology Asset-class category mapped from the fund's primary mandate as published in its PDS or fund-update document. Cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risks of NZ other funds — what can go wrong URL: https://managedfunds.nz/asset-class/other/risks/ > What can go wrong with NZ other funds: 4 fund-specific risks plus the FMA standardised risk indicator distribution across the 8 funds in our coverage of this asset class. Risks · Other What can go wrong with NZ other funds The "other" category covers funds that don't fit the standard asset-class taxonomy — listed infrastructure, digital-asset funds, peer-to-peer income funds, structured-product wrappers. Risks are highly fund-specific. This page is information about asset-class risk dynamics, not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. FMA standardised risk indicator across the 8 funds in our coverage Every NZ managed fund on the FMA Disclose register publishes a standardised risk indicator on a 1 (lowest) to 7 (highest) scale, computed from recent return volatility. The table below shows how the other funds in our coverage distribute across the scale. Band 1 0 Band 2 1 Band 3 0 Band 4 0 Band 5 5 Band 6 1 Band 7 1 Median risk band 5 Range 2–7 Funds with risk band published 8 Funds in our "other" category span FMA risk indicators 2–7 — confirming that the category label by itself tells you little about risk. Read each fund's standalone PDS and risk indicator. 5-year return range across the class Realised 5-year annualised returns across the 2 funds in this category for which Sorted Smart Investor reports a 5-year history. Past returns do not predict future returns; this range shows what funds in this asset class have actually delivered over the most recent 5-year window. Lowest realised 5y 3.3% Median realised 5y 8.4% Highest realised 5y 8.4% What specifically can go wrong with other funds Asset-class-specific risks not captured by the single FMA risk-indicator number. These apply across the category — each individual fund\'s PDS discloses fund-specific risks on top. 1 Highly asset-specific risk profile. A global listed-infrastructure fund behaves very differently from a Bitcoin fund — both sit in "other" but have nothing in common. The FMA risk indicator on each fund's PDS is the comparable signal. 2 Liquidity varies sharply by sub-type. Listed infrastructure trades on equity markets daily; peer-to-peer income funds may have monthly or quarterly redemption windows. Verify the redemption policy in the PDS before assuming "liquid". 3 Concentration is the norm, not the exception. Specialty funds typically hold a narrow set of issuers, themes or strategies. Diversification benefits are lower than for a broad equity or bond fund. 4 Pricing in stress can lag fundamentals. Funds holding less-liquid or off-exchange assets may report unit prices that don't fully reflect mark-to-market value during dislocations — the realisable price in a forced sale could be lower than the published unit price. Questions people ask about other funds Drawn from Google's "People also ask" panel; answered with reference to the FMA Disclose register definitions and asset-class structural dynamics. Not personal financial advice. Are alternative funds a good investment? Alternative funds (infrastructure, digital assets, peer-to-peer income) have such different risk profiles that the category label alone tells you very little. Whether a specific fund suits your portfolio depends on what the fund actually holds, its liquidity policy, and its FMA-defined risk indicator. The PDS is the authoritative source. 8 other funds, ordered by FMA risk indicator Highest-risk funds in the class first; ties broken by annual fund charge ascending. Each fund\'s page surfaces its full PDS, holdings and risk-indicator history. Fund Manager Risk band Annual fund charge 5y return Smart Bitcoin ETF Smartshares 7 0.55% — Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital 6 1.05% — Kernel Global Infrastructure Fund Kernel 5 0.25% — First Sentier Global Listed Infrastructure Fund First Sentier 5 1.03% 3.3% Russell Investments Global Listed Infrastructure Fund Russell Investments 5 1.08% — Mercer Global Listed Infrastructure Fund Mercer 5 1.34% 8.4% NZ Funds Global Infrastructure NZ Funds 5 2.53% — Squirrel Monthly Income Fund Squirrel 2 2.14% — Related All other funds All fund screens All guides Risks of diversified fundsRisks of australasian equities fundsRisks of international equities fundsRisks of nz fixed interest fundsRisks of international fi funds Source: FMA Disclose register (risk indicator + 5-year return). Methodology: /methodology. --- ## Auditors of NZ managed funds (4 firms · 184 funds) URL: https://managedfunds.nz/auditor/ > Directory of every audit firm named in a NZ retail managed-fund OMI document. 4 firms across 184 funds. Primary source: FMA Disclose register. Auditors of NZ managed funds 4 audit firms named across 184 NZ retail managed funds' Other Material Information documents. Each scheme's OMI discloses its auditor under Financial Markets Conduct Act 2013 requirements. PwC (PricewaterhouseCoopers) PricewaterhouseCoopers 92 funds EY (Ernst & Young) Ernst & Young 42 funds KPMG 39 funds Deloitte 11 funds --- ## NZ managed funds audited by Deloitte (11) URL: https://managedfunds.nz/auditor/deloitte/funds/ > 11 NZ retail managed funds audited by Deloitte. Grouped by manager. Primary source: each fund's Other Material Information document on FMA Disclose. NZ managed funds audited by Deloitte 11 NZ retail managed funds across 2 fund managers are audited by Deloitte, per each scheme's Other Material Information document lodged on the FMA Disclose register. An auditor's role is to independently verify the scheme's annual financial statements. Auditor identity is disclosed in every scheme's OMI document under Financial Markets Conduct Act 2013 requirements. Octagon 3 funds Octagon Australasian Equities Fund Australasian Equities 1.17% annual Octagon Balanced Fund Diversified 1.17% annual Octagon New Zealand Equities Fund Australasian Equities 1.17% annual Summer 8 funds Summer Australian Equities Australasian Equities 1.02% annual Summer Balanced Selection Diversified 1.02% annual Summer Conservative Selection Diversified 0.87% annual Summer Global Equities International Equities 1.02% annual Summer Global Fixed Interest International FI 0.87% annual Summer Growth Selection Diversified 1.02% annual Summer Listed Property Listed Property 1.02% annual Summer New Zealand Cash Cash 0.62% annual Other auditors PwC (PricewaterhouseCoopers) KPMG EY (Ernst & Young) Grant Thornton BDO Baker Tilly Staples Rodway All auditors Methodology Auditor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "PwC", "PricewaterhouseCoopers", "PwC Auckland" all map to the same firm). ManagedFundsNZ provides information only, not personalised financial advice. Auditor identity is a structural disclosure; it doesn't imply quality of audit or any endorsement of the funds listed. --- ## NZ managed funds audited by EY (Ernst & Young) (42) URL: https://managedfunds.nz/auditor/ey/funds/ > 42 NZ retail managed funds audited by EY (Ernst & Young). Grouped by manager. Primary source: each fund's Other Material Information document on FMA Disclose. NZ managed funds audited by EY (Ernst & Young) 42 NZ retail managed funds across 3 fund managers are audited by EY (Ernst & Young) (Ernst & Young), per each scheme's Other Material Information document lodged on the FMA Disclose register. An auditor's role is to independently verify the scheme's annual financial statements. Auditor identity is disclosed in every scheme's OMI document under Financial Markets Conduct Act 2013 requirements. Booster 9 funds Booster Shielded Growth Fund Diversified 1.41% annual Booster Socially Responsible Balanced Fund Diversified 1.33% annual Booster Socially Responsible Growth Fund Diversified 1.34% annual Booster Socially Responsible High Growth Fund Diversified 1.35% annual Booster Wealth Balanced Fund Diversified 0.83% annual Booster Wealth Geared Growth Fund Diversified 1.35% annual Booster Wealth Growth Fund Diversified 0.91% annual Booster Wealth High Growth Fund Diversified 0.96% annual Booster Wealth Moderate Fund Diversified 0.74% annual Kernel 21 funds Kernel Australia 100 Fund Australasian Equities 0.25% annual Kernel Balanced Fund Diversified 0.25% annual Kernel Cash Plus Fund Cash 0.25% annual Kernel Conservative Fund Diversified 0.25% annual Kernel Emerging Markets Fund International Equities 0.45% annual Kernel Global ESG Fund International Equities 0.25% annual Kernel Global Infrastructure Fund Other 0.25% annual Kernel High Growth Fund Diversified 0.25% annual Kernel NZ 20 Fund Australasian Equities 0.25% annual Kernel NZ 50 ESG Tilted Fund Australasian Equities 0.25% annual Kernel NZ Bond Fund NZ Fixed Interest 0.40% annual Kernel NZ Commercial Property Fund Listed Property 0.25% annual Kernel NZ Small & Mid Cap Opportunities Fund Australasian Equities 0.25% annual Kernel S&P 500 (NZD Hedged) Fund International Equities 0.25% annual Kernel S&P 500 (Unhedged) Fund International Equities 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund International Equities 0.25% annual Kernel S&P Global 100 Fund International Equities 0.25% annual Kernel S&P Global Clean Energy Fund International Equities 0.45% annual Kernel S&P Global Dividend Aristocrats Fund International Equities 0.25% annual Kernel US Bond Fund International FI 0.30% annual Kernel World ex-US Fund International Equities 0.25% annual NZ Funds 12 funds NZ Funds Global Bonds International FI 1.44% annual NZ Funds Global Infrastructure Other 2.53% annual NZ Funds Global Property Listed Property 2.52% annual NZ Funds Global Shares International Equities 3.12% annual NZ Funds Global Utilities International Equities 2.53% annual NZ Funds Income Generator Diversified 1.67% annual NZ Funds New Zealand and Australian Bonds NZ Fixed Interest 1.44% annual NZ Funds New Zealand and Australian Shares Australasian Equities 2.52% annual NZ Funds New Zealand Property and Retirement Villages Listed Property 2.52% annual NZ Funds Wealth Builder - Growth Strategy Diversified 2.14% annual NZ Funds Wealth Builder - Income Strategy Diversified 1.20% annual NZ Funds Wealth Builder - Inflation Strategy Diversified 1.58% annual Other auditors PwC (PricewaterhouseCoopers) KPMG Deloitte Grant Thornton BDO Baker Tilly Staples Rodway All auditors Methodology Auditor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "PwC", "PricewaterhouseCoopers", "PwC Auckland" all map to the same firm). ManagedFundsNZ provides information only, not personalised financial advice. Auditor identity is a structural disclosure; it doesn't imply quality of audit or any endorsement of the funds listed. --- ## NZ managed funds audited by KPMG (39) URL: https://managedfunds.nz/auditor/kpmg/funds/ > 39 NZ retail managed funds audited by KPMG. Grouped by manager. Primary source: each fund's Other Material Information document on FMA Disclose. NZ managed funds audited by KPMG 39 NZ retail managed funds across 9 fund managers are audited by KPMG, per each scheme's Other Material Information document lodged on the FMA Disclose register. An auditor's role is to independently verify the scheme's annual financial statements. Auditor identity is disclosed in every scheme's OMI document under Financial Markets Conduct Act 2013 requirements. ACI 2 funds ACI Conservative Fund Diversified 1.50% annual ACI Growth Fund Diversified 1.61% annual Amova 5 funds Amova Concentrated Equity Fund Australasian Equities 1.15% annual Amova Core Equity Fund Australasian Equities 0.95% annual Amova Corporate Bond Fund NZ Fixed Interest 0.70% annual Amova Global Shares Fund International Equities 1.20% annual Amova Global Shares Hedged Fund International Equities 1.20% annual BetaShares 7 funds BetaShares Australia 200 Fund Australasian Equities 0.23% annual BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) International FI 0.34% annual BetaShares Australian Sustainability Leaders Fund Australasian Equities 0.67% annual BetaShares Global Quality Leaders Fund International Equities 0.49% annual BetaShares Global Sustainability Leaders Fund International Equities 0.77% annual BetaShares Global Sustainability Leaders Fund (NZD Hedged) International Equities 0.79% annual BetaShares NZ Sustainability Leaders Fund Australasian Equities 0.59% annual Coolabah 4 funds Coolabah Active Composite Bond PIE Fund International FI 0.76% annual Coolabah Global Floating-Rate High Yield PIE Fund International FI 1.00% annual Coolabah Long-Short Credit PIE Fund International FI 1.76% annual Coolabah Short Term Income PIE Fund International FI 0.67% annual Foundation Series 10 funds Foundation Series Balanced Fund Diversified 0.36% annual Foundation Series Global ESG Fund International Equities 0.10% annual Foundation Series Growth Fund Diversified 0.38% annual Foundation Series Hedged Total World Fund International Equities 0.07% annual Foundation Series Hedged US 500 Fund International Equities 0.03% annual Foundation Series High Growth Fund Diversified 0.37% annual Foundation Series Nasdaq-100 Fund International Equities 0.15% annual Foundation Series Total World Fund International Equities 0.07% annual Foundation Series US 500 Fund International Equities 0.03% annual Foundation Series US Dividend Equity Fund International Equities 0.06% annual Lighthouse 1 fund Lighthouse Global Equity Fund International Equities 1.03% annual SBS Wealth 8 funds SBS Wealth Australasian Equity Portfolio Australasian Equities 1.20% annual SBS Wealth Balanced Strategy Diversified 1.03% annual SBS Wealth Conservative Strategy Diversified 0.90% annual SBS Wealth Growth Strategy Diversified 1.17% annual SBS Wealth High Growth Strategy Diversified 1.17% annual SBS Wealth New Zealand Bond Portfolio NZ Fixed Interest 0.78% annual SBS Wealth World Bond Portfolio International FI 0.77% annual SBS Wealth World Equity Portfolio International Equities 1.18% annual Squirrel 1 fund Squirrel Monthly Income Fund Other 2.14% annual Vision 1 fund Vision Income Fund International FI 2.51% annual Other auditors PwC (PricewaterhouseCoopers) EY (Ernst & Young) Deloitte Grant Thornton BDO Baker Tilly Staples Rodway All auditors Methodology Auditor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "PwC", "PricewaterhouseCoopers", "PwC Auckland" all map to the same firm). ManagedFundsNZ provides information only, not personalised financial advice. Auditor identity is a structural disclosure; it doesn't imply quality of audit or any endorsement of the funds listed. --- ## NZ managed funds audited by PwC (PricewaterhouseCoopers) (92) URL: https://managedfunds.nz/auditor/pwc/funds/ > 92 NZ retail managed funds audited by PwC (PricewaterhouseCoopers). Grouped by manager. Primary source: each fund's Other Material Information document on FMA Disclose. NZ managed funds audited by PwC (PricewaterhouseCoopers) 92 NZ retail managed funds across 27 fund managers are audited by PwC (PricewaterhouseCoopers) (PricewaterhouseCoopers), per each scheme's Other Material Information document lodged on the FMA Disclose register. An auditor's role is to independently verify the scheme's annual financial statements. Auditor identity is disclosed in every scheme's OMI document under Financial Markets Conduct Act 2013 requirements. Antipodes 1 fund Antipodes Global Fund – Long (PIE) International Equities — Artesian 2 funds Artesian Green and Sustainable Bond Fund (NZD) International FI — Artesian Short Duration Corporate Bond Fund (NZD) International FI — Aurellan 2 funds Aurellan Global Shares Fund International Equities 1.12% annual Aurellan Hedged Global Shares Fund International Equities 1.12% annual Bentham 2 funds Bentham Global Income PIE Fund International FI 0.83% annual Bentham Global Opportunities PIE Fund International FI — Brandywine 2 funds Brandywine Global Opportunistic Equity Fund International Equities 0.93% annual Brandywine Global Opportunistic Fixed Income Fund International FI 0.77% annual Clarity 9 funds Clarity - Capital Group New Perspective Fund International Equities 1.21% annual Clarity Diversified Growth Fund Diversified 1.16% annual Clarity Diversified Income Fund Diversified 0.96% annual Clarity Dividend Yield Fund International Equities 1.06% annual Clarity Enhanced Cash PIE Cash 0.26% annual Clarity Fixed Income Fund International FI 0.70% annual Clarity Global Shares Fund International Equities 1.06% annual Clarity New Zealand Equity Fund Australasian Equities 1.06% annual Clarity Trans-Tasman Value Fund Australasian Equities 1.06% annual Daintree 2 funds Daintree Core Income PIE International FI 0.73% annual Daintree High Income PIE International FI 0.90% annual Devon 4 funds Devon Alpha Fund Australasian Equities 1.30% annual Devon Australian Fund Australasian Equities 1.30% annual Devon Dividend Yield Fund Australasian Equities 1.39% annual Devon Trans-Tasman Fund Australasian Equities 1.36% annual Dimensional 6 funds Dimensional Australian Sustainability PIE Fund Australasian Equities 0.35% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund International FI 0.28% annual Dimensional Global Bond Sustainability PIE Fund International FI 0.32% annual Dimensional Global Sustainability PIE Fund International Equities 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) International Equities 0.40% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund International FI 0.25% annual First Sentier 1 fund First Sentier Global Listed Infrastructure Fund Other 1.03% annual Harbour 14 funds Harbour Australasian Equity Focus Fund Australasian Equities 1.21% annual Harbour Australasian Equity Fund Australasian Equities 1.12% annual Harbour Australasian Equity Income Fund Australasian Equities 1.10% annual Harbour Balanced Growth Fund Diversified 1.04% annual Harbour Income Fund Diversified 0.66% annual Harbour Long Short Fund Australasian Equities 1.23% annual Harbour NZ Core Fixed Interest Fund NZ Fixed Interest 0.66% annual Harbour NZ Corporate Bond Fund NZ Fixed Interest 0.47% annual Harbour NZ Index Shares Fund Australasian Equities 0.21% annual Harbour Real Estate Investment Fund Listed Property 0.77% annual Harbour Sustainable Impact Fund Diversified 0.27% annual Harbour Sustainable NZ Shares Fund Australasian Equities 0.27% annual Harbour T. Rowe Price Global Equity Fund International Equities 1.21% annual Harbour T. Rowe Price Global Equity Fund (Hedged) International Equities 1.24% annual Hunter 2 funds Hunter Global Fixed Interest Fund International FI 0.53% annual Hunter Private Credit Fund International FI 0.83% annual Hyperion 2 funds Hyperion Australian Growth Companies PIE Fund Australasian Equities 0.98% annual Hyperion Global Growth Companies PIE Fund International Equities 4.38% annual JPMorgan 1 fund JPMorgan Global Bond Fund International FI 0.47% annual Lifetime 5 funds Lifetime Balanced Fund Diversified 0.99% annual Lifetime Cash Fund Cash 0.65% annual Lifetime Conservative Fund Diversified 0.99% annual Lifetime Growth Fund Diversified 0.99% annual Lifetime Retirement Income Fund Diversified 1.36% annual Milford 10 funds Milford Active Growth Fund Diversified 1.05% annual Milford Aggressive Fund Diversified 1.15% annual Milford Australian Absolute Growth Fund Australasian Equities 1.05% annual Milford Balanced Fund Diversified 1.05% annual Milford Conservative Fund Diversified 0.85% annual Milford Diversified Income Fund Diversified 0.65% annual Milford Global Corporate Bond Fund International FI 0.85% annual Milford Global Equity Fund International Equities 1.35% annual Milford Trans-Tasman Bond Fund NZ Fixed Interest 0.65% annual Milford Trans-Tasman Equity Fund Australasian Equities 1.05% annual Mint 5 funds Mint Australasian Equity Fund Australasian Equities 1.18% annual Mint Australasian Property Fund Listed Property 1.07% annual Mint Diversified Growth Fund Diversified 1.21% annual Mint Diversified Income Fund Diversified 1.01% annual Mint New Zealand SRI Equity Fund Australasian Equities 0.97% annual Pella 1 fund Pella Global Generations PIE Fund International Equities 0.85% annual Pie Funds 2 funds Pie Global Growth Fund 2 International Equities 1.61% annual Pie Growth UK & Europe Fund International Equities 1.85% annual Plato 1 fund Plato Global Alpha PIE Fund International Equities — Resolution Capital 2 funds Resolution Capital Global Listed Infrastructure PIE Fund Other 1.05% annual Resolution Capital Global Property Securities PIE Fund Listed Property 1.05% annual Russell Investments 8 funds Russell Investments Global Fixed Interest Fund International FI 0.58% annual Russell Investments Global Listed Infrastructure Fund Other 1.08% annual Russell Investments Global Shares Fund International Equities 0.93% annual Russell Investments Hedged Global Shares Fund International Equities 0.92% annual Russell Investments Hedged Sustainable Global Shares Fund International Equities 0.33% annual Russell Investments NZ Fixed Interest Fund NZ Fixed Interest 0.49% annual Russell Investments NZ Shares Fund Australasian Equities 0.78% annual Russell Investments Sustainable Global Shares Fund International Equities 0.33% annual Salt 3 funds Salt Enhanced Property Fund Listed Property 1.02% annual Salt Long Short Fund Australasian Equities 3.21% annual Salt NZ Dividend Appreciation Fund Australasian Equities 1.10% annual Schroders 2 funds Schroder Sustainable Global Core PIE Fund International Equities 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) International Equities 0.39% annual Stewart Investors 1 fund Stewart Investors Worldwide Leaders Fund International Equities 0.61% annual TAHITO 1 fund TAHITO Te Tai o Rehua Fund Australasian Equities 1.26% annual Te Ahumairangi 1 fund Te Ahumairangi Global Equity Fund International Equities 0.62% annual Other auditors KPMG EY (Ernst & Young) Deloitte Grant Thornton BDO Baker Tilly Staples Rodway All auditors Methodology Auditor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "PwC", "PricewaterhouseCoopers", "PwC Auckland" all map to the same firm). ManagedFundsNZ provides information only, not personalised financial advice. Auditor identity is a structural disclosure; it doesn't imply quality of audit or any endorsement of the funds listed. --- ## NZ managed-fund screens — 21 mechanical lists URL: https://managedfunds.nz/best/ > 21 mechanical screens over our FMA-Disclose-sourced coverage of NZ retail managed funds, grouped by cost, fund size, risk profile, strategy and asset class. Fund screens Mechanical screens over NZ managed funds 21 ways to slice our coverage of NZ retail managed funds — grouped by cost, fund size, risk profile, strategy and asset class. Each list is a mechanical filter over the FMA Disclose register: no opinion, no editorial ranking. Sort orders are explicit (annual fund charge ascending, or fund size descending) and stated on each page. These screens are not financial advice. Past performance and fund characteristics do not predict future returns. For advice specific to your situation, consult an authorised financial adviser. By cost NZ managed funds with annual fund charges below 0.75% Annual fund charge < 0.75% p.a. View list NZ-equity managed funds ordered by annual fund charge Australasian equities, fee asc View list International-equity managed funds ordered by annual fund charge International equities, fee asc View list Diversified managed funds ordered by annual fund charge Diversified, fee asc View list Bond / fixed-interest managed funds ordered by annual fund charge NZ or international fixed interest, fee asc View list PIE managed funds ordered by annual fund charge PIE status, fee asc View list ETF-structured managed funds ordered by annual fund charge ETF wrapper, fee asc View list By fund size NZ managed funds ranked by fund size (AUM) AUM disclosed, AUM desc View list NZ-equity managed funds ranked by fund size Australasian equities + AUM disclosed, AUM desc View list International-equity managed funds ranked by fund size International equities + AUM disclosed, AUM desc View list Diversified managed funds ranked by fund size Diversified + AUM disclosed, AUM desc View list Responsible-investment managed funds ranked by fund size RI flag + AUM disclosed, AUM desc View list By risk profile NZ managed funds with a growth or aggressive risk profile Risk profile = growth or aggressive View list NZ managed funds with a conservative or moderate risk profile Risk profile = conservative or moderate View list By strategy NZ index-tracking managed funds Strategy = passive / index-tracking View list NZ responsible-investment managed funds RI / ethical / sustainable flag View list NZ diversified managed funds Diversified across asset classes View list NZ ETF-wrapped managed funds Listed ETF structure View list NZ currency-hedged managed funds NZD-hedged or partially hedged View list By asset class NZ managed funds investing in Australasian equities Category = Australasian equities View list NZ managed funds investing in international equities Category = international equities View list How these lists are built Source data comes from the FMA Disclose register (annual fund charge, risk indicator, fund size, fund start date) and Sorted Smart Investor's cross-validation layer. Each screen states its filter criterion and sort key — there is no editorial weighting, scoring or rating. "Annual fund charge" is the FMA-defined total ongoing fee — management fee plus underlying-fund expenses, but excluding performance fees and transaction costs. Funds whose data we haven't yet ingested are excluded from sort-by-number lists (they would appear last with a null value). They remain visible on category and asset-class directory pages. --- ## Australasian Equities — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/australasian-equities/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active australasian equities fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A Australasian Equities in New Zealand Four questions investors most often ask about australasian equities funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a australasian equities fund? Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers. See every australasian equities fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.10% and 3.21% per annum, with a median of 1.02% across the 58 australasian equities funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.10% Median 1.02% Highest 3.21% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 4 and 6 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 58 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 25 fund managers run at least one australasian equities fund in our coverage. Smartshares 11 funds Harbour 6 funds Devon 4 funds Kernel 4 funds BetaShares 3 funds Fisher Funds 3 funds Amova 2 funds ANZ Investments 2 funds Clarity 2 funds Mercer 2 funds Milford 2 funds Mint 2 funds Octagon 2 funds Salt 2 funds Castle Point 1 fund Dimensional 1 fund Hyperion 1 fund NZ Funds 1 fund Pathfinder 1 fund QuayStreet 1 fund Russell Investments 1 fund SBS Wealth 1 fund Simplicity 1 fund Summer 1 fund TAHITO 1 fund Related Australasian Equities — full fund list Low-fee funds across every category How we source and verify these numbers --- ## NZ bond / fixed-income managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/bond-low-fee-funds/ > NZ retail bond and fixed-income managed funds (NZ and international fixed interest), ordered by annual fund charge from lowest to highest. Mechanical screen Bond / fixed-income managed funds ordered by annual fund charge These are the bond / fixed-income funds in our coverage — funds investing primarily in NZ or international bonds — sorted by annual fund charge from lowest to highest. Filter Category = NZ fixed interest or international fixed interest Funds matching 48 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Simplicity 0.10% 0.65% NZ$674m 2 Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative International FI Simplicity 0.15% 0.65% NZ$964m 3 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 4 Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged International FI Dimensional 0.28% 0.65% NZ$276m 5 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 6 Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative International FI Kernel 0.30% 0.57% NZ$388340 7 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 8 Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical International FI Evidential 0.32% 0.65% NZ$600m 9 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative International FI BetaShares 0.34% 0.65% NZ$28m 10 Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Kernel 0.40% 0.57% NZ$640691 11 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 12 ANZ Investments OneAnswer New Zealand Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest ANZ Investments 0.46% 0.65% NZ$11m 13 Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.47% 0.65% NZ$619m 14 JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative International FI JPMorgan 0.47% 0.65% NZ$114m 15 ANZ Investments OneAnswer International Fixed Interest Fund PIE · capped at PIR (max 28%) International FI ANZ Investments 0.49% 0.57% NZ$2m 16 Russell Investments NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Russell Investments 0.49% 0.65% NZ$158m 17 Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI H Hunter 0.53% 0.65% NZ$2.95b 18 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 19 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 20 Russell Investments Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI Russell Investments 0.58% 0.65% NZ$564m 21 Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.60% 0.65% NZ$184m 22 Milford Trans-Tasman Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Milford 0.65% 0.65% NZ$2.14b 23 Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.66% 0.65% NZ$289m 24 Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.67% 0.65% NZ$139m 25 Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.68% 0.65% NZ$47m 26 Amova Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Amova 0.70% 0.65% NZ$558m 27 Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative International FI Clarity 0.70% 0.65% NZ$212m 28 Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative International FI Daintree 0.73% 0.65% NZ$337m 29 Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.76% 0.65% NZ$88m 30 Brandywine Global Opportunistic Fixed Income Fund PIE · capped at PIR (max 28%) International FI Brandywine 0.77% 0.65% NZ$410m 31 SBS Wealth World Bond Portfolio PIE · capped at PIR (max 28%) conservative International FI SBS Wealth 0.77% 0.65% NZ$46m 32 SBS Wealth New Zealand Bond Portfolio PIE · capped at PIR (max 28%) conservative NZ Fixed Interest SBS Wealth 0.78% 0.65% NZ$8m 33 Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Bentham 0.83% 0.65% NZ$180m 34 Hunter Private Credit Fund PIE · capped at PIR (max 28%) balanced International FI H Hunter 0.83% 1.10% NZ$20m 35 Milford Global Corporate Bond Fund PIE · capped at PIR (max 28%) International FI Milford 0.85% 0.65% NZ$407m 36 Summer Global Fixed Interest PIE · capped at PIR (max 28%) conservative International FI Summer 0.87% 0.57% NZ$1m 37 Daintree High Income PIE PIE · capped at PIR (max 28%) balanced International FI Daintree 0.90% 0.65% NZ$743740 38 Fisher Funds New Zealand Fixed Income Trust PIE · capped at PIR (max 28%) NZ Fixed Interest Fisher Funds 0.97% 0.65% NZ$77m 39 Fisher Funds Income Fund PIE · capped at PIR (max 28%) International FI Fisher Funds 0.99% 0.65% NZ$42m 40 Coolabah Global Floating-Rate High Yield PIE Fund PIE · capped at PIR (max 28%) balanced International FI Coolabah 1.00% 0.65% NZ$23m 41 Fisher Funds BondPlus Fund PIE · capped at PIR (max 28%) International FI Fisher Funds 1.26% 0.65% NZ$95m 42 NZ Funds Global Bonds PIE · capped at PIR (max 28%) conservative International FI NZ Funds 1.44% 0.65% NZ$137m 43 NZ Funds New Zealand and Australian Bonds PIE · capped at PIR (max 28%) conservative NZ Fixed Interest NZ Funds 1.44% 0.65% NZ$145m 44 Coolabah Long-Short Credit PIE Fund PIE · capped at PIR (max 28%) balanced International FI Coolabah 1.76% 0.65% NZ$224m 45 Vision Income Fund PIE · capped at PIR (max 28%) income International FI Vision 2.51% 0.65% NZ$149m 46 Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative International FI Artesian — — NZ$0 47 Artesian Short Duration Corporate Bond Fund (NZD) PIE · capped at PIR (max 28%) conservative International FI Artesian — — NZ$0 48 Bentham Global Opportunities PIE Fund PIE · capped at PIR (max 28%) balanced International FI Bentham — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Cash and Cash Equivalents — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/cash/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active cash fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A Cash and Cash Equivalents in New Zealand Four questions investors most often ask about cash funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a cash fund? Funds holding bank deposits and short-term money-market instruments. Lowest-risk fund category; income-focused. See every cash fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.12% and 0.65% per annum, with a median of 0.26% across the 5 cash funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.12% Median 0.26% Highest 0.65% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 1 and 2 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 5 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 5 fund managers run at least one cash fund in our coverage. Clarity 1 fund Kernel 1 fund Lifetime 1 fund Simplicity 1 fund Summer 1 fund Related Cash and Cash Equivalents — full fund list Low-fee funds across every category How we source and verify these numbers --- ## Conservative-profile NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/conservative-funds/ > NZ retail managed funds tagged conservative or moderate risk profile (income-asset-heavy), ordered by annual fund charge. Mechanical screen NZ managed funds with a conservative or moderate risk profile These are the funds in our coverage with a conservative or moderate risk profile — typically 20–60% growth assets and 40–80% income assets (bonds + cash). Sorted by annual fund charge from lowest to highest. Filter Risk profile = conservative or moderate Funds matching 33 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Simplicity 0.10% 0.65% NZ$674m 2 Simplicity NZ Cash Fund PIE · capped at PIR (max 28%) conservative Cash Simplicity 0.12% 0.65% NZ$92m 3 Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative International FI Simplicity 0.15% 0.65% NZ$964m 4 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 5 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 6 Kernel Cash Plus Fund PIE · capped at PIR (max 28%) conservative Cash Kernel 0.25% 0.57% NZ$13m 7 Clarity Enhanced Cash PIE PIE · capped at PIR (max 28%) conservative Cash Clarity 0.26% 0.65% NZ$125m 8 Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative International FI Kernel 0.30% 0.57% NZ$388340 9 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative International FI BetaShares 0.34% 0.65% NZ$28m 10 Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Kernel 0.40% 0.57% NZ$640691 11 JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative International FI JPMorgan 0.47% 0.65% NZ$114m 12 Summer New Zealand Cash PIE · capped at PIR (max 28%) conservative Cash Summer 0.62% 0.57% NZ$5m 13 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 14 Lifetime Cash Fund PIE · capped at PIR (max 28%) conservative Cash Lifetime 0.65% 0.65% NZ$154127 15 Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.67% 0.65% NZ$139m 16 Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative International FI Clarity 0.70% 0.65% NZ$212m 17 Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative International FI Daintree 0.73% 0.65% NZ$337m 18 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m 19 Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.76% 0.65% NZ$88m 20 SBS Wealth World Bond Portfolio PIE · capped at PIR (max 28%) conservative International FI SBS Wealth 0.77% 0.65% NZ$46m 21 SBS Wealth New Zealand Bond Portfolio PIE · capped at PIR (max 28%) conservative NZ Fixed Interest SBS Wealth 0.78% 0.65% NZ$8m 22 Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Bentham 0.83% 0.65% NZ$180m 23 Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Milford 0.85% 0.89% NZ$939m 24 Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Diversified Summer 0.87% 0.86% NZ$10m 25 Summer Global Fixed Interest PIE · capped at PIR (max 28%) conservative International FI Summer 0.87% 0.57% NZ$1m 26 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative Diversified SBS Wealth 0.90% 0.89% NZ$2m 27 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Lifetime 0.99% 0.89% NZ$2m 28 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Fisher Funds 1.35% 0.89% NZ$116m 29 NZ Funds Global Bonds PIE · capped at PIR (max 28%) conservative International FI NZ Funds 1.44% 0.65% NZ$137m 30 NZ Funds New Zealand and Australian Bonds PIE · capped at PIR (max 28%) conservative NZ Fixed Interest NZ Funds 1.44% 0.65% NZ$145m 31 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified A ACI 1.50% 0.89% NZ$4m 32 Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative International FI Artesian — — NZ$0 33 Artesian Short Duration Corporate Bond Fund (NZD) PIE · capped at PIR (max 28%) conservative International FI Artesian — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed fundsNZ Australasian-equity managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## NZD-hedged international NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/currency-hedged-funds/ > NZ retail international managed funds that hedge currency exposure back to NZD, ordered by annual fund charge. Mechanical screen NZD currency-hedged international managed funds These are the international-asset funds in our coverage with currency hedging back to NZD. Hedging removes most of the NZD-foreign-currency exchange-rate impact on returns, at a small cost. Sorted by annual fund charge from lowest to highest. Filter isHedged = true Funds matching 21 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 2 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 3 Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative International FI Simplicity 0.15% 0.65% NZ$964m 4 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 5 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 6 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 7 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 8 Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged International Equities Vanguard 0.26% — — 9 Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged International FI Dimensional 0.28% 0.65% NZ$276m 10 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 11 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 12 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative International FI BetaShares 0.34% 0.65% NZ$28m 13 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 14 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 15 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 16 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 17 Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Russell Investments 0.92% 0.91% NZ$301m 18 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 19 Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Amova 1.20% 0.91% NZ$243m 20 Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged International Equities Harbour 1.24% 0.91% NZ$221m 21 Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Mercer 1.46% 0.91% NZ$18m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Diversified NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/diversified-funds/ > NZ retail diversified / multi-asset managed funds, ordered by annual fund charge from lowest to highest. Mechanical screen NZ diversified (multi-asset) managed funds These are the funds in our coverage tagged diversified — single-portfolio multi-asset funds that hold a mix of shares, bonds, cash and sometimes property. Sorted by annual fund charge from lowest to highest. Filter Category = diversified Funds matching 67 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 2 Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 1.10% NZ$738m 3 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 4 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 5 Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 0.89% NZ$68m 6 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 7 Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Kernel 0.25% 0.91% NZ$45m 8 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 9 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 10 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 11 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 12 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 13 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 14 Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Milford 0.65% 0.89% NZ$3.50b 15 Harbour Income Fund PIE · capped at PIR (max 28%) income Diversified Harbour 0.66% 1.10% NZ$294m 16 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m 17 ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced Diversified ANZ Investments 0.75% 0.89% NZ$529m 18 QuayStreet Income Fund PIE · capped at PIR (max 28%) income Diversified QuayStreet 0.77% 0.65% NZ$329m 19 AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Diversified AMP 0.80% 0.91% NZ$12m 20 AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced Diversified AMP 0.81% 1.10% NZ$45m 21 AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified AMP 0.81% 1.29% NZ$44m 22 Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Booster 0.83% 1.10% NZ$12m 23 Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Milford 0.85% 0.89% NZ$939m 24 Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Diversified Summer 0.87% 0.86% NZ$10m 25 ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified ANZ Investments 0.90% 1.10% NZ$927m 26 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative Diversified SBS Wealth 0.90% 0.89% NZ$2m 27 Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 0.91% 1.29% NZ$7m 28 ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 29 ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 30 ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified ANZ Investments 0.95% 0.85% NZ$67m 31 Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 0.96% 0.91% NZ$4m 32 Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Clarity 0.96% 0.89% NZ$5m 33 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Lifetime 0.99% 0.89% NZ$2m 34 Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Lifetime 0.99% 1.10% NZ$10m 35 Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Diversified Lifetime 0.99% 1.29% NZ$3m 36 Mint Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Mint 1.01% 0.89% NZ$41m 37 Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Diversified Summer 1.02% 0.91% NZ$125m 38 Summer Growth Selection PIE · capped at PIR (max 28%) growth Diversified Summer 1.02% 1.07% NZ$111m 39 SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced Diversified SBS Wealth 1.03% 1.10% NZ$17m 40 Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified Harbour 1.04% 1.29% NZ$58m 41 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Diversified Milford 1.05% 1.29% NZ$5.98b 42 Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Milford 1.05% 1.10% NZ$2.52b 43 Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Diversified Milford 1.15% 0.91% NZ$3.69b 44 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Clarity 1.16% 0.91% NZ$9m 45 Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Octagon 1.17% 1.10% NZ$37m 46 SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth Diversified SBS Wealth 1.17% 0.85% NZ$477m 47 SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Diversified SBS Wealth 1.17% 0.85% NZ$477m 48 Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Diversified Castle Point 1.18% 1.10% NZ$79m 49 NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.20% 0.65% NZ$20m 50 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Mint 1.21% 1.29% NZ$46m 51 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 52 Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Diversified Mercer 1.28% 1.10% NZ$21m 53 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 54 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 55 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 56 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Fisher Funds 1.35% 0.89% NZ$116m 57 Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified Generate 1.35% 0.91% NZ$118m 58 Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 1.35% 0.91% NZ$3m 59 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 60 Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Diversified Lifetime 1.36% 1.10% NZ$115m 61 Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 1.41% 0.85% NZ$15m 62 Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Diversified Fisher Funds 1.46% 1.29% NZ$319m 63 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified A ACI 1.50% 0.89% NZ$4m 64 NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Diversified NZ Funds 1.58% 1.29% NZ$23m 65 ACI Growth Fund PIE · capped at PIR (max 28%) growth Diversified A ACI 1.61% 1.29% NZ$8m 66 NZ Funds Income Generator PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.67% 0.91% NZ$16m 67 NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth Diversified NZ Funds 2.14% 0.91% NZ$58m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ Australasian-equity managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Largest diversified NZ managed funds by AUM URL: https://managedfunds.nz/best/diversified-largest-aum-funds/ > NZ retail diversified / multi-asset managed funds with disclosed fund size, ordered by AUM from largest to smallest. Mechanical screen Diversified (multi-asset) managed funds ordered by AUM (largest first) These are the diversified funds in our coverage with disclosed fund size, sorted from largest to smallest. AUM is taken from the most recent Quarterly Fund Update. Filter Category = diversified & AUM disclosed Funds matching 67 Sorted by Fund size (desc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Diversified Milford 1.05% 1.29% NZ$5.98b 2 Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Diversified Milford 1.15% 0.91% NZ$3.69b 3 Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Milford 0.65% 0.89% NZ$3.50b 4 Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Milford 1.05% 1.10% NZ$2.52b 5 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 6 Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Milford 0.85% 0.89% NZ$939m 7 ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified ANZ Investments 0.90% 1.10% NZ$927m 8 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 9 Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 1.10% NZ$738m 10 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 11 ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced Diversified ANZ Investments 0.75% 0.89% NZ$529m 12 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 13 SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth Diversified SBS Wealth 1.17% 0.85% NZ$477m 14 SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Diversified SBS Wealth 1.17% 0.85% NZ$477m 15 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 16 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 17 QuayStreet Income Fund PIE · capped at PIR (max 28%) income Diversified QuayStreet 0.77% 0.65% NZ$329m 18 Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Diversified Fisher Funds 1.46% 1.29% NZ$319m 19 Harbour Income Fund PIE · capped at PIR (max 28%) income Diversified Harbour 0.66% 1.10% NZ$294m 20 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 21 Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Diversified Summer 1.02% 0.91% NZ$125m 22 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 23 Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified Generate 1.35% 0.91% NZ$118m 24 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Fisher Funds 1.35% 0.89% NZ$116m 25 Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Diversified Lifetime 1.36% 1.10% NZ$115m 26 Summer Growth Selection PIE · capped at PIR (max 28%) growth Diversified Summer 1.02% 1.07% NZ$111m 27 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 28 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 29 Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Diversified Castle Point 1.18% 1.10% NZ$79m 30 Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 0.89% NZ$68m 31 ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified ANZ Investments 0.95% 0.85% NZ$67m 32 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 33 NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth Diversified NZ Funds 2.14% 0.91% NZ$58m 34 Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified Harbour 1.04% 1.29% NZ$58m 35 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Mint 1.21% 1.29% NZ$46m 36 ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 37 ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 38 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 39 Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Kernel 0.25% 0.91% NZ$45m 40 AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced Diversified AMP 0.81% 1.10% NZ$45m 41 AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified AMP 0.81% 1.29% NZ$44m 42 Mint Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Mint 1.01% 0.89% NZ$41m 43 Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Octagon 1.17% 1.10% NZ$37m 44 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 45 NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Diversified NZ Funds 1.58% 1.29% NZ$23m 46 Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Diversified Mercer 1.28% 1.10% NZ$21m 47 NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.20% 0.65% NZ$20m 48 SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced Diversified SBS Wealth 1.03% 1.10% NZ$17m 49 NZ Funds Income Generator PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.67% 0.91% NZ$16m 50 Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 1.41% 0.85% NZ$15m 51 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 52 AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Diversified AMP 0.80% 0.91% NZ$12m 53 Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Booster 0.83% 1.10% NZ$12m 54 Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Diversified Summer 0.87% 0.86% NZ$10m 55 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 56 Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Lifetime 0.99% 1.10% NZ$10m 57 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Clarity 1.16% 0.91% NZ$9m 58 ACI Growth Fund PIE · capped at PIR (max 28%) growth Diversified A ACI 1.61% 1.29% NZ$8m 59 Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 0.91% 1.29% NZ$7m 60 Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Clarity 0.96% 0.89% NZ$5m 61 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified A ACI 1.50% 0.89% NZ$4m 62 Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 0.96% 0.91% NZ$4m 63 Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Diversified Lifetime 0.99% 1.29% NZ$3m 64 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m 65 Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 1.35% 0.91% NZ$3m 66 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Lifetime 0.99% 0.89% NZ$2m 67 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative Diversified SBS Wealth 0.90% 0.89% NZ$2m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is fund size descending (largest first); funds with no AUM on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Diversified NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/diversified-low-fee-funds/ > NZ retail diversified / multi-asset managed funds, ordered by annual fund charge from lowest to highest. Mechanical screen Diversified (multi-asset) managed funds ordered by annual fund charge These are the diversified funds in our coverage — single-portfolio multi-asset funds that hold a mix of shares, bonds, cash and sometimes property — sorted by annual fund charge from lowest to highest. Filter Category = diversified Funds matching 67 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 2 Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 1.10% NZ$738m 3 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 4 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 5 Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 0.89% NZ$68m 6 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 7 Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Kernel 0.25% 0.91% NZ$45m 8 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 9 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 10 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 11 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 12 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 13 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 14 Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Milford 0.65% 0.89% NZ$3.50b 15 Harbour Income Fund PIE · capped at PIR (max 28%) income Diversified Harbour 0.66% 1.10% NZ$294m 16 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m 17 ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced Diversified ANZ Investments 0.75% 0.89% NZ$529m 18 QuayStreet Income Fund PIE · capped at PIR (max 28%) income Diversified QuayStreet 0.77% 0.65% NZ$329m 19 AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Diversified AMP 0.80% 0.91% NZ$12m 20 AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced Diversified AMP 0.81% 1.10% NZ$45m 21 AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified AMP 0.81% 1.29% NZ$44m 22 Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Booster 0.83% 1.10% NZ$12m 23 Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Milford 0.85% 0.89% NZ$939m 24 Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Diversified Summer 0.87% 0.86% NZ$10m 25 ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified ANZ Investments 0.90% 1.10% NZ$927m 26 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative Diversified SBS Wealth 0.90% 0.89% NZ$2m 27 Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 0.91% 1.29% NZ$7m 28 ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 29 ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 30 ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified ANZ Investments 0.95% 0.85% NZ$67m 31 Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 0.96% 0.91% NZ$4m 32 Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Clarity 0.96% 0.89% NZ$5m 33 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Lifetime 0.99% 0.89% NZ$2m 34 Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Lifetime 0.99% 1.10% NZ$10m 35 Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Diversified Lifetime 0.99% 1.29% NZ$3m 36 Mint Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Mint 1.01% 0.89% NZ$41m 37 Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Diversified Summer 1.02% 0.91% NZ$125m 38 Summer Growth Selection PIE · capped at PIR (max 28%) growth Diversified Summer 1.02% 1.07% NZ$111m 39 SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced Diversified SBS Wealth 1.03% 1.10% NZ$17m 40 Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified Harbour 1.04% 1.29% NZ$58m 41 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Diversified Milford 1.05% 1.29% NZ$5.98b 42 Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Milford 1.05% 1.10% NZ$2.52b 43 Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Diversified Milford 1.15% 0.91% NZ$3.69b 44 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Clarity 1.16% 0.91% NZ$9m 45 Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Octagon 1.17% 1.10% NZ$37m 46 SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth Diversified SBS Wealth 1.17% 0.85% NZ$477m 47 SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Diversified SBS Wealth 1.17% 0.85% NZ$477m 48 Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Diversified Castle Point 1.18% 1.10% NZ$79m 49 NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.20% 0.65% NZ$20m 50 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Mint 1.21% 1.29% NZ$46m 51 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 52 Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Diversified Mercer 1.28% 1.10% NZ$21m 53 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 54 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 55 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 56 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Fisher Funds 1.35% 0.89% NZ$116m 57 Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified Generate 1.35% 0.91% NZ$118m 58 Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 1.35% 0.91% NZ$3m 59 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 60 Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Diversified Lifetime 1.36% 1.10% NZ$115m 61 Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 1.41% 0.85% NZ$15m 62 Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Diversified Fisher Funds 1.46% 1.29% NZ$319m 63 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified A ACI 1.50% 0.89% NZ$4m 64 NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Diversified NZ Funds 1.58% 1.29% NZ$23m 65 ACI Growth Fund PIE · capped at PIR (max 28%) growth Diversified A ACI 1.61% 1.29% NZ$8m 66 NZ Funds Income Generator PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.67% 0.91% NZ$16m 67 NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth Diversified NZ Funds 2.14% 0.91% NZ$58m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Diversified Funds — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/diversified/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active diversified fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A Diversified Funds in New Zealand Four questions investors most often ask about diversified funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a diversified fund? Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash. See every diversified fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.25% and 2.14% per annum, with a median of 0.99% across the 67 diversified funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.25% Median 0.99% Highest 2.14% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 3 and 6 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 67 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 22 fund managers run at least one diversified fund in our coverage. Booster 9 funds ANZ Investments 6 funds Milford 5 funds Simplicity 5 funds Lifetime 4 funds NZ Funds 4 funds SBS Wealth 4 funds AMP 3 funds Foundation Series 3 funds Harbour 3 funds Kernel 3 funds Summer 3 funds ACI 2 funds Clarity 2 funds Fisher Funds 2 funds Mercer 2 funds Mint 2 funds Castle Point 1 fund Generate 1 fund Octagon 1 fund Pathfinder 1 fund QuayStreet 1 fund Related Diversified Funds — full fund list Low-fee funds across every category How we source and verify these numbers --- ## NZX-listed ETFs as managed-fund wrappers, ordered by annual fund charge URL: https://managedfunds.nz/best/etf-low-fee-funds/ > Smartshares and other NZX-listed ETFs in our coverage that also have a managed-fund wrapper for retail investors, ordered by annual fund charge. Mechanical screen NZX-listed ETFs ordered by annual fund charge These are the funds in our coverage tagged as ETFs (exchange-traded funds) that also have a managed-fund wrapper accessible without a brokerage account. Sorted by annual fund charge from lowest to highest. For NZX live-trading data, see ETFs.co.nz. Filter isEtf = true Funds matching 33 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 2 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 3 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 4 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 5 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 6 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 7 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 8 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 9 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 10 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 11 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 12 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 13 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 14 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 15 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 16 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 17 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 18 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Listed Property Smartshares 0.54% 0.91% NZ$23m 19 Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Listed Property Smartshares 0.54% 0.91% NZ$78m 20 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 21 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 22 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 23 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 24 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 25 Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Other Smartshares 0.55% 0.91% NZ$36m 26 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 27 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 28 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 29 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 30 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 31 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 32 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 33 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## NZX-listed ETFs available as managed-fund wrappers, ordered by annual fund charge URL: https://managedfunds.nz/best/etf-managed-funds/ > Smartshares and other NZX-listed ETFs in our coverage that have a managed-fund wrapper for retail investors. Mechanical screen NZX-listed ETFs covered as managed-fund wrappers These are the funds in our coverage tagged as ETFs (exchange-traded funds) that also have a managed-fund wrapper accessible without a brokerage account. For NZX live-trading data on these tickers, see ETFs.co.nz. Sorted by annual fund charge from lowest to highest. Filter isEtf = true Funds matching 33 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 2 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 3 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 4 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 5 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 6 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 7 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 8 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 9 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 10 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 11 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 12 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 13 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 14 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 15 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 16 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 17 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 18 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Listed Property Smartshares 0.54% 0.91% NZ$23m 19 Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Listed Property Smartshares 0.54% 0.91% NZ$78m 20 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 21 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 22 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 23 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 24 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 25 Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Other Smartshares 0.55% 0.91% NZ$36m 26 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 27 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 28 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 29 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 30 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 31 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 32 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 33 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Growth-profile NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/growth-funds/ > NZ retail managed funds tagged growth or aggressive risk profile (typically 80–100% growth assets), ordered by annual fund charge. Mechanical screen NZ managed funds with a growth or aggressive risk profile These are the funds in our coverage with a growth or aggressive risk profile — typically 80–100% growth assets (shares + listed property) and 0–20% income assets (bonds + cash). Sorted by annual fund charge from lowest to highest. Risk profile is taken from the FMA Disclose register. Filter Risk profile = growth or aggressive Funds matching 69 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 2 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 3 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 4 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 5 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 6 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 7 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 8 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 9 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 10 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 11 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 12 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 13 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 14 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 15 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 16 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 17 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 18 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 19 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 20 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 21 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 22 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 23 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 24 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 25 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 26 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 27 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 28 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 29 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 31 AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Diversified AMP 0.80% 0.91% NZ$12m 32 AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified AMP 0.81% 1.29% NZ$44m 33 Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth International Equities Pella 0.85% 0.91% NZ$64m 34 Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 0.91% 1.29% NZ$7m 35 Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth International Equities Brandywine 0.93% 0.91% NZ$410m 36 ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 37 ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified ANZ Investments 0.95% 0.85% NZ$67m 38 Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 0.96% 0.91% NZ$4m 39 Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Diversified Lifetime 0.99% 1.29% NZ$3m 40 Summer Australian Equities PIE · capped at PIR (max 28%) growth Australasian Equities Summer 1.02% 0.85% NZ$17m 41 Summer Global Equities PIE · capped at PIR (max 28%) growth International Equities Summer 1.02% 0.85% NZ$43m 42 Summer Growth Selection PIE · capped at PIR (max 28%) growth Diversified Summer 1.02% 1.07% NZ$111m 43 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Diversified Milford 1.05% 1.29% NZ$5.98b 44 Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$127m 45 Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$208m 46 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$13m 47 Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$133m 48 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities A Aurellan 1.12% 0.91% NZ$22m 49 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 50 Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Diversified Milford 1.15% 0.91% NZ$3.69b 51 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Clarity 1.16% 0.91% NZ$9m 52 SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth Diversified SBS Wealth 1.17% 0.85% NZ$477m 53 SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Diversified SBS Wealth 1.17% 0.85% NZ$477m 54 SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth International Equities SBS Wealth 1.18% 0.91% NZ$94m 55 SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Australasian Equities SBS Wealth 1.20% 0.91% NZ$30m 56 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Mint 1.21% 1.29% NZ$46m 57 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.21% 0.91% NZ$155m 58 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 59 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 60 Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified Generate 1.35% 0.91% NZ$118m 61 Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 1.35% 0.91% NZ$3m 62 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 63 Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 1.41% 0.85% NZ$15m 64 Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Diversified Fisher Funds 1.46% 1.29% NZ$319m 65 ACI Growth Fund PIE · capped at PIR (max 28%) growth Diversified A ACI 1.61% 1.29% NZ$8m 66 NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth Diversified NZ Funds 2.14% 0.91% NZ$58m 67 NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Australasian Equities NZ Funds 2.52% 1.29% NZ$194m 68 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth International Equities NZ Funds 3.12% 0.91% NZ$176m 69 Plato Global Alpha PIE Fund PIE · capped at PIR (max 28%) growth International Equities Plato — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed fundsNZ Australasian-equity managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Index-tracking NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/index-funds/ > NZ retail managed funds we identify as passive / index-tracking, ordered by annual fund charge. Mechanical screen NZ index-tracking managed funds These are the funds in our coverage that track a published index rather than employ active stock-picking. We identify index funds via the manager's own labelling and the fund's strategy summary. Sorted by annual fund charge from lowest to highest. Filter Strategy = passive / index-tracking Funds matching 49 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 2 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 3 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 4 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 5 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 6 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 7 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 8 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 9 Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year International Equities Vanguard 0.20% — — 10 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 11 Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged International Equities Vanguard 0.26% — — 12 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 13 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 14 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 15 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 16 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 17 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 18 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 19 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 20 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 21 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 22 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 23 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 24 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 25 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 26 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 27 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 28 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 29 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 30 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 31 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 32 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 33 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 34 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Listed Property Smartshares 0.54% 0.91% NZ$23m 35 Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Listed Property Smartshares 0.54% 0.91% NZ$78m 36 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 37 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 38 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 39 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 40 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 41 Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Other Smartshares 0.55% 0.91% NZ$36m 42 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 43 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 44 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 45 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 46 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 47 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 48 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 49 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed fundsNZ Australasian-equity managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## International Equities — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/international-equities/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active international equities fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A International Equities in New Zealand Four questions investors most often ask about international equities funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a international equities fund? Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors. See every international equities fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.03% and 4.38% per annum, with a median of 0.61% across the 81 international equities funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.03% Median 0.61% Highest 4.38% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 4 and 7 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 83 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 35 fund managers run at least one international equities fund in our coverage. Smartshares 16 funds Kernel 9 funds Foundation Series 7 funds Mercer 5 funds Russell Investments 4 funds BetaShares 3 funds Clarity 3 funds Amova 2 funds ANZ Investments 2 funds Aurellan 2 funds Dimensional 2 funds Fisher Funds 2 funds Harbour 2 funds NZ Funds 2 funds Pathfinder 2 funds Pie Funds 2 funds Schroders 2 funds Simplicity 2 funds Vanguard 2 funds AMP 1 fund Antipodes 1 fund Brandywine 1 fund Elevation Capital 1 fund Ellerston 1 fund Evidential 1 fund Hyperion 1 fund India Avenue 1 fund Lighthouse 1 fund Milford 1 fund Pella 1 fund Plato 1 fund SBS Wealth 1 fund Stewart Investors 1 fund Summer 1 fund Te Ahumairangi 1 fund Related International Equities — full fund list Low-fee funds across every category How we source and verify these numbers --- ## International-equity NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/international-equity-funds/ > NZ retail international-equity managed funds (global / regional / single-country), ordered by annual fund charge. Mechanical screen International-equity managed funds available to NZ investors These are the funds in our coverage tagged international equities — funds investing primarily in shares listed outside Australasia. Sorted by annual fund charge from lowest to highest. Filter Category = international equities Funds matching 87 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 2 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 3 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 4 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 5 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 6 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 7 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 8 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 9 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 10 Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year International Equities Vanguard 0.20% — — 11 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 12 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 13 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 14 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 15 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 16 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 17 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 18 Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged International Equities Vanguard 0.26% — — 19 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 20 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 21 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 22 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 23 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 24 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 25 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 26 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 27 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 28 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 29 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 30 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 31 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 32 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 33 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 34 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 35 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 36 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 37 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 38 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 39 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 40 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 41 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 42 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 43 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 44 Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) International Equities Te Ahumairangi 0.62% 0.91% NZ$889m 45 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 46 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 47 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m 48 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 49 AMP International Shares Managed Fund PIE · capped at PIR (max 28%) International Equities AMP 0.79% 0.91% NZ$11m 50 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 51 ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.84% 0.91% NZ$97m 52 Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth International Equities Pella 0.85% 0.91% NZ$64m 53 Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Russell Investments 0.92% 0.91% NZ$301m 54 Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) International Equities Russell Investments 0.93% 0.91% NZ$351m 55 Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth International Equities Brandywine 0.93% 0.91% NZ$410m 56 ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.96% 0.85% NZ$83m 57 Summer Global Equities PIE · capped at PIR (max 28%) growth International Equities Summer 1.02% 0.85% NZ$43m 58 Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) International Equities L Lighthouse 1.03% 1.29% NZ$18m 59 Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$127m 60 Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$208m 61 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities A Aurellan 1.12% 0.91% NZ$22m 62 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 63 SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth International Equities SBS Wealth 1.18% 0.91% NZ$94m 64 Amova Global Shares Fund PIE · capped at PIR (max 28%) International Equities Amova 1.20% 0.91% NZ$162m 65 Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Amova 1.20% 0.91% NZ$243m 66 Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) International Equities Antipodes 1.21% — NZ$133m 67 Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) International Equities Harbour 1.21% 0.91% NZ$599m 68 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.21% 0.91% NZ$155m 69 Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged International Equities Harbour 1.24% 0.91% NZ$221m 70 Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.24% 0.91% NZ$61m 71 Mercer Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.25% 0.91% NZ$30m 72 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 73 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 74 Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.31% 0.91% NZ$74m 75 Milford Global Equity Fund PIE · capped at PIR (max 28%) International Equities Milford 1.35% 0.91% NZ$2.26b 76 Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Mercer 1.46% 0.91% NZ$18m 77 India Avenue Equity Fund — H Class FIF · file IR3 each year Thematic International Equities India Avenue 1.50% — — 78 Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) International Equities Pie Funds 1.61% 0.91% NZ$220m 79 Fisher Funds Global Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.64% 1.29% NZ$152m 80 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 81 Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) International Equities Elevation Capital 1.80% 1.29% NZ$23m 82 Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) International Equities Pie Funds 1.85% 1.29% NZ$126m 83 NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced International Equities NZ Funds 2.53% 1.29% NZ$62m 84 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth International Equities NZ Funds 3.12% 0.91% NZ$176m 85 Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) International Equities Hyperion 4.38% 0.91% NZ$177m 86 Ellerston Global Mid Small Cap Fund PIE · capped at PIR (max 28%) International Equities Ellerston — — — 87 Plato Global Alpha PIE Fund PIE · capped at PIR (max 28%) growth International Equities Plato — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Largest international-equity NZ managed funds by AUM URL: https://managedfunds.nz/best/international-equity-largest-aum-funds/ > NZ retail international-equity managed funds with disclosed fund size, ordered by AUM from largest to smallest. Mechanical screen International-equity managed funds ordered by AUM (largest first) These are the international-equity funds in our coverage with disclosed fund size, sorted from largest to smallest. AUM is taken from the most recent Quarterly Fund Update. Filter Category = international equities & AUM disclosed Funds matching 82 Sorted by Fund size (desc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 2 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 3 Milford Global Equity Fund PIE · capped at PIR (max 28%) International Equities Milford 1.35% 0.91% NZ$2.26b 4 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 5 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 6 Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) International Equities Te Ahumairangi 0.62% 0.91% NZ$889m 7 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 8 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 9 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 10 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 11 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 12 Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) International Equities Harbour 1.21% 0.91% NZ$599m 13 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 14 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 15 Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth International Equities Brandywine 0.93% 0.91% NZ$410m 16 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 17 Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) International Equities Russell Investments 0.93% 0.91% NZ$351m 18 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 19 Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Russell Investments 0.92% 0.91% NZ$301m 20 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 21 Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Amova 1.20% 0.91% NZ$243m 22 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 23 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 24 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 25 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 26 Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged International Equities Harbour 1.24% 0.91% NZ$221m 27 Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) International Equities Pie Funds 1.61% 0.91% NZ$220m 28 Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$208m 29 Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) International Equities Hyperion 4.38% 0.91% NZ$177m 30 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth International Equities NZ Funds 3.12% 0.91% NZ$176m 31 Amova Global Shares Fund PIE · capped at PIR (max 28%) International Equities Amova 1.20% 0.91% NZ$162m 32 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.21% 0.91% NZ$155m 33 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 34 Fisher Funds Global Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.64% 1.29% NZ$152m 35 Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) International Equities Antipodes 1.21% — NZ$133m 36 Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$127m 37 Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) International Equities Pie Funds 1.85% 1.29% NZ$126m 38 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 39 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 40 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 41 ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.84% 0.91% NZ$97m 42 SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth International Equities SBS Wealth 1.18% 0.91% NZ$94m 43 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 44 ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.96% 0.85% NZ$83m 45 Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.31% 0.91% NZ$74m 46 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 47 Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth International Equities Pella 0.85% 0.91% NZ$64m 48 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 49 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 50 NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced International Equities NZ Funds 2.53% 1.29% NZ$62m 51 Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.24% 0.91% NZ$61m 52 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 53 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 54 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 55 Summer Global Equities PIE · capped at PIR (max 28%) growth International Equities Summer 1.02% 0.85% NZ$43m 56 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 57 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 58 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 59 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 60 Mercer Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.25% 0.91% NZ$30m 61 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 62 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 63 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 64 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 65 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 66 Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) International Equities Elevation Capital 1.80% 1.29% NZ$23m 67 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m 68 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities A Aurellan 1.12% 0.91% NZ$22m 69 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 70 Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) International Equities L Lighthouse 1.03% 1.29% NZ$18m 71 Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Mercer 1.46% 0.91% NZ$18m 72 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 73 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 74 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 75 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 76 AMP International Shares Managed Fund PIE · capped at PIR (max 28%) International Equities AMP 0.79% 0.91% NZ$11m 77 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 78 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 79 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 80 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 81 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 82 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is fund size descending (largest first); funds with no AUM on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## International-equity NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/international-equity-low-fee-funds/ > NZ retail international-equity managed funds (global / regional / single-country), ordered by annual fund charge. Mechanical screen International-equity managed funds ordered by annual fund charge These are the international-equity funds in our coverage — funds investing primarily in shares listed outside Australasia — sorted by annual fund charge from lowest to highest. Filter Category = international equities Funds matching 87 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 2 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 3 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 4 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 5 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 6 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 7 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 8 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 9 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 10 Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year International Equities Vanguard 0.20% — — 11 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 12 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 13 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 14 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 15 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 16 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 17 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 18 Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged International Equities Vanguard 0.26% — — 19 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 20 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 21 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 22 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 23 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 24 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 25 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 26 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 27 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 28 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 29 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 30 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 31 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 32 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 33 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 34 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 35 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 36 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 37 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 38 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 39 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 40 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 41 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 42 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 43 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 44 Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) International Equities Te Ahumairangi 0.62% 0.91% NZ$889m 45 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 46 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 47 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m 48 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 49 AMP International Shares Managed Fund PIE · capped at PIR (max 28%) International Equities AMP 0.79% 0.91% NZ$11m 50 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 51 ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.84% 0.91% NZ$97m 52 Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth International Equities Pella 0.85% 0.91% NZ$64m 53 Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Russell Investments 0.92% 0.91% NZ$301m 54 Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) International Equities Russell Investments 0.93% 0.91% NZ$351m 55 Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth International Equities Brandywine 0.93% 0.91% NZ$410m 56 ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.96% 0.85% NZ$83m 57 Summer Global Equities PIE · capped at PIR (max 28%) growth International Equities Summer 1.02% 0.85% NZ$43m 58 Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) International Equities L Lighthouse 1.03% 1.29% NZ$18m 59 Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$127m 60 Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$208m 61 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities A Aurellan 1.12% 0.91% NZ$22m 62 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 63 SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth International Equities SBS Wealth 1.18% 0.91% NZ$94m 64 Amova Global Shares Fund PIE · capped at PIR (max 28%) International Equities Amova 1.20% 0.91% NZ$162m 65 Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Amova 1.20% 0.91% NZ$243m 66 Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) International Equities Antipodes 1.21% — NZ$133m 67 Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) International Equities Harbour 1.21% 0.91% NZ$599m 68 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.21% 0.91% NZ$155m 69 Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged International Equities Harbour 1.24% 0.91% NZ$221m 70 Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.24% 0.91% NZ$61m 71 Mercer Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.25% 0.91% NZ$30m 72 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 73 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 74 Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.31% 0.91% NZ$74m 75 Milford Global Equity Fund PIE · capped at PIR (max 28%) International Equities Milford 1.35% 0.91% NZ$2.26b 76 Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Mercer 1.46% 0.91% NZ$18m 77 India Avenue Equity Fund — H Class FIF · file IR3 each year Thematic International Equities India Avenue 1.50% — — 78 Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) International Equities Pie Funds 1.61% 0.91% NZ$220m 79 Fisher Funds Global Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.64% 1.29% NZ$152m 80 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 81 Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) International Equities Elevation Capital 1.80% 1.29% NZ$23m 82 Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) International Equities Pie Funds 1.85% 1.29% NZ$126m 83 NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced International Equities NZ Funds 2.53% 1.29% NZ$62m 84 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth International Equities NZ Funds 3.12% 0.91% NZ$176m 85 Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) International Equities Hyperion 4.38% 0.91% NZ$177m 86 Ellerston Global Mid Small Cap Fund PIE · capped at PIR (max 28%) International Equities Ellerston — — — 87 Plato Global Alpha PIE Fund PIE · capped at PIR (max 28%) growth International Equities Plato — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## International Fixed Interest — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/international-fixed-interest/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active international fi fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A International Fixed Interest in New Zealand Four questions investors most often ask about international fi funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a international fi fund? Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD. See every international fi fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.15% and 2.51% per annum, with a median of 0.70% across the 31 international fi funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.15% Median 0.70% Highest 2.51% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 1 and 4 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 34 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 23 fund managers run at least one international fi fund in our coverage. Coolabah 4 funds Dimensional 3 funds Artesian 2 funds Bentham 2 funds Daintree 2 funds Fisher Funds 2 funds Hunter 2 funds Smartshares 2 funds ANZ Investments 1 fund BetaShares 1 fund Brandywine 1 fund Clarity 1 fund Evidential 1 fund JPMorgan 1 fund Kernel 1 fund Mercer 1 fund Milford 1 fund NZ Funds 1 fund Russell Investments 1 fund SBS Wealth 1 fund Simplicity 1 fund Summer 1 fund Vision 1 fund Related International Fixed Interest — full fund list Low-fee funds across every category How we source and verify these numbers --- ## Largest NZ managed funds by AUM — ordered by fund size URL: https://managedfunds.nz/best/largest-aum-funds/ > NZ retail managed funds in our coverage with disclosed fund size, ordered by AUM from largest to smallest. Mechanical screen NZ managed funds ordered by AUM (largest first) These are the funds in our coverage with disclosed fund size (assets under management), sorted from largest to smallest. AUM is taken from the most recent Quarterly Fund Update on the FMA Disclose register via Sorted Smart Investor. Filter AUM is disclosed Funds matching 280 Sorted by Fund size (desc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Diversified Milford 1.05% 1.29% NZ$5.98b 2 Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Diversified Milford 1.15% 0.91% NZ$3.69b 3 Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Milford 0.65% 0.89% NZ$3.50b 4 Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI H Hunter 0.53% 0.65% NZ$2.95b 5 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 6 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 7 Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Milford 1.05% 1.10% NZ$2.52b 8 Milford Global Equity Fund PIE · capped at PIR (max 28%) International Equities Milford 1.35% 0.91% NZ$2.26b 9 Milford Trans-Tasman Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Milford 0.65% 0.65% NZ$2.14b 10 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 11 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 12 Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative International FI Simplicity 0.15% 0.65% NZ$964m 13 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 14 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 15 Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Milford 0.85% 0.89% NZ$939m 16 ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified ANZ Investments 0.90% 1.10% NZ$927m 17 Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) International Equities Te Ahumairangi 0.62% 0.91% NZ$889m 18 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 19 Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 0.91% NZ$848m 20 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 21 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 22 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 23 Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 1.10% NZ$738m 24 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 25 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 26 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 27 Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Simplicity 0.10% 0.65% NZ$674m 28 Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.47% 0.65% NZ$619m 29 Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical International FI Evidential 0.32% 0.65% NZ$600m 30 Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) International Equities Harbour 1.21% 0.91% NZ$599m 31 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 32 Russell Investments Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI Russell Investments 0.58% 0.65% NZ$564m 33 Amova Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Amova 0.70% 0.65% NZ$558m 34 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 35 ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced Diversified ANZ Investments 0.75% 0.89% NZ$529m 36 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 37 Kernel Global Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Other Kernel 0.25% 0.91% NZ$510m 38 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 39 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 40 SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth Diversified SBS Wealth 1.17% 0.85% NZ$477m 41 SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Diversified SBS Wealth 1.17% 0.85% NZ$477m 42 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 43 Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth International Equities Brandywine 0.93% 0.91% NZ$410m 44 Brandywine Global Opportunistic Fixed Income Fund PIE · capped at PIR (max 28%) International FI Brandywine 0.77% 0.65% NZ$410m 45 Milford Global Corporate Bond Fund PIE · capped at PIR (max 28%) International FI Milford 0.85% 0.65% NZ$407m 46 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 47 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 48 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 49 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 50 Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) International Equities Russell Investments 0.93% 0.91% NZ$351m 51 Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative International FI Daintree 0.73% 0.65% NZ$337m 52 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 53 QuayStreet Income Fund PIE · capped at PIR (max 28%) income Diversified QuayStreet 0.77% 0.65% NZ$329m 54 Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Diversified Fisher Funds 1.46% 1.29% NZ$319m 55 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 56 Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Russell Investments 0.92% 0.91% NZ$301m 57 Harbour Income Fund PIE · capped at PIR (max 28%) income Diversified Harbour 0.66% 1.10% NZ$294m 58 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 59 Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.66% 0.65% NZ$289m 60 Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged International FI Dimensional 0.28% 0.65% NZ$276m 61 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 62 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 63 Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Amova 1.20% 0.91% NZ$243m 64 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 65 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 66 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 67 Coolabah Long-Short Credit PIE Fund PIE · capped at PIR (max 28%) balanced International FI Coolabah 1.76% 0.65% NZ$224m 68 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 69 Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged International Equities Harbour 1.24% 0.91% NZ$221m 70 Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) International Equities Pie Funds 1.61% 0.91% NZ$220m 71 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 72 Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative International FI Clarity 0.70% 0.65% NZ$212m 73 Squirrel Monthly Income Fund PIE · capped at PIR (max 28%) Other Squirrel 2.14% 0.91% NZ$210m 74 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 75 Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Russell Investments 0.78% 0.91% NZ$209m 76 Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$208m 77 Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Mint 1.18% 0.91% NZ$199m 78 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 79 NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Australasian Equities NZ Funds 2.52% 1.29% NZ$194m 80 Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.60% 0.65% NZ$184m 81 Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Bentham 0.83% 0.65% NZ$180m 82 Salt Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 3.21% 1.10% NZ$178m 83 Resolution Capital Global Property Securities PIE Fund PIE · capped at PIR (max 28%) balanced Listed Property Resolution Capital 1.05% 0.91% NZ$178m 84 Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) International Equities Hyperion 4.38% 0.91% NZ$177m 85 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth International Equities NZ Funds 3.12% 0.91% NZ$176m 86 Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 1.10% NZ$174m 87 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 88 Russell Investments Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Other Russell Investments 1.08% 0.91% NZ$168m 89 Amova Global Shares Fund PIE · capped at PIR (max 28%) International Equities Amova 1.20% 0.91% NZ$162m 90 Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$161m 91 Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.42% 0.91% NZ$161m 92 Russell Investments NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Russell Investments 0.49% 0.65% NZ$158m 93 QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Australasian Equities QuayStreet 1.27% 0.91% NZ$155m 94 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.21% 0.91% NZ$155m 95 Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.36% 0.91% NZ$154m 96 Fisher Funds Property & Infrastructure Fund PIE · capped at PIR (max 28%) Listed Property Fisher Funds 1.53% 0.91% NZ$154m 97 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 98 Fisher Funds Global Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.64% 1.29% NZ$152m 99 Vision Income Fund PIE · capped at PIR (max 28%) income International FI Vision 2.51% 0.65% NZ$149m 100 NZ Funds New Zealand and Australian Bonds PIE · capped at PIR (max 28%) conservative NZ Fixed Interest NZ Funds 1.44% 0.65% NZ$145m 101 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 102 Devon Alpha Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$140m 103 Kernel NZ Commercial Property Fund PIE · capped at PIR (max 28%) balanced Listed Property Kernel 0.25% 0.91% NZ$140m 104 Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.67% 0.65% NZ$139m 105 NZ Funds Global Bonds PIE · capped at PIR (max 28%) conservative International FI NZ Funds 1.44% 0.65% NZ$137m 106 Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) International Equities Antipodes 1.21% — NZ$133m 107 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 108 Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$133m 109 Harbour Real Estate Investment Fund PIE · capped at PIR (max 28%) Listed Property Harbour 0.77% 0.91% NZ$130m 110 First Sentier Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Other First Sentier 1.03% 0.91% NZ$129m 111 Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$127m 112 Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) International Equities Pie Funds 1.85% 1.29% NZ$126m 113 Clarity Enhanced Cash PIE PIE · capped at PIR (max 28%) conservative Cash Clarity 0.26% 0.65% NZ$125m 114 Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Diversified Summer 1.02% 0.91% NZ$125m 115 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 116 Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$123m 117 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 118 Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified Generate 1.35% 0.91% NZ$118m 119 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 120 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Fisher Funds 1.35% 0.89% NZ$116m 121 Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Diversified Lifetime 1.36% 1.10% NZ$115m 122 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 123 JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative International FI JPMorgan 0.47% 0.65% NZ$114m 124 Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 1.10% 0.91% NZ$112m 125 Summer Growth Selection PIE · capped at PIR (max 28%) growth Diversified Summer 1.02% 1.07% NZ$111m 126 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 127 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 128 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 129 Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.12% 0.91% NZ$101m 130 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 131 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 132 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 133 ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.84% 0.91% NZ$97m 134 Fisher Funds BondPlus Fund PIE · capped at PIR (max 28%) International FI Fisher Funds 1.26% 0.65% NZ$95m 135 SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth International Equities SBS Wealth 1.18% 0.91% NZ$94m 136 Simplicity NZ Cash Fund PIE · capped at PIR (max 28%) conservative Cash Simplicity 0.12% 0.65% NZ$92m 137 Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.76% 0.65% NZ$88m 138 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 139 Mercer Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Other Mercer 1.34% 0.91% NZ$84m 140 ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.96% 0.85% NZ$83m 141 Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Diversified Castle Point 1.18% 1.10% NZ$79m 142 Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Listed Property Smartshares 0.54% 0.91% NZ$78m 143 Fisher Funds New Zealand Fixed Income Trust PIE · capped at PIR (max 28%) NZ Fixed Interest Fisher Funds 0.97% 0.65% NZ$77m 144 Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 0.87% 0.91% NZ$77m 145 Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.31% 0.91% NZ$74m 146 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 147 Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 0.89% NZ$68m 148 ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified ANZ Investments 0.95% 0.85% NZ$67m 149 Mercer Global Listed Real Estate Fund PIE · capped at PIR (max 28%) Listed Property Mercer 1.33% 0.91% NZ$66m 150 Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.63% 0.91% NZ$65m 151 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 152 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 153 Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth International Equities Pella 0.85% 0.91% NZ$64m 154 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 155 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 156 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 157 NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced International Equities NZ Funds 2.53% 1.29% NZ$62m 158 Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.24% 0.91% NZ$61m 159 NZ Funds Global Infrastructure PIE · capped at PIR (max 28%) Thematic balanced Other NZ Funds 2.53% 1.29% NZ$60m 160 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 161 NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth Diversified NZ Funds 2.14% 0.91% NZ$58m 162 Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified Harbour 1.04% 1.29% NZ$58m 163 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 164 Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Australasian Equities Hyperion 0.98% 0.91% NZ$55m 165 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 166 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 167 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 168 NZ Funds Global Property PIE · capped at PIR (max 28%) balanced Listed Property NZ Funds 2.52% 1.29% NZ$51m 169 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 170 ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.05% 0.91% NZ$49m 171 Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.68% 0.65% NZ$47m 172 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Mint 1.21% 1.29% NZ$46m 173 ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 174 ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 175 SBS Wealth World Bond Portfolio PIE · capped at PIR (max 28%) conservative International FI SBS Wealth 0.77% 0.65% NZ$46m 176 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 177 Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Kernel 0.25% 0.91% NZ$45m 178 AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced Diversified AMP 0.81% 1.10% NZ$45m 179 AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified AMP 0.81% 1.29% NZ$44m 180 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 181 NZ Funds New Zealand Property and Retirement Villages PIE · capped at PIR (max 28%) balanced Listed Property NZ Funds 2.52% 1.10% NZ$44m 182 ANZ Investments OneAnswer Property Securities Fund PIE · capped at PIR (max 28%) Listed Property ANZ Investments 1.06% 0.91% NZ$43m 183 Summer Global Equities PIE · capped at PIR (max 28%) growth International Equities Summer 1.02% 0.85% NZ$43m 184 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 185 Fisher Funds Income Fund PIE · capped at PIR (max 28%) International FI Fisher Funds 0.99% 0.65% NZ$42m 186 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 187 Mint Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Mint 1.01% 0.89% NZ$41m 188 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 189 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 190 Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Octagon 1.17% 1.10% NZ$37m 191 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 192 Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Other Smartshares 0.55% 0.91% NZ$36m 193 Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.10% 0.91% NZ$35m 194 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 195 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 196 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 197 Resolution Capital Global Listed Infrastructure PIE Fund PIE · capped at PIR (max 28%) Thematic balanced Other Resolution Capital 1.05% 0.91% NZ$31m 198 SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Australasian Equities SBS Wealth 1.20% 0.91% NZ$30m 199 Mercer Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.25% 0.91% NZ$30m 200 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 201 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 202 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative International FI BetaShares 0.34% 0.65% NZ$28m 203 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 204 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 205 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 206 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 207 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 208 Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) International Equities Elevation Capital 1.80% 1.29% NZ$23m 209 NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Diversified NZ Funds 1.58% 1.29% NZ$23m 210 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m 211 Coolabah Global Floating-Rate High Yield PIE Fund PIE · capped at PIR (max 28%) balanced International FI Coolabah 1.00% 0.65% NZ$23m 212 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Listed Property Smartshares 0.54% 0.91% NZ$23m 213 Amova Core Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 0.95% 0.91% NZ$23m 214 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities A Aurellan 1.12% 0.91% NZ$22m 215 ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.09% 0.91% NZ$22m 216 Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.21% 0.91% NZ$21m 217 Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Diversified Mercer 1.28% 1.10% NZ$21m 218 NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.20% 0.65% NZ$20m 219 Hunter Private Credit Fund PIE · capped at PIR (max 28%) balanced International FI H Hunter 0.83% 1.10% NZ$20m 220 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 221 Salt Enhanced Property Fund PIE · capped at PIR (max 28%) Listed Property Salt 1.02% 0.91% NZ$18m 222 Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) International Equities L Lighthouse 1.03% 1.29% NZ$18m 223 Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Mercer 1.46% 0.91% NZ$18m 224 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 225 Summer Australian Equities PIE · capped at PIR (max 28%) growth Australasian Equities Summer 1.02% 0.85% NZ$17m 226 SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced Diversified SBS Wealth 1.03% 1.10% NZ$17m 227 Mint Australasian Property Fund PIE · capped at PIR (max 28%) Listed Property Mint 1.07% 0.91% NZ$17m 228 Pathfinder Global Property Fund PIE · capped at PIR (max 28%) Listed Property Pathfinder 1.00% 0.91% NZ$17m 229 Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.39% 0.91% NZ$16m 230 NZ Funds Income Generator PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.67% 0.91% NZ$16m 231 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 232 Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 1.41% 0.85% NZ$15m 233 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 234 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 235 Kernel Cash Plus Fund PIE · capped at PIR (max 28%) conservative Cash Kernel 0.25% 0.57% NZ$13m 236 Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 1.15% 0.91% NZ$13m 237 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 238 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$13m 239 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 240 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 241 AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Diversified AMP 0.80% 0.91% NZ$12m 242 Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Castle Point 1.08% 0.91% NZ$12m 243 Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Booster 0.83% 1.10% NZ$12m 244 ANZ Investments OneAnswer New Zealand Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest ANZ Investments 0.46% 0.65% NZ$11m 245 AMP International Shares Managed Fund PIE · capped at PIR (max 28%) International Equities AMP 0.79% 0.91% NZ$11m 246 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 247 Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Diversified Summer 0.87% 0.86% NZ$10m 248 Devon Australian Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$10m 249 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 250 Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Lifetime 0.99% 1.10% NZ$10m 251 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 252 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Clarity 1.16% 0.91% NZ$9m 253 SBS Wealth New Zealand Bond Portfolio PIE · capped at PIR (max 28%) conservative NZ Fixed Interest SBS Wealth 0.78% 0.65% NZ$8m 254 ACI Growth Fund PIE · capped at PIR (max 28%) growth Diversified A ACI 1.61% 1.29% NZ$8m 255 Summer Listed Property PIE · capped at PIR (max 28%) balanced Listed Property Summer 1.02% 0.85% NZ$8m 256 Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 0.91% 1.29% NZ$7m 257 ANZ Investments OneAnswer International Property Fund PIE · capped at PIR (max 28%) Listed Property ANZ Investments 0.99% 0.85% NZ$7m 258 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 259 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 260 Harbour Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.23% 0.89% NZ$5m 261 Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Clarity 0.96% 0.89% NZ$5m 262 Summer New Zealand Cash PIE · capped at PIR (max 28%) conservative Cash Summer 0.62% 0.57% NZ$5m 263 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 264 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified A ACI 1.50% 0.89% NZ$4m 265 Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 0.96% 0.91% NZ$4m 266 Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Diversified Lifetime 0.99% 1.29% NZ$3m 267 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m 268 Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 1.35% 0.91% NZ$3m 269 ANZ Investments OneAnswer International Fixed Interest Fund PIE · capped at PIR (max 28%) International FI ANZ Investments 0.49% 0.57% NZ$2m 270 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 271 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 272 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Lifetime 0.99% 0.89% NZ$2m 273 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative Diversified SBS Wealth 0.90% 0.89% NZ$2m 274 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 275 Summer Global Fixed Interest PIE · capped at PIR (max 28%) conservative International FI Summer 0.87% 0.57% NZ$1m 276 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 277 Daintree High Income PIE PIE · capped at PIR (max 28%) balanced International FI Daintree 0.90% 0.65% NZ$743740 278 Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Kernel 0.40% 0.57% NZ$640691 279 Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative International FI Kernel 0.30% 0.57% NZ$388340 280 Lifetime Cash Fund PIE · capped at PIR (max 28%) conservative Cash Lifetime 0.65% 0.65% NZ$154127 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is fund size descending (largest first); funds with no AUM on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Listed Property — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/listed-property/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active listed property fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A Listed Property in New Zealand Four questions investors most often ask about listed property funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a listed property fund? Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property. See every listed property fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.25% and 2.52% per annum, with a median of 1.02% across the 15 listed property funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.25% Median 1.02% Highest 2.52% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 4 and 6 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 15 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 13 fund managers run at least one listed property fund in our coverage. ANZ Investments 2 funds NZ Funds 2 funds Smartshares 2 funds Dexus 1 fund Fisher Funds 1 fund Harbour 1 fund Kernel 1 fund Mercer 1 fund Mint 1 fund Pathfinder 1 fund Resolution Capital 1 fund Salt 1 fund Summer 1 fund Related Listed Property — full fund list Low-fee funds across every category How we source and verify these numbers --- ## Low-fee NZ managed funds — annual fund charge under 0.75% URL: https://managedfunds.nz/best/low-fee-funds/ > Funds in our FMA-Disclose-sourced coverage with annual fund charges below 0.75% per annum, ordered by fee from lowest to highest. Mechanical screen NZ managed funds with annual fund charges below 0.75% These are the funds in our coverage with annual fund charges below 0.75% per annum, sorted from lowest to highest. Annual fund charge includes the management fee and underlying fund expenses, but not performance fees or transaction costs. Filter Annual fund charge < 0.75% p.a. Funds matching 121 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 2 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 3 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 4 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 5 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 6 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 7 Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Simplicity 0.10% 0.65% NZ$674m 8 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 9 Simplicity NZ Cash Fund PIE · capped at PIR (max 28%) conservative Cash Simplicity 0.12% 0.65% NZ$92m 10 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 11 Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative International FI Simplicity 0.15% 0.65% NZ$964m 12 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 13 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 14 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 15 Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year International Equities Vanguard 0.20% — — 16 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 17 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 18 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 19 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 20 Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 1.10% NZ$738m 21 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 22 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 23 Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 0.89% NZ$68m 24 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 25 Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Kernel 0.25% 0.91% NZ$45m 26 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 27 Kernel Cash Plus Fund PIE · capped at PIR (max 28%) conservative Cash Kernel 0.25% 0.57% NZ$13m 28 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 29 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 30 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 31 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 32 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 33 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 34 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 35 Kernel Global Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Other Kernel 0.25% 0.91% NZ$510m 36 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 37 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 38 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 39 Kernel NZ Commercial Property Fund PIE · capped at PIR (max 28%) balanced Listed Property Kernel 0.25% 0.91% NZ$140m 40 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 41 Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged International Equities Vanguard 0.26% — — 42 Clarity Enhanced Cash PIE PIE · capped at PIR (max 28%) conservative Cash Clarity 0.26% 0.65% NZ$125m 43 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 44 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 45 Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged International FI Dimensional 0.28% 0.65% NZ$276m 46 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 47 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 48 Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative International FI Kernel 0.30% 0.57% NZ$388340 49 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 50 Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical International FI Evidential 0.32% 0.65% NZ$600m 51 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 52 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 53 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 54 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 55 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative International FI BetaShares 0.34% 0.65% NZ$28m 56 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 57 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 58 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 59 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 60 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 61 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 62 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 63 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 64 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 65 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 66 Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Kernel 0.40% 0.57% NZ$640691 67 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 68 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 69 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 70 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 71 ANZ Investments OneAnswer New Zealand Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest ANZ Investments 0.46% 0.65% NZ$11m 72 Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.47% 0.65% NZ$619m 73 JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative International FI JPMorgan 0.47% 0.65% NZ$114m 74 ANZ Investments OneAnswer International Fixed Interest Fund PIE · capped at PIR (max 28%) International FI ANZ Investments 0.49% 0.57% NZ$2m 75 Russell Investments NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Russell Investments 0.49% 0.65% NZ$158m 76 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 77 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 78 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 79 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 80 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 81 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 82 Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI H Hunter 0.53% 0.65% NZ$2.95b 83 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 84 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 85 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 86 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 87 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 88 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 89 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Listed Property Smartshares 0.54% 0.91% NZ$23m 90 Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Listed Property Smartshares 0.54% 0.91% NZ$78m 91 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 92 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 93 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 94 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 95 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 96 Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Other Smartshares 0.55% 0.91% NZ$36m 97 Russell Investments Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI Russell Investments 0.58% 0.65% NZ$564m 98 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 99 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 100 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 101 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 102 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 103 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 104 Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.60% 0.65% NZ$184m 105 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 106 Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) International Equities Te Ahumairangi 0.62% 0.91% NZ$889m 107 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 108 Summer New Zealand Cash PIE · capped at PIR (max 28%) conservative Cash Summer 0.62% 0.57% NZ$5m 109 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 110 Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Milford 0.65% 0.89% NZ$3.50b 111 Milford Trans-Tasman Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Milford 0.65% 0.65% NZ$2.14b 112 Lifetime Cash Fund PIE · capped at PIR (max 28%) conservative Cash Lifetime 0.65% 0.65% NZ$154127 113 Harbour Income Fund PIE · capped at PIR (max 28%) income Diversified Harbour 0.66% 1.10% NZ$294m 114 Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.66% 0.65% NZ$289m 115 Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.67% 0.65% NZ$139m 116 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 117 Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.68% 0.65% NZ$47m 118 Amova Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Amova 0.70% 0.65% NZ$558m 119 Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative International FI Clarity 0.70% 0.65% NZ$212m 120 Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative International FI Daintree 0.73% 0.65% NZ$337m 121 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m Other mechanical screens NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed fundsNZ Australasian-equity managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## NZ-equity managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/nz-equity-funds/ > NZ retail Australasian-equity managed funds (NZX-listed shares and Trans-Tasman portfolios), ordered by annual fund charge. Mechanical screen NZ Australasian-equity managed funds These are the funds in our coverage tagged Australasian equities — funds investing primarily in shares listed on the NZX or jointly across the NZX and ASX. Sorted by annual fund charge from lowest to highest. Filter Category = Australasian equities Funds matching 58 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 2 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 3 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 4 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 5 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 6 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 7 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 8 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 9 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 10 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 11 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 12 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 13 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 14 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 15 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 16 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 17 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 18 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 19 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 20 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 21 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 22 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 23 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 24 Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Russell Investments 0.78% 0.91% NZ$209m 25 Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 0.87% 0.91% NZ$77m 26 Amova Core Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 0.95% 0.91% NZ$23m 27 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 28 Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Australasian Equities Hyperion 0.98% 0.91% NZ$55m 29 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 30 Summer Australian Equities PIE · capped at PIR (max 28%) growth Australasian Equities Summer 1.02% 0.85% NZ$17m 31 ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.05% 0.91% NZ$49m 32 Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 1.10% NZ$174m 33 Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 0.91% NZ$848m 34 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 35 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$13m 36 Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$133m 37 Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Castle Point 1.08% 0.91% NZ$12m 38 ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.09% 0.91% NZ$22m 39 Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.10% 0.91% NZ$35m 40 Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 1.10% 0.91% NZ$112m 41 Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.12% 0.91% NZ$101m 42 Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 1.15% 0.91% NZ$13m 43 Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$123m 44 Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$161m 45 Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Mint 1.18% 0.91% NZ$199m 46 SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Australasian Equities SBS Wealth 1.20% 0.91% NZ$30m 47 Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.21% 0.91% NZ$21m 48 Harbour Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.23% 0.89% NZ$5m 49 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 50 QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Australasian Equities QuayStreet 1.27% 0.91% NZ$155m 51 Devon Alpha Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$140m 52 Devon Australian Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$10m 53 Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.36% 0.91% NZ$154m 54 Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.39% 0.91% NZ$16m 55 Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.42% 0.91% NZ$161m 56 Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.63% 0.91% NZ$65m 57 NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Australasian Equities NZ Funds 2.52% 1.29% NZ$194m 58 Salt Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 3.21% 1.10% NZ$178m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Largest Australasian-equity NZ managed funds by AUM URL: https://managedfunds.nz/best/nz-equity-largest-aum-funds/ > NZ retail Australasian-equity managed funds with disclosed fund size, ordered by AUM from largest to smallest. Mechanical screen Australasian-equity managed funds ordered by AUM (largest first) These are the Australasian-equity funds in our coverage with disclosed fund size, sorted from largest to smallest. AUM is taken from the most recent Quarterly Fund Update. Filter Category = Australasian equities & AUM disclosed Funds matching 58 Sorted by Fund size (desc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 2 Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 0.91% NZ$848m 3 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 4 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 5 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 6 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 7 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 8 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 9 Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Russell Investments 0.78% 0.91% NZ$209m 10 Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Mint 1.18% 0.91% NZ$199m 11 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 12 NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Australasian Equities NZ Funds 2.52% 1.29% NZ$194m 13 Salt Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 3.21% 1.10% NZ$178m 14 Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 1.10% NZ$174m 15 Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$161m 16 Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.42% 0.91% NZ$161m 17 QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Australasian Equities QuayStreet 1.27% 0.91% NZ$155m 18 Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.36% 0.91% NZ$154m 19 Devon Alpha Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$140m 20 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 21 Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$133m 22 Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$123m 23 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 24 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 25 Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 1.10% 0.91% NZ$112m 26 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 27 Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.12% 0.91% NZ$101m 28 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 29 Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 0.87% 0.91% NZ$77m 30 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 31 Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.63% 0.91% NZ$65m 32 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 33 Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Australasian Equities Hyperion 0.98% 0.91% NZ$55m 34 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 35 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 36 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 37 ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.05% 0.91% NZ$49m 38 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 39 Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.10% 0.91% NZ$35m 40 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 41 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 42 SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Australasian Equities SBS Wealth 1.20% 0.91% NZ$30m 43 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 44 Amova Core Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 0.95% 0.91% NZ$23m 45 ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.09% 0.91% NZ$22m 46 Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.21% 0.91% NZ$21m 47 Summer Australian Equities PIE · capped at PIR (max 28%) growth Australasian Equities Summer 1.02% 0.85% NZ$17m 48 Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.39% 0.91% NZ$16m 49 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 50 Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 1.15% 0.91% NZ$13m 51 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$13m 52 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 53 Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Castle Point 1.08% 0.91% NZ$12m 54 Devon Australian Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$10m 55 Harbour Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.23% 0.89% NZ$5m 56 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 57 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 58 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is fund size descending (largest first); funds with no AUM on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Australasian-equity NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/nz-equity-low-fee-funds/ > NZ retail Australasian-equity managed funds (NZX-listed shares and Trans-Tasman portfolios), ordered by annual fund charge. Mechanical screen Australasian-equity managed funds ordered by annual fund charge These are the Australasian-equity funds in our coverage — funds investing primarily in shares listed on the NZX or jointly across the NZX and ASX — sorted by annual fund charge from lowest to highest. Filter Category = Australasian equities Funds matching 58 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 2 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 3 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 4 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 5 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 6 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 7 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 8 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 9 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 10 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 11 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 12 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 13 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 14 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 15 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 16 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 17 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 18 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 19 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 20 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 21 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 22 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 23 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 24 Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Russell Investments 0.78% 0.91% NZ$209m 25 Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 0.87% 0.91% NZ$77m 26 Amova Core Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 0.95% 0.91% NZ$23m 27 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 28 Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Australasian Equities Hyperion 0.98% 0.91% NZ$55m 29 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 30 Summer Australian Equities PIE · capped at PIR (max 28%) growth Australasian Equities Summer 1.02% 0.85% NZ$17m 31 ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.05% 0.91% NZ$49m 32 Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 1.10% NZ$174m 33 Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 0.91% NZ$848m 34 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 35 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$13m 36 Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$133m 37 Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Castle Point 1.08% 0.91% NZ$12m 38 ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.09% 0.91% NZ$22m 39 Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.10% 0.91% NZ$35m 40 Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 1.10% 0.91% NZ$112m 41 Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.12% 0.91% NZ$101m 42 Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 1.15% 0.91% NZ$13m 43 Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$123m 44 Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$161m 45 Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Mint 1.18% 0.91% NZ$199m 46 SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Australasian Equities SBS Wealth 1.20% 0.91% NZ$30m 47 Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.21% 0.91% NZ$21m 48 Harbour Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.23% 0.89% NZ$5m 49 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 50 QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Australasian Equities QuayStreet 1.27% 0.91% NZ$155m 51 Devon Alpha Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$140m 52 Devon Australian Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$10m 53 Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.36% 0.91% NZ$154m 54 Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.39% 0.91% NZ$16m 55 Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.42% 0.91% NZ$161m 56 Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.63% 0.91% NZ$65m 57 NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Australasian Equities NZ Funds 2.52% 1.29% NZ$194m 58 Salt Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 3.21% 1.10% NZ$178m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## New Zealand Fixed Interest — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/nz-fixed-interest/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active nz fixed interest fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A New Zealand Fixed Interest in New Zealand Four questions investors most often ask about nz fixed interest funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a nz fixed interest fund? Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused. See every nz fixed interest fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.10% and 1.44% per annum, with a median of 0.65% across the 14 nz fixed interest funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.10% Median 0.65% Highest 1.44% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 2 and 4 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 14 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 12 fund managers run at least one nz fixed interest fund in our coverage. Harbour 2 funds Mercer 2 funds Amova 1 fund ANZ Investments 1 fund Fisher Funds 1 fund Kernel 1 fund Milford 1 fund NZ Funds 1 fund Russell Investments 1 fund SBS Wealth 1 fund Simplicity 1 fund Smartshares 1 fund Related New Zealand Fixed Interest — full fund list Low-fee funds across every category How we source and verify these numbers --- ## Other — fee range, risk-band range, active providers URL: https://managedfunds.nz/best/other/picks/ > Annual-fund-charge range, FMA risk-indicator range, and the active other fund providers covered by ManagedFundsNZ. Sourced from the FMA Disclose register. Q&A Other in New Zealand Four questions investors most often ask about other funds in the ManagedFundsNZ coverage. Numbers are computed at build time from the FMA Disclose register and checked at publish. What is a other fund? Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds. See every other fund in our coverage → What annual fee should you expect to pay? Annual fund charges in this category sit between 0.25% and 2.53% per annum, with a median of 1.08% across the 8 other funds where the FMA Disclose register publishes a charge. Annual fund charge covers the management fee and underlying fund expenses. Performance fees and transaction spreads sit on top of this number. Lowest 0.25% Median 1.08% Highest 2.53% FMA Disclose register What's the FMA risk-indicator range? Funds in this category carry FMA risk indicators between 2 and 7 on the 1-to-7 standard scale (where 1 is the lowest historical volatility band and 7 the highest), measured across the 8 funds in the category that publish a risk-indicator value. The FMA's risk indicator is a backwards-looking measure of return volatility — it does not predict future loss. See funds grouped by FMA risk indicator 1-7 → FMA Disclose register Who are the active providers? 8 fund managers run at least one other fund in our coverage. First Sentier 1 fund Kernel 1 fund Mercer 1 fund NZ Funds 1 fund Resolution Capital 1 fund Russell Investments 1 fund Smartshares 1 fund Squirrel 1 fund Related Other — full fund list Low-fee funds across every category How we source and verify these numbers --- ## PIE-structured NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/pie-low-fee-funds/ > NZ retail PIE-structured managed funds (Portfolio Investment Entity wrapper, PIR capped at 28%), ordered by annual fund charge. Mechanical screen PIE-structured managed funds ordered by annual fund charge These are the PIE-structured funds in our coverage — taxed under Subpart HM of the Income Tax Act 2007, capped at your Prescribed Investor Rate (max 28%) — sorted by annual fund charge from lowest to highest. See our PIE funds explainer for what the wrapper does. Filter isPie = true Funds matching 286 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series US 500 Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.03% 0.91% NZ$241m 2 Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.03% 0.91% NZ$42m 3 Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.06% 0.91% NZ$11m 4 Foundation Series Total World Fund PIE · capped at PIR (max 28%) International Equities Foundation Series 0.07% 0.91% NZ$514m 5 Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Foundation Series 0.07% 0.91% NZ$85m 6 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 7 Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Simplicity 0.10% 0.65% NZ$674m 8 Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Australasian Equities Simplicity 0.10% 0.91% NZ$1.42b 9 Simplicity NZ Cash Fund PIE · capped at PIR (max 28%) conservative Cash Simplicity 0.12% 0.65% NZ$92m 10 Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic International Equities Foundation Series 0.15% 0.91% NZ$26m 11 Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative International FI Simplicity 0.15% 0.65% NZ$964m 12 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Simplicity 0.15% 0.91% NZ$2.66b 13 Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth International Equities Simplicity 0.15% 0.91% NZ$2.73b 14 Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Australasian Equities Smartshares 0.20% 0.91% NZ$198m 15 Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 0.21% 0.91% NZ$679m 16 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth Australasian Equities BetaShares 0.23% 0.91% NZ$54m 17 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 18 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Diversified Simplicity 0.25% 0.89% NZ$169m 19 Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 1.10% NZ$738m 20 Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Diversified Simplicity 0.25% 1.29% NZ$1.29b 21 Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Diversified Simplicity 0.25% 0.91% NZ$509m 22 Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Diversified Simplicity 0.25% 0.89% NZ$68m 23 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Kernel 0.25% 0.89% NZ$14m 24 Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Kernel 0.25% 0.91% NZ$45m 25 Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Kernel 0.25% 0.85% NZ$530m 26 Kernel Cash Plus Fund PIE · capped at PIR (max 28%) conservative Cash Kernel 0.25% 0.57% NZ$13m 27 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.91% NZ$778m 28 Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.91% NZ$230m 29 Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$28m 30 Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities Kernel 0.25% 0.85% NZ$33m 31 Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.25% 0.85% NZ$9m 32 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 33 Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth International Equities Kernel 0.25% 0.85% NZ$5m 34 Kernel Global Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Other Kernel 0.25% 0.91% NZ$510m 35 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$2m 36 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 37 Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.85% NZ$863061 38 Kernel NZ Commercial Property Fund PIE · capped at PIR (max 28%) balanced Listed Property Kernel 0.25% 0.91% NZ$140m 39 Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Australasian Equities Kernel 0.25% 0.91% NZ$53m 40 Clarity Enhanced Cash PIE PIE · capped at PIR (max 28%) conservative Cash Clarity 0.26% 0.65% NZ$125m 41 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 42 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 43 Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged International FI Dimensional 0.28% 0.65% NZ$276m 44 Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Australasian Equities Smartshares 0.30% 0.91% NZ$332m 45 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG International FI Smartshares 0.30% 0.65% NZ$36m 46 Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative International FI Kernel 0.30% 0.57% NZ$388340 47 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 48 Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical International FI Evidential 0.32% 0.65% NZ$600m 49 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 50 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 51 Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF International Equities Smartshares 0.34% 0.91% NZ$963m 52 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 53 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative International FI BetaShares 0.34% 0.65% NZ$28m 54 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 55 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Foundation Series 0.36% 1.10% NZ$46m 56 Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Australasian Equities Mercer 0.36% 0.91% NZ$41m 57 Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Foundation Series 0.37% 0.91% NZ$10m 58 Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Diversified Foundation Series 0.38% 1.29% NZ$62m 59 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 60 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 61 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 62 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 63 Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF International Equities Smartshares 0.40% 0.91% NZ$275m 64 Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative NZ Fixed Interest Kernel 0.40% 0.57% NZ$640691 65 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) International Equities Mercer 0.43% 0.91% NZ$98m 66 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 67 Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth International Equities Kernel 0.45% 0.85% NZ$4m 68 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 69 ANZ Investments OneAnswer New Zealand Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest ANZ Investments 0.46% 0.65% NZ$11m 70 Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.47% 0.65% NZ$619m 71 JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative International FI JPMorgan 0.47% 0.65% NZ$114m 72 ANZ Investments OneAnswer International Fixed Interest Fund PIE · capped at PIR (max 28%) International FI ANZ Investments 0.49% 0.57% NZ$2m 73 Russell Investments NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Russell Investments 0.49% 0.65% NZ$158m 74 BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth International Equities BetaShares 0.49% 0.91% NZ$19m 75 Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Australasian Equities Smartshares 0.50% 0.91% NZ$573m 76 Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG International Equities Smartshares 0.51% 0.91% NZ$500m 77 Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV International Equities Smartshares 0.51% 0.91% NZ$55m 78 Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM International Equities Smartshares 0.51% 0.91% NZ$50m 79 Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS International Equities Smartshares 0.51% 0.91% NZ$44m 80 Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI H Hunter 0.53% 0.65% NZ$2.95b 81 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Australasian Equities Smartshares 0.54% 0.91% NZ$52m 82 Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Australasian Equities Smartshares 0.54% 0.91% NZ$65m 83 Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Australasian Equities Smartshares 0.54% 0.91% NZ$114m 84 Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Australasian Equities Smartshares 0.54% 0.91% NZ$97m 85 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 86 Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF International FI Smartshares 0.54% 0.65% NZ$141m 87 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Listed Property Smartshares 0.54% 0.91% NZ$23m 88 Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Listed Property Smartshares 0.54% 0.91% NZ$78m 89 Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB NZ Fixed Interest Smartshares 0.54% 0.65% NZ$58m 90 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA International Equities Smartshares 0.55% 0.91% NZ$111m 91 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 92 Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF International Equities Smartshares 0.55% 0.91% NZ$152m 93 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 94 Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Other Smartshares 0.55% 0.91% NZ$36m 95 Russell Investments Global Fixed Interest Fund PIE · capped at PIR (max 28%) International FI Russell Investments 0.58% 0.65% NZ$564m 96 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 97 Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF International Equities Smartshares 0.59% 0.91% NZ$233m 98 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 99 Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Australasian Equities Smartshares 0.60% 0.91% NZ$209m 100 Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Australasian Equities Smartshares 0.60% 0.91% NZ$133m 101 Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Australasian Equities Smartshares 0.60% 0.91% NZ$103m 102 Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.60% 0.65% NZ$184m 103 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 104 Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) International Equities Te Ahumairangi 0.62% 0.91% NZ$889m 105 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 106 Summer New Zealand Cash PIE · capped at PIR (max 28%) conservative Cash Summer 0.62% 0.57% NZ$5m 107 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified ANZ Investments 0.63% 0.89% NZ$104m 108 Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Milford 0.65% 0.89% NZ$3.50b 109 Milford Trans-Tasman Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Milford 0.65% 0.65% NZ$2.14b 110 Lifetime Cash Fund PIE · capped at PIR (max 28%) conservative Cash Lifetime 0.65% 0.65% NZ$154127 111 Harbour Income Fund PIE · capped at PIR (max 28%) income Diversified Harbour 0.66% 1.10% NZ$294m 112 Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Harbour 0.66% 0.65% NZ$289m 113 Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.67% 0.65% NZ$139m 114 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 115 Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Mercer 0.68% 0.65% NZ$47m 116 Amova Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Fixed Interest Amova 0.70% 0.65% NZ$558m 117 Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative International FI Clarity 0.70% 0.65% NZ$212m 118 Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative International FI Daintree 0.73% 0.65% NZ$337m 119 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Diversified Booster 0.74% 1.10% NZ$3m 120 ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced Diversified ANZ Investments 0.75% 0.89% NZ$529m 121 Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Australasian Equities Smartshares 0.75% 0.91% NZ$291m 122 Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic International Equities Smartshares 0.75% 0.91% NZ$65m 123 Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic International Equities Smartshares 0.75% 0.91% NZ$23m 124 Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative International FI Coolabah 0.76% 0.65% NZ$88m 125 QuayStreet Income Fund PIE · capped at PIR (max 28%) income Diversified QuayStreet 0.77% 0.65% NZ$329m 126 Brandywine Global Opportunistic Fixed Income Fund PIE · capped at PIR (max 28%) International FI Brandywine 0.77% 0.65% NZ$410m 127 Harbour Real Estate Investment Fund PIE · capped at PIR (max 28%) Listed Property Harbour 0.77% 0.91% NZ$130m 128 SBS Wealth World Bond Portfolio PIE · capped at PIR (max 28%) conservative International FI SBS Wealth 0.77% 0.65% NZ$46m 129 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 130 Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Australasian Equities Russell Investments 0.78% 0.91% NZ$209m 131 SBS Wealth New Zealand Bond Portfolio PIE · capped at PIR (max 28%) conservative NZ Fixed Interest SBS Wealth 0.78% 0.65% NZ$8m 132 AMP International Shares Managed Fund PIE · capped at PIR (max 28%) International Equities AMP 0.79% 0.91% NZ$11m 133 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 134 AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Diversified AMP 0.80% 0.91% NZ$12m 135 AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced Diversified AMP 0.81% 1.10% NZ$45m 136 AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified AMP 0.81% 1.29% NZ$44m 137 Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Booster 0.83% 1.10% NZ$12m 138 Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative International FI Bentham 0.83% 0.65% NZ$180m 139 Hunter Private Credit Fund PIE · capped at PIR (max 28%) balanced International FI H Hunter 0.83% 1.10% NZ$20m 140 ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.84% 0.91% NZ$97m 141 Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Milford 0.85% 0.89% NZ$939m 142 Milford Global Corporate Bond Fund PIE · capped at PIR (max 28%) International FI Milford 0.85% 0.65% NZ$407m 143 Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth International Equities Pella 0.85% 0.91% NZ$64m 144 Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 0.87% 0.91% NZ$77m 145 Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Diversified Summer 0.87% 0.86% NZ$10m 146 Summer Global Fixed Interest PIE · capped at PIR (max 28%) conservative International FI Summer 0.87% 0.57% NZ$1m 147 ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified ANZ Investments 0.90% 1.10% NZ$927m 148 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative Diversified SBS Wealth 0.90% 0.89% NZ$2m 149 Daintree High Income PIE PIE · capped at PIR (max 28%) balanced International FI Daintree 0.90% 0.65% NZ$743740 150 Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 0.91% 1.29% NZ$7m 151 Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Russell Investments 0.92% 0.91% NZ$301m 152 Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) International Equities Russell Investments 0.93% 0.91% NZ$351m 153 Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth International Equities Brandywine 0.93% 0.91% NZ$410m 154 ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 155 ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth Diversified ANZ Investments 0.95% 1.29% NZ$46m 156 ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified ANZ Investments 0.95% 0.85% NZ$67m 157 Amova Core Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 0.95% 0.91% NZ$23m 158 ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) International Equities ANZ Investments 0.96% 0.85% NZ$83m 159 Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 0.96% 0.91% NZ$4m 160 Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Clarity 0.96% 0.89% NZ$5m 161 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 162 Fisher Funds New Zealand Fixed Income Trust PIE · capped at PIR (max 28%) NZ Fixed Interest Fisher Funds 0.97% 0.65% NZ$77m 163 Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Australasian Equities Hyperion 0.98% 0.91% NZ$55m 164 Fisher Funds Income Fund PIE · capped at PIR (max 28%) International FI Fisher Funds 0.99% 0.65% NZ$42m 165 ANZ Investments OneAnswer International Property Fund PIE · capped at PIR (max 28%) Listed Property ANZ Investments 0.99% 0.85% NZ$7m 166 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Lifetime 0.99% 0.89% NZ$2m 167 Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Lifetime 0.99% 1.10% NZ$10m 168 Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Diversified Lifetime 0.99% 1.29% NZ$3m 169 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 170 Pathfinder Global Property Fund PIE · capped at PIR (max 28%) Listed Property Pathfinder 1.00% 0.91% NZ$17m 171 Coolabah Global Floating-Rate High Yield PIE Fund PIE · capped at PIR (max 28%) balanced International FI Coolabah 1.00% 0.65% NZ$23m 172 Mint Diversified Income Fund PIE · capped at PIR (max 28%) income Diversified Mint 1.01% 0.89% NZ$41m 173 Salt Enhanced Property Fund PIE · capped at PIR (max 28%) Listed Property Salt 1.02% 0.91% NZ$18m 174 Summer Australian Equities PIE · capped at PIR (max 28%) growth Australasian Equities Summer 1.02% 0.85% NZ$17m 175 Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Diversified Summer 1.02% 0.91% NZ$125m 176 Summer Global Equities PIE · capped at PIR (max 28%) growth International Equities Summer 1.02% 0.85% NZ$43m 177 Summer Growth Selection PIE · capped at PIR (max 28%) growth Diversified Summer 1.02% 1.07% NZ$111m 178 Summer Listed Property PIE · capped at PIR (max 28%) balanced Listed Property Summer 1.02% 0.85% NZ$8m 179 Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) International Equities L Lighthouse 1.03% 1.29% NZ$18m 180 First Sentier Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Other First Sentier 1.03% 0.91% NZ$129m 181 SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced Diversified SBS Wealth 1.03% 1.10% NZ$17m 182 Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Diversified Harbour 1.04% 1.29% NZ$58m 183 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Diversified Milford 1.05% 1.29% NZ$5.98b 184 Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Milford 1.05% 1.10% NZ$2.52b 185 ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.05% 0.91% NZ$49m 186 Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 1.10% NZ$174m 187 Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Milford 1.05% 0.91% NZ$848m 188 Resolution Capital Global Listed Infrastructure PIE Fund PIE · capped at PIR (max 28%) Thematic balanced Other Resolution Capital 1.05% 0.91% NZ$31m 189 Resolution Capital Global Property Securities PIE Fund PIE · capped at PIR (max 28%) balanced Listed Property Resolution Capital 1.05% 0.91% NZ$178m 190 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 191 ANZ Investments OneAnswer Property Securities Fund PIE · capped at PIR (max 28%) Listed Property ANZ Investments 1.06% 0.91% NZ$43m 192 Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$127m 193 Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.06% 0.91% NZ$208m 194 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$13m 195 Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Australasian Equities Clarity 1.06% 0.91% NZ$133m 196 Mint Australasian Property Fund PIE · capped at PIR (max 28%) Listed Property Mint 1.07% 0.91% NZ$17m 197 Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Castle Point 1.08% 0.91% NZ$12m 198 Russell Investments Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Other Russell Investments 1.08% 0.91% NZ$168m 199 ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) Australasian Equities ANZ Investments 1.09% 0.91% NZ$22m 200 Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.10% 0.91% NZ$35m 201 Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 1.10% 0.91% NZ$112m 202 Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.12% 0.91% NZ$101m 203 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth International Equities A Aurellan 1.12% 0.91% NZ$22m 204 Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth International Equities A Aurellan 1.12% 0.91% NZ$27m 205 Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Diversified Milford 1.15% 0.91% NZ$3.69b 206 Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Amova 1.15% 0.91% NZ$13m 207 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Clarity 1.16% 0.91% NZ$9m 208 Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Diversified Octagon 1.17% 1.10% NZ$37m 209 Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$123m 210 Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Australasian Equities Octagon 1.17% 0.91% NZ$161m 211 SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth Diversified SBS Wealth 1.17% 0.85% NZ$477m 212 SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Diversified SBS Wealth 1.17% 0.85% NZ$477m 213 Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Diversified Castle Point 1.18% 1.10% NZ$79m 214 Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Australasian Equities Mint 1.18% 0.91% NZ$199m 215 SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth International Equities SBS Wealth 1.18% 0.91% NZ$94m 216 Amova Global Shares Fund PIE · capped at PIR (max 28%) International Equities Amova 1.20% 0.91% NZ$162m 217 Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Amova 1.20% 0.91% NZ$243m 218 NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.20% 0.65% NZ$20m 219 SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Australasian Equities SBS Wealth 1.20% 0.91% NZ$30m 220 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Diversified Mint 1.21% 1.29% NZ$46m 221 Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.21% 0.91% NZ$21m 222 Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) International Equities Antipodes 1.21% — NZ$133m 223 Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) International Equities Harbour 1.21% 0.91% NZ$599m 224 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth International Equities Clarity 1.21% 0.91% NZ$155m 225 Harbour Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Harbour 1.23% 0.89% NZ$5m 226 Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged International Equities Harbour 1.24% 0.91% NZ$221m 227 Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.24% 0.91% NZ$61m 228 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 229 Mercer Global Shares Fund PIE · capped at PIR (max 28%) International Equities Mercer 1.25% 0.91% NZ$30m 230 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 231 Fisher Funds BondPlus Fund PIE · capped at PIR (max 28%) International FI Fisher Funds 1.26% 0.65% NZ$95m 232 QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Australasian Equities QuayStreet 1.27% 0.91% NZ$155m 233 Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Diversified Mercer 1.28% 1.10% NZ$21m 234 Devon Alpha Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$140m 235 Devon Australian Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.30% 0.91% NZ$10m 236 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 237 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 238 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 239 Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.31% 0.91% NZ$74m 240 Mercer Global Listed Real Estate Fund PIE · capped at PIR (max 28%) Listed Property Mercer 1.33% 0.91% NZ$66m 241 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 242 Mercer Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Other Mercer 1.34% 0.91% NZ$84m 243 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 244 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified Fisher Funds 1.35% 0.89% NZ$116m 245 Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Diversified Generate 1.35% 0.91% NZ$118m 246 Milford Global Equity Fund PIE · capped at PIR (max 28%) International Equities Milford 1.35% 0.91% NZ$2.26b 247 Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Diversified Booster 1.35% 0.91% NZ$3m 248 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 249 Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.36% 0.91% NZ$154m 250 Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Diversified Lifetime 1.36% 1.10% NZ$115m 251 Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Australasian Equities Devon 1.39% 0.91% NZ$16m 252 Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Diversified Booster 1.41% 0.85% NZ$15m 253 Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.42% 0.91% NZ$161m 254 NZ Funds Global Bonds PIE · capped at PIR (max 28%) conservative International FI NZ Funds 1.44% 0.65% NZ$137m 255 NZ Funds New Zealand and Australian Bonds PIE · capped at PIR (max 28%) conservative NZ Fixed Interest NZ Funds 1.44% 0.65% NZ$145m 256 Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Diversified Fisher Funds 1.46% 1.29% NZ$319m 257 Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged International Equities Mercer 1.46% 0.91% NZ$18m 258 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative Diversified A ACI 1.50% 0.89% NZ$4m 259 Fisher Funds Property & Infrastructure Fund PIE · capped at PIR (max 28%) Listed Property Fisher Funds 1.53% 0.91% NZ$154m 260 NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Diversified NZ Funds 1.58% 1.29% NZ$23m 261 ACI Growth Fund PIE · capped at PIR (max 28%) growth Diversified A ACI 1.61% 1.29% NZ$8m 262 Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) International Equities Pie Funds 1.61% 0.91% NZ$220m 263 Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Australasian Equities Fisher Funds 1.63% 0.91% NZ$65m 264 Fisher Funds Global Fund PIE · capped at PIR (max 28%) International Equities Fisher Funds 1.64% 1.29% NZ$152m 265 NZ Funds Income Generator PIE · capped at PIR (max 28%) income Diversified NZ Funds 1.67% 0.91% NZ$16m 266 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 267 Coolabah Long-Short Credit PIE Fund PIE · capped at PIR (max 28%) balanced International FI Coolabah 1.76% 0.65% NZ$224m 268 Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) International Equities Elevation Capital 1.80% 1.29% NZ$23m 269 Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) International Equities Pie Funds 1.85% 1.29% NZ$126m 270 Squirrel Monthly Income Fund PIE · capped at PIR (max 28%) Other Squirrel 2.14% 0.91% NZ$210m 271 NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth Diversified NZ Funds 2.14% 0.91% NZ$58m 272 Vision Income Fund PIE · capped at PIR (max 28%) income International FI Vision 2.51% 0.65% NZ$149m 273 NZ Funds Global Property PIE · capped at PIR (max 28%) balanced Listed Property NZ Funds 2.52% 1.29% NZ$51m 274 NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Australasian Equities NZ Funds 2.52% 1.29% NZ$194m 275 NZ Funds New Zealand Property and Retirement Villages PIE · capped at PIR (max 28%) balanced Listed Property NZ Funds 2.52% 1.10% NZ$44m 276 NZ Funds Global Infrastructure PIE · capped at PIR (max 28%) Thematic balanced Other NZ Funds 2.53% 1.29% NZ$60m 277 NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced International Equities NZ Funds 2.53% 1.29% NZ$62m 278 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth International Equities NZ Funds 3.12% 0.91% NZ$176m 279 Salt Long Short Fund PIE · capped at PIR (max 28%) Australasian Equities Salt 3.21% 1.10% NZ$178m 280 Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) International Equities Hyperion 4.38% 0.91% NZ$177m 281 Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative International FI Artesian — — NZ$0 282 Artesian Short Duration Corporate Bond Fund (NZD) PIE · capped at PIR (max 28%) conservative International FI Artesian — — NZ$0 283 Bentham Global Opportunities PIE Fund PIE · capped at PIR (max 28%) balanced International FI Bentham — — NZ$0 284 Dexus Global REIT Fund PIE · capped at PIR (max 28%) Listed Property Dexus — — — 285 Ellerston Global Mid Small Cap Fund PIE · capped at PIR (max 28%) International Equities Ellerston — — — 286 Plato Global Alpha PIE Fund PIE · capped at PIR (max 28%) growth International Equities Plato — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Responsible-investment NZ managed funds, ordered by annual fund charge URL: https://managedfunds.nz/best/responsible-investment-funds/ > NZ retail managed funds the manager labels as responsible / sustainable / ethical investment, ordered by annual fund charge. Mechanical screen NZ managed funds with a responsible-investment label These are the funds in our coverage labelled by the manager as responsible / sustainable / ethical investment. Each manager defines its own RI methodology — read the SIPO before assuming a particular exclusion list. Sorted by annual fund charge from lowest to highest. Filter Manager-labelled responsible-investment fund Funds matching 41 Sorted by Annual fund charge (asc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 2 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 3 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 4 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m 5 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 6 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 7 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 8 Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical International FI Evidential 0.32% 0.65% NZ$600m 9 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 10 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 11 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 12 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 13 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 14 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 15 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 16 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 17 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 18 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 19 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 20 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 21 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 22 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 23 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 24 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 25 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 26 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 27 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 28 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 29 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 30 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 31 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 32 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 33 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 34 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 35 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 36 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 37 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 38 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 39 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 40 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 41 Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative International FI Artesian — — NZ$0 Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ diversified (multi-asset) managed fundsNZ Australasian-equity managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is annual fund charge ascending; funds with no fee data on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Largest responsible-investment NZ managed funds by AUM URL: https://managedfunds.nz/best/responsible-investment-largest-aum-funds/ > NZ retail responsible-investment / sustainable / ethical managed funds with disclosed fund size, ordered by AUM from largest to smallest. Mechanical screen Responsible-investment managed funds ordered by AUM (largest first) These are the funds in our coverage labelled by the manager as responsible-investment with disclosed fund size, sorted from largest to smallest. Each manager defines its own RI methodology — read the SIPO before assuming a particular exclusion list. Filter Manager-labelled RI & AUM disclosed Funds matching 40 Sorted by Fund size (desc) Last refreshed 2026-05-31 · Sourced from FMA Disclose via Sorted Smart Investor. How this list is built # Fund Manager Annual fund charge Peer-avg fee Fund size 1 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$946m 2 Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Diversified Booster 1.35% 0.85% NZ$873m 3 Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Evidential 0.62% 0.91% NZ$773m 4 Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$744m 5 Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities Schroders 0.39% 0.91% NZ$732m 6 Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$686m 7 Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical International FI Evidential 0.32% 0.65% NZ$600m 8 Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Booster 1.33% 0.91% NZ$427m 9 Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Mercer 0.43% 0.65% NZ$382m 10 Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Harbour 0.27% 0.91% NZ$380m 11 Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Harbour 0.27% 0.91% NZ$380m 12 Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Russell Investments 0.33% 0.91% NZ$364m 13 Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical International Equities Smartshares 0.54% 0.91% NZ$314m 14 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.25% 0.65% NZ$264m 15 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Dimensional 0.40% 0.91% NZ$222m 16 Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical International FI Dimensional 0.32% 0.65% NZ$213m 17 Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Booster 1.34% 1.07% NZ$123m 18 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities BetaShares 0.77% 0.91% NZ$118m 19 Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Dimensional 0.35% 0.91% NZ$118m 20 Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Diversified Pathfinder 1.31% 1.29% NZ$98m 21 Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mint 0.97% 0.91% NZ$72m 22 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Pathfinder 1.30% 0.91% NZ$64m 23 Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic International Equities Pathfinder 1.30% 0.91% NZ$64m 24 BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth International Equities BetaShares 0.79% 0.91% NZ$42m 25 Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical International Equities Smartshares 0.34% 0.91% NZ$39m 26 BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.59% 0.91% NZ$34m 27 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Mercer 1.06% 0.91% NZ$32m 28 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Diversified Mercer 1.25% 1.10% NZ$28m 29 TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities TAHITO 1.26% 0.91% NZ$27m 30 Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical International Equities Smartshares 0.59% 0.91% NZ$26m 31 Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$24m 32 Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical International Equities Smartshares 0.55% 0.91% NZ$18m 33 BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities BetaShares 0.67% 0.91% NZ$15m 34 Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Kernel 0.25% 0.85% NZ$13m 35 Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Mercer 1.69% 0.91% NZ$13m 36 Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical Australasian Equities Pathfinder 1.00% 0.91% NZ$12m 37 Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth International Equities Stewart Investors 0.61% 0.91% NZ$12m 38 Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Foundation Series 0.10% 0.91% NZ$6m 39 Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive International Equities Kernel 0.45% 0.85% NZ$2m 40 Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Australasian Equities Kernel 0.25% 0.85% NZ$1m Other mechanical screens NZ managed funds with annual fund charges below 0.75%NZ managed funds with a growth or aggressive risk profileNZ managed funds with a conservative or moderate risk profileNZ index-tracking managed fundsNZ managed funds with a responsible-investment labelNZ diversified (multi-asset) managed funds Build your own filter → Per-asset-class Q&A Diversified Q&A Australasian-equities Q&A International-equities Q&A NZ fixed-interest Q&A International FI Q&A Listed property Q&A Cash Q&A Other Q&A How this list is built The filter is purely mechanical — funds are included only if they match the criterion shown above. No editorial judgement, no opinion-based ranking. Sort order is fund size descending (largest first); funds with no AUM on file are listed at the bottom alphabetically. Annual fund charge data comes from the FMA Disclose register via Sorted Smart Investor; risk-profile, ETF, hedge and responsible-investment flags come from the manager's own disclosure. This page is not financial advice. ManagedFundsNZ is not a Financial Advice Provider. Read the relevant Product Disclosure Statement and consider talking to a licensed adviser before investing. See methodology for full sourcing and confidence-tier definitions. --- ## Australasian Equities — 58 NZ managed funds URL: https://managedfunds.nz/categories/australasian-equities/ > Compare 58 Australasian Equities managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class Australasian Equities Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers. 58 funds tracked Q&A: fee range, risk-band range, active providers → Amova Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Amova Amova Core Equity Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) BetaShares BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth BetaShares BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth BetaShares BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Castle Point Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Clarity Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Devon Devon Alpha Fund PIE · capped at PIR (max 28%) Devon Devon Australian Fund PIE · capped at PIR (max 28%) Devon Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Devon Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Dimensional Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Fisher Funds Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Harbour Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Harbour Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Harbour Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Harbour Harbour Long Short Fund PIE · capped at PIR (max 28%) Harbour Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Harbour Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Hyperion Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Kernel Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Kernel Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Kernel Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Kernel Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Mercer Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Mercer Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Milford Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Milford Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Mint Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Mint Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical NZ Funds NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Octagon Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Octagon Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Pathfinder Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical QuayStreet QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Russell Investments Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Salt Salt Long Short Fund PIE · capped at PIR (max 28%) Salt Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) SBS Wealth SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Simplicity Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Smartshares Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Smartshares Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Smartshares Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Smartshares Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Smartshares Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Smartshares Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Smartshares Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Smartshares Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Smartshares Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Smartshares Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Smartshares Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Summer Summer Australian Equities PIE · capped at PIR (max 28%) growth TAHITO TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical --- ## Cash and Cash Equivalents — 5 NZ managed funds URL: https://managedfunds.nz/categories/cash/ > Compare 5 Cash managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class Cash and Cash Equivalents Funds holding bank deposits and short-term money-market instruments. Lowest-risk fund category; income-focused. 5 funds tracked Q&A: fee range, risk-band range, active providers → Clarity Clarity Enhanced Cash PIE PIE · capped at PIR (max 28%) conservative Kernel Kernel Cash Plus Fund PIE · capped at PIR (max 28%) conservative Lifetime Lifetime Cash Fund PIE · capped at PIR (max 28%) conservative Simplicity Simplicity NZ Cash Fund PIE · capped at PIR (max 28%) conservative Summer Summer New Zealand Cash PIE · capped at PIR (max 28%) conservative --- ## Diversified Funds — 67 NZ managed funds URL: https://managedfunds.nz/categories/diversified/ > Compare 67 Diversified managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class Diversified Funds Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash. 67 funds tracked Q&A: fee range, risk-band range, active providers → A ACI ACI Conservative Fund PIE · capped at PIR (max 28%) conservative A ACI ACI Growth Fund PIE · capped at PIR (max 28%) growth AMP AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive AMP AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced AMP AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth ANZ Investments ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced ANZ Investments ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth ANZ Investments ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced ANZ Investments ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative ANZ Investments ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth ANZ Investments ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Booster Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Booster Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Booster Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Booster Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Booster Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Booster Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Castle Point Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Clarity Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Fisher Funds Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Fisher Funds Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Foundation Series Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Foundation Series Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Foundation Series Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Generate Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Harbour Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Harbour Harbour Income Fund PIE · capped at PIR (max 28%) income Harbour Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Kernel Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Kernel Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Kernel Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Lifetime Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Lifetime Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Lifetime Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Lifetime Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Mercer Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Mercer Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Milford Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Milford Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Milford Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Milford Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Milford Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Mint Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Mint Mint Diversified Income Fund PIE · capped at PIR (max 28%) income NZ Funds NZ Funds Income Generator PIE · capped at PIR (max 28%) income NZ Funds NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth NZ Funds NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income NZ Funds NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Octagon Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Pathfinder Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth QuayStreet QuayStreet Income Fund PIE · capped at PIR (max 28%) income SBS Wealth SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced SBS Wealth SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative SBS Wealth SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth SBS Wealth SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Simplicity Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Simplicity Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Simplicity Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Simplicity Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Simplicity Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Summer Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Summer Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Summer Summer Growth Selection PIE · capped at PIR (max 28%) growth --- ## International Equities — 87 NZ managed funds URL: https://managedfunds.nz/categories/international-equities/ > Compare 87 International Equities managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class International Equities Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors. 87 funds tracked Q&A: fee range, risk-band range, active providers → Amova Amova Global Shares Fund PIE · capped at PIR (max 28%) Amova Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged AMP AMP International Shares Managed Fund PIE · capped at PIR (max 28%) Antipodes Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) A Aurellan Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth A Aurellan Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth BetaShares BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth BetaShares BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth BetaShares BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth Brandywine Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth Clarity Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth Dimensional Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Dimensional Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Elevation Capital Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) Ellerston Ellerston Global Mid Small Cap Fund PIE · capped at PIR (max 28%) Evidential Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical Fisher Funds Fisher Funds Global Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) Foundation Series Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical Foundation Series Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged Foundation Series Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged Foundation Series Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic Foundation Series Foundation Series Total World Fund PIE · capped at PIR (max 28%) Foundation Series Foundation Series US 500 Fund PIE · capped at PIR (max 28%) Foundation Series Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) Harbour Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) Harbour Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Hyperion Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) India Avenue India Avenue Equity Fund — H Class FIF · file IR3 each year Thematic Kernel Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth Kernel Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Kernel Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth Kernel Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth Kernel Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth Kernel Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth Kernel Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive Kernel Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth Kernel Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth L Lighthouse Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) Mercer Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) Mercer Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) Mercer Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Mercer Mercer Global Shares Fund PIE · capped at PIR (max 28%) Mercer Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Milford Milford Global Equity Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Shares PIE · capped at PIR (max 28%) growth NZ Funds NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced Pathfinder Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical Pathfinder Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic Pella Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth Pie Funds Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) Pie Funds Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) Plato Plato Global Alpha PIE Fund PIE · capped at PIR (max 28%) growth Russell Investments Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) Russell Investments Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Russell Investments Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Russell Investments Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical SBS Wealth SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth Schroders Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Schroders Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth Simplicity Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth Simplicity Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth Smartshares Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA Smartshares Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic Smartshares Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical Smartshares Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF Smartshares Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical Smartshares Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF Smartshares Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical Smartshares Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic Smartshares Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical Smartshares Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF Smartshares Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF Smartshares Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical Smartshares Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG Smartshares Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV Smartshares Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM Smartshares Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS Stewart Investors Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Summer Summer Global Equities PIE · capped at PIR (max 28%) growth Te Ahumairangi Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) Vanguard Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year Vanguard Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged --- ## International Fixed Interest — 34 NZ managed funds URL: https://managedfunds.nz/categories/international-fixed-interest/ > Compare 34 International FI managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class International Fixed Interest Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD. 34 funds tracked Q&A: fee range, risk-band range, active providers → ANZ Investments ANZ Investments OneAnswer International Fixed Interest Fund PIE · capped at PIR (max 28%) Artesian Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative Artesian Artesian Short Duration Corporate Bond Fund (NZD) PIE · capped at PIR (max 28%) conservative Bentham Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative Bentham Bentham Global Opportunities PIE Fund PIE · capped at PIR (max 28%) balanced BetaShares BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative Brandywine Brandywine Global Opportunistic Fixed Income Fund PIE · capped at PIR (max 28%) Clarity Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative Coolabah Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative Coolabah Coolabah Global Floating-Rate High Yield PIE Fund PIE · capped at PIR (max 28%) balanced Coolabah Coolabah Long-Short Credit PIE Fund PIE · capped at PIR (max 28%) balanced Coolabah Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative Daintree Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative Daintree Daintree High Income PIE PIE · capped at PIR (max 28%) balanced Dimensional Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Dimensional Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Dimensional Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Evidential Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical Fisher Funds Fisher Funds BondPlus Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds Income Fund PIE · capped at PIR (max 28%) H Hunter Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) H Hunter Hunter Private Credit Fund PIE · capped at PIR (max 28%) balanced JPMorgan JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative Kernel Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative Mercer Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Milford Milford Global Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Bonds PIE · capped at PIR (max 28%) conservative Russell Investments Russell Investments Global Fixed Interest Fund PIE · capped at PIR (max 28%) SBS Wealth SBS Wealth World Bond Portfolio PIE · capped at PIR (max 28%) conservative Simplicity Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative Smartshares Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG Smartshares Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF Summer Summer Global Fixed Interest PIE · capped at PIR (max 28%) conservative Vision Vision Income Fund PIE · capped at PIR (max 28%) income --- ## Listed Property — 16 NZ managed funds URL: https://managedfunds.nz/categories/listed-property/ > Compare 16 Listed Property managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class Listed Property Funds investing in listed property companies and Real Estate Investment Trusts (REITs). Provides equity-like exposure to commercial, industrial, retail and residential property. 16 funds tracked Q&A: fee range, risk-band range, active providers → ANZ Investments ANZ Investments OneAnswer International Property Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer Property Securities Fund PIE · capped at PIR (max 28%) Dexus Dexus Global REIT Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds Property & Infrastructure Fund PIE · capped at PIR (max 28%) Harbour Harbour Real Estate Investment Fund PIE · capped at PIR (max 28%) Kernel Kernel NZ Commercial Property Fund PIE · capped at PIR (max 28%) balanced Mercer Mercer Global Listed Real Estate Fund PIE · capped at PIR (max 28%) Mint Mint Australasian Property Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Property PIE · capped at PIR (max 28%) balanced NZ Funds NZ Funds New Zealand Property and Retirement Villages PIE · capped at PIR (max 28%) balanced Pathfinder Pathfinder Global Property Fund PIE · capped at PIR (max 28%) Resolution Capital Resolution Capital Global Property Securities PIE Fund PIE · capped at PIR (max 28%) balanced Salt Salt Enhanced Property Fund PIE · capped at PIR (max 28%) Smartshares Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Smartshares Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Summer Summer Listed Property PIE · capped at PIR (max 28%) balanced --- ## New Zealand Fixed Interest — 14 NZ managed funds URL: https://managedfunds.nz/categories/nz-fixed-interest/ > Compare 14 NZ Fixed Interest managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class New Zealand Fixed Interest Funds investing in New Zealand-issued government and corporate bonds. Generally lower-risk than equity funds; income-focused. 14 funds tracked Q&A: fee range, risk-band range, active providers → Amova Amova Corporate Bond Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer New Zealand Fixed Interest Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds New Zealand Fixed Income Trust PIE · capped at PIR (max 28%) Harbour Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) Harbour Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) Kernel Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative Mercer Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) Mercer Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) Milford Milford Trans-Tasman Bond Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds New Zealand and Australian Bonds PIE · capped at PIR (max 28%) conservative Russell Investments Russell Investments NZ Fixed Interest Fund PIE · capped at PIR (max 28%) SBS Wealth SBS Wealth New Zealand Bond Portfolio PIE · capped at PIR (max 28%) conservative Simplicity Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative Smartshares Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB --- ## Other — 8 NZ managed funds URL: https://managedfunds.nz/categories/other/ > Compare 8 Other managed funds available to New Zealand retail investors. Sourced from FMA Disclose. Asset class Other Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds. 8 funds tracked Q&A: fee range, risk-band range, active providers → First Sentier First Sentier Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Kernel Kernel Global Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Mercer Mercer Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Infrastructure PIE · capped at PIR (max 28%) Thematic balanced Resolution Capital Resolution Capital Global Listed Infrastructure PIE Fund PIE · capped at PIR (max 28%) Thematic balanced Russell Investments Russell Investments Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Smartshares Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Squirrel Squirrel Monthly Income Fund PIE · capped at PIR (max 28%) --- ## Disclaimer — general information, not personal advice URL: https://managedfunds.nz/disclaimer/ > Information on ManagedFundsNZ is general in nature only. It is not personalised financial advice and is general information only. Read the disclaimer. Legal Disclaimer ManagedFundsNZ provides general information about New Zealand managed funds. We are not a licensed financial adviser, financial advice provider, broker, or fund manager. Nothing on this site constitutes personalised financial advice or a recommendation to buy, sell, hold or switch any specific fund. Past performance is not a reliable indicator of future returns. Fund values can go down as well as up, and you may receive back less than you invested. Before investing in any fund, read the relevant Product Disclosure Statement and consider obtaining personalised financial advice from a licensed financial adviser who knows your individual circumstances. We aim for the data on this site to be accurate and current, but we cannot guarantee it. The authoritative source for any fund is its issuer's published documentation on the FMA Disclose register. Email hello@managedfunds.nz for corrections or questions. --- ## Distribution cadence of NZ managed funds (219 funds) URL: https://managedfunds.nz/distributions/ > Directory of NZ retail managed funds grouped by distribution cadence — monthly, quarterly, semi-annual, annual, or accumulating. 219 funds across 5 cadences. Distribution cadence — NZ managed funds 219 NZ retail managed funds grouped by how often they distribute income to unit-holders. Source: each fund's current Product Disclosure Statement on the FMA Disclose register. Monthly distributions 9 funds Quarterly distributions 38 funds Semi-annual distributions 45 funds Annual distributions 1 fund Accumulating (no distributions) 126 funds --- ## NZ managed funds with annual distributions (1) URL: https://managedfunds.nz/distributions/annually/funds/ > 1 NZ retail managed funds with annual distributions, sourced from each fund's current PDS. Sorted by annual fund charge ascending. NZ managed funds with annual distributions Funds that distribute income to unit-holders once a year. Tax-efficient for some PIE investors; lower friction than higher-frequency distributing classes. 1 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Elevation Capital Global Shares Fund Elevation Capital · International Equities 1.80% annual Other distribution cadences Monthly distributions Quarterly distributions Semi-annual distributions Accumulating (no distributions) How distributions work in a PIE fund Distribution frequency is set in each fund's Product Disclosure Statement and governs when income (interest, dividends, realised gains net of PIE tax) is paid out to unit-holders. Funds marked "accumulating" don't pay out distributions — income is retained inside the unit price and taxed inside the PIE on your Prescribed Investor Rate. Distribution frequency doesn't change the total return you earn — it only changes when the cash leaves the fund. Income-oriented investors usually prefer monthly or quarterly; long-horizon investors typically prefer accumulating to avoid manual reinvestment. --- ## NZ managed funds with monthly distributions (9) URL: https://managedfunds.nz/distributions/monthly/funds/ > 9 NZ retail managed funds with monthly distributions, sourced from each fund's current PDS. Sorted by annual fund charge ascending. NZ managed funds with monthly distributions Funds whose Product Disclosure Statement specifies monthly distributions of income. Typically income-oriented strategies (bond funds, listed-property funds, multi-asset income funds) chosen by investors who want regular cash flow rather than accumulating returns. 9 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI 0.34% annual Harbour Income Fund Harbour · Diversified 0.66% annual Daintree Core Income PIE Daintree · International FI 0.73% annual Bentham Global Income PIE Fund Bentham · International FI 0.83% annual Harbour Balanced Growth Fund Harbour · Diversified 1.04% annual Castle Point 5 Oceans Fund Castle Point · Diversified 1.18% annual Mercer Income Generator Fund Mercer · Diversified 1.28% annual Squirrel Monthly Income Fund Squirrel · Other 2.14% annual Vision Income Fund Vision · International FI 2.51% annual Other distribution cadences Quarterly distributions Semi-annual distributions Annual distributions Accumulating (no distributions) How distributions work in a PIE fund Distribution frequency is set in each fund's Product Disclosure Statement and governs when income (interest, dividends, realised gains net of PIE tax) is paid out to unit-holders. Funds marked "accumulating" don't pay out distributions — income is retained inside the unit price and taxed inside the PIE on your Prescribed Investor Rate. Distribution frequency doesn't change the total return you earn — it only changes when the cash leaves the fund. Income-oriented investors usually prefer monthly or quarterly; long-horizon investors typically prefer accumulating to avoid manual reinvestment. --- ## NZ accumulating managed funds (no distributions) (126) URL: https://managedfunds.nz/distributions/none/funds/ > 126 NZ retail managed funds with accumulating (no distributions), sourced from each fund's current PDS. Sorted by annual fund charge ascending. NZ accumulating managed funds (no distributions) Funds where income and gains accumulate in the unit price rather than being distributed to unit-holders. Chosen by long-horizon investors who don't want to reinvest distributions manually. PIE tax still applies on net taxable income. 126 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Foundation Series US 500 Fund Foundation Series · International Equities 0.03% annual Foundation Series Hedged US 500 Fund Foundation Series · International Equities 0.03% annual Foundation Series Total World Fund Foundation Series · International Equities 0.07% annual Foundation Series Hedged Total World Fund Foundation Series · International Equities 0.07% annual Foundation Series Global ESG Fund Foundation Series · International Equities 0.10% annual Simplicity NZ Cash Fund Simplicity · Cash 0.12% annual Foundation Series Nasdaq-100 Fund Foundation Series · International Equities 0.15% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI 0.25% annual Simplicity Conservative Investment Fund Simplicity · Diversified 0.25% annual Simplicity Balanced Investment Fund Simplicity · Diversified 0.25% annual Simplicity Growth Investment Fund Simplicity · Diversified 0.25% annual Simplicity High Growth Investment Fund Simplicity · Diversified 0.25% annual Simplicity Homes and Income Investment Fund Simplicity · Diversified 0.25% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI 0.28% annual Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI 0.32% annual Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities 0.35% annual Foundation Series Balanced Fund Foundation Series · Diversified 0.36% annual Foundation Series High Growth Fund Foundation Series · Diversified 0.37% annual Foundation Series Growth Fund Foundation Series · Diversified 0.38% annual Schroder Sustainable Global Core PIE Fund Schroders · International Equities 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities 0.39% annual Dimensional Global Sustainability PIE Fund Dimensional · International Equities 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities 0.40% annual ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments · NZ Fixed Interest 0.46% annual Smart Global ESG ETF Smartshares · International Equities 0.54% annual Smart Europe ESG ETF Smartshares · International Equities 0.55% annual Smart Japan ESG ETF Smartshares · International Equities 0.55% annual Smart Bitcoin ETF Smartshares · Other 0.55% annual Smart Emerging Markets ESG ETF Smartshares · International Equities 0.59% annual Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities 0.62% annual Evidential Sustainable Targeted Factor Fund Evidential · International Equities 0.62% annual ANZ Investments OneAnswer Conservative Fund ANZ Investments · Diversified 0.63% annual Lifetime Cash Fund Lifetime · Cash 0.65% annual Booster Wealth Moderate Fund Booster · Diversified 0.74% annual ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments · Diversified 0.75% annual Smart Automation and Robotics ETF Smartshares · International Equities 0.75% annual Smart Healthcare Innovation ETF Smartshares · International Equities 0.75% annual SBS Wealth World Bond Portfolio SBS Wealth · International FI 0.77% annual SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest 0.78% annual AMP International Shares Managed Fund AMP · International Equities 0.79% annual AMP Aggressive Managed Fund AMP · Diversified 0.80% annual AMP Balanced Managed Fund AMP · Diversified 0.81% annual AMP Growth Managed Fund AMP · Diversified 0.81% annual Booster Wealth Balanced Fund Booster · Diversified 0.83% annual ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments · International Equities 0.84% annual Pella Global Generations PIE Fund Pella · International Equities 0.85% annual Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities 0.87% annual ANZ Investments OneAnswer Balanced Fund ANZ Investments · Diversified 0.90% annual Booster Wealth Growth Fund Booster · Diversified 0.91% annual Brandywine Global Opportunistic Equity Fund Brandywine · International Equities 0.93% annual ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments · Diversified 0.95% annual Booster Wealth High Growth Fund Booster · Diversified 0.96% annual Mint New Zealand SRI Equity Fund Mint · Australasian Equities 0.97% annual Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest 0.97% annual Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities 0.98% annual Fisher Funds Income Fund Fisher Funds · International FI 0.99% annual Lifetime Conservative Fund Lifetime · Diversified 0.99% annual Lifetime Balanced Fund Lifetime · Diversified 0.99% annual Lifetime Growth Fund Lifetime · Diversified 0.99% annual Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities 1.00% annual Pathfinder Global Property Fund Pathfinder · Listed Property 1.00% annual Lighthouse Global Equity Fund Lighthouse · International Equities 1.03% annual Milford Active Growth Fund Milford · Diversified 1.05% annual Milford Balanced Fund Milford · Diversified 1.05% annual ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments · Australasian Equities 1.05% annual Milford Australian Absolute Growth Fund Milford · Australasian Equities 1.05% annual Milford Trans-Tasman Equity Fund Milford · Australasian Equities 1.05% annual Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities 1.06% annual ANZ Investments OneAnswer Property Securities Fund ANZ Investments · Listed Property 1.06% annual Clarity Global Shares Fund Clarity · International Equities 1.06% annual Mint Australasian Property Fund Mint · Listed Property 1.07% annual ANZ Investments OneAnswer Australian Share Fund ANZ Investments · Australasian Equities 1.09% annual Harbour Australasian Equity Fund Harbour · Australasian Equities 1.12% annual Aurellan Global Shares Fund Aurellan · International Equities 1.12% annual Aurellan Hedged Global Shares Fund Aurellan · International Equities 1.12% annual Milford Aggressive Fund Milford · Diversified 1.15% annual Clarity Diversified Growth Fund Clarity · Diversified 1.16% annual Octagon Balanced Fund Octagon · Diversified 1.17% annual Octagon Australasian Equities Fund Octagon · Australasian Equities 1.17% annual Octagon New Zealand Equities Fund Octagon · Australasian Equities 1.17% annual Mint Australasian Equity Fund Mint · Australasian Equities 1.18% annual SBS Wealth World Equity Portfolio SBS Wealth · International Equities 1.18% annual SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities 1.20% annual Mint Diversified Growth Fund Mint · Diversified 1.21% annual Harbour Australasian Equity Focus Fund Harbour · Australasian Equities 1.21% annual Harbour T. Rowe Price Global Equity Fund Harbour · International Equities 1.21% annual Clarity - Capital Group New Perspective Fund Clarity · International Equities 1.21% annual Harbour Long Short Fund Harbour · Australasian Equities 1.23% annual Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour · International Equities 1.24% annual Mercer Core Global Shares Fund Mercer · International Equities 1.24% annual Mercer Responsible Balanced Fund Mercer · Diversified 1.25% annual Mercer Global Shares Fund Mercer · International Equities 1.25% annual Fisher Funds BondPlus Fund Fisher Funds · International FI 1.26% annual Pathfinder Global Responsibility Fund Pathfinder · International Equities 1.30% annual Pathfinder Ethical Growth Fund Pathfinder · Diversified 1.31% annual Fisher Funds International Growth Fund Fisher Funds · International Equities 1.31% annual Fisher Funds Conservative Fund Fisher Funds · Diversified 1.35% annual Generate Focused Growth Managed Fund Generate · Diversified 1.35% annual Milford Global Equity Fund Milford · International Equities 1.35% annual Booster Wealth Geared Growth Fund Booster · Diversified 1.35% annual Lifetime Retirement Income Fund Lifetime · Diversified 1.36% annual Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities 1.42% annual NZ Funds Global Bonds NZ Funds · International FI 1.44% annual NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest 1.44% annual Fisher Funds Growth Fund Fisher Funds · Diversified 1.46% annual Mercer Core Hedged Global Shares Fund Mercer · International Equities 1.46% annual ACI Conservative Fund ACI · Diversified 1.50% annual Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property 1.53% annual NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified 1.58% annual ACI Growth Fund ACI · Diversified 1.61% annual Pie Global Growth Fund 2 Pie Funds · International Equities 1.61% annual Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities 1.63% annual Fisher Funds Global Fund Fisher Funds · International Equities 1.64% annual Mercer Responsible Global Shares Fund Mercer · International Equities 1.69% annual Pie Growth UK & Europe Fund Pie Funds · International Equities 1.85% annual NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified 2.14% annual NZ Funds Global Property NZ Funds · Listed Property 2.52% annual NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities 2.52% annual NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property 2.52% annual NZ Funds Global Infrastructure NZ Funds · Other 2.53% annual NZ Funds Global Utilities NZ Funds · International Equities 2.53% annual NZ Funds Global Shares NZ Funds · International Equities 3.12% annual Salt Long Short Fund Salt · Australasian Equities 3.21% annual Hyperion Global Growth Companies PIE Fund Hyperion · International Equities 4.38% annual Antipodes Global Fund – Long (PIE) Antipodes · International Equities fee not on file Plato Global Alpha PIE Fund Plato · International Equities fee not on file Other distribution cadences Monthly distributions Quarterly distributions Semi-annual distributions Annual distributions How distributions work in a PIE fund Distribution frequency is set in each fund's Product Disclosure Statement and governs when income (interest, dividends, realised gains net of PIE tax) is paid out to unit-holders. Funds marked "accumulating" don't pay out distributions — income is retained inside the unit price and taxed inside the PIE on your Prescribed Investor Rate. Distribution frequency doesn't change the total return you earn — it only changes when the cash leaves the fund. Income-oriented investors usually prefer monthly or quarterly; long-horizon investors typically prefer accumulating to avoid manual reinvestment. --- ## NZ managed funds with quarterly distributions (38) URL: https://managedfunds.nz/distributions/quarterly/funds/ > 38 NZ retail managed funds with quarterly distributions, sourced from each fund's current PDS. Sorted by annual fund charge ascending. NZ managed funds with quarterly distributions Funds that distribute income to unit-holders every three months. Sits between monthly (high-frequency income) and semi-annual (lower-friction). Common shape for income-oriented multi-asset and listed-property strategies. 38 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Foundation Series US Dividend Equity Fund Foundation Series · International Equities 0.06% annual Kernel Conservative Fund Kernel · Diversified 0.25% annual Kernel S&P Global 100 Fund Kernel · International Equities 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities 0.25% annual Kernel Global Infrastructure Fund Kernel · Other 0.25% annual Kernel NZ Commercial Property Fund Kernel · Listed Property 0.25% annual Kernel Australia 100 Fund Kernel · Australasian Equities 0.25% annual Clarity Enhanced Cash PIE Clarity · Cash 0.26% annual Smart Global Aggregate Bond ETF Smartshares · International FI 0.30% annual Evidential Sustainable Global Bond Fund Evidential · International FI 0.32% annual Harbour NZ Corporate Bond Fund Harbour · NZ Fixed Interest 0.47% annual JPMorgan Global Bond Fund JPMorgan · International FI 0.47% annual Smart Global Bond ETF Smartshares · International FI 0.54% annual Milford Diversified Income Fund Milford · Diversified 0.65% annual Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest 0.65% annual Harbour NZ Core Fixed Interest Fund Harbour · NZ Fixed Interest 0.66% annual Coolabah Short Term Income PIE Fund Coolabah · International FI 0.67% annual Amova Corporate Bond Fund Amova · NZ Fixed Interest 0.70% annual Clarity Fixed Income Fund Clarity · International FI 0.70% annual Coolabah Active Composite Bond PIE Fund Coolabah · International FI 0.76% annual Hunter Private Credit Fund Hunter · International FI 0.83% annual Milford Conservative Fund Milford · Diversified 0.85% annual Milford Global Corporate Bond Fund Milford · International FI 0.85% annual Daintree High Income PIE Daintree · International FI 0.90% annual Clarity Diversified Income Fund Clarity · Diversified 0.96% annual Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI 1.00% annual Mint Diversified Income Fund Mint · Diversified 1.01% annual Clarity Dividend Yield Fund Clarity · International Equities 1.06% annual Clarity New Zealand Equity Fund Clarity · Australasian Equities 1.06% annual Clarity Trans-Tasman Value Fund Clarity · Australasian Equities 1.06% annual Castle Point Trans-Tasman Fund Castle Point · Australasian Equities 1.08% annual Harbour Australasian Equity Income Fund Harbour · Australasian Equities 1.10% annual Devon Dividend Yield Fund Devon · Australasian Equities 1.39% annual NZ Funds Income Generator NZ Funds · Diversified 1.67% annual Coolabah Long-Short Credit PIE Fund Coolabah · International FI 1.76% annual Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI fee not on file Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI fee not on file Bentham Global Opportunities PIE Fund Bentham · International FI fee not on file Other distribution cadences Monthly distributions Semi-annual distributions Annual distributions Accumulating (no distributions) How distributions work in a PIE fund Distribution frequency is set in each fund's Product Disclosure Statement and governs when income (interest, dividends, realised gains net of PIE tax) is paid out to unit-holders. Funds marked "accumulating" don't pay out distributions — income is retained inside the unit price and taxed inside the PIE on your Prescribed Investor Rate. Distribution frequency doesn't change the total return you earn — it only changes when the cash leaves the fund. Income-oriented investors usually prefer monthly or quarterly; long-horizon investors typically prefer accumulating to avoid manual reinvestment. --- ## NZ managed funds with semi-annual distributions (45) URL: https://managedfunds.nz/distributions/semi-annually/funds/ > 45 NZ retail managed funds with semi-annual distributions, sourced from each fund's current PDS. Sorted by annual fund charge ascending. NZ managed funds with semi-annual distributions Funds that distribute income to unit-holders twice a year. Common in NZ for diversified and Australasian-equity funds — pays distributions but at lower frequency than monthly/quarterly income funds. 45 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Smart S&P/NZX 50 ETF Smartshares · Australasian Equities 0.20% annual Harbour NZ Index Shares Fund Harbour · Australasian Equities 0.21% annual Harbour Sustainable Impact Fund Harbour · Diversified 0.27% annual Smart Australian Top 200 ETF Smartshares · Australasian Equities 0.30% annual Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities 0.33% annual Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities 0.33% annual Smart US 500 ETF Smartshares · International Equities 0.34% annual Mercer NZ Shares Passive Fund Mercer · Australasian Equities 0.36% annual Smart Total World ETF Smartshares · International Equities 0.40% annual Mercer All Country Global Shares Index Fund Mercer · International Equities 0.43% annual Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI 0.43% annual Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest 0.49% annual Smart US Large Growth ETF Smartshares · International Equities 0.51% annual Smart US Large Value ETF Smartshares · International Equities 0.51% annual Smart US Small Cap ETF Smartshares · International Equities 0.51% annual Hunter Global Fixed Interest Fund Hunter · International FI 0.53% annual Smart Australian Dividend ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Financials ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Resources ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Property ETF Smartshares · Listed Property 0.54% annual Smart Asia Pacific ETF Smartshares · International Equities 0.55% annual Russell Investments Global Fixed Interest Fund Russell Investments · International FI 0.58% annual Smart Australian Top 20 ETF Smartshares · Australasian Equities 0.60% annual Mercer Macquarie NZ Fixed Interest Fund Mercer · NZ Fixed Interest 0.60% annual Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities 0.61% annual Mercer Macquarie NZ Short Duration Fund Mercer · NZ Fixed Interest 0.68% annual Smart Australian Mid Cap ETF Smartshares · Australasian Equities 0.75% annual Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI 0.77% annual Harbour Real Estate Investment Fund Harbour · Listed Property 0.77% annual Russell Investments NZ Shares Fund Russell Investments · Australasian Equities 0.78% annual Russell Investments Hedged Global Shares Fund Russell Investments · International Equities 0.92% annual Russell Investments Global Shares Fund Russell Investments · International Equities 0.93% annual Amova Core Equity Fund Amova · Australasian Equities 0.95% annual Salt Enhanced Property Fund Salt · Listed Property 1.02% annual First Sentier Global Listed Infrastructure Fund First Sentier · Other 1.03% annual Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other 1.05% annual Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property 1.05% annual Russell Investments Global Listed Infrastructure Fund Russell Investments · Other 1.08% annual Salt NZ Dividend Appreciation Fund Salt · Australasian Equities 1.10% annual Amova Concentrated Equity Fund Amova · Australasian Equities 1.15% annual Devon Alpha Fund Devon · Australasian Equities 1.30% annual Devon Australian Fund Devon · Australasian Equities 1.30% annual Mercer Global Listed Real Estate Fund Mercer · Listed Property 1.33% annual Mercer Global Listed Infrastructure Fund Mercer · Other 1.34% annual Devon Trans-Tasman Fund Devon · Australasian Equities 1.36% annual Other distribution cadences Monthly distributions Quarterly distributions Annual distributions Accumulating (no distributions) How distributions work in a PIE fund Distribution frequency is set in each fund's Product Disclosure Statement and governs when income (interest, dividends, realised gains net of PIE tax) is paid out to unit-holders. Funds marked "accumulating" don't pay out distributions — income is retained inside the unit price and taxed inside the PIE on your Prescribed Investor Rate. Distribution frequency doesn't change the total return you earn — it only changes when the cash leaves the fund. Income-oriented investors usually prefer monthly or quarterly; long-horizon investors typically prefer accumulating to avoid manual reinvestment. --- ## Ethical exclusions in NZ managed funds — 11 categories URL: https://managedfunds.nz/exclusions/ > Directory of 11 ethical-screen categories used by NZ retail managed funds. 78 funds carry at least one canonical exclusion in their SIPO. Ethical exclusions in NZ managed funds 11 canonical exclusion categories used across 78 NZ retail managed funds with on-file SIPO ethical-screen disclosures. Token-extracted from each fund's Statement of Investment Policy and Objectives. Click any category to see which funds exclude it. Each fund's revenue threshold (typically >5% / >10% / "any involvement") varies — exact wording is visible on the per-fund `/investment-mandate/` page. Tobacco Funds whose SIPO excludes tobacco companies — typically production, manufacturing, and (in some funds) nicotine-alternative companies. Reven… 73 funds Controversial weapons Funds whose SIPO excludes controversial weapons — cluster munitions, anti-personnel landmines, biological / chemical / nuclear weapons, and … 62 funds Fossil fuels (coal, oil, gas) Funds whose SIPO excludes coal, oil, and gas — extraction, production, or in some cases transportation and refining. Some funds exclude only… 50 funds Gambling Funds whose SIPO excludes gambling operators — casinos, online gambling, sports betting, and lottery operators. Revenue thresholds vary; exa… 33 funds Alcohol Funds whose SIPO excludes alcohol producers and distributors above a revenue threshold (typically >10%). Often paired with tobacco and gambl… 28 funds Adult entertainment Funds whose SIPO excludes adult-entertainment producers and distributors. Often paired with tobacco and gambling exclusions under a "vice" s… 27 funds Nuclear power Funds whose SIPO excludes nuclear-power generation and uranium mining. Distinct from "nuclear weapons" (which is under Controversial Weapons… 20 funds Russian assets (sanctioned) Funds whose SIPO excludes Russian-incorporated companies and Russian sovereign debt — a sanctions-driven exclusion that became near-universa… 18 funds Animal testing Funds whose SIPO excludes companies involved in animal testing for non-medical purposes. Typically narrower than "any animal testing" becaus… 15 funds GMO / genetic modification Funds whose SIPO excludes companies involved in genetic modification of crops or seeds. Less common in NZ than other exclusion categories; u… 5 funds Predatory lending Funds whose SIPO excludes payday lenders and other predatory-lending business models. A relatively narrow exclusion focused on consumer-harm… 4 funds --- ## NZ managed funds excluding adult entertainment (28) URL: https://managedfunds.nz/exclusions/adult-entertainment/funds/ > 28 NZ retail managed funds whose Statement of Investment Policy explicitly excludes adult entertainment. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding adult entertainment Funds whose SIPO excludes adult-entertainment producers and distributors. Often paired with tobacco and gambling exclusions under a "vice" screen. 28 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. ACI Conservative Fund ACI · Diversified "Adult entertainment" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Weapons 1.50% annual SIPO 2025-11-26 ACI Growth Fund ACI · Diversified "Adult entertainment" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Weapons 1.61% annual SIPO 2025-11-26 Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI "Pornography production" Also excludes: Tobacco · Alcohol · Fossil fuels SIPO 2026-04-02 Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI "Pornography production" Also excludes: Tobacco · Alcohol · Fossil fuels SIPO 2026-04-02 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Pornography – production (0%); distribution >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Pornography – production (0%); distribution >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Pornography – production (0%); distribution >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Pornography – production (0%); distribution >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Predatory lending 0.59% annual SIPO 2026-03-30 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities "Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.35% annual SIPO 2025-09-29 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI "Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.32% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund Dimensional · International Equities "Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.40% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities "Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.40% annual SIPO 2025-09-29 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI "Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.25% annual SIPO 2025-09-29 Evidential Sustainable Global Bond Fund Evidential · International FI "Adult entertainment (greater than 10% of revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.32% annual SIPO 2025-11-18 Evidential Sustainable Targeted Factor Fund Evidential · International Equities "Adult entertainment (greater than 10% of revenue from production, distribution or retail of pornographic products)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Gambling 0.62% annual SIPO 2025-11-18 Foundation Series Balanced Fund Foundation Series · Diversified "Adult entertainment producers and high-revenue distributors (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Weapons · Nuclear · Fossil fuels 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Adult entertainment producers and high-revenue distributors (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Adult entertainment producers and high-revenue distributors (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Weapons · Fossil fuels · Animal testing · Nuclear 0.37% annual SIPO 2026-01-29 Hunter Global Fixed Interest Fund Hunter · International FI "Companies deriving more than 10% of earnings from pornography or gambling" Also excludes: Tobacco · Weapons · Gambling · Fossil fuels 0.53% annual SIPO 2025-08-27 Lighthouse Global Equity Fund Lighthouse · International Equities "Pornography" Also excludes: Alcohol · Tobacco · Fossil fuels · Gambling · Animal testing 1.03% annual SIPO 2026-03-27 Mercer Responsible Balanced Fund Mercer · Diversified "Adult entertainment (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Alcohol · Gambling 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Adult entertainment (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Alcohol · Gambling 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Adult entertainment (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Alcohol · Gambling 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Adult entertainment (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Alcohol · Gambling 1.06% annual SIPO 2026-03-22 Pella Global Generations PIE Fund Pella · International Equities "Pornography (0% revenue threshold)" Also excludes: Animal testing · Fossil fuels · Gambling · GMO · Tobacco · Nuclear 0.85% annual SIPO 2025-03-26 SBS Wealth Growth Strategy SBS Wealth · Diversified "Adult entertainment" Also excludes: Weapons · Tobacco 1.17% annual SIPO 2025-10-28 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies involved in production of pornography — 0% gross revenue threshold; material distribution of pornography — 5% threshold" Also excludes: Fossil fuels · Nuclear · Alcohol · Tobacco · Gambling · Animal testing · Weapons 0.61% annual SIPO 2026-03-30 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Alcohol Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding alcohol (28) URL: https://managedfunds.nz/exclusions/alcohol/funds/ > 28 NZ retail managed funds whose Statement of Investment Policy explicitly excludes alcohol. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding alcohol Funds whose SIPO excludes alcohol producers and distributors above a revenue threshold (typically >10%). Often paired with tobacco and gambling exclusions. 28 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. ACI Conservative Fund ACI · Diversified "Alcohol" Also excludes: Fossil fuels · Tobacco · Gambling · Adult · Weapons 1.50% annual SIPO 2025-11-26 ACI Growth Fund ACI · Diversified "Alcohol" Also excludes: Fossil fuels · Tobacco · Gambling · Adult · Weapons 1.61% annual SIPO 2025-11-26 Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI "Alcohol production" Also excludes: Tobacco · Adult · Fossil fuels SIPO 2026-04-02 Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI "Alcohol production" Also excludes: Tobacco · Adult · Fossil fuels SIPO 2026-04-02 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Alcohol – production >5%; sale >20%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Adult · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Alcohol – production >5%; sale >20%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Adult · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Alcohol – production >5%; sale >20%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Adult · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Alcohol – production >5%; sale >20%" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Adult · Predatory lending 0.59% annual SIPO 2026-03-30 Daintree Core Income PIE Daintree · International FI "The manufacture of alcohol" Also excludes: Weapons · Tobacco · Gambling · Fossil fuels 0.73% annual SIPO 2026-04-01 Daintree High Income PIE Daintree · International FI "The manufacture of alcohol" Also excludes: Weapons · Tobacco · Gambling · Fossil fuels 0.90% annual SIPO 2026-04-01 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities "Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.35% annual SIPO 2025-09-29 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI "Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.32% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund Dimensional · International Equities "Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities "Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI "Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.25% annual SIPO 2025-09-29 Evidential Sustainable Global Bond Fund Evidential · International FI "Alcohol (greater than 10% of revenue from production, distribution or retail)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.32% annual SIPO 2025-11-18 Evidential Sustainable Targeted Factor Fund Evidential · International Equities "Alcohol (greater than 10% of revenue from production, distribution or retail)" Also excludes: Fossil fuels · Weapons · Tobacco · Gambling · Adult 0.62% annual SIPO 2025-11-18 Foundation Series Balanced Fund Foundation Series · Diversified "Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)" Also excludes: Tobacco · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)" Also excludes: Tobacco · Gambling · Adult · Weapons · Nuclear · Fossil fuels 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)" Also excludes: Tobacco · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)" Also excludes: Tobacco · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear 0.37% annual SIPO 2026-01-29 Lighthouse Global Equity Fund Lighthouse · International Equities "Alcohol" Also excludes: Tobacco · Fossil fuels · Gambling · Adult · Animal testing 1.03% annual SIPO 2026-03-27 Mercer Responsible Balanced Fund Mercer · Diversified "Alcohol (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Gambling 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Alcohol (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Gambling 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Alcohol (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Gambling 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Alcohol (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Gambling 1.06% annual SIPO 2026-03-22 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies materially involved in the production of alcohol products — 5% gross revenue threshold" Also excludes: Fossil fuels · Nuclear · Tobacco · Gambling · Adult · Animal testing · Weapons 0.61% annual SIPO 2026-03-30 Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities "Marketing of alcohol or recreational cannabis" Also excludes: Weapons · Tobacco · Gambling · Fossil fuels 0.62% annual SIPO 2026-03-29 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding animal testing (15) URL: https://managedfunds.nz/exclusions/animal-testing/funds/ > 15 NZ retail managed funds whose Statement of Investment Policy explicitly excludes animal testing. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding animal testing Funds whose SIPO excludes companies involved in animal testing for non-medical purposes. Typically narrower than "any animal testing" because medical research carve-outs apply. 15 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Animal cruelty (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Alcohol · Adult · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Animal cruelty (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Alcohol · Adult · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Animal cruelty (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Alcohol · Adult · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Animal cruelty (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Alcohol · Adult · Predatory lending 0.59% annual SIPO 2026-03-30 Booster Socially Responsible Balanced Fund Booster · Diversified "Animal testing on non-medical products" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · GMO 1.33% annual SIPO 2026-03-30 Booster Socially Responsible Growth Fund Booster · Diversified "Animal testing on non-medical products" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · GMO 1.34% annual SIPO 2026-03-30 Booster Socially Responsible High Growth Fund Booster · Diversified "Animal testing on non-medical products" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · GMO 1.35% annual SIPO 2026-03-30 Booster Wealth Geared Growth Fund Booster · Diversified "Animal testing on non-medical products" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · GMO 1.35% annual SIPO 2026-03-30 Foundation Series Balanced Fund Foundation Series · Diversified "Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Nuclear 0.37% annual SIPO 2026-01-29 Kernel Global ESG Fund Kernel · International Equities "Non-pharma animal testing" 0.25% annual SIPO 2025-09-16 Lighthouse Global Equity Fund Lighthouse · International Equities "Animal testing for non-medicinal products" Also excludes: Alcohol · Tobacco · Fossil fuels · Gambling · Adult 1.03% annual SIPO 2026-03-27 Pella Global Generations PIE Fund Pella · International Equities "Animal cruelty – cosmetic testing, crowd entertainment, intensive animal husbandry (0% revenue threshold)" Also excludes: Fossil fuels · Gambling · GMO · Adult · Tobacco · Nuclear 0.85% annual SIPO 2025-03-26 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies involved in animal testing during production of consumer/medical/chemical/household products except where testing meets ethical standards, is regulatory-required, or no alternative methods e…" Also excludes: Fossil fuels · Nuclear · Alcohol · Tobacco · Gambling · Adult · Weapons 0.61% annual SIPO 2026-03-30 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding controversial weapons (62) URL: https://managedfunds.nz/exclusions/controversial-weapons/funds/ > 62 NZ retail managed funds whose Statement of Investment Policy explicitly excludes controversial weapons. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding controversial weapons Funds whose SIPO excludes controversial weapons — cluster munitions, anti-personnel landmines, biological / chemical / nuclear weapons, and depleted uranium. The most widely-adopted exclusion category in NZ ethical funds; aligns with the UN Convention on Cluster Munitions and the Ottawa Treaty. 62 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. ACI Conservative Fund ACI · Diversified "Controversial weapons" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 1.50% annual SIPO 2025-11-26 ACI Growth Fund ACI · Diversified "Controversial weapons" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 1.61% annual SIPO 2025-11-26 AMP Aggressive Managed Fund AMP · Diversified "Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)" Also excludes: Fossil fuels · Nuclear · Tobacco · Russian 0.80% annual SIPO 2025-05-29 AMP Balanced Managed Fund AMP · Diversified "Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)" Also excludes: Fossil fuels · Nuclear · Tobacco · Russian 0.81% annual SIPO 2025-05-29 AMP Growth Managed Fund AMP · Diversified "Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)" Also excludes: Fossil fuels · Nuclear · Tobacco · Russian 0.81% annual SIPO 2025-05-29 AMP International Shares Managed Fund AMP · International Equities "Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)" Also excludes: Fossil fuels · Nuclear · Tobacco · Russian 0.79% annual SIPO 2025-05-29 Bentham Global Income PIE Fund Bentham · International FI "Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons)" Also excludes: Tobacco 0.83% annual SIPO 2026-03-26 Bentham Global Opportunities PIE Fund Bentham · International FI "Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons)" Also excludes: Tobacco SIPO 2026-03-26 Daintree Core Income PIE Daintree · International FI "The manufacture of cluster munitions" Also excludes: Tobacco · Alcohol · Gambling · Fossil fuels 0.73% annual SIPO 2026-04-01 Daintree High Income PIE Daintree · International FI "The manufacture of cluster munitions" Also excludes: Tobacco · Alcohol · Gambling · Fossil fuels 0.90% annual SIPO 2026-04-01 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.35% annual SIPO 2025-09-29 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.32% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund Dimensional · International Equities "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.25% annual SIPO 2025-09-29 Evidential Sustainable Global Bond Fund Evidential · International FI "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.32% annual SIPO 2025-11-18 Evidential Sustainable Targeted Factor Fund Evidential · International Equities "Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons)" Also excludes: Fossil fuels · Tobacco · Alcohol · Gambling · Adult 0.62% annual SIPO 2025-11-18 First Sentier Global Listed Infrastructure Fund First Sentier · Other "Entities deriving any gross revenue directly from the manufacture of Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons an…" Also excludes: Tobacco 1.03% annual SIPO 2026-03-29 Foundation Series Balanced Fund Foundation Series · Diversified "Anti-personnel landmines (any exposure) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Fossil fuels · Animal testing · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Anti-personnel landmines (directly involved) (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Nuclear · Fossil fuels 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Anti-personnel landmines (any exposure) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Fossil fuels · Animal testing · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Anti-personnel landmines (any exposure) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Fossil fuels · Animal testing · Nuclear 0.37% annual SIPO 2026-01-29 Generate Focused Growth Managed Fund Generate · Diversified "Manufacture of cluster munitions" Also excludes: Tobacco 1.35% annual SIPO 2025-11-25 Hunter Global Fixed Interest Fund Hunter · International FI "Cluster munitions development or production" Also excludes: Tobacco · Gambling · Fossil fuels 0.53% annual SIPO 2025-08-27 Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities "Controversial weapons" 0.25% annual SIPO 2025-09-16 Kernel S&P Global 100 Fund Kernel · International Equities "Controversial weapons" 0.25% annual SIPO 2025-09-16 Kernel World ex-US Fund Kernel · International Equities "Controversial weapons" Also excludes: Tobacco 0.25% annual SIPO 2025-09-16 Mercer All Country Global Shares Index Fund Mercer · International Equities "Controversial weapons" Also excludes: Tobacco · Russian 0.43% annual SIPO 2026-03-22 Mercer Core Global Shares Fund Mercer · International Equities "Controversial weapons" Also excludes: Tobacco · Russian 1.24% annual SIPO 2026-03-22 Mercer Core Hedged Global Shares Fund Mercer · International Equities "Controversial weapons" Also excludes: Tobacco · Russian 1.46% annual SIPO 2026-03-22 Mercer Global Listed Infrastructure Fund Mercer · Other "Controversial weapons" Also excludes: Tobacco · Russian 1.34% annual SIPO 2026-03-22 Mercer Global Listed Real Estate Fund Mercer · Listed Property "Controversial weapons" Also excludes: Tobacco · Russian 1.33% annual SIPO 2026-03-22 Mercer Global Shares Fund Mercer · International Equities "Controversial weapons" Also excludes: Tobacco · Russian 1.25% annual SIPO 2026-03-22 Mercer Income Generator Fund Mercer · Diversified "Controversial weapons" Also excludes: Tobacco · Russian 1.28% annual SIPO 2026-03-22 Mercer NZ Shares Passive Fund Mercer · Australasian Equities "Controversial weapons" Also excludes: Tobacco · Russian 0.36% annual SIPO 2026-03-22 Mercer Responsible Balanced Fund Mercer · Diversified "Controversial weapons (cluster munitions, anti-personnel landmines, biological/chemical/nuclear weapons manufacturers; automatic/semi-automatic civilian firearms)" Also excludes: Tobacco · Russian · Fossil fuels · Adult · Alcohol · Gambling 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Controversial weapons" Also excludes: Tobacco · Russian · Fossil fuels · Adult · Alcohol · Gambling 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Controversial weapons" Also excludes: Tobacco · Russian · Fossil fuels · Adult · Alcohol · Gambling 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Controversial weapons" Also excludes: Tobacco · Russian · Fossil fuels · Adult · Alcohol · Gambling 1.06% annual SIPO 2026-03-22 Russell Investments Global Fixed Interest Fund Russell Investments · International FI "Controversial Weapons Producers (corporate debt holdings only)" Also excludes: Tobacco · Fossil fuels 0.58% annual SIPO 2026-04-01 Russell Investments Global Shares Fund Russell Investments · International Equities "Controversial Weapons Producers" Also excludes: Tobacco 0.93% annual SIPO 2026-04-01 Russell Investments Hedged Global Shares Fund Russell Investments · International Equities "Controversial Weapons Producers" Also excludes: Tobacco 0.92% annual SIPO 2026-04-01 Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities "Controversial Weapons Producers" Also excludes: Tobacco · Nuclear · Fossil fuels 0.33% annual SIPO 2026-04-01 Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities "Controversial Weapons Producers" Also excludes: Tobacco · Nuclear · Fossil fuels 0.33% annual SIPO 2026-04-01 SBS Wealth Growth Strategy SBS Wealth · Diversified "Controversial weapons" Also excludes: Tobacco · Adult 1.17% annual SIPO 2025-10-28 Schroder Sustainable Global Core PIE Fund Schroders · International Equities "Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodology" Also excludes: Fossil fuels · Tobacco 0.39% annual SIPO 2026-03-26 Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities "Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodology" Also excludes: Fossil fuels · Tobacco 0.39% annual SIPO 2026-03-26 Smart Emerging Markets ESG ETF Smartshares · International Equities "Companies with exposure to Controversial Weapons" Also excludes: Tobacco · Fossil fuels 0.59% annual SIPO 2026-04-16 Smart Europe ESG ETF Smartshares · International Equities "Companies with exposure to Controversial Weapons" Also excludes: Tobacco · Fossil fuels 0.55% annual SIPO 2026-04-16 Smart Global Bond ETF Smartshares · International FI "Financial products issued by entities where any part of revenue and/or activities involve illegal weapons (cluster munitions, anti-personnel mines and nuclear explosive devices)" Also excludes: Tobacco · Fossil fuels 0.54% annual SIPO 2026-04-16 Smart Japan ESG ETF Smartshares · International Equities "Companies with exposure to Controversial Weapons" Also excludes: Tobacco · Fossil fuels 0.55% annual SIPO 2026-04-16 Smart US ESG ETF Smartshares · International Equities "Companies with exposure to Controversial Weapons" Also excludes: Tobacco · Fossil fuels 0.34% annual SIPO 2026-04-16 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies materially involved in manufacture of armaments including Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons, wh…" Also excludes: Fossil fuels · Nuclear · Alcohol · Tobacco · Gambling · Adult · Animal testing 0.61% annual SIPO 2026-03-30 Summer Australian Equities Summer · Australasian Equities "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 1.02% annual SIPO 2026-05-13 Summer Balanced Selection Summer · Diversified "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 1.02% annual SIPO 2026-05-13 Summer Conservative Selection Summer · Diversified "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 0.87% annual SIPO 2026-05-13 Summer Global Equities Summer · International Equities "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 1.02% annual SIPO 2026-05-13 Summer Global Fixed Interest Summer · International FI "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 0.87% annual SIPO 2026-05-13 Summer Growth Selection Summer · Diversified "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 1.02% annual SIPO 2026-05-13 Summer Listed Property Summer · Listed Property "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 1.02% annual SIPO 2026-05-13 Summer New Zealand Cash Summer · Cash "Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons" Also excludes: Tobacco 0.62% annual SIPO 2026-05-13 Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities "Manufacture of nuclear weapons" Also excludes: Tobacco · Alcohol · Gambling · Fossil fuels 0.62% annual SIPO 2026-03-29 Other exclusion categories Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding fossil fuels (coal, oil, gas) (50) URL: https://managedfunds.nz/exclusions/fossil-fuels/funds/ > 50 NZ retail managed funds whose Statement of Investment Policy explicitly excludes fossil fuels (coal, oil, gas). Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding fossil fuels (coal, oil, gas) Funds whose SIPO excludes coal, oil, and gas — extraction, production, or in some cases transportation and refining. Some funds exclude only thermal-coal extraction; others screen the full fossil-fuel value chain. Revenue thresholds vary per fund. 50 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. ACI Conservative Fund ACI · Diversified "Coal" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons 1.50% annual SIPO 2025-11-26 ACI Growth Fund ACI · Diversified "Coal" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons 1.61% annual SIPO 2025-11-26 AMP Aggressive Managed Fund AMP · Diversified "Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)" Also excludes: Weapons · Nuclear · Tobacco · Russian 0.80% annual SIPO 2025-05-29 AMP Balanced Managed Fund AMP · Diversified "Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)" Also excludes: Weapons · Nuclear · Tobacco · Russian 0.81% annual SIPO 2025-05-29 AMP Growth Managed Fund AMP · Diversified "Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)" Also excludes: Weapons · Nuclear · Tobacco · Russian 0.81% annual SIPO 2025-05-29 AMP International Shares Managed Fund AMP · International Equities "Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)" Also excludes: Weapons · Nuclear · Tobacco · Russian 0.79% annual SIPO 2025-05-29 Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI "Fossil fuel exploration and/or production" Also excludes: Tobacco · Alcohol · Adult SIPO 2026-04-02 Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI "Fossil fuel exploration and/or production" Also excludes: Tobacco · Alcohol · Adult SIPO 2026-04-02 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Fossil fuels – direct (0%)" Also excludes: Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Fossil fuels – direct (0%)" Also excludes: Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Fossil fuels – direct (0%)" Also excludes: Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Fossil fuels – direct (0%)" Also excludes: Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.59% annual SIPO 2026-03-30 Booster Socially Responsible Balanced Fund Booster · Diversified "Fossil fuels exploration, extraction, refinement, distribution, supply and retailing" Also excludes: Gambling · Tobacco · Nuclear · GMO · Animal testing 1.33% annual SIPO 2026-03-30 Booster Socially Responsible Growth Fund Booster · Diversified "Fossil fuels exploration, extraction, refinement, distribution, supply and retailing" Also excludes: Gambling · Tobacco · Nuclear · GMO · Animal testing 1.34% annual SIPO 2026-03-30 Booster Socially Responsible High Growth Fund Booster · Diversified "Fossil fuels exploration, extraction, refinement, distribution, supply and retailing" Also excludes: Gambling · Tobacco · Nuclear · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Booster Wealth Geared Growth Fund Booster · Diversified "Fossil fuels exploration, extraction, refinement, distribution, supply and retailing" Also excludes: Gambling · Tobacco · Nuclear · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Daintree Core Income PIE Daintree · International FI "The exploration and production of any fossil fuels (coal, oil, gas, oil sands)" Also excludes: Weapons · Tobacco · Alcohol · Gambling 0.73% annual SIPO 2026-04-01 Daintree High Income PIE Daintree · International FI "The exploration and production of any fossil fuels (coal, oil, gas, oil sands)" Also excludes: Weapons · Tobacco · Alcohol · Gambling 0.90% annual SIPO 2026-04-01 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.35% annual SIPO 2025-09-29 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.32% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund Dimensional · International Equities "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.25% annual SIPO 2025-09-29 Evidential Sustainable Global Bond Fund Evidential · International FI "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.32% annual SIPO 2025-11-18 Evidential Sustainable Targeted Factor Fund Evidential · International Equities "Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal)" Also excludes: Weapons · Tobacco · Alcohol · Gambling · Adult 0.62% annual SIPO 2025-11-18 Foundation Series Balanced Fund Foundation Series · Diversified "Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Animal testing · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Nuclear 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Animal testing · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Animal testing · Nuclear 0.37% annual SIPO 2026-01-29 Hunter Global Fixed Interest Fund Hunter · International FI "Companies deriving more than 10% of earnings from or whose only, core, or majority business is the exploration, extraction, refining or processing of fossil fuels" Also excludes: Tobacco · Weapons · Gambling 0.53% annual SIPO 2025-08-27 Lighthouse Global Equity Fund Lighthouse · International Equities "Fossil fuels" Also excludes: Alcohol · Tobacco · Gambling · Adult · Animal testing 1.03% annual SIPO 2026-03-27 Mercer Responsible Balanced Fund Mercer · Diversified "Coal, oil or gas (GICS sub-industries: Oil & Gas Drilling, Equipment & Services, Integrated Oil & Gas, Exploration & Production, Thermal Coal; companies with >15% revenue from extraction and proved/pr…" Also excludes: Weapons · Tobacco · Russian · Adult · Alcohol · Gambling 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Coal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves)" Also excludes: Weapons · Tobacco · Russian · Adult · Alcohol · Gambling 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Coal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves)" Also excludes: Weapons · Tobacco · Russian · Adult · Alcohol · Gambling 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Coal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves)" Also excludes: Weapons · Tobacco · Russian · Adult · Alcohol · Gambling 1.06% annual SIPO 2026-03-22 Pella Global Generations PIE Fund Pella · International Equities "Fossil fuel generation – thermal coal (>5% revenue threshold, unless transitioning and fully exiting within three years)" Also excludes: Animal testing · Gambling · GMO · Adult · Tobacco · Nuclear 0.85% annual SIPO 2025-03-26 Plato Global Alpha PIE Fund Plato · International Equities "Companies that derive more than 5% of revenues from Thermal Coal Mining (based on ISS data)" Also excludes: Tobacco SIPO 2026-05-07 Russell Investments Global Fixed Interest Fund Russell Investments · International FI "Prohibited Coal Companies (corporate debt holdings only)" Also excludes: Tobacco · Weapons 0.58% annual SIPO 2026-04-01 Russell Investments Global Listed Infrastructure Fund Russell Investments · Other "Prohibited Coal Companies (With Exceptions)" 1.08% annual SIPO 2026-04-01 Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities "Prohibited Coal Companies" Also excludes: Tobacco · Weapons · Nuclear 0.33% annual SIPO 2026-04-01 Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities "Prohibited Coal Companies" Also excludes: Tobacco · Weapons · Nuclear 0.33% annual SIPO 2026-04-01 Schroder Sustainable Global Core PIE Fund Schroders · International Equities "Thermal coal mining — more than 10% of gross revenue" Also excludes: Weapons · Tobacco 0.39% annual SIPO 2026-03-26 Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities "Thermal coal mining — more than 10% of gross revenue" Also excludes: Weapons · Tobacco 0.39% annual SIPO 2026-03-26 Smart Emerging Markets ESG ETF Smartshares · International Equities "Companies with exposure to Thermal Coal" Also excludes: Weapons · Tobacco 0.59% annual SIPO 2026-04-16 Smart Europe ESG ETF Smartshares · International Equities "Companies with exposure to Thermal Coal" Also excludes: Weapons · Tobacco 0.55% annual SIPO 2026-04-16 Smart Global Bond ETF Smartshares · International FI "Financial products issued by entities where a material part of revenue (greater than 10%) and/or activities involve fossil fuel production" Also excludes: Tobacco · Weapons 0.54% annual SIPO 2026-04-16 Smart Japan ESG ETF Smartshares · International Equities "Companies with exposure to Thermal Coal" Also excludes: Weapons · Tobacco 0.55% annual SIPO 2026-04-16 Smart US ESG ETF Smartshares · International Equities "Companies with exposure to Thermal Coal" Also excludes: Weapons · Tobacco 0.34% annual SIPO 2026-04-16 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies with material exposure to exploration, production or generation of fossil fuel energy (coal, unconventional oil & gas, conventional oil & gas) — 5% gross revenue threshold" Also excludes: Nuclear · Alcohol · Tobacco · Gambling · Adult · Animal testing · Weapons 0.61% annual SIPO 2026-03-30 Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities "GHG-intensive fossil fuels" Also excludes: Weapons · Tobacco · Alcohol · Gambling 0.62% annual SIPO 2026-03-29 Other exclusion categories Controversial weapons Tobacco Gambling Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding gambling (33) URL: https://managedfunds.nz/exclusions/gambling/funds/ > 33 NZ retail managed funds whose Statement of Investment Policy explicitly excludes gambling. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding gambling Funds whose SIPO excludes gambling operators — casinos, online gambling, sports betting, and lottery operators. Revenue thresholds vary; exact wording on the per-fund page. 33 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. ACI Conservative Fund ACI · Diversified "Gambling" Also excludes: Fossil fuels · Tobacco · Alcohol · Adult · Weapons 1.50% annual SIPO 2025-11-26 ACI Growth Fund ACI · Diversified "Gambling" Also excludes: Fossil fuels · Tobacco · Alcohol · Adult · Weapons 1.61% annual SIPO 2025-11-26 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%" Also excludes: Fossil fuels · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%" Also excludes: Fossil fuels · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%" Also excludes: Fossil fuels · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%" Also excludes: Fossil fuels · Tobacco · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.59% annual SIPO 2026-03-30 Booster Socially Responsible Balanced Fund Booster · Diversified "Gambling operations" Also excludes: Tobacco · Nuclear · Fossil fuels · GMO · Animal testing 1.33% annual SIPO 2026-03-30 Booster Socially Responsible Growth Fund Booster · Diversified "Gambling operations" Also excludes: Tobacco · Nuclear · Fossil fuels · GMO · Animal testing 1.34% annual SIPO 2026-03-30 Booster Socially Responsible High Growth Fund Booster · Diversified "Gambling operations" Also excludes: Tobacco · Nuclear · Fossil fuels · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Booster Wealth Geared Growth Fund Booster · Diversified "Gambling operations" Also excludes: Tobacco · Nuclear · Fossil fuels · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Daintree Core Income PIE Daintree · International FI "Gaming or gambling related activities" Also excludes: Weapons · Tobacco · Alcohol · Fossil fuels 0.73% annual SIPO 2026-04-01 Daintree High Income PIE Daintree · International FI "Gaming or gambling related activities" Also excludes: Weapons · Tobacco · Alcohol · Fossil fuels 0.90% annual SIPO 2026-04-01 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities "Gambling (>10% revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.35% annual SIPO 2025-09-29 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI "Gambling (>10% revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.32% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund Dimensional · International Equities "Gambling (>10% revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.40% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities "Gambling (>10% revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.40% annual SIPO 2025-09-29 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI "Gambling (>10% revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.25% annual SIPO 2025-09-29 Evidential Sustainable Global Bond Fund Evidential · International FI "Gambling (greater than 10% of revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.32% annual SIPO 2025-11-18 Evidential Sustainable Targeted Factor Fund Evidential · International Equities "Gambling (greater than 10% of revenue from ownership or operation of gambling facilities)" Also excludes: Fossil fuels · Weapons · Tobacco · Alcohol · Adult 0.62% annual SIPO 2025-11-18 Foundation Series Balanced Fund Foundation Series · Diversified "Gambling services providers (>0% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Adult · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)" Also excludes: Tobacco · Alcohol · Adult · Weapons · Nuclear · Fossil fuels 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Gambling services providers (>0% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Adult · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Gambling services providers (>0% revenue) (Australasian Equities)" Also excludes: Tobacco · Alcohol · Adult · Weapons · Fossil fuels · Animal testing · Nuclear 0.37% annual SIPO 2026-01-29 Harbour Sustainable Impact Fund Harbour · Diversified "Gambling" 0.27% annual SIPO 2026-05-14 Hunter Global Fixed Interest Fund Hunter · International FI "Companies deriving more than 10% of earnings from pornography or gambling" Also excludes: Tobacco · Weapons · Fossil fuels 0.53% annual SIPO 2025-08-27 Lighthouse Global Equity Fund Lighthouse · International Equities "Gambling" Also excludes: Alcohol · Tobacco · Fossil fuels · Adult · Animal testing 1.03% annual SIPO 2026-03-27 Mercer Responsible Balanced Fund Mercer · Diversified "Gambling (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Alcohol 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Gambling (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Alcohol 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Gambling (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Alcohol 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Gambling (>10% revenue)" Also excludes: Weapons · Tobacco · Russian · Fossil fuels · Adult · Alcohol 1.06% annual SIPO 2026-03-22 Pella Global Generations PIE Fund Pella · International Equities "Gambling (0% revenue threshold)" Also excludes: Animal testing · Fossil fuels · GMO · Adult · Tobacco · Nuclear 0.85% annual SIPO 2025-03-26 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies materially involved in gambling operations or provision of gambling opportunities — 5% gross revenue threshold" Also excludes: Fossil fuels · Nuclear · Alcohol · Tobacco · Adult · Animal testing · Weapons 0.61% annual SIPO 2026-03-30 Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities "Gambling" Also excludes: Weapons · Tobacco · Alcohol · Fossil fuels 0.62% annual SIPO 2026-03-29 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding gmo / genetic modification (5) URL: https://managedfunds.nz/exclusions/gmo/funds/ > 5 NZ retail managed funds whose Statement of Investment Policy explicitly excludes gmo / genetic modification. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding gmo / genetic modification Funds whose SIPO excludes companies involved in genetic modification of crops or seeds. Less common in NZ than other exclusion categories; usually present only in dedicated ethical funds. 5 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. Booster Socially Responsible Balanced Fund Booster · Diversified "Genetically Modifying Organisms (GMO) intended for agricultural use" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · Animal testing 1.33% annual SIPO 2026-03-30 Booster Socially Responsible Growth Fund Booster · Diversified "Genetically Modifying Organisms (GMO) intended for agricultural use" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · Animal testing 1.34% annual SIPO 2026-03-30 Booster Socially Responsible High Growth Fund Booster · Diversified "Genetically Modifying Organisms (GMO) intended for agricultural use" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · Animal testing 1.35% annual SIPO 2026-03-30 Booster Wealth Geared Growth Fund Booster · Diversified "Genetically Modifying Organisms (GMO) intended for agricultural use" Also excludes: Gambling · Tobacco · Nuclear · Fossil fuels · Animal testing 1.35% annual SIPO 2026-03-30 Pella Global Generations PIE Fund Pella · International Equities "GMO seeds manufacturing (0% revenue threshold)" Also excludes: Animal testing · Fossil fuels · Gambling · Adult · Tobacco · Nuclear 0.85% annual SIPO 2025-03-26 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) Animal testing Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding nuclear power (20) URL: https://managedfunds.nz/exclusions/nuclear-power/funds/ > 20 NZ retail managed funds whose Statement of Investment Policy explicitly excludes nuclear power. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding nuclear power Funds whose SIPO excludes nuclear-power generation and uranium mining. Distinct from "nuclear weapons" (which is under Controversial Weapons). Some funds exclude nuclear power; others permit it as a low-carbon transition technology. 20 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. AMP Aggressive Managed Fund AMP · Diversified "Nuclear power >5% electricity generation" Also excludes: Weapons · Fossil fuels · Tobacco · Russian 0.80% annual SIPO 2025-05-29 AMP Balanced Managed Fund AMP · Diversified "Nuclear power >5% electricity generation" Also excludes: Weapons · Fossil fuels · Tobacco · Russian 0.81% annual SIPO 2025-05-29 AMP Growth Managed Fund AMP · Diversified "Nuclear power >5% electricity generation" Also excludes: Weapons · Fossil fuels · Tobacco · Russian 0.81% annual SIPO 2025-05-29 AMP International Shares Managed Fund AMP · International Equities "Nuclear power >5% electricity generation" Also excludes: Weapons · Fossil fuels · Tobacco · Russian 0.79% annual SIPO 2025-05-29 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Animal testing · Alcohol · Adult · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Animal testing · Alcohol · Adult · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Animal testing · Alcohol · Adult · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%" Also excludes: Fossil fuels · Gambling · Tobacco · Animal testing · Alcohol · Adult · Predatory lending 0.59% annual SIPO 2026-03-30 Booster Socially Responsible Balanced Fund Booster · Diversified "Nuclear power production" Also excludes: Gambling · Tobacco · Fossil fuels · GMO · Animal testing 1.33% annual SIPO 2026-03-30 Booster Socially Responsible Growth Fund Booster · Diversified "Nuclear power production" Also excludes: Gambling · Tobacco · Fossil fuels · GMO · Animal testing 1.34% annual SIPO 2026-03-30 Booster Socially Responsible High Growth Fund Booster · Diversified "Nuclear power production" Also excludes: Gambling · Tobacco · Fossil fuels · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Booster Wealth Geared Growth Fund Booster · Diversified "Nuclear power production" Also excludes: Gambling · Tobacco · Fossil fuels · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Foundation Series Balanced Fund Foundation Series · Diversified "Nuclear power operators and supply chain (>0% revenue) (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Nuclear power operators and supply chain (>0% revenue) (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Nuclear power operators and supply chain (>0% revenue) (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Nuclear power operators and supply chain (>0% revenue) (International Equities)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing 0.37% annual SIPO 2026-01-29 Pella Global Generations PIE Fund Pella · International Equities "Uranium mining (0% revenue threshold)" Also excludes: Animal testing · Fossil fuels · Gambling · GMO · Adult · Tobacco 0.85% annual SIPO 2025-03-26 Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities "Uranium Mining" Also excludes: Tobacco · Weapons · Fossil fuels 0.33% annual SIPO 2026-04-01 Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities "Uranium Mining" Also excludes: Tobacco · Weapons · Fossil fuels 0.33% annual SIPO 2026-04-01 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies materially involved in nuclear energy — 5% gross revenue threshold" Also excludes: Fossil fuels · Alcohol · Tobacco · Gambling · Adult · Animal testing · Weapons 0.61% annual SIPO 2026-03-30 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding predatory lending (4) URL: https://managedfunds.nz/exclusions/predatory-lending/funds/ > 4 NZ retail managed funds whose Statement of Investment Policy explicitly excludes predatory lending. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding predatory lending Funds whose SIPO excludes payday lenders and other predatory-lending business models. A relatively narrow exclusion focused on consumer-harm financial services. 4 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Predatory lending (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Payday lending (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Payday lending (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Payday lending (0%)" Also excludes: Fossil fuels · Gambling · Tobacco · Nuclear · Animal testing · Alcohol · Adult 0.59% annual SIPO 2026-03-30 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding russian assets (sanctioned) (18) URL: https://managedfunds.nz/exclusions/russian-assets/funds/ > 18 NZ retail managed funds whose Statement of Investment Policy explicitly excludes russian assets (sanctioned). Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding russian assets (sanctioned) Funds whose SIPO excludes Russian-incorporated companies and Russian sovereign debt — a sanctions-driven exclusion that became near-universal in NZ ethical funds after February 2022. Some funds also screen "sanctioned-jurisdiction" exposure more broadly. 18 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. AMP Aggressive Managed Fund AMP · Diversified "Securities issued by or traded on Russian Federation" Also excludes: Weapons · Fossil fuels · Nuclear · Tobacco 0.80% annual SIPO 2025-05-29 AMP Balanced Managed Fund AMP · Diversified "Securities issued by or traded on Russian Federation" Also excludes: Weapons · Fossil fuels · Nuclear · Tobacco 0.81% annual SIPO 2025-05-29 AMP Growth Managed Fund AMP · Diversified "Securities issued by or traded on Russian Federation" Also excludes: Weapons · Fossil fuels · Nuclear · Tobacco 0.81% annual SIPO 2025-05-29 AMP International Shares Managed Fund AMP · International Equities "Securities issued by or traded on Russian Federation" Also excludes: Weapons · Fossil fuels · Nuclear · Tobacco 0.79% annual SIPO 2025-05-29 Foundation Series Balanced Fund Foundation Series · Diversified "UN Security Council trade sanction subjects (International Fixed Interest)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear 0.36% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "UN Security Council trade sanction subjects (International Fixed Interest)" Also excludes: Tobacco · Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear 0.38% annual SIPO 2026-01-29 Mercer All Country Global Shares Index Fund Mercer · International Equities "Russian assets" Also excludes: Tobacco · Weapons 0.43% annual SIPO 2026-03-22 Mercer Core Global Shares Fund Mercer · International Equities "Russian assets" Also excludes: Weapons · Tobacco 1.24% annual SIPO 2026-03-22 Mercer Core Hedged Global Shares Fund Mercer · International Equities "Russian assets" Also excludes: Weapons · Tobacco 1.46% annual SIPO 2026-03-22 Mercer Global Listed Infrastructure Fund Mercer · Other "Russian assets" Also excludes: Weapons · Tobacco 1.34% annual SIPO 2026-03-22 Mercer Global Listed Real Estate Fund Mercer · Listed Property "Russian assets" Also excludes: Weapons · Tobacco 1.33% annual SIPO 2026-03-22 Mercer Global Shares Fund Mercer · International Equities "Russian assets" Also excludes: Weapons · Tobacco 1.25% annual SIPO 2026-03-22 Mercer Income Generator Fund Mercer · Diversified "Russian assets" Also excludes: Weapons · Tobacco 1.28% annual SIPO 2026-03-22 Mercer NZ Shares Passive Fund Mercer · Australasian Equities "Russian assets" Also excludes: Weapons · Tobacco 0.36% annual SIPO 2026-03-22 Mercer Responsible Balanced Fund Mercer · Diversified "Russian assets (sanctioned entities, Russian-incorporated shares, Russian sovereign bonds, Russian currency, Russian private markets assets)" Also excludes: Weapons · Tobacco · Fossil fuels · Adult · Alcohol · Gambling 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Russian assets" Also excludes: Weapons · Tobacco · Fossil fuels · Adult · Alcohol · Gambling 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Russian assets" Also excludes: Weapons · Tobacco · Fossil fuels · Adult · Alcohol · Gambling 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Russian assets" Also excludes: Weapons · Tobacco · Fossil fuels · Adult · Alcohol · Gambling 1.06% annual SIPO 2026-03-22 Other exclusion categories Controversial weapons Tobacco Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Nuclear power Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## NZ managed funds excluding tobacco (73) URL: https://managedfunds.nz/exclusions/tobacco/funds/ > 73 NZ retail managed funds whose Statement of Investment Policy explicitly excludes tobacco. Primary source: each fund's SIPO on the FMA Disclose register. NZ managed funds excluding tobacco Funds whose SIPO excludes tobacco companies — typically production, manufacturing, and (in some funds) nicotine-alternative companies. Revenue thresholds vary (>5%, >10%, or "any involvement"); each fund's exact threshold is on the per-fund page. 73 funds match. Source: each fund's Statement of Investment Policy and Objectives lodged on the FMA Disclose register. ACI Conservative Fund ACI · Diversified "Tobacco" Also excludes: Fossil fuels · Alcohol · Gambling · Adult · Weapons 1.50% annual SIPO 2025-11-26 ACI Growth Fund ACI · Diversified "Tobacco" Also excludes: Fossil fuels · Alcohol · Gambling · Adult · Weapons 1.61% annual SIPO 2025-11-26 AMP Aggressive Managed Fund AMP · Diversified "Tobacco producers and distributors >5% revenue" Also excludes: Weapons · Fossil fuels · Nuclear · Russian 0.80% annual SIPO 2025-05-29 AMP Balanced Managed Fund AMP · Diversified "Tobacco producers and distributors >5% revenue" Also excludes: Weapons · Fossil fuels · Nuclear · Russian 0.81% annual SIPO 2025-05-29 AMP Growth Managed Fund AMP · Diversified "Tobacco producers and distributors >5% revenue" Also excludes: Weapons · Fossil fuels · Nuclear · Russian 0.81% annual SIPO 2025-05-29 AMP International Shares Managed Fund AMP · International Equities "Tobacco producers and distributors >5% revenue" Also excludes: Weapons · Fossil fuels · Nuclear · Russian 0.79% annual SIPO 2025-05-29 Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI "Tobacco production" Also excludes: Alcohol · Adult · Fossil fuels SIPO 2026-04-02 Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI "Tobacco production" Also excludes: Alcohol · Adult · Fossil fuels SIPO 2026-04-02 Bentham Global Income PIE Fund Bentham · International FI "Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products)" Also excludes: Weapons 0.83% annual SIPO 2026-03-26 Bentham Global Opportunities PIE Fund Bentham · International FI "Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products)" Also excludes: Weapons SIPO 2026-03-26 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities "Tobacco – production or manufacture (0%); sale >5%" Also excludes: Fossil fuels · Gambling · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.67% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities "Tobacco – production or manufacture (0%); sale >5%" Also excludes: Fossil fuels · Gambling · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.77% annual SIPO 2026-03-30 BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities "Tobacco – production or manufacture (0%); sale >5%" Also excludes: Fossil fuels · Gambling · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.79% annual SIPO 2026-03-30 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities "Tobacco – production or manufacture (0%); sale >5%" Also excludes: Fossil fuels · Gambling · Nuclear · Animal testing · Alcohol · Adult · Predatory lending 0.59% annual SIPO 2026-03-30 Booster Socially Responsible Balanced Fund Booster · Diversified "Tobacco production, distribution, supply and retailing" Also excludes: Gambling · Nuclear · Fossil fuels · GMO · Animal testing 1.33% annual SIPO 2026-03-30 Booster Socially Responsible Growth Fund Booster · Diversified "Tobacco production, distribution, supply and retailing" Also excludes: Gambling · Nuclear · Fossil fuels · GMO · Animal testing 1.34% annual SIPO 2026-03-30 Booster Socially Responsible High Growth Fund Booster · Diversified "Tobacco production, distribution, supply and retailing" Also excludes: Gambling · Nuclear · Fossil fuels · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Booster Wealth Geared Growth Fund Booster · Diversified "Tobacco production, distribution, supply and retailing" Also excludes: Gambling · Nuclear · Fossil fuels · GMO · Animal testing 1.35% annual SIPO 2026-03-30 Daintree Core Income PIE Daintree · International FI "The manufacture of tobacco products" Also excludes: Weapons · Alcohol · Gambling · Fossil fuels 0.73% annual SIPO 2026-04-01 Daintree High Income PIE Daintree · International FI "The manufacture of tobacco products" Also excludes: Weapons · Alcohol · Gambling · Fossil fuels 0.90% annual SIPO 2026-04-01 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities "Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.35% annual SIPO 2025-09-29 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI "Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.32% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund Dimensional · International Equities "Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities "Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.40% annual SIPO 2025-09-29 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI "Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.25% annual SIPO 2025-09-29 Evidential Sustainable Global Bond Fund Evidential · International FI "Tobacco (production of tobacco/nicotine products or greater than 10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.32% annual SIPO 2025-11-18 Evidential Sustainable Targeted Factor Fund Evidential · International Equities "Tobacco (production of tobacco/nicotine products or greater than 10% revenue from distribution/retail)" Also excludes: Fossil fuels · Weapons · Alcohol · Gambling · Adult 0.62% annual SIPO 2025-11-18 First Sentier Global Listed Infrastructure Fund First Sentier · Other "Entities deriving any gross revenue directly from the manufacture of Tobacco Products (traditional cigarettes, cigars, chewing tobacco, vaping and e-cigarette products)" Also excludes: Weapons 1.03% annual SIPO 2026-03-29 Foundation Series Balanced Fund Foundation Series · Diversified "Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)" Also excludes: Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.36% annual SIPO 2026-01-29 Foundation Series Global ESG Fund Foundation Series · International Equities "Tobacco manufacturers/distributors/retailers (International Equities)" Also excludes: Alcohol · Gambling · Adult · Weapons · Nuclear · Fossil fuels 0.10% annual SIPO 2026-01-29 Foundation Series Growth Fund Foundation Series · Diversified "Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)" Also excludes: Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear · Russian 0.38% annual SIPO 2026-01-29 Foundation Series High Growth Fund Foundation Series · Diversified "Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)" Also excludes: Alcohol · Gambling · Adult · Weapons · Fossil fuels · Animal testing · Nuclear 0.37% annual SIPO 2026-01-29 Generate Focused Growth Managed Fund Generate · Diversified "Manufacture of tobacco" Also excludes: Weapons 1.35% annual SIPO 2025-11-25 Hunter Global Fixed Interest Fund Hunter · International FI "Tobacco companies" Also excludes: Weapons · Gambling · Fossil fuels 0.53% annual SIPO 2025-08-27 Kernel World ex-US Fund Kernel · International Equities "Tobacco" Also excludes: Weapons 0.25% annual SIPO 2025-09-16 Lighthouse Global Equity Fund Lighthouse · International Equities "Tobacco" Also excludes: Alcohol · Fossil fuels · Gambling · Adult · Animal testing 1.03% annual SIPO 2026-03-27 Mercer All Country Global Shares Index Fund Mercer · International Equities "Tobacco (excluded via benchmark index: MSCI All Country World ex Tobacco Index)" Also excludes: Weapons · Russian 0.43% annual SIPO 2026-03-22 Mercer Core Global Shares Fund Mercer · International Equities "Tobacco" Also excludes: Weapons · Russian 1.24% annual SIPO 2026-03-22 Mercer Core Hedged Global Shares Fund Mercer · International Equities "Tobacco" Also excludes: Weapons · Russian 1.46% annual SIPO 2026-03-22 Mercer Global Listed Infrastructure Fund Mercer · Other "Tobacco" Also excludes: Weapons · Russian 1.34% annual SIPO 2026-03-22 Mercer Global Listed Real Estate Fund Mercer · Listed Property "Tobacco" Also excludes: Weapons · Russian 1.33% annual SIPO 2026-03-22 Mercer Global Shares Fund Mercer · International Equities "Tobacco" Also excludes: Weapons · Russian 1.25% annual SIPO 2026-03-22 Mercer Income Generator Fund Mercer · Diversified "Tobacco" Also excludes: Weapons · Russian 1.28% annual SIPO 2026-03-22 Mercer NZ Shares Passive Fund Mercer · Australasian Equities "Tobacco" Also excludes: Weapons · Russian 0.36% annual SIPO 2026-03-22 Mercer Responsible Balanced Fund Mercer · Diversified "Tobacco (production, nicotine alternatives, tobacco-based products; >50% revenue from tobacco distribution/wholesale/retail/services)" Also excludes: Weapons · Russian · Fossil fuels · Adult · Alcohol · Gambling 1.25% annual SIPO 2026-03-22 Mercer Responsible Global Shares Fund Mercer · International Equities "Tobacco" Also excludes: Weapons · Russian · Fossil fuels · Adult · Alcohol · Gambling 1.69% annual SIPO 2026-03-22 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI "Tobacco" Also excludes: Weapons · Russian · Fossil fuels · Adult · Alcohol · Gambling 0.43% annual SIPO 2026-03-22 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities "Tobacco" Also excludes: Weapons · Russian · Fossil fuels · Adult · Alcohol · Gambling 1.06% annual SIPO 2026-03-22 Pella Global Generations PIE Fund Pella · International Equities "Tobacco and nicotine alternative products (0% revenue threshold, including companies with >10% ownership in such companies)" Also excludes: Animal testing · Fossil fuels · Gambling · GMO · Adult · Nuclear 0.85% annual SIPO 2025-03-26 Plato Global Alpha PIE Fund Plato · International Equities "Companies classified in the Tobacco sector (as defined by GICS)" Also excludes: Fossil fuels SIPO 2026-05-07 Russell Investments Global Fixed Interest Fund Russell Investments · International FI "Tobacco Manufacturers (corporate debt holdings only)" Also excludes: Weapons · Fossil fuels 0.58% annual SIPO 2026-04-01 Russell Investments Global Shares Fund Russell Investments · International Equities "Tobacco Manufacturers" Also excludes: Weapons 0.93% annual SIPO 2026-04-01 Russell Investments Hedged Global Shares Fund Russell Investments · International Equities "Tobacco Manufacturers" Also excludes: Weapons 0.92% annual SIPO 2026-04-01 Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities "Tobacco Manufacturers" Also excludes: Weapons · Nuclear · Fossil fuels 0.33% annual SIPO 2026-04-01 Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities "Tobacco Manufacturers" Also excludes: Weapons · Nuclear · Fossil fuels 0.33% annual SIPO 2026-04-01 SBS Wealth Growth Strategy SBS Wealth · Diversified "Production of tobacco, tobacco-based products, and nicotine alternatives" Also excludes: Weapons · Adult 1.17% annual SIPO 2025-10-28 Schroder Sustainable Global Core PIE Fund Schroders · International Equities "Tobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenue" Also excludes: Weapons · Fossil fuels 0.39% annual SIPO 2026-03-26 Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities "Tobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenue" Also excludes: Weapons · Fossil fuels 0.39% annual SIPO 2026-03-26 Smart Emerging Markets ESG ETF Smartshares · International Equities "Companies with exposure to Tobacco" Also excludes: Weapons · Fossil fuels 0.59% annual SIPO 2026-04-16 Smart Europe ESG ETF Smartshares · International Equities "Companies with exposure to Tobacco" Also excludes: Weapons · Fossil fuels 0.55% annual SIPO 2026-04-16 Smart Global Bond ETF Smartshares · International FI "Financial products issued by entities where any part of revenue and/or activities involve tobacco" Also excludes: Weapons · Fossil fuels 0.54% annual SIPO 2026-04-16 Smart Japan ESG ETF Smartshares · International Equities "Companies with exposure to Tobacco" Also excludes: Weapons · Fossil fuels 0.55% annual SIPO 2026-04-16 Smart US ESG ETF Smartshares · International Equities "Companies with exposure to Tobacco" Also excludes: Weapons · Fossil fuels 0.34% annual SIPO 2026-04-16 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities "Companies involved in the production of Tobacco Products — 0% revenue threshold; wholesaling/distribution/dedicated services to tobacco producers — 5% threshold" Also excludes: Fossil fuels · Nuclear · Alcohol · Gambling · Adult · Animal testing · Weapons 0.61% annual SIPO 2026-03-30 Summer Australian Equities Summer · Australasian Equities "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 1.02% annual SIPO 2026-05-13 Summer Balanced Selection Summer · Diversified "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 1.02% annual SIPO 2026-05-13 Summer Conservative Selection Summer · Diversified "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 0.87% annual SIPO 2026-05-13 Summer Global Equities Summer · International Equities "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 1.02% annual SIPO 2026-05-13 Summer Global Fixed Interest Summer · International FI "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 0.87% annual SIPO 2026-05-13 Summer Growth Selection Summer · Diversified "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 1.02% annual SIPO 2026-05-13 Summer Listed Property Summer · Listed Property "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 1.02% annual SIPO 2026-05-13 Summer New Zealand Cash Summer · Cash "Companies deriving ≥5% revenue from tobacco product production" Also excludes: Weapons 0.62% annual SIPO 2026-05-13 Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities "Certain tobacco-based products" Also excludes: Weapons · Alcohol · Gambling · Fossil fuels 0.62% annual SIPO 2026-03-29 Other exclusion categories Controversial weapons Fossil fuels (coal, oil, gas) Gambling Adult entertainment Alcohol Nuclear power Russian assets (sanctioned) Animal testing GMO / genetic modification Predatory lending How exclusions work in NZ ethical funds Exclusion screens are set in each fund's Statement of Investment Policy and Objectives (SIPO) — the foundational policy document each scheme must lodge under the Financial Markets Conduct Act 2013. Each fund's revenue threshold for inclusion in the exclusion list varies (typically >5%, >10%, or "any involvement"). The exact wording for any fund is visible on its `/investment-mandate/` page. An exclusion screen is one component of an ethical or responsible-investment policy — the other components are positive screens (e.g. preferential weighting of high-ESG-score companies), thematic tilts (e.g. clean-energy overweight), and engagement (proxy voting, manager-investee dialogue). The SIPO sets out which approaches the manager uses; click any fund to see the full policy. --- ## Annual fee 0.5% – 1.0% — 94 NZ managed funds URL: https://managedfunds.nz/fee-band/0-5-to-1pc/ > 94 of 279 NZ managed funds with annual fund charge annual fee 0.5% – 1.0%. Sorted by fee. Data from Sorted Smart Investor & FMA Disclose. Annual fee 0.5% – 1.0% NZ managed funds with an annual fund charge between 0.5% and 1.0%. The most common band — covers most NZ-listed index funds, lower-fee active strategies, and some multi-asset diversified portfolios. 94 of 279 tracked funds with on-file annual fund charge. Data from Sorted Smart Investor (sourced from FMA Disclose register). Smart NZ Top 50 ETF Smartshares · Australasian Equities 0.50% annual Smart US Large Growth ETF Smartshares · International Equities 0.51% annual Smart US Large Value ETF Smartshares · International Equities 0.51% annual Smart US Mid Cap ETF Smartshares · International Equities 0.51% annual Smart US Small Cap ETF Smartshares · International Equities 0.51% annual Hunter Global Fixed Interest Fund Hunter · International FI 0.53% annual Smart Australian Dividend ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Financials ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Resources ETF Smartshares · Australasian Equities 0.54% annual Smart NZ Dividend ETF Smartshares · Australasian Equities 0.54% annual Smart Global ESG ETF Smartshares · International Equities 0.54% annual Smart Global Bond ETF Smartshares · International FI 0.54% annual Smart Australian Property ETF Smartshares · Listed Property 0.54% annual Smart NZ Property ETF Smartshares · Listed Property 0.54% annual Smart NZ Bond ETF Smartshares · NZ Fixed Interest 0.54% annual Smart Asia Pacific ETF Smartshares · International Equities 0.55% annual Smart Europe ESG ETF Smartshares · International Equities 0.55% annual Smart Europe ETF Smartshares · International Equities 0.55% annual Smart Japan ESG ETF Smartshares · International Equities 0.55% annual Smart Bitcoin ETF Smartshares · Other 0.55% annual Russell Investments Global Fixed Interest Fund Russell Investments · International FI 0.58% annual Smart Emerging Markets ESG ETF Smartshares · International Equities 0.59% annual Smart Emerging Markets ETF Smartshares · International Equities 0.59% annual BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities 0.59% annual Smart Australian Top 20 ETF Smartshares · Australasian Equities 0.60% annual Smart NZ Mid Cap ETF Smartshares · Australasian Equities 0.60% annual Smart NZ Top 10 ETF Smartshares · Australasian Equities 0.60% annual Mercer Macquarie NZ Fixed Interest Fund Mercer · NZ Fixed Interest 0.60% annual Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities 0.61% annual Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities 0.62% annual Evidential Sustainable Targeted Factor Fund Evidential · International Equities 0.62% annual Summer New Zealand Cash Summer · Cash 0.62% annual ANZ Investments OneAnswer Conservative Fund ANZ Investments · Diversified 0.63% annual Milford Diversified Income Fund Milford · Diversified 0.65% annual Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest 0.65% annual Lifetime Cash Fund Lifetime · Cash 0.65% annual Harbour Income Fund Harbour · Diversified 0.66% annual Harbour NZ Core Fixed Interest Fund Harbour · NZ Fixed Interest 0.66% annual Coolabah Short Term Income PIE Fund Coolabah · International FI 0.67% annual BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities 0.67% annual Mercer Macquarie NZ Short Duration Fund Mercer · NZ Fixed Interest 0.68% annual Amova Corporate Bond Fund Amova · NZ Fixed Interest 0.70% annual Clarity Fixed Income Fund Clarity · International FI 0.70% annual Daintree Core Income PIE Daintree · International FI 0.73% annual Booster Wealth Moderate Fund Booster · Diversified 0.74% annual ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments · Diversified 0.75% annual Smart Australian Mid Cap ETF Smartshares · Australasian Equities 0.75% annual Smart Automation and Robotics ETF Smartshares · International Equities 0.75% annual Smart Healthcare Innovation ETF Smartshares · International Equities 0.75% annual Coolabah Active Composite Bond PIE Fund Coolabah · International FI 0.76% annual QuayStreet Income Fund QuayStreet · Diversified 0.77% annual Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI 0.77% annual Harbour Real Estate Investment Fund Harbour · Listed Property 0.77% annual SBS Wealth World Bond Portfolio SBS Wealth · International FI 0.77% annual BetaShares Global Sustainability Leaders Fund BetaShares · International Equities 0.77% annual Russell Investments NZ Shares Fund Russell Investments · Australasian Equities 0.78% annual SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest 0.78% annual AMP International Shares Managed Fund AMP · International Equities 0.79% annual BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities 0.79% annual AMP Aggressive Managed Fund AMP · Diversified 0.80% annual AMP Balanced Managed Fund AMP · Diversified 0.81% annual AMP Growth Managed Fund AMP · Diversified 0.81% annual Booster Wealth Balanced Fund Booster · Diversified 0.83% annual Bentham Global Income PIE Fund Bentham · International FI 0.83% annual Hunter Private Credit Fund Hunter · International FI 0.83% annual ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments · International Equities 0.84% annual Milford Conservative Fund Milford · Diversified 0.85% annual Milford Global Corporate Bond Fund Milford · International FI 0.85% annual Pella Global Generations PIE Fund Pella · International Equities 0.85% annual Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities 0.87% annual Summer Conservative Selection Summer · Diversified 0.87% annual Summer Global Fixed Interest Summer · International FI 0.87% annual ANZ Investments OneAnswer Balanced Fund ANZ Investments · Diversified 0.90% annual SBS Wealth Conservative Strategy SBS Wealth · Diversified 0.90% annual Daintree High Income PIE Daintree · International FI 0.90% annual Booster Wealth Growth Fund Booster · Diversified 0.91% annual Russell Investments Hedged Global Shares Fund Russell Investments · International Equities 0.92% annual Russell Investments Global Shares Fund Russell Investments · International Equities 0.93% annual Brandywine Global Opportunistic Equity Fund Brandywine · International Equities 0.93% annual ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments · Diversified 0.95% annual ANZ Investments OneAnswer Growth Fund ANZ Investments · Diversified 0.95% annual ANZ Investments OneAnswer High Growth Fund ANZ Investments · Diversified 0.95% annual Amova Core Equity Fund Amova · Australasian Equities 0.95% annual ANZ Investments OneAnswer International Share Fund ANZ Investments · International Equities 0.96% annual Booster Wealth High Growth Fund Booster · Diversified 0.96% annual Clarity Diversified Income Fund Clarity · Diversified 0.96% annual Mint New Zealand SRI Equity Fund Mint · Australasian Equities 0.97% annual Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest 0.97% annual Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities 0.98% annual Fisher Funds Income Fund Fisher Funds · International FI 0.99% annual ANZ Investments OneAnswer International Property Fund ANZ Investments · Listed Property 0.99% annual Lifetime Conservative Fund Lifetime · Diversified 0.99% annual Lifetime Balanced Fund Lifetime · Diversified 0.99% annual Lifetime Growth Fund Lifetime · Diversified 0.99% annual Other fee bands Annual fee under 0.5% Annual fee 1.0% – 1.5% Annual fee 1.5% or more Methodology Annual fund charge sourced from Sorted Smart Investor (which itself draws from FMA Disclose). Cross-validate via the per-fund page which links to the source PDS. The annual fund charge is the headline "ongoing cost" — strategy mix, transaction costs, and net return after fees also matter when comparing options. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Annual fee 1.0% – 1.5% — 88 NZ managed funds URL: https://managedfunds.nz/fee-band/1-to-1-5pc/ > 88 of 279 NZ managed funds with annual fund charge annual fee 1.0% – 1.5%. Sorted by fee. Data from Sorted Smart Investor & FMA Disclose. Annual fee 1.0% – 1.5% NZ managed funds with an annual fund charge between 1.0% and 1.5%. Typically actively-managed equity and diversified funds. 88 of 279 tracked funds with on-file annual fund charge. Data from Sorted Smart Investor (sourced from FMA Disclose register). Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities 1.00% annual Pathfinder Global Property Fund Pathfinder · Listed Property 1.00% annual Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI 1.00% annual Mint Diversified Income Fund Mint · Diversified 1.01% annual Salt Enhanced Property Fund Salt · Listed Property 1.02% annual Summer Australian Equities Summer · Australasian Equities 1.02% annual Summer Balanced Selection Summer · Diversified 1.02% annual Summer Global Equities Summer · International Equities 1.02% annual Summer Growth Selection Summer · Diversified 1.02% annual Summer Listed Property Summer · Listed Property 1.02% annual Lighthouse Global Equity Fund Lighthouse · International Equities 1.03% annual First Sentier Global Listed Infrastructure Fund First Sentier · Other 1.03% annual SBS Wealth Balanced Strategy SBS Wealth · Diversified 1.03% annual Harbour Balanced Growth Fund Harbour · Diversified 1.04% annual Milford Active Growth Fund Milford · Diversified 1.05% annual Milford Balanced Fund Milford · Diversified 1.05% annual ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments · Australasian Equities 1.05% annual Milford Australian Absolute Growth Fund Milford · Australasian Equities 1.05% annual Milford Trans-Tasman Equity Fund Milford · Australasian Equities 1.05% annual Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other 1.05% annual Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property 1.05% annual Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities 1.06% annual ANZ Investments OneAnswer Property Securities Fund ANZ Investments · Listed Property 1.06% annual Clarity Dividend Yield Fund Clarity · International Equities 1.06% annual Clarity Global Shares Fund Clarity · International Equities 1.06% annual Clarity New Zealand Equity Fund Clarity · Australasian Equities 1.06% annual Clarity Trans-Tasman Value Fund Clarity · Australasian Equities 1.06% annual Mint Australasian Property Fund Mint · Listed Property 1.07% annual Castle Point Trans-Tasman Fund Castle Point · Australasian Equities 1.08% annual Russell Investments Global Listed Infrastructure Fund Russell Investments · Other 1.08% annual ANZ Investments OneAnswer Australian Share Fund ANZ Investments · Australasian Equities 1.09% annual Harbour Australasian Equity Income Fund Harbour · Australasian Equities 1.10% annual Salt NZ Dividend Appreciation Fund Salt · Australasian Equities 1.10% annual Harbour Australasian Equity Fund Harbour · Australasian Equities 1.12% annual Aurellan Global Shares Fund Aurellan · International Equities 1.12% annual Aurellan Hedged Global Shares Fund Aurellan · International Equities 1.12% annual Milford Aggressive Fund Milford · Diversified 1.15% annual Amova Concentrated Equity Fund Amova · Australasian Equities 1.15% annual Clarity Diversified Growth Fund Clarity · Diversified 1.16% annual Octagon Balanced Fund Octagon · Diversified 1.17% annual Octagon Australasian Equities Fund Octagon · Australasian Equities 1.17% annual Octagon New Zealand Equities Fund Octagon · Australasian Equities 1.17% annual SBS Wealth Growth Strategy SBS Wealth · Diversified 1.17% annual SBS Wealth High Growth Strategy SBS Wealth · Diversified 1.17% annual Castle Point 5 Oceans Fund Castle Point · Diversified 1.18% annual Mint Australasian Equity Fund Mint · Australasian Equities 1.18% annual SBS Wealth World Equity Portfolio SBS Wealth · International Equities 1.18% annual Amova Global Shares Fund Amova · International Equities 1.20% annual Amova Global Shares Hedged Fund Amova · International Equities 1.20% annual NZ Funds Wealth Builder - Income Strategy NZ Funds · Diversified 1.20% annual SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities 1.20% annual Mint Diversified Growth Fund Mint · Diversified 1.21% annual Harbour Australasian Equity Focus Fund Harbour · Australasian Equities 1.21% annual Harbour T. Rowe Price Global Equity Fund Harbour · International Equities 1.21% annual Clarity - Capital Group New Perspective Fund Clarity · International Equities 1.21% annual Harbour Long Short Fund Harbour · Australasian Equities 1.23% annual Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour · International Equities 1.24% annual Mercer Core Global Shares Fund Mercer · International Equities 1.24% annual Mercer Responsible Balanced Fund Mercer · Diversified 1.25% annual Mercer Global Shares Fund Mercer · International Equities 1.25% annual TAHITO Te Tai o Rehua Fund TAHITO · Australasian Equities 1.26% annual Fisher Funds BondPlus Fund Fisher Funds · International FI 1.26% annual QuayStreet NZ Equity Fund QuayStreet · Australasian Equities 1.27% annual Mercer Income Generator Fund Mercer · Diversified 1.28% annual Devon Alpha Fund Devon · Australasian Equities 1.30% annual Devon Australian Fund Devon · Australasian Equities 1.30% annual Pathfinder Global Responsibility Fund Pathfinder · International Equities 1.30% annual Pathfinder Global Water Fund Pathfinder · International Equities 1.30% annual Pathfinder Ethical Growth Fund Pathfinder · Diversified 1.31% annual Fisher Funds International Growth Fund Fisher Funds · International Equities 1.31% annual Mercer Global Listed Real Estate Fund Mercer · Listed Property 1.33% annual Booster Socially Responsible Balanced Fund Booster · Diversified 1.33% annual Mercer Global Listed Infrastructure Fund Mercer · Other 1.34% annual Booster Socially Responsible Growth Fund Booster · Diversified 1.34% annual Fisher Funds Conservative Fund Fisher Funds · Diversified 1.35% annual Generate Focused Growth Managed Fund Generate · Diversified 1.35% annual Milford Global Equity Fund Milford · International Equities 1.35% annual Booster Wealth Geared Growth Fund Booster · Diversified 1.35% annual Booster Socially Responsible High Growth Fund Booster · Diversified 1.35% annual Devon Trans-Tasman Fund Devon · Australasian Equities 1.36% annual Lifetime Retirement Income Fund Lifetime · Diversified 1.36% annual Devon Dividend Yield Fund Devon · Australasian Equities 1.39% annual Booster Shielded Growth Fund Booster · Diversified 1.41% annual Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities 1.42% annual NZ Funds Global Bonds NZ Funds · International FI 1.44% annual NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest 1.44% annual Fisher Funds Growth Fund Fisher Funds · Diversified 1.46% annual Mercer Core Hedged Global Shares Fund Mercer · International Equities 1.46% annual Other fee bands Annual fee under 0.5% Annual fee 0.5% – 1.0% Annual fee 1.5% or more Methodology Annual fund charge sourced from Sorted Smart Investor (which itself draws from FMA Disclose). Cross-validate via the per-fund page which links to the source PDS. The annual fund charge is the headline "ongoing cost" — strategy mix, transaction costs, and net return after fees also matter when comparing options. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Annual fee 1.5% or more — 23 NZ managed funds URL: https://managedfunds.nz/fee-band/over-1-5pc/ > 23 of 279 NZ managed funds with annual fund charge annual fee 1.5% or more. Sorted by fee. Data from Sorted Smart Investor & FMA Disclose. Annual fee 1.5% or more NZ managed funds with an annual fund charge of 1.5% or higher. Often specialist or thematic strategies; verify the strategy and net return — not just the headline fee — before deciding. 23 of 279 tracked funds with on-file annual fund charge. Data from Sorted Smart Investor (sourced from FMA Disclose register). ACI Conservative Fund ACI · Diversified 1.50% annual Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property 1.53% annual NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified 1.58% annual ACI Growth Fund ACI · Diversified 1.61% annual Pie Global Growth Fund 2 Pie Funds · International Equities 1.61% annual Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities 1.63% annual Fisher Funds Global Fund Fisher Funds · International Equities 1.64% annual NZ Funds Income Generator NZ Funds · Diversified 1.67% annual Mercer Responsible Global Shares Fund Mercer · International Equities 1.69% annual Coolabah Long-Short Credit PIE Fund Coolabah · International FI 1.76% annual Elevation Capital Global Shares Fund Elevation Capital · International Equities 1.80% annual Pie Growth UK & Europe Fund Pie Funds · International Equities 1.85% annual Squirrel Monthly Income Fund Squirrel · Other 2.14% annual NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified 2.14% annual Vision Income Fund Vision · International FI 2.51% annual NZ Funds Global Property NZ Funds · Listed Property 2.52% annual NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities 2.52% annual NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property 2.52% annual NZ Funds Global Infrastructure NZ Funds · Other 2.53% annual NZ Funds Global Utilities NZ Funds · International Equities 2.53% annual NZ Funds Global Shares NZ Funds · International Equities 3.12% annual Salt Long Short Fund Salt · Australasian Equities 3.21% annual Hyperion Global Growth Companies PIE Fund Hyperion · International Equities 4.38% annual Other fee bands Annual fee under 0.5% Annual fee 0.5% – 1.0% Annual fee 1.0% – 1.5% Methodology Annual fund charge sourced from Sorted Smart Investor (which itself draws from FMA Disclose). Cross-validate via the per-fund page which links to the source PDS. The annual fund charge is the headline "ongoing cost" — strategy mix, transaction costs, and net return after fees also matter when comparing options. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Annual fee under 0.5% — 74 NZ managed funds URL: https://managedfunds.nz/fee-band/under-0-5pc/ > 74 of 279 NZ managed funds with annual fund charge annual fee under 0.5%. Sorted by fee. Data from Sorted Smart Investor & FMA Disclose. Annual fee under 0.5% NZ managed funds with an annual fund charge below 0.5% — typically passive index trackers and ETFs. Lower ongoing cost than active alternatives, though strategy mix and asset class also matter. 74 of 279 tracked funds with on-file annual fund charge. Data from Sorted Smart Investor (sourced from FMA Disclose register). Foundation Series US 500 Fund Foundation Series · International Equities 0.03% annual Foundation Series Hedged US 500 Fund Foundation Series · International Equities 0.03% annual Foundation Series US Dividend Equity Fund Foundation Series · International Equities 0.06% annual Foundation Series Total World Fund Foundation Series · International Equities 0.07% annual Foundation Series Hedged Total World Fund Foundation Series · International Equities 0.07% annual Foundation Series Global ESG Fund Foundation Series · International Equities 0.10% annual Simplicity NZ Bond Fund Simplicity · NZ Fixed Interest 0.10% annual Simplicity NZ Share Fund Simplicity · Australasian Equities 0.10% annual Simplicity NZ Cash Fund Simplicity · Cash 0.12% annual Foundation Series Nasdaq-100 Fund Foundation Series · International Equities 0.15% annual Simplicity Hedged Global Bond Fund Simplicity · International FI 0.15% annual Simplicity Hedged Global Share Fund Simplicity · International Equities 0.15% annual Simplicity Unhedged Global Share Fund Simplicity · International Equities 0.15% annual Smart S&P/NZX 50 ETF Smartshares · Australasian Equities 0.20% annual Harbour NZ Index Shares Fund Harbour · Australasian Equities 0.21% annual BetaShares Australia 200 Fund BetaShares · Australasian Equities 0.23% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI 0.25% annual Simplicity Conservative Investment Fund Simplicity · Diversified 0.25% annual Simplicity Balanced Investment Fund Simplicity · Diversified 0.25% annual Simplicity Growth Investment Fund Simplicity · Diversified 0.25% annual Simplicity High Growth Investment Fund Simplicity · Diversified 0.25% annual Simplicity Homes and Income Investment Fund Simplicity · Diversified 0.25% annual Kernel Conservative Fund Kernel · Diversified 0.25% annual Kernel Balanced Fund Kernel · Diversified 0.25% annual Kernel High Growth Fund Kernel · Diversified 0.25% annual Kernel Cash Plus Fund Kernel · Cash 0.25% annual Kernel S&P Global 100 Fund Kernel · International Equities 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities 0.25% annual Kernel S&P 500 (Unhedged) Fund Kernel · International Equities 0.25% annual Kernel S&P 500 (NZD Hedged) Fund Kernel · International Equities 0.25% annual Kernel World ex-US Fund Kernel · International Equities 0.25% annual Kernel Global ESG Fund Kernel · International Equities 0.25% annual Kernel S&P Global Dividend Aristocrats Fund Kernel · International Equities 0.25% annual Kernel Global Infrastructure Fund Kernel · Other 0.25% annual Kernel NZ 20 Fund Kernel · Australasian Equities 0.25% annual Kernel NZ 50 ESG Tilted Fund Kernel · Australasian Equities 0.25% annual Kernel NZ Small & Mid Cap Opportunities Fund Kernel · Australasian Equities 0.25% annual Kernel NZ Commercial Property Fund Kernel · Listed Property 0.25% annual Kernel Australia 100 Fund Kernel · Australasian Equities 0.25% annual Clarity Enhanced Cash PIE Clarity · Cash 0.26% annual Harbour Sustainable Impact Fund Harbour · Diversified 0.27% annual Harbour Sustainable NZ Shares Fund Harbour · Australasian Equities 0.27% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI 0.28% annual Smart Australian Top 200 ETF Smartshares · Australasian Equities 0.30% annual Smart Global Aggregate Bond ETF Smartshares · International FI 0.30% annual Kernel US Bond Fund Kernel · International FI 0.30% annual Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI 0.32% annual Evidential Sustainable Global Bond Fund Evidential · International FI 0.32% annual Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities 0.33% annual Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities 0.33% annual Smart US 500 ETF Smartshares · International Equities 0.34% annual Smart US ESG ETF Smartshares · International Equities 0.34% annual BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI 0.34% annual Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities 0.35% annual Foundation Series Balanced Fund Foundation Series · Diversified 0.36% annual Mercer NZ Shares Passive Fund Mercer · Australasian Equities 0.36% annual Foundation Series High Growth Fund Foundation Series · Diversified 0.37% annual Foundation Series Growth Fund Foundation Series · Diversified 0.38% annual Schroder Sustainable Global Core PIE Fund Schroders · International Equities 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities 0.39% annual Dimensional Global Sustainability PIE Fund Dimensional · International Equities 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities 0.40% annual Smart Total World ETF Smartshares · International Equities 0.40% annual Kernel NZ Bond Fund Kernel · NZ Fixed Interest 0.40% annual Mercer All Country Global Shares Index Fund Mercer · International Equities 0.43% annual Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI 0.43% annual Kernel Emerging Markets Fund Kernel · International Equities 0.45% annual Kernel S&P Global Clean Energy Fund Kernel · International Equities 0.45% annual ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments · NZ Fixed Interest 0.46% annual Harbour NZ Corporate Bond Fund Harbour · NZ Fixed Interest 0.47% annual JPMorgan Global Bond Fund JPMorgan · International FI 0.47% annual ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments · International FI 0.49% annual Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest 0.49% annual BetaShares Global Quality Leaders Fund BetaShares · International Equities 0.49% annual Other fee bands Annual fee 0.5% – 1.0% Annual fee 1.0% – 1.5% Annual fee 1.5% or more Methodology Annual fund charge sourced from Sorted Smart Investor (which itself draws from FMA Disclose). Cross-validate via the per-fund page which links to the source PDS. The annual fund charge is the headline "ongoing cost" — strategy mix, transaction costs, and net return after fees also matter when comparing options. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## All NZ managed funds — ManagedFundsNZ URL: https://managedfunds.nz/funds/ > Browse all 289 retail managed funds available in New Zealand. Sourced from the FMA Disclose register. Fund index Every managed fund. In one list. 289 retail managed funds organised by asset class. Click any fund for the manager profile, peer comparisons, and direct links to its Product Disclosure Statement. Diversified Funds Aggressive, growth, balanced and conservative one-stop funds. 67 funds Category page → A ACI ACI Conservative Fund PIE · capped at PIR (max 28%) conservative A ACI ACI Growth Fund PIE · capped at PIR (max 28%) growth AMP AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive AMP AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced AMP AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth ANZ Investments ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced ANZ Investments ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth ANZ Investments ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced ANZ Investments ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative ANZ Investments ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth ANZ Investments ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Booster Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Booster Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Booster Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Booster Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Booster Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Booster Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Castle Point Castle Point 5 Oceans Fund PIE · capped at PIR (max 28%) balanced Clarity Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Fisher Funds Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Fisher Funds Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Foundation Series Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Foundation Series Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Foundation Series Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Generate Generate Focused Growth Managed Fund PIE · capped at PIR (max 28%) growth Harbour Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Harbour Harbour Income Fund PIE · capped at PIR (max 28%) income Harbour Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Kernel Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Kernel Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Kernel Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Lifetime Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Lifetime Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Lifetime Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Lifetime Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Mercer Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Mercer Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Milford Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Milford Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Milford Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Milford Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Milford Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Mint Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Mint Mint Diversified Income Fund PIE · capped at PIR (max 28%) income NZ Funds NZ Funds Income Generator PIE · capped at PIR (max 28%) income NZ Funds NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth NZ Funds NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income NZ Funds NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Octagon Octagon Balanced Fund PIE · capped at PIR (max 28%) balanced Pathfinder Pathfinder Ethical Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth QuayStreet QuayStreet Income Fund PIE · capped at PIR (max 28%) income SBS Wealth SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced SBS Wealth SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative SBS Wealth SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth SBS Wealth SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Simplicity Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Simplicity Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Simplicity Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Simplicity Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Simplicity Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Summer Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Summer Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Summer Summer Growth Selection PIE · capped at PIR (max 28%) growth Australasian Equities NZ and Trans-Tasman shares — active, index and ETF wrappers. 58 funds Category page → Amova Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Amova Amova Core Equity Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) BetaShares BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth BetaShares BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth BetaShares BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Castle Point Castle Point Trans-Tasman Fund PIE · capped at PIR (max 28%) Clarity Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Devon Devon Alpha Fund PIE · capped at PIR (max 28%) Devon Devon Australian Fund PIE · capped at PIR (max 28%) Devon Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Devon Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Dimensional Dimensional Australian Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Fisher Funds Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Harbour Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Harbour Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Harbour Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Harbour Harbour Long Short Fund PIE · capped at PIR (max 28%) Harbour Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Harbour Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Hyperion Hyperion Australian Growth Companies PIE Fund PIE · capped at PIR (max 28%) Kernel Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Kernel Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Kernel Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Kernel Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Mercer Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Mercer Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Milford Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Milford Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Mint Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Mint Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical NZ Funds NZ Funds New Zealand and Australian Shares PIE · capped at PIR (max 28%) growth Octagon Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Octagon Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Pathfinder Pathfinder Ethical Trans-Tasman Fund PIE · capped at PIR (max 28%) Responsible / ethical QuayStreet QuayStreet NZ Equity Fund PIE · capped at PIR (max 28%) Russell Investments Russell Investments NZ Shares Fund PIE · capped at PIR (max 28%) Salt Salt Long Short Fund PIE · capped at PIR (max 28%) Salt Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) SBS Wealth SBS Wealth Australasian Equity Portfolio PIE · capped at PIR (max 28%) growth Simplicity Simplicity NZ Share Fund PIE · capped at PIR (max 28%) growth Smartshares Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Smartshares Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Smartshares Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Smartshares Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Smartshares Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Smartshares Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Smartshares Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Smartshares Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Smartshares Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Smartshares Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Smartshares Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Summer Summer Australian Equities PIE · capped at PIR (max 28%) growth TAHITO TAHITO Te Tai o Rehua Fund PIE · capped at PIR (max 28%) Responsible / ethical International Equities Global, US, Europe, Asia, emerging markets and thematic. 87 funds Category page → Amova Amova Global Shares Fund PIE · capped at PIR (max 28%) Amova Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged AMP AMP International Shares Managed Fund PIE · capped at PIR (max 28%) Antipodes Antipodes Global Fund – Long (PIE) PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) A Aurellan Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth A Aurellan Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth BetaShares BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth BetaShares BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth BetaShares BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth Brandywine Brandywine Global Opportunistic Equity Fund PIE · capped at PIR (max 28%) growth Clarity Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth Clarity Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth Dimensional Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Dimensional Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Elevation Capital Elevation Capital Global Shares Fund PIE · capped at PIR (max 28%) Ellerston Ellerston Global Mid Small Cap Fund PIE · capped at PIR (max 28%) Evidential Evidential Sustainable Targeted Factor Fund PIE · capped at PIR (max 28%) Responsible / ethical Fisher Funds Fisher Funds Global Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) Foundation Series Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical Foundation Series Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged Foundation Series Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged Foundation Series Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic Foundation Series Foundation Series Total World Fund PIE · capped at PIR (max 28%) Foundation Series Foundation Series US 500 Fund PIE · capped at PIR (max 28%) Foundation Series Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) Harbour Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) Harbour Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Hyperion Hyperion Global Growth Companies PIE Fund PIE · capped at PIR (max 28%) India Avenue India Avenue Equity Fund — H Class FIF · file IR3 each year Thematic Kernel Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth Kernel Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Kernel Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth Kernel Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth Kernel Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth Kernel Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth Kernel Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive Kernel Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth Kernel Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth L Lighthouse Lighthouse Global Equity Fund PIE · capped at PIR (max 28%) Mercer Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) Mercer Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) Mercer Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Mercer Mercer Global Shares Fund PIE · capped at PIR (max 28%) Mercer Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Milford Milford Global Equity Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Shares PIE · capped at PIR (max 28%) growth NZ Funds NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced Pathfinder Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical Pathfinder Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic Pella Pella Global Generations PIE Fund PIE · capped at PIR (max 28%) growth Pie Funds Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) Pie Funds Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) Plato Plato Global Alpha PIE Fund PIE · capped at PIR (max 28%) growth Russell Investments Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) Russell Investments Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Russell Investments Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Russell Investments Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical SBS Wealth SBS Wealth World Equity Portfolio PIE · capped at PIR (max 28%) growth Schroders Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Schroders Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth Simplicity Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth Simplicity Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth Smartshares Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA Smartshares Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic Smartshares Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical Smartshares Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF Smartshares Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical Smartshares Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF Smartshares Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical Smartshares Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic Smartshares Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical Smartshares Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF Smartshares Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF Smartshares Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical Smartshares Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG Smartshares Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV Smartshares Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM Smartshares Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS Stewart Investors Stewart Investors Worldwide Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Summer Summer Global Equities PIE · capped at PIR (max 28%) growth Te Ahumairangi Te Ahumairangi Global Equity Fund PIE · capped at PIR (max 28%) Vanguard Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year Vanguard Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged New Zealand Fixed Interest NZ government and corporate bonds. 14 funds Category page → Amova Amova Corporate Bond Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer New Zealand Fixed Interest Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds New Zealand Fixed Income Trust PIE · capped at PIR (max 28%) Harbour Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) Harbour Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) Kernel Kernel NZ Bond Fund PIE · capped at PIR (max 28%) conservative Mercer Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) Mercer Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) Milford Milford Trans-Tasman Bond Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds New Zealand and Australian Bonds PIE · capped at PIR (max 28%) conservative Russell Investments Russell Investments NZ Fixed Interest Fund PIE · capped at PIR (max 28%) SBS Wealth SBS Wealth New Zealand Bond Portfolio PIE · capped at PIR (max 28%) conservative Simplicity Simplicity NZ Bond Fund PIE · capped at PIR (max 28%) conservative Smartshares Smart NZ Bond ETF PIE · capped at PIR (max 28%) ETF · NZB International Fixed Interest Global aggregate, corporate and sovereign bonds. 34 funds Category page → ANZ Investments ANZ Investments OneAnswer International Fixed Interest Fund PIE · capped at PIR (max 28%) Artesian Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative Artesian Artesian Short Duration Corporate Bond Fund (NZD) PIE · capped at PIR (max 28%) conservative Bentham Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative Bentham Bentham Global Opportunities PIE Fund PIE · capped at PIR (max 28%) balanced BetaShares BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged conservative Brandywine Brandywine Global Opportunistic Fixed Income Fund PIE · capped at PIR (max 28%) Clarity Clarity Fixed Income Fund PIE · capped at PIR (max 28%) conservative Coolabah Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative Coolabah Coolabah Global Floating-Rate High Yield PIE Fund PIE · capped at PIR (max 28%) balanced Coolabah Coolabah Long-Short Credit PIE Fund PIE · capped at PIR (max 28%) balanced Coolabah Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative Daintree Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative Daintree Daintree High Income PIE PIE · capped at PIR (max 28%) balanced Dimensional Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Dimensional Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Dimensional Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Evidential Evidential Sustainable Global Bond Fund PIE · capped at PIR (max 28%) Responsible / ethical Fisher Funds Fisher Funds BondPlus Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds Income Fund PIE · capped at PIR (max 28%) H Hunter Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) H Hunter Hunter Private Credit Fund PIE · capped at PIR (max 28%) balanced JPMorgan JPMorgan Global Bond Fund PIE · capped at PIR (max 28%) conservative Kernel Kernel US Bond Fund PIE · capped at PIR (max 28%) conservative Mercer Mercer Responsible Hedged Global Fixed Interest Index Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Milford Milford Global Corporate Bond Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Bonds PIE · capped at PIR (max 28%) conservative Russell Investments Russell Investments Global Fixed Interest Fund PIE · capped at PIR (max 28%) SBS Wealth SBS Wealth World Bond Portfolio PIE · capped at PIR (max 28%) conservative Simplicity Simplicity Hedged Global Bond Fund PIE · capped at PIR (max 28%) NZD hedged conservative Smartshares Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG Smartshares Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF Summer Summer Global Fixed Interest PIE · capped at PIR (max 28%) conservative Vision Vision Income Fund PIE · capped at PIR (max 28%) income Listed Property NZ, Australian and global REITs. 16 funds Category page → ANZ Investments ANZ Investments OneAnswer International Property Fund PIE · capped at PIR (max 28%) ANZ Investments ANZ Investments OneAnswer Property Securities Fund PIE · capped at PIR (max 28%) Dexus Dexus Global REIT Fund PIE · capped at PIR (max 28%) Fisher Funds Fisher Funds Property & Infrastructure Fund PIE · capped at PIR (max 28%) Harbour Harbour Real Estate Investment Fund PIE · capped at PIR (max 28%) Kernel Kernel NZ Commercial Property Fund PIE · capped at PIR (max 28%) balanced Mercer Mercer Global Listed Real Estate Fund PIE · capped at PIR (max 28%) Mint Mint Australasian Property Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Property PIE · capped at PIR (max 28%) balanced NZ Funds NZ Funds New Zealand Property and Retirement Villages PIE · capped at PIR (max 28%) balanced Pathfinder Pathfinder Global Property Fund PIE · capped at PIR (max 28%) Resolution Capital Resolution Capital Global Property Securities PIE Fund PIE · capped at PIR (max 28%) balanced Salt Salt Enhanced Property Fund PIE · capped at PIR (max 28%) Smartshares Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Smartshares Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Summer Summer Listed Property PIE · capped at PIR (max 28%) balanced Cash and Cash Equivalents On-call and short-duration cash funds. 5 funds Category page → Clarity Clarity Enhanced Cash PIE PIE · capped at PIR (max 28%) conservative Kernel Kernel Cash Plus Fund PIE · capped at PIR (max 28%) conservative Lifetime Lifetime Cash Fund PIE · capped at PIR (max 28%) conservative Simplicity Simplicity NZ Cash Fund PIE · capped at PIR (max 28%) conservative Summer Summer New Zealand Cash PIE · capped at PIR (max 28%) conservative Other Infrastructure, Bitcoin and specialty income funds. 8 funds Category page → First Sentier First Sentier Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Kernel Kernel Global Infrastructure Fund PIE · capped at PIR (max 28%) Thematic balanced Mercer Mercer Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) NZ Funds NZ Funds Global Infrastructure PIE · capped at PIR (max 28%) Thematic balanced Resolution Capital Resolution Capital Global Listed Infrastructure PIE Fund PIE · capped at PIR (max 28%) Thematic balanced Russell Investments Russell Investments Global Listed Infrastructure Fund PIE · capped at PIR (max 28%) Smartshares Smart Bitcoin ETF PIE · capped at PIR (max 28%) ETF · BTC Thematic Squirrel Squirrel Monthly Income Fund PIE · capped at PIR (max 28%) Cash and Cash Equivalents Four cash funds are available on InvestNow. We're confirming the issuer details before listing each one — check back as the FMA Disclose extraction pipeline rolls out. --- ## What can the ACI Conservative Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/aci/conservative/investment-mandate/ > The ACI Conservative Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 12 explicit exclusions. Verbatim from the SIPO. What can the ACI Conservative Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 1% 0% 40% International fixed interest 66% 40% 80% Total income assets 67% 40% 100% Australasian equities 6% 0% 20% International equities 22% 0% 40% Listed property 5% 0% 10% Total growth assets 33% 0% 60% Mandate flexibility (sum of max − min across all ranges): 270%. Wide range — high manager discretion typical of active management. Explicit exclusions (12) CoalPalm oilFactory farmingChild labourTobaccoAlcoholGamblingAdult entertainmentControversial weaponsNuclear weaponsPersonal firearmsPrivate prisons Responsible-investment approach All but two of the underlying funds integrate sustainability criteria into the investment process via Dimensional Sustainability Funds, which use a sustainability scoring system primarily focused on GHG emissions to underweight or exclude high-emissions companies and overweight low-emissions companies. These funds may also exclude companies involved in coal, palm oil, factory farming, child labour, tobacco, alcohol, gambling, adult entertainment, controversial weapons, nuclear weapons, personal firearms and private prisons. Derivatives policy Underlying funds may use derivatives to manage large cashflows and forward contracts for hedging foreign currencies. The Funds themselves do not directly use derivatives beyond what is employed within underlying funds. Statement of Investment Policy and Objectives Related ACI Conservative Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ACI Conservative Fund: 1.50% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/aci/conservative/is-it-expensive/ > ACI Conservative Fund charges 1.50% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. A Annual fee load vs peer-class median Is the ACI Conservative Fund expensive? ACI Conservative Fund charges 1.50% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 93% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ACI Conservative Fund NZ$728 at 1.50% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$243 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ACI Conservative Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ACI Conservative Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.25pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.25pp Simplicity Growth Investment Fund Simplicity 0.25% −1.25pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.25pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.25pp Kernel Conservative Fund Kernel 0.25% −1.25pp Kernel Balanced Fund Kernel 0.25% −1.25pp Kernel High Growth Fund Kernel 0.25% −1.25pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ACI Conservative Fund? ACI Conservative Fund charges 1.50% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ACI Conservative Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ACI Conservative Fund sits at 1.50% — pricier than the median (cheaper than 7% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.50% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$728. That is NZ$243 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ACI Conservative Fund --- ## URL: https://managedfunds.nz/funds/aci/conservative/markdown.md # ACI Conservative Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ACI - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ACI Conservative Fund is a diversified managed fund run by ACI. New Zealand-based fund manager offering diversified portfolio funds. ## Investment objective (from PDS) > The ACI Conservative Fund aims to achieve a rate of return (net of fees but before tax) of at least 1.75% per annum above inflation (as measured by Statistics New Zealand's Consumer Price Index) over the longer term. The Fund's objective is to provide relatively consistent returns, with some capital growth over the long term. Source: Product Disclosure Statement dated 2025-11-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo31d8d22e0ce16ee13d248904064e9fe7/20251127-ACI-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 1.50% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$4 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 4 April 2023 - **Minimum initial investment:** NZ$50 ## Top 10 holdings 1. Dimensional Global Bond Sustain Trust Aud Class — 42.65% 2. Dimensional Two Year Sustain Fixed Interest Trust — 18.77% 3. Cash at Bank (BNZ) — 8.41% 4. Dimensional Global Real Estate Trust NZD Hedged Class — 5.07% 5. Dimensional Emerging Markets Sustainability Trust AUD — 4.37% 6. Smartshares NZ Core Equity Trust — 4.10% 7. Apple Inc — 0.81% 8. Nvidia Corp — 0.80% 9. Meta Platforms Inc — 0.33% 10. Amazon Com Inc — 0.32% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 1% | 0% | 40% | | International fixed interest | 66% | 40% | 80% | | Total income assets | 67% | 40% | 100% | | Australasian equities | 6% | 0% | 20% | | International equities | 22% | 0% | 40% | | Listed property | 5% | 0% | 10% | | Total growth assets | 33% | 0% | 60% | ### Responsible-investment approach All but two of the underlying funds integrate sustainability criteria into the investment process via Dimensional Sustainability Funds, which use a sustainability scoring system primarily focused on GHG emissions to underweight or exclude high-emissions companies and overweight low-emissions companies. These funds may also exclude companies involved in coal, palm oil, factory farming, child labour, tobacco, alcohol, gambling, adult entertainment, controversial weapons, nuclear weapons, personal firearms and private prisons. ### Derivatives policy Underlying funds may use derivatives to manage large cashflows and forward contracts for hedging foreign currencies. The Funds themselves do not directly use derivatives beyond what is employed within underlying funds. ### Exclusions - Coal - Palm oil - Factory farming - Child labour - Tobacco - Alcohol - Gambling - Adult entertainment - Controversial weapons - Nuclear weapons - Personal firearms - Private prisons Source: Statement of Investment Policy and Objectives dated 2025-11-26. https://smartinvestor.sorted.org.nz/disclose-document/mdoc54597ad0f849b514e3782c3e3035b93/20251127-ACI-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Parties related to the Funds, including the staff of Stewart Group and their families, and the staff of FundRock and their families may from time to time invest in the Funds. - FundRock acts as manager for some of the underlying funds (Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)) that the ACI Funds invest into, which could influence it to invest the assets of the Funds into those underlying funds instead of into direct assets or investment funds managed by third parties. - If the investment into the Underlying Dimensional PIE Funds is not on arms' length terms or if investment into direct assets or third party funds were a more efficient way of achieving the Funds' investment strategy, investors in the Funds could be adversely affected. ### Related-party transactions - **Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)** (FundRock acts as manager for these underlying funds into which the ACI Funds invest) — Investment of ACI Fund assets into underlying PIE funds managed by FundRock Source: Other Material Information document dated 2025-11-26. https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7661315b0dc20c034eb56f3d5801b1/20251127-ACI-Funds-OMI.pdf ## How to invest Available via: ACI directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ACI%20Conservative%20Fund - **Product Disclosure Statement:** /disclose-document/mdo31d8d22e0ce16ee13d248904064e9fe7/20251127-ACI-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13499/OFR13507/FND43018/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/aci/conservative/ - **Markdown (this file):** https://managedfunds.nz/funds/aci/conservative/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/aci/conservative/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ACI Conservative Fund URL: https://managedfunds.nz/funds/aci/conservative/questions/ > 3 commonly-asked questions about the ACI Conservative Fund, answered with mechanical facts sourced from the FMA Disclose register. ACI, diversified category. Questions about ACI Conservative Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ACI Conservative Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the risks of a conservative fund? Conservative funds typically carry lower volatility than growth-focused funds, but remain exposed to interest-rate risk, credit risk (bond issuer default), and inflation risk; ACI Conservative Fund has a FMA standardised risk indicator of 4/7, reflecting moderate risk. For detailed risk analysis specific to this fund, refer to the Product Disclosure Statement and latest Fund Update on the FMA Disclose register. 2. Should I switch to conservative fund? Whether to switch to a conservative fund depends on your investment timeframe, income needs, and risk tolerance—factors that vary by individual investor. Conservative funds like ACI, with approximately 77.28% income assets and 22.72% growth assets (as at the latest QFU), are typically suited to investors seeking lower volatility, but you should review your own circumstances and the current PDS before making any changes. 3. What is the average return on a conservative portfolio? Average returns on conservative portfolios vary with interest rates, credit conditions, and equity markets, and historical returns do not indicate future performance. For ACI Conservative Fund's past performance, consult the latest Fund Update and Product Disclosure Statement on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund ACI Conservative Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the ACI Conservative Fund? — KPMG URL: https://managedfunds.nz/funds/aci/conservative/who-audits/ > The ACI Conservative Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the ACI Conservative Fund? KPMG The ACI Conservative Fund sits within a managed investment scheme run by ACI. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related ACI Conservative Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the ACI Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/aci/growth/investment-mandate/ > The ACI Growth Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 12 explicit exclusions. Verbatim from the SIPO. What can the ACI Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 1% 0% 40% International fixed interest 9% 0% 40% Total income assets 10% 0% 40% Australasian equities 17% 0% 30% International equities 68% 40% 80% Listed property 5% 0% 10% Total growth assets 90% 60% 100% Mandate flexibility (sum of max − min across all ranges): 240%. Wide range — high manager discretion typical of active management. Explicit exclusions (12) CoalPalm oilFactory farmingChild labourTobaccoAlcoholGamblingAdult entertainmentControversial weaponsNuclear weaponsPersonal firearmsPrivate prisons Responsible-investment approach All but two of the underlying funds integrate sustainability criteria into the investment process via Dimensional Sustainability Funds, which use a sustainability scoring system primarily focused on GHG emissions to underweight or exclude high-emissions companies and overweight low-emissions companies. These funds may also exclude companies involved in coal, palm oil, factory farming, child labour, tobacco, alcohol, gambling, adult entertainment, controversial weapons, nuclear weapons, personal firearms and private prisons. Derivatives policy Underlying funds may use derivatives to manage large cashflows and forward contracts for hedging foreign currencies. The Funds themselves do not directly use derivatives beyond what is employed within underlying funds. Statement of Investment Policy and Objectives Related ACI Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ACI Growth Fund: 1.61% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/aci/growth/is-it-expensive/ > ACI Growth Fund charges 1.61% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. A Annual fee load vs peer-class median Is the ACI Growth Fund expensive? ACI Growth Fund charges 1.61% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 96% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ACI Growth Fund NZ$779 at 1.61% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$294 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ACI Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ACI Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.36pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.36pp Simplicity Growth Investment Fund Simplicity 0.25% −1.36pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.36pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.36pp Kernel Conservative Fund Kernel 0.25% −1.36pp Kernel Balanced Fund Kernel 0.25% −1.36pp Kernel High Growth Fund Kernel 0.25% −1.36pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ACI Growth Fund? ACI Growth Fund charges 1.61% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ACI Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ACI Growth Fund sits at 1.61% — pricier than the median (cheaper than 4% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.61% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$779. That is NZ$294 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ACI Growth Fund --- ## URL: https://managedfunds.nz/funds/aci/growth/markdown.md # ACI Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ACI - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ACI Growth Fund is a diversified managed fund run by ACI. New Zealand-based fund manager offering diversified portfolio funds. ## Investment objective (from PDS) > The ACI Growth Fund aims to achieve a rate of return (net of fees but before tax) of at least 4.5% per annum above inflation (as measured by Statistics New Zealand's Consumer Price Index) over the longer term. The Fund invests predominantly in growth assets such as New Zealand, Australian, international shares and property but includes some income assets. Source: Product Disclosure Statement dated 2025-11-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo31d8d22e0ce16ee13d248904064e9fe7/20251127-ACI-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 1.61% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$8 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 4 April 2023 - **Minimum initial investment:** NZ$50 ## Top 10 holdings 1. Dimensional Emerging Markets Sustainability Trust AUD — 13.30% 2. Smartshares NZ Core Equity Trust — 12.32% 3. Dimensional Global Bond Sustain Trust Aud Class — 8.19% 4. Dimensional Global Real Estate Trust NZD Hedged Class — 4.95% 5. Apple Inc — 2.74% 6. Nvidia Corp — 2.72% 7. Dimensional Two Year Sustain Fixed Interest Trust — 1.56% 8. Meta Platforms Inc — 1.12% 9. Amazon Com Inc — 1.08% 10. Microsoft Corp — 0.93% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 1% | 0% | 40% | | International fixed interest | 9% | 0% | 40% | | Total income assets | 10% | 0% | 40% | | Australasian equities | 17% | 0% | 30% | | International equities | 68% | 40% | 80% | | Listed property | 5% | 0% | 10% | | Total growth assets | 90% | 60% | 100% | ### Responsible-investment approach All but two of the underlying funds integrate sustainability criteria into the investment process via Dimensional Sustainability Funds, which use a sustainability scoring system primarily focused on GHG emissions to underweight or exclude high-emissions companies and overweight low-emissions companies. These funds may also exclude companies involved in coal, palm oil, factory farming, child labour, tobacco, alcohol, gambling, adult entertainment, controversial weapons, nuclear weapons, personal firearms and private prisons. ### Derivatives policy Underlying funds may use derivatives to manage large cashflows and forward contracts for hedging foreign currencies. The Funds themselves do not directly use derivatives beyond what is employed within underlying funds. ### Exclusions - Coal - Palm oil - Factory farming - Child labour - Tobacco - Alcohol - Gambling - Adult entertainment - Controversial weapons - Nuclear weapons - Personal firearms - Private prisons Source: Statement of Investment Policy and Objectives dated 2025-11-26. https://smartinvestor.sorted.org.nz/disclose-document/mdoc54597ad0f849b514e3782c3e3035b93/20251127-ACI-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Parties related to the Funds, including the staff of Stewart Group and their families, and the staff of FundRock and their families may from time to time invest in the Funds. - FundRock acts as manager for some of the underlying funds (Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)) that the ACI Funds invest into, which could influence it to invest the assets of the Funds into those underlying funds instead of into direct assets or investment funds managed by third parties. - If the investment into the Underlying Dimensional PIE Funds is not on arms' length terms or if investment into direct assets or third party funds were a more efficient way of achieving the Funds' investment strategy, investors in the Funds could be adversely affected. ### Related-party transactions - **Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)** (FundRock acts as manager for these underlying funds into which the ACI Funds invest) — Investment of ACI Fund assets into underlying PIE funds managed by FundRock Source: Other Material Information document dated 2025-11-26. https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7661315b0dc20c034eb56f3d5801b1/20251127-ACI-Funds-OMI.pdf ## How to invest Available via: ACI directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ACI%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo31d8d22e0ce16ee13d248904064e9fe7/20251127-ACI-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13499/OFR13507/FND43019/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/aci/growth/ - **Markdown (this file):** https://managedfunds.nz/funds/aci/growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/aci/growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ACI Growth Fund URL: https://managedfunds.nz/funds/aci/growth/questions/ > 3 commonly-asked questions about the ACI Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. ACI, diversified category. Questions about ACI Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ACI Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Does ACI pay monthly dividends? ACI Growth Fund distributes income to investors; the frequency and amount depend on the underlying holdings' dividend and interest payments. Check the current Product Disclosure Statement on the manager's website or InvestNow for specific distribution dates. 2. Is a 7% return realistic? ACI Growth Fund is allocated approximately 78.34% to growth assets and 21.66% to income assets, which typically carry different return profiles and volatility. Past performance is not a reliable indicator of future returns; refer to the fund's historical performance data on FMA Disclose (https://disclose-register.companiesoffice.govt.nz/) for actual results as at the latest quarter. 3. Is 0.25% a high management fee? ACI Growth Fund's annual fund charge is 1.61% p.a., which is higher than the peer-cohort average of 1.23% p.a. for diversified funds. Fee levels depend on fund structure and services; compare charges across the fund universe using FMA Disclose to assess relative costs. Primary sources Product Disclosure Statement More about this fund ACI Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the ACI Growth Fund? — KPMG URL: https://managedfunds.nz/funds/aci/growth/who-audits/ > The ACI Growth Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the ACI Growth Fund? KPMG The ACI Growth Fund sits within a managed investment scheme run by ACI. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related ACI Growth Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Amova Concentrated Equity Fund: 1.15% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/amova/concentrated-equity/is-it-expensive/ > Amova Concentrated Equity Fund charges 1.15% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Amova Concentrated Equity Fund expensive? Amova Concentrated Equity Fund charges 1.15% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 72% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Amova Concentrated Equity Fund NZ$562 at 1.15% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$67 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Amova Concentrated Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Amova Concentrated Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −1.05pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.95pp Harbour NZ Index Shares Fund Harbour 0.21% −0.94pp BetaShares Australia 200 Fund BetaShares 0.23% −0.92pp Kernel NZ 20 Fund Kernel 0.25% −0.90pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.90pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.90pp Kernel Australia 100 Fund Kernel 0.25% −0.90pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Amova Concentrated Equity Fund? Amova Concentrated Equity Fund charges 1.15% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Amova Concentrated Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Amova Concentrated Equity Fund sits at 1.15% — pricier than the median (cheaper than 28% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.15% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$562. That is NZ$67 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Amova Concentrated Equity Fund --- ## URL: https://managedfunds.nz/funds/amova/concentrated-equity/markdown.md # Amova Concentrated Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Amova (Amova Asset Management NZ Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Amova Concentrated Equity Fund is a australasian equities managed fund run by Amova. Active New Zealand and global equity manager (formerly Nikko AM NZ). ## Investment objective (from PDS) > To outperform the RBNZ Official Cash Rate plus 5.0% per annum over a rolling three-year period before fees, expenses and taxes. Aims to provide investors with concentrated exposure to New Zealand and Australian equity markets from an actively managed investment portfolio investing directly into Australasian equities, listed property, cash and cash equivalents, New Zealand fixed income and international fixed income securities. Source: Product Disclosure Statement dated 2025-08-28 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo0a59ac0dbf2bb5b483d1b819ad343493/Amova-Domestic-Equity-Funds-Product-Disclosure-Statement-1-September-2025.pdf ## Fund data - **Annual fund charge:** 1.15% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.65% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$13 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 August 2006 ## Top 10 holdings 1. Infratil Limited — 11.90% 2. Spark New Zealand Ltd — 8.85% 3. Contact Energy Limited — 8.13% 4. Meridian Energy Ltd NPV — 7.71% 5. Worley Limited — 7.59% 6. NEXTDEC Ltd — 7.44% 7. Summerset Group Holdings Ltd — 7.24% 8. Resmed Inc — 5.45% 9. Aristocrat Leisure Ltd — 5.31% 10. Sky Network Television Ltd — 5.12% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 10.00% > 10% of gains above the hurdle rate. The hurdle rate for the fund is 5% above the Reserve Bank of New Zealand Official Cash Rate over a 12 month financial period after deducting our management fee and expenses. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 29 bps / 29 bps (transaction cost on subscription / redemption) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 1 ### Conflicts of interest (verbatim from OMI) - Amova NZ engages related party managers AAME and AAMA (both having common ownership with Amova NZ) to manage underlying assets of certain funds, creating a potential conflict of interest between obtaining best execution/terms and maintaining intra-group relationships. ### Related-party transactions - **Amova Asset Management Europe Limited (AAME)** (Related party — common ownership with Amova NZ) — Investment management of global equity assets for the Amova Wholesale Global Shares Fund and as an investment manager for the Amova Global Equity Unhedged Fund under an Investment Management Agreement dated 26 June 2017 - **Amova Asset Management Americas Inc. (AAMA)** (Related party — common ownership with Amova NZ) — Manages assets of the Amova ARK Disruptive Fund Innovation Fund (Underlying Fund), implementing the investment strategy as advised by the investment adviser (ARK Investment Management LLC) Source: Other Material Information document dated 2025-11-24. https://smartinvestor.sorted.org.nz/disclose-document/mdoc6dce8a8f80099b27f95d90911d3267d/Amova-NZ-Investment-Other-Material-Information-24-November-2025.pdf ## How to invest Available via: Amova directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Amova%20Concentrated%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdoeedb925cb6b68880d17e0c758ee568e4/Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10488/OFR10608/FND468/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amova/concentrated-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/amova/concentrated-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amova/concentrated-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Amova Concentrated Equity Fund charge a performance fee? URL: https://managedfunds.nz/funds/amova/concentrated-equity/performance-fee-explained/ > The Amova Concentrated Equity Fund charges a performance fee in addition to its annual fund charge; it paid 10.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Amova Concentrated Equity Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 10.00% of NAV Annual fund charge (on top) 1.15% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of gains above the hurdle rate. The hurdle rate for the fund is 5% above the Reserve Bank of New Zealand Official Cash Rate over a 12 month financial period after deducting our management fee and expenses. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Amova Concentrated Equity Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Amova Concentrated Equity Fund URL: https://managedfunds.nz/funds/amova/concentrated-equity/questions/ > 3 commonly-asked questions about the Amova Concentrated Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Amova, australasian equities category. Questions about Amova Concentrated Equity Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Amova Concentrated Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a concentrated mutual fund? A concentrated fund holds a smaller number of securities than a diversified fund, meaning larger positions in each holding. Amova Concentrated Equity Fund, for example, has its three largest holdings representing approximately 28.88% of the fund, compared to a more broadly diversified approach. Concentration can amplify both gains and losses, which is reflected in the fund's risk indicator of 5/7 on the FMA standardised scale. 2. Which equity fund is best for long term? Comparing equity funds for long-term suitability depends on your risk tolerance, investment horizon, and financial goals—not on a single metric. The Amova Concentrated Equity Fund returned 0.65% p.a. after fees before tax over the past 5 years as at the latest QFU; you can compare this and other funds' historical returns, fees, and risk indicators via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Consider checking the fund's Product Disclosure Statement for specific objectives and time horizons. 3. Which is a better investment option when selecting an equity fund? When evaluating equity funds, consider comparing annual fund charges (Amova's is 1.15% p.a., against a peer-cohort average of 0.95% p.a.), risk indicators, historical returns, asset mix, and tax efficiency. The Amova fund is structured as a PIE, meaning your income tax is capped at your prescribed investor rate up to a maximum of 28%. Use the FMA Disclose register to review the Product Disclosure Statement and Quarterly Fund Update for the funds you are comparing. Primary sources Product Disclosure Statement More about this fund Amova Concentrated Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point Devon Alpha Fund Devon ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Amova Concentrated Equity Fund? — KPMG URL: https://managedfunds.nz/funds/amova/concentrated-equity/who-audits/ > The Amova Concentrated Equity Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Amova Concentrated Equity Fund? KPMG The Amova Concentrated Equity Fund sits within a managed investment scheme run by Amova. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Amova Concentrated Equity Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Amova Core Equity Fund: 0.95% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/amova/core-equity/is-it-expensive/ > Amova Core Equity Fund charges 0.95% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Amova Core Equity Fund expensive? Amova Core Equity Fund charges 0.95% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Amova Core Equity Fund NZ$466 at 0.95% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-29 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Amova Core Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Amova Core Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −0.85pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.75pp Harbour NZ Index Shares Fund Harbour 0.21% −0.74pp BetaShares Australia 200 Fund BetaShares 0.23% −0.72pp Kernel NZ 20 Fund Kernel 0.25% −0.70pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.70pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.70pp Kernel Australia 100 Fund Kernel 0.25% −0.70pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Amova Core Equity Fund? Amova Core Equity Fund charges 0.95% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Amova Core Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Amova Core Equity Fund sits at 0.95% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.95% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$466. That is NZ$29 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Amova Core Equity Fund --- ## URL: https://managedfunds.nz/funds/amova/core-equity/markdown.md # Amova Core Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Amova (Amova Asset Management NZ Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Amova Core Equity Fund is a australasian equities managed fund run by Amova. Active New Zealand and global equity manager (formerly Nikko AM NZ). ## Investment objective (from PDS) > To outperform the S&P/NZX 50 Index Gross with Imputation credits by 3.0% per annum over a rolling three-year period before fees, expenses and taxes. Aims to provide investors with an exposure to New Zealand and Australian equity markets from an actively managed investment portfolio with potential for growth of income and capital by investing directly into equity market securities listed or contemplated to be listed on any New Zealand or Australian recognised securities exchange. Source: Product Disclosure Statement dated 2025-08-28 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo0a59ac0dbf2bb5b483d1b819ad343493/Amova-Domestic-Equity-Funds-Product-Disclosure-Statement-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.95% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.35% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$23 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 5 May 2010 ## Top 10 holdings 1. Fisher & Paykel Healthcare — 16.09% 2. Infratil Limited — 11.24% 3. Auckland International Airport Ltd — 9.43% 4. Contact Energy Limited — 7.74% 5. Meridian Energy Ltd NPV — 6.59% 6. The A2 Milk Company Limited — 5.71% 7. Spark New Zealand Ltd — 4.99% 8. EBOS Group Limited — 4.72% 9. Mainfreight Limited — 4.00% 10. Summerset Group Holdings Ltd — 3.43% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 29 bps / 29 bps (transaction cost on subscription / redemption) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 1 ### Conflicts of interest (verbatim from OMI) - Amova NZ engages related party managers AAME and AAMA (both having common ownership with Amova NZ) to manage underlying assets of certain funds, creating a potential conflict of interest between obtaining best execution/terms and maintaining intra-group relationships. ### Related-party transactions - **Amova Asset Management Europe Limited (AAME)** (Related party — common ownership with Amova NZ) — Investment management of global equity assets for the Amova Wholesale Global Shares Fund and as an investment manager for the Amova Global Equity Unhedged Fund under an Investment Management Agreement dated 26 June 2017 - **Amova Asset Management Americas Inc. (AAMA)** (Related party — common ownership with Amova NZ) — Manages assets of the Amova ARK Disruptive Fund Innovation Fund (Underlying Fund), implementing the investment strategy as advised by the investment adviser (ARK Investment Management LLC) Source: Other Material Information document dated 2025-11-24. https://smartinvestor.sorted.org.nz/disclose-document/mdoc6dce8a8f80099b27f95d90911d3267d/Amova-NZ-Investment-Other-Material-Information-24-November-2025.pdf ## How to invest Available via: Amova directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Amova%20Core%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdoeedb925cb6b68880d17e0c758ee568e4/Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10488/OFR10608/FND469/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amova/core-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/amova/core-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amova/core-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Amova Core Equity Fund URL: https://managedfunds.nz/funds/amova/core-equity/questions/ > 3 commonly-asked questions about the Amova Core Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Amova, australasian equities category. Questions about Amova Core Equity Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Amova Core Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a core equity fund? A core equity fund is a portfolio of company shares designed to provide broad exposure to a market or region, typically with lower turnover than actively trading strategies. The Amova Core Equity Fund holds approximately 98.31% growth assets (equities) and 1.69% income assets, and is categorised as an Australasian Equities fund. 2. Is a 7% return realistic? Historical returns vary by fund and market conditions. The Amova Core Equity Fund's 5-year return after fees and before tax was 0.35% p.a. as at the latest QFU; however, this reflects a specific past period and does not indicate what future returns will be. Check the PDS and FMA Disclose register for full historical performance data. 3. Is 10% return on equity good? Whether a return meets your goals depends on your investment timeframe, risk tolerance, and circumstances—which is personal to you. For context, the Amova Core Equity Fund carries a risk indicator of 5/7 on the FMA standardised scale, reflecting moderate-to-high volatility. Check the PDS and FMA Disclose register to compare returns across funds in the Australasian Equities category. Primary sources Product Disclosure Statement More about this fund Amova Core Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point Devon Alpha Fund Devon ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Amova Core Equity Fund? — KPMG URL: https://managedfunds.nz/funds/amova/core-equity/who-audits/ > The Amova Core Equity Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Amova Core Equity Fund? KPMG The Amova Core Equity Fund sits within a managed investment scheme run by Amova. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Amova Core Equity Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Amova Corporate Bond Fund: 0.70% fee vs 0.63% peer median URL: https://managedfunds.nz/funds/amova/corporate-bond/is-it-expensive/ > Amova Corporate Bond Fund charges 0.70% p.a. vs the nz fixed interest peer-class median of 0.63%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Amova Corporate Bond Fund expensive? Amova Corporate Bond Fund charges 0.70% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 75% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Amova Corporate Bond Fund NZ$345 at 0.70% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$37 over 5 years on NZ$10K. 8 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Amova Corporate Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Amova Corporate Bond Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.60pp Kernel NZ Bond Fund Kernel 0.40% −0.30pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.24pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.23pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.21pp Smart NZ Bond ETF Smartshares 0.54% −0.16pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.10pp Milford Trans-Tasman Bond Fund Milford 0.65% −0.05pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Amova Corporate Bond Fund? Amova Corporate Bond Fund charges 0.70% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Amova Corporate Bond Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Amova Corporate Bond Fund sits at 0.70% — pricier than the median (cheaper than 25% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.70% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$345. That is NZ$37 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Amova Corporate Bond Fund --- ## URL: https://managedfunds.nz/funds/amova/corporate-bond/markdown.md # Amova Corporate Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Amova (Amova Asset Management NZ Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Amova Corporate Bond Fund is a nz fixed interest managed fund run by Amova. Active New Zealand and global equity manager (formerly Nikko AM NZ). ## Investment objective (from PDS) > To outperform the Bloomberg NZBond Credit 0+ Year Index by 0.70% p.a. over a rolling three-year period before fees, expenses and taxes. Aims to provide investors with regular income by constructing an actively managed investment portfolio of predominantly New Zealand bonds, deposits and cash whilst preserving the capital value. Source: Product Disclosure Statement dated 2025-08-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo13fd30b8af09011f243a28e4c8135c84/Amova-Cashand-Fixed-Interest-Product-Disclosure-Statement-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.70% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.63% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$558 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 13 July 2009 ## Top 10 holdings 1. Housing NZ 1.534% 10/09/2035 — 3.08% 2. NZ Local Govt Funding Agency 150437 2.00 GB — 2.70% 3. Bank Of New Zealand 010928 0.00 Cb — 2.55% 4. Rabobank Nederlandnz 200231 4.40 Cb — 2.47% 5. Insurance Australia Group Ltd 150628 5.32 Cb — 2.46% 6. Christchurch Intl Airpor 060336 5.08 Cb — 2.41% 7. NZ Local Govt Funding Ag 3% 15/05/2035 — 2.35% 8. Rabo 5.31% 05/04/2029 — 2.22% 9. Christchurch City Hldgs 210532 4.82 Gb — 2.18% 10. Westpac New Zealand Ltd 160932 6.19 Cb — 2.17% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 1 ### Conflicts of interest (verbatim from OMI) - Amova NZ engages related party managers AAME and AAMA (both having common ownership with Amova NZ) to manage underlying assets of certain funds, creating a potential conflict of interest between obtaining best execution/terms and maintaining intra-group relationships. ### Related-party transactions - **Amova Asset Management Europe Limited (AAME)** (Related party — common ownership with Amova NZ) — Investment management of global equity assets for the Amova Wholesale Global Shares Fund and as an investment manager for the Amova Global Equity Unhedged Fund under an Investment Management Agreement dated 26 June 2017 - **Amova Asset Management Americas Inc. (AAMA)** (Related party — common ownership with Amova NZ) — Manages assets of the Amova ARK Disruptive Fund Innovation Fund (Underlying Fund), implementing the investment strategy as advised by the investment adviser (ARK Investment Management LLC) Source: Other Material Information document dated 2025-11-24. https://smartinvestor.sorted.org.nz/disclose-document/mdoc6dce8a8f80099b27f95d90911d3267d/Amova-NZ-Investment-Other-Material-Information-24-November-2025.pdf ## How to invest Available via: Amova directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Amova%20Corporate%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdoeedb925cb6b68880d17e0c758ee568e4/Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10488/OFR10608/FND476/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amova/corporate-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/amova/corporate-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amova/corporate-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Amova Corporate Bond Fund URL: https://managedfunds.nz/funds/amova/corporate-bond/questions/ > 3 commonly-asked questions about the Amova Corporate Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Amova, nz fixed interest category. Questions about Amova Corporate Bond Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Amova Corporate Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are corporate bond funds a good investment now? Whether a corporate bond fund suits your circumstances depends on your investment timeframe, risk tolerance, and income needs. Amova Corporate Bond Fund carries a risk indicator of 3/7 and has delivered a 5-year return after fees of 1.63% p.a.; you can compare this with peer-fund performance and your own objectives using data from FMA Disclose. 2. Is a corporate bond fund a good investment? Corporate bond funds provide regular income exposure with lower volatility than equity funds, but returns depend on interest-rate movements and credit conditions. Amova Corporate Bond Fund is structured as a PIE with tax capped at your marginal tax rate (maximum 28%), which may be advantageous compared to direct bond ownership; review the PDS and FMA Disclose data to assess fit with your goals. 3. What is the average return on corporate bonds? Amova Corporate Bond Fund returned 1.63% p.a. after fees over the past 5 years, as at the latest QFU. Returns on corporate bonds vary by fund, credit quality, and market conditions; compare fund returns on FMA Disclose using consistent time periods and fee treatments. Primary sources Product Disclosure Statement More about this fund Amova Corporate Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour Mercer Macquarie NZ Fixed Interest Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Amova Corporate Bond Fund? — KPMG URL: https://managedfunds.nz/funds/amova/corporate-bond/who-audits/ > The Amova Corporate Bond Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Amova Corporate Bond Fund? KPMG The Amova Corporate Bond Fund sits within a managed investment scheme run by Amova. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Amova Corporate Bond Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Amova Global Shares Hedged Fund: 1.20% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/amova/global-shares-hedged/is-it-expensive/ > Amova Global Shares Hedged Fund charges 1.20% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Amova Global Shares Hedged Fund expensive? Amova Global Shares Hedged Fund charges 1.20% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Amova Global Shares Hedged Fund NZ$586 at 1.20% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$284 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Amova Global Shares Hedged Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Amova Global Shares Hedged Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.17pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.17pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.14pp Foundation Series Total World Fund Foundation Series 0.07% −1.13pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.13pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.10pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.05pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.05pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Amova Global Shares Hedged Fund? Amova Global Shares Hedged Fund charges 1.20% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Amova Global Shares Hedged Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Amova Global Shares Hedged Fund sits at 1.20% — pricier than the median (cheaper than 23% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.20% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$586. That is NZ$284 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Amova Global Shares Hedged Fund --- ## URL: https://managedfunds.nz/funds/amova/global-shares-hedged/markdown.md # Amova Global Shares Hedged Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Amova (Amova Asset Management NZ Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Amova Global Shares Hedged Fund is a international equities managed fund run by Amova. Active New Zealand and global equity manager (formerly Nikko AM NZ). ## Investment objective (from PDS) > To outperform the MSCI All Countries World Index (net dividends reinvested), gross hedged 100% to NZD by 3.0% p.a. over a rolling three-year period before fees, expenses and taxes. The Fund seeks to provide investors with a relatively concentrated actively managed investment portfolio of global equities to achieve long term capital growth. Currency exposure created as a consequence of global equity investment hedged 100% to the NZD. Source: Product Disclosure Statement dated 2025-08-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo371d7c57ae2ecd4dc67ff24b301e8827/Amova-Global-Equity-Funds-Product-Disclosure-Statement-1-September-2025.pdf ## Fund data - **Annual fund charge:** 1.20% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.37% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$243 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 10 May 2019 ## Top 10 holdings 1. Nvidia Corp — 8.15% 2. Microsoft Corp — 5.73% 3. Amazon Com Inc — 5.72% 4. Broadcom Corp Com — 3.79% 5. Netflix Inc — 3.63% 6. Compass Group Ord GBP0 1105 — 2.96% 7. Coca-Cola Europacific Partners — 2.95% 8. Mastercard Inc - Class A — 2.88% 9. Us Foods Holding Corp — 2.87% 10. Linde Plc — 2.76% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 7 bps / 7 bps (transaction cost on subscription / redemption) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 1 ### Conflicts of interest (verbatim from OMI) - Amova NZ engages related party managers AAME and AAMA (both having common ownership with Amova NZ) to manage underlying assets of certain funds, creating a potential conflict of interest between obtaining best execution/terms and maintaining intra-group relationships. ### Related-party transactions - **Amova Asset Management Europe Limited (AAME)** (Related party — common ownership with Amova NZ) — Investment management of global equity assets for the Amova Wholesale Global Shares Fund and as an investment manager for the Amova Global Equity Unhedged Fund under an Investment Management Agreement dated 26 June 2017 - **Amova Asset Management Americas Inc. (AAMA)** (Related party — common ownership with Amova NZ) — Manages assets of the Amova ARK Disruptive Fund Innovation Fund (Underlying Fund), implementing the investment strategy as advised by the investment adviser (ARK Investment Management LLC) Source: Other Material Information document dated 2025-11-24. https://smartinvestor.sorted.org.nz/disclose-document/mdoc6dce8a8f80099b27f95d90911d3267d/Amova-NZ-Investment-Other-Material-Information-24-November-2025.pdf ## How to invest Available via: Amova directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Amova%20Global%20Shares%20Hedged%20Fund - **Product Disclosure Statement:** /disclose-document/mdoeedb925cb6b68880d17e0c758ee568e4/Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10488/OFR10608/FND14536/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amova/global-shares-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/amova/global-shares-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amova/global-shares-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Amova Global Shares Hedged Fund URL: https://managedfunds.nz/funds/amova/global-shares-hedged/questions/ > 3 commonly-asked questions about the Amova Global Shares Hedged Fund, answered with mechanical facts sourced from the FMA Disclose register. Amova, international equities category. Questions about Amova Global Shares Hedged Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Amova Global Shares Hedged Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a hedged global share fund? A hedged global share fund holds shares listed on overseas stock exchanges but uses currency hedging to reduce fluctuations from exchange-rate movements. The Amova Global Shares Hedged Fund is denominated in NZD and hedges its foreign currency exposure, so investors' returns reflect share-price movements rather than NZD/foreign-currency swings. 2. Is it better to buy hedged or unhedged funds? Whether hedging suits your situation depends on your investment horizon, currency views, and risk tolerance—hedging reduces currency volatility but incurs a cost, while unhedged funds expose you to exchange-rate movements that may amplify or offset share gains. Compare the annual fund charges and risk profiles of hedged and unhedged options available in our coverage to understand the trade-offs for your circumstances. 3. Are global equity funds a good investment? Global equity funds provide exposure to a diversified range of overseas companies and economies outside New Zealand. Suitability depends on your investment goals, time horizon, and risk tolerance; the Amova Global Shares Hedged Fund carries a risk indicator of 6/7 on the FMA standardised scale, indicating high volatility. Review the PDS and FMA Disclose register for performance history and specific fund details. Primary sources Product Disclosure Statement More about this fund Amova Global Shares Hedged Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Amova Global Shares Hedged Fund? — KPMG URL: https://managedfunds.nz/funds/amova/global-shares-hedged/who-audits/ > The Amova Global Shares Hedged Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Amova Global Shares Hedged Fund? KPMG The Amova Global Shares Hedged Fund sits within a managed investment scheme run by Amova. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Amova Global Shares Hedged Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Amova Global Shares Fund: 1.20% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/amova/global-shares/is-it-expensive/ > Amova Global Shares Fund charges 1.20% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Amova Global Shares Fund expensive? Amova Global Shares Fund charges 1.20% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Amova Global Shares Fund NZ$586 at 1.20% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$284 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Amova Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Amova Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.17pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.17pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.14pp Foundation Series Total World Fund Foundation Series 0.07% −1.13pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.13pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.10pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.05pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.05pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Amova Global Shares Fund? Amova Global Shares Fund charges 1.20% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Amova Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Amova Global Shares Fund sits at 1.20% — pricier than the median (cheaper than 23% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.20% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$586. That is NZ$284 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Amova Global Shares Fund --- ## URL: https://managedfunds.nz/funds/amova/global-shares/markdown.md # Amova Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Amova (Amova Asset Management NZ Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Amova Global Shares Fund is a international equities managed fund run by Amova. Active New Zealand and global equity manager (formerly Nikko AM NZ). ## Investment objective (from PDS) > To outperform the MSCI All Countries World Index (net dividends reinvested), in NZD (unhedged) by 3.0% p.a. over a rolling three year period before fees, expenses and taxes. Aims to provide investors with a relatively concentrated actively managed investment portfolio of global equities to achieve long term capital growth. This fund invests in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. Source: Product Disclosure Statement dated 2025-08-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo371d7c57ae2ecd4dc67ff24b301e8827/Amova-Global-Equity-Funds-Product-Disclosure-Statement-1-September-2025.pdf ## Fund data - **Annual fund charge:** 1.20% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.69% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$162 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 22 August 2017 ## Top 10 holdings 1. Nvidia Corp — 7.71% 2. Microsoft Corp — 5.42% 3. Amazon Com Inc — 5.40% 4. Broadcom Corp Com — 3.58% 5. Netflix Inc — 3.43% 6. Compass Group Ord GBP0 1105 — 2.80% 7. Coca-Cola Europacific Partners — 2.79% 8. Mastercard Inc - Class A — 2.72% 9. Us Foods Holding Corp — 2.71% 10. Linde Plc — 2.61% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 7 bps / 7 bps (transaction cost on subscription / redemption) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 1 ### Conflicts of interest (verbatim from OMI) - Amova NZ engages related party managers AAME and AAMA (both having common ownership with Amova NZ) to manage underlying assets of certain funds, creating a potential conflict of interest between obtaining best execution/terms and maintaining intra-group relationships. ### Related-party transactions - **Amova Asset Management Europe Limited (AAME)** (Related party — common ownership with Amova NZ) — Investment management of global equity assets for the Amova Wholesale Global Shares Fund and as an investment manager for the Amova Global Equity Unhedged Fund under an Investment Management Agreement dated 26 June 2017 - **Amova Asset Management Americas Inc. (AAMA)** (Related party — common ownership with Amova NZ) — Manages assets of the Amova ARK Disruptive Fund Innovation Fund (Underlying Fund), implementing the investment strategy as advised by the investment adviser (ARK Investment Management LLC) Source: Other Material Information document dated 2025-11-24. https://smartinvestor.sorted.org.nz/disclose-document/mdoc6dce8a8f80099b27f95d90911d3267d/Amova-NZ-Investment-Other-Material-Information-24-November-2025.pdf ## How to invest Available via: Amova directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Amova%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/mdoeedb925cb6b68880d17e0c758ee568e4/Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10488/OFR10608/FND7187/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amova/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/amova/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amova/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Amova Global Shares Fund URL: https://managedfunds.nz/funds/amova/global-shares/questions/ > 3 commonly-asked questions about the Amova Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Amova, international equities category. Questions about Amova Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Amova Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Should I invest in global shares? Global shares exposure can provide diversification beyond the New Zealand market, though the suitability depends on your investment timeframe, risk tolerance, and overall portfolio. This fund holds ~98.31% growth assets and carries a risk indicator of 5/7 on the FMA standardised scale; you should review the Product Disclosure Statement and consider seeking personalised financial advice before investing. 2. What is the best way to buy shares in NZ? For managed fund exposure to global shares, you can invest via fund platforms such as InvestNow or directly with the fund manager; each option has different account features and user interfaces. For direct share trading, the FMA provides guidance on NZX-listed securities and licensed brokers at fma.govt.nz. 3. How big is Amova asset management? As at the latest Quarterly Fund Update, the Amova Global Shares Fund has a fund size of NZ$161,881,624. For further details about the fund manager's overall asset base and operations, refer to the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Primary sources Product Disclosure Statement More about this fund Amova Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Amova Global Shares Fund? — KPMG URL: https://managedfunds.nz/funds/amova/global-shares/who-audits/ > The Amova Global Shares Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Amova Global Shares Fund? KPMG The Amova Global Shares Fund sits within a managed investment scheme run by Amova. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Amova Global Shares Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the AMP Aggressive Managed Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/amp/aggressive-managed/investment-mandate/ > The AMP Aggressive Managed Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the AMP Aggressive Managed Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 1% 0% 11% New Zealand fixed interest 3.5% 0% 13.5% International fixed interest 2% 0% 12% Total Income Assets 6.5% 0% 16.5% Australasian equities 20% 10% 30% International equities 65% 55% 75% Other (infrastructure) 8.5% 0% 18.5% Total Growth Assets 93.5% 83.5% 100% Mandate flexibility (sum of max − min across all ranges): 128%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (13) Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)Civilian firearms producers and distributors >5% revenueMilitary weapons >5% revenueFossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)Power generation from thermal coal >5% revenueNuclear power >5% electricity generationTobacco producers and distributors >5% revenuePalm oil producers and distributorsWhale meat productionUN Global Compact violatorsPrimary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco)NZ Super Fund exclusion listSecurities issued by or traded on Russian Federation Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives · stale Related AMP Aggressive Managed Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## AMP Aggressive Managed Fund: 0.80% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/amp/aggressive-managed/is-it-expensive/ > AMP Aggressive Managed Fund charges 0.80% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the AMP Aggressive Managed Fund expensive? AMP Aggressive Managed Fund charges 0.80% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 72% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). AMP Aggressive Managed Fund NZ$394 at 0.80% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-92 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than AMP Aggressive Managed Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs AMP Aggressive Managed Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.55pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.55pp Simplicity Growth Investment Fund Simplicity 0.25% −0.55pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.55pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.55pp Kernel Conservative Fund Kernel 0.25% −0.55pp Kernel Balanced Fund Kernel 0.25% −0.55pp Kernel High Growth Fund Kernel 0.25% −0.55pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for AMP Aggressive Managed Fund? AMP Aggressive Managed Fund charges 0.80% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does AMP Aggressive Managed Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. AMP Aggressive Managed Fund sits at 0.80% — cheaper than 72% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.80% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$394. That is NZ$92 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to AMP Aggressive Managed Fund --- ## URL: https://managedfunds.nz/funds/amp/aggressive-managed/markdown.md # AMP Aggressive Managed Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** AMP (AMP Wealth Management New Zealand Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The AMP Aggressive Managed Fund is a diversified managed fund run by AMP. Long-established Australasian wealth manager with a NZ retail managed-fund range. ## Investment objective (from PDS) > To achieve high returns – in exchange there will be larger movements up and down in the value of your investments. To provide a well-diversified portfolio that aims to provide growth, primarily through holding growth assets. The fund has a low allocation to income assets. Source: Product Disclosure Statement dated 2025-05-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf ## Fund data - **Annual fund charge:** 0.80% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$12 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 October 2024 ## Top 10 holdings 1. NVIDIA Corp — 2.84% 2. Fisher & Paykel Healthcare Corporation Limited — 2.81% 3. Apple Inc — 2.51% 4. Auckland International Airport Limited — 1.78% 5. Microsoft Corp — 1.71% 6. Infratil Limited — 1.49% 7. Taiwan Semiconductor Manufacturing Company Ltd — 1.46% 8. Amazon.Com Inc — 1.40% 9. Contact Energy Limited — 1.17% 10. Alphabet Inc Class C — 1.09% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 1% | 0% | 11% | | New Zealand fixed interest | 3.5% | 0% | 13.5% | | International fixed interest | 2% | 0% | 12% | | Total Income Assets | 6.5% | 0% | 16.5% | | Australasian equities | 20% | 10% | 30% | | International equities | 65% | 55% | 75% | | Other (infrastructure) | 8.5% | 0% | 18.5% | | Total Growth Assets | 93.5% | 83.5% | 100% | ### Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. ### Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus) - Civilian firearms producers and distributors >5% revenue - Military weapons >5% revenue - Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal) - Power generation from thermal coal >5% revenue - Nuclear power >5% electricity generation - Tobacco producers and distributors >5% revenue - Palm oil producers and distributors - Whale meat production - UN Global Compact violators - Primary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco) - NZ Super Fund exclusion list - Securities issued by or traded on Russian Federation Source: Statement of Investment Policy and Objectives dated 2025-05-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo1a78b358ae2a2d638676ad90ef76203f/AMP-Managed-Funds-Statementof-Investment-Policyand-Objectives.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - AMP Services (NZ) Limited is a related company of AMP Wealth Management New Zealand Limited and is paid from the management fee to perform administration functions; AMP may at any time agree with AMP Services to change the fee paid to them. - AMP Limited's Conflicts Management Policy provides principles for managing conflicts of interest within AMP, acknowledging the potential for conflicts arising from related-party arrangements within the group. ### Related-party transactions - **AMP Services (NZ) Limited** (Related company of the Manager) — Administration manager of the Scheme; performs administration functions delegated by AMP. Paid from the management fee. - **BlackRock Investment Management (Australia) Limited** (Investment management partner (not stated as related party)) — Investment management services for underlying funds managed by AMP; also exercises voting and engagement stewardship rights on behalf of AMP. - **AMP Limited** (Ultimate holding company of AMP Wealth Management New Zealand Limited) — Ultimate parent; governance procedures established by AMP Limited apply to AMP. Source: Other Material Information document dated 2025-05-22. https://smartinvestor.sorted.org.nz/disclose-document/mdo408460c87fb87e6b86051b0062e4efa9/AMP-Managed-Funds-Other-Material-Information.pdf ## How to invest Available via: AMP directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=AMP%20Aggressive%20Managed%20Fund - **Product Disclosure Statement:** /disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13265/OFR13331/FND51805/ - **Manager website:** https://www.amp.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amp/aggressive-managed/ - **Markdown (this file):** https://managedfunds.nz/funds/amp/aggressive-managed/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amp/aggressive-managed/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the AMP Aggressive Managed Fund URL: https://managedfunds.nz/funds/amp/aggressive-managed/questions/ > 3 commonly-asked questions about the AMP Aggressive Managed Fund, answered with mechanical facts sourced from the FMA Disclose register. AMP, diversified category. Questions about AMP Aggressive Managed Fund 3 commonly-asked questions, answered with mechanical facts sourced from the AMP Aggressive Managed Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the benefit of AMP managed funds? AMP Aggressive Managed Fund offers a diversified portfolio across growth and income assets managed as a PIE (Portfolio Investment Entity), which caps your personal tax at your applicable PIR (maximum 28%) rather than your marginal tax rate. The fund's annual charge of 0.8% p.a. is below the peer-cohort average of 0.95% p.a., and it is accessible through multiple platforms including InvestNow and directly through AMP. 2. Are aggressive growth funds a good investment? Aggressive growth funds are designed for investors with longer time horizons who can tolerate higher volatility; AMP's fund carries a risk indicator of 4/7 on the FMA standardised scale and holds approximately 98.31% growth assets. Whether an aggressive fund suits your circumstances depends on your personal investment goals, time horizon, and risk tolerance—you should review the Product Disclosure Statement on FMA Disclose and consider seeking financial advice. 3. Is AMP a good long-term investment? AMP Aggressive Managed Fund's suitability as a long-term investment depends on your personal investment objectives and risk tolerance; the fund's risk indicator of 4/7 and growth-asset weighting of ~98.31% are designed for longer-term investors who can tolerate market volatility. Review the current Product Disclosure Statement on FMA Disclose and the fund's latest quarterly fund update to assess whether it aligns with your long-term strategy. Primary sources Product Disclosure Statement · stale More about this fund AMP Aggressive Managed Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the AMP Balanced Managed Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/amp/balanced-managed/investment-mandate/ > The AMP Balanced Managed Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the AMP Balanced Managed Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 4.2% 0% 14.2% New Zealand fixed interest 20% 10% 30% International fixed interest 18% 8% 28% Total Income Assets 42.2% 32.2% 52.2% Australasian equities 13.5% 3.5% 23.5% International equities 37.3% 27.3% 47.3% Other (infrastructure) 7% 0% 17% Total Growth Assets 57.8% 47.8% 67.8% Mandate flexibility (sum of max − min across all ranges): 151.2%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (13) Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)Civilian firearms producers and distributors >5% revenueMilitary weapons >5% revenueFossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)Power generation from thermal coal >5% revenueNuclear power >5% electricity generationTobacco producers and distributors >5% revenuePalm oil producers and distributorsWhale meat productionUN Global Compact violatorsPrimary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco)NZ Super Fund exclusion listSecurities issued by or traded on Russian Federation Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives · stale Related AMP Balanced Managed Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## AMP Balanced Managed Fund: 0.81% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/amp/balanced-managed/is-it-expensive/ > AMP Balanced Managed Fund charges 0.81% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the AMP Balanced Managed Fund expensive? AMP Balanced Managed Fund charges 0.81% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). AMP Balanced Managed Fund NZ$398 at 0.81% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-87 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than AMP Balanced Managed Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs AMP Balanced Managed Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.56pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.56pp Simplicity Growth Investment Fund Simplicity 0.25% −0.56pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.56pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.56pp Kernel Conservative Fund Kernel 0.25% −0.56pp Kernel Balanced Fund Kernel 0.25% −0.56pp Kernel High Growth Fund Kernel 0.25% −0.56pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for AMP Balanced Managed Fund? AMP Balanced Managed Fund charges 0.81% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does AMP Balanced Managed Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. AMP Balanced Managed Fund sits at 0.81% — cheaper than 70% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.81% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$398. That is NZ$87 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to AMP Balanced Managed Fund --- ## URL: https://managedfunds.nz/funds/amp/balanced-managed/markdown.md # AMP Balanced Managed Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** AMP (AMP Wealth Management New Zealand Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The AMP Balanced Managed Fund is a diversified managed fund run by AMP. Long-established Australasian wealth manager with a NZ retail managed-fund range. ## Investment objective (from PDS) > To achieve medium returns – in exchange there will be some movements up and down in the value of your investments. To provide a well-diversified portfolio that has a balance of risk through holding growth assets and an allocation to lower-risk income assets. Source: Product Disclosure Statement dated 2025-05-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf ## Fund data - **Annual fund charge:** 0.81% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$45 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 18 May 2022 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 2.01% 2. New Zealand Government Inflation Linked Bond - maturing 20 Sep 2035 — 1.94% 3. NVIDIA Corp — 1.67% 4. Apple Inc — 1.47% 5. New Zealand Government Inflation Linked Bond - maturing 20 Sep 2040 — 1.29% 6. New Zealand Government Bond - maturing 20 Apr 2029 — 1.27% 7. New Zealand Government Inflation Linked Bond - maturing 20 Sep 2030 — 1.27% 8. Auckland International Airport Limited — 1.27% 9. New Zealand Government Bond - maturing 15 May 2030 — 1.12% 10. New Zealand Government Bond - maturing 15 Apr 2027 — 1.07% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 4.2% | 0% | 14.2% | | New Zealand fixed interest | 20% | 10% | 30% | | International fixed interest | 18% | 8% | 28% | | Total Income Assets | 42.2% | 32.2% | 52.2% | | Australasian equities | 13.5% | 3.5% | 23.5% | | International equities | 37.3% | 27.3% | 47.3% | | Other (infrastructure) | 7% | 0% | 17% | | Total Growth Assets | 57.8% | 47.8% | 67.8% | ### Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. ### Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus) - Civilian firearms producers and distributors >5% revenue - Military weapons >5% revenue - Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal) - Power generation from thermal coal >5% revenue - Nuclear power >5% electricity generation - Tobacco producers and distributors >5% revenue - Palm oil producers and distributors - Whale meat production - UN Global Compact violators - Primary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco) - NZ Super Fund exclusion list - Securities issued by or traded on Russian Federation Source: Statement of Investment Policy and Objectives dated 2025-05-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo1a78b358ae2a2d638676ad90ef76203f/AMP-Managed-Funds-Statementof-Investment-Policyand-Objectives.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - AMP Services (NZ) Limited is a related company of AMP Wealth Management New Zealand Limited and is paid from the management fee to perform administration functions; AMP may at any time agree with AMP Services to change the fee paid to them. - AMP Limited's Conflicts Management Policy provides principles for managing conflicts of interest within AMP, acknowledging the potential for conflicts arising from related-party arrangements within the group. ### Related-party transactions - **AMP Services (NZ) Limited** (Related company of the Manager) — Administration manager of the Scheme; performs administration functions delegated by AMP. Paid from the management fee. - **BlackRock Investment Management (Australia) Limited** (Investment management partner (not stated as related party)) — Investment management services for underlying funds managed by AMP; also exercises voting and engagement stewardship rights on behalf of AMP. - **AMP Limited** (Ultimate holding company of AMP Wealth Management New Zealand Limited) — Ultimate parent; governance procedures established by AMP Limited apply to AMP. Source: Other Material Information document dated 2025-05-22. https://smartinvestor.sorted.org.nz/disclose-document/mdo408460c87fb87e6b86051b0062e4efa9/AMP-Managed-Funds-Other-Material-Information.pdf ## How to invest Available via: AMP directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=AMP%20Balanced%20Managed%20Fund - **Product Disclosure Statement:** /disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13265/OFR13331/FND38914/ - **Manager website:** https://www.amp.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amp/balanced-managed/ - **Markdown (this file):** https://managedfunds.nz/funds/amp/balanced-managed/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amp/balanced-managed/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the AMP Balanced Managed Fund URL: https://managedfunds.nz/funds/amp/balanced-managed/questions/ > 3 commonly-asked questions about the AMP Balanced Managed Fund, answered with mechanical facts sourced from the FMA Disclose register. AMP, diversified category. Questions about AMP Balanced Managed Fund 3 commonly-asked questions, answered with mechanical facts sourced from the AMP Balanced Managed Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are balanced funds good for retirees? Balanced funds mix growth and income assets to suit investors seeking both capital growth and regular returns; the AMP Balanced Managed Fund holds approximately 52.35% growth assets and 47.65% income assets. Whether this asset mix suits your retirement needs depends on your personal circumstances, time horizon, and income requirements—check the Product Disclosure Statement or consult a financial adviser for guidance tailored to your situation. 2. What is a reasonable fee for a managed fund? Fund fees vary by asset class and strategy; the AMP Balanced Managed Fund charges 0.81% p.a., which is below the peer-cohort average of 1.06% p.a. for comparable diversified funds. You can compare fees across funds in our coverage using the fee comparison tool, and the FMA Disclose register provides standardised disclosure of all manager charges. 3. What is the benefit of AMP managed funds? Managed funds provide professional asset allocation, diversification across multiple holdings, and centralised administration; the AMP Balanced Managed Fund also benefits from PIE tax status, which caps your investor tax at your prescribed investor rate (maximum 28%). Specific benefits depend on your investment goals and circumstances—refer to the PDS or AMP's website for full details on fund features. Primary sources Product Disclosure Statement · stale More about this fund AMP Balanced Managed Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the AMP Growth Managed Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/amp/growth-managed/investment-mandate/ > The AMP Growth Managed Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the AMP Growth Managed Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 12% New Zealand fixed interest 10% 0% 20% International fixed interest 10% 0% 20% Total Income Assets 22% 12% 32% Australasian equities 19% 9% 29% International equities 51.5% 41.5% 61.5% Other (infrastructure) 7.5% 0% 17.5% Total Growth Assets 78% 68% 88% Mandate flexibility (sum of max − min across all ranges): 149.5%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (13) Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)Civilian firearms producers and distributors >5% revenueMilitary weapons >5% revenueFossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)Power generation from thermal coal >5% revenueNuclear power >5% electricity generationTobacco producers and distributors >5% revenuePalm oil producers and distributorsWhale meat productionUN Global Compact violatorsPrimary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco)NZ Super Fund exclusion listSecurities issued by or traded on Russian Federation Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives · stale Related AMP Growth Managed Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## AMP Growth Managed Fund: 0.81% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/amp/growth-managed/is-it-expensive/ > AMP Growth Managed Fund charges 0.81% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the AMP Growth Managed Fund expensive? AMP Growth Managed Fund charges 0.81% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). AMP Growth Managed Fund NZ$398 at 0.81% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-87 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than AMP Growth Managed Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs AMP Growth Managed Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.56pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.56pp Simplicity Growth Investment Fund Simplicity 0.25% −0.56pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.56pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.56pp Kernel Conservative Fund Kernel 0.25% −0.56pp Kernel Balanced Fund Kernel 0.25% −0.56pp Kernel High Growth Fund Kernel 0.25% −0.56pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for AMP Growth Managed Fund? AMP Growth Managed Fund charges 0.81% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does AMP Growth Managed Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. AMP Growth Managed Fund sits at 0.81% — cheaper than 70% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.81% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$398. That is NZ$87 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to AMP Growth Managed Fund --- ## URL: https://managedfunds.nz/funds/amp/growth-managed/markdown.md # AMP Growth Managed Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** AMP (AMP Wealth Management New Zealand Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The AMP Growth Managed Fund is a diversified managed fund run by AMP. Long-established Australasian wealth manager with a NZ retail managed-fund range. ## Investment objective (from PDS) > To achieve medium to high returns – in exchange there will be larger movements up and down in the value of your investments. To provide a well-diversified portfolio that aims to provide growth, primarily through holding growth assets diversified with a lower allocation to lower-risk income assets. Source: Product Disclosure Statement dated 2025-05-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf ## Fund data - **Annual fund charge:** 0.81% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$44 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 18 May 2022 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 2.83% 2. NVIDIA Corp — 2.29% 3. Apple Inc — 2.02% 4. Auckland International Airport Limited — 1.79% 5. New Zealand Government Inflation Linked Bond - maturing 20 Sep 2035 — 1.55% 6. Infratil Limited — 1.50% 7. Microsoft Corp — 1.38% 8. Taiwan Semiconductor Manufacturing Company Ltd — 1.37% 9. Contact Energy Limited — 1.17% 10. Amazon.Com Inc — 1.12% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 12% | | New Zealand fixed interest | 10% | 0% | 20% | | International fixed interest | 10% | 0% | 20% | | Total Income Assets | 22% | 12% | 32% | | Australasian equities | 19% | 9% | 29% | | International equities | 51.5% | 41.5% | 61.5% | | Other (infrastructure) | 7.5% | 0% | 17.5% | | Total Growth Assets | 78% | 68% | 88% | ### Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. ### Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus) - Civilian firearms producers and distributors >5% revenue - Military weapons >5% revenue - Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal) - Power generation from thermal coal >5% revenue - Nuclear power >5% electricity generation - Tobacco producers and distributors >5% revenue - Palm oil producers and distributors - Whale meat production - UN Global Compact violators - Primary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco) - NZ Super Fund exclusion list - Securities issued by or traded on Russian Federation Source: Statement of Investment Policy and Objectives dated 2025-05-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo1a78b358ae2a2d638676ad90ef76203f/AMP-Managed-Funds-Statementof-Investment-Policyand-Objectives.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - AMP Services (NZ) Limited is a related company of AMP Wealth Management New Zealand Limited and is paid from the management fee to perform administration functions; AMP may at any time agree with AMP Services to change the fee paid to them. - AMP Limited's Conflicts Management Policy provides principles for managing conflicts of interest within AMP, acknowledging the potential for conflicts arising from related-party arrangements within the group. ### Related-party transactions - **AMP Services (NZ) Limited** (Related company of the Manager) — Administration manager of the Scheme; performs administration functions delegated by AMP. Paid from the management fee. - **BlackRock Investment Management (Australia) Limited** (Investment management partner (not stated as related party)) — Investment management services for underlying funds managed by AMP; also exercises voting and engagement stewardship rights on behalf of AMP. - **AMP Limited** (Ultimate holding company of AMP Wealth Management New Zealand Limited) — Ultimate parent; governance procedures established by AMP Limited apply to AMP. Source: Other Material Information document dated 2025-05-22. https://smartinvestor.sorted.org.nz/disclose-document/mdo408460c87fb87e6b86051b0062e4efa9/AMP-Managed-Funds-Other-Material-Information.pdf ## How to invest Available via: AMP directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=AMP%20Growth%20Managed%20Fund - **Product Disclosure Statement:** /disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13265/OFR13331/FND38239/ - **Manager website:** https://www.amp.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amp/growth-managed/ - **Markdown (this file):** https://managedfunds.nz/funds/amp/growth-managed/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amp/growth-managed/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the AMP Growth Managed Fund URL: https://managedfunds.nz/funds/amp/growth-managed/questions/ > 3 commonly-asked questions about the AMP Growth Managed Fund, answered with mechanical facts sourced from the FMA Disclose register. AMP, diversified category. Questions about AMP Growth Managed Fund 3 commonly-asked questions, answered with mechanical facts sourced from the AMP Growth Managed Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is AMP a good long-term investment? Assessing suitability requires reviewing your personal circumstances, investment horizon, and risk tolerance against the fund's risk indicator of 4/7 and asset mix of approximately 78.34% growth assets and 21.66% income assets. The fund's annual charge of 0.81% p.a. is below the peer-cohort average of 1.23% p.a., which may be relevant to long-term cost considerations. Check the current PDS and FMA Disclose register for full fund details before investing. 2. What is the benefit of AMP managed funds? AMP Growth Managed Fund offers diversified exposure across growth and income assets within a single investment, with PIE tax structuring that caps investor tax at the prescribed investor rate (maximum 28%). The fund's annual charge of 0.81% p.a. is lower than the peer-cohort average, which may reduce the long-term cost of diversified investing compared to some alternatives. 3. Which is better, KiwiSaver or managed funds? KiwiSaver® scheme accounts and managed funds serve different purposes and have distinct features—including tax treatment, contribution requirements, and withdrawal restrictions—that make direct comparison mechanical rather than evaluative. Your KiwiSaver scheme account may offer employer contributions and government co-contributions, while managed funds like AMP Growth offer flexibility in contribution timing and access. Review the IRD and FMA guidance on both structures to understand which aligns with your circumstances. Primary sources Product Disclosure Statement · stale More about this fund AMP Growth Managed Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the AMP International Shares Managed Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/amp/international-shares-managed/investment-mandate/ > The AMP International Shares Managed Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the AMP International Shares Managed Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (13) Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)Civilian firearms producers and distributors >5% revenueMilitary weapons >5% revenueFossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)Power generation from thermal coal >5% revenueNuclear power >5% electricity generationTobacco producers and distributors >5% revenuePalm oil producers and distributorsWhale meat productionUN Global Compact violatorsPrimary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco)NZ Super Fund exclusion listSecurities issued by or traded on Russian Federation Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives · stale Related AMP International Shares Managed Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## AMP International Shares Managed Fund: 0.79% fee vs 0.61% peer… URL: https://managedfunds.nz/funds/amp/international-shares-managed/is-it-expensive/ > AMP International Shares Managed Fund charges 0.79% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the AMP International Shares Managed Fund expensive? AMP International Shares Managed Fund charges 0.79% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 58% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). AMP International Shares Managed Fund NZ$389 at 0.79% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$88 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than AMP International Shares Managed Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs AMP International Shares Managed Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.76pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.76pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.73pp Foundation Series Total World Fund Foundation Series 0.07% −0.72pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.72pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.69pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.64pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.64pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for AMP International Shares Managed Fund? AMP International Shares Managed Fund charges 0.79% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does AMP International Shares Managed Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. AMP International Shares Managed Fund sits at 0.79% — pricier than the median (cheaper than 42% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.79% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$389. That is NZ$88 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to AMP International Shares Managed Fund --- ## URL: https://managedfunds.nz/funds/amp/international-shares-managed/markdown.md # AMP International Shares Managed Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** AMP (AMP Wealth Management New Zealand Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The AMP International Shares Managed Fund is a international equities managed fund run by AMP. Long-established Australasian wealth manager with a NZ retail managed-fund range. ## Investment objective (from PDS) > To achieve high returns through long term capital growth. To provide a well-diversified portfolio that has exposure to diversified international equities of companies listed on stock exchanges. Source: Product Disclosure Statement dated 2025-05-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf ## Fund data - **Annual fund charge:** 0.79% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$11 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 October 2024 ## Top 10 holdings 1. NVIDIA Corp — 5.48% 2. Apple Inc — 4.84% 3. Microsoft Corp — 3.30% 4. Amazon.Com Inc — 2.69% 5. Alphabet Inc Class C — 2.10% 6. Broadcom Inc — 1.87% 7. Alphabet Inc Class A — 1.76% 8. Meta Platforms Inc — 1.44% 9. Tesla Inc — 1.40% 10. Johnson & Johnson — 1.14% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies. ### Derivatives policy Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus) - Civilian firearms producers and distributors >5% revenue - Military weapons >5% revenue - Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal) - Power generation from thermal coal >5% revenue - Nuclear power >5% electricity generation - Tobacco producers and distributors >5% revenue - Palm oil producers and distributors - Whale meat production - UN Global Compact violators - Primary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco) - NZ Super Fund exclusion list - Securities issued by or traded on Russian Federation Source: Statement of Investment Policy and Objectives dated 2025-05-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo1a78b358ae2a2d638676ad90ef76203f/AMP-Managed-Funds-Statementof-Investment-Policyand-Objectives.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - AMP Services (NZ) Limited is a related company of AMP Wealth Management New Zealand Limited and is paid from the management fee to perform administration functions; AMP may at any time agree with AMP Services to change the fee paid to them. - AMP Limited's Conflicts Management Policy provides principles for managing conflicts of interest within AMP, acknowledging the potential for conflicts arising from related-party arrangements within the group. ### Related-party transactions - **AMP Services (NZ) Limited** (Related company of the Manager) — Administration manager of the Scheme; performs administration functions delegated by AMP. Paid from the management fee. - **BlackRock Investment Management (Australia) Limited** (Investment management partner (not stated as related party)) — Investment management services for underlying funds managed by AMP; also exercises voting and engagement stewardship rights on behalf of AMP. - **AMP Limited** (Ultimate holding company of AMP Wealth Management New Zealand Limited) — Ultimate parent; governance procedures established by AMP Limited apply to AMP. Source: Other Material Information document dated 2025-05-22. https://smartinvestor.sorted.org.nz/disclose-document/mdo408460c87fb87e6b86051b0062e4efa9/AMP-Managed-Funds-Other-Material-Information.pdf ## How to invest Available via: AMP directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=AMP%20International%20Shares%20Managed%20Fund - **Product Disclosure Statement:** /disclose-document/mdo067ce037cf28149742df8c20014ad0ac/AMP-Managed-Funds-Product-Disclosure-Statement.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13265/OFR13331/FND51820/ - **Manager website:** https://www.amp.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/amp/international-shares-managed/ - **Markdown (this file):** https://managedfunds.nz/funds/amp/international-shares-managed/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/amp/international-shares-managed/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the AMP International Shares Managed Fund URL: https://managedfunds.nz/funds/amp/international-shares-managed/questions/ > 3 commonly-asked questions about the AMP International Shares Managed Fund, answered with mechanical facts sourced from the FMA Disclose register. AMP, international equities category. Questions about AMP International Shares Managed Fund 3 commonly-asked questions, answered with mechanical facts sourced from the AMP International Shares Managed Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the benefit of AMP managed funds? AMP International Shares Managed Fund offers diversified exposure to international equities with a single investment, pooling capital to access markets and companies that may be difficult to purchase individually. As a PIE-compliant fund, investor tax is capped at your prescribed investor rate (maximum 28%), which may provide a tax advantage compared to direct share ownership. Check the current PDS on AMP's website or FMA Disclose for full details of fund benefits and features. 2. Is it better to invest in ETFs or managed funds? Both ETFs and managed funds offer different structures: managed funds are typically actively managed by a fund manager and require less hands-on monitoring, while ETFs are often passively indexed and traded on exchange like shares. The choice depends on your investment approach, time availability, and cost preference—AMP International Shares (0.79% annual charge) sits below the peer-cohort average of 0.95% p.a. Refer to the FMA's fund comparison resources and your own financial situation to determine which structure suits your needs. 3. Is AMP a good long-term investment? AMP International Shares Managed Fund holds ~98.31% growth assets, positioning it for long-term equity exposure; it carries a risk indicator of 5/7 on the FMA standardised scale, reflecting moderate-to-high volatility typical of international share funds. Past performance and suitability for your situation are individual factors—consult the latest PDS, QFU, and FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/) to assess whether this fund aligns with your investment timeframe and risk tolerance. Primary sources Product Disclosure Statement · stale More about this fund AMP International Shares Managed Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Antipodes Global Fund – Long (PIE) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/antipodes/global-long/investment-mandate/ > The Antipodes Global Fund – Long (PIE)'s Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Antipodes Global Fund – Long (PIE) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Shares in the Antipodes Global Fund - UCITS — 95% 105% Funding account (NZ dollar cash and cash equivalents) — -5% 5% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivatives may be used to establish short positions in securities or market indices, gain or reduce exposure to currencies, offset specific unwanted portfolio risks, and amplify positions. The Underlying Fund's total gross exposure may be leveraged to a maximum of 200% of Net Asset Value, with net exposure typically within 50%-100% of Net Asset Value. Statement of Investment Policy and Objectives Related Antipodes Global Fund – Long (PIE) fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Antipodes Global Fund – Long (PIE): annual fee load vs peer-cl… URL: https://managedfunds.nz/funds/antipodes/global-long/is-it-expensive/ > Annual fee load for Antipodes Global Fund – Long (PIE) compared with the international equities peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Antipodes Global Fund – Long (PIE) expensive? Annual fund charge for Antipodes Global Fund – Long (PIE) has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Antipodes Global Fund – Long (PIE)? Annual fund charge for Antipodes Global Fund – Long (PIE) has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Antipodes Global Fund – Long (PIE)'s fee compare with peer international equities funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Antipodes Global Fund – Long (PIE) --- ## URL: https://managedfunds.nz/funds/antipodes/global-long/markdown.md # Antipodes Global Fund – Long (PIE) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Antipodes - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Antipodes Global Fund – Long (PIE) is a international equities managed fund run by Antipodes. Australian global-equities manager with a long-bias PIE fund offered to NZ investors. ## Investment objective (from PDS) > To achieve absolute returns in excess of the returns of the MSCI All Country World Index (Net Total Return) (in New Zealand Dollar Terms) over the investment cycle (typically 3-5 years). Source: Product Disclosure Statement dated 2025-09-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf ## Fund data - **Annual fund charge:** 1.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 12.55% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$133 million - **Asset mix:** 0% growth assets · 1% income assets - **Fund started:** 25 July 2018 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Amazon.Com, Inc. — 5.16% 2. Microsoft Corporation — 3.70% 3. Total SA — 3.19% 4. Merck & Co., Inc. — 3.18% 5. Brookdale Senior Living Inc. — 2.85% 6. Keysight Technologies Inc — 2.76% 7. Barrick Mining Corporation — 2.50% 8. Taiwan Semiconductor Manufacturing Co., Ltd. — 2.45% 9. Capital One Financial Corporation — 2.12% 10. Societe Generale S.A. Class A — 2.03% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the Fund's performance above the Benchmark Index (MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms)), calculated daily and paid annually as at 30 June each year, subject to a high water mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 7.5 bps / 7.5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Shares in the Antipodes Global Fund - UCITS | — | 95% | 105% | | Funding account (NZ dollar cash and cash equivalents) | — | -5% | 5% | ### Derivatives policy Derivatives may be used to establish short positions in securities or market indices, gain or reduce exposure to currencies, offset specific unwanted portfolio risks, and amplify positions. The Underlying Fund's total gross exposure may be leveraged to a maximum of 200% of Net Asset Value, with net exposure typically within 50%-100% of Net Asset Value. Source: Statement of Investment Policy and Objectives dated 2025-08-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo3ea013c53018ed59028039fec389d96e/Antipodes-Investment-Funds-SIPO-8-August-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Antipodes Partners Limited, as Investment Manager for the Funds (representing a single investor into the Underlying Funds), may have a potential conflict with its affiliate managing the Underlying Funds (representing all investors in the Underlying Funds). - Both FundRock NZ Limited and the Scheme's administration manager Apex NZ are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, potentially benefiting Apex NZ at the expense of investors. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Administration services including unit pricing, fund accounting, and registry services - **Antipodes Partners Limited (affiliate managing Underlying Funds)** (Affiliate of the Investment Manager; Investment Manager invests Fund assets into Underlying Funds managed by this affiliate) — Investment management of Underlying Funds (Antipodes Global Fund – UCITS, Antipodes Global Fund – Long – UCITS, and Antipodes Emerging Markets) Source: Other Material Information document dated 2025-09-02. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed99a2ffc982f5153eb93c5f728d4cb/20250903-Antipodes-OMI.pdf ## How to invest Available via: Antipodes directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Antipodes%20Global%20Fund%20%E2%80%93%20Long%20(PIE) - **Product Disclosure Statement:** /disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12434/OFR12435/FND10396/ - **Manager website:** https://www.antipodes.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/antipodes/global-long/ - **Markdown (this file):** https://managedfunds.nz/funds/antipodes/global-long/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/antipodes/global-long/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Antipodes Global Fund – Long (PIE) charge a performance fee? URL: https://managedfunds.nz/funds/antipodes/global-long/performance-fee-explained/ > The Antipodes Global Fund – Long (PIE) charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Antipodes Global Fund – Long (PIE) charge a performance fee? Yes — in addition to its annual fund charge. Verbatim from the Product Disclosure Statement 15% of the Fund's performance above the Benchmark Index (MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms)), calculated daily and paid annually as at 30 June each year, subject to a high water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Antipodes Global Fund – Long (PIE) fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Antipodes Global Fund – Long (PIE) URL: https://managedfunds.nz/funds/antipodes/global-long/questions/ > 2 commonly-asked questions about the Antipodes Global Fund – Long (PIE), answered with mechanical facts sourced from the FMA Disclose register. Antipodes, international equities category. Questions about Antipodes Global Fund – Long (PIE) 2 commonly-asked questions, answered with mechanical facts sourced from the Antipodes Global Fund – Long (PIE)'s current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Global equity funds invest in shares of companies across international markets and carry market risk; suitability depends on your investment timeframe, risk tolerance, and financial goals. The Antipodes Global Fund – Long is classified at risk indicator 4/7 on the FMA standardised scale and has returned 12.55% p.a. after fees (before tax) over five years as at the latest QFU; past returns do not guarantee future performance. 2. Are global mutual funds a good investment? Global mutual funds (managed funds) provide diversified exposure to international equities and are subject to fund manager fees and market risk. The Antipodes Global Fund – Long charges 1.21% p.a. in annual fund charges and has delivered 12.55% p.a. after fees (before tax) over five years as at the latest QFU; whether this suits your needs depends on your investment objectives and risk appetite. Primary sources Product Disclosure Statement More about this fund Antipodes Global Fund – Long (PIE) — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Antipodes Global Fund – Long (PIE)? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/antipodes/global-long/who-audits/ > The Antipodes Global Fund – Long (PIE) is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Antipodes Global Fund – Long (PIE)? PricewaterhouseCoopers The Antipodes Global Fund – Long (PIE) sits within a managed investment scheme run by Antipodes. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust Related Antipodes Global Fund – Long (PIE) fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the ANZ Investments OneAnswer Australian Share Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/investment-mandate/ > The ANZ Investments OneAnswer Australian Share Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer Australian Share Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian equities (Australia) 100% 90% 100% Cash and cash equivalents 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer Australian Share Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer Australian Share Fund: 1.09% fee vs … URL: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/is-it-expensive/ > ANZ Investments OneAnswer Australian Share Fund charges 1.09% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Australian Share Fund expensive? ANZ Investments OneAnswer Australian Share Fund charges 1.09% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 65% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Australian Share Fund NZ$533 at 1.09% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$38 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than ANZ Investments OneAnswer Australian Share Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Australian Share Fund Simplicity NZ Share Fund Simplicity 0.10% −0.99pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.89pp Harbour NZ Index Shares Fund Harbour 0.21% −0.88pp BetaShares Australia 200 Fund BetaShares 0.23% −0.86pp Kernel NZ 20 Fund Kernel 0.25% −0.84pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.84pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.84pp Kernel Australia 100 Fund Kernel 0.25% −0.84pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Australian Share Fund? ANZ Investments OneAnswer Australian Share Fund charges 1.09% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Australian Share Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. ANZ Investments OneAnswer Australian Share Fund sits at 1.09% — pricier than the median (cheaper than 35% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.09% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$533. That is NZ$38 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Australian Share Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/markdown.md # ANZ Investments OneAnswer Australian Share Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Australian Share Fund is a australasian equities managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve a return (after the fund charge and before tax) that over the long term outperforms the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 1.09% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.25% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$22 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 February 1996 ## Top 10 holdings 1. BHP Group Limited — 12.05% 2. Commonwealth Bank of Australia — 8.68% 3. National Australia Bank Limited — 6.08% 4. CSL Limited — 5.12% 5. Telstra Corporation Limited — 4.85% 6. Cash Deposit (ANZ Bank) — 4.22% 7. Rio Tinto Limited — 4.14% 8. Qbe Insurance Group Limited — 3.22% 9. Santos Limited — 3.14% 10. Goodman Group — 3.11% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian equities (Australia) | 100% | 90% | 100% | | Cash and cash equivalents | 0% | 0% | 10% | ### Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdo9af04e7f2d576689d8431c8b1f3f2ed2/One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Australian%20Share%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND2210/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Australian Share Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/questions/ > 2 commonly-asked questions about the ANZ Investments OneAnswer Australian Share Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, australasian equities category. Questions about ANZ Investments OneAnswer Australian Share Fund 2 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Australian Share Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are ANZ shares a good investment? The ANZ Investments OneAnswer Australian Share Fund holds ANZ among diversified Australian equities; however, investment suitability depends on individual circumstances, risk tolerance, and goals. This fund's 5-year return after fees was 8.31% p.a. as at the latest QFU, with a risk indicator of 5/7 on the FMA standardised scale. For personalised advice, consult a financial adviser or review the fund's PDS and FMA Disclose register entry. 2. What happened to Anz share investing? ANZ Investments offers this Australian Share Fund through InvestNow and directly; for service changes or product updates, check the ANZ Investments website or contact them directly at https://www.anz.co.nz/personal/investing-kiwisaver. The latest fund performance and holdings data are available via the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer Australian Share Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point Devon Alpha Fund Devon ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer Balanced Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/investment-mandate/ > The ANZ Investments OneAnswer Balanced Growth Fund's Statement of Investment Policy sets target / min / max ranges across 15 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer Balanced Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 6.5% 0% 27% New Zealand fixed interest 11.3% 0% 31% International fixed interest (Australia) 0% 0% 20% International fixed interest (International) 19.2% 0% 39% Other (Alternatives - income) 0% 0% 10% Income assets (total) 37% 17% 57% Listed property (Australasia) 0% 0% 10% Listed property (International) 0% 0% 10% Australasian equities (New Zealand) 11.7% 0% 38% Australasian equities (Australia) 6.6% 0% 38% International equities (Developed) 40.2% 20% 60% International equities (Emerging markets) 4.5% 0% 15% Other (Infrastructure) 0% 0% 10% Other (Alternatives - growth) 0% 0% 10% Growth assets (total) 63% 43% 83% Mandate flexibility (sum of max − min across all ranges): 378%. Wide range — high manager discretion typical of active management. Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer Balanced Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer Balanced Growth Fund: 0.95% fee vs 0… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/is-it-expensive/ > ANZ Investments OneAnswer Balanced Growth Fund charges 0.95% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Balanced Growth Fund expensive? ANZ Investments OneAnswer Balanced Growth Fund charges 0.95% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 57% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Balanced Growth Fund NZ$466 at 0.95% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-19 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ANZ Investments OneAnswer Balanced Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Balanced Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.70pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.70pp Simplicity Growth Investment Fund Simplicity 0.25% −0.70pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.70pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.70pp Kernel Conservative Fund Kernel 0.25% −0.70pp Kernel Balanced Fund Kernel 0.25% −0.70pp Kernel High Growth Fund Kernel 0.25% −0.70pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Balanced Growth Fund? ANZ Investments OneAnswer Balanced Growth Fund charges 0.95% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Balanced Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ANZ Investments OneAnswer Balanced Growth Fund sits at 0.95% — cheaper than 57% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.95% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$466. That is NZ$19 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Balanced Growth Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/markdown.md # ANZ Investments OneAnswer Balanced Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Balanced Growth Fund is a diversified managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Over the long term moderate to high returns, allowing for moderate to large ups and downs in value. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.95% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.69% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$46 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 28 February 1993 ## Top 10 holdings 1. Nvidia Corporation — 1.66% 2. Apple Inc — 1.48% 3. Fisher and Paykel Healthcare — 1.46% 4. FNMA 30Yr Conventional 150534 0.00 TBA — 1.05% 5. Microsoft Corporation — 0.93% 6. Bank Deposit (USD BNP) — 0.90% 7. Infratil Ltd — 0.83% 8. Auckland International Airport — 0.82% 9. Contact Energy Ltd — 0.77% 10. Amazon Com Inc — 0.72% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 6.5% | 0% | 27% | | New Zealand fixed interest | 11.3% | 0% | 31% | | International fixed interest (Australia) | 0% | 0% | 20% | | International fixed interest (International) | 19.2% | 0% | 39% | | Other (Alternatives - income) | 0% | 0% | 10% | | Income assets (total) | 37% | 17% | 57% | | Listed property (Australasia) | 0% | 0% | 10% | | Listed property (International) | 0% | 0% | 10% | | Australasian equities (New Zealand) | 11.7% | 0% | 38% | | Australasian equities (Australia) | 6.6% | 0% | 38% | | International equities (Developed) | 40.2% | 20% | 60% | | International equities (Emerging markets) | 4.5% | 0% | 15% | | Other (Infrastructure) | 0% | 0% | 10% | | Other (Alternatives - growth) | 0% | 0% | 10% | | Growth assets (total) | 63% | 43% | 83% | ### Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdo9af04e7f2d576689d8431c8b1f3f2ed2/One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Balanced%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND2212/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Balanced Growth Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer Balanced Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, diversified category. Questions about ANZ Investments OneAnswer Balanced Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Balanced Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a balanced fund a good investment? Whether a balanced fund suits your circumstances depends on your risk tolerance, time horizon, and financial goals — this is not a substitute for personal financial advice. The ANZ Investments OneAnswer Balanced Growth Fund holds approximately 78% growth assets and 22% income assets with a risk indicator of 4 out of 7, placing it in the moderate-to-growth range; its 5-year return after fees and before tax was 4.57% p.a. as at the latest QFU. You can compare this fund's features and performance against peers using the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the product disclosure statement. 2. Are balanced funds good for retirees? Balanced funds can form part of a retirement portfolio because they combine growth and income assets, but suitability depends on individual circumstances, risk appetite, and drawdown needs — seek personal financial advice. The ANZ Investments OneAnswer Balanced Growth Fund's 4 out of 7 risk indicator and ~78/22 growth-to-income split are relevant data points to consider in that context. 3. What is the average return on a balanced fund? Average returns vary significantly across balanced funds and time periods. The ANZ Investments OneAnswer Balanced Growth Fund delivered 4.57% p.a. after fees and before tax over the 5-year period to the latest QFU; the peer-cohort average fee for similar funds is 1.23% p.a., compared to this fund's 0.95% p.a. annual charge. You can view comparable funds and their returns on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer Balanced Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/investment-mandate/ > The ANZ Investments OneAnswer Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 15 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the ANZ Investments OneAnswer Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 14% 0% 34% New Zealand fixed interest 15.5% 0% 36% International fixed interest (Australia) 0% 0% 20% International fixed interest (International) 22.5% 3% 43% Other (Alternatives - income) 0% 0% 7.5% Income assets (total) 52% 32% 72% Listed property (Australasian) 0% 0% 7.5% Listed property (International) 0% 0% 7.5% Australasian equities (New Zealand) 8.9% 0% 29% Australasian equities (Australia) 4.6% 0% 29% International equities (Developed) 31% 16% 46% International equities (Emerging markets) 3.5% 0% 11% Other (Infrastructure) 0% 0% 7.5% Other (Alternatives - growth) 0% 0% 7.5% Growth assets (total) 48% 33% 63% Mandate flexibility (sum of max − min across all ranges): 336.5%. Wide range — high manager discretion typical of active management. Explicit exclusions (1) Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework) Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer Balanced Fund: 0.90% fee vs 0.99% pe… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/is-it-expensive/ > ANZ Investments OneAnswer Balanced Fund charges 0.90% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Balanced Fund expensive? ANZ Investments OneAnswer Balanced Fund charges 0.90% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Balanced Fund NZ$442 at 0.90% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-43 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ANZ Investments OneAnswer Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.65pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.65pp Simplicity Growth Investment Fund Simplicity 0.25% −0.65pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.65pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.65pp Kernel Conservative Fund Kernel 0.25% −0.65pp Kernel Balanced Fund Kernel 0.25% −0.65pp Kernel High Growth Fund Kernel 0.25% −0.65pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Balanced Fund? ANZ Investments OneAnswer Balanced Fund charges 0.90% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ANZ Investments OneAnswer Balanced Fund sits at 0.90% — cheaper than 63% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.90% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$442. That is NZ$43 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Balanced Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/markdown.md # ANZ Investments OneAnswer Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Balanced Fund is a diversified managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve over the long term moderate returns, and allowing for moderate ups and downs in value. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofd434a3428c858f8dffc21a050053677/One-Answer-MAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.90% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.96% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$927 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 15 April 2010 ## Top 10 holdings 1. Nvidia Corporation — 1.28% 2. FNMA 30Yr Conventional 150534 0.00 TBA — 1.25% 3. Apple Inc — 1.14% 4. Fisher and Paykel Healthcare — 1.10% 5. Bank Deposit (USD BNP) — 0.74% 6. NZ Government Stock 15/05/2035 4.50 — 0.73% 7. Microsoft Corporation — 0.72% 8. Westpac Banking NZ Floating Rate Note 06/07/2026 — 0.64% 9. NZ Government Bond 15/05/2036 4.25 — 0.63% 10. Infratil Ltd — 0.62% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 14% | 0% | 34% | | New Zealand fixed interest | 15.5% | 0% | 36% | | International fixed interest (Australia) | 0% | 0% | 20% | | International fixed interest (International) | 22.5% | 3% | 43% | | Other (Alternatives - income) | 0% | 0% | 7.5% | | Income assets (total) | 52% | 32% | 72% | | Listed property (Australasian) | 0% | 0% | 7.5% | | Listed property (International) | 0% | 0% | 7.5% | | Australasian equities (New Zealand) | 8.9% | 0% | 29% | | Australasian equities (Australia) | 4.6% | 0% | 29% | | International equities (Developed) | 31% | 16% | 46% | | International equities (Emerging markets) | 3.5% | 0% | 11% | | Other (Infrastructure) | 0% | 0% | 7.5% | | Other (Alternatives - growth) | 0% | 0% | 7.5% | | Growth assets (total) | 48% | 33% | 63% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings. ### Exclusions - Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework) Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoddb15351514de8b095bd3f0dd614cf0d/ANZ-Investments-Multi-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdofd434a3428c858f8dffc21a050053677/One-Answer-MAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11064/OFR11076/FND2201/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Balanced Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, diversified category. Questions about ANZ Investments OneAnswer Balanced Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are balanced funds good for retirees? Balanced funds typically combine growth and income assets to suit investors seeking diversification; the ANZ Investments OneAnswer Balanced Fund holds approximately 53.15% growth assets and 46.85% income assets as at the latest QFU. Whether this asset mix suits your circumstances depends on your personal goals, time horizon, and risk tolerance — consult a financial adviser and review the latest Product Disclosure Statement on the ANZ Investments website. 2. How risky is a balanced fund? The ANZ Investments OneAnswer Balanced Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, indicating moderate risk. This reflects the fund's allocation to both growth assets (~53%) and income assets (~47%); you can view the full risk profile and volatility data in the fund's latest disclosure documents on the FMA Disclose register. 3. What is the difference between ANZ Balance and funds? The ANZ Investments OneAnswer Balanced Fund is a single diversified fund with a 4/7 risk indicator, approximately 53% growth and 47% income assets, and a 0.9% p.a. annual fund charge. To compare it with other ANZ or competitor funds, check the fund comparison tables on this site or review Product Disclosure Statements via the ANZ Investments website. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer Conservative Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/investment-mandate/ > The ANZ Investments OneAnswer Conservative Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 15 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the ANZ Investments OneAnswer Conservative Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 19% 0% 39% New Zealand fixed interest 19% 0% 39% International fixed interest (Australia) 0% 0% 20% International fixed interest (International) 29% 9% 49% Other (Alternatives - income) 0% 0% 7.5% Income assets (total) 67% 47% 87% Listed property (Australasian) 0% 0% 7.5% Listed property (International) 0% 0% 7.5% Australasian equities (New Zealand) 6.2% 0% 25% Australasian equities (Australia) 3.8% 0% 25% International equities (Developed) 23% 8% 38% International equities (Emerging markets) 0% 0% 7.5% Other (Infrastructure) 0% 0% 7.5% Other (Alternatives - growth) 0% 0% 7.5% Growth assets (total) 33% 18% 48% Mandate flexibility (sum of max − min across all ranges): 333%. Wide range — high manager discretion typical of active management. Explicit exclusions (1) Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework) Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer Conservative Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer Conservative Balanced Fund: 0.75% fe… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/is-it-expensive/ > ANZ Investments OneAnswer Conservative Balanced Fund charges 0.75% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Conservative Balanced Fund expensive? ANZ Investments OneAnswer Conservative Balanced Fund charges 0.75% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 75% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Conservative Balanced Fund NZ$369 at 0.75% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-116 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ANZ Investments OneAnswer Conservative Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Conservative Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.50pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.50pp Simplicity Growth Investment Fund Simplicity 0.25% −0.50pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.50pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.50pp Kernel Conservative Fund Kernel 0.25% −0.50pp Kernel Balanced Fund Kernel 0.25% −0.50pp Kernel High Growth Fund Kernel 0.25% −0.50pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Conservative Balanced Fund? ANZ Investments OneAnswer Conservative Balanced Fund charges 0.75% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Conservative Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ANZ Investments OneAnswer Conservative Balanced Fund sits at 0.75% — cheaper than 75% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.75% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$369. That is NZ$116 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Conservative Balanced Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/markdown.md # ANZ Investments OneAnswer Conservative Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Conservative Balanced Fund is a diversified managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve over the long term low to moderate returns, and allowing for small to moderate ups and downs in value. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofd434a3428c858f8dffc21a050053677/One-Answer-MAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.75% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.24% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$529 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 15 April 2010 ## Top 10 holdings 1. FNMA 30Yr Conventional 150534 0.00 TBA — 1.58% 2. Nvidia Corporation — 0.94% 3. NZ Government Stock 15/05/2035 4.50 — 0.90% 4. Westpac Banking NZ Floating Rate Note 06/07/2026 — 0.88% 5. Fisher and Paykel Healthcare — 0.87% 6. Apple Inc — 0.84% 7. NZ Government Bond 15/05/2036 4.25 — 0.78% 8. NZ Government Bond 14/04/2033 3.50 — 0.75% 9. Westpac Banking Term Deposit 04/08/2026 2.995 — 0.75% 10. Westpac Banking Registered Certificate of Deposit 01/04/2026 — 0.72% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 19% | 0% | 39% | | New Zealand fixed interest | 19% | 0% | 39% | | International fixed interest (Australia) | 0% | 0% | 20% | | International fixed interest (International) | 29% | 9% | 49% | | Other (Alternatives - income) | 0% | 0% | 7.5% | | Income assets (total) | 67% | 47% | 87% | | Listed property (Australasian) | 0% | 0% | 7.5% | | Listed property (International) | 0% | 0% | 7.5% | | Australasian equities (New Zealand) | 6.2% | 0% | 25% | | Australasian equities (Australia) | 3.8% | 0% | 25% | | International equities (Developed) | 23% | 8% | 38% | | International equities (Emerging markets) | 0% | 0% | 7.5% | | Other (Infrastructure) | 0% | 0% | 7.5% | | Other (Alternatives - growth) | 0% | 0% | 7.5% | | Growth assets (total) | 33% | 18% | 48% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings. ### Exclusions - Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework) Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoddb15351514de8b095bd3f0dd614cf0d/ANZ-Investments-Multi-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Conservative%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdofd434a3428c858f8dffc21a050053677/One-Answer-MAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11064/OFR11076/FND2200/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Conservative Balanced Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/questions/ > 2 commonly-asked questions about the ANZ Investments OneAnswer Conservative Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, diversified category. Questions about ANZ Investments OneAnswer Conservative Balanced Fund 2 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Conservative Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a conservative balanced fund? A conservative balanced fund typically holds a mix of growth and income assets, weighted toward income-producing investments like bonds and cash. The ANZ Investments OneAnswer Conservative Balanced Fund holds approximately 76.63% income assets and 23.37% growth assets, positioning it toward the defensive end of balanced fund allocations. 2. What is the average return on a balanced fund? Returns vary significantly by fund and market conditions. The ANZ Investments OneAnswer Conservative Balanced Fund returned 2.24% p.a. after fees and before tax over the past 5 years, as at the latest FMA Disclose data. For comparison of returns across other balanced funds, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer Conservative Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer Conservative Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/investment-mandate/ > The ANZ Investments OneAnswer Conservative Fund's Statement of Investment Policy sets target / min / max ranges across 15 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the ANZ Investments OneAnswer Conservative Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 23% 3% 43% New Zealand fixed interest 24% 4% 44% International fixed interest (Australia) 0% 0% 20% International fixed interest (International) 35% 15% 55% Other (Alternatives - income) 0% 0% 7.5% Income assets (total) 82% 62% 100% Listed property (Australasian) 0% 0% 7.5% Listed property (International) 0% 0% 7.5% Australasian equities (New Zealand) 3.4% 0% 20% Australasian equities (Australia) 1.4% 0% 20% International equities (Developed) 13.2% 0% 28% International equities (Emerging markets) 0% 0% 7.5% Other (Infrastructure) 0% 0% 7.5% Other (Alternatives - growth) 0% 0% 7.5% Growth assets (total) 18% 3% 33% Mandate flexibility (sum of max − min across all ranges): 321%. Wide range — high manager discretion typical of active management. Explicit exclusions (1) Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework) Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer Conservative Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer Conservative Fund: 0.63% fee vs 0.99… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/is-it-expensive/ > ANZ Investments OneAnswer Conservative Fund charges 0.63% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Conservative Fund expensive? ANZ Investments OneAnswer Conservative Fund charges 0.63% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Conservative Fund NZ$311 at 0.63% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-174 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ANZ Investments OneAnswer Conservative Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Conservative Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.38pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.38pp Simplicity Growth Investment Fund Simplicity 0.25% −0.38pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.38pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.38pp Kernel Conservative Fund Kernel 0.25% −0.38pp Kernel Balanced Fund Kernel 0.25% −0.38pp Kernel High Growth Fund Kernel 0.25% −0.38pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Conservative Fund? ANZ Investments OneAnswer Conservative Fund charges 0.63% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Conservative Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ANZ Investments OneAnswer Conservative Fund sits at 0.63% — cheaper than 81% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.63% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$311. That is NZ$174 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Conservative Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/markdown.md # ANZ Investments OneAnswer Conservative Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Conservative Fund is a diversified managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve over the long term low relatively stable returns, and allowing for small ups and downs in value. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofd434a3428c858f8dffc21a050053677/One-Answer-MAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.63% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.62% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$104 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 15 April 2010 ## Top 10 holdings 1. FNMA 30Yr Conventional 150534 0.00 TBA — 1.92% 2. NZ Government Stock 15/05/2035 4.50 — 1.12% 3. Westpac Banking NZ Floating Rate Note 06/07/2026 — 1.05% 4. NZ Government Bond 15/05/2036 4.25 — 0.97% 5. NZ Government Bond 14/04/2033 3.50 — 0.93% 6. NZ Government Bond 15/05/2034 4.25 — 0.90% 7. Westpac Banking Term Deposit 04/08/2026 2.995 — 0.89% 8. Westpac Banking Registered Certificate of Deposit 01/04/2026 — 0.86% 9. Rabobank Nederland NZ Floating Rate Note 05/04/2027 — 0.82% 10. NZ Government Bond 15/05/2032 2 — 0.76% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 23% | 3% | 43% | | New Zealand fixed interest | 24% | 4% | 44% | | International fixed interest (Australia) | 0% | 0% | 20% | | International fixed interest (International) | 35% | 15% | 55% | | Other (Alternatives - income) | 0% | 0% | 7.5% | | Income assets (total) | 82% | 62% | 100% | | Listed property (Australasian) | 0% | 0% | 7.5% | | Listed property (International) | 0% | 0% | 7.5% | | Australasian equities (New Zealand) | 3.4% | 0% | 20% | | Australasian equities (Australia) | 1.4% | 0% | 20% | | International equities (Developed) | 13.2% | 0% | 28% | | International equities (Emerging markets) | 0% | 0% | 7.5% | | Other (Infrastructure) | 0% | 0% | 7.5% | | Other (Alternatives - growth) | 0% | 0% | 7.5% | | Growth assets (total) | 18% | 3% | 33% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings. ### Exclusions - Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework) Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoddb15351514de8b095bd3f0dd614cf0d/ANZ-Investments-Multi-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Conservative%20Fund - **Product Disclosure Statement:** /disclose-document/mdofd434a3428c858f8dffc21a050053677/One-Answer-MAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11064/OFR11076/FND2199/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Conservative Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/questions/ > 1 commonly-asked questions about the ANZ Investments OneAnswer Conservative Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, diversified category. Questions about ANZ Investments OneAnswer Conservative Fund 1 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Conservative Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Should I switch to conservative fund? The suitability of a conservative fund depends on your personal circumstances, investment horizon, and risk tolerance—decisions we cannot advise on. The ANZ Investments OneAnswer Conservative Fund has delivered 1.62% p.a. after fees and before tax over the past 5 years (as at the latest Quarterly Fund Update), and carries a 3/7 risk indicator; you can compare this to other funds in our coverage and consult the Product Disclosure Statement to assess whether the risk and return profile aligns with your needs. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer Conservative Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## ANZ Investments OneAnswer Growth Fund: 0.95% fee vs 0.99% peer… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-growth/is-it-expensive/ > ANZ Investments OneAnswer Growth Fund charges 0.95% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Growth Fund expensive? ANZ Investments OneAnswer Growth Fund charges 0.95% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 57% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Growth Fund NZ$466 at 0.95% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-19 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ANZ Investments OneAnswer Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.70pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.70pp Simplicity Growth Investment Fund Simplicity 0.25% −0.70pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.70pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.70pp Kernel Conservative Fund Kernel 0.25% −0.70pp Kernel Balanced Fund Kernel 0.25% −0.70pp Kernel High Growth Fund Kernel 0.25% −0.70pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Growth Fund? ANZ Investments OneAnswer Growth Fund charges 0.95% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ANZ Investments OneAnswer Growth Fund sits at 0.95% — cheaper than 57% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.95% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$466. That is NZ$19 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Growth Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-growth/markdown.md # ANZ Investments OneAnswer Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Growth Fund is a diversified managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Fund data - **Annual fund charge:** 0.95% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.69% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$46 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 28 February 1993 ## Top 10 holdings 1. Nvidia Corporation — 1.66% 2. Apple Inc — 1.48% 3. Fisher and Paykel Healthcare — 1.46% 4. FNMA 30Yr Conventional 150534 0.00 TBA — 1.05% 5. Microsoft Corporation — 0.93% 6. Bank Deposit (USD BNP) — 0.90% 7. Infratil Ltd — 0.83% 8. Auckland International Airport — 0.82% 9. Contact Energy Ltd — 0.77% 10. Amazon Com Inc — 0.72% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND2212/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Growth Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-growth/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, diversified category. Questions about ANZ Investments OneAnswer Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a good fee for an investment fund? Fund fees vary by asset class and strategy; the FMA Disclose register allows you to compare annual fund charges across funds. The ANZ Investments OneAnswer Growth Fund charges 0.95% p.a., which is below the peer-cohort average of 1.29% p.a. for comparable diversified funds. 2. Is a growth fund good? Growth funds typically carry higher volatility and are suited to longer investment timeframes; the ANZ Investments OneAnswer Growth Fund holds approximately 78.48% growth assets and 21.52% income assets, with a risk indicator of 4 out of 7 on the FMA standardised scale. Whether this asset mix suits your circumstances depends on your personal situation, investment horizon, and risk tolerance—check the Product Disclosure Statement for full details. 3. What does the ANZ KiwiSaver Growth fund invest in? The ANZ Investments OneAnswer Growth Fund is a diversified fund with approximately 78.48% allocated to growth assets and 21.52% to income assets, including holdings in companies such as Nvidia Corporation, Apple Inc, and Fisher and Paykel Healthcare. For a complete breakdown of holdings and investment strategy, refer to the current Product Disclosure Statement on the manager's website. More about this fund ANZ Investments OneAnswer Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer High Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/investment-mandate/ > The ANZ Investments OneAnswer High Growth Fund's Statement of Investment Policy sets target / min / max ranges across 16 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer High Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 25% New Zealand fixed interest 0% 0% 20% International fixed interest (Australia) 0% 0% 20% International fixed interest (International) 0% 0% 20% Other (Alternatives - income) 0% 0% 10% Income assets (total) 5% 0% 25% Listed property (Australasian) 0% 0% 10% Listed property (International) 0% 0% 10% Australasian equities (New Zealand and Australia combined) 28.4% 8% 48% Australasian equities (New Zealand) 17.7% — — Australasian equities (Australia) 10.7% — — International equities (Developed) 60.1% 40% 80% International equities (Emerging markets) 6.5% 0% 17% Other (Infrastructure) 0% 0% 10% Other (Alternatives - growth) 0% 0% 10% Growth assets (total) 95% 75% 100% Mandate flexibility (sum of max − min across all ranges): 282%. Wide range — high manager discretion typical of active management. Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer High Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer High Growth Fund: 0.95% fee vs 0.99%… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/is-it-expensive/ > ANZ Investments OneAnswer High Growth Fund charges 0.95% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer High Growth Fund expensive? ANZ Investments OneAnswer High Growth Fund charges 0.95% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 57% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer High Growth Fund NZ$466 at 0.95% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-19 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than ANZ Investments OneAnswer High Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer High Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.70pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.70pp Simplicity Growth Investment Fund Simplicity 0.25% −0.70pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.70pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.70pp Kernel Conservative Fund Kernel 0.25% −0.70pp Kernel Balanced Fund Kernel 0.25% −0.70pp Kernel High Growth Fund Kernel 0.25% −0.70pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer High Growth Fund? ANZ Investments OneAnswer High Growth Fund charges 0.95% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer High Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. ANZ Investments OneAnswer High Growth Fund sits at 0.95% — cheaper than 57% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.95% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$466. That is NZ$19 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer High Growth Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/markdown.md # ANZ Investments OneAnswer High Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer High Growth Fund is a diversified managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve over the long term higher returns, and allowing for larger ups and downs in value. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.95% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$67 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 August 2023 ## Top 10 holdings 1. Nvidia Corporation — 2.39% 2. Fisher and Paykel Healthcare — 2.18% 3. Apple Inc — 2.13% 4. Microsoft Corporation — 1.35% 5. Infratil Ltd — 1.23% 6. Auckland International Airport — 1.22% 7. Contact Energy Ltd — 1.15% 8. Bank Deposit (USD BNP) — 1.13% 9. Amazon Com Inc — 1.04% 10. United States Treasury 180626 0.00 Govt. Bond — 0.90% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 25% | | New Zealand fixed interest | 0% | 0% | 20% | | International fixed interest (Australia) | 0% | 0% | 20% | | International fixed interest (International) | 0% | 0% | 20% | | Other (Alternatives - income) | 0% | 0% | 10% | | Income assets (total) | 5% | 0% | 25% | | Listed property (Australasian) | 0% | 0% | 10% | | Listed property (International) | 0% | 0% | 10% | | Australasian equities (New Zealand and Australia combined) | 28.4% | 8% | 48% | | Australasian equities (New Zealand) | 17.7% | — | — | | Australasian equities (Australia) | 10.7% | — | — | | International equities (Developed) | 60.1% | 40% | 80% | | International equities (Emerging markets) | 6.5% | 0% | 17% | | Other (Infrastructure) | 0% | 0% | 10% | | Other (Alternatives - growth) | 0% | 0% | 10% | | Growth assets (total) | 95% | 75% | 100% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2026-02-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo9b15ee25f80ca08a48a31a704199c612/One-Answer-Kiwi-Saver-Scheme-SIPO-16-February-2026.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20High%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11061/OFR11072/FND44998/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer High Growth Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/questions/ > 4 commonly-asked questions about the ANZ Investments OneAnswer High Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, diversified category. Questions about ANZ Investments OneAnswer High Growth Fund 4 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer High Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a high growth investment fund? A high growth fund is a diversified portfolio designed to prioritise capital appreciation over income, typically by holding a significant allocation to growth assets such as equities. The ANZ Investments OneAnswer High Growth Fund holds approximately 98.37% in growth assets and 1.63% in income assets, and is rated 5/7 on the FMA's standardised risk indicator, reflecting the volatility typical of growth-oriented strategies. For full details on the fund's strategy and composition, see the Product Disclosure Statement on the FMA Disclose register. 2. Is a high growth fund good? Whether a high growth fund suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals—this is a personal decision. The ANZ Investments OneAnswer High Growth Fund carries a risk indicator of 5/7, meaning it experiences moderate-to-high price fluctuations; investors should be comfortable with potential short-term losses. Review the fund's Product Disclosure Statement and consider seeking independent financial advice before investing. 3. What is a good fee for an investment fund? Fund fees vary by strategy, asset class, and manager. The ANZ Investments OneAnswer High Growth Fund charges an annual fund charge of 0.95% p.a., which is 0.10 percentage points above the peer-cohort average of 0.85% p.a. for comparable diversified growth funds. You can compare fees across all funds in our coverage at managedfunds.nz and review the latest fee information on the FMA Disclose register. 4. Should I switch to conservative fund? Switching funds depends on your investment objectives, time horizon, and risk tolerance—factors that only you can assess. The ANZ Investments OneAnswer High Growth Fund is structured for longer-term growth investors; if your circumstances have changed, review the PDS and compare it against conservative alternatives on managedfunds.nz, or seek independent financial advice. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer High Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer International Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/investment-mandate/ > The ANZ Investments OneAnswer International Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer International Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 90% 100% Cash and cash equivalents 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer International Fixed Interest Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer International Fixed Interest Fund: 0… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/is-it-expensive/ > ANZ Investments OneAnswer International Fixed Interest Fund charges 0.49% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer International Fixed Interest Fund expensive? ANZ Investments OneAnswer International Fixed Interest Fund charges 0.49% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 66% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer International Fixed Interest Fund NZ$243 at 0.49% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-103 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than ANZ Investments OneAnswer International Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer International Fixed Interest Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.34pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.24pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.21pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.19pp Kernel US Bond Fund Kernel 0.30% −0.19pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.17pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.17pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.15pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer International Fixed Interest Fund? ANZ Investments OneAnswer International Fixed Interest Fund charges 0.49% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer International Fixed Interest Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. ANZ Investments OneAnswer International Fixed Interest Fund sits at 0.49% — cheaper than 66% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.49% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$243. That is NZ$103 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer International Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/markdown.md # ANZ Investments OneAnswer International Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer International Fixed Interest Fund is a international fi managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > A return (after the fund charge and before tax) that over the long term is broadly in line with the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.49% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.57% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 1 October 2007 ## Top 10 holdings 1. FNMA 30Yr Conventional 150534 0.00 TBA — 4.74% 2. Government National Mortgage Association 010554 0.00 TBA — 1.18% 3. Government National Mortgage Association 2 150441 3.50 TBA — 1.14% 4. US Treasury Nb 151154 4.50 Govt. Bond — 0.84% 5. United Kingdom Gilt 070330 4.375 Govt. Bond — 0.80% 6. FNMA 30Yr Conventional 150434 TBA — 0.63% 7. Bank Deposit (USD BNP) — 0.58% 8. France Republic Of Government 250229 2.75 Govt. Bond — 0.57% 9. France Republic Of Government 250230 2.75 Govt. Bond — 0.57% 10. GNMA G2SF 200652 3.00 MBS POOL NO MA8098 — 0.50% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 90% | 100% | | Cash and cash equivalents | 0% | 0% | 10% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2026-02-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo9b15ee25f80ca08a48a31a704199c612/One-Answer-Kiwi-Saver-Scheme-SIPO-16-February-2026.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20International%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11061/OFR11072/FND2178/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer International Fixed Interest Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/questions/ > 2 commonly-asked questions about the ANZ Investments OneAnswer International Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, international fi category. Questions about ANZ Investments OneAnswer International Fixed Interest Fund 2 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer International Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What investment has the highest return in NZ? Returns vary significantly by fund, asset class, and time period. ANZ Investments OneAnswer International Fixed Interest Fund returned 0.57% p.a. after fees and before tax over the 5-year period as at the latest QFU, reflecting its ~99.69% allocation to income assets. Compare returns across funds in our coverage using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/. 2. Where is the best place to invest money in NZ? Investment suitability depends on your goals, time horizon, and risk tolerance. ANZ Investments OneAnswer International Fixed Interest Fund is available directly through ANZ Investments and is classified as a Risk Indicator 4/7 fund with a 0.49% p.a. annual fund charge; review the Product Disclosure Statement and compare options across our fund comparison to assess whether it aligns with your objectives. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer International Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer International Listed Infrastructure Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/investment-mandate/ > The ANZ Investments OneAnswer International Listed Infrastructure Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer International Listed Infrastructure Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Other (Listed Infrastructure) 100% 0% 100% International equities 0% 0% 100% Cash and cash equivalents 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 210%. Wide range — high manager discretion typical of active management. Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer International Listed Infrastructure Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer International Listed Infrastructure … URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/is-it-expensive/ > ANZ Investments OneAnswer International Listed Infrastructure Fund charges 0.84% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer International Listed Infrastructure Fund expensive? ANZ Investments OneAnswer International Listed Infrastructure Fund charges 0.84% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 60% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer International Listed Infrastructure Fund NZ$413 at 0.84% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$112 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than ANZ Investments OneAnswer International Listed Infrastructure Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer International Listed Infrastructure Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.81pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.81pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.78pp Foundation Series Total World Fund Foundation Series 0.07% −0.77pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.77pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.74pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.69pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.69pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer International Listed Infrastructure Fund? ANZ Investments OneAnswer International Listed Infrastructure Fund charges 0.84% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer International Listed Infrastructure Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. ANZ Investments OneAnswer International Listed Infrastructure Fund sits at 0.84% — pricier than the median (cheaper than 40% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.84% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$413. That is NZ$112 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer International Listed Infrastructure Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/markdown.md # ANZ Investments OneAnswer International Listed Infrastructure Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer International Listed Infrastructure Fund is a international equities managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve a return (after the fund charge and before tax) that over the long term outperforms the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.84% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$97 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 October 2021 ## Top 10 holdings 1. Cellnex Telecom Sa — 6.47% 2. Getlink Se — 5.88% 3. Severn Trent Plc — 5.08% 4. Exelon Corporation — 4.67% 5. Ferrovial SE — 4.44% 6. Sempra Ordinary — 4.27% 7. Aena SME Ordinary — 3.95% 8. Ameren Corporation — 3.58% 9. SSE Plc — 3.56% 10. United Utilities Group Plc — 3.52% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Other (Listed Infrastructure) | 100% | 0% | 100% | | International equities | 0% | 0% | 100% | | Cash and cash equivalents | 0% | 0% | 10% | ### Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdo9af04e7f2d576689d8431c8b1f3f2ed2/One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20International%20Listed%20Infrastructure%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND35137/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer International Listed Infrastructure Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer International Listed Infrastructure Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, international equities category. Questions about ANZ Investments OneAnswer International Listed Infrastructure Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer International Listed Infrastructure Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a listed infrastructure fund? A listed infrastructure fund invests in shares of publicly listed companies that own and operate infrastructure assets—such as telecommunications networks, toll roads, water utilities, and energy transmission lines—typically across multiple countries. The ANZ Investments OneAnswer International Listed Infrastructure Fund holds approximately 98.31% in growth assets, primarily equity securities in international infrastructure operators. 2. What are some of the best listed infrastructure funds? Funds in this category vary by fee, risk profile, and geographic focus. The ANZ Investments OneAnswer International Listed Infrastructure Fund carries an annual fund charge of 0.84% p.a., which is below the peer-cohort average of 0.91% p.a. as at the latest Quarterly Fund Update. Compare funds across fees, risk indicators, and asset mix on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. How do I avoid international transaction fees? International transaction fees depend on how you invest and your provider's fee structure. The ANZ Investments OneAnswer International Listed Infrastructure Fund is available directly through ANZ Investments; check with ANZ for details on any trading or transaction costs that may apply to your account. For general guidance on international investment costs, the FMA's investor information resources are available at https://www.fma.govt.nz/. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer International Listed Infrastructure Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer International Property Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/investment-mandate/ > The ANZ Investments OneAnswer International Property Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer International Property Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Listed property (International) 100% 0% 100% International equities 0% 0% 100% Cash and cash equivalents 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 210%. Wide range — high manager discretion typical of active management. Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer International Property Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer International Property Fund: 0.99% f… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/is-it-expensive/ > ANZ Investments OneAnswer International Property Fund charges 0.99% p.a. vs the listed property peer-class median of 1.02%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer International Property Fund expensive? ANZ Investments OneAnswer International Property Fund charges 0.99% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer International Property Fund NZ$485 at 0.99% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$-14 over 5 years on NZ$10K. 4 cheaper peers in the same category Listed Property funds with a lower annual fund charge than ANZ Investments OneAnswer International Property Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer International Property Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.74pp Smart Australian Property ETF Smartshares 0.54% −0.45pp Smart NZ Property ETF Smartshares 0.54% −0.45pp Harbour Real Estate Investment Fund Harbour 0.77% −0.22pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer International Property Fund? ANZ Investments OneAnswer International Property Fund charges 0.99% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer International Property Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. ANZ Investments OneAnswer International Property Fund sits at 0.99% — cheaper than 70% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.99% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$485. That is NZ$14 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer International Property Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/markdown.md # ANZ Investments OneAnswer International Property Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer International Property Fund is a listed property managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > A return (after the fund charge and before tax) that over the long term outperforms the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.99% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.11% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$7 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 October 2007 ## Top 10 holdings 1. Welltower Inc — 9.90% 2. Equinix Inc — 9.12% 3. Federal Realty Investment Trust — 5.30% 4. Simon Property Group Inc — 5.25% 5. Digital Realty Trust Inc — 5.17% 6. Ventas Inc — 5.03% 7. Prologis Inc — 4.88% 8. Unibail Rodamco Westfield — 4.23% 9. Bank Deposit (USD BNP) — 3.50% 10. Healthcare Realty — 3.29% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Listed property (International) | 100% | 0% | 100% | | International equities | 0% | 0% | 100% | | Cash and cash equivalents | 0% | 0% | 10% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2026-02-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo9b15ee25f80ca08a48a31a704199c612/One-Answer-Kiwi-Saver-Scheme-SIPO-16-February-2026.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20International%20Property%20Fund - **Product Disclosure Statement:** /disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11061/OFR11072/FND2180/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer International Property Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer International Property Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, listed property category. Questions about ANZ Investments OneAnswer International Property Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer International Property Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the best growth and income funds? The ANZ Investments OneAnswer International Property Fund is classified as a Listed Property fund with an asset mix of approximately 98.37% growth assets and 1.63% income assets, as at the latest QFU. To compare funds across categories, you can search our fund comparison tool or view FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/. 2. What is the average return on a balanced fund? The ANZ Investments OneAnswer International Property Fund achieved a 5-year return after fees and before tax of 3.11% p.a., based on FMA Disclose data. This fund is not balanced—it holds approximately 98.37% growth assets—so returns may differ significantly from balanced fund averages; compare using our fund search tool for sector-specific benchmarks. 3. Are ANZ shares a good investment? This question relates to direct share investment rather than this managed fund. The ANZ Investments OneAnswer International Property Fund invests in listed property securities globally, including REITs and property trusts, not ANZ shares; check the latest Product Disclosure Statement for a full holdings list. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer International Property Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour Mercer Global Listed Real Estate Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer International Share Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/investment-mandate/ > The ANZ Investments OneAnswer International Share Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer International Share Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% 90% 100% Cash and cash equivalents 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer International Share Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer International Share Fund: 0.96% fee … URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/is-it-expensive/ > ANZ Investments OneAnswer International Share Fund charges 0.96% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer International Share Fund expensive? ANZ Investments OneAnswer International Share Fund charges 0.96% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 66% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer International Share Fund NZ$471 at 0.96% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$170 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than ANZ Investments OneAnswer International Share Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer International Share Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.93pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.93pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.90pp Foundation Series Total World Fund Foundation Series 0.07% −0.89pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.89pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.86pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.81pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.81pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer International Share Fund? ANZ Investments OneAnswer International Share Fund charges 0.96% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer International Share Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. ANZ Investments OneAnswer International Share Fund sits at 0.96% — pricier than the median (cheaper than 34% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.96% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$471. That is NZ$170 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer International Share Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/markdown.md # ANZ Investments OneAnswer International Share Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer International Share Fund is a international equities managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > A return (after the fund charge and before tax) that over the long term outperforms the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.96% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 8.34% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$83 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 October 2007 ## Top 10 holdings 1. Nvidia Corporation — 3.50% 2. Apple Inc — 3.12% 3. Microsoft Corporation — 1.97% 4. Amazon Com Inc — 1.52% 5. Taiwan Semicon Manufacturing Co Ltd — 1.50% 6. Bank Deposit (USD BNP) — 1.38% 7. United States Treasury 180626 0.00 Govt. Bond — 1.31% 8. Alphabet Inc Capital Stock Class A — 1.14% 9. FNMA 30Yr Conventional Loan 010655 6.50 TBA — 1.11% 10. Broadcom Ord Shs — 1.07% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | 90% | 100% | | Cash and cash equivalents | 0% | 0% | 10% | ### Responsible-investment approach The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or for breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or looking to invest in), and stewardship (engagement and proxy voting). Investment decisions must consider social, environmental and governance factors. A Net Zero 2050 goal applies across all funds under management using a stewardship-based approach to decarbonisation. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. using equity futures). Their use is carefully managed within defined limits set out in the Derivatives Framework, which is designed to ensure all derivative positions are consistent with the fund's investment strategy and risk profile, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2026-02-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo9b15ee25f80ca08a48a31a704199c612/One-Answer-Kiwi-Saver-Scheme-SIPO-16-February-2026.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20International%20Share%20Fund - **Product Disclosure Statement:** /disclose-document/mdo4f84a6f45ffe85a217a52ae249cb891b/One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11061/OFR11072/FND2182/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer International Share Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer International Share Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, international equities category. Questions about ANZ Investments OneAnswer International Share Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer International Share Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the ANZ international fee? The ANZ Investments OneAnswer International Share Fund has an annual fund charge of 0.96% p.a., as disclosed in the latest Quarterly Fund Update. This is 0.10% p.a. above the peer-cohort average fee of 0.86% p.a. for funds in this category. 2. What are ANZ's fees and charges? The ANZ Investments OneAnswer International Share Fund charges 0.96% p.a. as its annual fund charge. For a complete breakdown of all fees and charges, check the current Product Disclosure Statement on the ANZ Investments website or the FMA Disclose register. 3. How do I avoid 3% foreign transaction fee? Foreign transaction fees depend on your chosen investment platform and payment method rather than the fund itself. Contact your investment provider (such as InvestNow or ANZ Investments directly) to understand their specific transaction fees and payment options available. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer International Share Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer New Zealand Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/investment-mandate/ > The ANZ Investments OneAnswer New Zealand Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer New Zealand Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand fixed interest 100% 85% 100% Cash and cash equivalents 0% 0% 15% Mandate flexibility (sum of max − min across all ranges): 30%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer New Zealand Fixed Interest Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer New Zealand Fixed Interest Fund: 0.4… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/is-it-expensive/ > ANZ Investments OneAnswer New Zealand Fixed Interest Fund charges 0.46% p.a. vs the nz fixed interest peer-class median of 0.63%. 2 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer New Zealand Fixed Interest Fund expensive? ANZ Investments OneAnswer New Zealand Fixed Interest Fund charges 0.46% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 82% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer New Zealand Fixed Interest Fund NZ$228 at 0.46% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-81 over 5 years on NZ$10K. 2 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than ANZ Investments OneAnswer New Zealand Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer New Zealand Fixed Interest Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.36pp Kernel NZ Bond Fund Kernel 0.40% −0.06pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer New Zealand Fixed Interest Fund? ANZ Investments OneAnswer New Zealand Fixed Interest Fund charges 0.46% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer New Zealand Fixed Interest Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. ANZ Investments OneAnswer New Zealand Fixed Interest Fund sits at 0.46% — cheaper than 82% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.46% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$228. That is NZ$81 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer New Zealand Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/markdown.md # ANZ Investments OneAnswer New Zealand Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer New Zealand Fixed Interest Fund is a nz fixed interest managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve a return (after the fund charge and before tax) that over the long term is broadly in line with the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 0.46% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.63% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$11 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 31 March 1991 ## Top 10 holdings 1. NZ Government Stock 15/05/2035 4.50 — 5.93% 2. NZ Government Bond 15/05/2036 4.25 — 5.16% 3. NZ Government Bond 14/04/2033 3.50 — 4.95% 4. NZ Government Bond 15/05/2034 4.25 — 4.75% 5. NZ Government Bond 15/05/2032 2 — 4.04% 6. Housing New Zealand Limited 18/10/28 — 3.47% 7. NZ Local Govt Funding Agency 15/04/26 1.50 — 2.99% 8. NZ Government Bond 15/05/2041 1.75 — 2.78% 9. ASB Bank Ltd 02/09/2030 4.10 — 2.61% 10. Westpac Banking NZ 19/11/2030 3.868 — 2.54% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand fixed interest | 100% | 85% | 100% | | Cash and cash equivalents | 0% | 0% | 15% | ### Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdo9af04e7f2d576689d8431c8b1f3f2ed2/One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20New%20Zealand%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND2204/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer New Zealand Fixed Interest Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer New Zealand Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, nz fixed interest category. Questions about ANZ Investments OneAnswer New Zealand Fixed Interest Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer New Zealand Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Where can I get 10% return on my money? The ANZ Investments OneAnswer New Zealand Fixed Interest Fund delivered a 5-year return after fees and before tax of 0.63% p.a. as at the latest QFU; fixed interest returns vary with interest rate cycles and are not comparable to growth-asset returns. For context on historical returns across different asset classes, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. What is the best investment in New Zealand for beginners? Funds in the NZ Fixed Interest category offer lower risk (this fund is rated 3/7 on the FMA standardised risk scale) and predictable income streams, making them suitable for conservative investors; however, the right investment depends on your personal circumstances, goals, and time horizon. Consult the fund's current PDS and consider seeking financial advice tailored to your situation. 3. Where is the best place to invest money in NZ? The ANZ Investments OneAnswer New Zealand Fixed Interest Fund is available directly through ANZ Investments and holds predominantly NZ Government bonds and related income assets; whether this suits your needs depends on your risk tolerance, investment timeframe, and financial goals. Check the fund's current Product Disclosure Statement and the FMA Disclose register for full details. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer New Zealand Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour Mercer Macquarie NZ Fixed Interest Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer New Zealand Share Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/investment-mandate/ > The ANZ Investments OneAnswer New Zealand Share Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer New Zealand Share Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian equities (New Zealand) 100% 90% 100% Cash and cash equivalents 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer New Zealand Share Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer New Zealand Share Fund: 1.05% fee vs… URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/is-it-expensive/ > ANZ Investments OneAnswer New Zealand Share Fund charges 1.05% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer New Zealand Share Fund expensive? ANZ Investments OneAnswer New Zealand Share Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer New Zealand Share Fund NZ$514 at 1.05% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$19 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than ANZ Investments OneAnswer New Zealand Share Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer New Zealand Share Fund Simplicity NZ Share Fund Simplicity 0.10% −0.95pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.85pp Harbour NZ Index Shares Fund Harbour 0.21% −0.84pp BetaShares Australia 200 Fund BetaShares 0.23% −0.82pp Kernel NZ 20 Fund Kernel 0.25% −0.80pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.80pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.80pp Kernel Australia 100 Fund Kernel 0.25% −0.80pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer New Zealand Share Fund? ANZ Investments OneAnswer New Zealand Share Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer New Zealand Share Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. ANZ Investments OneAnswer New Zealand Share Fund sits at 1.05% — pricier than the median (cheaper than 46% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$19 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer New Zealand Share Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/markdown.md # ANZ Investments OneAnswer New Zealand Share Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer New Zealand Share Fund is a australasian equities managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve a return (after the fund charge and before tax) that over the long term outperforms the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.34% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$49 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 31 March 1991 ## Top 10 holdings 1. Fisher and Paykel Healthcare — 14.98% 2. Contact Energy Ltd — 8.43% 3. Infratil Ltd — 8.20% 4. Auckland International Airport — 7.41% 5. Mainfreight Ltd — 5.50% 6. Ebos Group Ltd — 5.27% 7. Meridian Energy Ltd — 4.75% 8. The A2 Milk Company Limited — 4.25% 9. Freightways Ltd — 3.03% 10. Fletcher Building Ltd — 3.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian equities (New Zealand) | 100% | 90% | 100% | | Cash and cash equivalents | 0% | 0% | 10% | ### Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdo9af04e7f2d576689d8431c8b1f3f2ed2/One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20New%20Zealand%20Share%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND2208/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer New Zealand Share Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/questions/ > 3 commonly-asked questions about the ANZ Investments OneAnswer New Zealand Share Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, australasian equities category. Questions about ANZ Investments OneAnswer New Zealand Share Fund 3 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer New Zealand Share Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the annual fund charge? The ANZ Investments OneAnswer New Zealand Share Fund has an annual fund charge of 1.05% p.a., as disclosed in the latest Quarterly Fund Update (QFU). This charge covers the cost of managing the fund and is deducted from the fund's assets. For comparison, the peer-cohort average fee for similar funds is 0.95% p.a. 2. Are ANZ shares a good investment? Whether this fund suits your investment goals depends on your personal circumstances, risk tolerance, and investment timeframe — we cannot advise on suitability. The fund carries a risk indicator of 5/7 on the FMA standardised scale and invests approximately 98.31% in growth assets. The 5-year return after fees, before tax was 0.03% p.a. as at the latest QFU; check the FMA Disclose register and current Product Disclosure Statement for the most recent performance data. 3. What investment has the highest return in NZ? We cannot identify which investment has the highest return, as returns vary by time period, asset class, and market conditions. Past returns do not guarantee future performance. You can compare historical returns across funds in our coverage, and view detailed performance data on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer New Zealand Share Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point Devon Alpha Fund Devon ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the ANZ Investments OneAnswer Property Securities Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/investment-mandate/ > The ANZ Investments OneAnswer Property Securities Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the ANZ Investments OneAnswer Property Securities Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Listed property (Australasian) 100% 0% 100% Australasian equities 0% 0% 100% Cash and cash equivalents 0% 0% 15% Mandate flexibility (sum of max − min across all ranges): 215%. Wide range — high manager discretion typical of active management. Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Statement of Investment Policy and Objectives Related ANZ Investments OneAnswer Property Securities Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## ANZ Investments OneAnswer Property Securities Fund: 1.06% fee … URL: https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/is-it-expensive/ > ANZ Investments OneAnswer Property Securities Fund charges 1.06% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the ANZ Investments OneAnswer Property Securities Fund expensive? ANZ Investments OneAnswer Property Securities Fund charges 1.06% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). ANZ Investments OneAnswer Property Securities Fund NZ$519 at 1.06% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$19 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than ANZ Investments OneAnswer Property Securities Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs ANZ Investments OneAnswer Property Securities Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.81pp Smart Australian Property ETF Smartshares 0.54% −0.52pp Smart NZ Property ETF Smartshares 0.54% −0.52pp Harbour Real Estate Investment Fund Harbour 0.77% −0.29pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.07pp Pathfinder Global Property Fund Pathfinder 1.00% −0.06pp Salt Enhanced Property Fund Salt 1.02% −0.04pp Summer Listed Property Summer 1.02% −0.04pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for ANZ Investments OneAnswer Property Securities Fund? ANZ Investments OneAnswer Property Securities Fund charges 1.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does ANZ Investments OneAnswer Property Securities Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. ANZ Investments OneAnswer Property Securities Fund sits at 1.06% — pricier than the median (cheaper than 37% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$519. That is NZ$19 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to ANZ Investments OneAnswer Property Securities Fund --- ## URL: https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/markdown.md # ANZ Investments OneAnswer Property Securities Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The ANZ Investments OneAnswer Property Securities Fund is a listed property managed fund run by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Investment objective (from PDS) > Aims to achieve a return (after the fund charge and before tax) that over the long term outperforms the relevant market index. Source: Product Disclosure Statement dated 2025-10-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf ## Fund data - **Annual fund charge:** 1.06% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.18% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$43 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 30 November 1994 ## Top 10 holdings 1. Goodman Group — 18.31% 2. Goodman Property Trust — 11.94% 3. Precinct Properties Group — 7.97% 4. Kiwi Income Property Trust — 7.23% 5. Scentre Group — 5.34% 6. Property for Industry Ltd — 5.23% 7. Vital Healthcare Property Trust — 4.92% 8. Stride Stapled Group — 4.23% 9. Stockland — 3.70% 10. Argosy Property Ltd — 3.35% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Listed property (Australasian) | 100% | 0% | 100% | | Australasian equities | 0% | 0% | 100% | | Cash and cash equivalents | 0% | 0% | 15% | ### Responsible-investment approach Responsible investment factors in people, society and the environment along with financial performance. The three core components are: (1) exclusions of some companies and industries based on involvement in areas of harm or breaching global norms; (2) ESG integration into evaluation of companies invested in or considered; and (3) stewardship through engagement and proxy voting. Investments are not made based solely on ESG factors. ### Derivatives policy Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative counterparties must meet minimum credit ratings. Source: Statement of Investment Policy and Objectives dated 2025-10-21. https://smartinvestor.sorted.org.nz/disclose-document/mdo9af04e7f2d576689d8431c8b1f3f2ed2/One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf ## How to invest Available via: ANZ Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments%20OneAnswer%20Property%20Securities%20Fund - **Product Disclosure Statement:** /disclose-document/mdoa7e58d2ccc3267cfd4ff6568a65ca944/One-Answer-SAC-Funds-PDS-23-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11065/OFR11077/FND2206/ - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/ - **Markdown (this file):** https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the ANZ Investments OneAnswer Property Securities Fund URL: https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/questions/ > 2 commonly-asked questions about the ANZ Investments OneAnswer Property Securities Fund, answered with mechanical facts sourced from the FMA Disclose register. ANZ Investments, listed property category. Questions about ANZ Investments OneAnswer Property Securities Fund 2 commonly-asked questions, answered with mechanical facts sourced from the ANZ Investments OneAnswer Property Securities Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are ANZ's fees and charges? The ANZ Investments OneAnswer Property Securities Fund charges an annual fund charge of 1.06% p.a., as disclosed in the latest Quarterly Fund Update. This is 0.11 percentage points higher than the peer-cohort average fee of 0.95% p.a. for listed property funds. Check the current Product Disclosure Statement for any additional costs that may apply. 2. Is ANZ a good long-term investment? The ANZ Investments OneAnswer Property Securities Fund returned 2.25% p.a. after fees and before tax over the past 5 years, as at the latest QFU. Whether this fund aligns with your long-term goals depends on your personal circumstances, investment timeframe, and risk tolerance—this fund carries a risk indicator of 5/7 on the FMC standardised scale. Review the Product Disclosure Statement and consider seeking personal financial advice. Primary sources Product Disclosure Statement More about this fund ANZ Investments OneAnswer Property Securities Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour Mercer Global Listed Real Estate Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Artesian Green and Sustainable Bond Fund (NZD) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/investment-mandate/ > The Artesian Green and Sustainable Bond Fund (NZD)'s Statement of Investment Policy sets target / min / max ranges across 9 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Artesian Green and Sustainable Bond Fund (NZD) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Green Bonds 70% 0% 100% Sustainable Bonds 15% 0% 100% Social Bonds 10% 0% 100% Cash 5% 0% 100% Exposure to foreign bond issuers 30% 0% 50% Exposure to Australian bond issuers 60% 0% 100% Exposure to investment grade debt 90% 81% 100% Exposure to non-rated debt 0% 0% 10% Exposure to non-investment grade debt 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 589%. Wide range — high manager discretion typical of active management. Explicit exclusions (7) Tobacco productionAlcohol productionPornography productionMunitions productionPalm oil productionGaming equipment productionFossil fuel exploration and/or production Responsible-investment approach Artesian integrates ESG factors into all investment decisions, applying both positive and negative screens. Negative screens exclude issuers involved in tobacco, alcohol, pornography, munitions, palm oil, gaming equipment and fossil fuel exploration/production. Positive screens highlight companies with strong responsible investment practices such as net-zero targets and gender equity. Artesian is a PRI signatory and Certified B Corporation. Derivatives policy Artesian uses derivatives to manage currency exposure. Because derivatives cannot be screened, the exclusion criteria set out in the SIPO do not apply to them, meaning investors may be exposed to otherwise excluded activities. Statement of Investment Policy and Objectives Related Artesian Green and Sustainable Bond Fund (NZD) fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Artesian Green and Sustainable Bond Fund (NZD): annual fee loa… URL: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/is-it-expensive/ > Annual fee load for Artesian Green and Sustainable Bond Fund (NZD) compared with the international fi peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Artesian Green and Sustainable Bond Fund (NZD) expensive? Annual fund charge for Artesian Green and Sustainable Bond Fund (NZD) has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Artesian Green and Sustainable Bond Fund (NZD)? Annual fund charge for Artesian Green and Sustainable Bond Fund (NZD) has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Artesian Green and Sustainable Bond Fund (NZD)'s fee compare with peer international fi funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Artesian Green and Sustainable Bond Fund (NZD) --- ## URL: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/markdown.md # Artesian Green and Sustainable Bond Fund (NZD) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Artesian (Artesian Capital Management) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Artesian Green and Sustainable Bond Fund (NZD) is a international fi managed fund run by Artesian. Australian credit specialist with NZD-denominated sustainable bond strategies offered as PIE funds. ## Investment objective (from PDS) > To outperform the benchmark net of fees through active management. The strategy for this Fund is to invest in a diversified portfolio of Australian and international green, social and sustainable bonds that have been screened in accordance with Artesian's screening processes. This Fund is generally suited for persons seeking stable returns. Source: Product Disclosure Statement dated 2026-04-07 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/888d632cb2d0c48d/Artesian-Funds-Scheme-Product-Disclosure-Statement-8-April-2026.pdf ## Fund data - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$0 - **Asset mix:** 0% growth assets · 1% income assets ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Green Bonds | 70% | 0% | 100% | | Sustainable Bonds | 15% | 0% | 100% | | Social Bonds | 10% | 0% | 100% | | Cash | 5% | 0% | 100% | | Exposure to foreign bond issuers | 30% | 0% | 50% | | Exposure to Australian bond issuers | 60% | 0% | 100% | | Exposure to investment grade debt | 90% | 81% | 100% | | Exposure to non-rated debt | 0% | 0% | 10% | | Exposure to non-investment grade debt | 0% | 0% | 10% | ### Responsible-investment approach Artesian integrates ESG factors into all investment decisions, applying both positive and negative screens. Negative screens exclude issuers involved in tobacco, alcohol, pornography, munitions, palm oil, gaming equipment and fossil fuel exploration/production. Positive screens highlight companies with strong responsible investment practices such as net-zero targets and gender equity. Artesian is a PRI signatory and Certified B Corporation. ### Derivatives policy Artesian uses derivatives to manage currency exposure. Because derivatives cannot be screened, the exclusion criteria set out in the SIPO do not apply to them, meaning investors may be exposed to otherwise excluded activities. ### Exclusions - Tobacco production - Alcohol production - Pornography production - Munitions production - Palm oil production - Gaming equipment production - Fossil fuel exploration and/or production Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/51ebfe0a50dc0701/Artesian-Funds-Scheme-Statement-of-Investment-Policy-and-Objectives-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** The Supervisor (The New Zealand Guardian Trust Company Limited) holds the scheme property by holding the units in the Underlying Funds into which those Funds invest. - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Devon's directors, employees and other associated persons may choose to invest in the Funds, creating a potential conflict of interest managed under Devon's Conflicts of Interest Policy. - Devon's parent ISG provides investment administration and investment operation services for the Funds and receives a portion of the total fund charge, representing a related-party arrangement. ### Related-party transactions - **ISG** (Devon's parent company) — Investment administration and investment operation services for the Funds · a portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-07. https://smartinvestor.sorted.org.nz/disclose-document/c97136400a014d84/Artesian-Funds-Scheme-Other-Material-Information-8-April-2026.pdf ## How to invest Available via: Artesian directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Artesian%20Green%20and%20Sustainable%20Bond%20Fund%20(NZD) - **Product Disclosure Statement:** /disclose-document/888d632cb2d0c48d/Artesian-Funds-Scheme-Product-Disclosure-Statement-8-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH15026/OFR15048/FND62002/ - **Manager website:** https://artesianinvest.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/ - **Markdown (this file):** https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Artesian Green and Sustainable Bond Fund (NZD)? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/who-audits/ > The Artesian Green and Sustainable Bond Fund (NZD) is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Artesian Green and Sustainable Bond Fund (NZD)? PricewaterhouseCoopers (PwC) The Artesian Green and Sustainable Bond Fund (NZD) sits within a managed investment scheme run by Artesian. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) The Supervisor (The New Zealand Guardian Trust Company Limited) holds the scheme property by holding the units in the Underlying Funds into which those Funds invest. Related Artesian Green and Sustainable Bond Fund (NZD) fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Artesian Short Duration Corporate Bond Fund (NZD) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/investment-mandate/ > The Artesian Short Duration Corporate Bond Fund (NZD)'s Statement of Investment Policy sets target / min / max ranges across 10 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Artesian Short Duration Corporate Bond Fund (NZD) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Fixed rate corporate bonds 35% 0% 70% Floating rate corporate bonds 55% 0% 100% Cash — 0% 100% Exposure to foreign bond issuers 30% 0% 50% Exposure to Australian bond issuers 60% 0% 100% Exposure to investment grade debt 90% 72% 100% Exposure to non-rated debt 0% 0% 10% Exposure to non-investment grade debt 0% 0% 10% Exposure to any one bond as a % of total portfolio 3% 0% 20% Exposure to any one bond as a % of total bond issue size — 0% 10% Mandate flexibility (sum of max − min across all ranges): 498%. Wide range — high manager discretion typical of active management. Explicit exclusions (7) Tobacco productionAlcohol productionPornography productionMunitions productionPalm oil productionGaming equipment productionFossil fuel exploration and/or production Responsible-investment approach Artesian integrates ESG factors into all investment decisions, applying both positive and negative screens. Negative screens exclude issuers involved in tobacco, alcohol, pornography, munitions, palm oil, gaming equipment and fossil fuel exploration/production. Positive screens highlight companies with strong responsible investment practices such as net-zero targets and gender equity. Artesian is a PRI signatory and Certified B Corporation. Derivatives policy Artesian uses derivatives to manage currency exposure. Because derivatives cannot be screened, the exclusion criteria set out in the SIPO do not apply to them, meaning investors may be exposed to otherwise excluded activities. Statement of Investment Policy and Objectives Related Artesian Short Duration Corporate Bond Fund (NZD) fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Artesian Short Duration Corporate Bond Fund (NZD): annual fee … URL: https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/is-it-expensive/ > Annual fee load for Artesian Short Duration Corporate Bond Fund (NZD) compared with the international fi peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Artesian Short Duration Corporate Bond Fund (NZD) expensive? Annual fund charge for Artesian Short Duration Corporate Bond Fund (NZD) has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Artesian Short Duration Corporate Bond Fund (NZD)? Annual fund charge for Artesian Short Duration Corporate Bond Fund (NZD) has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Artesian Short Duration Corporate Bond Fund (NZD)'s fee compare with peer international fi funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Artesian Short Duration Corporate Bond Fund (NZD) --- ## URL: https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/markdown.md # Artesian Short Duration Corporate Bond Fund (NZD) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Artesian (Artesian Capital Management) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Artesian Short Duration Corporate Bond Fund (NZD) is a international fi managed fund run by Artesian. Australian credit specialist with NZD-denominated sustainable bond strategies offered as PIE funds. ## Investment objective (from PDS) > To outperform the benchmark net of fees through active management. This Fund is generally suited for persons seeking stable returns. Source: Product Disclosure Statement dated 2026-04-07 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/888d632cb2d0c48d/Artesian-Funds-Scheme-Product-Disclosure-Statement-8-April-2026.pdf ## Fund data - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$0 - **Asset mix:** 0% growth assets · 1% income assets ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Fixed rate corporate bonds | 35% | 0% | 70% | | Floating rate corporate bonds | 55% | 0% | 100% | | Cash | — | 0% | 100% | | Exposure to foreign bond issuers | 30% | 0% | 50% | | Exposure to Australian bond issuers | 60% | 0% | 100% | | Exposure to investment grade debt | 90% | 72% | 100% | | Exposure to non-rated debt | 0% | 0% | 10% | | Exposure to non-investment grade debt | 0% | 0% | 10% | | Exposure to any one bond as a % of total portfolio | 3% | 0% | 20% | | Exposure to any one bond as a % of total bond issue size | — | 0% | 10% | ### Responsible-investment approach Artesian integrates ESG factors into all investment decisions, applying both positive and negative screens. Negative screens exclude issuers involved in tobacco, alcohol, pornography, munitions, palm oil, gaming equipment and fossil fuel exploration/production. Positive screens highlight companies with strong responsible investment practices such as net-zero targets and gender equity. Artesian is a PRI signatory and Certified B Corporation. ### Derivatives policy Artesian uses derivatives to manage currency exposure. Because derivatives cannot be screened, the exclusion criteria set out in the SIPO do not apply to them, meaning investors may be exposed to otherwise excluded activities. ### Exclusions - Tobacco production - Alcohol production - Pornography production - Munitions production - Palm oil production - Gaming equipment production - Fossil fuel exploration and/or production Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/51ebfe0a50dc0701/Artesian-Funds-Scheme-Statement-of-Investment-Policy-and-Objectives-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** The Supervisor (The New Zealand Guardian Trust Company Limited) holds the scheme property by holding the units in the Underlying Funds into which those Funds invest. - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Devon's directors, employees and other associated persons may choose to invest in the Funds, creating a potential conflict of interest managed under Devon's Conflicts of Interest Policy. - Devon's parent ISG provides investment administration and investment operation services for the Funds and receives a portion of the total fund charge, representing a related-party arrangement. ### Related-party transactions - **ISG** (Devon's parent company) — Investment administration and investment operation services for the Funds · a portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-07. https://smartinvestor.sorted.org.nz/disclose-document/c97136400a014d84/Artesian-Funds-Scheme-Other-Material-Information-8-April-2026.pdf ## How to invest Available via: Artesian directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Artesian%20Short%20Duration%20Corporate%20Bond%20Fund%20(NZD) - **Product Disclosure Statement:** /disclose-document/888d632cb2d0c48d/Artesian-Funds-Scheme-Product-Disclosure-Statement-8-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH15026/OFR15048/FND62003/ - **Manager website:** https://artesianinvest.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/ - **Markdown (this file):** https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Artesian Short Duration Corporate Bond Fund (NZD) URL: https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/questions/ > 3 commonly-asked questions about the Artesian Short Duration Corporate Bond Fund (NZD), answered with mechanical facts sourced from the FMA Disclose register. Artesian, international fi category. Questions about Artesian Short Duration Corporate Bond Fund (NZD) 3 commonly-asked questions, answered with mechanical facts sourced from the Artesian Short Duration Corporate Bond Fund (NZD)'s current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are short-term corporate bonds a good investment? Short-term corporate bonds are a fixed-income asset class that typically offer lower volatility than growth assets; suitability depends on individual circumstances, investment horizon, and risk tolerance. The Artesian Short Duration Corporate Bond Fund carries a risk indicator of 2/7 on the FMA standardised scale. For personalised advice, consult a financial adviser or refer to the fund's Product Disclosure Statement. 2. Is it good to invest in a corporate bond fund? Corporate bond funds provide diversified exposure to corporate debt across multiple issuers and geographies, which can reduce single-issuer risk compared to holding individual bonds. The Artesian Short Duration Corporate Bond Fund is classified as international fixed income and is available as a PIE, meaning investor tax is capped at your prescribed investor rate (maximum 28%). Whether this fund suits your situation depends on your goals and risk appetite—review the PDS and consider seeking financial advice. 3. What are the risks of investing in LQD? Short-duration corporate bond funds face credit risk (if issuers default), interest-rate risk (if rates rise, bond values typically fall), and liquidity risk (if the fund cannot sell holdings quickly). The Artesian Short Duration Corporate Bond Fund carries a risk indicator of 2/7, reflecting lower volatility within the bond market spectrum. For detailed risk disclosures specific to this fund, see the PDS on the FMA Disclose Register. Primary sources Product Disclosure Statement More about this fund Artesian Short Duration Corporate Bond Fund (NZD) — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Artesian Short Duration Corporate Bond Fund (NZD)? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/who-audits/ > The Artesian Short Duration Corporate Bond Fund (NZD) is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Artesian Short Duration Corporate Bond Fund (NZD)? PricewaterhouseCoopers (PwC) The Artesian Short Duration Corporate Bond Fund (NZD) sits within a managed investment scheme run by Artesian. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) The Supervisor (The New Zealand Guardian Trust Company Limited) holds the scheme property by holding the units in the Underlying Funds into which those Funds invest. Related Artesian Short Duration Corporate Bond Fund (NZD) fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Aurellan Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/aurellan/global-shares/investment-mandate/ > The Aurellan Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Aurellan Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Global equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Practical suitability for New Zealand investors is considered when selecting underlying investment managers, including accessing the underlying investment manager in a manner which considers ESG integration and exclusions. Derivatives policy Derivative instruments including currency hedging instruments are permitted for the Aurellan Hedged Global Shares Fund for the purpose of hedging most major foreign currency exposures to New Zealand dollars. Derivatives are not listed as permitted investments for the Aurellan Global Shares Fund. Statement of Investment Policy and Objectives Related Aurellan Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Aurellan Global Shares Fund: 1.12% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/aurellan/global-shares/is-it-expensive/ > Aurellan Global Shares Fund charges 1.12% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. A Annual fee load vs peer-class median Is the Aurellan Global Shares Fund expensive? Aurellan Global Shares Fund charges 1.12% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 73% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Aurellan Global Shares Fund NZ$548 at 1.12% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$246 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Aurellan Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Aurellan Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.09pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.09pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.06pp Foundation Series Total World Fund Foundation Series 0.07% −1.05pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.05pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.02pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.97pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.97pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Aurellan Global Shares Fund? Aurellan Global Shares Fund charges 1.12% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Aurellan Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Aurellan Global Shares Fund sits at 1.12% — pricier than the median (cheaper than 27% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.12% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$548. That is NZ$246 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Aurellan Global Shares Fund --- ## URL: https://managedfunds.nz/funds/aurellan/global-shares/markdown.md # Aurellan Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Aurellan (Aurellan Investments Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Aurellan Global Shares Fund is a international equities managed fund run by Aurellan. NZ boutique offering global-equity exposure in hedged and unhedged PIE wrappers. ## Investment objective (from PDS) > The Fund aims to provide exposure to a diversified portfolio of global shares managed using a manager-of-managers approach. The Fund aims to outperform its benchmark, the MSCI All Country World Net Total Return Index in New Zealand dollars, after fees and before taxes, over rolling 5 year periods. The Fund is not hedged back to the New Zealand dollar. Source: Product Disclosure Statement dated 2026-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/4f681d2b8256ceb8/20260401---Aurellan-Investment-Funds---PDS.pdf ## Fund data - **Annual fund charge:** 1.12% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$22 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 December 2025 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Cash at Bank (BNZ) — 3.84% 2. Meta Platforms Inc — 3.07% 3. Alphabet Inc Cap Stk Cl A — 2.85% 4. Nvidia Corp — 2.35% 5. Apple Inc — 2.01% 6. Amazon Com Inc — 1.99% 7. Microsoft Corp — 1.77% 8. Tesla Inc — 1.69% 9. Boeing Co Com Us$5 — 1.56% 10. Mercadolibre Inc — 1.52% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 15 bps / 15 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Global equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Practical suitability for New Zealand investors is considered when selecting underlying investment managers, including accessing the underlying investment manager in a manner which considers ESG integration and exclusions. ### Derivatives policy Derivative instruments including currency hedging instruments are permitted for the Aurellan Hedged Global Shares Fund for the purpose of hedging most major foreign currency exposures to New Zealand dollars. Derivatives are not listed as permitted investments for the Aurellan Global Shares Fund. Source: Statement of Investment Policy and Objectives dated 2025-12-02. https://smartinvestor.sorted.org.nz/disclose-document/mdof73150204e9de74a222e691a833623a4/Aurellan-Investment-Funds-SIPO-2-December-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and registry manager Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including staff of Aurellan Asset Management Limited and their families, and staff of FundRock NZ Limited and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Common ultimate parent — both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited) — Registry services provided to the Scheme Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/c29ca61c58d75fef/20260401----Aurellan-Investment-Funds---OMI.pdf ## How to invest Available via: Aurellan directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Aurellan%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/4f681d2b8256ceb8/20260401---Aurellan-Investment-Funds---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH14022/OFR14038/FND60479/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/aurellan/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/aurellan/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/aurellan/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Aurellan Global Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/aurellan/global-shares/who-audits/ > The Aurellan Global Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Aurellan Global Shares Fund? PricewaterhouseCoopers The Aurellan Global Shares Fund sits within a managed investment scheme run by Aurellan. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Aurellan Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Aurellan Hedged Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/aurellan/hedged-global-shares/investment-mandate/ > The Aurellan Hedged Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Aurellan Hedged Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Global equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Practical suitability for New Zealand investors is considered when selecting underlying investment managers, including accessing the underlying investment manager in a manner which considers ESG integration and exclusions. Derivatives policy Derivative instruments including currency hedging instruments are permitted for the Aurellan Hedged Global Shares Fund for the purpose of hedging most major foreign currency exposures to New Zealand dollars. Derivatives are not listed as permitted investments for the Aurellan Global Shares Fund. Statement of Investment Policy and Objectives Related Aurellan Hedged Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Aurellan Hedged Global Shares Fund: 1.12% fee vs 0.61% peer me… URL: https://managedfunds.nz/funds/aurellan/hedged-global-shares/is-it-expensive/ > Aurellan Hedged Global Shares Fund charges 1.12% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. A Annual fee load vs peer-class median Is the Aurellan Hedged Global Shares Fund expensive? Aurellan Hedged Global Shares Fund charges 1.12% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 73% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Aurellan Hedged Global Shares Fund NZ$548 at 1.12% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$246 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Aurellan Hedged Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Aurellan Hedged Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.09pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.09pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.06pp Foundation Series Total World Fund Foundation Series 0.07% −1.05pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.05pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.02pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.97pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.97pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Aurellan Hedged Global Shares Fund? Aurellan Hedged Global Shares Fund charges 1.12% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Aurellan Hedged Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Aurellan Hedged Global Shares Fund sits at 1.12% — pricier than the median (cheaper than 27% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.12% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$548. That is NZ$246 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Aurellan Hedged Global Shares Fund --- ## URL: https://managedfunds.nz/funds/aurellan/hedged-global-shares/markdown.md # Aurellan Hedged Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Aurellan (Aurellan Investments Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Aurellan Hedged Global Shares Fund is a international equities managed fund run by Aurellan. NZ boutique offering global-equity exposure in hedged and unhedged PIE wrappers. ## Investment objective (from PDS) > The Fund aims to provide exposure to a diversified portfolio of global shares managed using a manager-of-managers approach. The Fund aims to outperform its benchmark, the MSCI All Country World Net Total Return Index hedged to New Zealand dollars, after fees and before taxes, over rolling 5 year periods. The Fund mitigates currency risk by hedging most major foreign currency exposures to New Zealand dollars. Source: Product Disclosure Statement dated 2026-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/4f681d2b8256ceb8/20260401---Aurellan-Investment-Funds---PDS.pdf ## Fund data - **Annual fund charge:** 1.12% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$27 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 17 December 2025 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Cash at Bank (BNZ) — 3.84% 2. Meta Platforms Inc — 3.07% 3. Alphabet Inc Cap Stk Cl A — 2.85% 4. Nvidia Corp — 2.35% 5. Apple Inc — 2.01% 6. Amazon Com Inc — 1.99% 7. Microsoft Corp — 1.77% 8. Tesla Inc — 1.69% 9. Boeing Co Com Us$5 — 1.56% 10. Mercadolibre Inc — 1.52% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 15 bps / 15 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Global equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Practical suitability for New Zealand investors is considered when selecting underlying investment managers, including accessing the underlying investment manager in a manner which considers ESG integration and exclusions. ### Derivatives policy Derivative instruments including currency hedging instruments are permitted for the Aurellan Hedged Global Shares Fund for the purpose of hedging most major foreign currency exposures to New Zealand dollars. Derivatives are not listed as permitted investments for the Aurellan Global Shares Fund. Source: Statement of Investment Policy and Objectives dated 2025-12-02. https://smartinvestor.sorted.org.nz/disclose-document/mdof73150204e9de74a222e691a833623a4/Aurellan-Investment-Funds-SIPO-2-December-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and registry manager Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including staff of Aurellan Asset Management Limited and their families, and staff of FundRock NZ Limited and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Common ultimate parent — both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited) — Registry services provided to the Scheme Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/c29ca61c58d75fef/20260401----Aurellan-Investment-Funds---OMI.pdf ## How to invest Available via: Aurellan directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Aurellan%20Hedged%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/4f681d2b8256ceb8/20260401---Aurellan-Investment-Funds---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH14022/OFR14038/FND60480/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/aurellan/hedged-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/aurellan/hedged-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/aurellan/hedged-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Aurellan Hedged Global Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/aurellan/hedged-global-shares/who-audits/ > The Aurellan Hedged Global Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Aurellan Hedged Global Shares Fund? PricewaterhouseCoopers The Aurellan Hedged Global Shares Fund sits within a managed investment scheme run by Aurellan. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Aurellan Hedged Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Bentham Global Income PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/bentham/global-income/investment-mandate/ > The Bentham Global Income PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Bentham Global Income PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest (via the Underlying Fund) 100% 90% 110% Cash and cash equivalents — -10% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products)Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons) Responsible-investment approach Labour standards, environmental, social, ethical and governance considerations are taken into account in the selection, retention, and realisation of investments. Standards are country and industry specific. Explicit exclusions apply to tobacco manufacturers/producers and companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons). No formal rating systems, criteria, methodologies or weighting systems are applied. Bentham is a signatory of PRI. Derivatives policy Derivatives are used as a risk management tool and may include currency swaps, interest rate swaps, credit default swaps, total return swaps, futures and options. The Underlying Funds are not intended to be leveraged through derivatives (Income Fund), though the Opportunities Fund's underlying Bentham Global Opportunities Fund may use derivatives for leverage up to 30% of gross asset value. Statement of Investment Policy and Objectives Related Bentham Global Income PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Bentham Global Income PIE Fund: 0.83% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/bentham/global-income/is-it-expensive/ > Bentham Global Income PIE Fund charges 0.83% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Bentham Global Income PIE Fund expensive? Bentham Global Income PIE Fund charges 0.83% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Bentham Global Income PIE Fund NZ$408 at 0.83% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$63 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Bentham Global Income PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Bentham Global Income PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.68pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.58pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.55pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.53pp Kernel US Bond Fund Kernel 0.30% −0.53pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.51pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.51pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.49pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Bentham Global Income PIE Fund? Bentham Global Income PIE Fund charges 0.83% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Bentham Global Income PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Bentham Global Income PIE Fund sits at 0.83% — pricier than the median (cheaper than 32% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.83% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$408. That is NZ$63 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Bentham Global Income PIE Fund --- ## URL: https://managedfunds.nz/funds/bentham/global-income/markdown.md # Bentham Global Income PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Bentham (Bentham Asset Management) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Bentham Global Income PIE Fund is a international fi managed fund run by Bentham. Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors. ## Investment objective (from PDS) > The Income Fund provides exposure to an actively managed, diversified portfolio which invests in global credit markets. The Income Fund aims to generate income with some potential for capital growth over the medium to long term. The Income Fund aims to outperform its composite benchmark (50% Bloomberg AusBond Composite Bond Index hedged to the New Zealand dollar, 50% Bloomberg AusBond Bank Bill Index, hedged to the New Zealand dollar) over rolling 3-year periods. Source: Product Disclosure Statement dated 2026-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/40b53b4fe53574b6/20260401-Bentham-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.83% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$180 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 11 April 2023 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. Cash — 10.70% 2. Derivatives (FX/IR Hedges, Credit Derivatives) — 7.60% 3. Province of British Columb 5.20% 14/05/2036 GOVT S — 1.48% 4. New South Wales Treasury C 3.50% 20/11/2037 GOVT G — 1.33% 5. PUMA FINANCE PTY LTD 0.8% 18/01/2057 MBS — 1.21% 6. Export-Import Bank of Kore 4.80% 05/03/2031 AGEN S — 1.06% 7. Nederlandse Waterschapsban 4.80% 05/08/2031 AGEN S — 1.04% 8. Queensland Treasury Corp 3.37% 18/03/2036 GOVT GG — 1.01% 9. New South Wales Treasury C 2.50% 22/11/2032 GOVT G — 0.93% 10. South Australian Governmen 24/11/2031 FRN SEN UNSE — 0.93% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** monthly - **Buy / sell spread:** 17 bps / 17 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest (via the Underlying Fund) | 100% | 90% | 110% | | Cash and cash equivalents | — | -10% | 10% | ### Responsible-investment approach Labour standards, environmental, social, ethical and governance considerations are taken into account in the selection, retention, and realisation of investments. Standards are country and industry specific. Explicit exclusions apply to tobacco manufacturers/producers and companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons). No formal rating systems, criteria, methodologies or weighting systems are applied. Bentham is a signatory of PRI. ### Derivatives policy Derivatives are used as a risk management tool and may include currency swaps, interest rate swaps, credit default swaps, total return swaps, futures and options. The Underlying Funds are not intended to be leveraged through derivatives (Income Fund), though the Opportunities Fund's underlying Bentham Global Opportunities Fund may use derivatives for leverage up to 30% of gross asset value. ### Exclusions - Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products) - Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons) Source: Statement of Investment Policy and Objectives dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/5fd538bf8e492201/20260401-Bentham-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Bentham, as Investment Manager for the Funds (each representing a single investor into the relevant Underlying Fund), may have a potential conflict with its role as investment manager for the Underlying Funds (representing all investors in the Underlying Funds). - Both FundRock NZ Limited and the Scheme's administration manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including staff of Bentham and their families, and staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Bentham Asset Management Pty Ltd** (Investment Manager and manager of Underlying Funds) — Investment management services for the Funds; Bentham also manages the Underlying Funds into which the Funds invest (Bentham Global Income Fund, Bentham Global Opportunities Fund, Bentham Syndicated Loan Fund) - **Apex Investment Administration (NZ) Limited** (Common ultimate owner — both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited) — Administration manager providing unit pricing, fund accounting, and registry services Source: Other Material Information document dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/980ef0dd88fc03e8/20260401-Bentham-Investment-Funds-OMI.pdf ## How to invest Available via: Bentham directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Bentham%20Global%20Income%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/40b53b4fe53574b6/20260401-Bentham-Investment-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13506/OFR13510/FND43027/ - **Manager website:** https://www.benthamam.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/bentham/global-income/ - **Markdown (this file):** https://managedfunds.nz/funds/bentham/global-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/bentham/global-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Bentham Global Income PIE Fund URL: https://managedfunds.nz/funds/bentham/global-income/questions/ > 3 commonly-asked questions about the Bentham Global Income PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Bentham, international fi category. Questions about Bentham Global Income PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Bentham Global Income PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the management fee for the Bentham Global Income Fund? The annual fund charge for Bentham Global Income PIE Fund is 0.83% p.a., as disclosed in the latest Quarterly Fund Update. This is 0.18 percentage points above the peer-cohort average of 0.65% p.a. for comparable international fixed-income funds. 2. What is the best high income fund? Bentham Global Income PIE Fund has an asset mix of approximately 99.93% income assets, meaning it is structured primarily to generate income rather than capital growth. Compare this fund's fees, risk profile (3/7), and investment approach against other international fixed-income funds in our coverage using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/. 3. What is the highest paying income fund? Fund income payments vary based on the underlying investments and market conditions; past distributions are not indicative of future payments. Check the fund's latest Quarterly Fund Update and Product Disclosure Statement for historical distribution data and current yield information. Primary sources Product Disclosure Statement More about this fund Bentham Global Income PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Bentham Global Income PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/bentham/global-income/who-audits/ > The Bentham Global Income PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Bentham Global Income PIE Fund? PricewaterhouseCoopers The Bentham Global Income PIE Fund sits within a managed investment scheme run by Bentham. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust Related Bentham Global Income PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Bentham Global Opportunities PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/bentham/global-opportunities/investment-mandate/ > The Bentham Global Opportunities PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Bentham Global Opportunities PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest (via the Underlying Funds) 100% 90% 110% Cash and cash equivalents — -10% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products)Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons) Responsible-investment approach Labour standards, environmental, social, ethical and governance considerations are taken into account in the selection, retention, and realisation of investments. Standards are country and industry specific. Explicit exclusions apply to tobacco manufacturers/producers and companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons). No formal rating systems, criteria, methodologies or weighting systems are applied. Bentham is a signatory of PRI. Derivatives policy Derivatives are used as a risk management tool and may include currency swaps, interest rate swaps, credit default swaps, total return swaps, futures and options. The Underlying Funds are not intended to be leveraged through derivatives (Income Fund), though the Opportunities Fund's underlying Bentham Global Opportunities Fund may use derivatives for leverage up to 30% of gross asset value. Statement of Investment Policy and Objectives Related Bentham Global Opportunities PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Bentham Global Opportunities PIE Fund: annual fee load vs peer… URL: https://managedfunds.nz/funds/bentham/global-opportunities/is-it-expensive/ > Annual fee load for Bentham Global Opportunities PIE Fund compared with the international fi peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Bentham Global Opportunities PIE Fund expensive? Annual fund charge for Bentham Global Opportunities PIE Fund has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Bentham Global Opportunities PIE Fund? Annual fund charge for Bentham Global Opportunities PIE Fund has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Bentham Global Opportunities PIE Fund's fee compare with peer international fi funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Bentham Global Opportunities PIE Fund --- ## URL: https://managedfunds.nz/funds/bentham/global-opportunities/markdown.md # Bentham Global Opportunities PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Bentham (Bentham Asset Management) - **Asset class:** International Fixed Interest - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Bentham Global Opportunities PIE Fund is a international fi managed fund run by Bentham. Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors. ## Investment objective (from PDS) > The Opportunities Fund provides exposure to an actively managed portfolio of fixed income and credit securities focusing on relative value. The Opportunities Fund aims to outperform its composite benchmark (50% Bloomberg AusBond Composite Bond Index hedged to the New Zealand dollar, 50% Bloomberg AusBond Bank Bill Index, hedged to the New Zealand dollar) over rolling 3 year periods. The Fund targets a position of being fully hedged back to New Zealand dollars, however the underlying funds into which the Opportunities Fund invests may take unhedged currency positions. Source: Product Disclosure Statement dated 2026-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/40b53b4fe53574b6/20260401-Bentham-Investment-Funds-PDS.pdf ## Fund data - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$0 - **Asset mix:** 0% growth assets · 1% income assets - **Minimum initial investment:** NZ$50,000 ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 28 bps / 28 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest (via the Underlying Funds) | 100% | 90% | 110% | | Cash and cash equivalents | — | -10% | 10% | ### Responsible-investment approach Labour standards, environmental, social, ethical and governance considerations are taken into account in the selection, retention, and realisation of investments. Standards are country and industry specific. Explicit exclusions apply to tobacco manufacturers/producers and companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons). No formal rating systems, criteria, methodologies or weighting systems are applied. Bentham is a signatory of PRI. ### Derivatives policy Derivatives are used as a risk management tool and may include currency swaps, interest rate swaps, credit default swaps, total return swaps, futures and options. The Underlying Funds are not intended to be leveraged through derivatives (Income Fund), though the Opportunities Fund's underlying Bentham Global Opportunities Fund may use derivatives for leverage up to 30% of gross asset value. ### Exclusions - Tobacco manufacturers/producers (any revenue from manufacture and/or production of tobacco products) - Companies that manufacture controversial weapons (including anti-personal mines, cluster munitions, nuclear weapons, and biological weapons) Source: Statement of Investment Policy and Objectives dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/5fd538bf8e492201/20260401-Bentham-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Bentham, as Investment Manager for the Funds (each representing a single investor into the relevant Underlying Fund), may have a potential conflict with its role as investment manager for the Underlying Funds (representing all investors in the Underlying Funds). - Both FundRock NZ Limited and the Scheme's administration manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including staff of Bentham and their families, and staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Bentham Asset Management Pty Ltd** (Investment Manager and manager of Underlying Funds) — Investment management services for the Funds; Bentham also manages the Underlying Funds into which the Funds invest (Bentham Global Income Fund, Bentham Global Opportunities Fund, Bentham Syndicated Loan Fund) - **Apex Investment Administration (NZ) Limited** (Common ultimate owner — both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited) — Administration manager providing unit pricing, fund accounting, and registry services Source: Other Material Information document dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/980ef0dd88fc03e8/20260401-Bentham-Investment-Funds-OMI.pdf ## How to invest Available via: Bentham directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Bentham%20Global%20Opportunities%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/40b53b4fe53574b6/20260401-Bentham-Investment-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13506/OFR13510/FND60440/ - **Manager website:** https://www.benthamam.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/bentham/global-opportunities/ - **Markdown (this file):** https://managedfunds.nz/funds/bentham/global-opportunities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/bentham/global-opportunities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Bentham Global Opportunities PIE Fund URL: https://managedfunds.nz/funds/bentham/global-opportunities/questions/ > 3 commonly-asked questions about the Bentham Global Opportunities PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Bentham, international fi category. Questions about Bentham Global Opportunities PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Bentham Global Opportunities PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are opportunity funds risky? The Bentham Global Opportunities PIE Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, indicating a moderate-to-higher level of risk. Risk indicators measure potential price fluctuations; check the fund's Product Disclosure Statement on the FMA Disclose register for full details on how this fund's strategy may affect your investment. 2. Is it good to invest in opportunities fund? Whether an opportunities fund suits your circumstances depends on your personal financial goals, time horizon, and risk tolerance. The Bentham Global Opportunities PIE Fund is available directly from Bentham; visit their website or consult a financial adviser to assess whether it aligns with your investment needs. 3. Is 0.25% a high management fee? Fee levels vary across the managed funds market depending on fund type and strategy complexity. You can compare annual fund charges across funds in our coverage, and the Bentham Global Opportunities PIE Fund's current fees are disclosed in its Product Disclosure Statement on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Bentham Global Opportunities PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Bentham Global Opportunities PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/bentham/global-opportunities/who-audits/ > The Bentham Global Opportunities PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Bentham Global Opportunities PIE Fund? PricewaterhouseCoopers The Bentham Global Opportunities PIE Fund sits within a managed investment scheme run by Bentham. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust Related Bentham Global Opportunities PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/investment-mandate/ > The BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)'s Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Fixed Interest 100% — — Cash — 0% 1% Mandate flexibility (sum of max − min across all ranges): 1%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares Australian Investment Grade Corporate Bond Fund (NZ… URL: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/is-it-expensive/ > BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) charges 0.34% p.a. vs the international fi peer-class median of 0.70%. 7 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) expensive? BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) charges 0.34% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 76% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) NZ$169 at 0.34% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-176 over 5 years on NZ$10K. 7 cheaper peers in the same category International FI funds with a lower annual fund charge than BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged), ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.19pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.09pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.06pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.04pp Kernel US Bond Fund Kernel 0.30% −0.04pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.02pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.02pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)? BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) charges 0.34% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)'s fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) sits at 0.34% — cheaper than 76% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.34% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$169. That is NZ$176 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) --- ## URL: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/markdown.md # BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) is a international fi managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Investment objective (from PDS) > AUS CREDIT aims to provide an investment return that tracks the performance of the Solactive Australian Investment Grade Corporate Bond Select TR NZD Hedged Index, before taking into account fees and expenses. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf ## Fund data - **Annual fund charge:** 0.34% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$28 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 29 May 2023 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Emirates NBD Bank 5.913% Jun-35 — 2.82% 2. Stockland Trust 5.346% Oct-35 — 2.37% 3. Aroundtown SA 6.65% Feb-36 — 2.35% 4. NSW Ports Finance 5.432% Sep-34 — 2.30% 5. E.ON SE 5.461% Oct-35 — 2.29% 6. Aurizon Network 6.2% Dec-33 — 2.27% 7. EnBW Intl Finance 6.048% Oct-34 — 2.26% 8. Scentre Group Trust 5.9% Nov-34 — 2.25% 9. Vonovia SE 5.717% Sep-35 — 2.24% 10. Patrick Terminals Finance 5.549% Oct-35 — 2.22% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** monthly - **Buy / sell spread:** 50 bps / — (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Fixed Interest | 100% | — | — | | Cash | — | 0% | 1% | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20Australian%20Investment%20Grade%20Corporate%20Bond%20Fund%20(NZD%20Hedged) - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND44174/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)? — KPMG URL: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/who-audits/ > The BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)? KPMG The BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares Australian Sustainability Leaders Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/au-sustainability-leaders/investment-mandate/ > The BetaShares Australian Sustainability Leaders Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 19 explicit exclusions. Verbatim from the SIPO. What can the BetaShares Australian Sustainability Leaders Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian equities 100% — — Cash — 0% 1% Mandate flexibility (sum of max − min across all ranges): 1%. Narrow range — index-tracking style with limited drift. Explicit exclusions (19) Fossil fuels – direct (0%)Fossil fuels – service providers (>5% of revenue)Fossil fuels – largest global financiers as identified in Banktrack reportFossil fuels – largest global insurers as identified in Banktrack reportFossil fuels – high dependency sectors (except critical minerals miners and companies with sustainable practices)Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%Tobacco – production or manufacture (0%); sale >5%Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5%Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%Destruction of valuable environments (0%)Animal cruelty (0%)Chemicals of concern (0%)Mandatory detention of asylum seekers and for-profit prisons (0%)Alcohol – production >5%; sale >20%Junk foods – production or sale >33%Pornography – production (0%); distribution >5%Predatory lending (0%)Human and labour rights violationsBoard diversity – no women on board of directors Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares Australian Sustainability Leaders Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares Australian Sustainability Leaders Fund: 0.67% fee v… URL: https://managedfunds.nz/funds/betashares/au-sustainability-leaders/is-it-expensive/ > BetaShares Australian Sustainability Leaders Fund charges 0.67% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares Australian Sustainability Leaders Fund expensive? BetaShares Australian Sustainability Leaders Fund charges 0.67% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares Australian Sustainability Leaders Fund NZ$331 at 0.67% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-164 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than BetaShares Australian Sustainability Leaders Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares Australian Sustainability Leaders Fund Simplicity NZ Share Fund Simplicity 0.10% −0.57pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.47pp Harbour NZ Index Shares Fund Harbour 0.21% −0.46pp BetaShares Australia 200 Fund BetaShares 0.23% −0.44pp Kernel NZ 20 Fund Kernel 0.25% −0.42pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.42pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.42pp Kernel Australia 100 Fund Kernel 0.25% −0.42pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares Australian Sustainability Leaders Fund? BetaShares Australian Sustainability Leaders Fund charges 0.67% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares Australian Sustainability Leaders Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. BetaShares Australian Sustainability Leaders Fund sits at 0.67% — cheaper than 63% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.67% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$331. That is NZ$164 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares Australian Sustainability Leaders Fund --- ## URL: https://managedfunds.nz/funds/betashares/au-sustainability-leaders/markdown.md # BetaShares Australian Sustainability Leaders Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares Australian Sustainability Leaders Fund is a australasian equities managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Investment objective (from PDS) > NZD SUSTAINABLE aims to provide an investment return that tracks the performance of the Solactive New Zealand Sustainable Leaders Index, before taking into account fees and expenses. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf ## Fund data - **Annual fund charge:** 0.67% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$15 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 May 2023 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Woolworths Group — 6.34% 2. Telstra Corp — 5.47% 3. Brambles — 4.37% 4. ResMed Inc — 3.83% 5. Suncorp Group — 3.75% 6. Goodman Group — 3.73% 7. Scentre Group — 3.72% 8. Insurance Australia Group — 3.71% 9. Computershare — 3.36% 10. CSL — 3.32% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 5 bps / — (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian equities | 100% | — | — | | Cash | — | 0% | 1% | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. ### Exclusions - Fossil fuels – direct (0%) - Fossil fuels – service providers (>5% of revenue) - Fossil fuels – largest global financiers as identified in Banktrack report - Fossil fuels – largest global insurers as identified in Banktrack report - Fossil fuels – high dependency sectors (except critical minerals miners and companies with sustainable practices) - Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5% - Tobacco – production or manufacture (0%); sale >5% - Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5% - Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5% - Destruction of valuable environments (0%) - Animal cruelty (0%) - Chemicals of concern (0%) - Mandatory detention of asylum seekers and for-profit prisons (0%) - Alcohol – production >5%; sale >20% - Junk foods – production or sale >33% - Pornography – production (0%); distribution >5% - Predatory lending (0%) - Human and labour rights violations - Board diversity – no women on board of directors Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20Australian%20Sustainability%20Leaders%20Fund - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND44172/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/au-sustainability-leaders/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/au-sustainability-leaders/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/au-sustainability-leaders/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares Australian Sustainability Leaders Fund? — KPMG URL: https://managedfunds.nz/funds/betashares/au-sustainability-leaders/who-audits/ > The BetaShares Australian Sustainability Leaders Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares Australian Sustainability Leaders Fund? KPMG The BetaShares Australian Sustainability Leaders Fund sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares Australian Sustainability Leaders Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares Australia 200 Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/australia-200/investment-mandate/ > The BetaShares Australia 200 Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the BetaShares Australia 200 Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian equities 100% — — Cash — 0% 1% Mandate flexibility (sum of max − min across all ranges): 1%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares Australia 200 Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares Australia 200 Fund: 0.23% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/betashares/australia-200/is-it-expensive/ > BetaShares Australia 200 Fund charges 0.23% p.a. vs the australasian equities peer-class median of 1.01%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares Australia 200 Fund expensive? BetaShares Australia 200 Fund charges 0.23% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares Australia 200 Fund NZ$114 at 0.23% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-380 over 5 years on NZ$10K. 3 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than BetaShares Australia 200 Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares Australia 200 Fund Simplicity NZ Share Fund Simplicity 0.10% −0.13pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.03pp Harbour NZ Index Shares Fund Harbour 0.21% −0.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares Australia 200 Fund? BetaShares Australia 200 Fund charges 0.23% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares Australia 200 Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. BetaShares Australia 200 Fund sits at 0.23% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.23% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$114. That is NZ$380 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares Australia 200 Fund --- ## URL: https://managedfunds.nz/funds/betashares/australia-200/markdown.md # BetaShares Australia 200 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares Australia 200 Fund is a australasian equities managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Investment objective (from PDS) > AUS 200 aims to provide an investment return that tracks the performance of the Solactive Australia 200 Index, before taking into account fees and expenses. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf ## Fund data - **Annual fund charge:** 0.23% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$54 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 May 2023 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Commonwealth Bank — 10.91% 2. BHP — 9.66% 3. Westpac Bank — 5.27% 4. National Australia Bank — 4.95% 5. ANZ Bank — 4.23% 6. Wesfarmers — 3.22% 7. Macquarie Group — 2.97% 8. CSL — 2.66% 9. Woodside Energy Group — 2.59% 10. Telstra Corp — 2.34% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 3 bps / — (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian equities | 100% | — | — | | Cash | — | 0% | 1% | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20Australia%20200%20Fund - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND44173/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/australia-200/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/australia-200/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/australia-200/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares Australia 200 Fund? — KPMG URL: https://managedfunds.nz/funds/betashares/australia-200/who-audits/ > The BetaShares Australia 200 Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares Australia 200 Fund? KPMG The BetaShares Australia 200 Fund sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares Australia 200 Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares Global Quality Leaders Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/global-quality-leaders/investment-mandate/ > The BetaShares Global Quality Leaders Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the BetaShares Global Quality Leaders Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% — — Cash — 0% 1% Mandate flexibility (sum of max − min across all ranges): 1%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares Global Quality Leaders Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares Global Quality Leaders Fund: 0.49% fee vs 0.61% pee… URL: https://managedfunds.nz/funds/betashares/global-quality-leaders/is-it-expensive/ > BetaShares Global Quality Leaders Fund charges 0.49% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares Global Quality Leaders Fund expensive? BetaShares Global Quality Leaders Fund charges 0.49% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 65% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares Global Quality Leaders Fund NZ$243 at 0.49% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-59 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than BetaShares Global Quality Leaders Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares Global Quality Leaders Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.46pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.46pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.43pp Foundation Series Total World Fund Foundation Series 0.07% −0.42pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.42pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.39pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.34pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.34pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares Global Quality Leaders Fund? BetaShares Global Quality Leaders Fund charges 0.49% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares Global Quality Leaders Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. BetaShares Global Quality Leaders Fund sits at 0.49% — cheaper than 65% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.49% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$243. That is NZ$59 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares Global Quality Leaders Fund --- ## URL: https://managedfunds.nz/funds/betashares/global-quality-leaders/markdown.md # BetaShares Global Quality Leaders Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares Global Quality Leaders Fund is a international equities managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Investment objective (from PDS) > GLOBAL QUALITY aims to provide an investment return that tracks the performance of the iSTOXX MUTB Global ex-Australia Quality Leaders 150 Index, before taking into account fees and expenses. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf ## Fund data - **Annual fund charge:** 0.49% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$19 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 May 2023 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Lam Research Corp — 2.10% 2. Netflix Inc — 2.10% 3. Applied Materials Inc — 2.09% 4. Johnson & Johnson — 2.08% 5. Cisco Systems Inc — 2.06% 6. Costco Wholesale Corp — 2.05% 7. Visa Inc — 2.03% 8. Uber Technologies Inc — 2.03% 9. UnitedHealth Group — 2.01% 10. Honeywell International Inc — 2.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 15 bps / — (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | — | — | | Cash | — | 0% | 1% | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20Global%20Quality%20Leaders%20Fund - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND44176/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/global-quality-leaders/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/global-quality-leaders/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/global-quality-leaders/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares Global Quality Leaders Fund? — KPMG URL: https://managedfunds.nz/funds/betashares/global-quality-leaders/who-audits/ > The BetaShares Global Quality Leaders Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares Global Quality Leaders Fund? KPMG The BetaShares Global Quality Leaders Fund sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares Global Quality Leaders Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares Global Sustainability Leaders Fund (NZD Hedged) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/investment-mandate/ > The BetaShares Global Sustainability Leaders Fund (NZD Hedged)'s Statement of Investment Policy sets target / min / max ranges across 1 asset classes plus 18 explicit exclusions. Verbatim from the SIPO. What can the BetaShares Global Sustainability Leaders Fund (NZD Hedged) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% — — Mandate flexibility (sum of max − min across all ranges): 0%. Narrow range — index-tracking style with limited drift. Explicit exclusions (18) Fossil fuels – direct (0%)Fossil fuels – indirect products and services (>5%); largest global financiers as identified in Banktrack reportFossil fuels – very high usage (except where >50% revenue from renewable energy, resource efficiency, environmental solutions or energy efficiency)Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%Tobacco – production or manufacture (0%); sale >5%Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5%Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%Destruction of valuable environments (0%)Animal cruelty (0%)Chemicals of concern (0%)Mandatory detention of asylum seekers and for-profit prisons (0%)Alcohol – production >5%; sale >20%Junk foods – production or sale >33%Pornography – production (0%); distribution >5%Payday lending (0%)Human and labour rights violationsBoard diversity – no women on board of directorsExcludes securities listed on an exchange in Australia Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares Global Sustainability Leaders Fund (NZD Hedged) fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares Global Sustainability Leaders Fund (NZD Hedged): 0.… URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/is-it-expensive/ > BetaShares Global Sustainability Leaders Fund (NZD Hedged) charges 0.79% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares Global Sustainability Leaders Fund (NZD Hedged) expensive? BetaShares Global Sustainability Leaders Fund (NZD Hedged) charges 0.79% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 58% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares Global Sustainability Leaders Fund (NZD Hedged) NZ$389 at 0.79% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$88 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than BetaShares Global Sustainability Leaders Fund (NZD Hedged), ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares Global Sustainability Leaders Fund (NZD Hedged) Foundation Series US 500 Fund Foundation Series 0.03% −0.76pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.76pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.73pp Foundation Series Total World Fund Foundation Series 0.07% −0.72pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.72pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.69pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.64pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.64pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares Global Sustainability Leaders Fund (NZD Hedged)? BetaShares Global Sustainability Leaders Fund (NZD Hedged) charges 0.79% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares Global Sustainability Leaders Fund (NZD Hedged)'s fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. BetaShares Global Sustainability Leaders Fund (NZD Hedged) sits at 0.79% — pricier than the median (cheaper than 42% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.79% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$389. That is NZ$88 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares Global Sustainability Leaders Fund (NZD Hedged) --- ## URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/markdown.md # BetaShares Global Sustainability Leaders Fund (NZD Hedged) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares Global Sustainability Leaders Fund (NZD Hedged) is a international equities managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Investment objective (from PDS) > GLOBAL SUSTAINABLE NZD aims to provide an investment return that tracks the performance of the Nasdaq Future Global Sustainability Leaders Currency Hedged NZD Index, before taking into account fees and expenses. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf ## Fund data - **Annual fund charge:** 0.79% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$42 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 November 2023 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Broadcom Inc — 6.88% 2. NVIDIA Corp — 5.97% 3. Apple Inc — 4.25% 4. Mastercard Inc — 3.39% 5. Home Depot — 3.33% 6. Visa Inc — 3.19% 7. ASML Holding NV — 3.02% 8. Toyota Motor Corp — 2.98% 9. Applied Materials Inc — 1.88% 10. AbbVie Inc — 1.53% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 16 bps / — (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | — | — | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. ### Exclusions - Fossil fuels – direct (0%) - Fossil fuels – indirect products and services (>5%); largest global financiers as identified in Banktrack report - Fossil fuels – very high usage (except where >50% revenue from renewable energy, resource efficiency, environmental solutions or energy efficiency) - Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5% - Tobacco – production or manufacture (0%); sale >5% - Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5% - Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5% - Destruction of valuable environments (0%) - Animal cruelty (0%) - Chemicals of concern (0%) - Mandatory detention of asylum seekers and for-profit prisons (0%) - Alcohol – production >5%; sale >20% - Junk foods – production or sale >33% - Pornography – production (0%); distribution >5% - Payday lending (0%) - Human and labour rights violations - Board diversity – no women on board of directors - Excludes securities listed on an exchange in Australia Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20Global%20Sustainability%20Leaders%20Fund%20(NZD%20Hedged) - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND46900/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares Global Sustainability Leaders Fund (NZD Hedged)? — KPMG URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/who-audits/ > The BetaShares Global Sustainability Leaders Fund (NZD Hedged) is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares Global Sustainability Leaders Fund (NZD Hedged)? KPMG The BetaShares Global Sustainability Leaders Fund (NZD Hedged) sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares Global Sustainability Leaders Fund (NZD Hedged) fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares Global Sustainability Leaders Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders/investment-mandate/ > The BetaShares Global Sustainability Leaders Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 18 explicit exclusions. Verbatim from the SIPO. What can the BetaShares Global Sustainability Leaders Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% — — Cash — 0% 1% Mandate flexibility (sum of max − min across all ranges): 1%. Narrow range — index-tracking style with limited drift. Explicit exclusions (18) Fossil fuels – direct (0%)Fossil fuels – indirect products and services (>5%); largest global financiers as identified in Banktrack reportFossil fuels – very high usage (except where >50% revenue from renewable energy, resource efficiency, environmental solutions or energy efficiency)Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%Tobacco – production or manufacture (0%); sale >5%Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5%Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%Destruction of valuable environments (0%)Animal cruelty (0%)Chemicals of concern (0%)Mandatory detention of asylum seekers and for-profit prisons (0%)Alcohol – production >5%; sale >20%Junk foods – production or sale >33%Pornography – production (0%); distribution >5%Payday lending (0%)Human and labour rights violationsBoard diversity – no women on board of directorsExcludes securities listed on an exchange in Australia Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares Global Sustainability Leaders Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares Global Sustainability Leaders Fund: 0.77% fee vs 0.… URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders/is-it-expensive/ > BetaShares Global Sustainability Leaders Fund charges 0.77% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares Global Sustainability Leaders Fund expensive? BetaShares Global Sustainability Leaders Fund charges 0.77% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares Global Sustainability Leaders Fund NZ$379 at 0.77% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$78 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than BetaShares Global Sustainability Leaders Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares Global Sustainability Leaders Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.74pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.74pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.71pp Foundation Series Total World Fund Foundation Series 0.07% −0.70pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.70pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.67pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.62pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.62pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares Global Sustainability Leaders Fund? BetaShares Global Sustainability Leaders Fund charges 0.77% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares Global Sustainability Leaders Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. BetaShares Global Sustainability Leaders Fund sits at 0.77% — pricier than the median (cheaper than 44% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.77% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$379. That is NZ$78 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares Global Sustainability Leaders Fund --- ## URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders/markdown.md # BetaShares Global Sustainability Leaders Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares Global Sustainability Leaders Fund is a international equities managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Investment objective (from PDS) > GLOBAL SUSTAINABLE aims to provide an investment return that tracks the performance of the Nasdaq Future Global Sustainability Leaders Index, before taking into account fees and expenses. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf ## Fund data - **Annual fund charge:** 0.77% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$118 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 May 2023 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Broadcom Inc — 6.88% 2. NVIDIA Corp — 5.97% 3. Apple Inc — 4.25% 4. Mastercard Inc — 3.39% 5. Home Depot — 3.33% 6. Visa Inc — 3.19% 7. ASML Holding NV — 3.02% 8. Toyota Motor Corp — 2.98% 9. Applied Materials Inc — 1.88% 10. AbbVie Inc — 1.53% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Buy / sell spread:** 15 bps / — (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | — | — | | Cash | — | 0% | 1% | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. ### Exclusions - Fossil fuels – direct (0%) - Fossil fuels – indirect products and services (>5%); largest global financiers as identified in Banktrack report - Fossil fuels – very high usage (except where >50% revenue from renewable energy, resource efficiency, environmental solutions or energy efficiency) - Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5% - Tobacco – production or manufacture (0%); sale >5% - Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5% - Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5% - Destruction of valuable environments (0%) - Animal cruelty (0%) - Chemicals of concern (0%) - Mandatory detention of asylum seekers and for-profit prisons (0%) - Alcohol – production >5%; sale >20% - Junk foods – production or sale >33% - Pornography – production (0%); distribution >5% - Payday lending (0%) - Human and labour rights violations - Board diversity – no women on board of directors - Excludes securities listed on an exchange in Australia Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20Global%20Sustainability%20Leaders%20Fund - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND44175/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/global-sustainability-leaders/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/global-sustainability-leaders/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/global-sustainability-leaders/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares Global Sustainability Leaders Fund? — KPMG URL: https://managedfunds.nz/funds/betashares/global-sustainability-leaders/who-audits/ > The BetaShares Global Sustainability Leaders Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares Global Sustainability Leaders Fund? KPMG The BetaShares Global Sustainability Leaders Fund sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares Global Sustainability Leaders Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the BetaShares NZ Sustainability Leaders Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/investment-mandate/ > The BetaShares NZ Sustainability Leaders Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 15 explicit exclusions. Verbatim from the SIPO. What can the BetaShares NZ Sustainability Leaders Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian equities 100% — — Cash — 0% 1% Mandate flexibility (sum of max − min across all ranges): 1%. Narrow range — index-tracking style with limited drift. Explicit exclusions (15) Fossil fuels – direct (0%)Fossil fuels – indirect products and services (>5%); largest global financiers of fossil fuels and significant fossil fuel infrastructureGambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5%Tobacco – production or manufacture (0%); sale >5%Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5%Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5%Destruction of valuable environments (0%)Animal cruelty (0%)Chemicals of concern (0%)Alcohol – production >5%; sale >20%Junk foods – production or sale >33%Pornography – production (0%); distribution >5%Human and labour rights violationsBoard diversity – no women on board of directorsPayday lending (0%) Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. Statement of Investment Policy and Objectives Related BetaShares NZ Sustainability Leaders Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## BetaShares NZ Sustainability Leaders Fund: 0.59% fee vs 1.01% … URL: https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/is-it-expensive/ > BetaShares NZ Sustainability Leaders Fund charges 0.59% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the BetaShares NZ Sustainability Leaders Fund expensive? BetaShares NZ Sustainability Leaders Fund charges 0.59% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). BetaShares NZ Sustainability Leaders Fund NZ$292 at 0.59% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-203 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than BetaShares NZ Sustainability Leaders Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs BetaShares NZ Sustainability Leaders Fund Simplicity NZ Share Fund Simplicity 0.10% −0.49pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.39pp Harbour NZ Index Shares Fund Harbour 0.21% −0.38pp BetaShares Australia 200 Fund BetaShares 0.23% −0.36pp Kernel NZ 20 Fund Kernel 0.25% −0.34pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.34pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.34pp Kernel Australia 100 Fund Kernel 0.25% −0.34pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for BetaShares NZ Sustainability Leaders Fund? BetaShares NZ Sustainability Leaders Fund charges 0.59% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does BetaShares NZ Sustainability Leaders Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. BetaShares NZ Sustainability Leaders Fund sits at 0.59% — cheaper than 70% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.59% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$292. That is NZ$203 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to BetaShares NZ Sustainability Leaders Fund --- ## URL: https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/markdown.md # BetaShares NZ Sustainability Leaders Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** BetaShares (BetaShares Capital Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The BetaShares NZ Sustainability Leaders Fund is a australasian equities managed fund run by BetaShares. Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Fund data - **Annual fund charge:** 0.59% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$34 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 5 November 2024 - **Minimum initial investment:** NZ$500,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare — 9.75% 2. Xero — 9.74% 3. Auckland International Airport — 9.28% 4. Infratil — 9.22% 5. A2 Milk — 8.39% 6. Meridian Energy — 7.64% 7. Mercury NZ — 4.62% 8. Spark New Zealand — 4.15% 9. Mainfreight — 3.86% 10. Chorus — 3.74% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian equities | 100% | — | — | | Cash | — | 0% | 1% | ### Responsible-investment approach Certain funds are integrated financial products that apply ESG screens to exclude companies materially engaged in activities inconsistent with responsible investment considerations, including fossil fuels, gambling, tobacco, armaments, and other activities, and give preference to companies identified as Sustainability Leaders by a Responsible Investment Committee. ### Derivatives policy Derivatives may be used to manage cash flows, to more efficiently obtain the desired investment exposure and for currency hedging purposes; permitted instruments include futures, options or forward foreign exchange contracts, which may be exchange traded or transacted on an OTC basis. ### Exclusions - Fossil fuels – direct (0%) - Fossil fuels – indirect products and services (>5%); largest global financiers of fossil fuels and significant fossil fuel infrastructure - Gambling – casinos, manufacture of gaming products, poker machine operations (0%); distribution >5% - Tobacco – production or manufacture (0%); sale >5% - Uranium and nuclear energy – uranium mining and nuclear energy (0%); products and services >5% - Armaments and militarism – manufacture of armaments and weapons (0%); significant services to military >5% - Destruction of valuable environments (0%) - Animal cruelty (0%) - Chemicals of concern (0%) - Alcohol – production >5%; sale >20% - Junk foods – production or sale >33% - Pornography – production (0%); distribution >5% - Human and labour rights violations - Board diversity – no women on board of directors - Payday lending (0%) Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/1acf3f74bb69ef7b/20260331-BCNZL-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Betashares may invest Fund assets in ETFs offered by its related party Betashares AU, creating a conflict of interest which is managed by only using Betashares AU-issued ETFs where considered in the best interests of investors, investing on the same terms as other investors, and monitoring daily. - Betashares has outsourced investment management and elements of its operations to related parties Betashares AU and Betashares Holdings Pty Ltd, which is a potential conflict of interest managed through written agreements and a commitment to make all decisions in the best interests of investors. ### Related-party transactions - **Betashares Capital Limited (Betashares AU)** (Related party (Australian parent/affiliate funds management business)) — Investment management services — portfolio management and trading activity for each Fund under an Investment Management Agreement - **Betashares Holdings Pty Ltd** (Related party within Betashares group of companies) — Corporate services including human resourcing and IT infrastructure under a Betashares services agreement - **Betashares Capital Limited (Betashares AU)** (Related party (issuer of underlying ETFs)) — Fund assets may be invested in ETFs offered by Betashares AU as part of investment strategy Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/bb4120a572a6896f/20260331-BCNZL-OMI.pdf ## How to invest Available via: BetaShares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares%20NZ%20Sustainability%20Leaders%20Fund - **Product Disclosure Statement:** /disclose-document/88a837e5bdffb491/20260331-BCNZL-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13531/OFR13532/FND52371/ - **Manager website:** https://www.betashares.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/ - **Markdown (this file):** https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the BetaShares NZ Sustainability Leaders Fund? — KPMG URL: https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/who-audits/ > The BetaShares NZ Sustainability Leaders Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the BetaShares NZ Sustainability Leaders Fund? KPMG The BetaShares NZ Sustainability Leaders Fund sits within a managed investment scheme run by BetaShares. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Ltd Related BetaShares NZ Sustainability Leaders Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Shielded Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/shielded-growth/investment-mandate/ > The Booster Shielded Growth Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes. Verbatim from the SIPO. What can the Booster Shielded Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 57% 20% 80% Australasian Equities 32% 10% 50% Listed Property 5% 0% 10% Unlisted Property 5% 0% 13% New Zealand Fixed Interest 0% 0% 15% International Fixed Interest 0% 0% 15% Cash & Cash Equivalents 1% 0% 20% Commodities 0% 0% 6% Total Growth 99% 55% 100% Total Income 1% 0% 45% Mandate flexibility (sum of max − min across all ranges): 269%. Wide range — high manager discretion typical of active management. Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Shielded Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Shielded Growth Fund: 1.41% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/booster/shielded-growth/is-it-expensive/ > Booster Shielded Growth Fund charges 1.41% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Shielded Growth Fund expensive? Booster Shielded Growth Fund charges 1.41% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Shielded Growth Fund NZ$685 at 1.41% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$200 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Shielded Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Shielded Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.16pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.16pp Simplicity Growth Investment Fund Simplicity 0.25% −1.16pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.16pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.16pp Kernel Conservative Fund Kernel 0.25% −1.16pp Kernel Balanced Fund Kernel 0.25% −1.16pp Kernel High Growth Fund Kernel 0.25% −1.16pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Shielded Growth Fund? Booster Shielded Growth Fund charges 1.41% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Shielded Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Shielded Growth Fund sits at 1.41% — pricier than the median (cheaper than 10% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.41% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$685. That is NZ$200 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Shielded Growth Fund --- ## URL: https://managedfunds.nz/funds/booster/shielded-growth/markdown.md # Booster Shielded Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Shielded Growth Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide relatively high returns over longer term periods (seven years plus), allowing for short to medium term ups and downs, whilst partially shielding the fund against some of the more significant short-term risks. We aim to achieve this by investing predominantly in growth assets, with little or no allocation to income assets. Source: Product Disclosure Statement dated 2025-09-04 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo755bfedae356150015129204dbc44e79/Booster-Kiwi-Saver-Scheme-Multi-Sector-Fundsand-Cash-Fund-PDS-30-September-2025.pdf ## Fund data - **Annual fund charge:** 1.41% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.13% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$15 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 31 May 2018 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 2.89% 2. NVIDIA Corp — 2.70% 3. NZ Cash (BNZ Bank Trust Account) — 2.40% 4. Vanguard ESG US Stock ETF — 2.37% 5. Apple Inc — 2.17% 6. Microsoft Corporation — 1.90% 7. Auckland International Airport Limited — 1.78% 8. Amazon.Com Inc — 1.53% 9. Infratil Limited — 1.53% 10. Alphabet Inc (Class C) — 1.45% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > Performance fee payable where the combination of income before tax and fees (income return) and capital gains (total return) over the financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash plus 10% of excess capital gains payable as bonus units in Tahi, subject to high-water mark. BIF performance fee: 20% of return above 10% p.a. hurdle, subject to high-water mark. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 57% | 20% | 80% | | Australasian Equities | 32% | 10% | 50% | | Listed Property | 5% | 0% | 10% | | Unlisted Property | 5% | 0% | 13% | | New Zealand Fixed Interest | 0% | 0% | 15% | | International Fixed Interest | 0% | 0% | 15% | | Cash & Cash Equivalents | 1% | 0% | 20% | | Commodities | 0% | 0% | 6% | | Total Growth | 99% | 55% | 100% | | Total Income | 1% | 0% | 45% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ce62a45f667c3f57/Booster-Kiwi-Saver-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster KiwiSaver) Nominees Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests the Scheme's funds into related party products (funds managed by Booster or a related party), creating an incentive to invest for the benefit of those funds and/or Booster rather than the Scheme's funds. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee or borrowing fee for geared funds), creating an incentive to increase those activities to earn more fees. - Related parties may be in a position to exert influence over Booster (e.g. via shared directors or contractual links), risking investment decisions being made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements entered into between related parties risk favouring the related party to the detriment of one or more of the Scheme's funds, or the related party may not meet its obligations due to close association of the parties. ### Related-party transactions - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Administration services to the Custodian including acquisition, registration, and disposal of or other dealing with the assets of the Scheme; receives the foreign exchange facilitation fee from Scheme assets · Up to 0.50% of any net foreign exchange transactions undertaken by the fund or underlying fund - **PT (Booster KiwiSaver) Nominees Limited** (Wholly-owned by Public Trust (the Supervisor); nominated by Supervisor as Custodian) — Custodian holding the investments of the Scheme on behalf of the Supervisor - **Booster Assurance Limited (BAL)** (Related company of the Manager) — Provides Group Accidental Death Benefit Policy to the Supervisor; Manager pays the insurance premium - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing and communications, investment management support, risk and compliance management, information technology, management functions; paid a fee by the Manager - **Booster Tahi GP Limited / Booster Funds Management Limited (BFML)** (Related parties of the Manager; BFML is manager of Booster Tahi LP) — Booster Tahi LP pays performance fees to BFML; each KiwiSaver fund investing in Tahi bears a proportionate share of any performance fee charged - **Booster Innovation Fund (BIF)** (Managed investment scheme managed by the Manager) — BIF pays performance fees to the Manager; each fund investing in BIF bears a proportionate share of any performance fee charged - **PT (Booster Investments) Nominees Limited (PTBI) as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $35,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme NZ Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $25,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme Corporate Bond Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $10,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme New Zealand Socially Responsible Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $6,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $3,500,000 loan facility; interest at OCR plus 2.2% margin Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/774b370ba9e9a32d/Booster-Kiwi-Saver-Scheme---Other-Material-Information---31-March-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Shielded%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10841/OFR10843/FND10339/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/shielded-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/shielded-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/shielded-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Shielded Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/shielded-growth/performance-fee-explained/ > The Booster Shielded Growth Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Shielded Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 1.41% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Performance fee payable where the combination of income before tax and fees (income return) and capital gains (total return) over the financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash plus 10% of excess capital gains payable as bonus units in Tahi, subject to high-water mark. BIF performance fee: 20% of return above 10% p.a. hurdle, subject to high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Shielded Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Shielded Growth Fund URL: https://managedfunds.nz/funds/booster/shielded-growth/questions/ > 3 commonly-asked questions about the Booster Shielded Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Shielded Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Booster Shielded Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the best growth fund to invest in? Fund selection depends on your circumstances, risk tolerance, and investment timeframe. Booster Shielded Growth Fund is a diversified growth fund (risk indicator 4/7) with a 5-year return after fees of 5.13% p.a. as at the latest QFU; compare this against other funds in our coverage using filters for asset mix, fees, and performance on managedfunds.nz. 2. What investment has the highest return in NZ? Historical returns vary significantly by asset class and timeframe. Booster Shielded Growth Fund returned 5.13% p.a. after fees over the past 5 years as at the latest QFU; you can compare this against other funds in our database using the performance and returns filter. 3. What is the interest rate for booster? Booster Shielded Growth Fund is an investment fund, not a savings account, so it does not offer a fixed interest rate. The fund's returns depend on the performance of its underlying investments (approximately 98.37% growth assets and 1.63% income assets as at the latest QFU) and are subject to market fluctuations. Primary sources Product Disclosure Statement More about this fund Booster Shielded Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Shielded Growth Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/shielded-growth/who-audits/ > The Booster Shielded Growth Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Shielded Growth Fund? Ernst & Young The Booster Shielded Growth Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster KiwiSaver) Nominees Limited Related Booster Shielded Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Socially Responsible Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/socially-responsible-balanced/investment-mandate/ > The Booster Socially Responsible Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes plus 15 explicit exclusions. Verbatim from the SIPO. What can the Booster Socially Responsible Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 34% 20% 45% Australasian Equities 19% 5% 30% Listed Property 4% 0% 10% Unlisted Property 3% 0% 8% New Zealand Fixed Interest 19% 0% 40% International Fixed Interest 19% 5% 40% Cash & Cash Equivalents 2% 0% 25% Commodities 0% 0% 4% Total Growth 60% 40% 70% Total Income 40% 30% 60% Mandate flexibility (sum of max − min across all ranges): 232%. Wide range — high manager discretion typical of active management. Explicit exclusions (15) Production, distribution, retail and supply of alcoholic beveragesGambling operationsTobacco production, distribution, supply and retailingMilitary weapons manufacturingCivilian firearms production, distribution, supply and retailingNuclear power productionFossil fuels exploration, extraction, refinement, distribution, supply and retailingPornographic material production, distribution and retailingGenetically Modifying Organisms (GMO) intended for agricultural useAnimal testing on non-medical productsIntensive animal farming (factory farming)WhalingPalm oil production and plantationsRecreational cannabis production, distribution, supply and retailingSeaborne export of live animals Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Socially Responsible Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Socially Responsible Balanced Fund: 1.33% fee vs 0.99%… URL: https://managedfunds.nz/funds/booster/socially-responsible-balanced/is-it-expensive/ > Booster Socially Responsible Balanced Fund charges 1.33% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Socially Responsible Balanced Fund expensive? Booster Socially Responsible Balanced Fund charges 1.33% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 80% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Socially Responsible Balanced Fund NZ$648 at 1.33% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$162 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Socially Responsible Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Socially Responsible Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.08pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.08pp Simplicity Growth Investment Fund Simplicity 0.25% −1.08pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.08pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.08pp Kernel Conservative Fund Kernel 0.25% −1.08pp Kernel Balanced Fund Kernel 0.25% −1.08pp Kernel High Growth Fund Kernel 0.25% −1.08pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Socially Responsible Balanced Fund? Booster Socially Responsible Balanced Fund charges 1.33% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Socially Responsible Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Socially Responsible Balanced Fund sits at 1.33% — pricier than the median (cheaper than 20% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.33% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$648. That is NZ$162 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Socially Responsible Balanced Fund --- ## URL: https://managedfunds.nz/funds/booster/socially-responsible-balanced/markdown.md # Booster Socially Responsible Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Socially Responsible Balanced Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide a medium level of returns on average over medium term periods (five years plus), allowing for shorter-term ups and downs, whilst excluding investments which do not satisfy certain socially responsible investment criteria. We aim to achieve this by investing in a mix of income and growth assets, and the application of our Approach to Responsible Investing Policy. Source: Product Disclosure Statement dated 2025-09-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf ## Fund data - **Annual fund charge:** 1.33% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.00% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$427 million - **Asset mix:** 54% growth assets · 46% income assets - **Fund started:** 1 July 2014 ## Top 10 holdings 1. NZ Cash (BNZ Bank Trust Account) — 3.41% 2. NVIDIA Corp — 1.95% 3. Fisher & Paykel Healthcare Corporation Limited — 1.90% 4. Apple Inc — 1.67% 5. Microsoft Corporation — 1.36% 6. NZ Govt Stock 4.5% 15/04/2027 — 1.35% 7. Auckland International Airport Limited — 1.18% 8. Amazon.Com Inc — 1.12% 9. Alphabet Inc (Class C) — 1.03% 10. Infratil Limited — 1.02% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 20% of the return above the hurdle rate (10% p.a.) and high-water mark is payable as a performance fee; fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 34% | 20% | 45% | | Australasian Equities | 19% | 5% | 30% | | Listed Property | 4% | 0% | 10% | | Unlisted Property | 3% | 0% | 8% | | New Zealand Fixed Interest | 19% | 0% | 40% | | International Fixed Interest | 19% | 5% | 40% | | Cash & Cash Equivalents | 2% | 0% | 25% | | Commodities | 0% | 0% | 4% | | Total Growth | 60% | 40% | 70% | | Total Income | 40% | 30% | 60% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. ### Exclusions - Production, distribution, retail and supply of alcoholic beverages - Gambling operations - Tobacco production, distribution, supply and retailing - Military weapons manufacturing - Civilian firearms production, distribution, supply and retailing - Nuclear power production - Fossil fuels exploration, extraction, refinement, distribution, supply and retailing - Pornographic material production, distribution and retailing - Genetically Modifying Organisms (GMO) intended for agricultural use - Animal testing on non-medical products - Intensive animal farming (factory farming) - Whaling - Palm oil production and plantations - Recreational cannabis production, distribution, supply and retailing - Seaborne export of live animals Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ce62a45f667c3f57/Booster-Kiwi-Saver-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster KiwiSaver) Nominees Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests the Scheme's funds into related party products (funds managed by Booster or a related party), creating an incentive to invest for the benefit of those funds and/or Booster rather than the Scheme's funds. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee or borrowing fee for geared funds), creating an incentive to increase those activities to earn more fees. - Related parties may be in a position to exert influence over Booster (e.g. via shared directors or contractual links), risking investment decisions being made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements entered into between related parties risk favouring the related party to the detriment of one or more of the Scheme's funds, or the related party may not meet its obligations due to close association of the parties. ### Related-party transactions - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Administration services to the Custodian including acquisition, registration, and disposal of or other dealing with the assets of the Scheme; receives the foreign exchange facilitation fee from Scheme assets · Up to 0.50% of any net foreign exchange transactions undertaken by the fund or underlying fund - **PT (Booster KiwiSaver) Nominees Limited** (Wholly-owned by Public Trust (the Supervisor); nominated by Supervisor as Custodian) — Custodian holding the investments of the Scheme on behalf of the Supervisor - **Booster Assurance Limited (BAL)** (Related company of the Manager) — Provides Group Accidental Death Benefit Policy to the Supervisor; Manager pays the insurance premium - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing and communications, investment management support, risk and compliance management, information technology, management functions; paid a fee by the Manager - **Booster Tahi GP Limited / Booster Funds Management Limited (BFML)** (Related parties of the Manager; BFML is manager of Booster Tahi LP) — Booster Tahi LP pays performance fees to BFML; each KiwiSaver fund investing in Tahi bears a proportionate share of any performance fee charged - **Booster Innovation Fund (BIF)** (Managed investment scheme managed by the Manager) — BIF pays performance fees to the Manager; each fund investing in BIF bears a proportionate share of any performance fee charged - **PT (Booster Investments) Nominees Limited (PTBI) as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $35,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme NZ Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $25,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme Corporate Bond Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $10,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme New Zealand Socially Responsible Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $6,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $3,500,000 loan facility; interest at OCR plus 2.2% margin Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/774b370ba9e9a32d/Booster-Kiwi-Saver-Scheme---Other-Material-Information---31-March-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Socially%20Responsible%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10841/OFR10843/FND1287/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/socially-responsible-balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/socially-responsible-balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/socially-responsible-balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Socially Responsible Balanced Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/socially-responsible-balanced/performance-fee-explained/ > The Booster Socially Responsible Balanced Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Socially Responsible Balanced Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 1.33% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 20% of the return above the hurdle rate (10% p.a.) and high-water mark is payable as a performance fee; fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Socially Responsible Balanced Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Socially Responsible Balanced Fund URL: https://managedfunds.nz/funds/booster/socially-responsible-balanced/questions/ > 4 commonly-asked questions about the Booster Socially Responsible Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Socially Responsible Balanced Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Booster Socially Responsible Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 1% a high management fee? The Booster Socially Responsible Balanced Fund's annual fund charge is 1.33% p.a., which is 0.42 percentage points above the peer-cohort average of 0.91% p.a. for comparable funds. Whether a fee is high depends on the services and investment strategy provided; you can compare this fund's charge against others in the diversified category on managedfunds.nz. 2. Is Booster KiwiSaver a ethical fund? The Booster Socially Responsible Balanced Fund applies responsible-investment and ESG screens in accordance with its Statement of Investment Policy and Objectives (SIPO). Whether these screens align with your personal values should be confirmed by reviewing the fund's current PDS and SIPO on the Booster website or the FMA Disclose register. 3. Is socially responsible investing worth it? Socially responsible investing involves applying non-financial criteria (such as environmental, social, and governance factors) alongside financial analysis. The trade-offs between responsible-investment screening, returns, and fees vary by fund and investor priorities; the Booster Socially Responsible Balanced Fund's 5-year return after fees was 4% p.a., which you can compare against other funds in the diversified category. 4. Is there an exit fee for booster KiwiSaver? You should check the current Product Disclosure Statement (PDS) for the Booster Socially Responsible Balanced Fund and your KiwiSaver scheme account terms, as exit fees and conditions depend on your specific membership and investment choice. Contact Booster directly via https://www.booster.co.nz for the most current information. Primary sources Product Disclosure Statement More about this fund Booster Socially Responsible Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Socially Responsible Balanced Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/socially-responsible-balanced/who-audits/ > The Booster Socially Responsible Balanced Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Socially Responsible Balanced Fund? Ernst & Young The Booster Socially Responsible Balanced Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster KiwiSaver) Nominees Limited Related Booster Socially Responsible Balanced Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Socially Responsible Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/socially-responsible-growth/investment-mandate/ > The Booster Socially Responsible Growth Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes plus 15 explicit exclusions. Verbatim from the SIPO. What can the Booster Socially Responsible Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 46% 25% 55% Australasian Equities 25% 7% 40% Listed Property 5% 0% 10% Unlisted Property 4% 0% 10% New Zealand Fixed Interest 10% 0% 25% International Fixed Interest 8% 0% 30% Cash & Cash Equivalents 2% 0% 20% Commodities 0% 0% 5% Total Growth 80% 55% 90% Total Income 20% 10% 45% Mandate flexibility (sum of max − min across all ranges): 233%. Wide range — high manager discretion typical of active management. Explicit exclusions (15) Production, distribution, retail and supply of alcoholic beveragesGambling operationsTobacco production, distribution, supply and retailingMilitary weapons manufacturingCivilian firearms production, distribution, supply and retailingNuclear power productionFossil fuels exploration, extraction, refinement, distribution, supply and retailingPornographic material production, distribution and retailingGenetically Modifying Organisms (GMO) intended for agricultural useAnimal testing on non-medical productsIntensive animal farming (factory farming)WhalingPalm oil production and plantationsRecreational cannabis production, distribution, supply and retailingSeaborne export of live animals Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Socially Responsible Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Socially Responsible Growth Fund: 1.34% fee vs 0.99% p… URL: https://managedfunds.nz/funds/booster/socially-responsible-growth/is-it-expensive/ > Booster Socially Responsible Growth Fund charges 1.34% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Socially Responsible Growth Fund expensive? Booster Socially Responsible Growth Fund charges 1.34% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Socially Responsible Growth Fund NZ$652 at 1.34% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$167 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Socially Responsible Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Socially Responsible Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.09pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.09pp Simplicity Growth Investment Fund Simplicity 0.25% −1.09pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.09pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.09pp Kernel Conservative Fund Kernel 0.25% −1.09pp Kernel Balanced Fund Kernel 0.25% −1.09pp Kernel High Growth Fund Kernel 0.25% −1.09pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Socially Responsible Growth Fund? Booster Socially Responsible Growth Fund charges 1.34% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Socially Responsible Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Socially Responsible Growth Fund sits at 1.34% — pricier than the median (cheaper than 19% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.34% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$652. That is NZ$167 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Socially Responsible Growth Fund --- ## URL: https://managedfunds.nz/funds/booster/socially-responsible-growth/markdown.md # Booster Socially Responsible Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Socially Responsible Growth Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide relatively high returns on average over longer term periods (seven years plus), allowing for short to medium term ups and downs, whilst excluding investments which do not satisfy certain socially responsible investment criteria. We aim to achieve this by investing primarily in growth assets, with a moderate allocation of income assets, and the application of our Approach to Responsible Investing Policy. Source: Product Disclosure Statement dated 2025-09-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf ## Fund data - **Annual fund charge:** 1.34% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$123 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 30 March 2022 ## Top 10 holdings 1. NZ Cash (BNZ Bank Trust Account) — 3.00% 2. NVIDIA Corp — 2.62% 3. Fisher & Paykel Healthcare Corporation Limited — 2.53% 4. Apple Inc — 2.24% 5. Microsoft Corporation — 1.83% 6. Auckland International Airport Limited — 1.57% 7. Amazon.Com Inc — 1.50% 8. Alphabet Inc (Class C) — 1.38% 9. Infratil Limited — 1.36% 10. Meridian Energy Limited — 1.12% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 20% of the return above the hurdle rate (10% p.a.) and high-water mark is payable as a performance fee; fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 46% | 25% | 55% | | Australasian Equities | 25% | 7% | 40% | | Listed Property | 5% | 0% | 10% | | Unlisted Property | 4% | 0% | 10% | | New Zealand Fixed Interest | 10% | 0% | 25% | | International Fixed Interest | 8% | 0% | 30% | | Cash & Cash Equivalents | 2% | 0% | 20% | | Commodities | 0% | 0% | 5% | | Total Growth | 80% | 55% | 90% | | Total Income | 20% | 10% | 45% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. ### Exclusions - Production, distribution, retail and supply of alcoholic beverages - Gambling operations - Tobacco production, distribution, supply and retailing - Military weapons manufacturing - Civilian firearms production, distribution, supply and retailing - Nuclear power production - Fossil fuels exploration, extraction, refinement, distribution, supply and retailing - Pornographic material production, distribution and retailing - Genetically Modifying Organisms (GMO) intended for agricultural use - Animal testing on non-medical products - Intensive animal farming (factory farming) - Whaling - Palm oil production and plantations - Recreational cannabis production, distribution, supply and retailing - Seaborne export of live animals Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ce62a45f667c3f57/Booster-Kiwi-Saver-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster KiwiSaver) Nominees Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests the Scheme's funds into related party products (funds managed by Booster or a related party), creating an incentive to invest for the benefit of those funds and/or Booster rather than the Scheme's funds. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee or borrowing fee for geared funds), creating an incentive to increase those activities to earn more fees. - Related parties may be in a position to exert influence over Booster (e.g. via shared directors or contractual links), risking investment decisions being made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements entered into between related parties risk favouring the related party to the detriment of one or more of the Scheme's funds, or the related party may not meet its obligations due to close association of the parties. ### Related-party transactions - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Administration services to the Custodian including acquisition, registration, and disposal of or other dealing with the assets of the Scheme; receives the foreign exchange facilitation fee from Scheme assets · Up to 0.50% of any net foreign exchange transactions undertaken by the fund or underlying fund - **PT (Booster KiwiSaver) Nominees Limited** (Wholly-owned by Public Trust (the Supervisor); nominated by Supervisor as Custodian) — Custodian holding the investments of the Scheme on behalf of the Supervisor - **Booster Assurance Limited (BAL)** (Related company of the Manager) — Provides Group Accidental Death Benefit Policy to the Supervisor; Manager pays the insurance premium - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing and communications, investment management support, risk and compliance management, information technology, management functions; paid a fee by the Manager - **Booster Tahi GP Limited / Booster Funds Management Limited (BFML)** (Related parties of the Manager; BFML is manager of Booster Tahi LP) — Booster Tahi LP pays performance fees to BFML; each KiwiSaver fund investing in Tahi bears a proportionate share of any performance fee charged - **Booster Innovation Fund (BIF)** (Managed investment scheme managed by the Manager) — BIF pays performance fees to the Manager; each fund investing in BIF bears a proportionate share of any performance fee charged - **PT (Booster Investments) Nominees Limited (PTBI) as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $35,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme NZ Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $25,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme Corporate Bond Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $10,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme New Zealand Socially Responsible Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $6,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $3,500,000 loan facility; interest at OCR plus 2.2% margin Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/774b370ba9e9a32d/Booster-Kiwi-Saver-Scheme---Other-Material-Information---31-March-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Socially%20Responsible%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10841/OFR10843/FND37522/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/socially-responsible-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/socially-responsible-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/socially-responsible-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Socially Responsible Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/socially-responsible-growth/performance-fee-explained/ > The Booster Socially Responsible Growth Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Socially Responsible Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 1.34% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 20% of the return above the hurdle rate (10% p.a.) and high-water mark is payable as a performance fee; fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Socially Responsible Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Socially Responsible Growth Fund URL: https://managedfunds.nz/funds/booster/socially-responsible-growth/questions/ > 4 commonly-asked questions about the Booster Socially Responsible Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Socially Responsible Growth Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Booster Socially Responsible Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Booster KiwiSaver a ethical fund? Booster Socially Responsible Growth Fund applies responsible-investment and ESG screening in accordance with its Statement of Investment Policy and Objectives (SIPO). However, ESG criteria vary across funds and managers; you should review the fund's current PDS and SIPO on the Booster website to understand which specific practices and exclusions apply. 2. Is growth fund good for KiwiSaver? Growth funds aim for long-term capital appreciation through a higher proportion of growth assets (this fund holds approximately 77.76% growth assets as at the latest QFU) and carry higher volatility; suitability depends on your investment timeline and risk tolerance. The FMA's standardised risk indicator rates Booster Socially Responsible Growth Fund at 4/7, meaning moderate-to-higher volatility. You should consider your personal circumstances and check the current PDS before investing. 3. Is socially responsible investing worth it? Socially responsible investing applies non-financial criteria (ESG screens) alongside financial analysis; whether this aligns with your values is a personal decision outside the scope of fund factual data. Booster Socially Responsible Growth Fund applies such screens per its SIPO, and charges an annual fund charge of 1.34% p.a. (as at the latest QFU), which is 0.27 percentage points higher than the peer-cohort average of 1.07% p.a. for diversified funds. 4. Is 0.25% a high management fee? Fee levels depend on the fund type, strategy, and asset class. Booster Socially Responsible Growth Fund charges 1.34% p.a. in annual fund charges (as at the latest QFU); you can compare this to peer funds using the FMA Disclose register and funds listed on managedfunds.nz to assess relative positioning. Primary sources Product Disclosure Statement More about this fund Booster Socially Responsible Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Socially Responsible Growth Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/socially-responsible-growth/who-audits/ > The Booster Socially Responsible Growth Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Socially Responsible Growth Fund? Ernst & Young The Booster Socially Responsible Growth Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster KiwiSaver) Nominees Limited Related Booster Socially Responsible Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Socially Responsible High Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/socially-responsible-high-growth/investment-mandate/ > The Booster Socially Responsible High Growth Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes plus 15 explicit exclusions. Verbatim from the SIPO. What can the Booster Socially Responsible High Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 60% 35% 80% Australasian Equities 29% 10% 50% Listed Property 5% 0% 15% Unlisted Property 5% 0% 13% New Zealand Fixed Interest 0% 0% 15% International Fixed Interest 0% 0% 15% Cash & Cash Equivalents 1% 0% 20% Commodities 0% 0% 6% Total Growth 99% 70% 100% Total Income 1% 0% 30% Mandate flexibility (sum of max − min across all ranges): 229%. Wide range — high manager discretion typical of active management. Explicit exclusions (15) Production, distribution, retail and supply of alcoholic beveragesGambling operationsTobacco production, distribution, supply and retailingMilitary weapons manufacturingCivilian firearms production, distribution, supply and retailingNuclear power productionFossil fuels exploration, extraction, refinement, distribution, supply and retailingPornographic material production, distribution and retailingGenetically Modifying Organisms (GMO) intended for agricultural useAnimal testing on non-medical productsIntensive animal farming (factory farming)WhalingPalm oil production and plantationsRecreational cannabis production, distribution, supply and retailingSeaborne export of live animals Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Socially Responsible High Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Socially Responsible High Growth Fund: 1.35% fee vs 0.… URL: https://managedfunds.nz/funds/booster/socially-responsible-high-growth/is-it-expensive/ > Booster Socially Responsible High Growth Fund charges 1.35% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Socially Responsible High Growth Fund expensive? Booster Socially Responsible High Growth Fund charges 1.35% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Socially Responsible High Growth Fund NZ$657 at 1.35% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$172 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Socially Responsible High Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Socially Responsible High Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.10pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.10pp Simplicity Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.10pp Kernel Conservative Fund Kernel 0.25% −1.10pp Kernel Balanced Fund Kernel 0.25% −1.10pp Kernel High Growth Fund Kernel 0.25% −1.10pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Socially Responsible High Growth Fund? Booster Socially Responsible High Growth Fund charges 1.35% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Socially Responsible High Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Socially Responsible High Growth Fund sits at 1.35% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.35% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$657. That is NZ$172 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Socially Responsible High Growth Fund --- ## URL: https://managedfunds.nz/funds/booster/socially-responsible-high-growth/markdown.md # Booster Socially Responsible High Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Socially Responsible High Growth Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide higher returns on average over long term periods (ten years plus), allowing for short to medium term ups and downs, whilst excluding investments which do not satisfy certain socially responsible investment criteria. We aim to achieve this by investing predominantly in growth assets, with little or no allocation to income assets, and the application of our Approach to Responsible Investing Policy. Source: Product Disclosure Statement dated 2025-09-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf ## Fund data - **Annual fund charge:** 1.35% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.76% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$873 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 May 2010 ## Top 10 holdings 1. NVIDIA Corp — 3.36% 2. Fisher & Paykel Healthcare Corporation Limited — 3.23% 3. Apple Inc — 2.87% 4. Microsoft Corporation — 2.34% 5. NZ Cash (BNZ Bank Trust Account) — 2.02% 6. Auckland International Airport Limited — 2.00% 7. Amazon.Com Inc — 1.92% 8. Alphabet Inc (Class C) — 1.77% 9. Infratil Limited — 1.74% 10. Meridian Energy Limited — 1.43% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 20% of the return above the hurdle rate (10% p.a.) and high-water mark is payable as a performance fee; fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 60% | 35% | 80% | | Australasian Equities | 29% | 10% | 50% | | Listed Property | 5% | 0% | 15% | | Unlisted Property | 5% | 0% | 13% | | New Zealand Fixed Interest | 0% | 0% | 15% | | International Fixed Interest | 0% | 0% | 15% | | Cash & Cash Equivalents | 1% | 0% | 20% | | Commodities | 0% | 0% | 6% | | Total Growth | 99% | 70% | 100% | | Total Income | 1% | 0% | 30% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property. Socially Responsible funds exclude companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, weapons manufacturing, gambling, and others. Further detail is in Booster's Approach to Responsible Investing policy. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate when combined with the underlying portfolio. Permitted instruments include OTC/exchange traded futures, forward FX contracts, OTC/exchange traded options, and OTC FRAs/swaps; OTC counterparties must have S&P rating of A or better where managed directly by the Manager. ### Exclusions - Production, distribution, retail and supply of alcoholic beverages - Gambling operations - Tobacco production, distribution, supply and retailing - Military weapons manufacturing - Civilian firearms production, distribution, supply and retailing - Nuclear power production - Fossil fuels exploration, extraction, refinement, distribution, supply and retailing - Pornographic material production, distribution and retailing - Genetically Modifying Organisms (GMO) intended for agricultural use - Animal testing on non-medical products - Intensive animal farming (factory farming) - Whaling - Palm oil production and plantations - Recreational cannabis production, distribution, supply and retailing - Seaborne export of live animals Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ce62a45f667c3f57/Booster-Kiwi-Saver-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster KiwiSaver) Nominees Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests the Scheme's funds into related party products (funds managed by Booster or a related party), creating an incentive to invest for the benefit of those funds and/or Booster rather than the Scheme's funds. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee or borrowing fee for geared funds), creating an incentive to increase those activities to earn more fees. - Related parties may be in a position to exert influence over Booster (e.g. via shared directors or contractual links), risking investment decisions being made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements entered into between related parties risk favouring the related party to the detriment of one or more of the Scheme's funds, or the related party may not meet its obligations due to close association of the parties. ### Related-party transactions - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Administration services to the Custodian including acquisition, registration, and disposal of or other dealing with the assets of the Scheme; receives the foreign exchange facilitation fee from Scheme assets · Up to 0.50% of any net foreign exchange transactions undertaken by the fund or underlying fund - **PT (Booster KiwiSaver) Nominees Limited** (Wholly-owned by Public Trust (the Supervisor); nominated by Supervisor as Custodian) — Custodian holding the investments of the Scheme on behalf of the Supervisor - **Booster Assurance Limited (BAL)** (Related company of the Manager) — Provides Group Accidental Death Benefit Policy to the Supervisor; Manager pays the insurance premium - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing and communications, investment management support, risk and compliance management, information technology, management functions; paid a fee by the Manager - **Booster Tahi GP Limited / Booster Funds Management Limited (BFML)** (Related parties of the Manager; BFML is manager of Booster Tahi LP) — Booster Tahi LP pays performance fees to BFML; each KiwiSaver fund investing in Tahi bears a proportionate share of any performance fee charged - **Booster Innovation Fund (BIF)** (Managed investment scheme managed by the Manager) — BIF pays performance fees to the Manager; each fund investing in BIF bears a proportionate share of any performance fee charged - **PT (Booster Investments) Nominees Limited (PTBI) as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $35,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme NZ Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $25,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme Corporate Bond Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Geared Growth Fund; security interest granted over assets of Geared Growth Fund · Up to $10,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Wholesale Scheme New Zealand Socially Responsible Fixed Interest Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $6,000,000 loan facility; interest at OCR plus 2.2% margin - **PTBI as custodian of Booster Investment Scheme Income Securities Portfolio** (Related party via Public Trust (common supervisor)) — Loan facility provided to Socially Responsible Geared Growth Fund; security interest granted over assets of that fund · Up to $3,500,000 loan facility; interest at OCR plus 2.2% margin Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/774b370ba9e9a32d/Booster-Kiwi-Saver-Scheme---Other-Material-Information---31-March-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Socially%20Responsible%20High%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo6b69767fc404d02307b2af76e6eebf50/Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10841/OFR10843/FND1288/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/socially-responsible-high-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/socially-responsible-high-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/socially-responsible-high-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Socially Responsible High Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/socially-responsible-high-growth/performance-fee-explained/ > The Booster Socially Responsible High Growth Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Socially Responsible High Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 1.35% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 20% of the return above the hurdle rate (10% p.a.) and high-water mark is payable as a performance fee; fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Socially Responsible High Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Socially Responsible High Growth Fund URL: https://managedfunds.nz/funds/booster/socially-responsible-high-growth/questions/ > 3 commonly-asked questions about the Booster Socially Responsible High Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Socially Responsible High Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Booster Socially Responsible High Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How risky is a growth fund? Growth funds typically invest heavily in growth assets (equities and similar instruments) rather than income-generating assets, which means their value can fluctuate significantly in the short term. Booster Socially Responsible High Growth Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, with approximately 98.37% allocated to growth assets, reflecting higher potential volatility. Over its 5-year track record to the latest QFU, the fund delivered 6.76% per annum after fees and before tax—check the current Product Disclosure Statement for forward-looking risk considerations. 2. Is booster a good KiwiSaver scheme? Booster Socially Responsible High Growth Fund is not a KiwiSaver scheme; it is a standalone managed fund available directly through Booster. If you are evaluating KiwiSaver scheme options, you would need to check whether your KiwiSaver scheme provider offers access to this or similar funds as an investment option within your scheme account. 3. What is the dark side of mutual funds? Mutual funds (managed funds) carry risks including market volatility, fee drag on returns, and concentration in particular holdings or sectors. For Booster Socially Responsible High Growth Fund specifically, the annual fund charge of 1.35% p.a. is materially higher than the peer-cohort average of 0.85% p.a. for comparable funds; over time, higher fees reduce net returns. You can review the fund's full risk factors and fee breakdown in its Product Disclosure Statement on the manager's website or via the FMA Disclose Register. Primary sources Product Disclosure Statement More about this fund Booster Socially Responsible High Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Socially Responsible High Growth Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/socially-responsible-high-growth/who-audits/ > The Booster Socially Responsible High Growth Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Socially Responsible High Growth Fund? Ernst & Young The Booster Socially Responsible High Growth Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster KiwiSaver) Nominees Limited Related Booster Socially Responsible High Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Wealth Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/wealth-balanced/investment-mandate/ > The Booster Wealth Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes. Verbatim from the SIPO. What can the Booster Wealth Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 33% 20% 45% Australasian Equities 20% 5% 30% Listed Property 3% 0% 10% Unlisted Property 4% 0% 8% New Zealand Fixed Interest 19% 0% 40% International Fixed Interest 19% 5% 40% Cash & Cash Equivalents 2% 0% 25% Commodities 0% 0% 4% Total Growth 60% 40% 70% Total Income 40% 30% 60% Mandate flexibility (sum of max − min across all ranges): 232%. Wide range — high manager discretion typical of active management. Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Wealth Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Wealth Balanced Fund: 0.83% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/booster/wealth-balanced/is-it-expensive/ > Booster Wealth Balanced Fund charges 0.83% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Wealth Balanced Fund expensive? Booster Wealth Balanced Fund charges 0.83% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Wealth Balanced Fund NZ$408 at 0.83% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-77 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Wealth Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Wealth Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.58pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.58pp Simplicity Growth Investment Fund Simplicity 0.25% −0.58pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.58pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.58pp Kernel Conservative Fund Kernel 0.25% −0.58pp Kernel Balanced Fund Kernel 0.25% −0.58pp Kernel High Growth Fund Kernel 0.25% −0.58pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Wealth Balanced Fund? Booster Wealth Balanced Fund charges 0.83% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Wealth Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Wealth Balanced Fund sits at 0.83% — cheaper than 68% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.83% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$408. That is NZ$77 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Wealth Balanced Fund --- ## URL: https://managedfunds.nz/funds/booster/wealth-balanced/markdown.md # Booster Wealth Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Wealth Balanced Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide a medium level of returns on average over medium term periods (five years plus), allowing for shorter-term ups and downs. We aim to achieve this by investing in a mix of income and growth assets. We utilise a mainly passive approach for the Focus Series. Source: Product Disclosure Statement dated 2025-04-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoae013b2b083addf1c0e1115baf0d510d/Booster-Investment-Scheme-Focus-Series-Funds-PDS-30-April-2025.pdf ## Fund data - **Annual fund charge:** 0.83% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$12 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 7 March 2025 ## Top 10 holdings 1. NZ Cash (BNZ Bank Trust Account) — 3.96% 2. Fisher & Paykel Healthcare Corporation Limited — 2.28% 3. NVIDIA Corp — 1.75% 4. Apple Inc — 1.49% 5. NZ Govt Stock 4.5% 15/04/2027 — 1.43% 6. Auckland International Airport Limited — 1.41% 7. Infratil Limited — 1.23% 8. Microsoft Corporation — 1.22% 9. Meridian Energy Limited — 1.01% 10. Amazon.Com Inc — 1.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 33% | 20% | 45% | | Australasian Equities | 20% | 5% | 30% | | Listed Property | 3% | 0% | 10% | | Unlisted Property | 4% | 0% | 8% | | New Zealand Fixed Interest | 19% | 0% | 40% | | International Fixed Interest | 19% | 5% | 40% | | Cash & Cash Equivalents | 2% | 0% | 25% | | Commodities | 0% | 0% | 4% | | Total Growth | 60% | 40% | 70% | | Total Income | 40% | 30% | 60% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ba84f2595a1b9006/Booster-Investment-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster Investments) Nominees Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests Scheme funds into other funds it manages or into loans made to those funds, giving Booster an incentive to favour recipient funds or itself over the Scheme's investors. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee, borrowing fee for geared funds), which could influence it to increase such activities to earn more fees. - Under the ISP Swap Agreement, Booster sets the Posted Rates, makes investment decisions for the ISP, and receives income earned above the Posted Rates as a performance-based fee, creating a risk that investment decisions are influenced by the Swap Agreement. - Related parties may exert influence over Booster (e.g. through shared directors or contractual links), creating a risk that investment decisions are made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements between related parties create a risk that investment decisions may favour the related party to the detriment of one or more of the Scheme's funds, or that the related party may not meet its obligations due to the close association of the parties. ### Related-party transactions - **Asset Custodian Nominees Limited (ACNL)** (Related party of the Manager) — Acts as bare trust custodian for most investors under the Booster wrap administration system - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Provides custodial administration services including acquisition, registration, disposal of Scheme assets; receives fees from Scheme assets including the foreign exchange facilitation fee · Up to 0.50% of any net foreign exchange transactions - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing, investment management support, risk and compliance, IT, management functions; paid a fee by the Manager (not a direct cost of the Scheme) - **Booster Tahi LP** (Related party; general partner is Booster Tahi GP Limited, manager is Booster Funds Management Limited (both related parties to Booster)) — Scheme funds invest into Booster Tahi LP; Booster Tahi LP pays performance fees to Booster Funds Management Limited; investing funds bear proportionate share of costs and performance fees - **Booster Innovation Fund** (Managed investment scheme managed by the Manager) — Scheme funds may invest into the Booster Innovation Fund; performance fees paid to the Manager; investing funds bear proportionate share of any fee charged - **PT (Booster Investments) Nominees Limited (PTBI)** (Custodian; wholly-owned by the Supervisor (Public Trust)) — Holds investments of the Scheme as custodian nominated by the Supervisor; parties to loan agreements with Geared Funds - **Public Trust (Supervisor)** (Supervisor of the Scheme; independent of the Manager) — Supervisor entitled to annual fee; party to ISP Swap Agreement with Manager; party to loan facilities to Geared Funds; annual fee included in other management and administration fee (or performance fee for ISP) - **Booster Funds Management Limited** (Related party; manager of Booster Tahi LP) — Receives performance fees from Booster Tahi LP in which Scheme funds invest Source: Other Material Information document dated 2026-01-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoa236d80b29b5bde12e9359cfd11f158d/Booster-Investment-Scheme-Other-Material-Information-22-January-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Wealth%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdo84bd1290fc9c6a84272d0e29467c5194/Booster-Investment-Scheme-Multi-Sector-Funds-PDS-22-January-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10844/OFR10852/FND56019/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/wealth-balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/wealth-balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/wealth-balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Wealth Balanced Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/wealth-balanced/performance-fee-explained/ > The Booster Wealth Balanced Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Wealth Balanced Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 0.83% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. Product Disclosure Statement · stale How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Wealth Balanced Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Wealth Balanced Fund URL: https://managedfunds.nz/funds/booster/wealth-balanced/questions/ > 2 commonly-asked questions about the Booster Wealth Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Wealth Balanced Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Booster Wealth Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is growth fund good for KiwiSaver? The suitability of a growth-oriented fund depends on your personal circumstances, time horizon, and risk tolerance—this is not a personalised advice question. Booster Wealth Balanced Fund sits at risk indicator 4/7 on the FMA standardised scale with ~53.15% growth assets and 46.85% income assets, meaning it is positioned between growth and balanced strategies. You should review the Fund's Product Disclosure Statement and consider your own situation before investing. 2. What type of mutual fund does not charge a fee? Most managed funds in New Zealand charge annual fees to cover operating costs and management; genuinely fee-free funds are extremely rare in the market. The Booster Wealth Balanced Fund charges 0.83% p.a., which is below the peer-cohort average of 1.1% p.a. for comparable diversified funds. To compare fees across available funds, check the latest Product Disclosure Statement and FMA Disclose register. Primary sources Product Disclosure Statement · stale More about this fund Booster Wealth Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Wealth Balanced Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/wealth-balanced/who-audits/ > The Booster Wealth Balanced Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Wealth Balanced Fund? Ernst & Young The Booster Wealth Balanced Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster Investments) Nominees Limited Related Booster Wealth Balanced Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Wealth Geared Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/wealth-geared-growth/investment-mandate/ > The Booster Wealth Geared Growth Fund's Statement of Investment Policy sets target / min / max ranges across 11 asset classes plus 15 explicit exclusions. Verbatim from the SIPO. What can the Booster Wealth Geared Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 60% 35% 80% Australasian Equities 29% 10% 50% Listed Property 5% 0% 15% Unlisted Property 5% 0% 13% New Zealand Fixed Interest 0% 0% 15% International Fixed Interest 0% 0% 15% Cash & Cash Equivalents 1% 0% 20% Commodities 0% 0% 6% Total Growth 99% 70% 100% Total Income 1% 0% 30% Gearing Ratio 35% 0% 50% Mandate flexibility (sum of max − min across all ranges): 279%. Wide range — high manager discretion typical of active management. Explicit exclusions (15) Production, distribution, retail and supply of alcoholic beveragesGambling operationsTobacco production, distribution, supply and retailingMilitary weapons manufacturingCivilian firearms production, distribution, supply and retailingNuclear power productionFossil fuels exploration, extraction, refinement, distribution, supply and retailingPornographic material production, distribution and retailingGenetically Modifying Organisms (GMO) intended for agricultural useAnimal testing on non-medical productsIntensive animal farming (factory farming)WhalingPalm oil production and plantationsRecreational cannabis production, distribution, supply and retailingSeaborne export of live animals Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Wealth Geared Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Wealth Geared Growth Fund: 1.35% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/booster/wealth-geared-growth/is-it-expensive/ > Booster Wealth Geared Growth Fund charges 1.35% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Wealth Geared Growth Fund expensive? Booster Wealth Geared Growth Fund charges 1.35% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Wealth Geared Growth Fund NZ$657 at 1.35% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$172 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Wealth Geared Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Wealth Geared Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.10pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.10pp Simplicity Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.10pp Kernel Conservative Fund Kernel 0.25% −1.10pp Kernel Balanced Fund Kernel 0.25% −1.10pp Kernel High Growth Fund Kernel 0.25% −1.10pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Wealth Geared Growth Fund? Booster Wealth Geared Growth Fund charges 1.35% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Wealth Geared Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Wealth Geared Growth Fund sits at 1.35% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.35% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$657. That is NZ$172 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Wealth Geared Growth Fund --- ## URL: https://managedfunds.nz/funds/booster/wealth-geared-growth/markdown.md # Booster Wealth Geared Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Wealth Geared Growth Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide higher returns, including increased potential returns via leverage, on average over extended periods (fifteen years plus), allowing for more significant short to medium term ups and downs, whilst excluding investments which do not satisfy certain responsible investment criteria. We aim to achieve this by investing predominantly in growth assets, with little or no allocation to income assets, and the use of leverage to provide increased exposure, and the application of our Approach to Responsible Investing policy. The level of gearing can vary between 0-50% of the fund's value. Source: Product Disclosure Statement dated 2026-01-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo961da846fe7043219def779a93320072/Booster-Investment-Scheme-Wealth-Series-Funds-PDS-22-January-2026.pdf ## Fund data - **Annual fund charge:** 1.35% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$3 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 March 2025 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 4.25% 2. NVIDIA Corp — 3.77% 3. Apple Inc — 3.22% 4. Auckland International Airport Limited — 2.64% 5. Microsoft Corporation — 2.63% 6. NZ Cash (BNZ Bank Trust Account) — 2.38% 7. Infratil Limited — 2.29% 8. Amazon.Com Inc — 2.16% 9. Alphabet Inc (Class C) — 1.99% 10. Meridian Energy Limited — 1.89% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.01% > A performance fee is payable to us, as manager of BIF, where the BIF's return is in excess of 10% p.a. which approximates the 30 year New Zealand equity market return. The fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. 20% of the return above the hurdle rate is payable as a performance fee. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$10 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 60% | 35% | 80% | | Australasian Equities | 29% | 10% | 50% | | Listed Property | 5% | 0% | 15% | | Unlisted Property | 5% | 0% | 13% | | New Zealand Fixed Interest | 0% | 0% | 15% | | International Fixed Interest | 0% | 0% | 15% | | Cash & Cash Equivalents | 1% | 0% | 20% | | Commodities | 0% | 0% | 6% | | Total Growth | 99% | 70% | 100% | | Total Income | 1% | 0% | 30% | | Gearing Ratio | 35% | 0% | 50% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. ### Exclusions - Production, distribution, retail and supply of alcoholic beverages - Gambling operations - Tobacco production, distribution, supply and retailing - Military weapons manufacturing - Civilian firearms production, distribution, supply and retailing - Nuclear power production - Fossil fuels exploration, extraction, refinement, distribution, supply and retailing - Pornographic material production, distribution and retailing - Genetically Modifying Organisms (GMO) intended for agricultural use - Animal testing on non-medical products - Intensive animal farming (factory farming) - Whaling - Palm oil production and plantations - Recreational cannabis production, distribution, supply and retailing - Seaborne export of live animals Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ba84f2595a1b9006/Booster-Investment-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster Investments) Nominees Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests Scheme funds into other funds it manages or into loans made to those funds, giving Booster an incentive to favour recipient funds or itself over the Scheme's investors. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee, borrowing fee for geared funds), which could influence it to increase such activities to earn more fees. - Under the ISP Swap Agreement, Booster sets the Posted Rates, makes investment decisions for the ISP, and receives income earned above the Posted Rates as a performance-based fee, creating a risk that investment decisions are influenced by the Swap Agreement. - Related parties may exert influence over Booster (e.g. through shared directors or contractual links), creating a risk that investment decisions are made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements between related parties create a risk that investment decisions may favour the related party to the detriment of one or more of the Scheme's funds, or that the related party may not meet its obligations due to the close association of the parties. ### Related-party transactions - **Asset Custodian Nominees Limited (ACNL)** (Related party of the Manager) — Acts as bare trust custodian for most investors under the Booster wrap administration system - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Provides custodial administration services including acquisition, registration, disposal of Scheme assets; receives fees from Scheme assets including the foreign exchange facilitation fee · Up to 0.50% of any net foreign exchange transactions - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing, investment management support, risk and compliance, IT, management functions; paid a fee by the Manager (not a direct cost of the Scheme) - **Booster Tahi LP** (Related party; general partner is Booster Tahi GP Limited, manager is Booster Funds Management Limited (both related parties to Booster)) — Scheme funds invest into Booster Tahi LP; Booster Tahi LP pays performance fees to Booster Funds Management Limited; investing funds bear proportionate share of costs and performance fees - **Booster Innovation Fund** (Managed investment scheme managed by the Manager) — Scheme funds may invest into the Booster Innovation Fund; performance fees paid to the Manager; investing funds bear proportionate share of any fee charged - **PT (Booster Investments) Nominees Limited (PTBI)** (Custodian; wholly-owned by the Supervisor (Public Trust)) — Holds investments of the Scheme as custodian nominated by the Supervisor; parties to loan agreements with Geared Funds - **Public Trust (Supervisor)** (Supervisor of the Scheme; independent of the Manager) — Supervisor entitled to annual fee; party to ISP Swap Agreement with Manager; party to loan facilities to Geared Funds; annual fee included in other management and administration fee (or performance fee for ISP) - **Booster Funds Management Limited** (Related party; manager of Booster Tahi LP) — Receives performance fees from Booster Tahi LP in which Scheme funds invest Source: Other Material Information document dated 2026-01-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoa236d80b29b5bde12e9359cfd11f158d/Booster-Investment-Scheme-Other-Material-Information-22-January-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Wealth%20Geared%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo84bd1290fc9c6a84272d0e29467c5194/Booster-Investment-Scheme-Multi-Sector-Funds-PDS-22-January-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10844/OFR10852/FND56022/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/wealth-geared-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/wealth-geared-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/wealth-geared-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Wealth Geared Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/wealth-geared-growth/performance-fee-explained/ > The Booster Wealth Geared Growth Fund charges a performance fee in addition to its annual fund charge; it paid 0.01% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Wealth Geared Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.01% of NAV Annual fund charge (on top) 1.35% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement A performance fee is payable to us, as manager of BIF, where the BIF's return is in excess of 10% p.a. which approximates the 30 year New Zealand equity market return. The fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. 20% of the return above the hurdle rate is payable as a performance fee. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Wealth Geared Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Wealth Geared Growth Fund URL: https://managedfunds.nz/funds/booster/wealth-geared-growth/questions/ > 1 commonly-asked questions about the Booster Wealth Geared Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Wealth Geared Growth Fund 1 commonly-asked questions, answered with mechanical facts sourced from the Booster Wealth Geared Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the interest rate for booster? Booster Wealth Geared Growth Fund is not an interest-bearing savings product; it is a managed fund investing in growth and income assets. The fund charges an annual fund charge of 1.35% p.a. for management and administration. For details on the fund's income distribution policy, refer to the current Product Disclosure Statement at https://www.booster.co.nz. Primary sources Product Disclosure Statement More about this fund Booster Wealth Geared Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Wealth Geared Growth Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/wealth-geared-growth/who-audits/ > The Booster Wealth Geared Growth Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Wealth Geared Growth Fund? Ernst & Young The Booster Wealth Geared Growth Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster Investments) Nominees Limited Related Booster Wealth Geared Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Wealth Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/wealth-growth/investment-mandate/ > The Booster Wealth Growth Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes. Verbatim from the SIPO. What can the Booster Wealth Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 44% 25% 55% Australasian Equities 27% 7% 40% Listed Property 3.5% 0% 10% Unlisted Property 5.5% 0% 10% New Zealand Fixed Interest 10% 0% 30% International Fixed Interest 8% 0% 30% Cash & Cash Equivalents 2% 0% 20% Commodities 0% 0% 5% Total Growth 80% 55% 90% Total Income 20% 10% 45% Mandate flexibility (sum of max − min across all ranges): 238%. Wide range — high manager discretion typical of active management. Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Wealth Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Wealth Growth Fund: 0.91% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/booster/wealth-growth/is-it-expensive/ > Booster Wealth Growth Fund charges 0.91% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Wealth Growth Fund expensive? Booster Wealth Growth Fund charges 0.91% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 60% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Wealth Growth Fund NZ$447 at 0.91% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-39 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Wealth Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Wealth Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.66pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.66pp Simplicity Growth Investment Fund Simplicity 0.25% −0.66pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.66pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.66pp Kernel Conservative Fund Kernel 0.25% −0.66pp Kernel Balanced Fund Kernel 0.25% −0.66pp Kernel High Growth Fund Kernel 0.25% −0.66pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Wealth Growth Fund? Booster Wealth Growth Fund charges 0.91% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Wealth Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Wealth Growth Fund sits at 0.91% — cheaper than 60% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.91% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$447. That is NZ$39 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Wealth Growth Fund --- ## URL: https://managedfunds.nz/funds/booster/wealth-growth/markdown.md # Booster Wealth Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Wealth Growth Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide relatively high returns on average over longer term periods (seven years plus), allowing for short to medium term ups and downs. We aim to achieve this by investing primarily in growth assets, with a moderate allocation of income assets. We utilise a mainly passive approach for the Focus Series. Source: Product Disclosure Statement dated 2025-04-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoae013b2b083addf1c0e1115baf0d510d/Booster-Investment-Scheme-Focus-Series-Funds-PDS-30-April-2025.pdf ## Fund data - **Annual fund charge:** 0.91% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$7 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 7 March 2025 ## Top 10 holdings 1. NZ Cash (BNZ Bank Trust Account) — 3.63% 2. Fisher & Paykel Healthcare Corporation Limited — 3.02% 3. NVIDIA Corp — 2.34% 4. Apple Inc — 2.00% 5. Auckland International Airport Limited — 1.87% 6. Microsoft Corporation — 1.63% 7. Infratil Limited — 1.62% 8. Amazon.Com Inc — 1.34% 9. Meridian Energy Limited — 1.34% 10. Alphabet Inc (Class C) — 1.24% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 44% | 25% | 55% | | Australasian Equities | 27% | 7% | 40% | | Listed Property | 3.5% | 0% | 10% | | Unlisted Property | 5.5% | 0% | 10% | | New Zealand Fixed Interest | 10% | 0% | 30% | | International Fixed Interest | 8% | 0% | 30% | | Cash & Cash Equivalents | 2% | 0% | 20% | | Commodities | 0% | 0% | 5% | | Total Growth | 80% | 55% | 90% | | Total Income | 20% | 10% | 45% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ba84f2595a1b9006/Booster-Investment-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster Investments) Nominees Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests Scheme funds into other funds it manages or into loans made to those funds, giving Booster an incentive to favour recipient funds or itself over the Scheme's investors. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee, borrowing fee for geared funds), which could influence it to increase such activities to earn more fees. - Under the ISP Swap Agreement, Booster sets the Posted Rates, makes investment decisions for the ISP, and receives income earned above the Posted Rates as a performance-based fee, creating a risk that investment decisions are influenced by the Swap Agreement. - Related parties may exert influence over Booster (e.g. through shared directors or contractual links), creating a risk that investment decisions are made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements between related parties create a risk that investment decisions may favour the related party to the detriment of one or more of the Scheme's funds, or that the related party may not meet its obligations due to the close association of the parties. ### Related-party transactions - **Asset Custodian Nominees Limited (ACNL)** (Related party of the Manager) — Acts as bare trust custodian for most investors under the Booster wrap administration system - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Provides custodial administration services including acquisition, registration, disposal of Scheme assets; receives fees from Scheme assets including the foreign exchange facilitation fee · Up to 0.50% of any net foreign exchange transactions - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing, investment management support, risk and compliance, IT, management functions; paid a fee by the Manager (not a direct cost of the Scheme) - **Booster Tahi LP** (Related party; general partner is Booster Tahi GP Limited, manager is Booster Funds Management Limited (both related parties to Booster)) — Scheme funds invest into Booster Tahi LP; Booster Tahi LP pays performance fees to Booster Funds Management Limited; investing funds bear proportionate share of costs and performance fees - **Booster Innovation Fund** (Managed investment scheme managed by the Manager) — Scheme funds may invest into the Booster Innovation Fund; performance fees paid to the Manager; investing funds bear proportionate share of any fee charged - **PT (Booster Investments) Nominees Limited (PTBI)** (Custodian; wholly-owned by the Supervisor (Public Trust)) — Holds investments of the Scheme as custodian nominated by the Supervisor; parties to loan agreements with Geared Funds - **Public Trust (Supervisor)** (Supervisor of the Scheme; independent of the Manager) — Supervisor entitled to annual fee; party to ISP Swap Agreement with Manager; party to loan facilities to Geared Funds; annual fee included in other management and administration fee (or performance fee for ISP) - **Booster Funds Management Limited** (Related party; manager of Booster Tahi LP) — Receives performance fees from Booster Tahi LP in which Scheme funds invest Source: Other Material Information document dated 2026-01-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoa236d80b29b5bde12e9359cfd11f158d/Booster-Investment-Scheme-Other-Material-Information-22-January-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Wealth%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo84bd1290fc9c6a84272d0e29467c5194/Booster-Investment-Scheme-Multi-Sector-Funds-PDS-22-January-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10844/OFR10852/FND56020/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/wealth-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/wealth-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/wealth-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Wealth Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/wealth-growth/performance-fee-explained/ > The Booster Wealth Growth Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Wealth Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 0.91% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. Product Disclosure Statement · stale How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Wealth Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Wealth Growth Fund URL: https://managedfunds.nz/funds/booster/wealth-growth/questions/ > 2 commonly-asked questions about the Booster Wealth Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Wealth Growth Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Booster Wealth Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 0.25% a high management fee? The Booster Wealth Growth Fund has an annual fund charge of 0.91% p.a., which is below the peer-cohort average of 1.29% p.a. for comparable funds. Whether a fee level is high depends on the fund's features, asset mix, and your investment timeframe; you can compare specific fund charges on the FMA Disclose register. 2. What are typical fees for a fund of funds? Booster Wealth Growth Fund is a diversified fund (not a fund of funds) with an annual fund charge of 0.91% p.a. Fund of funds typically charge additional layers of fees; you can view detailed fee breakdowns for any fund on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement · stale More about this fund Booster Wealth Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Wealth Growth Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/wealth-growth/who-audits/ > The Booster Wealth Growth Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Wealth Growth Fund? Ernst & Young The Booster Wealth Growth Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster Investments) Nominees Limited Related Booster Wealth Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Wealth High Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/wealth-high-growth/investment-mandate/ > The Booster Wealth High Growth Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes. Verbatim from the SIPO. What can the Booster Wealth High Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 57% 35% 80% Australasian Equities 32% 10% 50% Listed Property 3.5% 0% 10% Unlisted Property 6.5% 0% 13% New Zealand Fixed Interest 0% 0% 15% International Fixed Interest 0% 0% 15% Cash & Cash Equivalents 1% 0% 20% Commodities 0% 0% 6% Total Growth 99% 70% 100% Total Income 1% 0% 30% Mandate flexibility (sum of max − min across all ranges): 224%. Wide range — high manager discretion typical of active management. Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Wealth High Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Wealth High Growth Fund: 0.96% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/booster/wealth-high-growth/is-it-expensive/ > Booster Wealth High Growth Fund charges 0.96% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Wealth High Growth Fund expensive? Booster Wealth High Growth Fund charges 0.96% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Wealth High Growth Fund NZ$471 at 0.96% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-14 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Wealth High Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Wealth High Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.71pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.71pp Simplicity Growth Investment Fund Simplicity 0.25% −0.71pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.71pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.71pp Kernel Conservative Fund Kernel 0.25% −0.71pp Kernel Balanced Fund Kernel 0.25% −0.71pp Kernel High Growth Fund Kernel 0.25% −0.71pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Wealth High Growth Fund? Booster Wealth High Growth Fund charges 0.96% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Wealth High Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Wealth High Growth Fund sits at 0.96% — cheaper than 54% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.96% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$471. That is NZ$14 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Wealth High Growth Fund --- ## URL: https://managedfunds.nz/funds/booster/wealth-high-growth/markdown.md # Booster Wealth High Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Wealth High Growth Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide higher returns on average over long term periods (ten years plus), allowing for short to medium term ups and downs. We aim to achieve this by investing predominantly in growth assets, with little or no allocation to income assets. We utilise a mainly passive approach for the Focus Series. Source: Product Disclosure Statement dated 2025-04-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoae013b2b083addf1c0e1115baf0d510d/Booster-Investment-Scheme-Focus-Series-Funds-PDS-30-April-2025.pdf ## Fund data - **Annual fund charge:** 0.96% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$4 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 March 2025 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 3.43% 2. NVIDIA Corp — 3.07% 3. Apple Inc — 2.62% 4. Microsoft Corporation — 2.14% 5. Auckland International Airport Limited — 2.13% 6. NZ Cash (BNZ Bank Trust Account) — 2.06% 7. Infratil Limited — 1.85% 8. Amazon.Com Inc — 1.76% 9. Alphabet Inc (Class C) — 1.62% 10. Meridian Energy Limited — 1.52% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 57% | 35% | 80% | | Australasian Equities | 32% | 10% | 50% | | Listed Property | 3.5% | 0% | 10% | | Unlisted Property | 6.5% | 0% | 13% | | New Zealand Fixed Interest | 0% | 0% | 15% | | International Fixed Interest | 0% | 0% | 15% | | Cash & Cash Equivalents | 1% | 0% | 20% | | Commodities | 0% | 0% | 6% | | Total Growth | 99% | 70% | 100% | | Total Income | 1% | 0% | 30% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ba84f2595a1b9006/Booster-Investment-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster Investments) Nominees Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests Scheme funds into other funds it manages or into loans made to those funds, giving Booster an incentive to favour recipient funds or itself over the Scheme's investors. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee, borrowing fee for geared funds), which could influence it to increase such activities to earn more fees. - Under the ISP Swap Agreement, Booster sets the Posted Rates, makes investment decisions for the ISP, and receives income earned above the Posted Rates as a performance-based fee, creating a risk that investment decisions are influenced by the Swap Agreement. - Related parties may exert influence over Booster (e.g. through shared directors or contractual links), creating a risk that investment decisions are made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements between related parties create a risk that investment decisions may favour the related party to the detriment of one or more of the Scheme's funds, or that the related party may not meet its obligations due to the close association of the parties. ### Related-party transactions - **Asset Custodian Nominees Limited (ACNL)** (Related party of the Manager) — Acts as bare trust custodian for most investors under the Booster wrap administration system - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Provides custodial administration services including acquisition, registration, disposal of Scheme assets; receives fees from Scheme assets including the foreign exchange facilitation fee · Up to 0.50% of any net foreign exchange transactions - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing, investment management support, risk and compliance, IT, management functions; paid a fee by the Manager (not a direct cost of the Scheme) - **Booster Tahi LP** (Related party; general partner is Booster Tahi GP Limited, manager is Booster Funds Management Limited (both related parties to Booster)) — Scheme funds invest into Booster Tahi LP; Booster Tahi LP pays performance fees to Booster Funds Management Limited; investing funds bear proportionate share of costs and performance fees - **Booster Innovation Fund** (Managed investment scheme managed by the Manager) — Scheme funds may invest into the Booster Innovation Fund; performance fees paid to the Manager; investing funds bear proportionate share of any fee charged - **PT (Booster Investments) Nominees Limited (PTBI)** (Custodian; wholly-owned by the Supervisor (Public Trust)) — Holds investments of the Scheme as custodian nominated by the Supervisor; parties to loan agreements with Geared Funds - **Public Trust (Supervisor)** (Supervisor of the Scheme; independent of the Manager) — Supervisor entitled to annual fee; party to ISP Swap Agreement with Manager; party to loan facilities to Geared Funds; annual fee included in other management and administration fee (or performance fee for ISP) - **Booster Funds Management Limited** (Related party; manager of Booster Tahi LP) — Receives performance fees from Booster Tahi LP in which Scheme funds invest Source: Other Material Information document dated 2026-01-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoa236d80b29b5bde12e9359cfd11f158d/Booster-Investment-Scheme-Other-Material-Information-22-January-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Wealth%20High%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo84bd1290fc9c6a84272d0e29467c5194/Booster-Investment-Scheme-Multi-Sector-Funds-PDS-22-January-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10844/OFR10852/FND56021/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/wealth-high-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/wealth-high-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/wealth-high-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Wealth High Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/wealth-high-growth/performance-fee-explained/ > The Booster Wealth High Growth Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Wealth High Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 0.96% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. Product Disclosure Statement · stale How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Wealth High Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Who audits the Booster Wealth High Growth Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/wealth-high-growth/who-audits/ > The Booster Wealth High Growth Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Wealth High Growth Fund? Ernst & Young The Booster Wealth High Growth Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster Investments) Nominees Limited Related Booster Wealth High Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Booster Wealth Moderate Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/booster/wealth-moderate/investment-mandate/ > The Booster Wealth Moderate Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes. Verbatim from the SIPO. What can the Booster Wealth Moderate Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International Equities 21% 10% 30% Australasian Equities 13% 0% 25% Listed Property 3% 0% 7% Unlisted Property 3% 0% 6% New Zealand Fixed Interest 23% 0% 50% International Fixed Interest 17% 5% 40% Cash & Cash Equivalents 20% 0% 40% Commodities 0% 0% 3% Total Growth 40% 20% 50% Total Income 60% 50% 80% Mandate flexibility (sum of max − min across all ranges): 246%. Wide range — high manager discretion typical of active management. Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Statement of Investment Policy and Objectives Related Booster Wealth Moderate Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Booster Wealth Moderate Fund: 0.74% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/booster/wealth-moderate/is-it-expensive/ > Booster Wealth Moderate Fund charges 0.74% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Booster Wealth Moderate Fund expensive? Booster Wealth Moderate Fund charges 0.74% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Booster Wealth Moderate Fund NZ$365 at 0.74% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-121 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Booster Wealth Moderate Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Booster Wealth Moderate Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.49pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.49pp Simplicity Growth Investment Fund Simplicity 0.25% −0.49pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.49pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.49pp Kernel Conservative Fund Kernel 0.25% −0.49pp Kernel Balanced Fund Kernel 0.25% −0.49pp Kernel High Growth Fund Kernel 0.25% −0.49pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Booster Wealth Moderate Fund? Booster Wealth Moderate Fund charges 0.74% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Booster Wealth Moderate Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Booster Wealth Moderate Fund sits at 0.74% — cheaper than 77% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.74% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$365. That is NZ$121 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Booster Wealth Moderate Fund --- ## URL: https://managedfunds.nz/funds/booster/wealth-moderate/markdown.md # Booster Wealth Moderate Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Booster (Booster Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Booster Wealth Moderate Fund is a diversified managed fund run by Booster. NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Investment objective (from PDS) > To provide moderate returns on average over medium term periods (three years plus), allowing for some shorter-term ups and downs. We aim to achieve this by investing mainly in income assets, while including a moderate allocation of growth assets. We utilise a mainly passive approach for the Focus Series. Source: Product Disclosure Statement dated 2025-04-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoae013b2b083addf1c0e1115baf0d510d/Booster-Investment-Scheme-Focus-Series-Funds-PDS-30-April-2025.pdf ## Fund data - **Annual fund charge:** 0.74% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$3 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 7 March 2025 ## Top 10 holdings 1. NZ Cash (BNZ Bank Trust Account) — 5.98% 2. BNZ Bank Bill 28/04/2026 — 1.97% 3. NZ Govt Stock 4.5% 15/04/2027 — 1.75% 4. Fisher & Paykel Healthcare Corporation Limited — 1.57% 5. NZ Govt Stock 3.50% 14/04/2033 — 1.20% 6. Westpac Treasury - TD 08 Jul 2026 @ 2.997 — 1.20% 7. NZ Govt Stock 0.50% 15/05/2026 — 1.16% 8. NVIDIA Corp — 1.06% 9. Infratil Infrastructure Bonds 7.06% 17/12/2031 — 1.05% 10. Westpac Treasury - TD 23 Apr 2026 @ 3.466 — 1.02% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International Equities | 21% | 10% | 30% | | Australasian Equities | 13% | 0% | 25% | | Listed Property | 3% | 0% | 7% | | Unlisted Property | 3% | 0% | 6% | | New Zealand Fixed Interest | 23% | 0% | 50% | | International Fixed Interest | 17% | 5% | 40% | | Cash & Cash Equivalents | 20% | 0% | 40% | | Commodities | 0% | 0% | 3% | | Total Growth | 40% | 20% | 50% | | Total Income | 60% | 50% | 80% | ### Responsible-investment approach ESG factors are considered in investment decision-making for directly managed listed shares and listed property, integrated with financial and portfolio considerations. Socially Responsible and Wealth Series funds exclude investments in companies generating more than an incidental proportion of revenue from specified activities including fossil fuels, tobacco, gambling, weapons manufacturing, and others listed in the Responsible Investment Criteria. ### Derivatives policy Derivatives may be used in relation to any asset class and any Fund, provided they are backed by cash or relevant physical holdings and effective exposures remain within the overall mandate. Permitted instruments include OTC or exchange-traded futures, forward foreign exchange contracts, OTC or exchange-traded options, and OTC FRAs, swaps or other derivative instruments; OTC counterparties must have a Standard and Poor's rating of A or better where managed directly by the Manager. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/ba84f2595a1b9006/Booster-Investment-Scheme---SIPO---31-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** Ernst & Young - **Custodian:** PT (Booster Investments) Nominees Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Booster as Manager invests Scheme funds into other funds it manages or into loans made to those funds, giving Booster an incentive to favour recipient funds or itself over the Scheme's investors. - Booster earns fees linked to certain fund management activities (e.g. foreign exchange facilitation fee, borrowing fee for geared funds), which could influence it to increase such activities to earn more fees. - Under the ISP Swap Agreement, Booster sets the Posted Rates, makes investment decisions for the ISP, and receives income earned above the Posted Rates as a performance-based fee, creating a risk that investment decisions are influenced by the Swap Agreement. - Related parties may exert influence over Booster (e.g. through shared directors or contractual links), creating a risk that investment decisions are made to achieve objectives that differ from the relevant fund's objectives. - Contractual arrangements between related parties create a risk that investment decisions may favour the related party to the detriment of one or more of the Scheme's funds, or that the related party may not meet its obligations due to the close association of the parties. ### Related-party transactions - **Asset Custodian Nominees Limited (ACNL)** (Related party of the Manager) — Acts as bare trust custodian for most investors under the Booster wrap administration system - **Booster Custodial Administration Services Limited (BCAS)** (Related company of the Manager) — Provides custodial administration services including acquisition, registration, disposal of Scheme assets; receives fees from Scheme assets including the foreign exchange facilitation fee · Up to 0.50% of any net foreign exchange transactions - **Booster Financial Services Limited (BFSL)** (Ultimate holding company / parent of the Manager) — Provides services and support including record keeping, accounting and administration, marketing, investment management support, risk and compliance, IT, management functions; paid a fee by the Manager (not a direct cost of the Scheme) - **Booster Tahi LP** (Related party; general partner is Booster Tahi GP Limited, manager is Booster Funds Management Limited (both related parties to Booster)) — Scheme funds invest into Booster Tahi LP; Booster Tahi LP pays performance fees to Booster Funds Management Limited; investing funds bear proportionate share of costs and performance fees - **Booster Innovation Fund** (Managed investment scheme managed by the Manager) — Scheme funds may invest into the Booster Innovation Fund; performance fees paid to the Manager; investing funds bear proportionate share of any fee charged - **PT (Booster Investments) Nominees Limited (PTBI)** (Custodian; wholly-owned by the Supervisor (Public Trust)) — Holds investments of the Scheme as custodian nominated by the Supervisor; parties to loan agreements with Geared Funds - **Public Trust (Supervisor)** (Supervisor of the Scheme; independent of the Manager) — Supervisor entitled to annual fee; party to ISP Swap Agreement with Manager; party to loan facilities to Geared Funds; annual fee included in other management and administration fee (or performance fee for ISP) - **Booster Funds Management Limited** (Related party; manager of Booster Tahi LP) — Receives performance fees from Booster Tahi LP in which Scheme funds invest Source: Other Material Information document dated 2026-01-21. https://smartinvestor.sorted.org.nz/disclose-document/mdoa236d80b29b5bde12e9359cfd11f158d/Booster-Investment-Scheme-Other-Material-Information-22-January-2026.pdf ## How to invest Available via: Booster directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster%20Wealth%20Moderate%20Fund - **Product Disclosure Statement:** /disclose-document/mdo84bd1290fc9c6a84272d0e29467c5194/Booster-Investment-Scheme-Multi-Sector-Funds-PDS-22-January-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10844/OFR10852/FND56018/ - **Manager website:** https://www.booster.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/booster/wealth-moderate/ - **Markdown (this file):** https://managedfunds.nz/funds/booster/wealth-moderate/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/booster/wealth-moderate/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Booster Wealth Moderate Fund charge a performance fee? URL: https://managedfunds.nz/funds/booster/wealth-moderate/performance-fee-explained/ > The Booster Wealth Moderate Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Booster Wealth Moderate Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 0.74% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Tahi: performance fee payable where total return over financial year ended 31 March is more than 5% above the New Zealand 90-day bank bill rate; 33% of excess income return payable in cash, 10% of excess capital gains payable in bonus units, subject to high-water mark. BIF: 20% of return above 10% p.a. hurdle rate, subject to high-water mark. Product Disclosure Statement · stale How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Booster Wealth Moderate Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Booster Wealth Moderate Fund URL: https://managedfunds.nz/funds/booster/wealth-moderate/questions/ > 3 commonly-asked questions about the Booster Wealth Moderate Fund, answered with mechanical facts sourced from the FMA Disclose register. Booster, diversified category. Questions about Booster Wealth Moderate Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Booster Wealth Moderate Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 0.25% a high management fee? The Booster Wealth Moderate Fund charges 0.74% p.a., which is below the peer-cohort average annual fund charge of 1.1% p.a. for comparable diversified funds. Whether a specific fee level is high or low depends on the fund's strategy, asset mix, and service offering; you can compare fees across funds in our database or review the latest Product Disclosure Statement on the manager's website. 2. Is a 7% return realistic? The Booster Wealth Moderate Fund holds approximately 53.15% growth assets and 46.85% income assets, which influences potential returns; however, the FMA requires that funds do not make forward-looking return claims. Past performance is not a reliable indicator of future results. Review the fund's latest Product Disclosure Statement and quarterly fund update on FMA Disclose for historical performance data. 3. Is booster a good KiwiSaver scheme? Booster offers a KiwiSaver® scheme product separately from the Booster Wealth Moderate Fund discussed here. To assess whether a KiwiSaver scheme account is suitable for your circumstances, compare fees, investment options, and features across available schemes using the KiwiSaver Scheme finder tool, or consult the IRD website for KiwiSaver rules and requirements. Primary sources Product Disclosure Statement · stale More about this fund Booster Wealth Moderate Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Booster Wealth Moderate Fund? — Ernst & Young URL: https://managedfunds.nz/funds/booster/wealth-moderate/who-audits/ > The Booster Wealth Moderate Fund is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Booster Wealth Moderate Fund? Ernst & Young The Booster Wealth Moderate Fund sits within a managed investment scheme run by Booster. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) PT (Booster Investments) Nominees Limited Related Booster Wealth Moderate Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Brandywine Global Opportunistic Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/investment-mandate/ > The Brandywine Global Opportunistic Equity Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Brandywine Global Opportunistic Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Global equities 100% 90% 100% Cash and Cash Equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivatives including forwards, futures, options, mortgage derivatives, structured notes, and swaps may be used to obtain or reduce exposure to securities, markets, or currencies, to manage cash flows, or to facilitate timely exposure to securities. Use of derivatives may result in a Fund being leveraged if not backed by cash, cash equivalents, or securities. Statement of Investment Policy and Objectives Related Brandywine Global Opportunistic Equity Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Brandywine Global Opportunistic Equity Fund: 0.93% fee vs 0.61… URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/is-it-expensive/ > Brandywine Global Opportunistic Equity Fund charges 0.93% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Brandywine Global Opportunistic Equity Fund expensive? Brandywine Global Opportunistic Equity Fund charges 0.93% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 64% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Brandywine Global Opportunistic Equity Fund NZ$456 at 0.93% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$155 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Brandywine Global Opportunistic Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Brandywine Global Opportunistic Equity Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.90pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.90pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.87pp Foundation Series Total World Fund Foundation Series 0.07% −0.86pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.86pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.83pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.78pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.78pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Brandywine Global Opportunistic Equity Fund? Brandywine Global Opportunistic Equity Fund charges 0.93% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Brandywine Global Opportunistic Equity Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Brandywine Global Opportunistic Equity Fund sits at 0.93% — pricier than the median (cheaper than 36% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.93% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$456. That is NZ$155 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Brandywine Global Opportunistic Equity Fund --- ## URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/markdown.md # Brandywine Global Opportunistic Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Brandywine (Brandywine Global Investment Management), parent Franklin Templeton - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Brandywine Global Opportunistic Equity Fund is a international equities managed fund run by Brandywine. Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ. ## Investment objective (from PDS) > The investment objective of the Equity Fund is to earn a return before fees and taxes in excess of the MSCI All Country World Index NR, in New Zealand dollar terms, over the medium to long term. Source: Product Disclosure Statement dated 2026-03-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2cce698802dcaa7a/20260401---Franklin-Templeton-Investment-Funds---PDS.pdf ## Fund data - **Annual fund charge:** 0.93% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$410 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 March 2025 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. Us Dollar — 4.55% 2. Baidu Inc — 3.39% 3. Bnp Paribas Sa — 3.31% 4. Aercap Holdings Nv — 3.09% 5. Kimberly-Clark Corp — 2.67% 6. Alphabet Inc — 2.56% 7. Abercrombie & Fitch Co — 2.49% 8. Constellation Software Inc/Canada — 2.46% 9. Comcast Corp — 2.28% 10. Salesforce Inc — 2.18% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Global equities | 100% | 90% | 100% | | Cash and Cash Equivalents | — | 0% | 10% | ### Derivatives policy Derivatives including forwards, futures, options, mortgage derivatives, structured notes, and swaps may be used to obtain or reduce exposure to securities, markets, or currencies, to manage cash flows, or to facilitate timely exposure to securities. Use of derivatives may result in a Fund being leveraged if not backed by cash, cash equivalents, or securities. Source: Statement of Investment Policy and Objectives dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/ce4a2eb1bfe27c93/20260401---Franklin-Templeton-Investment-Funds---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - The Investment Manager's association with other Franklin Templeton funds could influence it to invest the assets of the Funds into other Franklin Templeton funds instead of into direct assets or investment funds managed by third parties, potentially adversely affecting investors if those investments are not on arms' length terms or if direct/third-party investment would be more efficient. - Parties related to the Funds, including staff of Franklin Templeton and their families and staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **Franklin Templeton International Services S.à r.l.** (Affiliate of Investment Manager (Franklin Templeton Australia Limited)) — Management of Underlying Fund (FTGF Brandywine Global Opportunistic Equity Fund) into which Equity Fund assets are invested Source: Other Material Information document dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/f806b971940d2e06/20260401---Franklin-Templeton-Investment-Funds---OMI.pdf ## How to invest Available via: Brandywine directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Brandywine%20Global%20Opportunistic%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/2cce698802dcaa7a/20260401---Franklin-Templeton-Investment-Funds---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12302/OFR12303/FND56046/ - **Manager website:** https://www.brandywineglobal.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Brandywine Global Opportunistic Equity Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/who-audits/ > The Brandywine Global Opportunistic Equity Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Brandywine Global Opportunistic Equity Fund? PricewaterhouseCoopers The Brandywine Global Opportunistic Equity Fund sits within a managed investment scheme run by Brandywine. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Brandywine Global Opportunistic Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Brandywine Global Opportunistic Fixed Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/investment-mandate/ > The Brandywine Global Opportunistic Fixed Income Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Brandywine Global Opportunistic Fixed Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 90% 100% Cash and Cash Equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivatives including forwards, futures, options, mortgage derivatives, structured notes, and swaps may be used to obtain or reduce exposure to securities, markets, or currencies, to manage cash flows, or to facilitate timely exposure to securities. Use of derivatives may result in a Fund being leveraged if not backed by cash, cash equivalents, or securities. Statement of Investment Policy and Objectives Related Brandywine Global Opportunistic Fixed Income Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Brandywine Global Opportunistic Fixed Income Fund: 0.77% fee v… URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/is-it-expensive/ > Brandywine Global Opportunistic Fixed Income Fund charges 0.77% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Brandywine Global Opportunistic Fixed Income Fund expensive? Brandywine Global Opportunistic Fixed Income Fund charges 0.77% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Brandywine Global Opportunistic Fixed Income Fund NZ$379 at 0.77% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$34 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Brandywine Global Opportunistic Fixed Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Brandywine Global Opportunistic Fixed Income Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.62pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.52pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.49pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.47pp Kernel US Bond Fund Kernel 0.30% −0.47pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.45pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.45pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.43pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Brandywine Global Opportunistic Fixed Income Fund? Brandywine Global Opportunistic Fixed Income Fund charges 0.77% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Brandywine Global Opportunistic Fixed Income Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Brandywine Global Opportunistic Fixed Income Fund sits at 0.77% — pricier than the median (cheaper than 39% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.77% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$379. That is NZ$34 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Brandywine Global Opportunistic Fixed Income Fund --- ## URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/markdown.md # Brandywine Global Opportunistic Fixed Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Brandywine (Brandywine Global Investment Management), parent Franklin Templeton - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Brandywine Global Opportunistic Fixed Income Fund is a international fi managed fund run by Brandywine. Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ. ## Investment objective (from PDS) > The investment objective of the Income Fund is to earn a return before fees and taxes in excess of the Bloomberg Global Aggregate Index – New Zealand dollar Hedged over rolling five-year periods. Source: Product Disclosure Statement dated 2026-03-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2cce698802dcaa7a/20260401---Franklin-Templeton-Investment-Funds---PDS.pdf ## Fund data - **Annual fund charge:** 0.77% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.24% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$410 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 27 March 2018 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. United States Treasury 311027 Frn — 8.42% 2. Buoni Poliennali Del Tes 010236 3.45 Gb — 6.32% 3. Sp4T0Fdrs Ccp Sell Cdx Usd 200631 Cdx.Na.Hy.46 5% Ms — 5.11% 4. Colombia Republic Of Government 250746 11.50 Gb — 4.10% 5. Cash at Bank (BNZ) — 4.04% 6. Queensland Treasury Corp 210736 5.25 Gb — 3.78% 7. Mexico United Mexican States Government 310753 8.00 Gb — 3.49% 8. United Kingdom Of Great Britain And Northern 310754 4.375 Gb — 3.38% 9. Us Treasury Frn 310128 Frn — 3.29% 10. United Kingdom Gilt 070335 4.50 Gb — 3.17% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 7.5 bps / 7.5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 90% | 100% | | Cash and Cash Equivalents | — | 0% | 10% | ### Derivatives policy Derivatives including forwards, futures, options, mortgage derivatives, structured notes, and swaps may be used to obtain or reduce exposure to securities, markets, or currencies, to manage cash flows, or to facilitate timely exposure to securities. Use of derivatives may result in a Fund being leveraged if not backed by cash, cash equivalents, or securities. Source: Statement of Investment Policy and Objectives dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/ce4a2eb1bfe27c93/20260401---Franklin-Templeton-Investment-Funds---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - The Investment Manager's association with other Franklin Templeton funds could influence it to invest the assets of the Funds into other Franklin Templeton funds instead of into direct assets or investment funds managed by third parties, potentially adversely affecting investors if those investments are not on arms' length terms or if direct/third-party investment would be more efficient. - Parties related to the Funds, including staff of Franklin Templeton and their families and staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **Franklin Templeton International Services S.à r.l.** (Affiliate of Investment Manager (Franklin Templeton Australia Limited)) — Management of Underlying Fund (FTGF Brandywine Global Opportunistic Equity Fund) into which Equity Fund assets are invested Source: Other Material Information document dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/f806b971940d2e06/20260401---Franklin-Templeton-Investment-Funds---OMI.pdf ## How to invest Available via: Brandywine directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Brandywine%20Global%20Opportunistic%20Fixed%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/2cce698802dcaa7a/20260401---Franklin-Templeton-Investment-Funds---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12302/OFR12303/FND8399/ - **Manager website:** https://www.brandywineglobal.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/ - **Markdown (this file):** https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Brandywine Global Opportunistic Fixed Income Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/who-audits/ > The Brandywine Global Opportunistic Fixed Income Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Brandywine Global Opportunistic Fixed Income Fund? PricewaterhouseCoopers The Brandywine Global Opportunistic Fixed Income Fund sits within a managed investment scheme run by Brandywine. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Brandywine Global Opportunistic Fixed Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Castle Point 5 Oceans Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/castle-point/5-oceans/investment-mandate/ > The Castle Point 5 Oceans Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Castle Point 5 Oceans Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% 0% 70% New Zealand fixed interest 5% 0% 70% International fixed interest 30% 0% 70% Australasian equities 19.5% 0% 50% International equities 29% 0% 70% Listed property — 0% 50% Unlisted property — 0% 50% Other 6.5% 0% 100% Overall growth assets — 30% 70% Overall income assets — 30% 70% Mandate flexibility (sum of max − min across all ranges): 610%. Wide range — high manager discretion typical of active management. Explicit exclusions (1) Sectors, industries, companies and practices with materially negative ESG attributes (as maintained on the blacklist by the Investment Committee) Responsible-investment approach ESG measures are incorporated into the research process via three approaches: positive screening (actively seeking investments with long-term positive ESG attributes), negative screening/blacklisting (excluding sectors, industries, companies and practices with materially negative ESG attributes), and research and engagement to understand historical or current issues and actions being taken. Castle Point is a founding signatory to the Stewardship Code Aotearoa New Zealand and a signatory to the UNPRI. Derivatives policy Derivatives can only be used in accordance with the investment strategy of each fund for risk management, hedging (including currency), and implementing investment opportunities. A counterparty assessment and approval process is maintained and a list of approved counterparties is kept by the compliance team. Statement of Investment Policy and Objectives Related Castle Point 5 Oceans Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Castle Point 5 Oceans Fund: 1.18% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/castle-point/5-oceans/is-it-expensive/ > Castle Point 5 Oceans Fund charges 1.18% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Castle Point 5 Oceans Fund expensive? Castle Point 5 Oceans Fund charges 1.18% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 71% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Castle Point 5 Oceans Fund NZ$576 at 1.18% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$91 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Castle Point 5 Oceans Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Castle Point 5 Oceans Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.93pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.93pp Simplicity Growth Investment Fund Simplicity 0.25% −0.93pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.93pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.93pp Kernel Conservative Fund Kernel 0.25% −0.93pp Kernel Balanced Fund Kernel 0.25% −0.93pp Kernel High Growth Fund Kernel 0.25% −0.93pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Castle Point 5 Oceans Fund? Castle Point 5 Oceans Fund charges 1.18% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Castle Point 5 Oceans Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Castle Point 5 Oceans Fund sits at 1.18% — pricier than the median (cheaper than 29% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.18% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$576. That is NZ$91 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Castle Point 5 Oceans Fund --- ## URL: https://managedfunds.nz/funds/castle-point/5-oceans/markdown.md # Castle Point 5 Oceans Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Castle Point - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Castle Point 5 Oceans Fund is a diversified managed fund run by Castle Point. Wellington-based active manager with concentrated trans-Tasman and global multi-asset funds. ## Investment objective (from PDS) > The Fund is designed to generate returns, with the objective of outperforming the NZ Official Cash Rate by +3% over the medium term (after fees but before tax), with some risk mitigation tools to smoothen the ride. Source: Product Disclosure Statement dated 2026-03-31 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/1227847b83f0bc4e/2026-04-PDS---5-Oceans.pdf ## Fund data - **Annual fund charge:** 1.18% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.85% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$79 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 25 October 2016 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Te Ahumairangi Global Equity Fund — 28.15% 2. T. Rowe Price DYN GLB Bond FD AU — 17.40% 3. Daintree Core Income Trust NZD — 17.35% 4. Schroder Global Value Fund Unhedged — 14.74% 5. Kohinoor Core Class B — 5.22% 6. BNZ NZD current account — 2.44% 7. Fisher & Paykel Healthcare Ltd — 1.57% 8. Infratil Ltd — 1.13% 9. Contact Energy Ltd — 0.96% 10. Auckland International Airport Ltd — 0.95% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.21% > A performance-based fee is payable if, in respect of each half-year period ending 31 March and 30 September, the investment performance of the Ranger Fund exceeds the NZ Official Cash Rate + 5% (hurdle rate of return), subject to the high water mark. Amount: 15% of the Ranger Fund's return above the hurdle rate of return, plus applicable GST. A perpetual high-water mark applies; the high water mark cannot be reset by us and is the same for all clients. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** monthly - **Buy / sell spread:** 30 bps / 30 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | 0% | 70% | | New Zealand fixed interest | 5% | 0% | 70% | | International fixed interest | 30% | 0% | 70% | | Australasian equities | 19.5% | 0% | 50% | | International equities | 29% | 0% | 70% | | Listed property | — | 0% | 50% | | Unlisted property | — | 0% | 50% | | Other | 6.5% | 0% | 100% | | Overall growth assets | — | 30% | 70% | | Overall income assets | — | 30% | 70% | ### Responsible-investment approach ESG measures are incorporated into the research process via three approaches: positive screening (actively seeking investments with long-term positive ESG attributes), negative screening/blacklisting (excluding sectors, industries, companies and practices with materially negative ESG attributes), and research and engagement to understand historical or current issues and actions being taken. Castle Point is a founding signatory to the Stewardship Code Aotearoa New Zealand and a signatory to the UNPRI. ### Derivatives policy Derivatives can only be used in accordance with the investment strategy of each fund for risk management, hedging (including currency), and implementing investment opportunities. A counterparty assessment and approval process is maintained and a list of approved counterparties is kept by the compliance team. ### Exclusions - Sectors, industries, companies and practices with materially negative ESG attributes (as maintained on the blacklist by the Investment Committee) Source: Statement of Investment Policy and Objectives dated 2026-03-25. https://smartinvestor.sorted.org.nz/disclose-document/3c69ad15c9c3b276/SIPO---2026-03.pdf ## How to invest Available via: Castle Point directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Castle%20Point%205%20Oceans%20Fund - **Product Disclosure Statement:** /disclose-document/7785322a9542268e/2026-04-PDS---Ranger.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10745/OFR10746/FND1223/ - **Manager website:** https://castlepoint.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/castle-point/5-oceans/ - **Markdown (this file):** https://managedfunds.nz/funds/castle-point/5-oceans/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/castle-point/5-oceans/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Castle Point 5 Oceans Fund charge a performance fee? URL: https://managedfunds.nz/funds/castle-point/5-oceans/performance-fee-explained/ > The Castle Point 5 Oceans Fund charges a performance fee in addition to its annual fund charge; it paid 0.21% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Castle Point 5 Oceans Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.21% of NAV Annual fund charge (on top) 1.18% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement A performance-based fee is payable if, in respect of each half-year period ending 31 March and 30 September, the investment performance of the Ranger Fund exceeds the NZ Official Cash Rate + 5% (hurdle rate of return), subject to the high water mark. Amount: 15% of the Ranger Fund's return above the hurdle rate of return, plus applicable GST. A perpetual high-water mark applies; the high water mark cannot be reset by us and is the same for all clients. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Castle Point 5 Oceans Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Castle Point 5 Oceans Fund URL: https://managedfunds.nz/funds/castle-point/5-oceans/questions/ > 3 commonly-asked questions about the Castle Point 5 Oceans Fund, answered with mechanical facts sourced from the FMA Disclose register. Castle Point, diversified category. Questions about Castle Point 5 Oceans Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Castle Point 5 Oceans Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are typical fees for a fund of funds? Castle Point 5 Oceans Fund charges an annual fund charge of 1.18% p.a., which is 0.12 percentage points above the peer-cohort average of 1.06% p.a. for diversified funds. For a full breakdown of how fees are calculated and what they cover, see the fund's latest Product Disclosure Statement on the Castle Point website or FMA Disclose register. 2. Which funds have the lowest fees? You can compare annual fund charges across funds in our coverage using the fee filter at managedfunds.nz/compare. Castle Point 5 Oceans Fund's annual fund charge is 1.18% p.a.; peer-cohort data is available on FMA Disclose for context. 3. What is a reasonable ETF management fee? Fund fees vary by asset class, fund structure, and strategy. For Castle Point 5 Oceans Fund specifically, the annual fund charge of 1.18% p.a. covers the cost of managing a diversified portfolio. You can compare this against other funds in the same category using our comparison tool. Primary sources Product Disclosure Statement More about this fund Castle Point 5 Oceans Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Castle Point Trans-Tasman Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/castle-point/trans-tasman/investment-mandate/ > The Castle Point Trans-Tasman Fund's Statement of Investment Policy sets target / min / max ranges across 5 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the Castle Point Trans-Tasman Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% Australasian equities 98% 90% 100% New Zealand equities — 65% 100% Australian equities — 0% 25% Individual listed equity — 0% — Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Explicit exclusions (5) Sectors, industries, companies and practices with materially negative ESG attributes (as maintained on the blacklist by the Investment Committee)Unlisted equitiesFixed interestDerivatives (tail risk/other)International (non-Australasian) equities Responsible-investment approach ESG measures are incorporated into the research process via three approaches: positive screening (actively seeking investments with long-term positive ESG attributes), negative screening/blacklisting (excluding sectors, industries, companies and practices with materially negative ESG attributes), and research and engagement to understand historical or current issues and actions being taken. Castle Point is a founding signatory to the Stewardship Code Aotearoa New Zealand and a signatory to the UNPRI. Derivatives policy Derivatives can only be used in accordance with the investment strategy of each fund for risk management, hedging (including currency), and implementing investment opportunities. A counterparty assessment and approval process is maintained and a list of approved counterparties is kept by the compliance team. Statement of Investment Policy and Objectives Related Castle Point Trans-Tasman Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Castle Point Trans-Tasman Fund: 1.08% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/castle-point/trans-tasman/is-it-expensive/ > Castle Point Trans-Tasman Fund charges 1.08% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Castle Point Trans-Tasman Fund expensive? Castle Point Trans-Tasman Fund charges 1.08% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Castle Point Trans-Tasman Fund NZ$528 at 1.08% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$34 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Castle Point Trans-Tasman Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Castle Point Trans-Tasman Fund Simplicity NZ Share Fund Simplicity 0.10% −0.98pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.88pp Harbour NZ Index Shares Fund Harbour 0.21% −0.87pp BetaShares Australia 200 Fund BetaShares 0.23% −0.85pp Kernel NZ 20 Fund Kernel 0.25% −0.83pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.83pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.83pp Kernel Australia 100 Fund Kernel 0.25% −0.83pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Castle Point Trans-Tasman Fund? Castle Point Trans-Tasman Fund charges 1.08% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Castle Point Trans-Tasman Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Castle Point Trans-Tasman Fund sits at 1.08% — pricier than the median (cheaper than 37% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.08% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$528. That is NZ$34 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Castle Point Trans-Tasman Fund --- ## URL: https://managedfunds.nz/funds/castle-point/trans-tasman/markdown.md # Castle Point Trans-Tasman Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Castle Point - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Castle Point Trans-Tasman Fund is a australasian equities managed fund run by Castle Point. Wellington-based active manager with concentrated trans-Tasman and global multi-asset funds. ## Investment objective (from PDS) > The Fund invests in New Zealand and Australian listed companies and is benchmarked to the S&P/NZX 50 Index (including imputation credits). The performance objective of the Fund is to outperform the benchmark over rolling five-year periods after all fees (and other expenses) but before tax. Source: Product Disclosure Statement dated 2026-03-31 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/ff7589b06dd9881f/2026-04-PDS---Trans-Tasman.pdf ## Fund data - **Annual fund charge:** 1.08% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.91% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$12 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 20 November 2018 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 16.03% 2. Infratil Ltd — 9.92% 3. Auckland International Airport Ltd — 9.71% 4. Contact Energy Ltd — 8.03% 5. A2 Milk Company Ltd — 5.77% 6. Meridian Energy Limited — 5.39% 7. Mainfreight Ltd — 4.61% 8. Mercury NZ Limited — 4.36% 9. Ebos Group Ltd — 2.97% 10. Spark New Zealand Ltd — 2.95% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 15 bps / 15 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | Australasian equities | 98% | 90% | 100% | | New Zealand equities | — | 65% | 100% | | Australian equities | — | 0% | 25% | | Individual listed equity | — | 0% | — | ### Responsible-investment approach ESG measures are incorporated into the research process via three approaches: positive screening (actively seeking investments with long-term positive ESG attributes), negative screening/blacklisting (excluding sectors, industries, companies and practices with materially negative ESG attributes), and research and engagement to understand historical or current issues and actions being taken. Castle Point is a founding signatory to the Stewardship Code Aotearoa New Zealand and a signatory to the UNPRI. ### Derivatives policy Derivatives can only be used in accordance with the investment strategy of each fund for risk management, hedging (including currency), and implementing investment opportunities. A counterparty assessment and approval process is maintained and a list of approved counterparties is kept by the compliance team. ### Exclusions - Sectors, industries, companies and practices with materially negative ESG attributes (as maintained on the blacklist by the Investment Committee) - Unlisted equities - Fixed interest - Derivatives (tail risk/other) - International (non-Australasian) equities Source: Statement of Investment Policy and Objectives dated 2026-03-25. https://smartinvestor.sorted.org.nz/disclose-document/3c69ad15c9c3b276/SIPO---2026-03.pdf ## How to invest Available via: Castle Point directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Castle%20Point%20Trans-Tasman%20Fund - **Product Disclosure Statement:** /disclose-document/7785322a9542268e/2026-04-PDS---Ranger.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10745/OFR10746/FND12482/ - **Manager website:** https://castlepoint.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/castle-point/trans-tasman/ - **Markdown (this file):** https://managedfunds.nz/funds/castle-point/trans-tasman/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/castle-point/trans-tasman/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Castle Point Trans-Tasman Fund URL: https://managedfunds.nz/funds/castle-point/trans-tasman/questions/ > 3 commonly-asked questions about the Castle Point Trans-Tasman Fund, answered with mechanical facts sourced from the FMA Disclose register. Castle Point, australasian equities category. Questions about Castle Point Trans-Tasman Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Castle Point Trans-Tasman Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 0.25% a high management fee? Management fees vary by fund type and asset class. Castle Point Trans-Tasman Fund has an annual fund charge of 1.08% p.a., which is marginally higher than the peer-cohort average of 0.95% p.a. for comparable Australasian equity funds. For context on what constitutes high or low fees across different fund categories, see the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. What is a reasonable ETF management fee? ETF fees differ structurally from managed funds and are typically lower because ETFs track indexes passively, whereas active managers incur research and stock-selection costs. Castle Point Trans-Tasman Fund is an active managed fund (not an ETF) with an annual fund charge of 1.08% p.a. To compare fees across ETFs and managed funds in different asset classes, use the FMA Disclose register. 3. What is the best stock to invest in in NZ? Individual stock selection is a matter of personal investment strategy and risk tolerance, not a factual question we can answer. Castle Point Trans-Tasman Fund's top holdings as at the latest QFU include Fisher & Paykel Healthcare Ltd (16.03%), Infratil Ltd (9.92%), and Auckland International Airport Ltd (9.71%); for the full portfolio and the fund manager's investment rationale, see the latest Product Disclosure Statement at https://castlepoint.co.nz. Primary sources Product Disclosure Statement More about this fund Castle Point Trans-Tasman Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Devon Alpha Fund Devon ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Clarity - Capital Group New Perspective Fund: 1.21% fee vs 0.6… URL: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/is-it-expensive/ > Clarity - Capital Group New Perspective Fund charges 1.21% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity - Capital Group New Perspective Fund expensive? Clarity - Capital Group New Perspective Fund charges 1.21% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 79% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity - Capital Group New Perspective Fund NZ$591 at 1.21% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$289 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Clarity - Capital Group New Perspective Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity - Capital Group New Perspective Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.18pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.18pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.15pp Foundation Series Total World Fund Foundation Series 0.07% −1.14pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.14pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.11pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.06pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.06pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity - Capital Group New Perspective Fund? Clarity - Capital Group New Perspective Fund charges 1.21% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity - Capital Group New Perspective Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Clarity - Capital Group New Perspective Fund sits at 1.21% — pricier than the median (cheaper than 21% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.21% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$591. That is NZ$289 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity - Capital Group New Perspective Fund --- ## URL: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/markdown.md # Clarity - Capital Group New Perspective Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity - Capital Group New Perspective Fund is a international equities managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > Aims to achieve long term growth of capital by investing in shares of companies located around the world. Capital Group conducts in-depth proprietary company research and favours companies expected to benefit from structural trends in the global economy. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 1.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.29% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$155 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 25 October 2019 - **Minimum initial investment:** NZ$10,000 ## Top 3 holdings 1. Capital Group New Perspective Fund Class Ch-NZD — 51.85% 2. Capital Group New Perspective Fund Class C NZD — 46.28% 3. NZD Cash at Bank — 1.87% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20-%20Capital%20Group%20New%20Perspective%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND16068/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/capital-group-new-perspective/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/capital-group-new-perspective/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/capital-group-new-perspective/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity - Capital Group New Perspective Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/who-audits/ > The Clarity - Capital Group New Perspective Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity - Capital Group New Perspective Fund? PwC Auckland The Clarity - Capital Group New Perspective Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity - Capital Group New Perspective Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Diversified Growth Fund: 1.16% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/clarity/diversified-growth/is-it-expensive/ > Clarity Diversified Growth Fund charges 1.16% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Diversified Growth Fund expensive? Clarity Diversified Growth Fund charges 1.16% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 65% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Diversified Growth Fund NZ$567 at 1.16% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$81 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Clarity Diversified Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Diversified Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.91pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.91pp Simplicity Growth Investment Fund Simplicity 0.25% −0.91pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.91pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.91pp Kernel Conservative Fund Kernel 0.25% −0.91pp Kernel Balanced Fund Kernel 0.25% −0.91pp Kernel High Growth Fund Kernel 0.25% −0.91pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Diversified Growth Fund? Clarity Diversified Growth Fund charges 1.16% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Diversified Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Clarity Diversified Growth Fund sits at 1.16% — pricier than the median (cheaper than 35% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.16% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$567. That is NZ$81 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Diversified Growth Fund --- ## URL: https://managedfunds.nz/funds/clarity/diversified-growth/markdown.md # Clarity Diversified Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Diversified Growth Fund is a diversified managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > To provide actively managed exposure to New Zealand, Australian and international equities, and aims to generate a better return than the benchmark over the medium to long term. Will primarily invest in managed funds (including other Clarity funds) to achieve a well-diversified portfolio of equities. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 1.16% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.92% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$9 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 April 2017 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Capital Group New Perspective Fund Class Ch-NZD — 13.60% 2. Capital Group New Perspective Fund Class C NZD — 12.14% 3. NZD Cash at Bank — 7.65% 4. Meridian Energy Limited — 2.02% 5. BHP Group Ltd — 1.98% 6. ANZ Group Holdings Ltd — 1.82% 7. NVIDIA Corp — 1.43% 8. Apple Inc — 1.30% 9. Ebos Group Ltd — 1.28% 10. Spark New Zealand Ltd — 1.21% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Diversified%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND4609/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/diversified-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/diversified-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/diversified-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Diversified Growth Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/diversified-growth/who-audits/ > The Clarity Diversified Growth Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Diversified Growth Fund? PwC Auckland The Clarity Diversified Growth Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Diversified Growth Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Diversified Income Fund: 0.96% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/clarity/diversified-income/is-it-expensive/ > Clarity Diversified Income Fund charges 0.96% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Diversified Income Fund expensive? Clarity Diversified Income Fund charges 0.96% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Diversified Income Fund NZ$471 at 0.96% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-14 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Clarity Diversified Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Diversified Income Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.71pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.71pp Simplicity Growth Investment Fund Simplicity 0.25% −0.71pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.71pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.71pp Kernel Conservative Fund Kernel 0.25% −0.71pp Kernel Balanced Fund Kernel 0.25% −0.71pp Kernel High Growth Fund Kernel 0.25% −0.71pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Diversified Income Fund? Clarity Diversified Income Fund charges 0.96% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Diversified Income Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Clarity Diversified Income Fund sits at 0.96% — cheaper than 54% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.96% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$471. That is NZ$14 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Diversified Income Fund --- ## URL: https://managedfunds.nz/funds/clarity/diversified-income/markdown.md # Clarity Diversified Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Diversified Income Fund is a diversified managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > Aims to provide income in excess of the benchmark over the medium term by investing in fixed income securities and dividend paying New Zealand and Australian equities. Will primarily invest in managed funds (including other Clarity funds) to achieve a well-diversified portfolio of New Zealand fixed interest securities and New Zealand and Australian equities. We intend for the Fund to make quarterly income distributions. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 0.96% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.89% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$5 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 3 April 2017 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. NZD Cash at Bank — 9.24% 2. NZGB 4.50% 15/05/2030 — 4.26% 3. NZMS First Mortgage Securities Limited — 3.78% 4. HOUSNZ 4.422% 15/10/2027 — 2.91% 5. Smartshares Global Aggregate Bond ETF — 2.89% 6. WSTPNZ 3.868 19/11/30 — 2.61% 7. PCTNZ 5.42% 24/10/2029 — 2.45% 8. ASBBNK 4.1% 02/09/30 — 2.45% 9. WATERC 3.847% 30/09/2030 — 2.15% 10. BZLNZ 4.354% 28/01/2031 — 2.15% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Diversified%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND4608/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/diversified-income/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/diversified-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/diversified-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Diversified Income Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/diversified-income/who-audits/ > The Clarity Diversified Income Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Diversified Income Fund? PwC Auckland The Clarity Diversified Income Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Diversified Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Dividend Yield Fund: 1.06% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/clarity/dividend-yield/is-it-expensive/ > Clarity Dividend Yield Fund charges 1.06% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Dividend Yield Fund expensive? Clarity Dividend Yield Fund charges 1.06% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Dividend Yield Fund NZ$519 at 1.06% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$218 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Clarity Dividend Yield Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Dividend Yield Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.03pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.03pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.00pp Foundation Series Total World Fund Foundation Series 0.07% −0.99pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.99pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.96pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.91pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.91pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Dividend Yield Fund? Clarity Dividend Yield Fund charges 1.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Dividend Yield Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Clarity Dividend Yield Fund sits at 1.06% — pricier than the median (cheaper than 30% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$519. That is NZ$218 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Dividend Yield Fund --- ## URL: https://managedfunds.nz/funds/clarity/dividend-yield/markdown.md # Clarity Dividend Yield Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Dividend Yield Fund is a international equities managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > To provide actively managed exposure to dividend paying New Zealand and Australian equities. The Fund aims to generate higher dividend income than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 1.06% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.87% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$127 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 November 2013 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. ANZ Group Holdings Ltd — 7.11% 2. Contact Energy Ltd — 6.53% 3. Genesis Energy Ltd — 6.45% 4. Spark New Zealand Ltd — 6.08% 5. Chorus Ltd — 5.85% 6. Meridian Energy Limited — 5.71% 7. Mercury NZ Limited — 4.86% 8. BHP Group Ltd — 4.48% 9. Tower Ltd — 4.44% 10. Precinct Properties NZ Ltd — 4.16% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Dividend%20Yield%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND914/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/dividend-yield/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/dividend-yield/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/dividend-yield/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Dividend Yield Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/dividend-yield/who-audits/ > The Clarity Dividend Yield Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Dividend Yield Fund? PwC Auckland The Clarity Dividend Yield Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Dividend Yield Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Enhanced Cash PIE: 0.26% fee vs 0.26% peer median URL: https://managedfunds.nz/funds/clarity/enhanced-cash/is-it-expensive/ > Clarity Enhanced Cash PIE charges 0.26% p.a. vs the cash peer-class median of 0.26%. 2 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Enhanced Cash PIE expensive? Clarity Enhanced Cash PIE charges 0.26% p.a. in annual fund charges, versus a peer-class median of 0.26% across 5 New Zealand cash funds. On fee alone it is cheaper than 50% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Enhanced Cash PIE NZ$129 at 0.26% p.a. Peer-class median NZ$129 at 0.26% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 2 cheaper peers in the same category Cash funds with a lower annual fund charge than Clarity Enhanced Cash PIE, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Enhanced Cash PIE Simplicity NZ Cash Fund Simplicity 0.12% −0.14pp Kernel Cash Plus Fund Kernel 0.25% −0.01pp What fee level should I expect? For the cash cohort across NZ retail managed funds, the annual fund charge spans roughly 0.12% at the cheapest to 0.65% at the priciest, with a median of 0.26% across 5 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Enhanced Cash PIE? Clarity Enhanced Cash PIE charges 0.26% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Enhanced Cash PIE's fee compare with peer cash funds in New Zealand? The peer-class median annual charge across 5 New Zealand cash funds is 0.26%. Clarity Enhanced Cash PIE sits at 0.26% — cheaper than 50% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.26% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$129. That is NZ$0 less than the peer-class median fee-drag of NZ$129. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Enhanced Cash PIE --- ## URL: https://managedfunds.nz/funds/clarity/enhanced-cash/markdown.md # Clarity Enhanced Cash PIE > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** Cash and Cash Equivalents - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Enhanced Cash PIE is a cash managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > Aims to provide investors with regular income in excess of bank deposits whilst preserving capital value. We intend for the Fund to make quarterly distributions. Source: Product Disclosure Statement dated 2026-04-01 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/588777fe5e7225d5/Enhanced-Cash-PIE-PDS---2-Apr-26-FINAL.pdf ## Fund data - **Annual fund charge:** 0.26% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 1/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$125 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 11 June 2024 - **Minimum initial investment:** NZ$10,000 ## Top 5 holdings 1. Amova W/S NZ Cash Fund — 78.40% 2. NZMS First Mortgage Securities Limited — 8.04% 3. NZD Cash at Bank — 5.44% 4. BCHINA Term Deposit 3.75% 20/08/2025 18/05/2026 — 4.09% 5. BCHINA Term Deposit 3.4% 04/12/2025 04/06/2026 — 4.04% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Enhanced%20Cash%20PIE - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND50928/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/enhanced-cash/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/enhanced-cash/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/enhanced-cash/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Enhanced Cash PIE? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/enhanced-cash/who-audits/ > The Clarity Enhanced Cash PIE is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Enhanced Cash PIE? PwC Auckland The Clarity Enhanced Cash PIE sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Enhanced Cash PIE fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Fixed Income Fund: 0.70% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/clarity/fixed-income/is-it-expensive/ > Clarity Fixed Income Fund charges 0.70% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Fixed Income Fund expensive? Clarity Fixed Income Fund charges 0.70% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 50% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Fixed Income Fund NZ$345 at 0.70% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Clarity Fixed Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Fixed Income Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.55pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.45pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.42pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.40pp Kernel US Bond Fund Kernel 0.30% −0.40pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.38pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.38pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.36pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Fixed Income Fund? Clarity Fixed Income Fund charges 0.70% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Fixed Income Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Clarity Fixed Income Fund sits at 0.70% — cheaper than 50% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.70% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$345. That is NZ$0 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Fixed Income Fund --- ## URL: https://managedfunds.nz/funds/clarity/fixed-income/markdown.md # Clarity Fixed Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Fixed Income Fund is a international fi managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > Aims to provide income in excess of bank deposits and capital stability over the medium term by investing mainly in New Zealand fixed interest securities. We intend for the Fund to make quarterly income distributions. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 0.70% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.84% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$212 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 23 May 2014 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. NZGB 4.50% 15/05/2030 — 6.34% 2. NZD Cash at Bank — 5.63% 3. NZMS First Mortgage Securities Limited — 4.61% 4. HOUSNZ 4.422% 15/10/2027 — 4.34% 5. WSTPNZ 3.868 19/11/30 — 3.89% 6. ASBBNK 4.1% 02/09/30 — 3.65% 7. PCTNZ 5.42% 24/10/2029 — 3.64% 8. WATERC 3.847% 30/09/2030 — 3.20% 9. BZLNZ 4.354% 28/01/2031 — 3.20% 10. CHFANZ 3.893% 26/09/2030 — 3.19% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Fixed%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND915/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/fixed-income/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/fixed-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/fixed-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Fixed Income Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/fixed-income/who-audits/ > The Clarity Fixed Income Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Fixed Income Fund? PwC Auckland The Clarity Fixed Income Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Fixed Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Global Shares Fund: 1.06% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/clarity/global-shares/is-it-expensive/ > Clarity Global Shares Fund charges 1.06% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Global Shares Fund expensive? Clarity Global Shares Fund charges 1.06% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Global Shares Fund NZ$519 at 1.06% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$218 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Clarity Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.03pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.03pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.00pp Foundation Series Total World Fund Foundation Series 0.07% −0.99pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.99pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.96pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.91pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.91pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Global Shares Fund? Clarity Global Shares Fund charges 1.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Clarity Global Shares Fund sits at 1.06% — pricier than the median (cheaper than 30% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$519. That is NZ$218 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Global Shares Fund --- ## URL: https://managedfunds.nz/funds/clarity/global-shares/markdown.md # Clarity Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Global Shares Fund is a international equities managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > Will provide actively managed exposure to international equities and aims to generate a better return than the benchmark over the medium to long term. We use MFS as the investment manager for this Fund. MFS use a mix of fundamental and quantitative analysis to select companies. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 1.06% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 13.56% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$208 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 April 2017 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. NVIDIA Corp — 5.09% 2. Apple Inc — 4.62% 3. Microsoft Corporation — 3.12% 4. Alphabet Inc Class A — 2.95% 5. Amazon.Com Inc — 2.14% 6. Meta Platforms Inc — 2.11% 7. Taiwan Semiconductor-SP ADR — 1.57% 8. Mastercard Inc-Class A — 1.56% 9. NZD Cash at Bank — 1.52% 10. Eni SpA — 1.42% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND4607/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Global Shares Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/global-shares/who-audits/ > The Clarity Global Shares Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Global Shares Fund? PwC Auckland The Clarity Global Shares Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity New Zealand Equity Fund: 1.06% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/clarity/new-zealand-equity/is-it-expensive/ > Clarity New Zealand Equity Fund charges 1.06% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity New Zealand Equity Fund expensive? Clarity New Zealand Equity Fund charges 1.06% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 59% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity New Zealand Equity Fund NZ$519 at 1.06% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$24 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Clarity New Zealand Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity New Zealand Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −0.96pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.86pp Harbour NZ Index Shares Fund Harbour 0.21% −0.85pp BetaShares Australia 200 Fund BetaShares 0.23% −0.83pp Kernel NZ 20 Fund Kernel 0.25% −0.81pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.81pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.81pp Kernel Australia 100 Fund Kernel 0.25% −0.81pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity New Zealand Equity Fund? Clarity New Zealand Equity Fund charges 1.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity New Zealand Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Clarity New Zealand Equity Fund sits at 1.06% — pricier than the median (cheaper than 41% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$519. That is NZ$24 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity New Zealand Equity Fund --- ## URL: https://managedfunds.nz/funds/clarity/new-zealand-equity/markdown.md # Clarity New Zealand Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity New Zealand Equity Fund is a australasian equities managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > To provide actively managed exposure to New Zealand equities. The Fund aims to generate a better return than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 1.06% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.68% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$13 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 25 October 2019 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 13.53% 2. Infratil Ltd — 9.44% 3. Auckland International Airport Ltd — 8.48% 4. Meridian Energy Limited — 6.64% 5. Contact Energy Ltd — 6.33% 6. A2 Milk Company Ltd — 6.15% 7. Ebos Group Ltd — 4.34% 8. NZD Cash at Bank — 4.02% 9. Mercury NZ Limited — 3.86% 10. Summerset Group Holdings Ltd — 2.63% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20New%20Zealand%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND16067/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/new-zealand-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/new-zealand-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/new-zealand-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity New Zealand Equity Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/new-zealand-equity/who-audits/ > The Clarity New Zealand Equity Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity New Zealand Equity Fund? PwC Auckland The Clarity New Zealand Equity Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity New Zealand Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Clarity Trans-Tasman Value Fund: 1.06% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/clarity/trans-tasman-value/is-it-expensive/ > Clarity Trans-Tasman Value Fund charges 1.06% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Clarity Trans-Tasman Value Fund expensive? Clarity Trans-Tasman Value Fund charges 1.06% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 59% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Clarity Trans-Tasman Value Fund NZ$519 at 1.06% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$24 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Clarity Trans-Tasman Value Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Clarity Trans-Tasman Value Fund Simplicity NZ Share Fund Simplicity 0.10% −0.96pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.86pp Harbour NZ Index Shares Fund Harbour 0.21% −0.85pp BetaShares Australia 200 Fund BetaShares 0.23% −0.83pp Kernel NZ 20 Fund Kernel 0.25% −0.81pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.81pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.81pp Kernel Australia 100 Fund Kernel 0.25% −0.81pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Clarity Trans-Tasman Value Fund? Clarity Trans-Tasman Value Fund charges 1.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Clarity Trans-Tasman Value Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Clarity Trans-Tasman Value Fund sits at 1.06% — pricier than the median (cheaper than 41% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$519. That is NZ$24 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Clarity Trans-Tasman Value Fund --- ## URL: https://managedfunds.nz/funds/clarity/trans-tasman-value/markdown.md # Clarity Trans-Tasman Value Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Clarity (Clarity Capital Group Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Clarity Trans-Tasman Value Fund is a australasian equities managed fund run by Clarity. NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Investment objective (from PDS) > To provide actively managed exposure to New Zealand and Australian equities. The Fund aims to generate a better return than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf ## Fund data - **Annual fund charge:** 1.06% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.78% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$133 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 2 November 2007 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. BHP Group Ltd — 6.89% 2. ANZ Group Holdings Ltd — 6.32% 3. National Australia Bank Ltd — 4.11% 4. Meridian Energy Limited — 3.74% 5. Infratil Ltd — 3.32% 6. Mercury NZ Limited — 3.18% 7. Ebos Group Ltd — 3.05% 8. A2 Milk Company Ltd — 2.96% 9. Genesis Energy Ltd — 2.46% 10. Tower Ltd — 2.44% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: Clarity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity%20Trans-Tasman%20Value%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND901/ - **Manager website:** https://www.clarity.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/clarity/trans-tasman-value/ - **Markdown (this file):** https://managedfunds.nz/funds/clarity/trans-tasman-value/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/clarity/trans-tasman-value/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Clarity Trans-Tasman Value Fund? — PwC Auckland URL: https://managedfunds.nz/funds/clarity/trans-tasman-value/who-audits/ > The Clarity Trans-Tasman Value Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Clarity Trans-Tasman Value Fund? PwC Auckland The Clarity Trans-Tasman Value Fund sits within a managed investment scheme run by Clarity. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related Clarity Trans-Tasman Value Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Evidential Sustainable Global Bond Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/consilium/sustainable-global-bond/investment-mandate/ > The Evidential Sustainable Global Bond Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 12 explicit exclusions. Verbatim from the SIPO. What can the Evidential Sustainable Global Bond Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 5% International fixed interest 100% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (12) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal)Factory farming (commercial farming for food production, excluding organic, free range, fish or aquaculture)Palm oil (greater than 10% of revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons)Nuclear weapons components, systems and support servicesTobacco (production of tobacco/nicotine products or greater than 10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (greater than 10% of revenue from production, distribution or retail)Gambling (greater than 10% of revenue from ownership or operation of gambling facilities)Adult entertainment (greater than 10% of revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or greater than 20% revenue from retail)Private prisons (operation or management of for-profit correctional/detention facilities) Responsible-investment approach The Funds consider non-financial factors to target sustainability goals, including a portfolio carbon footprint reduction goal (at least 50% reduction in weighted average carbon intensity and at least 75% reduction in weighted average potential emissions from reserves relative to benchmark indices), and exclude companies involved in specified business practices such as coal, tobacco, controversial weapons, nuclear weapons, factory farming, palm oil, alcohol, gambling, adult entertainment, personal firearms, private prisons, and child labour, subject to defined revenue thresholds. Derivatives policy The Funds are permitted to invest in derivative instruments which may include futures, generally only used on a temporary basis for managing large cashflows. The Evidential Sustainable Global Bond Fund is limited to forward foreign exchange transactions and currency hedging instruments; the Evidential Sustainable Targeted Factor Fund may use financial derivative instruments including currency hedging instruments. Statement of Investment Policy and Objectives Related Evidential Sustainable Global Bond Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Evidential Sustainable Global Bond Fund: 0.32% fee vs 0.70% pe… URL: https://managedfunds.nz/funds/consilium/sustainable-global-bond/is-it-expensive/ > Evidential Sustainable Global Bond Fund charges 0.32% p.a. vs the international fi peer-class median of 0.70%. 5 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Evidential Sustainable Global Bond Fund expensive? Evidential Sustainable Global Bond Fund charges 0.32% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Evidential Sustainable Global Bond Fund NZ$159 at 0.32% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-186 over 5 years on NZ$10K. 5 cheaper peers in the same category International FI funds with a lower annual fund charge than Evidential Sustainable Global Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Evidential Sustainable Global Bond Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.17pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.07pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.04pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.02pp Kernel US Bond Fund Kernel 0.30% −0.02pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Evidential Sustainable Global Bond Fund? Evidential Sustainable Global Bond Fund charges 0.32% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Evidential Sustainable Global Bond Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Evidential Sustainable Global Bond Fund sits at 0.32% — cheaper than 81% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.32% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$159. That is NZ$186 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Evidential Sustainable Global Bond Fund --- ## URL: https://managedfunds.nz/funds/consilium/sustainable-global-bond/markdown.md # Evidential Sustainable Global Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Evidential, parent Consilium - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Evidential Sustainable Global Bond Fund is a international fi managed fund run by Evidential. Christchurch-based Consilium product brand offering sustainability-screened, factor-tilted index funds. ## Investment objective (from PDS) > The objective of the fund is to maximise the return of the fund after the management fee over the minimum recommended investment timeframe. The objective is managed within portfolio constraints, including portfolio and security maturity, credit quality, diversification, and environmental and social considerations. Source: Product Disclosure Statement dated 2025-11-18 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdobefa9dc0756d06a618b2e52973d6eba1/Evidential-Investment-Funds-PDS-November-2025.pdf ## Fund data - **Annual fund charge:** 0.32% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$600 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 7 June 2022 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. MANITOBA (PROVINCE OF) 4.250000% 06/02/2034 — 1.22% 2. BRITISH COLUMBIA PROV OF 4.150000% 06/18/2034 — 1.20% 3. UNITED KINGDOM GILT 0.625000% 07/31/2035 — 1.19% 4. CAISSE DES DEPOTS ET CON 3.125000% 05/25/2035 — 1.11% 5. BELGIUM KINGDOM 3.100000% 06/22/2035 — 1.00% 6. CPPIB CAPITAL INC 3.250000% 08/27/2035 — 0.96% 7. BNG BANK NV 0.125000% 07/09/2035 — 0.91% 8. SIEMENS FINANCIERINGSMAT 2.875000% 03/11/2041 — 0.87% 9. INTER-AMERICAN DEVEL BK 4.039472% 03/13/2030 — 0.87% 10. SOCIETE NATIONALE SNCF S 3.125000% 05/25/2034 — 0.85% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 8 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 5% | | International fixed interest | 100% | 95% | 100% | ### Responsible-investment approach The Funds consider non-financial factors to target sustainability goals, including a portfolio carbon footprint reduction goal (at least 50% reduction in weighted average carbon intensity and at least 75% reduction in weighted average potential emissions from reserves relative to benchmark indices), and exclude companies involved in specified business practices such as coal, tobacco, controversial weapons, nuclear weapons, factory farming, palm oil, alcohol, gambling, adult entertainment, personal firearms, private prisons, and child labour, subject to defined revenue thresholds. ### Derivatives policy The Funds are permitted to invest in derivative instruments which may include futures, generally only used on a temporary basis for managing large cashflows. The Evidential Sustainable Global Bond Fund is limited to forward foreign exchange transactions and currency hedging instruments; the Evidential Sustainable Targeted Factor Fund may use financial derivative instruments including currency hedging instruments. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal) - Factory farming (commercial farming for food production, excluding organic, free range, fish or aquaculture) - Palm oil (greater than 10% of revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons) - Nuclear weapons components, systems and support services - Tobacco (production of tobacco/nicotine products or greater than 10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (greater than 10% of revenue from production, distribution or retail) - Gambling (greater than 10% of revenue from ownership or operation of gambling facilities) - Adult entertainment (greater than 10% of revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or greater than 20% revenue from retail) - Private prisons (operation or management of for-profit correctional/detention facilities) Source: Statement of Investment Policy and Objectives dated 2025-11-18. https://smartinvestor.sorted.org.nz/disclose-document/mdo5f563663cfb9b04fa5e7bc46649b0386/Evidential-Investment-Funds-SIPO-November-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Adminis NZ Limited (custodian for the Evidential Sustainable Global Bond Fund); Apex Investment Administration (NZ) Limited (custodian for the Evidential Sustainable Targeted Factor Fund) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Consilium may acquire shareholder or other financial interests in adviser businesses that may access the Scheme, creating a conflict of interest that the adviser business is under a regulatory obligation to notify its clients of. - Dimensional, as investment manager, may have the Funds buy or sell assets from Other Dimensional Funds (Crossing Transactions) to reduce transaction costs, and its relationship with those funds could influence it to undertake such transactions when one or other fund would not have otherwise transacted, potentially benefiting investors in one fund at the expense of investors in another. - For the Evidential Sustainable Targeted Factor Fund, Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g. a broker the Dimensional Group engages), meaning that if terms and fees are not on arms' length terms, investors in the fund could be adversely affected. ### Related-party transactions - **DFA Australia Limited (Dimensional)** (Wholly owned subsidiary of US-based Dimensional Fund Advisors LP; appointed investment manager) — Direct investment management of Evidential Sustainable Targeted Factor Fund under an investment management agreement - **DFA Australia Limited (Dimensional) / Dimensional Global Bond Sustainability Trust** (Wholly owned subsidiary of US-based Dimensional Fund Advisors LP; manager of Underlying Fund) — Indirect investment management of Evidential Sustainable Global Bond Fund via holding units in the NZD hedged class of the Dimensional Global Bond Sustainability Trust (Underlying Fund); Consilium retains the benefit from the negotiated management fee on the Underlying Fund - **Adminis NZ Limited (Adminis)** (Appointed custodian and administrator for the Evidential Sustainable Global Bond Fund) — Custody and administrative services including unit pricing, registry and fund accounting for the Evidential Sustainable Global Bond Fund - **Apex Investment Administration (NZ) Limited (Apex)** (Appointed custodian and administrator for the Evidential Sustainable Targeted Factor Fund) — Custody and administrative services including unit pricing, registry and fund accounting for the Evidential Sustainable Targeted Factor Fund - **Trustees Executors Limited** (Supervisor of the Scheme under a Supervisory Agreement with Consilium) — Supervisory services; reporting and other operational matters relating to the Scheme; entitled to fees and expenses from fund assets Source: Other Material Information document dated 2025-11-18. https://smartinvestor.sorted.org.nz/disclose-document/mdo001c8260fc3c8c2a1b22ef0ef3a9f604/Evidential-Investment-Funds-OMI-November-2025.pdf ## How to invest Available via: Evidential directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Evidential%20Sustainable%20Global%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdobefa9dc0756d06a618b2e52973d6eba1/Evidential-Investment-Funds-PDS-November-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13327/OFR13328/FND37696/ - **Manager website:** https://www.evidential.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/consilium/sustainable-global-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/consilium/sustainable-global-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/consilium/sustainable-global-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## What can the Evidential Sustainable Targeted Factor Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/investment-mandate/ > The Evidential Sustainable Targeted Factor Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 12 explicit exclusions. Verbatim from the SIPO. What can the Evidential Sustainable Targeted Factor Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (12) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal)Factory farming (commercial farming for food production, excluding organic, free range, fish or aquaculture)Palm oil (greater than 10% of revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons)Nuclear weapons components, systems and support servicesTobacco (production of tobacco/nicotine products or greater than 10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (greater than 10% of revenue from production, distribution or retail)Gambling (greater than 10% of revenue from ownership or operation of gambling facilities)Adult entertainment (greater than 10% of revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or greater than 20% revenue from retail)Private prisons (operation or management of for-profit correctional/detention facilities) Responsible-investment approach The Funds consider non-financial factors to target sustainability goals, including a portfolio carbon footprint reduction goal (at least 50% reduction in weighted average carbon intensity and at least 75% reduction in weighted average potential emissions from reserves relative to benchmark indices), and exclude companies involved in specified business practices such as coal, tobacco, controversial weapons, nuclear weapons, factory farming, palm oil, alcohol, gambling, adult entertainment, personal firearms, private prisons, and child labour, subject to defined revenue thresholds. Derivatives policy The Funds are permitted to invest in derivative instruments which may include futures, generally only used on a temporary basis for managing large cashflows. The Evidential Sustainable Global Bond Fund is limited to forward foreign exchange transactions and currency hedging instruments; the Evidential Sustainable Targeted Factor Fund may use financial derivative instruments including currency hedging instruments. Statement of Investment Policy and Objectives Related Evidential Sustainable Targeted Factor Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Evidential Sustainable Targeted Factor Fund: 0.62% fee vs 0.61… URL: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/is-it-expensive/ > Evidential Sustainable Targeted Factor Fund charges 0.62% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Evidential Sustainable Targeted Factor Fund expensive? Evidential Sustainable Targeted Factor Fund charges 0.62% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 52% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Evidential Sustainable Targeted Factor Fund NZ$306 at 0.62% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$5 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Evidential Sustainable Targeted Factor Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Evidential Sustainable Targeted Factor Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.59pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.59pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.56pp Foundation Series Total World Fund Foundation Series 0.07% −0.55pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.55pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.52pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.47pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.47pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Evidential Sustainable Targeted Factor Fund? Evidential Sustainable Targeted Factor Fund charges 0.62% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Evidential Sustainable Targeted Factor Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Evidential Sustainable Targeted Factor Fund sits at 0.62% — pricier than the median (cheaper than 48% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.62% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$306. That is NZ$5 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Evidential Sustainable Targeted Factor Fund --- ## URL: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/markdown.md # Evidential Sustainable Targeted Factor Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Evidential, parent Consilium - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Evidential Sustainable Targeted Factor Fund is a international equities managed fund run by Evidential. Christchurch-based Consilium product brand offering sustainability-screened, factor-tilted index funds. ## Investment objective (from PDS) > The objective of the fund is to provide capital growth over the minimum recommended investment timeframe. The objective is managed within portfolio constraints, including geographic exposure, market capitalisation, diversification, and environmental and social considerations. Source: Product Disclosure Statement dated 2025-11-18 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdobefa9dc0756d06a618b2e52973d6eba1/Evidential-Investment-Funds-PDS-November-2025.pdf ## Fund data - **Annual fund charge:** 0.62% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$773 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 April 2024 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. PayPal Holdings Inc — 0.68% 2. Kenvue Inc — 0.49% 3. TechnipFMC PLC — 0.47% 4. Arch Capital Group Ltd — 0.46% 5. Hartford Insurance Group Inc — 0.46% 6. Prudential Financial Inc — 0.44% 7. Halliburton Co — 0.42% 8. Electronic Arts Inc — 0.42% 9. Kroger Co/The — 0.41% 10. Hewlett Packard Enterprise Co — 0.40% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 13 bps / 13 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach The Funds consider non-financial factors to target sustainability goals, including a portfolio carbon footprint reduction goal (at least 50% reduction in weighted average carbon intensity and at least 75% reduction in weighted average potential emissions from reserves relative to benchmark indices), and exclude companies involved in specified business practices such as coal, tobacco, controversial weapons, nuclear weapons, factory farming, palm oil, alcohol, gambling, adult entertainment, personal firearms, private prisons, and child labour, subject to defined revenue thresholds. ### Derivatives policy The Funds are permitted to invest in derivative instruments which may include futures, generally only used on a temporary basis for managing large cashflows. The Evidential Sustainable Global Bond Fund is limited to forward foreign exchange transactions and currency hedging instruments; the Evidential Sustainable Targeted Factor Fund may use financial derivative instruments including currency hedging instruments. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal) - Factory farming (commercial farming for food production, excluding organic, free range, fish or aquaculture) - Palm oil (greater than 10% of revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons) - Nuclear weapons components, systems and support services - Tobacco (production of tobacco/nicotine products or greater than 10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (greater than 10% of revenue from production, distribution or retail) - Gambling (greater than 10% of revenue from ownership or operation of gambling facilities) - Adult entertainment (greater than 10% of revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or greater than 20% revenue from retail) - Private prisons (operation or management of for-profit correctional/detention facilities) Source: Statement of Investment Policy and Objectives dated 2025-11-18. https://smartinvestor.sorted.org.nz/disclose-document/mdo5f563663cfb9b04fa5e7bc46649b0386/Evidential-Investment-Funds-SIPO-November-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Adminis NZ Limited (custodian for the Evidential Sustainable Global Bond Fund); Apex Investment Administration (NZ) Limited (custodian for the Evidential Sustainable Targeted Factor Fund) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Consilium may acquire shareholder or other financial interests in adviser businesses that may access the Scheme, creating a conflict of interest that the adviser business is under a regulatory obligation to notify its clients of. - Dimensional, as investment manager, may have the Funds buy or sell assets from Other Dimensional Funds (Crossing Transactions) to reduce transaction costs, and its relationship with those funds could influence it to undertake such transactions when one or other fund would not have otherwise transacted, potentially benefiting investors in one fund at the expense of investors in another. - For the Evidential Sustainable Targeted Factor Fund, Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g. a broker the Dimensional Group engages), meaning that if terms and fees are not on arms' length terms, investors in the fund could be adversely affected. ### Related-party transactions - **DFA Australia Limited (Dimensional)** (Wholly owned subsidiary of US-based Dimensional Fund Advisors LP; appointed investment manager) — Direct investment management of Evidential Sustainable Targeted Factor Fund under an investment management agreement - **DFA Australia Limited (Dimensional) / Dimensional Global Bond Sustainability Trust** (Wholly owned subsidiary of US-based Dimensional Fund Advisors LP; manager of Underlying Fund) — Indirect investment management of Evidential Sustainable Global Bond Fund via holding units in the NZD hedged class of the Dimensional Global Bond Sustainability Trust (Underlying Fund); Consilium retains the benefit from the negotiated management fee on the Underlying Fund - **Adminis NZ Limited (Adminis)** (Appointed custodian and administrator for the Evidential Sustainable Global Bond Fund) — Custody and administrative services including unit pricing, registry and fund accounting for the Evidential Sustainable Global Bond Fund - **Apex Investment Administration (NZ) Limited (Apex)** (Appointed custodian and administrator for the Evidential Sustainable Targeted Factor Fund) — Custody and administrative services including unit pricing, registry and fund accounting for the Evidential Sustainable Targeted Factor Fund - **Trustees Executors Limited** (Supervisor of the Scheme under a Supervisory Agreement with Consilium) — Supervisory services; reporting and other operational matters relating to the Scheme; entitled to fees and expenses from fund assets Source: Other Material Information document dated 2025-11-18. https://smartinvestor.sorted.org.nz/disclose-document/mdo001c8260fc3c8c2a1b22ef0ef3a9f604/Evidential-Investment-Funds-OMI-November-2025.pdf ## How to invest Available via: Evidential directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Evidential%20Sustainable%20Targeted%20Factor%20Fund - **Product Disclosure Statement:** /disclose-document/mdobefa9dc0756d06a618b2e52973d6eba1/Evidential-Investment-Funds-PDS-November-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13327/OFR13328/FND44202/ - **Manager website:** https://www.evidential.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/ - **Markdown (this file):** https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Evidential Sustainable Targeted Factor Fund URL: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/questions/ > 2 commonly-asked questions about the Evidential Sustainable Targeted Factor Fund, answered with mechanical facts sourced from the FMA Disclose register. Evidential, international equities category. Questions about Evidential Sustainable Targeted Factor Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Evidential Sustainable Targeted Factor Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are sustainable funds a good investment? Sustainable funds apply environmental, social and governance (ESG) screens to reduce exposure to certain sectors or practices, which may align investments with specific values; however, sustainability criteria do not eliminate investment risk or guarantee returns. The Evidential Sustainable Targeted Factor Fund applies responsible-investment screens as detailed in its Statement of Investment Policy and Objectives (SIPO), and carries a risk indicator of 5/7 on the FMA standardised scale. Investors should review the fund's PDS and FMA Disclose register entry to understand how ESG integration affects portfolio composition and risk. 2. What fund should my KiwiSaver be in? Fund choice depends on your personal circumstances, investment horizon, and risk tolerance, which are outside the scope of this comparison tool. If you hold a KiwiSaver scheme account, your fund provider's literature and FMA Disclose register should outline the risk, fees, and investment approach of each option available to you. The Evidential Sustainable Targeted Factor Fund is not a KiwiSaver product and is available through Evidential directly. Primary sources Product Disclosure Statement More about this fund Evidential Sustainable Targeted Factor Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Coolabah Active Composite Bond PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/coolabah/active-composite-bond/investment-mandate/ > The Coolabah Active Composite Bond PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Coolabah Active Composite Bond PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Coolabah Active Composite Bond Fund Hedge Fund (International fixed interest) 90% 90% 110% Cash and cash equivalents (includes funding account) 10% -10% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Statement of Investment Policy and Objectives Related Coolabah Active Composite Bond PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Coolabah Active Composite Bond PIE Fund: 0.76% fee vs 0.70% pe… URL: https://managedfunds.nz/funds/coolabah/active-composite-bond/is-it-expensive/ > Coolabah Active Composite Bond PIE Fund charges 0.76% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Coolabah Active Composite Bond PIE Fund expensive? Coolabah Active Composite Bond PIE Fund charges 0.76% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Coolabah Active Composite Bond PIE Fund NZ$374 at 0.76% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$29 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Coolabah Active Composite Bond PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Coolabah Active Composite Bond PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.61pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.51pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.48pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.46pp Kernel US Bond Fund Kernel 0.30% −0.46pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.44pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.44pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.42pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Coolabah Active Composite Bond PIE Fund? Coolabah Active Composite Bond PIE Fund charges 0.76% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Coolabah Active Composite Bond PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Coolabah Active Composite Bond PIE Fund sits at 0.76% — pricier than the median (cheaper than 44% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.76% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$374. That is NZ$29 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Coolabah Active Composite Bond PIE Fund --- ## URL: https://managedfunds.nz/funds/coolabah/active-composite-bond/markdown.md # Coolabah Active Composite Bond PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Coolabah (Coolabah Capital Investments) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Coolabah Active Composite Bond PIE Fund is a international fi managed fund run by Coolabah. Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. ## Investment objective (from PDS) > The Fund targets returns in excess of the Bloomberg Ausbond Composite 0+ Yr Index (hedged to NZD) by 1.0% to 2.0% per annum over rolling 12-month periods. The Fund offers an actively managed fixed-income strategy focused on mispricings in government and corporate bond markets with an interest rate duration risk broadly similar to that of the Index. Source: Product Disclosure Statement dated 2026-04-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf ## Fund data - **Annual fund charge:** 0.76% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$88 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 6 December 2023 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. PIE Cash — 6.56% 2. WSTP 0 09/19/29 MTN — 6.19% 3. NAB 0 10/18/27 MTN — 4.51% 4. ANZ 0 02/18/28 MTN — 4.11% 5. NAB 0 11/25/27 MTN — 3.81% 6. CBAAU 0 01/09/30 MTn — 3.76% 7. WSTP 0 06/19/30 MTN. — 3.72% 8. WSTP 0 01/21/30 MTN — 3.52% 9. NAB 0 11/16/28 MTN — 3.48% 10. WSTP 0 01/15/29 MTN — 3.32% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.32% > 20.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Composite 0+ Yr Index hedged to New Zealand dollars, plus 0.40% per annum. Subject to High Water Mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 2.5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Coolabah Active Composite Bond Fund Hedge Fund (International fixed interest) | 90% | 90% | 110% | | Cash and cash equivalents (includes funding account) | 10% | -10% | 10% | ### Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Source: Statement of Investment Policy and Objectives dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/20eecc1bdadeec8f/Coolabah-Investment-Funds---SIPO---9-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ share the same ultimate parent (Apex Group Limited), which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, potentially at the expense of investors. - Parties related to the Funds, including staff of Coolabah and FundRock and their families, may from time to time invest in the Funds. - Coolabah's association with other Coolabah funds could influence it to invest Fund assets into other Coolabah funds instead of direct assets or third-party funds, potentially to the detriment of investors if not on arms' length terms or if third-party funds were more efficient. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Administration manager services including registry, fund accounting, and unit pricing for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund - **Coolabah Capital Investments (Retail) Pty Limited** (Investment Manager and distributor appointed under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; receives performance fees and investment management fees Source: Other Material Information document dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/78d0f30639bacd9b/Coolabah-Investment-Funds---OMI---9-April-2026.pdf ## How to invest Available via: Coolabah directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Coolabah%20Active%20Composite%20Bond%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13148/OFR13211/FND46937/ - **Manager website:** https://coolabahcapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/coolabah/active-composite-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/coolabah/active-composite-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/coolabah/active-composite-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Coolabah Active Composite Bond PIE Fund charge a performance fee? URL: https://managedfunds.nz/funds/coolabah/active-composite-bond/performance-fee-explained/ > The Coolabah Active Composite Bond PIE Fund charges a performance fee in addition to its annual fund charge; it paid 0.32% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Coolabah Active Composite Bond PIE Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.32% of NAV Annual fund charge (on top) 0.76% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 20.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Composite 0+ Yr Index hedged to New Zealand dollars, plus 0.40% per annum. Subject to High Water Mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Coolabah Active Composite Bond PIE Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Coolabah Active Composite Bond PIE Fund URL: https://managedfunds.nz/funds/coolabah/active-composite-bond/questions/ > 3 commonly-asked questions about the Coolabah Active Composite Bond PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Coolabah, international fi category. Questions about Coolabah Active Composite Bond PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Coolabah Active Composite Bond PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Coolabah a hedge fund? Coolabah Active Composite Bond PIE Fund is a managed fund domiciled in New Zealand, not a hedge fund. It is structured as a PIE (Portfolio Investment Entity) and is registered on the FMA Disclose register; you can verify its regulatory classification and fund documentation at https://disclose-register.companiesoffice.govt.nz/. 2. Where is Coolabah capital based? Coolabah Capital is based in Australia. Further information about the fund manager and their operations is available on their website at https://coolabahcapital.com. 3. Does Coolabah Capital have a minimum investment? Specific minimum investment amounts are set out in the fund's Product Disclosure Statement (PDS). Contact Coolabah Capital directly at https://coolabahcapital.com or check the current PDS for details on investment minimums and terms. Primary sources Product Disclosure Statement More about this fund Coolabah Active Composite Bond PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Coolabah Active Composite Bond PIE Fund? — KPMG URL: https://managedfunds.nz/funds/coolabah/active-composite-bond/who-audits/ > The Coolabah Active Composite Bond PIE Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Coolabah Active Composite Bond PIE Fund? KPMG The Coolabah Active Composite Bond PIE Fund sits within a managed investment scheme run by Coolabah. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) Related Coolabah Active Composite Bond PIE Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Coolabah Global Floating-Rate High Yield PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/investment-mandate/ > The Coolabah Global Floating-Rate High Yield PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Coolabah Global Floating-Rate High Yield PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Coolabah Global Floating-Rate High Yield Fund (International fixed interest) 95% 90% 110% Cash and cash equivalents (includes funding account) 5% -10% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Statement of Investment Policy and Objectives Related Coolabah Global Floating-Rate High Yield PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Coolabah Global Floating-Rate High Yield PIE Fund: 1.00% fee v… URL: https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/is-it-expensive/ > Coolabah Global Floating-Rate High Yield PIE Fund charges 1.00% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Coolabah Global Floating-Rate High Yield PIE Fund expensive? Coolabah Global Floating-Rate High Yield PIE Fund charges 1.00% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Coolabah Global Floating-Rate High Yield PIE Fund NZ$490 at 1.00% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$145 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Coolabah Global Floating-Rate High Yield PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Coolabah Global Floating-Rate High Yield PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.85pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.75pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.72pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.70pp Kernel US Bond Fund Kernel 0.30% −0.70pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.68pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.68pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.66pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Coolabah Global Floating-Rate High Yield PIE Fund? Coolabah Global Floating-Rate High Yield PIE Fund charges 1.00% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Coolabah Global Floating-Rate High Yield PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Coolabah Global Floating-Rate High Yield PIE Fund sits at 1.00% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.00% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$490. That is NZ$145 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Coolabah Global Floating-Rate High Yield PIE Fund --- ## URL: https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/markdown.md # Coolabah Global Floating-Rate High Yield PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Coolabah (Coolabah Capital Investments) - **Asset class:** International Fixed Interest - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Coolabah Global Floating-Rate High Yield PIE Fund is a international fi managed fund run by Coolabah. Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. ## Investment objective (from PDS) > The Fund aims to provide investors with exposure to a global floating-rate portfolio of investment-grade bonds and hybrid securities with enhanced yields. The Fund focusses on generating higher income than other traditional fixed income investments by investing in a floating-rate portfolio of investment-grade bonds and hybrid securities predominately issued by global banks, insurers and governments and enhancing the yields (or interest-rate) through the use of gearing (or leverage). Source: Product Disclosure Statement dated 2026-04-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf ## Fund data - **Annual fund charge:** 1.00% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$23 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 6 December 2023 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. WSTP 0 09/19/29 MTN — 9.16% 2. NAB 0 10/18/27 MTN — 8.79% 3. WSTP 0 09/19/28 MTN — 8.32% 4. ANZ 0 02/18/28 MTN — 8.27% 5. NAB 0 03/22/29 MTN — 7.74% 6. ANZ 0 02/05/29 MTN — 7.70% 7. CBAAU 0 08/22/29 mtn — 7.03% 8. (cash) AUD — 6.73% 9. NAB 0 11/16/28 MTN — 6.71% 10. NAB 0 11/25/27 MTN — 6.62% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Coolabah Global Floating-Rate High Yield Fund (International fixed interest) | 95% | 90% | 110% | | Cash and cash equivalents (includes funding account) | 5% | -10% | 10% | ### Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Source: Statement of Investment Policy and Objectives dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/20eecc1bdadeec8f/Coolabah-Investment-Funds---SIPO---9-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ share the same ultimate parent (Apex Group Limited), which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, potentially at the expense of investors. - Parties related to the Funds, including staff of Coolabah and FundRock and their families, may from time to time invest in the Funds. - Coolabah's association with other Coolabah funds could influence it to invest Fund assets into other Coolabah funds instead of direct assets or third-party funds, potentially to the detriment of investors if not on arms' length terms or if third-party funds were more efficient. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Administration manager services including registry, fund accounting, and unit pricing for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund - **Coolabah Capital Investments (Retail) Pty Limited** (Investment Manager and distributor appointed under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; receives performance fees and investment management fees Source: Other Material Information document dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/78d0f30639bacd9b/Coolabah-Investment-Funds---OMI---9-April-2026.pdf ## How to invest Available via: Coolabah directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Coolabah%20Global%20Floating-Rate%20High%20Yield%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13148/OFR13211/FND46938/ - **Manager website:** https://coolabahcapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/ - **Markdown (this file):** https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Coolabah Global Floating-Rate High Yield PIE Fund URL: https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/questions/ > 4 commonly-asked questions about the Coolabah Global Floating-Rate High Yield PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Coolabah, international fi category. Questions about Coolabah Global Floating-Rate High Yield PIE Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Coolabah Global Floating-Rate High Yield PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are floating rate bond funds a good investment? Floating-rate bond funds are a type of fixed-income investment where interest payments adjust with market rates, typically offering lower interest-rate risk than fixed-rate bonds. The suitability of any bond fund depends on your investment goals, time horizon, and risk tolerance; refer to the FMA Disclose register and the fund's Product Disclosure Statement for detailed risk information before investing. 2. How does Coolabah Capital generate returns? Coolabah Global Floating-Rate High Yield PIE Fund generates returns through interest payments on its holdings of floating-rate bonds and similar fixed-income securities, which are adjusted periodically based on prevailing market rates. The fund's asset mix is approximately 99.93% income assets and 0.07% growth assets, as at the latest QFU. 3. Does Coolabah Capital have a minimum investment? Minimum investment requirements are set by Coolabah Capital and should be confirmed directly with the manager via their website at https://coolabahcapital.com or in the current Product Disclosure Statement. 4. Where is Coolabah Capital based? For details on Coolabah Capital's location and operations, visit their manager website at https://coolabahcapital.com or check the fund's Product Disclosure Statement on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Coolabah Global Floating-Rate High Yield PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Coolabah Global Floating-Rate High Yield PIE Fund? — KPMG URL: https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/who-audits/ > The Coolabah Global Floating-Rate High Yield PIE Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Coolabah Global Floating-Rate High Yield PIE Fund? KPMG The Coolabah Global Floating-Rate High Yield PIE Fund sits within a managed investment scheme run by Coolabah. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) Related Coolabah Global Floating-Rate High Yield PIE Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Coolabah Long-Short Credit PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/coolabah/long-short-credit/investment-mandate/ > The Coolabah Long-Short Credit PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Coolabah Long-Short Credit PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Smarter Money Long-Short Credit Fund (International fixed interest) 100% 90% 110% Cash and cash equivalents (includes funding account) — -10% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Statement of Investment Policy and Objectives Related Coolabah Long-Short Credit PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Coolabah Long-Short Credit PIE Fund: 1.76% fee vs 0.70% peer m… URL: https://managedfunds.nz/funds/coolabah/long-short-credit/is-it-expensive/ > Coolabah Long-Short Credit PIE Fund charges 1.76% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Coolabah Long-Short Credit PIE Fund expensive? Coolabah Long-Short Credit PIE Fund charges 1.76% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 95% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Coolabah Long-Short Credit PIE Fund NZ$850 at 1.76% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$504 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Coolabah Long-Short Credit PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Coolabah Long-Short Credit PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −1.61pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −1.51pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −1.48pp Smart Global Aggregate Bond ETF Smartshares 0.30% −1.46pp Kernel US Bond Fund Kernel 0.30% −1.46pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −1.44pp Evidential Sustainable Global Bond Fund Evidential 0.32% −1.44pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −1.42pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Coolabah Long-Short Credit PIE Fund? Coolabah Long-Short Credit PIE Fund charges 1.76% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Coolabah Long-Short Credit PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Coolabah Long-Short Credit PIE Fund sits at 1.76% — pricier than the median (cheaper than 5% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.76% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$850. That is NZ$504 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Coolabah Long-Short Credit PIE Fund --- ## URL: https://managedfunds.nz/funds/coolabah/long-short-credit/markdown.md # Coolabah Long-Short Credit PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Coolabah (Coolabah Capital Investments) - **Asset class:** International Fixed Interest - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Coolabah Long-Short Credit PIE Fund is a international fi managed fund run by Coolabah. Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. ## Investment objective (from PDS) > The Fund targets investment returns, after fees and before tax, of 4% to 6% per annum above the overnight interbank cash rate as published by the RBNZ, with less than 5% per annum volatility over rolling 3-year periods. The Fund provides exposure to an actively managed, absolute return fixed-income strategy focused on exploiting long and short mispricings in global credit markets. Source: Product Disclosure Statement dated 2026-04-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf ## Fund data - **Annual fund charge:** 1.76% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$224 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 9 December 2021 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. EUR/AUD R 04/28/26 AUD WPAC — 10.10% 2. (cash) AUD — 9.67% 3. .CASBFZ AU — 9.10% 4. WSTP 0 09/19/29 MTN — 6.91% 5. Cash at Bank (BNZ) — 6.59% 6. WSTP 0 01/21/30 MTN — 6.54% 7. NAB 0 11/16/28 MTN — 5.74% 8. CBAAU 0 01/09/30 MTn — 5.56% 9. WSTP 0 06/19/30 MTN. — 5.31% 10. NAB 0 10/18/27 MTN — 5.22% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.97% > 20.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Bank Bill Index hedged to New Zealand dollars, plus 1.00% per annum. Subject to High Water Mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Smarter Money Long-Short Credit Fund (International fixed interest) | 100% | 90% | 110% | | Cash and cash equivalents (includes funding account) | — | -10% | 10% | ### Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Source: Statement of Investment Policy and Objectives dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/20eecc1bdadeec8f/Coolabah-Investment-Funds---SIPO---9-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ share the same ultimate parent (Apex Group Limited), which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, potentially at the expense of investors. - Parties related to the Funds, including staff of Coolabah and FundRock and their families, may from time to time invest in the Funds. - Coolabah's association with other Coolabah funds could influence it to invest Fund assets into other Coolabah funds instead of direct assets or third-party funds, potentially to the detriment of investors if not on arms' length terms or if third-party funds were more efficient. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Administration manager services including registry, fund accounting, and unit pricing for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund - **Coolabah Capital Investments (Retail) Pty Limited** (Investment Manager and distributor appointed under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; receives performance fees and investment management fees Source: Other Material Information document dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/78d0f30639bacd9b/Coolabah-Investment-Funds---OMI---9-April-2026.pdf ## How to invest Available via: Coolabah directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Coolabah%20Long-Short%20Credit%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13148/OFR13211/FND36227/ - **Manager website:** https://coolabahcapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/coolabah/long-short-credit/ - **Markdown (this file):** https://managedfunds.nz/funds/coolabah/long-short-credit/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/coolabah/long-short-credit/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Coolabah Long-Short Credit PIE Fund charge a performance fee? URL: https://managedfunds.nz/funds/coolabah/long-short-credit/performance-fee-explained/ > The Coolabah Long-Short Credit PIE Fund charges a performance fee in addition to its annual fund charge; it paid 0.97% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Coolabah Long-Short Credit PIE Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.97% of NAV Annual fund charge (on top) 1.76% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 20.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Bank Bill Index hedged to New Zealand dollars, plus 1.00% per annum. Subject to High Water Mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Coolabah Long-Short Credit PIE Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Coolabah Long-Short Credit PIE Fund URL: https://managedfunds.nz/funds/coolabah/long-short-credit/questions/ > 3 commonly-asked questions about the Coolabah Long-Short Credit PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Coolabah, international fi category. Questions about Coolabah Long-Short Credit PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Coolabah Long-Short Credit PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a long-short credit fund? A long-short credit fund holds both long positions (buying debt securities to benefit from price increases) and short positions (betting against certain credit instruments). The Coolabah Long-Short Credit PIE Fund uses this strategy to manage credit risk across international fixed-income markets, with an asset mix of approximately 99.93% income assets and 0.07% growth assets as at the latest QFU. 2. What investment strategies does Coolabah use? The Coolabah Long-Short Credit PIE Fund employs a long-short credit strategy targeting international fixed-income opportunities. For detailed information about the fund's investment approach, positioning, and tactical decisions, refer to the current Product Disclosure Statement on the Coolabah Capital website at https://coolabahcapital.com or check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. Are pie funds good? PIE funds are investment vehicles with specific tax and regulatory advantages under NZ law—whether they suit your needs depends on your circumstances, risk tolerance, and investment goals. The Coolabah Long-Short Credit PIE Fund carries a risk indicator of 3/7 and charges 1.76% p.a.; compare these metrics with other funds in the same category using tools like FMA Disclose, and consider seeking personal financial advice before investing. Primary sources Product Disclosure Statement More about this fund Coolabah Long-Short Credit PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Coolabah Long-Short Credit PIE Fund? — KPMG URL: https://managedfunds.nz/funds/coolabah/long-short-credit/who-audits/ > The Coolabah Long-Short Credit PIE Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Coolabah Long-Short Credit PIE Fund? KPMG The Coolabah Long-Short Credit PIE Fund sits within a managed investment scheme run by Coolabah. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) Related Coolabah Long-Short Credit PIE Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Coolabah Short Term Income PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/coolabah/short-term-income/investment-mandate/ > The Coolabah Short Term Income PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Coolabah Short Term Income PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Coolabah Short Term Income Fund (International fixed interest) 90% 90% 110% Cash and cash equivalents (includes funding account) 10% -10% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Statement of Investment Policy and Objectives Related Coolabah Short Term Income PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Coolabah Short Term Income PIE Fund: 0.67% fee vs 0.70% peer m… URL: https://managedfunds.nz/funds/coolabah/short-term-income/is-it-expensive/ > Coolabah Short Term Income PIE Fund charges 0.67% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Coolabah Short Term Income PIE Fund expensive? Coolabah Short Term Income PIE Fund charges 0.67% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 53% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Coolabah Short Term Income PIE Fund NZ$331 at 0.67% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-15 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Coolabah Short Term Income PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Coolabah Short Term Income PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.52pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.42pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.39pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.37pp Kernel US Bond Fund Kernel 0.30% −0.37pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.35pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.35pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.33pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Coolabah Short Term Income PIE Fund? Coolabah Short Term Income PIE Fund charges 0.67% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Coolabah Short Term Income PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Coolabah Short Term Income PIE Fund sits at 0.67% — cheaper than 53% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.67% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$331. That is NZ$15 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Coolabah Short Term Income PIE Fund --- ## URL: https://managedfunds.nz/funds/coolabah/short-term-income/markdown.md # Coolabah Short Term Income PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Coolabah (Coolabah Capital Investments) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Coolabah Short Term Income PIE Fund is a international fi managed fund run by Coolabah. Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. ## Investment objective (from PDS) > The Fund targets investment returns, after fees and before tax, of 1.5% to 3.0% per annum above the overnight interbank cash rate as published by the Reserve Bank of New Zealand ("RBNZ"), over a rolling 12-month period. Source: Product Disclosure Statement dated 2026-04-09 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf ## Fund data - **Annual fund charge:** 0.67% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$139 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 9 December 2021 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. PIE Cash — 6.09% 2. NRMBS 2026-1 A1 5.0815 — 2.87% 3. MEDL 2025-1 A 4.82 — 2.05% 4. CBAAU 0 01/09/30 MTn — 2.00% 5. CBAAU 0 11/21/28 MTN — 1.99% 6. IDOLT 2025-1 A 4.9064 — 1.83% 7. WSTP 0 02/16/28 MTn — 1.72% 8. WSTP 0 09/19/28 MTN — 1.69% 9. WSTP 0 09/19/29 MTN — 1.67% 10. CBAAU 0 08/17/28 MTN — 1.59% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.19% > 22.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Bank Bill Index hedged to New Zealand dollars, plus 1.89% per annum. Subject to High Water Mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 2.5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Coolabah Short Term Income Fund (International fixed interest) | 90% | 90% | 110% | | Cash and cash equivalents (includes funding account) | 10% | -10% | 10% | ### Derivatives policy Derivative instruments including currency hedging instruments are permitted investments across all Funds. Underlying funds may use exchange traded and over-the-counter derivatives for hedging and, in some funds, borrowing purposes. Source: Statement of Investment Policy and Objectives dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/20eecc1bdadeec8f/Coolabah-Investment-Funds---SIPO---9-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ share the same ultimate parent (Apex Group Limited), which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, potentially at the expense of investors. - Parties related to the Funds, including staff of Coolabah and FundRock and their families, may from time to time invest in the Funds. - Coolabah's association with other Coolabah funds could influence it to invest Fund assets into other Coolabah funds instead of direct assets or third-party funds, potentially to the detriment of investors if not on arms' length terms or if third-party funds were more efficient. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Administration manager services including registry, fund accounting, and unit pricing for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund - **Coolabah Capital Investments (Retail) Pty Limited** (Investment Manager and distributor appointed under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; receives performance fees and investment management fees Source: Other Material Information document dated 2026-04-08. https://smartinvestor.sorted.org.nz/disclose-document/78d0f30639bacd9b/Coolabah-Investment-Funds---OMI---9-April-2026.pdf ## How to invest Available via: Coolabah directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Coolabah%20Short%20Term%20Income%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/c276d8e2525ceb6c/Coolabah-Investment-Funds---PDS---9-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13148/OFR13211/FND36215/ - **Manager website:** https://coolabahcapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/coolabah/short-term-income/ - **Markdown (this file):** https://managedfunds.nz/funds/coolabah/short-term-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/coolabah/short-term-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Coolabah Short Term Income PIE Fund charge a performance fee? URL: https://managedfunds.nz/funds/coolabah/short-term-income/performance-fee-explained/ > The Coolabah Short Term Income PIE Fund charges a performance fee in addition to its annual fund charge; it paid 0.19% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Coolabah Short Term Income PIE Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.19% of NAV Annual fund charge (on top) 0.67% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 22.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Bank Bill Index hedged to New Zealand dollars, plus 1.89% per annum. Subject to High Water Mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Coolabah Short Term Income PIE Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Coolabah Short Term Income PIE Fund URL: https://managedfunds.nz/funds/coolabah/short-term-income/questions/ > 4 commonly-asked questions about the Coolabah Short Term Income PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Coolabah, international fi category. Questions about Coolabah Short Term Income PIE Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Coolabah Short Term Income PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the Coolabah short term income strategy? Coolabah Short Term Income PIE Fund invests approximately 99.93% in income assets and 0.07% in growth assets, with holdings typically including cash, residential mortgage-backed securities, and other fixed-income instruments. The fund is designed to generate regular income from these shorter-duration fixed-income securities rather than capital growth. 2. How does Coolabah Capital generate returns? The fund generates returns primarily through interest income and coupon payments from its holdings in cash equivalents and fixed-income securities. As at the latest QFU, top holdings include PIE Cash (6.09%), NRMBS 2026-1 A1 5.0815 (2.87%), and MEDL 2025-1 A 4.82 (2.05%), which provide regular income streams to investors. 3. Is pie fund better than term deposit? PIE funds and term deposits have different structures and tax treatment. PIE funds cap investor tax at your prescribed investor rate (maximum 28%), while term deposit interest is taxed at your marginal tax rate. For direct comparisons including returns, fees, and suitability to your situation, check the current PDS on the manager website or consult a financial adviser. 4. What is the average return of ultra short term fund? Historical returns for this fund are not included in the standard fund facts; check the current PDS and FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for performance data. Note that past performance is not a guarantee of future returns. Primary sources Product Disclosure Statement More about this fund Coolabah Short Term Income PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Coolabah Short Term Income PIE Fund? — KPMG URL: https://managedfunds.nz/funds/coolabah/short-term-income/who-audits/ > The Coolabah Short Term Income PIE Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Coolabah Short Term Income PIE Fund? KPMG The Coolabah Short Term Income PIE Fund sits within a managed investment scheme run by Coolabah. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited (for Coolabah Short Term Income PIE Fund and Coolabah Long-Short Credit PIE Fund); BNP Paribas Fund Services Australasia Pty Limited (for Coolabah Global Floating-Rate High Yield PIE Fund and Coolabah Active Composite Bond PIE Fund) Related Coolabah Short Term Income PIE Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Daintree Core Income PIE invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/daintree/core-income/investment-mandate/ > The Daintree Core Income PIE's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 12 explicit exclusions. Verbatim from the SIPO. What can the Daintree Core Income PIE actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 15% 0% 100% International Fixed Interest (including Australia) 85% 0% 100% Mandate flexibility (sum of max − min across all ranges): 200%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (12) The manufacture of cluster munitionsThe manufacture or testing of nuclear explosive devicesThe manufacture of anti-personnel minesThe manufacture of tobacco productsThe processing of whale meatThe manufacture of recreational cannabisThe manufacture of alcoholGaming or gambling related activitiesThe production of pornographic materialThe exploration and production of any fossil fuels (coal, oil, gas, oil sands)Coal-fired power generationThe exploration and production of uranium Responsible-investment approach Daintree uses non-financial ESG factors to screen potential securities via negative screening (exclusions) and a numerical Daintree Score (positive screen) weighting governance at 60% and environment/social at 20% each. Exclusions are coded into trade management software and monitored daily; securities failing engagement over approximately 3-6 months are divested. Where Daintree invests in assets it does not control (e.g. ETFs), inadvertent excluded exposures are capped at 2% of the Underlying Fund. Derivatives policy Derivatives may be used for investment and risk management purposes but cannot be used to gear the portfolio; all long derivative positions must be backed by cash or cash equivalents, short derivative positions must be fully backed by authorised investments, and counterparties for interest rate swaps and OTC options must be rated at least BBB- by a recognised rating agency. Statement of Investment Policy and Objectives Related Daintree Core Income PIE fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Daintree Core Income PIE: 0.73% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/daintree/core-income/is-it-expensive/ > Daintree Core Income PIE charges 0.73% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Daintree Core Income PIE expensive? Daintree Core Income PIE charges 0.73% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 53% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Daintree Core Income PIE NZ$360 at 0.73% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$15 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Daintree Core Income PIE, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Daintree Core Income PIE Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.58pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.48pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.45pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.43pp Kernel US Bond Fund Kernel 0.30% −0.43pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.41pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.41pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.39pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Daintree Core Income PIE? Daintree Core Income PIE charges 0.73% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Daintree Core Income PIE's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Daintree Core Income PIE sits at 0.73% — pricier than the median (cheaper than 47% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.73% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$360. That is NZ$15 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Daintree Core Income PIE --- ## URL: https://managedfunds.nz/funds/daintree/core-income/markdown.md # Daintree Core Income PIE > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Daintree (Daintree Capital Management) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Daintree Core Income PIE is a international fi managed fund run by Daintree. Australian absolute-return credit specialist with Core Income and High Income PIE funds for NZ investors. ## Investment objective (from PDS) > The aim of the Fund is to provide an absolute return (greater than cash) over time and a steady stream of income and capital stability over the medium term. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/23afc7f4492f8482/Daintree-PDS---2-April-26-FINAL.pdf ## Fund data - **Annual fund charge:** 0.73% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$337 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 14 August 2024 - **Minimum initial investment:** NZ$10,000 ## Top 2 holdings 1. Daintree Core Income Trust NZD — 99.17% 2. NZD Cash at Bank — 0.83% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** monthly - **Buy / sell spread:** 0 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 15% | 0% | 100% | | International Fixed Interest (including Australia) | 85% | 0% | 100% | ### Responsible-investment approach Daintree uses non-financial ESG factors to screen potential securities via negative screening (exclusions) and a numerical Daintree Score (positive screen) weighting governance at 60% and environment/social at 20% each. Exclusions are coded into trade management software and monitored daily; securities failing engagement over approximately 3-6 months are divested. Where Daintree invests in assets it does not control (e.g. ETFs), inadvertent excluded exposures are capped at 2% of the Underlying Fund. ### Derivatives policy Derivatives may be used for investment and risk management purposes but cannot be used to gear the portfolio; all long derivative positions must be backed by cash or cash equivalents, short derivative positions must be fully backed by authorised investments, and counterparties for interest rate swaps and OTC options must be rated at least BBB- by a recognised rating agency. ### Exclusions - The manufacture of cluster munitions - The manufacture or testing of nuclear explosive devices - The manufacture of anti-personnel mines - The manufacture of tobacco products - The processing of whale meat - The manufacture of recreational cannabis - The manufacture of alcohol - Gaming or gambling related activities - The production of pornographic material - The exploration and production of any fossil fuels (coal, oil, gas, oil sands) - Coal-fired power generation - The exploration and production of uranium Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0042712deb83d285/Daintree-SIPO---2-April-26-FINAL.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** The New Zealand Guardian Trust Company Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds, creating a potential conflict of interest between their personal interests and those of other investors. - The only related party currently involved in this offer is Clarity's parent, ISG, who provides investment administration and investment operation services for the Funds and receives a portion of the total fund charge, which may create a conflict between the Manager's interest in engaging its parent and investors' interests in minimising costs. - Where Clarity delegates some or all of its functions as Manager to other parties, there is a potential conflict in that those parties may not perform those functions in the same manner as Clarity would directly, and Clarity must monitor their performance. ### Related-party transactions - **Investment Services Group (ISG)** (Parent of Clarity Funds Management Limited) — Investment administration and investment operation services for the Funds · ISG receives a portion of the total fund charge collected from the Funds to cover its services - **Daintree Capital Management Pty Limited** (Investment Manager of the Underlying Funds; party to Fund Hosting Agreement with Clarity) — Investment management of the Underlying Funds' assets; fund hosting arrangement covering establishment, administration, management and investment management of the Funds - **Perennial Investment Management Limited (PIML)** (Responsible Entity of the Australian Unit Trusts; related party of Daintree via Perennial Value Management Limited (PVM)) — Management and administration of the Australian Unit Trusts (Underlying Funds) Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/7b4ba7c35b0fa1bb/Daintree-OMI---2-April-26-FINAL.pdf ## How to invest Available via: Daintree directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Daintree%20Core%20Income%20PIE - **Product Disclosure Statement:** /disclose-document/23afc7f4492f8482/Daintree-PDS---2-April-26-FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13775/OFR13792/FND49744/ - **Manager website:** https://daintreecapital.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/daintree/core-income/ - **Markdown (this file):** https://managedfunds.nz/funds/daintree/core-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/daintree/core-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Daintree Core Income PIE? — PwC Auckland URL: https://managedfunds.nz/funds/daintree/core-income/who-audits/ > The Daintree Core Income PIE is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Daintree Core Income PIE? PwC Auckland The Daintree Core Income PIE sits within a managed investment scheme run by Daintree. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) The New Zealand Guardian Trust Company Limited Related Daintree Core Income PIE fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Daintree High Income PIE invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/daintree/high-income/investment-mandate/ > The Daintree High Income PIE's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 12 explicit exclusions. Verbatim from the SIPO. What can the Daintree High Income PIE actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 15% 0% 100% International Fixed Interest (including Australia) 85% 0% 100% Mandate flexibility (sum of max − min across all ranges): 200%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (12) The manufacture of cluster munitionsThe manufacture or testing of nuclear explosive devicesThe manufacture of anti-personnel minesThe manufacture of tobacco productsThe processing of whale meatThe manufacture of recreational cannabisThe manufacture of alcoholGaming or gambling related activitiesThe production of pornographic materialThe exploration and production of any fossil fuels (coal, oil, gas, oil sands)Coal-fired power generationThe exploration and production of uranium Responsible-investment approach Daintree uses non-financial ESG factors to screen potential securities via negative screening (exclusions) and a numerical Daintree Score (positive screen) weighting governance at 60% and environment/social at 20% each. Exclusions are coded into trade management software and monitored daily; securities failing engagement over approximately 3-6 months are divested. Where Daintree invests in assets it does not control (e.g. ETFs), inadvertent excluded exposures are capped at 2% of the Underlying Fund. Derivatives policy Derivatives may be used for investment and risk management purposes but cannot be used to gear the portfolio; all long derivative positions must be backed by cash or cash equivalents, short derivative positions must be fully backed by authorised investments, and counterparties for interest rate swaps and OTC options must be rated at least BBB- by a recognised rating agency. Statement of Investment Policy and Objectives Related Daintree High Income PIE fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Daintree High Income PIE: 0.90% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/daintree/high-income/is-it-expensive/ > Daintree High Income PIE charges 0.90% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Daintree High Income PIE expensive? Daintree High Income PIE charges 0.90% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 79% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Daintree High Income PIE NZ$442 at 0.90% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$97 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Daintree High Income PIE, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Daintree High Income PIE Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.75pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.65pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.62pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.60pp Kernel US Bond Fund Kernel 0.30% −0.60pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.58pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.58pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.56pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Daintree High Income PIE? Daintree High Income PIE charges 0.90% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Daintree High Income PIE's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Daintree High Income PIE sits at 0.90% — pricier than the median (cheaper than 21% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.90% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$442. That is NZ$97 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Daintree High Income PIE --- ## URL: https://managedfunds.nz/funds/daintree/high-income/markdown.md # Daintree High Income PIE > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Daintree (Daintree Capital Management) - **Asset class:** International Fixed Interest - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Daintree High Income PIE is a international fi managed fund run by Daintree. Australian absolute-return credit specialist with Core Income and High Income PIE funds for NZ investors. ## Investment objective (from PDS) > The aim of the Fund is to provide income over the medium term and a total return (after fees) that exceeds the Benchmark. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/23afc7f4492f8482/Daintree-PDS---2-April-26-FINAL.pdf ## Fund data - **Annual fund charge:** 0.90% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$743,740.08 - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 4 November 2025 - **Minimum initial investment:** NZ$10,000 ## Top 2 holdings 1. DAINTREE HIGH INCOME TRUST NZD — 98.06% 2. NZD CASH AT BANK — 1.94% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 15 bps / 15 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 15% | 0% | 100% | | International Fixed Interest (including Australia) | 85% | 0% | 100% | ### Responsible-investment approach Daintree uses non-financial ESG factors to screen potential securities via negative screening (exclusions) and a numerical Daintree Score (positive screen) weighting governance at 60% and environment/social at 20% each. Exclusions are coded into trade management software and monitored daily; securities failing engagement over approximately 3-6 months are divested. Where Daintree invests in assets it does not control (e.g. ETFs), inadvertent excluded exposures are capped at 2% of the Underlying Fund. ### Derivatives policy Derivatives may be used for investment and risk management purposes but cannot be used to gear the portfolio; all long derivative positions must be backed by cash or cash equivalents, short derivative positions must be fully backed by authorised investments, and counterparties for interest rate swaps and OTC options must be rated at least BBB- by a recognised rating agency. ### Exclusions - The manufacture of cluster munitions - The manufacture or testing of nuclear explosive devices - The manufacture of anti-personnel mines - The manufacture of tobacco products - The processing of whale meat - The manufacture of recreational cannabis - The manufacture of alcohol - Gaming or gambling related activities - The production of pornographic material - The exploration and production of any fossil fuels (coal, oil, gas, oil sands) - Coal-fired power generation - The exploration and production of uranium Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0042712deb83d285/Daintree-SIPO---2-April-26-FINAL.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** The New Zealand Guardian Trust Company Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds, creating a potential conflict of interest between their personal interests and those of other investors. - The only related party currently involved in this offer is Clarity's parent, ISG, who provides investment administration and investment operation services for the Funds and receives a portion of the total fund charge, which may create a conflict between the Manager's interest in engaging its parent and investors' interests in minimising costs. - Where Clarity delegates some or all of its functions as Manager to other parties, there is a potential conflict in that those parties may not perform those functions in the same manner as Clarity would directly, and Clarity must monitor their performance. ### Related-party transactions - **Investment Services Group (ISG)** (Parent of Clarity Funds Management Limited) — Investment administration and investment operation services for the Funds · ISG receives a portion of the total fund charge collected from the Funds to cover its services - **Daintree Capital Management Pty Limited** (Investment Manager of the Underlying Funds; party to Fund Hosting Agreement with Clarity) — Investment management of the Underlying Funds' assets; fund hosting arrangement covering establishment, administration, management and investment management of the Funds - **Perennial Investment Management Limited (PIML)** (Responsible Entity of the Australian Unit Trusts; related party of Daintree via Perennial Value Management Limited (PVM)) — Management and administration of the Australian Unit Trusts (Underlying Funds) Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/7b4ba7c35b0fa1bb/Daintree-OMI---2-April-26-FINAL.pdf ## How to invest Available via: Daintree directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Daintree%20High%20Income%20PIE - **Product Disclosure Statement:** /disclose-document/23afc7f4492f8482/Daintree-PDS---2-April-26-FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13775/OFR13792/FND61621/ - **Manager website:** https://daintreecapital.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/daintree/high-income/ - **Markdown (this file):** https://managedfunds.nz/funds/daintree/high-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/daintree/high-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Daintree High Income PIE? — PwC Auckland URL: https://managedfunds.nz/funds/daintree/high-income/who-audits/ > The Daintree High Income PIE is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Daintree High Income PIE? PwC Auckland The Daintree High Income PIE sits within a managed investment scheme run by Daintree. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) The New Zealand Guardian Trust Company Limited Related Daintree High Income PIE fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Devon Alpha Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/devon/alpha/investment-mandate/ > The Devon Alpha Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Devon Alpha Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand shares (Australasian Equities) — 0% 100% Australian shares (Australasian Equities) — 0% 100% Cash or cash equivalent securities — 0% 100% Mandate flexibility (sum of max − min across all ranges): 300%. Wide range — high manager discretion typical of active management. Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Statement of Investment Policy and Objectives Related Devon Alpha Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Devon Alpha Fund: 1.30% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/devon/alpha/is-it-expensive/ > Devon Alpha Fund charges 1.30% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Devon Alpha Fund expensive? Devon Alpha Fund charges 1.30% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 88% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Devon Alpha Fund NZ$633 at 1.30% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$138 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Devon Alpha Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Devon Alpha Fund Simplicity NZ Share Fund Simplicity 0.10% −1.20pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.10pp Harbour NZ Index Shares Fund Harbour 0.21% −1.09pp BetaShares Australia 200 Fund BetaShares 0.23% −1.07pp Kernel NZ 20 Fund Kernel 0.25% −1.05pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.05pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.05pp Kernel Australia 100 Fund Kernel 0.25% −1.05pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Devon Alpha Fund? Devon Alpha Fund charges 1.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Devon Alpha Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Devon Alpha Fund sits at 1.30% — pricier than the median (cheaper than 12% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$633. That is NZ$138 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Devon Alpha Fund --- ## URL: https://managedfunds.nz/funds/devon/alpha/markdown.md # Devon Alpha Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Devon (Devon Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Devon Alpha Fund is a australasian equities managed fund run by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. ## Investment objective (from PDS) > The Fund aims to generate capital growth over the long term by actively investing in a concentrated portfolio of New Zealand and Australian equities and holding cash when appropriate investment opportunities cannot be identified. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22477620a7c9051d/Devon-Investment-Funds-Product-Disclosure-Statement-2-April-2026.pdf ## Fund data - **Annual fund charge:** 1.30% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.66% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$140 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 June 2010 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Macquarie Group Ltd — 11.87% 2. Port of Tauranga Ltd — 9.19% 3. James Hardie Industries-CDI — 8.08% 4. Infratil Ltd — 8.04% 5. Goodman Group — 7.26% 6. Summerset Group Holdings Ltd — 6.61% 7. Freightways Group Ltd — 5.59% 8. Rio Tinto Ltd — 5.54% 9. Fisher & Paykel Healthcare Ltd — 5.13% 10. Aristocrat Leisure Ltd — 5.02% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.54% > The first 1% of gross return above the hurdle rate of return up to 13% per annum, then 15% of the gross return thereafter. There is a cap on the performance fee of 3%. Hurdle rate: 12% p.a. Subject to high water mark. Calculated and accrued in the daily unit price and paid annually on 31 March each year. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand shares (Australasian Equities) | — | 0% | 100% | | Australian shares (Australasian Equities) | — | 0% | 100% | | Cash or cash equivalent securities | — | 0% | 100% | ### Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. ### Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/5649585ac5fee1ae/Devon-Investment-Funds-SIPO-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - All staff can only invest in the New Zealand and Australian share markets via the Funds, to prevent personal trading conflicts. - Employees who own listed Australasian equities at the commencement of their employment are not required to divest those securities, but must declare each security held on their semi-annual trading declaration. - Non-executive Board members may invest in Australasian equities provided no conflict exists and they do not hold material information in relation to those equities. - Staff and Board members are free to invest in International (ex-Australasian) shares provided no conflict of interest exists. - Devon's parent ISG provides services to the Funds and receives a portion of the total fund charge, constituting a related-party arrangement that could conflict with the interests of investors. - Devon is prohibited from entering into a transaction that provides for a related party benefit unless approved by the Supervisor in advance. ### Related-party transactions - **Investment Services Group Limited (ISG)** (ultimate parent of Devon Funds Management Limited) — Investment administration and investment operation services for the Funds; also certain operations and administrative functions including investment administration, accounting, legal support, IT, marketing and HR under a Service Level Agreement · ISG receives a portion of the total fund charge collected from the Funds to cover its services Source: Other Material Information document dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/566756790cfafb97/Devon-Funds-Management-Other-Material-Information-2-April-2026.pdf ## How to invest Available via: Devon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Devon%20Alpha%20Fund - **Product Disclosure Statement:** /disclose-document/mdo382fdfd86545089179c530d8d64c27a5/Artesian-Greenand-Sustainable-Bond-Fund%28NZD%29Product-Disclosure-Statement-10-Dec-24.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10753/OFR10754/FND667/ - **Manager website:** https://www.devonfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/devon/alpha/ - **Markdown (this file):** https://managedfunds.nz/funds/devon/alpha/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/devon/alpha/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Devon Alpha Fund charge a performance fee? URL: https://managedfunds.nz/funds/devon/alpha/performance-fee-explained/ > The Devon Alpha Fund charges a performance fee in addition to its annual fund charge; it paid 0.54% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Devon Alpha Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.54% of NAV Annual fund charge (on top) 1.30% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement The first 1% of gross return above the hurdle rate of return up to 13% per annum, then 15% of the gross return thereafter. There is a cap on the performance fee of 3%. Hurdle rate: 12% p.a. Subject to high water mark. Calculated and accrued in the daily unit price and paid annually on 31 March each year. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Devon Alpha Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Devon Alpha Fund URL: https://managedfunds.nz/funds/devon/alpha/questions/ > 3 commonly-asked questions about the Devon Alpha Fund, answered with mechanical facts sourced from the FMA Disclose register. Devon, australasian equities category. Questions about Devon Alpha Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Devon Alpha Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a reasonable fund management fee? Fund management fees vary by asset class and fund type. For Australasian equities funds, the peer-cohort average fee is 0.95% p.a., though individual funds range above and below this benchmark. Check the Product Disclosure Statement (PDS) and FMA Disclose register for specific fee comparisons across funds you're considering. 2. Does the 2% management fee in funds get charged annually? Yes, fund management fees are charged annually as a percentage of your investment. Devon Alpha Fund's annual fund charge is 1.31% p.a., deducted from the fund's assets each year and reflected in the unit price. 3. What does PDS stand for? PDS stands for Product Disclosure Statement. It's a key document that outlines the fund's investment strategy, risks, fees, and other material information. You should read the Devon Alpha Fund PDS before investing, available from the manager or via InvestNow. Primary sources Product Disclosure Statement More about this fund Devon Alpha Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Devon Alpha Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/devon/alpha/who-audits/ > The Devon Alpha Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Devon Alpha Fund? PricewaterhouseCoopers (PwC) The Devon Alpha Fund sits within a managed investment scheme run by Devon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) Related Devon Alpha Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Devon Australian Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/devon/australian/investment-mandate/ > The Devon Australian Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Devon Australian Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australian shares (Australasian equities) — 80% 100% Cash or cash equivalent securities — 0% 20% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Statement of Investment Policy and Objectives Related Devon Australian Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Devon Australian Fund: 1.30% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/devon/australian/is-it-expensive/ > Devon Australian Fund charges 1.30% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Devon Australian Fund expensive? Devon Australian Fund charges 1.30% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 88% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Devon Australian Fund NZ$633 at 1.30% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$138 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Devon Australian Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Devon Australian Fund Simplicity NZ Share Fund Simplicity 0.10% −1.20pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.10pp Harbour NZ Index Shares Fund Harbour 0.21% −1.09pp BetaShares Australia 200 Fund BetaShares 0.23% −1.07pp Kernel NZ 20 Fund Kernel 0.25% −1.05pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.05pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.05pp Kernel Australia 100 Fund Kernel 0.25% −1.05pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Devon Australian Fund? Devon Australian Fund charges 1.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Devon Australian Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Devon Australian Fund sits at 1.30% — pricier than the median (cheaper than 12% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$633. That is NZ$138 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Devon Australian Fund --- ## URL: https://managedfunds.nz/funds/devon/australian/markdown.md # Devon Australian Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Devon (Devon Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Devon Australian Fund is a australasian equities managed fund run by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. ## Investment objective (from PDS) > The Fund aims to generate capital growth over the long term by actively managing Australian equity investments. The Australian market offers exposure to a number of sectors that are not available in New Zealand. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22477620a7c9051d/Devon-Investment-Funds-Product-Disclosure-Statement-2-April-2026.pdf ## Fund data - **Annual fund charge:** 1.30% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.47% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$10 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 20 August 2010 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. BHP Group Ltd — 8.68% 2. Rio Tinto Ltd — 7.65% 3. ANZ Group Holdings Ltd — 6.42% 4. AUD Cash at Bank — 5.85% 5. Commonwealth Bank of Australia — 4.12% 6. Carsales.Com Ltd — 4.05% 7. National Australia Bank Ltd — 3.92% 8. AUB Group Limited — 3.62% 9. Goodman Group — 3.50% 10. Infratil Ltd — 3.14% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.29% > 10% of the net return of the Fund (reflected in the unit price) over the hurdle rate of return for the relevant period. Hurdle rate: S&P/ASX200 in NZD. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australian shares (Australasian equities) | — | 80% | 100% | | Cash or cash equivalent securities | — | 0% | 20% | ### Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. ### Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/5649585ac5fee1ae/Devon-Investment-Funds-SIPO-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - All staff can only invest in the New Zealand and Australian share markets via the Funds, to prevent personal trading conflicts. - Employees who own listed Australasian equities at the commencement of their employment are not required to divest those securities, but must declare each security held on their semi-annual trading declaration. - Non-executive Board members may invest in Australasian equities provided no conflict exists and they do not hold material information in relation to those equities. - Staff and Board members are free to invest in International (ex-Australasian) shares provided no conflict of interest exists. - Devon's parent ISG provides services to the Funds and receives a portion of the total fund charge, constituting a related-party arrangement that could conflict with the interests of investors. - Devon is prohibited from entering into a transaction that provides for a related party benefit unless approved by the Supervisor in advance. ### Related-party transactions - **Investment Services Group Limited (ISG)** (ultimate parent of Devon Funds Management Limited) — Investment administration and investment operation services for the Funds; also certain operations and administrative functions including investment administration, accounting, legal support, IT, marketing and HR under a Service Level Agreement · ISG receives a portion of the total fund charge collected from the Funds to cover its services Source: Other Material Information document dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/566756790cfafb97/Devon-Funds-Management-Other-Material-Information-2-April-2026.pdf ## How to invest Available via: Devon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Devon%20Australian%20Fund - **Product Disclosure Statement:** /disclose-document/mdo382fdfd86545089179c530d8d64c27a5/Artesian-Greenand-Sustainable-Bond-Fund%28NZD%29Product-Disclosure-Statement-10-Dec-24.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10753/OFR10754/FND1502/ - **Manager website:** https://www.devonfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/devon/australian/ - **Markdown (this file):** https://managedfunds.nz/funds/devon/australian/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/devon/australian/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Devon Australian Fund charge a performance fee? URL: https://managedfunds.nz/funds/devon/australian/performance-fee-explained/ > The Devon Australian Fund charges a performance fee in addition to its annual fund charge; it paid 0.29% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Devon Australian Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.29% of NAV Annual fund charge (on top) 1.30% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the net return of the Fund (reflected in the unit price) over the hurdle rate of return for the relevant period. Hurdle rate: S&P/ASX200 in NZD. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Devon Australian Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Devon Australian Fund URL: https://managedfunds.nz/funds/devon/australian/questions/ > 1 commonly-asked questions about the Devon Australian Fund, answered with mechanical facts sourced from the FMA Disclose register. Devon, australasian equities category. Questions about Devon Australian Fund 1 commonly-asked questions, answered with mechanical facts sourced from the Devon Australian Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is DVN a good long-term investment? Devon Australian Fund is an Australasian equities fund with a risk indicator of 5/7 (FMA standardised scale) and a 5-year return after fees of 10.3% p.a. as at the latest QFU. Whether it suits your investment goals and time horizon depends on your personal circumstances; you should review the current Product Disclosure Statement on the manager website at https://www.devonfunds.co.nz and consider seeking financial advice. Primary sources Product Disclosure Statement More about this fund Devon Australian Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Devon Australian Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/devon/australian/who-audits/ > The Devon Australian Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Devon Australian Fund? PricewaterhouseCoopers (PwC) The Devon Australian Fund sits within a managed investment scheme run by Devon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) Related Devon Australian Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Devon Dividend Yield Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/devon/dividend-yield/investment-mandate/ > The Devon Dividend Yield Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Devon Dividend Yield Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand shares (Australasian equities) — 0% 100% Australian shares (Australasian equities) — 0% 100% Cash or cash equivalent securities — 0% 10% Mandate flexibility (sum of max − min across all ranges): 210%. Wide range — high manager discretion typical of active management. Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Statement of Investment Policy and Objectives Related Devon Dividend Yield Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Devon Dividend Yield Fund: 1.39% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/devon/dividend-yield/is-it-expensive/ > Devon Dividend Yield Fund charges 1.39% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Devon Dividend Yield Fund expensive? Devon Dividend Yield Fund charges 1.39% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 92% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Devon Dividend Yield Fund NZ$676 at 1.39% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$181 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Devon Dividend Yield Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Devon Dividend Yield Fund Simplicity NZ Share Fund Simplicity 0.10% −1.29pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.19pp Harbour NZ Index Shares Fund Harbour 0.21% −1.18pp BetaShares Australia 200 Fund BetaShares 0.23% −1.16pp Kernel NZ 20 Fund Kernel 0.25% −1.14pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.14pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.14pp Kernel Australia 100 Fund Kernel 0.25% −1.14pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Devon Dividend Yield Fund? Devon Dividend Yield Fund charges 1.39% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Devon Dividend Yield Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Devon Dividend Yield Fund sits at 1.39% — pricier than the median (cheaper than 8% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.39% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$676. That is NZ$181 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Devon Dividend Yield Fund --- ## URL: https://managedfunds.nz/funds/devon/dividend-yield/markdown.md # Devon Dividend Yield Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Devon (Devon Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Devon Dividend Yield Fund is a australasian equities managed fund run by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. ## Investment objective (from PDS) > The Fund invests in a well-researched portfolio of equities with the objective of generating an above market average dividend yield while providing some growth to maintain capital values in real terms. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22477620a7c9051d/Devon-Investment-Funds-Product-Disclosure-Statement-2-April-2026.pdf ## Fund data - **Annual fund charge:** 1.39% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.45% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$16 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 20 December 2012 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. ANZ Group Holdings Ltd — 5.14% 2. Genesis Energy Ltd — 4.70% 3. Turners Automotive Group Ltd — 4.33% 4. Ebos Group Ltd — 4.29% 5. Kiwi Property Group Ltd — 4.26% 6. Port of Tauranga Ltd — 3.98% 7. Napier Port Holdings Ltd — 3.78% 8. Rio Tinto Ltd — 3.56% 9. NZME Ltd — 3.23% 10. Argosy Property Trust — 3.22% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.13% > 10% of the net return of the Fund (reflected in the unit price) over the Fund's hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross) Index and the S&P/ASX200 (Accumulation) Index fully hedged. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand shares (Australasian equities) | — | 0% | 100% | | Australian shares (Australasian equities) | — | 0% | 100% | | Cash or cash equivalent securities | — | 0% | 10% | ### Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. ### Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/5649585ac5fee1ae/Devon-Investment-Funds-SIPO-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - All staff can only invest in the New Zealand and Australian share markets via the Funds, to prevent personal trading conflicts. - Employees who own listed Australasian equities at the commencement of their employment are not required to divest those securities, but must declare each security held on their semi-annual trading declaration. - Non-executive Board members may invest in Australasian equities provided no conflict exists and they do not hold material information in relation to those equities. - Staff and Board members are free to invest in International (ex-Australasian) shares provided no conflict of interest exists. - Devon's parent ISG provides services to the Funds and receives a portion of the total fund charge, constituting a related-party arrangement that could conflict with the interests of investors. - Devon is prohibited from entering into a transaction that provides for a related party benefit unless approved by the Supervisor in advance. ### Related-party transactions - **Investment Services Group Limited (ISG)** (ultimate parent of Devon Funds Management Limited) — Investment administration and investment operation services for the Funds; also certain operations and administrative functions including investment administration, accounting, legal support, IT, marketing and HR under a Service Level Agreement · ISG receives a portion of the total fund charge collected from the Funds to cover its services Source: Other Material Information document dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/566756790cfafb97/Devon-Funds-Management-Other-Material-Information-2-April-2026.pdf ## How to invest Available via: Devon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Devon%20Dividend%20Yield%20Fund - **Product Disclosure Statement:** /disclose-document/mdo382fdfd86545089179c530d8d64c27a5/Artesian-Greenand-Sustainable-Bond-Fund%28NZD%29Product-Disclosure-Statement-10-Dec-24.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10753/OFR10754/FND1504/ - **Manager website:** https://www.devonfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/devon/dividend-yield/ - **Markdown (this file):** https://managedfunds.nz/funds/devon/dividend-yield/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/devon/dividend-yield/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Devon Dividend Yield Fund charge a performance fee? URL: https://managedfunds.nz/funds/devon/dividend-yield/performance-fee-explained/ > The Devon Dividend Yield Fund charges a performance fee in addition to its annual fund charge; it paid 0.13% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Devon Dividend Yield Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.13% of NAV Annual fund charge (on top) 1.39% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the net return of the Fund (reflected in the unit price) over the Fund's hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross) Index and the S&P/ASX200 (Accumulation) Index fully hedged. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Devon Dividend Yield Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Devon Dividend Yield Fund URL: https://managedfunds.nz/funds/devon/dividend-yield/questions/ > 3 commonly-asked questions about the Devon Dividend Yield Fund, answered with mechanical facts sourced from the FMA Disclose register. Devon, australasian equities category. Questions about Devon Dividend Yield Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Devon Dividend Yield Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a dividend yield fund good? A dividend yield fund pools capital into companies selected for income generation; suitability depends on your investment goals, time horizon, and risk tolerance. Devon Dividend Yield Fund holds ~98.31% growth assets and ~1.69% income assets, and is rated 4/7 on the FMA standardised risk indicator, meaning it carries moderate-to-higher volatility. Check the Product Disclosure Statement and your personal circumstances before investing. 2. Is a dividend yield fund a good investment? Whether a dividend yield fund suits your needs depends on your financial goals and risk appetite. Devon Dividend Yield Fund delivered 7.08% p.a. after fees and before tax over 5 years (as at the latest QFU), though past performance is not a guarantee of future returns. Review the fund's PDS, risk indicator (4/7), and tax treatment (PIE structure) to determine if it aligns with your objectives. 3. Which dividend yield fund is best? Compare dividend yield funds in our coverage using filters for annual fund charge, risk indicator, asset mix, and 5-year performance on this site. Devon Dividend Yield Fund charges 1.07% p.a. (compared to a peer-cohort average of 0.95% p.a.) and returned 7.08% p.a. after fees before tax over 5 years; use the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ to review other funds' performance and fees. Primary sources Product Disclosure Statement More about this fund Devon Dividend Yield Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Devon Dividend Yield Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/devon/dividend-yield/who-audits/ > The Devon Dividend Yield Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Devon Dividend Yield Fund? PricewaterhouseCoopers (PwC) The Devon Dividend Yield Fund sits within a managed investment scheme run by Devon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) Related Devon Dividend Yield Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Devon Trans-Tasman Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/devon/trans-tasman/investment-mandate/ > The Devon Trans-Tasman Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Devon Trans-Tasman Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand shares (Australasian equities) — 0% 100% Australian shares (Australasian equities) — 0% 100% Cash or cash equivalent securities — 0% 50% Mandate flexibility (sum of max − min across all ranges): 250%. Wide range — high manager discretion typical of active management. Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Statement of Investment Policy and Objectives Related Devon Trans-Tasman Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Devon Trans-Tasman Fund: 1.36% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/devon/trans-tasman/is-it-expensive/ > Devon Trans-Tasman Fund charges 1.36% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Devon Trans-Tasman Fund expensive? Devon Trans-Tasman Fund charges 1.36% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 91% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Devon Trans-Tasman Fund NZ$662 at 1.36% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$167 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Devon Trans-Tasman Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Devon Trans-Tasman Fund Simplicity NZ Share Fund Simplicity 0.10% −1.26pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.16pp Harbour NZ Index Shares Fund Harbour 0.21% −1.15pp BetaShares Australia 200 Fund BetaShares 0.23% −1.13pp Kernel NZ 20 Fund Kernel 0.25% −1.11pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.11pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.11pp Kernel Australia 100 Fund Kernel 0.25% −1.11pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Devon Trans-Tasman Fund? Devon Trans-Tasman Fund charges 1.36% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Devon Trans-Tasman Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Devon Trans-Tasman Fund sits at 1.36% — pricier than the median (cheaper than 9% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.36% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$662. That is NZ$167 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Devon Trans-Tasman Fund --- ## URL: https://managedfunds.nz/funds/devon/trans-tasman/markdown.md # Devon Trans-Tasman Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Devon (Devon Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Devon Trans-Tasman Fund is a australasian equities managed fund run by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. ## Investment objective (from PDS) > This Fund aims to generate capital growth over the long term by actively managing your New Zealand and Australian equity investments. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22477620a7c9051d/Devon-Investment-Funds-Product-Disclosure-Statement-2-April-2026.pdf ## Fund data - **Annual fund charge:** 1.36% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.08% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$154 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 30 September 1998 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Infratil Ltd — 7.18% 2. Fisher & Paykel Healthcare Ltd — 6.62% 3. ANZ Group Holdings Ltd — 5.46% 4. Goodman Group — 4.47% 5. A2 Milk Company Ltd — 4.28% 6. BHP Group Ltd — 4.04% 7. Auckland International Airport Ltd — 3.86% 8. Summerset Group Holdings Ltd — 3.53% 9. Contact Energy Ltd — 3.40% 10. Macquarie Group Ltd — 3.24% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.29% > 10% of the net return of the Fund (reflected in the unit price) over the hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross) Index and the S&P/ASX200 (Accumulation) Index unhedged to NZD. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand shares (Australasian equities) | — | 0% | 100% | | Australian shares (Australasian equities) | — | 0% | 100% | | Cash or cash equivalent securities | — | 0% | 50% | ### Responsible-investment approach Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies. ### Derivatives policy Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy. Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/5649585ac5fee1ae/Devon-Investment-Funds-SIPO-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - All staff can only invest in the New Zealand and Australian share markets via the Funds, to prevent personal trading conflicts. - Employees who own listed Australasian equities at the commencement of their employment are not required to divest those securities, but must declare each security held on their semi-annual trading declaration. - Non-executive Board members may invest in Australasian equities provided no conflict exists and they do not hold material information in relation to those equities. - Staff and Board members are free to invest in International (ex-Australasian) shares provided no conflict of interest exists. - Devon's parent ISG provides services to the Funds and receives a portion of the total fund charge, constituting a related-party arrangement that could conflict with the interests of investors. - Devon is prohibited from entering into a transaction that provides for a related party benefit unless approved by the Supervisor in advance. ### Related-party transactions - **Investment Services Group Limited (ISG)** (ultimate parent of Devon Funds Management Limited) — Investment administration and investment operation services for the Funds; also certain operations and administrative functions including investment administration, accounting, legal support, IT, marketing and HR under a Service Level Agreement · ISG receives a portion of the total fund charge collected from the Funds to cover its services Source: Other Material Information document dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/566756790cfafb97/Devon-Funds-Management-Other-Material-Information-2-April-2026.pdf ## How to invest Available via: Devon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Devon%20Trans-Tasman%20Fund - **Product Disclosure Statement:** /disclose-document/mdo382fdfd86545089179c530d8d64c27a5/Artesian-Greenand-Sustainable-Bond-Fund%28NZD%29Product-Disclosure-Statement-10-Dec-24.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10753/OFR10754/FND1505/ - **Manager website:** https://www.devonfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/devon/trans-tasman/ - **Markdown (this file):** https://managedfunds.nz/funds/devon/trans-tasman/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/devon/trans-tasman/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Devon Trans-Tasman Fund charge a performance fee? URL: https://managedfunds.nz/funds/devon/trans-tasman/performance-fee-explained/ > The Devon Trans-Tasman Fund charges a performance fee in addition to its annual fund charge; it paid 0.29% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Devon Trans-Tasman Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.29% of NAV Annual fund charge (on top) 1.36% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the net return of the Fund (reflected in the unit price) over the hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross) Index and the S&P/ASX200 (Accumulation) Index unhedged to NZD. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Devon Trans-Tasman Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Devon Trans-Tasman Fund URL: https://managedfunds.nz/funds/devon/trans-tasman/questions/ > 4 commonly-asked questions about the Devon Trans-Tasman Fund, answered with mechanical facts sourced from the FMA Disclose register. Devon, australasian equities category. Questions about Devon Trans-Tasman Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Devon Trans-Tasman Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it good to invest in focused funds? Focused funds concentrate holdings in a smaller number of companies, which can result in higher potential volatility than diversified funds. Devon Trans-Tasman Fund holds its largest three positions at 6.65%, 6.42%, and 5.23% respectively, with a risk indicator of 4/7 on the FMA standardised scale; investors should review the current PDS to understand the concentration profile and whether it aligns with their risk tolerance. 2. What is a reasonable fee for a managed fund? Reasonable fees vary by fund type and strategy. Devon Trans-Tasman Fund charges 1.32% p.a., which is 0.37 percentage points above the peer-cohort average of 0.95% p.a. for Australasian equities funds as at the latest QFU; you can compare fees across similar funds on managedfunds.nz or review the FMA Disclose Register. 3. What is a typical management fee for a fund? Management fees for managed funds vary significantly based on asset class, strategy, and fund size. For Australasian equities funds in our coverage, peer-cohort average annual fund charges are around 0.95% p.a.; individual funds range above and below this depending on their approach and operating costs. Check the FMA Disclose Register or individual fund fact sheets for specific fees. 4. Is there a fee to invest in index funds? Index funds typically charge lower fees than actively managed funds because they track a market index with less active stock selection. However, all managed funds—whether active or passive—charge an annual fund charge; you can compare fees across different fund types on managedfunds.nz or the FMA Disclose Register. Primary sources Product Disclosure Statement More about this fund Devon Trans-Tasman Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Devon Alpha Fund Devon ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Devon Trans-Tasman Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/devon/trans-tasman/who-audits/ > The Devon Trans-Tasman Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Devon Trans-Tasman Fund? PricewaterhouseCoopers (PwC) The Devon Trans-Tasman Fund sits within a managed investment scheme run by Devon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds) Related Devon Trans-Tasman Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Dexus Global REIT Fund: annual fee load vs peer-class median URL: https://managedfunds.nz/funds/dexus/global-reit/is-it-expensive/ > Annual fee load for Dexus Global REIT Fund compared with the listed property peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Dexus Global REIT Fund expensive? Annual fund charge for Dexus Global REIT Fund has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dexus Global REIT Fund? Annual fund charge for Dexus Global REIT Fund has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Dexus Global REIT Fund's fee compare with peer listed property funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dexus Global REIT Fund --- ## URL: https://managedfunds.nz/funds/dexus/global-reit/markdown.md # Dexus Global REIT Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dexus - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** pending ingestion ## Summary The Dexus Global REIT Fund is a listed property managed fund run by Dexus. Australian listed-property specialist; global REIT fund offered as a PIE in NZ. ## Fund data Fees, returns, risk indicator and asset mix for the Dexus Global REIT Fund are published in the fund's Quarterly Fund Update on the FMA Disclose register. Direct link below. ## How to invest Available via: Dexus directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dexus%20Global%20REIT%20Fund - **Manager website:** https://www.dexus.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dexus/global-reit/ - **Markdown (this file):** https://managedfunds.nz/funds/dexus/global-reit/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dexus/global-reit/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dexus Global REIT Fund URL: https://managedfunds.nz/funds/dexus/global-reit/questions/ > 3 commonly-asked questions about the Dexus Global REIT Fund, answered with mechanical facts sourced from the FMA Disclose register. Dexus, listed property category. Questions about Dexus Global REIT Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Dexus Global REIT Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Dexus a managed fund? Dexus Global REIT Fund is a listed property fund available through managed-fund platforms including InvestNow and directly from Dexus. For full details on its structure and regulatory status, check the current Product Disclosure Statement on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ or visit https://www.dexus.com. 2. Is it worthwhile to invest in REITs? Whether a REIT investment suits your circumstances depends on your financial goals, risk tolerance, and investment timeframe. REITs can provide exposure to property assets and income streams, but they carry market risk. Review the fund's Product Disclosure Statement and risk indicator, and consider seeking financial advice tailored to your situation. 3. Are REIT funds a good investment? REIT suitability varies by investor circumstances and objectives. Dexus Global REIT Fund is structured as a PIE, which means your tax is capped at your Personal Income Rate (maximum 28%), and it is available via InvestNow or directly from Dexus. Review the Product Disclosure Statement and assess whether the fund's property focus aligns with your investment goals. More about this fund Dexus Global REIT Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour Mercer Global Listed Real Estate Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Dimensional Australian Sustainability PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/dimensional/australian-sustainability/investment-mandate/ > The Dimensional Australian Sustainability PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the Dimensional Australian Sustainability PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australian equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (13) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture)Palm oil (>10% revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)Nuclear weapons (production, key components, delivery platforms, or support services)Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)Gambling (>10% revenue from ownership or operation of gambling facilities)Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail)Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities)Companies associated with significant environmental controversies Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Statement of Investment Policy and Objectives Related Dimensional Australian Sustainability PIE Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Dimensional Australian Sustainability PIE Fund: 0.35% fee vs 1… URL: https://managedfunds.nz/funds/dimensional/australian-sustainability/is-it-expensive/ > Dimensional Australian Sustainability PIE Fund charges 0.35% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Dimensional Australian Sustainability PIE Fund expensive? Dimensional Australian Sustainability PIE Fund charges 0.35% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 82% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Dimensional Australian Sustainability PIE Fund NZ$174 at 0.35% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-321 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Dimensional Australian Sustainability PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Dimensional Australian Sustainability PIE Fund Simplicity NZ Share Fund Simplicity 0.10% −0.25pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.15pp Harbour NZ Index Shares Fund Harbour 0.21% −0.14pp BetaShares Australia 200 Fund BetaShares 0.23% −0.12pp Kernel NZ 20 Fund Kernel 0.25% −0.10pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.10pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.10pp Kernel Australia 100 Fund Kernel 0.25% −0.10pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dimensional Australian Sustainability PIE Fund? Dimensional Australian Sustainability PIE Fund charges 0.35% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Dimensional Australian Sustainability PIE Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Dimensional Australian Sustainability PIE Fund sits at 0.35% — cheaper than 82% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.35% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$174. That is NZ$321 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dimensional Australian Sustainability PIE Fund --- ## URL: https://managedfunds.nz/funds/dimensional/australian-sustainability/markdown.md # Dimensional Australian Sustainability PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Dimensional Australian Sustainability PIE Fund is a australasian equities managed fund run by Dimensional. Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Investment objective (from PDS) > The investment objective of the Fund is to provide long-term capital growth by gaining exposure to a diversified portfolio of securities listed in Australia with increased emphasis on higher expected return securities. The Fund also takes into account certain non-financial Sustainability Considerations when making investment decisions. The Fund has a Portfolio Carbon Footprint Reduction Goal and seeks to exclude companies involved in particular business practices. Source: Product Disclosure Statement dated 2025-09-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.35% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$118 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 October 2023 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Commonwealth Bank Of Australia — 5.70% 2. Westpac Banking Corporation — 4.90% 3. National Australia Bank Limited — 4.89% 4. Qbe Insurance Group Ltd — 2.89% 5. Fortescue Ltd Ordinary Fully Paid — 2.54% 6. Goodman Group — 2.38% 7. Telstra Corporation Limited — 2.31% 8. Brambles Limited — 2.10% 9. Anz Group Holdings Limited Ordinary Fully Paid — 2.09% 10. Wesfarmers Limited — 1.97% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 8 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australian equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. ### Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties) - Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture) - Palm oil (>10% revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components) - Nuclear weapons (production, key components, delivery platforms, or support services) - Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages) - Gambling (>10% revenue from ownership or operation of gambling facilities) - Adult entertainment (>10% revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail) - Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities) - Companies associated with significant environmental controversies Source: Statement of Investment Policy and Objectives dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo777b20264ed27a5553942754b7660258/202510-Dimensional-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Dimensional's relationship with Other Dimensional Funds could influence it to undertake Crossing Transactions (buying or selling assets between the Funds and Other Dimensional Funds) instead of transacting on market, or to undertake a Crossing Transaction when one or other fund would not have otherwise transacted. - Dimensional's association with Other Dimensional Funds could influence it to invest the assets of the Funds into Other Dimensional Funds instead of into direct assets or investment funds managed by third parties. - Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g., a broker that Dimensional Group engages), and if terms and fees are not on arms' length terms, investors in the Funds could be adversely affected. - Parties related to the Funds, including the staff of Dimensional and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **DFA Australia Limited (Dimensional)** (Investment Manager appointed by FundRock under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; crossing transactions with Other Dimensional Funds; potential investment of Fund assets into Other Dimensional Funds Source: Other Material Information document dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo100a9210291545e301a4e4cea156ad17/202510-Dimensional-OMI.pdf ## How to invest Available via: Dimensional directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional%20Australian%20Sustainability%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13317/OFR13318/FND45651/ - **Manager website:** https://www.dimensional.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dimensional/australian-sustainability/ - **Markdown (this file):** https://managedfunds.nz/funds/dimensional/australian-sustainability/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dimensional/australian-sustainability/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dimensional Australian Sustainability PIE Fund URL: https://managedfunds.nz/funds/dimensional/australian-sustainability/questions/ > 3 commonly-asked questions about the Dimensional Australian Sustainability PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Dimensional, australasian equities category. Questions about Dimensional Australian Sustainability PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Dimensional Australian Sustainability PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the risks of investing in dimensional funds? This fund carries a risk indicator of 5/7 on the FMA standardised scale, reflecting its ~98.31% allocation to growth assets, which experience greater price volatility than income assets. Specific risks for Australian equity funds include market, currency, and liquidity risk; see the current Product Disclosure Statement on the manager's website or the FMA Disclose register for full details. 2. What is a typical management fee for a fund? Annual fund charges vary by fund type and strategy. This fund charges 0.35% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. Check the FMA Disclose register to compare fees across other funds in the Australasian Equities category. 3. Do dimensional funds outperform? Performance data is not included in this summary. You can access historical performance figures and benchmarks for this fund via the FMA Disclose register or the manager's website to assess returns relative to relevant indices or peer funds. Primary sources Product Disclosure Statement More about this fund Dimensional Australian Sustainability PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Dimensional Australian Sustainability PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/dimensional/australian-sustainability/who-audits/ > The Dimensional Australian Sustainability PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Dimensional Australian Sustainability PIE Fund? PricewaterhouseCoopers The Dimensional Australian Sustainability PIE Fund sits within a managed investment scheme run by Dimensional. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Dimensional Australian Sustainability PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Dimensional Five-Year Diversified Fixed Interest PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/investment-mandate/ > The Dimensional Five-Year Diversified Fixed Interest PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Dimensional Five-Year Diversified Fixed Interest PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Statement of Investment Policy and Objectives Related Dimensional Five-Year Diversified Fixed Interest PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Dimensional Five-Year Diversified Fixed Interest PIE Fund: 0.2… URL: https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/is-it-expensive/ > Dimensional Five-Year Diversified Fixed Interest PIE Fund charges 0.28% p.a. vs the international fi peer-class median of 0.70%. 2 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Dimensional Five-Year Diversified Fixed Interest PIE Fund expensive? Dimensional Five-Year Diversified Fixed Interest PIE Fund charges 0.28% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 92% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Dimensional Five-Year Diversified Fixed Interest PIE Fund NZ$139 at 0.28% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-206 over 5 years on NZ$10K. 2 cheaper peers in the same category International FI funds with a lower annual fund charge than Dimensional Five-Year Diversified Fixed Interest PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Dimensional Five-Year Diversified Fixed Interest PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.13pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.03pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dimensional Five-Year Diversified Fixed Interest PIE Fund? Dimensional Five-Year Diversified Fixed Interest PIE Fund charges 0.28% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Dimensional Five-Year Diversified Fixed Interest PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Dimensional Five-Year Diversified Fixed Interest PIE Fund sits at 0.28% — cheaper than 92% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.28% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$139. That is NZ$206 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dimensional Five-Year Diversified Fixed Interest PIE Fund --- ## URL: https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/markdown.md # Dimensional Five-Year Diversified Fixed Interest PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Dimensional Five-Year Diversified Fixed Interest PIE Fund is a international fi managed fund run by Dimensional. Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Investment objective (from PDS) > The Fund is managed to gain exposure to a broadly diversified portfolio of eligible short to intermediate-term, high credit quality global fixed interest and money market securities. Within portfolio constraints, including controls on portfolio maturity, security maturity, credit quality and diversification, the objective of the Fund is to maximise the return of the portfolio. The Fund targets a position of being fully hedged back to New Zealand dollars. Source: Product Disclosure Statement dated 2025-09-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo0acc80e6a6cf21dfa9b37892aafecd02/202510-Dimensional-Fixed-Interest-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.28% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$276 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 20 November 2024 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Belgium Kingdom 0.100000% 06/22/2030 — 2.70% 2. New Zealand Government 4.500000% 05/15/2030 — 2.62% 3. Efsf 2.625000% 05/07/2030 — 2.50% 4. Bng Bank Nv 2.500000% 05/21/2030 — 2.16% 5. Province Of Alberta 2.050000% 06/01/2030 — 2.12% 6. European Union 1.625000% 12/04/2029 — 2.02% 7. European Bk Recon & Dev 3.959800% 02/16/2029 — 2.01% 8. L-Bank Bw Foerderbank 2.375000% 07/04/2030 — 1.82% 9. Kuntarahoitus Oyj 2.625000% 12/14/2029 — 1.73% 10. Province Of Quebec 2.300000% 09/01/2029 — 1.65% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 5 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. ### Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Source: Statement of Investment Policy and Objectives dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo777b20264ed27a5553942754b7660258/202510-Dimensional-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Dimensional's relationship with Other Dimensional Funds could influence it to undertake Crossing Transactions (buying or selling assets between the Funds and Other Dimensional Funds) instead of transacting on market, or to undertake a Crossing Transaction when one or other fund would not have otherwise transacted. - Dimensional's association with Other Dimensional Funds could influence it to invest the assets of the Funds into Other Dimensional Funds instead of into direct assets or investment funds managed by third parties. - Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g., a broker that Dimensional Group engages), and if terms and fees are not on arms' length terms, investors in the Funds could be adversely affected. - Parties related to the Funds, including the staff of Dimensional and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **DFA Australia Limited (Dimensional)** (Investment Manager appointed by FundRock under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; crossing transactions with Other Dimensional Funds; potential investment of Fund assets into Other Dimensional Funds Source: Other Material Information document dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo100a9210291545e301a4e4cea156ad17/202510-Dimensional-OMI.pdf ## How to invest Available via: Dimensional directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional%20Five-Year%20Diversified%20Fixed%20Interest%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13317/OFR13318/FND52721/ - **Manager website:** https://www.dimensional.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dimensional Five-Year Diversified Fixed Interest PIE Fund URL: https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/questions/ > 2 commonly-asked questions about the Dimensional Five-Year Diversified Fixed Interest PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Dimensional, international fi category. Questions about Dimensional Five-Year Diversified Fixed Interest PIE Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Dimensional Five-Year Diversified Fixed Interest PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the risks of investing in dimensional funds? This fund carries a Risk indicator of 3/7 on the FMA standardised scale, reflecting exposure to interest-rate movements and credit risk from its fixed-interest holdings. The fund's ~99.87% allocation to income assets (primarily bonds) means capital values may fluctuate with bond yields and issuer creditworthiness; as at the latest QFU, top holdings include government and supranational bonds. Check the full PDS on the fund manager's website and the FMA Disclose register for detailed risk disclosures. 2. Is Dimensional a good company? Dimensional is an established global investment manager; information about its operations, regulatory status, and fund performance can be found on its website (dimensional.com) and via the FMA Disclose register. Evaluate the fund itself using objective criteria such as annual fund charge (0.28% p.a., which is below the peer-cohort average of 0.66% p.a. for this category), fund size (NZ$276,424,762 as at the latest QFU), and risk profile, rather than company reputation alone. Primary sources Product Disclosure Statement More about this fund Dimensional Five-Year Diversified Fixed Interest PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Dimensional Five-Year Diversified Fixed Interest PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/who-audits/ > The Dimensional Five-Year Diversified Fixed Interest PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Dimensional Five-Year Diversified Fixed Interest PIE Fund? PricewaterhouseCoopers The Dimensional Five-Year Diversified Fixed Interest PIE Fund sits within a managed investment scheme run by Dimensional. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Dimensional Five-Year Diversified Fixed Interest PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Dimensional Global Bond Sustainability PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/dimensional/global-bond-sustainability/investment-mandate/ > The Dimensional Global Bond Sustainability PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 14 explicit exclusions. Verbatim from the SIPO. What can the Dimensional Global Bond Sustainability PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (14) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture)Palm oil (>10% revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)Nuclear weapons (production, key components, delivery platforms, or support services)Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)Gambling (>10% revenue from ownership or operation of gambling facilities)Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail)Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities)Government agency and supranational issuers with relatively high carbon intensity or potential emissions from reservesCompanies associated with significant environmental controversies Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Statement of Investment Policy and Objectives Related Dimensional Global Bond Sustainability PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Dimensional Global Bond Sustainability PIE Fund: 0.32% fee vs … URL: https://managedfunds.nz/funds/dimensional/global-bond-sustainability/is-it-expensive/ > Dimensional Global Bond Sustainability PIE Fund charges 0.32% p.a. vs the international fi peer-class median of 0.70%. 5 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Dimensional Global Bond Sustainability PIE Fund expensive? Dimensional Global Bond Sustainability PIE Fund charges 0.32% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Dimensional Global Bond Sustainability PIE Fund NZ$159 at 0.32% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-186 over 5 years on NZ$10K. 5 cheaper peers in the same category International FI funds with a lower annual fund charge than Dimensional Global Bond Sustainability PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Dimensional Global Bond Sustainability PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.17pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.07pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.04pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.02pp Kernel US Bond Fund Kernel 0.30% −0.02pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dimensional Global Bond Sustainability PIE Fund? Dimensional Global Bond Sustainability PIE Fund charges 0.32% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Dimensional Global Bond Sustainability PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Dimensional Global Bond Sustainability PIE Fund sits at 0.32% — cheaper than 81% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.32% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$159. That is NZ$186 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dimensional Global Bond Sustainability PIE Fund --- ## URL: https://managedfunds.nz/funds/dimensional/global-bond-sustainability/markdown.md # Dimensional Global Bond Sustainability PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Dimensional Global Bond Sustainability PIE Fund is a international fi managed fund run by Dimensional. Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Investment objective (from PDS) > The Fund is managed to gain exposure to a broadly diversified portfolio of eligible intermediate term, Investment Grade global fixed interest and money market securities. Within portfolio constraints, including controls on portfolio maturity, security maturity, credit quality and diversification, the objective of the Fund is to maximise the return of the portfolio. The Fund also takes into account certain non-financial Sustainability Considerations when making investment decisions. Source: Product Disclosure Statement dated 2025-09-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo0acc80e6a6cf21dfa9b37892aafecd02/202510-Dimensional-Fixed-Interest-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.32% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$213 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 20 November 2024 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Manitoba (Province Of) 4.250000% 06/02/2034 — 1.25% 2. British Columbia Prov Of 4.150000% 06/18/2034 — 1.23% 3. United Kingdom Gilt 0.625000% 07/31/2035 — 1.21% 4. Caisse Des Depots Et Con 3.125000% 05/25/2035 — 1.13% 5. Belgium Kingdom 3.100000% 06/22/2035 — 1.02% 6. Cppib Capital Inc 3.250000% 08/27/2035 — 0.98% 7. Bng Bank Nv 0.125000% 07/09/2035 — 0.93% 8. Inter-American Devel Bk 4.039472% 03/13/2030 — 0.89% 9. Siemens Financieringsmat 2.875000% 03/11/2041 — 0.88% 10. Societe Nationale Sncf S 3.125000% 05/25/2034 — 0.87% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 8 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. ### Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties) - Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture) - Palm oil (>10% revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components) - Nuclear weapons (production, key components, delivery platforms, or support services) - Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages) - Gambling (>10% revenue from ownership or operation of gambling facilities) - Adult entertainment (>10% revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail) - Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities) - Government agency and supranational issuers with relatively high carbon intensity or potential emissions from reserves - Companies associated with significant environmental controversies Source: Statement of Investment Policy and Objectives dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo777b20264ed27a5553942754b7660258/202510-Dimensional-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Dimensional's relationship with Other Dimensional Funds could influence it to undertake Crossing Transactions (buying or selling assets between the Funds and Other Dimensional Funds) instead of transacting on market, or to undertake a Crossing Transaction when one or other fund would not have otherwise transacted. - Dimensional's association with Other Dimensional Funds could influence it to invest the assets of the Funds into Other Dimensional Funds instead of into direct assets or investment funds managed by third parties. - Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g., a broker that Dimensional Group engages), and if terms and fees are not on arms' length terms, investors in the Funds could be adversely affected. - Parties related to the Funds, including the staff of Dimensional and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **DFA Australia Limited (Dimensional)** (Investment Manager appointed by FundRock under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; crossing transactions with Other Dimensional Funds; potential investment of Fund assets into Other Dimensional Funds Source: Other Material Information document dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo100a9210291545e301a4e4cea156ad17/202510-Dimensional-OMI.pdf ## How to invest Available via: Dimensional directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional%20Global%20Bond%20Sustainability%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13317/OFR13318/FND52722/ - **Manager website:** https://www.dimensional.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dimensional/global-bond-sustainability/ - **Markdown (this file):** https://managedfunds.nz/funds/dimensional/global-bond-sustainability/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dimensional/global-bond-sustainability/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dimensional Global Bond Sustainability PIE Fund URL: https://managedfunds.nz/funds/dimensional/global-bond-sustainability/questions/ > 3 commonly-asked questions about the Dimensional Global Bond Sustainability PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Dimensional, international fi category. Questions about Dimensional Global Bond Sustainability PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Dimensional Global Bond Sustainability PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are bond funds a good investment? Bond funds provide exposure to fixed-income securities and can serve different portfolio roles depending on your circumstances. This fund holds ~99.87% income assets (primarily bonds) with a risk indicator of 3/7 on the FMA standardised scale; check the current PDS and consult the FMA Disclose register for detailed holdings and performance data to assess suitability for your situation. 2. Are pie funds good? PIE funds are a tax structure available to New Zealand investors where your tax is capped at your prescribed investor rate (maximum 28%), which can reduce tax drag compared to other structures depending on your marginal rate. This fund is structured as a PIE; compare its annual fund charge (0.32% p.a.) and tax treatment against alternatives using the FMA Disclose register. 3. Is pie fund better than term deposit? PIE funds and term deposits serve different purposes: term deposits offer capital certainty and fixed returns, while PIE bond funds offer variable returns linked to bond markets and liquidity, with tax-capped treatment. The choice depends on your risk tolerance, time horizon, and investment goals; this fund's risk indicator of 3/7 and income-asset composition differ materially from a term deposit's profile. Primary sources Product Disclosure Statement More about this fund Dimensional Global Bond Sustainability PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Dimensional Global Bond Sustainability PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/dimensional/global-bond-sustainability/who-audits/ > The Dimensional Global Bond Sustainability PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Dimensional Global Bond Sustainability PIE Fund? PricewaterhouseCoopers The Dimensional Global Bond Sustainability PIE Fund sits within a managed investment scheme run by Dimensional. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Dimensional Global Bond Sustainability PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Dimensional Global Sustainability PIE Fund (NZD Hedged) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/investment-mandate/ > The Dimensional Global Sustainability PIE Fund (NZD Hedged)'s Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the Dimensional Global Sustainability PIE Fund (NZD Hedged) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (13) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture)Palm oil (>10% revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)Nuclear weapons (production, key components, delivery platforms, or support services)Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)Gambling (>10% revenue from ownership or operation of gambling facilities)Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail)Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities)Companies associated with significant environmental controversies Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Statement of Investment Policy and Objectives Related Dimensional Global Sustainability PIE Fund (NZD Hedged) fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Dimensional Global Sustainability PIE Fund (NZD Hedged): 0.40%… URL: https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/is-it-expensive/ > Dimensional Global Sustainability PIE Fund (NZD Hedged) charges 0.40% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Dimensional Global Sustainability PIE Fund (NZD Hedged) expensive? Dimensional Global Sustainability PIE Fund (NZD Hedged) charges 0.40% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 71% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Dimensional Global Sustainability PIE Fund (NZD Hedged) NZ$198 at 0.40% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-103 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Dimensional Global Sustainability PIE Fund (NZD Hedged), ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Dimensional Global Sustainability PIE Fund (NZD Hedged) Foundation Series US 500 Fund Foundation Series 0.03% −0.37pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.37pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.34pp Foundation Series Total World Fund Foundation Series 0.07% −0.33pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.33pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.30pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.25pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.25pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dimensional Global Sustainability PIE Fund (NZD Hedged)? Dimensional Global Sustainability PIE Fund (NZD Hedged) charges 0.40% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Dimensional Global Sustainability PIE Fund (NZD Hedged)'s fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Dimensional Global Sustainability PIE Fund (NZD Hedged) sits at 0.40% — cheaper than 71% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.40% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$198. That is NZ$103 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dimensional Global Sustainability PIE Fund (NZD Hedged) --- ## URL: https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/markdown.md # Dimensional Global Sustainability PIE Fund (NZD Hedged) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Dimensional Global Sustainability PIE Fund (NZD Hedged) is a international equities managed fund run by Dimensional. Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Investment objective (from PDS) > The investment objective of the Fund is to provide long-term capital growth by gaining exposure to a diversified portfolio of securities associated with approved developed markets (excluding Australia), with increased emphasis on higher expected return securities. The Fund also takes into account certain non-financial Sustainability Considerations when making investment decisions. The Fund mitigates currency risk by hedging most major foreign currency exposures to the New Zealand dollar. Source: Product Disclosure Statement dated 2025-09-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.40% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$686 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 23 June 2022 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Apple Inc — 5.00% 2. Nvidia Corp — 4.96% 3. Meta Platforms Inc — 2.05% 4. Amazon Com Inc — 1.97% 5. Microsoft Corp — 1.69% 6. Broadcom Ord Shs — 1.13% 7. Jp Morgan Chase & Co — 1.04% 8. Alphabet Inc Cap Stk Cl A — 1.02% 9. Alphabet Inc Cap Cl C — 0.85% 10. Lilly (Eli) & Co Usd — 0.83% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 10 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. ### Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties) - Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture) - Palm oil (>10% revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components) - Nuclear weapons (production, key components, delivery platforms, or support services) - Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages) - Gambling (>10% revenue from ownership or operation of gambling facilities) - Adult entertainment (>10% revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail) - Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities) - Companies associated with significant environmental controversies Source: Statement of Investment Policy and Objectives dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo777b20264ed27a5553942754b7660258/202510-Dimensional-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Dimensional's relationship with Other Dimensional Funds could influence it to undertake Crossing Transactions (buying or selling assets between the Funds and Other Dimensional Funds) instead of transacting on market, or to undertake a Crossing Transaction when one or other fund would not have otherwise transacted. - Dimensional's association with Other Dimensional Funds could influence it to invest the assets of the Funds into Other Dimensional Funds instead of into direct assets or investment funds managed by third parties. - Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g., a broker that Dimensional Group engages), and if terms and fees are not on arms' length terms, investors in the Funds could be adversely affected. - Parties related to the Funds, including the staff of Dimensional and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **DFA Australia Limited (Dimensional)** (Investment Manager appointed by FundRock under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; crossing transactions with Other Dimensional Funds; potential investment of Fund assets into Other Dimensional Funds Source: Other Material Information document dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo100a9210291545e301a4e4cea156ad17/202510-Dimensional-OMI.pdf ## How to invest Available via: Dimensional directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional%20Global%20Sustainability%20PIE%20Fund%20(NZD%20Hedged) - **Product Disclosure Statement:** /disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13317/OFR13318/FND39022/ - **Manager website:** https://www.dimensional.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dimensional Global Sustainability PIE Fund (NZD Hedged) URL: https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/questions/ > 4 commonly-asked questions about the Dimensional Global Sustainability PIE Fund (NZD Hedged), answered with mechanical facts sourced from the FMA Disclose register. Dimensional, international equities category. Questions about Dimensional Global Sustainability PIE Fund (NZD Hedged) 4 commonly-asked questions, answered with mechanical facts sourced from the Dimensional Global Sustainability PIE Fund (NZD Hedged)'s current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How are pie funds taxed in NZ? PIE funds (Portfolio Investment Entities) apply a tax structure where investor tax is capped at your prescribed investor rate (PIR), with a maximum of 28%. This Dimensional fund is structured as a PIE, meaning tax is calculated on your PIR rather than your personal income tax rate. For detailed PIE tax treatment, see the IRD's guidance on investment entities. 2. What does a hedged fund mean? This Dimensional fund is NZD-hedged, meaning the fund manager uses currency hedging to reduce the impact of exchange-rate fluctuations between the New Zealand dollar and the underlying foreign currency exposure of its global equity holdings. Hedging aims to protect the fund value from NZD strength or weakness, though it does not eliminate all currency risk. 3. What are the risks of investing in dimensional funds? This fund holds approximately 98.31% in growth assets with a risk indicator of 5 out of 7 on the FMA standardised scale, reflecting moderate-to-high volatility typical of global equity funds. Key risks include equity-market volatility, currency movements (despite hedging), and concentration risk from its global equity holdings; see the fund's Product Disclosure Statement on FMA Disclose for full risk disclosures. 4. Is a global equity fund a good investment? Whether a global equity fund suits your circumstances depends on your financial goals, risk tolerance, and investment horizon—this is a personal decision. This fund provides exposure to global equities with ESG screening applied, a 0.4% p.a. annual fund charge, and PIE tax treatment; compare its features and fee against your own objectives using the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Dimensional Global Sustainability PIE Fund (NZD Hedged) — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Dimensional Global Sustainability PIE Fund (NZD Hedged)? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/who-audits/ > The Dimensional Global Sustainability PIE Fund (NZD Hedged) is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Dimensional Global Sustainability PIE Fund (NZD Hedged)? PricewaterhouseCoopers The Dimensional Global Sustainability PIE Fund (NZD Hedged) sits within a managed investment scheme run by Dimensional. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Dimensional Global Sustainability PIE Fund (NZD Hedged) fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Dimensional Global Sustainability PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/dimensional/global-sustainability/investment-mandate/ > The Dimensional Global Sustainability PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the Dimensional Global Sustainability PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (13) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture)Palm oil (>10% revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)Nuclear weapons (production, key components, delivery platforms, or support services)Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)Gambling (>10% revenue from ownership or operation of gambling facilities)Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail)Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities)Companies associated with significant environmental controversies Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Statement of Investment Policy and Objectives Related Dimensional Global Sustainability PIE Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Dimensional Global Sustainability PIE Fund: 0.40% fee vs 0.61%… URL: https://managedfunds.nz/funds/dimensional/global-sustainability/is-it-expensive/ > Dimensional Global Sustainability PIE Fund charges 0.40% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Dimensional Global Sustainability PIE Fund expensive? Dimensional Global Sustainability PIE Fund charges 0.40% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 71% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Dimensional Global Sustainability PIE Fund NZ$198 at 0.40% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-103 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Dimensional Global Sustainability PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Dimensional Global Sustainability PIE Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.37pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.37pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.34pp Foundation Series Total World Fund Foundation Series 0.07% −0.33pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.33pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.30pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.25pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.25pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dimensional Global Sustainability PIE Fund? Dimensional Global Sustainability PIE Fund charges 0.40% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Dimensional Global Sustainability PIE Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Dimensional Global Sustainability PIE Fund sits at 0.40% — cheaper than 71% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.40% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$198. That is NZ$103 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dimensional Global Sustainability PIE Fund --- ## URL: https://managedfunds.nz/funds/dimensional/global-sustainability/markdown.md # Dimensional Global Sustainability PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Dimensional Global Sustainability PIE Fund is a international equities managed fund run by Dimensional. Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Investment objective (from PDS) > The investment objective of the Fund is to provide long-term capital growth by gaining exposure to a diversified portfolio of securities associated with approved developed markets (excluding Australia), with increased emphasis on higher expected return securities. The Fund also takes into account certain non-financial Sustainability Considerations when making investment decisions. The Fund has a Portfolio Carbon Footprint Reduction Goal and seeks to exclude companies involved in particular business practices. Source: Product Disclosure Statement dated 2025-09-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.40% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$222 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 23 June 2022 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Apple Inc — 4.86% 2. Nvidia Corp — 4.82% 3. Meta Platforms Inc — 2.00% 4. Amazon Com Inc — 1.92% 5. Microsoft Corp — 1.65% 6. Broadcom Ord Shs — 1.10% 7. Jp Morgan Chase & Co — 1.01% 8. Alphabet Inc Cap Stk Cl A — 0.99% 9. Alphabet Inc Cap Cl C — 0.83% 10. Lilly (Eli) & Co Usd — 0.81% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 8 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. ### Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties) - Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture) - Palm oil (>10% revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components) - Nuclear weapons (production, key components, delivery platforms, or support services) - Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages) - Gambling (>10% revenue from ownership or operation of gambling facilities) - Adult entertainment (>10% revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail) - Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities) - Companies associated with significant environmental controversies Source: Statement of Investment Policy and Objectives dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo777b20264ed27a5553942754b7660258/202510-Dimensional-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Dimensional's relationship with Other Dimensional Funds could influence it to undertake Crossing Transactions (buying or selling assets between the Funds and Other Dimensional Funds) instead of transacting on market, or to undertake a Crossing Transaction when one or other fund would not have otherwise transacted. - Dimensional's association with Other Dimensional Funds could influence it to invest the assets of the Funds into Other Dimensional Funds instead of into direct assets or investment funds managed by third parties. - Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g., a broker that Dimensional Group engages), and if terms and fees are not on arms' length terms, investors in the Funds could be adversely affected. - Parties related to the Funds, including the staff of Dimensional and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **DFA Australia Limited (Dimensional)** (Investment Manager appointed by FundRock under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; crossing transactions with Other Dimensional Funds; potential investment of Fund assets into Other Dimensional Funds Source: Other Material Information document dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo100a9210291545e301a4e4cea156ad17/202510-Dimensional-OMI.pdf ## How to invest Available via: Dimensional directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional%20Global%20Sustainability%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13317/OFR13318/FND39021/ - **Manager website:** https://www.dimensional.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dimensional/global-sustainability/ - **Markdown (this file):** https://managedfunds.nz/funds/dimensional/global-sustainability/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dimensional/global-sustainability/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dimensional Global Sustainability PIE Fund URL: https://managedfunds.nz/funds/dimensional/global-sustainability/questions/ > 3 commonly-asked questions about the Dimensional Global Sustainability PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Dimensional, international equities category. Questions about Dimensional Global Sustainability PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Dimensional Global Sustainability PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is pie fund better than term deposit? PIE funds and term deposits serve different investment purposes and involve different risk profiles. This fund carries a risk indicator of 5/7 on the FMA standardised scale and invests in global equities (~98.31% growth assets), whereas term deposits are typically lower-risk capital-preservation vehicles; the choice depends on your investment timeframe, risk tolerance, and financial goals. See the FMA's fund investment guide at disclose-register.companiesoffice.govt.nz for more detail on comparing investment types. 2. What are the risks of investing in dimensional funds? This fund carries a risk indicator of 5/7 on the FMA standardised scale, reflecting its exposure to global equity markets, which can experience significant price volatility. As an international equities fund, it is also subject to currency risk, market concentration risk (top holding is 4.86%), and the risk that ESG/responsible-investment screens may exclude securities that could have performed well. Check the current Product Disclosure Statement (PDS) on the manager's website at dimensional.com for a full risk disclosure. 3. Do dimensional funds outperform? Performance data for this fund is available on the FMA Disclose register at disclose-register.companiesoffice.govt.nz, where you can review historical returns alongside peer-cohort comparisons. Fund performance varies by market conditions and period measured; we do not make forward-looking performance claims. Check the latest Quarterly Fund Update (QFU) for returns to date and see the manager's website at dimensional.com for detailed performance commentary. Primary sources Product Disclosure Statement More about this fund Dimensional Global Sustainability PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Dimensional Global Sustainability PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/dimensional/global-sustainability/who-audits/ > The Dimensional Global Sustainability PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Dimensional Global Sustainability PIE Fund? PricewaterhouseCoopers The Dimensional Global Sustainability PIE Fund sits within a managed investment scheme run by Dimensional. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Dimensional Global Sustainability PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Dimensional Two-Year Sustainability Fixed Interest PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/investment-mandate/ > The Dimensional Two-Year Sustainability Fixed Interest PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 14 explicit exclusions. Verbatim from the SIPO. What can the Dimensional Two-Year Sustainability Fixed Interest PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (14) Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties)Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture)Palm oil (>10% revenue from production or distribution)Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components)Nuclear weapons (production, key components, delivery platforms, or support services)Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail)Child labour (involvement in severe child labour controversies)Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages)Gambling (>10% revenue from ownership or operation of gambling facilities)Adult entertainment (>10% revenue from production, distribution or retail of pornographic products)Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail)Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities)Government agency and supranational issuers with relatively high carbon intensity or potential emissions from reservesCompanies associated with significant environmental controversies Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. Statement of Investment Policy and Objectives Related Dimensional Two-Year Sustainability Fixed Interest PIE Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Dimensional Two-Year Sustainability Fixed Interest PIE Fund: 0… URL: https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/is-it-expensive/ > Dimensional Two-Year Sustainability Fixed Interest PIE Fund charges 0.25% p.a. vs the international fi peer-class median of 0.70%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Dimensional Two-Year Sustainability Fixed Interest PIE Fund expensive? Dimensional Two-Year Sustainability Fixed Interest PIE Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 95% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Dimensional Two-Year Sustainability Fixed Interest PIE Fund NZ$124 at 0.25% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-221 over 5 years on NZ$10K. 1 cheaper peers in the same category International FI funds with a lower annual fund charge than Dimensional Two-Year Sustainability Fixed Interest PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Dimensional Two-Year Sustainability Fixed Interest PIE Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Dimensional Two-Year Sustainability Fixed Interest PIE Fund? Dimensional Two-Year Sustainability Fixed Interest PIE Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Dimensional Two-Year Sustainability Fixed Interest PIE Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Dimensional Two-Year Sustainability Fixed Interest PIE Fund sits at 0.25% — cheaper than 95% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$221 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Dimensional Two-Year Sustainability Fixed Interest PIE Fund --- ## URL: https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/markdown.md # Dimensional Two-Year Sustainability Fixed Interest PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Dimensional Two-Year Sustainability Fixed Interest PIE Fund is a international fi managed fund run by Dimensional. Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Investment objective (from PDS) > The Fund is managed to gain exposure to a broadly diversified portfolio of eligible short-term, Investment Grade global fixed interest and money market securities. Within portfolio constraints, including controls on portfolio maturity, security maturity, credit quality and diversification, the objective of the Fund is to maximise the return of the portfolio. The Fund also takes into account certain non-financial Sustainability Considerations when making investment decisions. Source: Product Disclosure Statement dated 2025-09-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo0acc80e6a6cf21dfa9b37892aafecd02/202510-Dimensional-Fixed-Interest-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$264 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 20 November 2024 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. New Zealand Government 0.250000% 05/15/2028 — 2.82% 2. Nz Local Govt Fund Agenc 2.250000% 05/15/2028 — 2.75% 3. Cppib Capital Inc 3.000000% 06/15/2028 — 2.14% 4. Province Of Alberta 2.900000% 12/01/2028 — 2.06% 5. Queensland Treasury Corp 2.750000% 08/20/2027 — 1.77% 6. South Aust Govt Fin Auth 3.000000% 09/20/2027 — 1.77% 7. Kfw 4.300000% 07/13/2027 — 1.52% 8. Treasury Corp Victoria 1.250000% 11/19/2027 — 1.49% 9. Cdp Financial Inc 3.700000% 03/08/2028 — 1.45% 10. European Investment Bank 3.900000% 06/15/2028 — 1.45% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 5 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Sustainability Funds take into account non-financial sustainability considerations including a Portfolio Carbon Footprint Reduction Goal and company exclusions for involvement in coal, factory farming, palm oil, controversial weapons, nuclear weapons, tobacco, child labour, alcohol, gambling, adult entertainment, personal firearms, and private prisons. Companies are ranked on sustainability factors (carbon intensity, potential emissions from reserves, land use and biodiversity, toxic spills and releases, operational waste, and water management) and excluded, underweighted, overweighted or neutral weighted accordingly. ### Derivatives policy The Funds are permitted to invest in derivative instruments including futures and currency hedging instruments. For the Sustainability Funds, derivatives are generally only used on a temporary basis for managing large cashflows and are not included when calculating progress against the Portfolio Carbon Footprint Reduction Goal. ### Exclusions - Coal (ownership of thermal or metallurgical coal reserves or revenue from mining of thermal coal and its sale to third-parties) - Factory farming (commercial animal husbandry for food production, excluding organic/free-range farms or aquaculture) - Palm oil (>10% revenue from production or distribution) - Controversial weapons (cluster munitions, landmines, biological, chemical or depleted uranium weapons or key components) - Nuclear weapons (production, key components, delivery platforms, or support services) - Tobacco (production of tobacco/nicotine products or >10% revenue from distribution/retail) - Child labour (involvement in severe child labour controversies) - Alcohol (>10% revenue from production, distribution or retail of alcoholic beverages) - Gambling (>10% revenue from ownership or operation of gambling facilities) - Adult entertainment (>10% revenue from production, distribution or retail of pornographic products) - Personal firearms (production of civilian firearms/ammunition or >20% revenue from retail) - Private prisons (operation or management of, or staffing services to, for-profit correctional/detention facilities) - Government agency and supranational issuers with relatively high carbon intensity or potential emissions from reserves - Companies associated with significant environmental controversies Source: Statement of Investment Policy and Objectives dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo777b20264ed27a5553942754b7660258/202510-Dimensional-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Dimensional's relationship with Other Dimensional Funds could influence it to undertake Crossing Transactions (buying or selling assets between the Funds and Other Dimensional Funds) instead of transacting on market, or to undertake a Crossing Transaction when one or other fund would not have otherwise transacted. - Dimensional's association with Other Dimensional Funds could influence it to invest the assets of the Funds into Other Dimensional Funds instead of into direct assets or investment funds managed by third parties. - Dimensional could have a relationship with the counterparty borrower in a securities lending transaction (e.g., a broker that Dimensional Group engages), and if terms and fees are not on arms' length terms, investors in the Funds could be adversely affected. - Parties related to the Funds, including the staff of Dimensional and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme - **DFA Australia Limited (Dimensional)** (Investment Manager appointed by FundRock under Investment Management Agreement and Fund Hosting Agreement) — Investment management of Fund assets; crossing transactions with Other Dimensional Funds; potential investment of Fund assets into Other Dimensional Funds Source: Other Material Information document dated 2025-09-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo100a9210291545e301a4e4cea156ad17/202510-Dimensional-OMI.pdf ## How to invest Available via: Dimensional directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional%20Two-Year%20Sustainability%20Fixed%20Interest%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo72e4af299f5728b0d0e39bbdba336c31/202510-Dimensional-Equity-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13317/OFR13318/FND52720/ - **Manager website:** https://www.dimensional.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Dimensional Two-Year Sustainability Fixed Interest PIE Fund URL: https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/questions/ > 3 commonly-asked questions about the Dimensional Two-Year Sustainability Fixed Interest PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Dimensional, international fi category. Questions about Dimensional Two-Year Sustainability Fixed Interest PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Dimensional Two-Year Sustainability Fixed Interest PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is pie fund better than term deposit? PIE funds and term deposits serve different purposes and carry different risk profiles. This fund is a PIE (Portfolio Investment Entity) with a risk indicator of 2/7, meaning it carries more risk than cash deposits but offers tax-capped returns at your PIR (maximum 28%), whereas term deposit interest is taxed at your marginal rate; compare the after-tax yield outcomes using the latest fund documentation and your own IRD tax code. 2. What are the risks of investing in dimensional funds? This fund has a risk indicator of 2/7 on the FMA standardised scale, reflecting moderate-to-low risk typical of fixed interest portfolios. The main risks include interest rate movements (which affect bond values), credit risk from the fund's holdings (including government and corporate issuers), and currency risk, though this fund is NZD-hedged; see the current Product Disclosure Statement on the manager's website or FMA Disclose register for full risk disclosures. 3. Is Dimensional fund Advisors legit? Dimensional Fund Advisors is a registered fund manager regulated under New Zealand's Financial Markets Authority. You can verify the fund's regulatory standing and view its latest financial disclosures on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Dimensional Two-Year Sustainability Fixed Interest PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Dimensional Two-Year Sustainability Fixed Interest PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/who-audits/ > The Dimensional Two-Year Sustainability Fixed Interest PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Dimensional Two-Year Sustainability Fixed Interest PIE Fund? PricewaterhouseCoopers The Dimensional Two-Year Sustainability Fixed Interest PIE Fund sits within a managed investment scheme run by Dimensional. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Dimensional Two-Year Sustainability Fixed Interest PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Elevation Capital Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/elevation-capital/global-shares/investment-mandate/ > The Elevation Capital Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Elevation Capital Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Unlisted shares (total exposure) — 0% 10% Any single listed equity security — — 5% Any single unlisted equity security — — 5% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Short-sellingLeverage / borrowingOptions and futures contracts (other than FX hedging instruments) Derivatives policy The Fund will not utilise options or futures contracts (derivatives), excluding foreign currency forward contracts and currency options used solely for hedging purposes. The Fund will not undertake short-selling. Statement of Investment Policy and Objectives Related Elevation Capital Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Elevation Capital Global Shares Fund: 1.80% fee vs 0.61% peer … URL: https://managedfunds.nz/funds/elevation-capital/global-shares/is-it-expensive/ > Elevation Capital Global Shares Fund charges 1.80% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Elevation Capital Global Shares Fund expensive? Elevation Capital Global Shares Fund charges 1.80% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Elevation Capital Global Shares Fund NZ$868 at 1.80% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$567 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Elevation Capital Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Elevation Capital Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.77pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.77pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.74pp Foundation Series Total World Fund Foundation Series 0.07% −1.73pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.73pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.70pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.65pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.65pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Elevation Capital Global Shares Fund? Elevation Capital Global Shares Fund charges 1.80% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Elevation Capital Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Elevation Capital Global Shares Fund sits at 1.80% — pricier than the median (cheaper than 6% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.80% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$868. That is NZ$567 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Elevation Capital Global Shares Fund --- ## URL: https://managedfunds.nz/funds/elevation-capital/global-shares/markdown.md # Elevation Capital Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Elevation Capital - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Elevation Capital Global Shares Fund is a international equities managed fund run by Elevation Capital. Concentrated value-style global equity manager. ## Investment objective (from PDS) > The principal objective of the Fund is to achieve positive absolute returns after fees and expenses but before tax over the long term (that is a period of at least five years). We seek to achieve this objective by providing investors with long-term income and capital growth by directly investing in shares (equity securities) on a global basis. Source: Product Disclosure Statement dated 2026-05-07 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/7f486d9d3ee840e6/The-Curve-Fund-PDS.pdf ## Fund data - **Annual fund charge:** 1.80% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.40% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$23 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 9 December 2008 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Rakon Ltd — 8.59% 2. Alphabet Inc Class A — 3.82% 3. Adobe Systems Inc — 3.69% 4. PUIG SM Equity — 3.69% 5. The Swatch Group AG — 3.28% 6. L'Oreal SA - Loyalty 2027 — 3.05% 7. Remy Cointreau — 2.85% 8. Hermes International — 2.81% 9. Kering — 2.80% 10. Diageo Plc — 2.79% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Unlisted shares (total exposure) | — | 0% | 10% | | Any single listed equity security | — | — | 5% | | Any single unlisted equity security | — | — | 5% | ### Derivatives policy The Fund will not utilise options or futures contracts (derivatives), excluding foreign currency forward contracts and currency options used solely for hedging purposes. The Fund will not undertake short-selling. ### Exclusions - Short-selling - Leverage / borrowing - Options and futures contracts (other than FX hedging instruments) Source: Statement of Investment Policy and Objectives dated 2026-05-18. https://smartinvestor.sorted.org.nz/disclose-document/12481df5e5204e7f/The-Curve-Fund-SIPO.pdf ## How to invest Available via: Elevation Capital directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Elevation%20Capital%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/7f486d9d3ee840e6/The-Curve-Fund-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11207/OFR11348/FND3120/ - **Manager website:** https://www.elevationcapital.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/elevation-capital/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/elevation-capital/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/elevation-capital/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Elevation Capital Global Shares Fund URL: https://managedfunds.nz/funds/elevation-capital/global-shares/questions/ > 3 commonly-asked questions about the Elevation Capital Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Elevation Capital, international equities category. Questions about Elevation Capital Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Elevation Capital Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Elevation Capital a global fund? Elevation Capital Global Shares Fund is classified as an International Equities fund with an asset mix of approximately 78.34% growth assets and 21.66% income assets. The fund's top holdings include both US-listed companies (Alphabet Inc Class A, Adobe Systems Inc) and NZ-listed companies (Rakon Ltd), reflecting a globally diversified approach. 2. What is the performance of the Elevation Capital fund? As at the latest QFU, the Elevation Capital Global Shares Fund returned 3.4% per annum after fees and before tax over the past 5 years. For current performance data and monthly returns, refer to the fund's entry on FMA Disclose at https://disclose-register.companiesoffice.govt.nz/ 3. Which companies are funded by elevation capital? The Elevation Capital Global Shares Fund holds investments in a range of listed companies; as at the latest QFU, the top three holdings were Rakon Ltd (8.59%), Alphabet Inc Class A (3.82%), and Adobe Systems Inc (3.69%). A complete holdings list is available via the manager's website at https://www.elevationcapital.co.nz Primary sources Product Disclosure Statement More about this fund Elevation Capital Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Ellerston Global Mid Small Cap Fund: annual fee load vs peer-c… URL: https://managedfunds.nz/funds/ellerston/global-mid-small-cap/is-it-expensive/ > Annual fee load for Ellerston Global Mid Small Cap Fund compared with the international equities peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Ellerston Global Mid Small Cap Fund expensive? Annual fund charge for Ellerston Global Mid Small Cap Fund has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Ellerston Global Mid Small Cap Fund? Annual fund charge for Ellerston Global Mid Small Cap Fund has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Ellerston Global Mid Small Cap Fund's fee compare with peer international equities funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Ellerston Global Mid Small Cap Fund --- ## URL: https://managedfunds.nz/funds/ellerston/global-mid-small-cap/markdown.md # Ellerston Global Mid Small Cap Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Ellerston - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** pending ingestion ## Summary The Ellerston Global Mid Small Cap Fund is a international equities managed fund run by Ellerston. Australian boutique with a global mid-small cap strategy distributed in NZ. ## Fund data Fees, returns, risk indicator and asset mix for the Ellerston Global Mid Small Cap Fund are published in the fund's Quarterly Fund Update on the FMA Disclose register. Direct link below. ## How to invest Available via: Ellerston directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Ellerston%20Global%20Mid%20Small%20Cap%20Fund - **Manager website:** https://ellerstoncapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/ellerston/global-mid-small-cap/ - **Markdown (this file):** https://managedfunds.nz/funds/ellerston/global-mid-small-cap/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/ellerston/global-mid-small-cap/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Ellerston Global Mid Small Cap Fund URL: https://managedfunds.nz/funds/ellerston/global-mid-small-cap/questions/ > 3 commonly-asked questions about the Ellerston Global Mid Small Cap Fund, answered with mechanical facts sourced from the FMA Disclose register. Ellerston, international equities category. Questions about Ellerston Global Mid Small Cap Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Ellerston Global Mid Small Cap Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is Ellerston Capital known for? Ellerston Capital is an Australian investment manager operating the Ellerston Global Mid Small Cap Fund, which focuses on international equities in the mid and small-cap segment. Details about the manager's investment philosophy and track record are available on their website at https://ellerstoncapital.com. 2. What are the downsides of mid-cap funds? Mid-cap funds typically carry higher volatility than large-cap funds, as smaller companies are more sensitive to market cycles and economic conditions. They may also have lower liquidity in their holdings, potentially resulting in wider bid-ask spreads when the fund needs to trade. The Ellerston Global Mid Small Cap Fund's risk indicator is disclosed in its Product Disclosure Statement and on the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. 3. Which fund is better, small cap or mid-cap? The choice between small-cap and mid-cap funds depends on individual circumstances such as risk tolerance, time horizon, and investment goals—neither category is mechanically "better." The Ellerston Global Mid Small Cap Fund sits in the mid and small-cap range within international equities; to compare it with other funds in this category, see the fund comparison tools on managedfunds.nz, and review the current Product Disclosure Statement via the FMA Disclose Register. More about this fund Ellerston Global Mid Small Cap Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the First Sentier Global Listed Infrastructure Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/investment-mandate/ > The First Sentier Global Listed Infrastructure Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 6 explicit exclusions. Verbatim from the SIPO. What can the First Sentier Global Listed Infrastructure Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% International equities (listed infrastructure securities) 98% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (6) Entities deriving any gross revenue directly from the manufacture of Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons and white phosphorus munitions)Entities deriving any gross revenue directly from the manufacture of Tobacco Products (traditional cigarettes, cigars, chewing tobacco, vaping and e-cigarette products)Entities owning a 50% or more interest in entities that derive any gross revenue directly from the manufacture of Controversial Weapons or Tobacco ProductsStocks with a market capitalisation of less than US$500 millionCountries not in the OECD exceeding 20% of the Fund's exposure in aggregateShort selling Responsible-investment approach The Investment Manager integrates ESG considerations into the investment process primarily through a quality ranking model with 25 criteria including explicit Environmental, Social and Governance scores. The Fund excludes investment in entities deriving any gross revenue from the manufacture of Controversial Weapons or Tobacco Products, or owning 50% or more interest in such entities. Persistent or systematic failures against ESG-related parameters may lead to divestment following engagement. Derivatives policy Forward currency contract derivatives and Non-Deliverable Forwards are permitted solely for the purpose of currency hedging. No other derivative use is described. Statement of Investment Policy and Objectives Related First Sentier Global Listed Infrastructure Fund fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## First Sentier Global Listed Infrastructure Fund: 1.03% fee vs … URL: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/is-it-expensive/ > First Sentier Global Listed Infrastructure Fund charges 1.03% p.a. vs the other peer-class median of 1.06%. 2 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the First Sentier Global Listed Infrastructure Fund expensive? First Sentier Global Listed Infrastructure Fund charges 1.03% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is cheaper than 69% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). First Sentier Global Listed Infrastructure Fund NZ$504 at 1.03% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: NZ$-17 over 5 years on NZ$10K. 2 cheaper peers in the same category Other funds with a lower annual fund charge than First Sentier Global Listed Infrastructure Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs First Sentier Global Listed Infrastructure Fund Kernel Global Infrastructure Fund Kernel 0.25% −0.78pp Smart Bitcoin ETF Smartshares 0.55% −0.48pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for First Sentier Global Listed Infrastructure Fund? First Sentier Global Listed Infrastructure Fund charges 1.03% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does First Sentier Global Listed Infrastructure Fund's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. First Sentier Global Listed Infrastructure Fund sits at 1.03% — cheaper than 69% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.03% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$504. That is NZ$17 less than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to First Sentier Global Listed Infrastructure Fund --- ## URL: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/markdown.md # First Sentier Global Listed Infrastructure Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** First Sentier (First Sentier Investors (Australia) IM Limited) - **Asset class:** Other - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The First Sentier Global Listed Infrastructure Fund is a other managed fund run by First Sentier. Global investment specialist with a Global Listed Infrastructure PIE fund offered to NZ investors. ## Investment objective (from PDS) > The Fund aims to deliver capital growth and inflation-protected income by investing in a globally diversified portfolio of infrastructure securities. The Fund aims to outperform the FTSE Global Core Infrastructure 50/50 Index (Net TR, NZD hedged), before fees and taxes, over rolling three-year periods. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22bbd484411b868f/First-Sentier-Investors--NZ--Scheme-1-APR-2026---PDS.pdf ## Fund data - **Annual fund charge:** 1.03% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.26% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$129 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 17 December 2013 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. Duke Energy Corp Com — 5.28% 2. Cash at Bank (BNZ) — 5.28% 3. American Electric Power Company Inc — 4.66% 4. Union Pacific Corp — 4.47% 5. Oneok Inc — 4.09% 6. Nextera Energy Inc — 3.94% 7. Transurban Group Ordinary Shares Units Stapled Securities — 3.89% 8. Csx Corp Com — 3.88% 9. Xcel Energy Inc — 3.56% 10. Sempra Ord — 3.55% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 10 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | International equities (listed infrastructure securities) | 98% | 90% | 100% | ### Responsible-investment approach The Investment Manager integrates ESG considerations into the investment process primarily through a quality ranking model with 25 criteria including explicit Environmental, Social and Governance scores. The Fund excludes investment in entities deriving any gross revenue from the manufacture of Controversial Weapons or Tobacco Products, or owning 50% or more interest in such entities. Persistent or systematic failures against ESG-related parameters may lead to divestment following engagement. ### Derivatives policy Forward currency contract derivatives and Non-Deliverable Forwards are permitted solely for the purpose of currency hedging. No other derivative use is described. ### Exclusions - Entities deriving any gross revenue directly from the manufacture of Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons and white phosphorus munitions) - Entities deriving any gross revenue directly from the manufacture of Tobacco Products (traditional cigarettes, cigars, chewing tobacco, vaping and e-cigarette products) - Entities owning a 50% or more interest in entities that derive any gross revenue directly from the manufacture of Controversial Weapons or Tobacco Products - Stocks with a market capitalisation of less than US$500 million - Countries not in the OECD exceeding 20% of the Fund's exposure in aggregate - Short selling Source: Statement of Investment Policy and Objectives dated 2026-03-29. https://smartinvestor.sorted.org.nz/disclose-document/c4fd2d9e13bea3d5/First-Sentier-Investors--NZ--Scheme-1-APR-2026---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex Investment Administration (NZ) Limited are both ultimately owned by Apex Group Limited, and this common ownership may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Fund, including staff and families of all parties listed in the 'Other information on the parties involved' section, may from time to time invest in the Fund. - A related party transaction in respect of the Fund may only be done if the details are notified to the Supervisor and FundRock certifies the transaction is on arm's length terms or obtains the Supervisor's consent on the basis that it is in the best interests of investors, or contingent on Special Resolution approval by investors. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/4ce5ceb94dce0b62/First-Sentier-Investors--NZ--Scheme-1-APR-2026---OMI.pdf ## How to invest Available via: First Sentier directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=First%20Sentier%20Global%20Listed%20Infrastructure%20Fund - **Product Disclosure Statement:** /disclose-document/22bbd484411b868f/First-Sentier-Investors--NZ--Scheme-1-APR-2026---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13089/OFR13090/FND22706/ - **Manager website:** https://www.firstsentierinvestors.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the First Sentier Global Listed Infrastructure Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/who-audits/ > The First Sentier Global Listed Infrastructure Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the First Sentier Global Listed Infrastructure Fund? PricewaterhouseCoopers The First Sentier Global Listed Infrastructure Fund sits within a managed investment scheme run by First Sentier. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related First Sentier Global Listed Infrastructure Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Fisher Funds Australian Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/australian-growth/investment-mandate/ > The Fisher Funds Australian Growth Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds Australian Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 30% Australian shares 100% 70% 100% Alternatives 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 70%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Australian Growth Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Australian Growth Fund: 0.87% fee vs 1.01% peer m… URL: https://managedfunds.nz/funds/fisher-funds/australian-growth/is-it-expensive/ > Fisher Funds Australian Growth Fund charges 0.87% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Australian Growth Fund expensive? Fisher Funds Australian Growth Fund charges 0.87% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 58% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Australian Growth Fund NZ$427 at 0.87% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-67 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Fisher Funds Australian Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Australian Growth Fund Simplicity NZ Share Fund Simplicity 0.10% −0.77pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.67pp Harbour NZ Index Shares Fund Harbour 0.21% −0.66pp BetaShares Australia 200 Fund BetaShares 0.23% −0.64pp Kernel NZ 20 Fund Kernel 0.25% −0.62pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.62pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.62pp Kernel Australia 100 Fund Kernel 0.25% −0.62pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Australian Growth Fund? Fisher Funds Australian Growth Fund charges 0.87% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Australian Growth Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Fisher Funds Australian Growth Fund sits at 0.87% — cheaper than 58% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.87% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$427. That is NZ$67 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Australian Growth Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/australian-growth/markdown.md # Fisher Funds Australian Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Australian Growth Fund is a australasian equities managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Focuses on growth of your investment over the long term by investing in quality Australian companies which can consistently produce increasing earnings. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 0.87% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.31% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$77 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 June 2005 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. BHP Group Limited — 8.87% 2. Macquarie Group Limited — 5.46% 3. Wisetech Global Limited — 4.95% 4. Commonwealth Bank Ord — 4.83% 5. CAR Group Limited — 4.71% 6. AUB Group Limited — 4.57% 7. Brambles Limited — 4.53% 8. Resmed Inc — 4.47% 9. ANZ Group Holdings Limited — 4.45% 10. CSL Limited — 4.42% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.03% > 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 30% | | Australian shares | 100% | 70% | 100% | | Alternatives | 0% | 0% | 10% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Australian%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1209/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/australian-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/australian-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/australian-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Fisher Funds Australian Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/fisher-funds/australian-growth/performance-fee-explained/ > The Fisher Funds Australian Growth Fund charges a performance fee in addition to its annual fund charge; it paid 0.03% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Fisher Funds Australian Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.03% of NAV Annual fund charge (on top) 0.87% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Fisher Funds Australian Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Fisher Funds Australian Growth Fund URL: https://managedfunds.nz/funds/fisher-funds/australian-growth/questions/ > 3 commonly-asked questions about the Fisher Funds Australian Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, australasian equities category. Questions about Fisher Funds Australian Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Australian Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is my money safe with Fisher funds? Fisher Funds is a registered manager under the Financial Markets Conduct Act 2013 and manages funds subject to FMA oversight; you can verify current fund status and performance data on the FMA Disclose register at https://disclose-register.companieshoice.govt.nz/. As with all managed funds, your investment is subject to market risk — this fund has a risk indicator of 5/7 on the FMA standardised scale — and you should read the current Product Disclosure Statement before investing. 2. What are the best performing growth funds? The Fisher Funds Australian Growth Fund returned 5.32% p.a. after fees and before tax over the last 5 years, as at the latest QFU; you can compare this against peers in the Australasian Equities category using the fund comparison tool on this site or by checking FMA Disclose data. 3. What are the lowest fee ETFs in Australia? This fund charges 0.87% p.a. in annual fund charges, which is below the peer-cohort average of 0.95% p.a. for comparable funds; for a full list of funds in our coverage ranked by fee, see our low-cost fund filter. Primary sources Product Disclosure Statement More about this fund Fisher Funds Australian Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds BondPlus Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/bondplus/investment-mandate/ > The Fisher Funds BondPlus Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds BondPlus Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 30% New Zealand fixed interest 0% 0% 15% International fixed interest 100% 70% 100% Mandate flexibility (sum of max − min across all ranges): 75%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds BondPlus Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds BondPlus Fund: 1.26% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/fisher-funds/bondplus/is-it-expensive/ > Fisher Funds BondPlus Fund charges 1.26% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds BondPlus Fund expensive? Fisher Funds BondPlus Fund charges 1.26% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 89% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds BondPlus Fund NZ$614 at 1.26% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$269 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Fisher Funds BondPlus Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds BondPlus Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −1.11pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −1.01pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.98pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.96pp Kernel US Bond Fund Kernel 0.30% −0.96pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.94pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.94pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.92pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds BondPlus Fund? Fisher Funds BondPlus Fund charges 1.26% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds BondPlus Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Fisher Funds BondPlus Fund sits at 1.26% — pricier than the median (cheaper than 11% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.26% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$614. That is NZ$269 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds BondPlus Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/bondplus/markdown.md # Fisher Funds BondPlus Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds BondPlus Fund is a international fi managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Aims to provide stable returns over the long term by investing predominantly in international fixed interest assets. Source: Product Disclosure Statement dated 2026-03-05 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf ## Fund data - **Annual fund charge:** 1.26% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.53% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$95 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 1 November 1990 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. ANZ 10 A/C - Current Accounts — 5.67% 2. UK GILT — 1.71% 3. U S TREASURY BOND — 1.42% 4. CHINA DEVELOPMENT BANK — 1.41% 5. FRANCE (GOVT OF) — 1.33% 6. CHINA DEVELOPMENT BANK — 1.02% 7. U S TREASURY INFLATE PROT Bond — 1.02% 8. US Treasury Bond 15/05/2030 0.625 — 1.01% 9. CASH COLLATERAL ISDA IND USD — 0.95% 10. JAPANESE GOVT BOND (10Y) #375 — 0.90% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 30% | | New Zealand fixed interest | 0% | 0% | 15% | | International fixed interest | 100% | 70% | 100% | ### Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo34b331329a7cacf1d94f5e6c7e9221b2/Fisher-Funds-Investment-Series-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The funds in the Scheme invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest where Fisher Funds acts as manager of both the investing fund and the underlying wholesale fund. - Fisher Funds may pay service fees of up to 0.25% per annum to financial advisers, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend the Scheme. - Fisher Funds may make payments of up to 0.075% per annum to adviser associations to support professional activities, which may create an indirect conflict of interest. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds)** (Same manager — funds in the Scheme invest in wholesale funds also managed by Fisher Funds) — Management fees on investments in wholesale funds; Fisher Funds fully rebates the management fee where one is incurred · Generally nil; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdobcfcc085c51240cf4ff13dae34155428/Fisher-Funds-Investment-Series-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20BondPlus%20Fund - **Product Disclosure Statement:** /disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10642/OFR10748/FND1065/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/bondplus/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/bondplus/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/bondplus/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds BondPlus Fund URL: https://managedfunds.nz/funds/fisher-funds/bondplus/questions/ > 3 commonly-asked questions about the Fisher Funds BondPlus Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, international fi category. Questions about Fisher Funds BondPlus Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds BondPlus Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a bond plus fund? A bond plus fund is a fixed-income investment fund that holds primarily bonds and cash-like securities, typically with a small allocation to growth assets for additional return potential. The Fisher Funds BondPlus Fund holds approximately 99.87% income assets and 0.13% growth assets, positioned as a moderate-risk fixed-income strategy on the FMA standardised risk scale (3/7). 2. Is my money safe with Fisher funds? Fisher Funds is a registered fund manager in New Zealand; investor money is held in separate trust accounts and regulated under the FMC Act. For specific information about fund protection and Fisher Funds' regulatory compliance, refer to the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the fund's Product Disclosure Statement. 3. How much do Fisher Investments charge as a fee? The Fisher Funds BondPlus Fund has an annual fund charge of 1.26% p.a., as disclosed in the latest Quarterly Fund Update (QFU). This is higher than the peer-cohort average fee of 0.66% p.a. for comparable fixed-income funds; prospective investors should compare fees across available options. Primary sources Product Disclosure Statement More about this fund Fisher Funds BondPlus Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds Conservative Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/conservative/investment-mandate/ > The Fisher Funds Conservative Fund's Statement of Investment Policy sets target / min / max ranges across 11 asset classes. Verbatim from the SIPO. What can the Fisher Funds Conservative Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 20% 0% 35% New Zealand fixed interest 28% 10% 50% International fixed interest 32% 15% 60% Total income assets 80% 50% 100% Unlisted property 2% 0% 10% Listed property 2% 0% 10% Australasian shares 5% 0% 15% International shares 11% 0% 25% Commodities 0% 0% 5% Total growth assets 20% 0% 50% Other 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 295%. Wide range — high manager discretion typical of active management. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Conservative Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Conservative Fund: 1.35% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/fisher-funds/conservative/is-it-expensive/ > Fisher Funds Conservative Fund charges 1.35% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Conservative Fund expensive? Fisher Funds Conservative Fund charges 1.35% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Conservative Fund NZ$657 at 1.35% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$172 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Fisher Funds Conservative Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Conservative Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.10pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.10pp Simplicity Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.10pp Kernel Conservative Fund Kernel 0.25% −1.10pp Kernel Balanced Fund Kernel 0.25% −1.10pp Kernel High Growth Fund Kernel 0.25% −1.10pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Conservative Fund? Fisher Funds Conservative Fund charges 1.35% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Conservative Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Fisher Funds Conservative Fund sits at 1.35% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.35% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$657. That is NZ$172 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Conservative Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/conservative/markdown.md # Fisher Funds Conservative Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Conservative Fund is a diversified managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Aims to provide stable returns over the long term by investing mainly in income assets with a modest allocation to growth assets. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 1.35% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.67% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$116 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 31 July 2018 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. ANZ 10 A/C - Current Accounts — 6.27% 2. NZ Government Bond 14/04/2033 3.50 — 2.22% 3. NZ Government Bond 15/05/2031 1.50 — 2.09% 4. NZ Government Index Linked Bond 20/09/35 2.50 — 1.36% 5. NZ Government Bond 15/04/2037 2.75 — 1.25% 6. NZ Local Government Funding Agency 15/05/28 2.25 — 1.03% 7. BAYFAIR SHOPPING CENTRE - Retail — 0.86% 8. NZ Government Bond 20/04/2029 3.00 — 0.86% 9. NZ Government Index Linked Bond 20/09/40 2.50 — 0.84% 10. NZ Government Index Linked Bond 20/09/2030 3.00 — 0.81% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 20% | 0% | 35% | | New Zealand fixed interest | 28% | 10% | 50% | | International fixed interest | 32% | 15% | 60% | | Total income assets | 80% | 50% | 100% | | Unlisted property | 2% | 0% | 10% | | Listed property | 2% | 0% | 10% | | Australasian shares | 5% | 0% | 15% | | International shares | 11% | 0% | 25% | | Commodities | 0% | 0% | 5% | | Total growth assets | 20% | 0% | 50% | | Other | 0% | 0% | 10% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Conservative%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND11124/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/conservative/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/conservative/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/conservative/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds Conservative Fund URL: https://managedfunds.nz/funds/fisher-funds/conservative/questions/ > 4 commonly-asked questions about the Fisher Funds Conservative Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, diversified category. Questions about Fisher Funds Conservative Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Conservative Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the risks of a conservative fund? Conservative funds typically hold a higher proportion of income assets (such as bonds and cash) relative to growth assets, which generally carry lower volatility but may not keep pace with inflation over long periods. This Fisher Funds Conservative Fund holds approximately 77.28% income assets and 22.72% growth assets, with a risk indicator of 3 out of 7 on the FMA standardised scale. For a detailed breakdown of specific risks, see the Product Disclosure Statement on the manager's website or check the FMA Disclose register. 2. Is conservative fund good for KiwiSaver? Whether a conservative fund suits your KiwiSaver scheme account depends on your age, time horizon, and personal circumstances. Conservative funds are often considered suitable for members closer to retirement, but you should review the fund's risk indicator (this fund is 3/7), asset mix (77.28% income assets), and 5-year return after fees of 2.01% p.a. alongside your own retirement goals. For guidance on fund selection within your KiwiSaver scheme, contact your scheme provider or consult a financial adviser. 3. How much do Fisher Investments charge as a fee? The Fisher Funds Conservative Fund has an annual fund charge of 1.35% p.a., as disclosed in the latest Quarterly Fund Update. This is higher than the peer-cohort average fee of 0.89% p.a. for funds in this category. For the full fee structure and any other costs, check the current Product Disclosure Statement on Fisher Funds' website or the FMA Disclose register. 4. Should I switch to conservative fund? Switching to a conservative fund is a personal decision that depends on your investment goals, time horizon, and risk tolerance. This Fisher Funds Conservative Fund has delivered a 5-year return after fees of 2.01% p.a. with a risk indicator of 3/7, but past returns are not a guide to future performance. Before making any switch, review your current fund's terms, any exit fees, and consider seeking financial advice tailored to your circumstances. Primary sources Product Disclosure Statement More about this fund Fisher Funds Conservative Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds Global Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/global/investment-mandate/ > The Fisher Funds Global Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds Global Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 30% International shares 100% 70% 100% Alternatives 0% 0% 15% Mandate flexibility (sum of max − min across all ranges): 75%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Global Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Global Fund: 1.64% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/fisher-funds/global/is-it-expensive/ > Fisher Funds Global Fund charges 1.64% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Global Fund expensive? Fisher Funds Global Fund charges 1.64% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 92% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Global Fund NZ$794 at 1.64% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$492 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Fisher Funds Global Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Global Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.61pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.61pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.58pp Foundation Series Total World Fund Foundation Series 0.07% −1.57pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.57pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.54pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.49pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.49pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Global Fund? Fisher Funds Global Fund charges 1.64% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Global Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Fisher Funds Global Fund sits at 1.64% — pricier than the median (cheaper than 8% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.64% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$794. That is NZ$492 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Global Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/global/markdown.md # Fisher Funds Global Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Global Fund is a international equities managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Focuses on growth of your investment over the long term by investing in international companies. Source: Product Disclosure Statement dated 2026-03-05 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf ## Fund data - **Annual fund charge:** 1.64% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.51% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$152 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 29 November 1985 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. ANZ 10 A/C - Current Accounts — 8.75% 2. Microsoft Corporation — 3.21% 3. E-Mini S&P 500 Futures 18/06/2026 — 2.60% 4. Amazon.Com Inc — 2.22% 5. Alphabet Inc Cap Stock Class A — 1.72% 6. Meta Platforms Inc — 1.61% 7. Mastercard Inc-Class A — 1.58% 8. Nvidia Corp — 1.57% 9. ANZ 20 A/C - Current Accounts — 1.42% 10. Tencent Holdings Limited — 1.32% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 30% | | International shares | 100% | 70% | 100% | | Alternatives | 0% | 0% | 15% | ### Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo34b331329a7cacf1d94f5e6c7e9221b2/Fisher-Funds-Investment-Series-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The funds in the Scheme invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest where Fisher Funds acts as manager of both the investing fund and the underlying wholesale fund. - Fisher Funds may pay service fees of up to 0.25% per annum to financial advisers, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend the Scheme. - Fisher Funds may make payments of up to 0.075% per annum to adviser associations to support professional activities, which may create an indirect conflict of interest. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds)** (Same manager — funds in the Scheme invest in wholesale funds also managed by Fisher Funds) — Management fees on investments in wholesale funds; Fisher Funds fully rebates the management fee where one is incurred · Generally nil; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdobcfcc085c51240cf4ff13dae34155428/Fisher-Funds-Investment-Series-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Global%20Fund - **Product Disclosure Statement:** /disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10642/OFR10748/FND1068/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/global/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/global/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/global/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds Global Fund URL: https://managedfunds.nz/funds/fisher-funds/global/questions/ > 4 commonly-asked questions about the Fisher Funds Global Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, international equities category. Questions about Fisher Funds Global Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Global Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it good to invest in global funds? Global funds provide exposure to international markets and can form part of a diversified investment portfolio. Whether a global fund aligns with your investment goals depends on factors including your risk tolerance, time horizon, and overall asset allocation—consider reviewing the fund's PDS and risk indicator (this fund is rated 5/7 on the FMA standardised scale) before investing. 2. How much do Fisher Investments charge as a fee? Fisher Funds Global Fund has an annual fund charge of 1.64% p.a. as disclosed in the latest QFU. This is 0.41 percentage points above the peer-cohort average fee of 1.23% p.a. for comparable funds. 3. Is my money safe with Fisher funds? Fisher Funds Global Fund is a registered managed fund subject to FMA oversight and the Financial Markets Conduct Act 2013. Your money is held in accordance with the fund's trust deed and investment policies. For details on fund governance, capital preservation, and liquidity, refer to the PDS available on the manager's website at https://fisherfunds.co.nz or check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 4. Is 0.25% a high management fee? Fee levels are relative to fund type and services provided. This fund's annual charge of 1.64% p.a. reflects its active management approach. To compare fees across funds in the international equities category, consult the FMA Disclose register or use the fee comparison tools on this site. Primary sources Product Disclosure Statement More about this fund Fisher Funds Global Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/growth/investment-mandate/ > The Fisher Funds Growth Fund's Statement of Investment Policy sets target / min / max ranges across 11 asset classes. Verbatim from the SIPO. What can the Fisher Funds Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 20% New Zealand fixed interest 7% 0% 30% International fixed interest 8% 0% 30% Total income assets 20% 0% 35% Unlisted property 2% 0% 20% Listed property 2% 0% 15% Australasian shares 26% 15% 40% International shares 50% 30% 70% Commodities 0% 0% 5% Total growth assets 80% 65% 100% Other 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 265%. Wide range — high manager discretion typical of active management. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Growth Fund: 1.46% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/fisher-funds/growth/is-it-expensive/ > Fisher Funds Growth Fund charges 1.46% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Growth Fund expensive? Fisher Funds Growth Fund charges 1.46% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 92% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Growth Fund NZ$709 at 1.46% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$224 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Fisher Funds Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.21pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.21pp Simplicity Growth Investment Fund Simplicity 0.25% −1.21pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.21pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.21pp Kernel Conservative Fund Kernel 0.25% −1.21pp Kernel Balanced Fund Kernel 0.25% −1.21pp Kernel High Growth Fund Kernel 0.25% −1.21pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Growth Fund? Fisher Funds Growth Fund charges 1.46% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Fisher Funds Growth Fund sits at 1.46% — pricier than the median (cheaper than 8% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.46% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$709. That is NZ$224 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Growth Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/growth/markdown.md # Fisher Funds Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Growth Fund is a diversified managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Aims to grow your investment over the long term by investing mainly in growth assets. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 1.46% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.05% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$319 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 31 July 2018 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. ANZ 10 A/C - Current Accounts — 7.00% 2. Fisher & Paykel Healthcare Corp Ltd — 2.25% 3. Infratil Limited — 1.93% 4. Microsoft Corporation — 1.66% 5. NZ Government Index Linked Bond 20/09/35 2.50 — 1.41% 6. E-Mini S&P 500 Futures 18/06/2026 — 1.39% 7. Amazon.Com Inc — 1.16% 8. Mainfreight Limited — 1.10% 9. BHP Group Limited — 1.07% 10. BAYFAIR SHOPPING CENTRE - Retail — 1.04% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 20% | | New Zealand fixed interest | 7% | 0% | 30% | | International fixed interest | 8% | 0% | 30% | | Total income assets | 20% | 0% | 35% | | Unlisted property | 2% | 0% | 20% | | Listed property | 2% | 0% | 15% | | Australasian shares | 26% | 15% | 40% | | International shares | 50% | 30% | 70% | | Commodities | 0% | 0% | 5% | | Total growth assets | 80% | 65% | 100% | | Other | 0% | 0% | 10% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND11126/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/growth/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds Growth Fund URL: https://managedfunds.nz/funds/fisher-funds/growth/questions/ > 4 commonly-asked questions about the Fisher Funds Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, diversified category. Questions about Fisher Funds Growth Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What's the average return for Fisher Investments? Fisher Funds Growth Fund returned 4.95% p.a. after fees and before tax over the 5-year period as at the latest QFU, based on FMA Disclose data. Past performance is not indicative of future returns; check the current Product Disclosure Statement on the Fisher Funds website or FMA Disclose register for the most recent figures. 2. Is my money safe with Fisher funds? Fisher Funds Growth Fund is a registered managed fund regulated under the FMC Act and listed on the FMA Disclose register; your money is held in trust and subject to the same investor protections as other licensed funds. The fund's risk indicator is 4/7 on the FMA standardised scale, meaning it carries moderate-to-higher volatility; this reflects the ~78% allocation to growth assets. Review the Product Disclosure Statement and fund documentation to understand the specific risks. 3. What are the drawbacks of Fisher Investments? The annual fund charge for Fisher Funds Growth Fund is 1.46% p.a., which is 0.23 percentage points above the peer-cohort average of 1.23% p.a. as at the latest QFU. The fund's moderate-to-higher risk profile (4/7) means capital is exposed to equity and credit market volatility; investors uncomfortable with fluctuations should review the risk indicator and asset mix before investing. 4. What fees does Fisher investment charge? Fisher Funds Growth Fund charges an annual fund charge of 1.46% p.a., disclosed in the latest QFU and on the FMA Disclose register. As a PIE fund, your tax liability is capped at your personal tax rate (up to 28% maximum); check the current Product Disclosure Statement for any other costs or fees. Primary sources Product Disclosure Statement More about this fund Fisher Funds Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/income/investment-mandate/ > The Fisher Funds Income Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 50% New Zealand fixed interest 40% 0% 100% International fixed interest 60% 0% 100% Mandate flexibility (sum of max − min across all ranges): 250%. Wide range — high manager discretion typical of active management. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Income Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Income Fund: 0.99% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/fisher-funds/income/is-it-expensive/ > Fisher Funds Income Fund charges 0.99% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Income Fund expensive? Fisher Funds Income Fund charges 0.99% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 82% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Income Fund NZ$485 at 0.99% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$140 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Fisher Funds Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Income Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.84pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.74pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.71pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.69pp Kernel US Bond Fund Kernel 0.30% −0.69pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.67pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.67pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.65pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Income Fund? Fisher Funds Income Fund charges 0.99% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Income Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Fisher Funds Income Fund sits at 0.99% — pricier than the median (cheaper than 18% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.99% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$485. That is NZ$140 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Income Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/income/markdown.md # Fisher Funds Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Income Fund is a international fi managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 0.99% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.20% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$42 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 18 April 2011 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. NZ Local Government Funding Agency 20/04/29 1.50 — 9.18% 2. Te Tumu Whakatupu Ltd 29/04/32 11.00 — 3.85% 3. TR Group Limited 05/10/2026 3.532 — 3.49% 4. Westpac NZ LImited 24/09/2029 4.337 — 3.11% 5. BNP Paribas 03/09/2026 1.795 — 2.97% 6. NatWest Grp PLC 11/31 2.105% Call 08/26 — 2.83% 7. NZ Local Government Funding Agency 15/05/28 2.25 — 2.40% 8. Metlifecare Limited 30/09/2026 3.00 — 2.17% 9. Chorus Limited 12/28 6.38 — 2.10% 10. ANZ 10 A/C - Current Accounts — 2.03% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 50% | | New Zealand fixed interest | 40% | 0% | 100% | | International fixed interest | 60% | 0% | 100% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1212/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/income/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds Income Fund URL: https://managedfunds.nz/funds/fisher-funds/income/questions/ > 4 commonly-asked questions about the Fisher Funds Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, international fi category. Questions about Fisher Funds Income Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is an income fund a good investment? Whether an income fund suits your situation depends on your financial goals, time horizon, and risk tolerance. Income funds typically aim to generate regular cash distributions from interest, dividends, and other yield-producing assets; this Fisher Funds Income Fund holds approximately 99.87% income assets and returned 2.09% p.a. after fees over the past 5 years (before tax). Review the fund's Product Disclosure Statement and consider seeking personalised financial advice before investing. 2. What are the risks of income funds? Income funds carry interest-rate risk (bond values fall when rates rise), credit risk (issuer default), and inflation risk (returns may not keep pace with cost-of-living increases). This fund has a risk indicator of 3/7 on the FMA standardised scale, reflecting moderate risk. The specific risks applicable to this fund are detailed in its Product Disclosure Statement on the FMA Disclose register. 3. Is my money safe with Fisher funds? Fisher Funds is a licensed fund manager regulated by the Financial Markets Authority. Fund assets are held in separate custody and are not at risk if the manager fails. However, the underlying investments (in this case, fixed-income securities and bank deposits) carry their own credit and market risks. Check the current Product Disclosure Statement and fund documentation for full details on how your investment is protected. 4. What's the average return for Fisher Investments? The Fisher Funds Income Fund returned 2.09% p.a. after fees, before tax, over the past 5 years (as at the latest QFU). This represents historical performance only and is not a prediction of future returns. For detailed performance data across Fisher Funds' full range, visit the FMA Disclose register or the manager's website at fisherfunds.co.nz. Primary sources Product Disclosure Statement More about this fund Fisher Funds Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds International Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/international-growth/investment-mandate/ > The Fisher Funds International Growth Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds International Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 20% International shares 100% 80% 100% Alternatives 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 50%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds International Growth Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds International Growth Fund: 1.31% fee vs 0.61% pee… URL: https://managedfunds.nz/funds/fisher-funds/international-growth/is-it-expensive/ > Fisher Funds International Growth Fund charges 1.31% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds International Growth Fund expensive? Fisher Funds International Growth Fund charges 1.31% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 87% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds International Growth Fund NZ$638 at 1.31% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$337 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Fisher Funds International Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds International Growth Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.28pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.28pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.25pp Foundation Series Total World Fund Foundation Series 0.07% −1.24pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.24pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.21pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.16pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.16pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds International Growth Fund? Fisher Funds International Growth Fund charges 1.31% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds International Growth Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Fisher Funds International Growth Fund sits at 1.31% — pricier than the median (cheaper than 13% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.31% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$638. That is NZ$337 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds International Growth Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/international-growth/markdown.md # Fisher Funds International Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds International Growth Fund is a international equities managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earnings. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 1.31% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.26% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$74 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2007 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. Microsoft Corporation — 7.13% 2. Amazon.Com Inc — 6.91% 3. Mastercard Inc-Class A — 5.93% 4. Meta Platforms Inc — 5.44% 5. Tencent Holdings Limited — 4.93% 6. Netflix Incorporation — 4.44% 7. Nvidia Corp — 4.30% 8. Danaher Corporation — 4.04% 9. Intuitive Surgical Inc — 3.94% 10. MSCI Inc — 3.56% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 20% | | International shares | 100% | 80% | 100% | | Alternatives | 0% | 0% | 10% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20International%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1210/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/international-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/international-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/international-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Fisher Funds International Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/fisher-funds/international-growth/performance-fee-explained/ > The Fisher Funds International Growth Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Fisher Funds International Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 1.31% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Fisher Funds International Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Fisher Funds International Growth Fund URL: https://managedfunds.nz/funds/fisher-funds/international-growth/questions/ > 3 commonly-asked questions about the Fisher Funds International Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, international equities category. Questions about Fisher Funds International Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds International Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is my money safe with Fisher funds? Fisher Funds is a licensed fund manager regulated by the Financial Markets Authority. This fund is classified as Risk Indicator 6/7 on the FMA standardised scale, indicating higher potential volatility as it holds approximately 98.31% growth assets. All investor money is held in trust and subject to the same investor protections as other NZ-regulated funds; check the current Product Disclosure Statement on the Fisher Funds website for full details of fund protections and risks. 2. What is the average return from Fisher investments? The Fisher Funds International Growth Fund achieved a 5-year return after fees and before tax of 4.34% p.a., based on the latest FMA Disclose data. Past performance is not a reliable indicator of future returns; actual returns will vary year to year depending on market conditions and fund performance. 3. What are the negatives of Fisher investments? The annual fund charge for this International Growth Fund is 1.31% p.a., which is 0.36 percentage points above the peer-cohort average fee of 0.95% p.a. as at the latest QFU. The fund carries a Risk Indicator of 6/7, reflecting higher volatility typical of growth-focused international equity portfolios; this means the value of your investment may fluctuate significantly in the short term. Primary sources Product Disclosure Statement More about this fund Fisher Funds International Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds New Zealand Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/investment-mandate/ > The Fisher Funds New Zealand Growth Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds New Zealand Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 30% Shares in New Zealand companies 100% 70% 100% Alternatives 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 70%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds New Zealand Growth Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds New Zealand Growth Fund: 1.42% fee vs 1.01% peer … URL: https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/is-it-expensive/ > Fisher Funds New Zealand Growth Fund charges 1.42% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds New Zealand Growth Fund expensive? Fisher Funds New Zealand Growth Fund charges 1.42% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds New Zealand Growth Fund NZ$690 at 1.42% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$195 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Fisher Funds New Zealand Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds New Zealand Growth Fund Simplicity NZ Share Fund Simplicity 0.10% −1.32pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.22pp Harbour NZ Index Shares Fund Harbour 0.21% −1.21pp BetaShares Australia 200 Fund BetaShares 0.23% −1.19pp Kernel NZ 20 Fund Kernel 0.25% −1.17pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.17pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.17pp Kernel Australia 100 Fund Kernel 0.25% −1.17pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds New Zealand Growth Fund? Fisher Funds New Zealand Growth Fund charges 1.42% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds New Zealand Growth Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Fisher Funds New Zealand Growth Fund sits at 1.42% — pricier than the median (cheaper than 6% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.42% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$690. That is NZ$195 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds New Zealand Growth Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/markdown.md # Fisher Funds New Zealand Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds New Zealand Growth Fund is a australasian equities managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earnings. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 1.42% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.47% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$161 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 10 August 1998 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corp Ltd — 18.39% 2. Infratil Limited — 14.65% 3. Mainfreight Limited — 7.84% 4. Auckland International Airport Limited — 7.50% 5. Summerset Group Ltd — 6.71% 6. EBOS Group Limited — 5.72% 7. Xero Limited — 5.60% 8. The A2 Milk Company Limited — 5.12% 9. Meridian Energy Limited — 3.92% 10. Contact Energy Limited — 3.91% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 30% | | Shares in New Zealand companies | 100% | 70% | 100% | | Alternatives | 0% | 0% | 10% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20New%20Zealand%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1208/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Fisher Funds New Zealand Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/performance-fee-explained/ > The Fisher Funds New Zealand Growth Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Fisher Funds New Zealand Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 1.42% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Fisher Funds New Zealand Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Fisher Funds New Zealand Growth Fund URL: https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/questions/ > 4 commonly-asked questions about the Fisher Funds New Zealand Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, australasian equities category. Questions about Fisher Funds New Zealand Growth Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds New Zealand Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is my money safe with Fisher funds? Fisher Funds is a registered fund manager regulated by the Financial Markets Authority (FMA). The Fisher Funds New Zealand Growth Fund itself is held in a separate legal entity and governed under the Financial Markets Conduct Act 2013, meaning your investment is protected from the company's creditors. For detailed information on fund governance and protections, check the Product Disclosure Statement (PDS) on the manager's website at https://fisherfunds.co.nz or the FMA register at https://disclose-register.companiesoffice.govt.nz/ 2. What are the downsides of growth funds? Growth funds typically carry higher volatility and short-term losses because they hold mostly growth assets (this fund holds ~98.31% growth assets). The Fisher Funds New Zealand Growth Fund has a Risk Indicator of 5/7 on the FMA standardised scale, meaning it is exposed to significant price fluctuations and may be unsuitable for investors who need their money within 3–5 years or cannot tolerate short-term losses. The fund's 5-year return after fees and before tax was 0.12% p.a., demonstrating that growth funds can deliver low or negative returns over certain periods. 3. Are Fisher investments fees high? The Fisher Funds New Zealand Growth Fund charges an annual fund charge of 1.42% p.a., which is higher than the peer-cohort average of 0.95% p.a. for comparable funds. Check the latest Quarterly Fund Update (QFU) and Product Disclosure Statement on https://fisherfunds.co.nz for a full breakdown of all charges and fees. 4. How can I get 15% return on investment? No investment strategy can guarantee a specific return like 15% p.a. The Fisher Funds New Zealand Growth Fund's 5-year return after fees and before tax was 0.12% p.a., reflecting that actual returns vary significantly depending on market conditions, timing, and the asset mix over time. For information on past performance and the risks involved, see the fund's latest Quarterly Fund Update and Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund Fisher Funds New Zealand Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds New Zealand Fixed Income Trust invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/investment-mandate/ > The Fisher Funds New Zealand Fixed Income Trust's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Fisher Funds New Zealand Fixed Income Trust actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 30% New Zealand fixed interest 100% 70% 100% Mandate flexibility (sum of max − min across all ranges): 60%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds New Zealand Fixed Income Trust fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds New Zealand Fixed Income Trust: 0.97% fee vs 0.63… URL: https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/is-it-expensive/ > Fisher Funds New Zealand Fixed Income Trust charges 0.97% p.a. vs the nz fixed interest peer-class median of 0.63%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds New Zealand Fixed Income Trust expensive? Fisher Funds New Zealand Fixed Income Trust charges 0.97% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 89% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds New Zealand Fixed Income Trust NZ$476 at 0.97% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$167 over 5 years on NZ$10K. 8 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Fisher Funds New Zealand Fixed Income Trust, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds New Zealand Fixed Income Trust Simplicity NZ Bond Fund Simplicity 0.10% −0.87pp Kernel NZ Bond Fund Kernel 0.40% −0.57pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.51pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.50pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.48pp Smart NZ Bond ETF Smartshares 0.54% −0.43pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.37pp Milford Trans-Tasman Bond Fund Milford 0.65% −0.32pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds New Zealand Fixed Income Trust? Fisher Funds New Zealand Fixed Income Trust charges 0.97% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds New Zealand Fixed Income Trust's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Fisher Funds New Zealand Fixed Income Trust sits at 0.97% — pricier than the median (cheaper than 11% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.97% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$476. That is NZ$167 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds New Zealand Fixed Income Trust --- ## URL: https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/markdown.md # Fisher Funds New Zealand Fixed Income Trust > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds New Zealand Fixed Income Trust is a nz fixed interest managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Aims to provide stable returns over the long term by investing in New Zealand fixed interest assets. Source: Product Disclosure Statement dated 2026-03-05 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf ## Fund data - **Annual fund charge:** 0.97% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.68% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$77 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 20 July 2011 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. NZ Government Bond 14/04/2033 3.50 — 7.46% 2. NZ Government Bond 15/05/2031 1.50 — 7.21% 3. NZ Government Bond 15/04/2037 2.75 — 5.37% 4. NZ Government Bond 20/04/2029 3.00 — 3.69% 5. NZ Local Government Funding Agency 15/05/28 2.25 — 3.20% 6. NZ Government Bond 15/05/2032 2.00 — 3.04% 7. NZ Government Bond 15/05/2036 4.25 — 2.84% 8. Housing New Zealand Ltd 18/10/28 3.42 — 2.74% 9. NZ Government Bond 15/05/2034 4.25 — 2.53% 10. NZ Government Bond 15/05/2054 5.00 — 2.41% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 30% | | New Zealand fixed interest | 100% | 70% | 100% | ### Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo34b331329a7cacf1d94f5e6c7e9221b2/Fisher-Funds-Investment-Series-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The funds in the Scheme invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest where Fisher Funds acts as manager of both the investing fund and the underlying wholesale fund. - Fisher Funds may pay service fees of up to 0.25% per annum to financial advisers, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend the Scheme. - Fisher Funds may make payments of up to 0.075% per annum to adviser associations to support professional activities, which may create an indirect conflict of interest. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds)** (Same manager — funds in the Scheme invest in wholesale funds also managed by Fisher Funds) — Management fees on investments in wholesale funds; Fisher Funds fully rebates the management fee where one is incurred · Generally nil; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdobcfcc085c51240cf4ff13dae34155428/Fisher-Funds-Investment-Series-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20New%20Zealand%20Fixed%20Income%20Trust - **Product Disclosure Statement:** /disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10642/OFR10748/FND1064/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds New Zealand Fixed Income Trust URL: https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/questions/ > 3 commonly-asked questions about the Fisher Funds New Zealand Fixed Income Trust, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, nz fixed interest category. Questions about Fisher Funds New Zealand Fixed Income Trust 3 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds New Zealand Fixed Income Trust's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is my money safe with Fisher funds? Fisher Funds New Zealand Fixed Income Trust holds NZ$80,632,988.58 in assets as at the latest quarterly fund update and is registered as a managed investment scheme. The fund is rated 3 out of 7 on the FMA's standardised risk indicator, indicating lower risk relative to growth assets. Check the current Product Disclosure Statement (PDS) and fund updates on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for detailed information about fund structure, custodianship, and regulatory oversight. 2. How does Fisher Funds compare to other investment firms? Fisher Funds New Zealand Fixed Income Trust has an annual fund charge of 0.97% p.a., which is higher than the peer-cohort average of 0.66% p.a. for NZ fixed interest funds; a 5-year return after fees and before tax of 0.38% p.a.; and holds approximately 99.87% income assets. You can view comparable funds in the NZ Fixed Interest category on this site or check the FMA Disclose register to compare fund charges, returns, and risk ratings across multiple managers. 3. What are the alternatives to Fisher Investments? This site compares multiple NZ fixed interest managed funds, allowing you to filter by fund size, annual charge, risk indicator, and historical returns. You can also access funds from this manager via InvestNow or directly through Fisher Funds; check each provider's platform for the full range of alternative fixed income options available to you. Primary sources Product Disclosure Statement More about this fund Fisher Funds New Zealand Fixed Income Trust — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour Mercer Macquarie NZ Fixed Interest Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds Property & Infrastructure Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/property-infrastructure/investment-mandate/ > The Fisher Funds Property & Infrastructure Fund's Statement of Investment Policy sets target / min / max ranges across 6 asset classes. Verbatim from the SIPO. What can the Fisher Funds Property & Infrastructure Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 30% New Zealand fixed interest 0% 0% 10% Listed property 35% 0% 75% Australasian shares 25% 0% 100% International shares 40% 0% 100% Alternatives 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 325%. Wide range — high manager discretion typical of active management. Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Property & Infrastructure Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Property & Infrastructure Fund: 1.53% fee vs 1.02… URL: https://managedfunds.nz/funds/fisher-funds/property-infrastructure/is-it-expensive/ > Fisher Funds Property & Infrastructure Fund charges 1.53% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Property & Infrastructure Fund expensive? Fisher Funds Property & Infrastructure Fund charges 1.53% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 83% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Property & Infrastructure Fund NZ$742 at 1.53% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$242 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Fisher Funds Property & Infrastructure Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Property & Infrastructure Fund Kernel NZ Commercial Property Fund Kernel 0.25% −1.28pp Smart Australian Property ETF Smartshares 0.54% −0.99pp Smart NZ Property ETF Smartshares 0.54% −0.99pp Harbour Real Estate Investment Fund Harbour 0.77% −0.76pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.54pp Pathfinder Global Property Fund Pathfinder 1.00% −0.53pp Salt Enhanced Property Fund Salt 1.02% −0.51pp Summer Listed Property Summer 1.02% −0.51pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Property & Infrastructure Fund? Fisher Funds Property & Infrastructure Fund charges 1.53% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Property & Infrastructure Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Fisher Funds Property & Infrastructure Fund sits at 1.53% — pricier than the median (cheaper than 17% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.53% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$742. That is NZ$242 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Property & Infrastructure Fund --- ## URL: https://managedfunds.nz/funds/fisher-funds/property-infrastructure/markdown.md # Fisher Funds Property & Infrastructure Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Property & Infrastructure Fund is a listed property managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assets. Source: Product Disclosure Statement dated 2025-09-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf ## Fund data - **Annual fund charge:** 1.53% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.56% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$154 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 5 December 2008 - **Minimum initial investment:** NZ$2,000 ## Top 10 holdings 1. NextEra Energy Inc — 8.20% 2. CMS Energy Corporation — 6.21% 3. Goodman Group — 5.75% 4. American Tower Corporation — 5.46% 5. Aena SME S.A. — 5.46% 6. Infratil Limited — 4.91% 7. Waste Connections Inc — 4.86% 8. Port of Tauranga — 3.99% 9. Arena REIT — 3.80% 10. Goodman Property Trust — 3.74% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.16% > 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 3%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 30% | | New Zealand fixed interest | 0% | 0% | 10% | | Listed property | 35% | 0% | 75% | | Australasian shares | 25% | 0% | 100% | | International shares | 40% | 0% | 100% | | Alternatives | 0% | 0% | 10% | ### Responsible-investment approach Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo529b15ad52290d72ee8654bce871a63b/Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it. - Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds managed by Fisher Funds)** (Same manager — funds invest in wholesale funds also managed by Fisher Funds) — Management fee on investments in wholesale funds managed by Fisher Funds · Generally no management fee; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdo35176ef0ac42c3b86e20196a8f481c05/Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Property%20%26%20Infrastructure%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8adb3e967a5e96dec073735855cc4aa8/Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10640/OFR10667/FND1630/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/property-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/property-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/property-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Fisher Funds Property & Infrastructure Fund charge a performance fee? URL: https://managedfunds.nz/funds/fisher-funds/property-infrastructure/performance-fee-explained/ > The Fisher Funds Property & Infrastructure Fund charges a performance fee in addition to its annual fund charge; it paid 0.16% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Fisher Funds Property & Infrastructure Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.16% of NAV Annual fund charge (on top) 1.53% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 3%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Fisher Funds Property & Infrastructure Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Fisher Funds Property & Infrastructure Fund URL: https://managedfunds.nz/funds/fisher-funds/property-infrastructure/questions/ > 4 commonly-asked questions about the Fisher Funds Property & Infrastructure Fund, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, listed property category. Questions about Fisher Funds Property & Infrastructure Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Property & Infrastructure Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it good to invest in infrastructure funds? Infrastructure funds invest in essential services and assets with long-term stable revenue streams; whether this suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals. This fund's risk indicator of 4/7 (FMA standardised scale) and 5-year return of 5.08% p.a. after fees (as at latest QFU) reflect the profile of listed property and infrastructure assets; consult the Product Disclosure Statement and consider your personal situation before investing. 2. Is a property fund a good investment? Property funds provide exposure to real estate and infrastructure assets without direct ownership; suitability depends on your investment objectives, time horizon, and risk profile. This fund holds approximately 98.31% growth assets with a risk indicator of 4/7, meaning moderate volatility is expected; review the current PDS and FMA Disclose information to understand whether the asset mix and fee structure (1.53% p.a. annual fund charge) align with your needs. 3. Is my money safe with Fisher funds? Fisher Funds is a registered fund manager; investor money is held in trust and subject to the Financial Markets Conduct Act 2013. For details on Fisher Funds' regulatory status, complaints processes, and fund-specific safeguards, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the fund's current Product Disclosure Statement available via https://fisherfunds.co.nz. 4. What are the management fees for infrastructure funds? This Fisher Funds Property & Infrastructure Fund charges an annual fund charge of 1.53% p.a. (as at latest QFU); the peer-cohort average annual fee for listed property funds is 0.95% p.a. The full fee schedule and what is included should be confirmed in the current PDS, as additional costs may apply depending on how you invest. Primary sources Product Disclosure Statement More about this fund Fisher Funds Property & Infrastructure Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Harbour Real Estate Investment Fund Harbour Mercer Global Listed Real Estate Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Fisher Funds Trans Tasman Equity Trust invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/investment-mandate/ > The Fisher Funds Trans Tasman Equity Trust's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Fisher Funds Trans Tasman Equity Trust actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 20% Australasian shares 100% 0% 100% Alternatives 0% 0% 15% Mandate flexibility (sum of max − min across all ranges): 135%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Statement of Investment Policy and Objectives Related Fisher Funds Trans Tasman Equity Trust fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Fisher Funds Trans Tasman Equity Trust: 1.63% fee vs 1.01% pee… URL: https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/is-it-expensive/ > Fisher Funds Trans Tasman Equity Trust charges 1.63% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Fisher Funds Trans Tasman Equity Trust expensive? Fisher Funds Trans Tasman Equity Trust charges 1.63% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 96% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Fisher Funds Trans Tasman Equity Trust NZ$789 at 1.63% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$294 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Fisher Funds Trans Tasman Equity Trust, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Fisher Funds Trans Tasman Equity Trust Simplicity NZ Share Fund Simplicity 0.10% −1.53pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.43pp Harbour NZ Index Shares Fund Harbour 0.21% −1.42pp BetaShares Australia 200 Fund BetaShares 0.23% −1.40pp Kernel NZ 20 Fund Kernel 0.25% −1.38pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.38pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.38pp Kernel Australia 100 Fund Kernel 0.25% −1.38pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Fisher Funds Trans Tasman Equity Trust? Fisher Funds Trans Tasman Equity Trust charges 1.63% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Fisher Funds Trans Tasman Equity Trust's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Fisher Funds Trans Tasman Equity Trust sits at 1.63% — pricier than the median (cheaper than 4% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.63% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$789. That is NZ$294 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Fisher Funds Trans Tasman Equity Trust --- ## URL: https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/markdown.md # Fisher Funds Trans Tasman Equity Trust > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Fisher Funds (Fisher Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Fisher Funds Trans Tasman Equity Trust is a australasian equities managed fund run by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Investment objective (from PDS) > Focuses on growth of your investment over the long term by investing in Australasian companies. Source: Product Disclosure Statement dated 2026-03-05 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf ## Fund data - **Annual fund charge:** 1.63% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.55% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$65 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 November 1985 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corp Ltd — 9.19% 2. Infratil Limited — 6.91% 3. Mainfreight Limited — 4.51% 4. BHP Group Limited — 4.35% 5. Xero Limited — 3.77% 6. Auckland International Airport Limited — 3.44% 7. Summerset Group Ltd — 3.18% 8. EBOS Group Limited — 2.99% 9. Commonwealth Bank Ord — 2.66% 10. The A2 Milk Company Limited — 2.65% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 20% | | Australasian shares | 100% | 0% | 100% | | Alternatives | 0% | 0% | 15% | ### Responsible-investment approach Fisher Funds maintains a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or excluded by law; integrates ESG factors into fundamental research using proprietary and third-party ESG research; and exercises active stewardship through its Proxy Voting Policy across all relevant portfolios. ### Derivatives policy Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO. Source: Statement of Investment Policy and Objectives dated 2026-03-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo34b331329a7cacf1d94f5e6c7e9221b2/Fisher-Funds-Investment-Series-SIPO-10-Mar-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The funds in the Scheme invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest where Fisher Funds acts as manager of both the investing fund and the underlying wholesale fund. - Fisher Funds may pay service fees of up to 0.25% per annum to financial advisers, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend the Scheme. - Fisher Funds may make payments of up to 0.075% per annum to adviser associations to support professional activities, which may create an indirect conflict of interest. ### Related-party transactions - **Fisher Funds Management Limited (wholesale funds)** (Same manager — funds in the Scheme invest in wholesale funds also managed by Fisher Funds) — Management fees on investments in wholesale funds; Fisher Funds fully rebates the management fee where one is incurred · Generally nil; where a fee is incurred, Fisher Funds fully rebates the management fee Source: Other Material Information document dated 2025-09-15. https://smartinvestor.sorted.org.nz/disclose-document/mdobcfcc085c51240cf4ff13dae34155428/Fisher-Funds-Investment-Series-OMI-30-Sep-2025.pdf ## How to invest Available via: Fisher Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds%20Trans%20Tasman%20Equity%20Trust - **Product Disclosure Statement:** /disclose-document/mdo851c67fdc95b0acd0bf27e0bb3eaa1ea/Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10642/OFR10748/FND1067/ - **Manager website:** https://fisherfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Fisher Funds Trans Tasman Equity Trust URL: https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/questions/ > 4 commonly-asked questions about the Fisher Funds Trans Tasman Equity Trust, answered with mechanical facts sourced from the FMA Disclose register. Fisher Funds, australasian equities category. Questions about Fisher Funds Trans Tasman Equity Trust 4 commonly-asked questions, answered with mechanical facts sourced from the Fisher Funds Trans Tasman Equity Trust's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What's the average return for Fisher Investments? The Fisher Funds Trans Tasman Equity Trust delivered a 5-year return after fees and before tax of 2.21% p.a., as at the latest Quarterly Fund Update. Past returns do not indicate future performance; see the current Product Disclosure Statement and FMA Disclose register for full performance history. 2. Is my money safe with Fisher funds? This fund is rated 5/7 on the FMA's standardised risk indicator, reflecting moderate-to-high volatility in growth assets. All managed funds carry investment risk; money invested can go down as well as up. Check the PDS and risk disclosure documents on the FMA Disclose register for full details. 3. Are Fisher Investments fees high? The Fisher Funds Trans Tasman Equity Trust has an annual fund charge of 1.63% p.a., which is 0.68 percentage points above the peer-cohort average of 0.95% p.a. for Australasian Equities funds. Compare this fee against other funds in the category using the FMA Disclose register. 4. What are the fees for Fisher Funds? The annual fund charge for this fund is 1.63% p.a., as disclosed in the latest Quarterly Fund Update. This covers fund management, administration, and other operating costs; see the current Product Disclosure Statement for a full fee breakdown and any other costs that may apply. Primary sources Product Disclosure Statement More about this fund Fisher Funds Trans Tasman Equity Trust — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Foundation Series Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/balanced/investment-mandate/ > The Foundation Series Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 49 explicit exclusions. Verbatim from the SIPO. What can the Foundation Series Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% New Zealand fixed interest 12% 0% 20% International fixed interest 26% 10% 40% Total income assets 40% 30% 50% Australasian equities 17% 7% 27% International equities 43% 28% 58% Total growth assets 60% 50% 70% Mandate flexibility (sum of max − min across all ranges): 150%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (49) Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)Recreational cannabis producers/distributors (Australasian Equities)Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)Gambling services providers (>0% revenue) (Australasian Equities)Adult entertainment producers and high-revenue distributors (Australasian Equities)Anti-personnel landmines (any exposure) (Australasian Equities)Chemical and biological weapons (any exposure) (Australasian Equities)Cluster munitions (any exposure) (Australasian Equities)Nuclear weapons (any exposure) (Australasian Equities)Military weapons manufacturers (>0% revenue) (Australasian Equities)Civilian automatic and semi-automatic firearms (Australasian Equities)Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)Palm oil production (>=10% revenue) (Australasian Equities)Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)Factory farming / intensive agriculture (>0% revenue) (Australasian Equities)Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities)Human rights and child labour controversy companies (UN Global Compact / UN Guiding Principles / ILO) (Australasian Equities)Poor ESG conduct companies (substantial breach without adequate remediation) (Australasian Equities)Tobacco manufacturers/distributors/retailers (International Equities)Cannabis Producers ICB subsector (International Equities)Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)Anti-personnel landmines (directly involved in core weapon system or components) (International Equities)Chemical and biological weapons (directly involved) (International Equities)Cluster munitions (directly involved) (International Equities)Nuclear weapons (directly involved) (International Equities)Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities)Civilian firearms producers/distributors (>0% revenue) (International Equities)Nuclear power operators and supply chain (>0% revenue) (International Equities)Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)UN Global Compact non-compliant companies and small-cap watchlist companies (International Equities)Uyghur Forced Labour Prevention Act Entity List companies (International Equities)Companies failing two of three diversity indicators: women on board, diversity policies, diversity management systems (International Equities)Tobacco producers/distributors/retailers (>=5% revenue) (International Fixed Interest)Alcohol producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)Gambling facility owners/operators (>=5% revenue) and support providers (>=15% revenue) (International Fixed Interest)Adult entertainment producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)Anti-personnel and anti-vehicle landmine producers and component makers (International Fixed Interest)Biological and chemical weapons manufacturers and critical component producers (International Fixed Interest)Cluster munitions producers and delivery platform providers (International Fixed Interest)Nuclear weapons prime contractors and support/component providers (International Fixed Interest)Conventional weapons producers (>=5% revenue) and specialty weapons producers (>=10% revenue) (International Fixed Interest)Civilian firearms producers/retailers (and >=5% revenue) (International Fixed Interest)Genetic engineering companies (>=5% revenue) (International Fixed Interest)Nuclear power operators (>15% revenue) or high nuclear generation share companies (International Fixed Interest, except green bonds)Coal, oil and gas companies meeting specified revenue/reserve thresholds (International Fixed Interest, except green bonds)UN Security Council trade sanction subjects (International Fixed Interest)UN Global Compact very severe ongoing controversy companies (International Fixed Interest) Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Balanced Fund: 0.36% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/foundation-series/balanced/is-it-expensive/ > Foundation Series Balanced Fund charges 0.36% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Balanced Fund expensive? Foundation Series Balanced Fund charges 0.36% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 86% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Balanced Fund NZ$179 at 0.36% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-307 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Foundation Series Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.11pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.11pp Simplicity Growth Investment Fund Simplicity 0.25% −0.11pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.11pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.11pp Kernel Conservative Fund Kernel 0.25% −0.11pp Kernel Balanced Fund Kernel 0.25% −0.11pp Kernel High Growth Fund Kernel 0.25% −0.11pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Balanced Fund? Foundation Series Balanced Fund charges 0.36% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Foundation Series Balanced Fund sits at 0.36% — cheaper than 86% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.36% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$179. That is NZ$307 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Balanced Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/balanced/markdown.md # Foundation Series Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Balanced Fund is a diversified managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for mid-range long-run returns by investing in a diversified portfolio with a balance of income and growth assets. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund's investment benchmark is the weighted average return of the asset class benchmark indices. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod7a44fb29a36a26bc8c348a11bd895ac/20260130-Foundation-Series-Funds-Diversified-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.36% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.77% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$46 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 2 September 2020 - **Minimum initial investment:** NZ$5,000 ## Top 7 holdings 1. Vanguard ESG US Stock ETF — 29.50% 2. IShares Global Aggregate Bond ESG SRI UCITS ETF — 26.50% 3. Harbour Sustainable NZ Shares Fund — 16.69% 4. Vanguard ESG INTL Stock ETF — 14.83% 5. Mercer Macquarie NZ Fixed Interest Fund — 11.91% 6. Mercer Macquarie NZ Cash Fund — 1.71% 7. Cash at Bank (BNZ) — 0.57% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | New Zealand fixed interest | 12% | 0% | 20% | | International fixed interest | 26% | 10% | 40% | | Total income assets | 40% | 30% | 50% | | Australasian equities | 17% | 7% | 27% | | International equities | 43% | 28% | 58% | | Total growth assets | 60% | 50% | 70% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. ### Exclusions - Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities) - Recreational cannabis producers/distributors (Australasian Equities) - Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities) - Gambling services providers (>0% revenue) (Australasian Equities) - Adult entertainment producers and high-revenue distributors (Australasian Equities) - Anti-personnel landmines (any exposure) (Australasian Equities) - Chemical and biological weapons (any exposure) (Australasian Equities) - Cluster munitions (any exposure) (Australasian Equities) - Nuclear weapons (any exposure) (Australasian Equities) - Military weapons manufacturers (>0% revenue) (Australasian Equities) - Civilian automatic and semi-automatic firearms (Australasian Equities) - Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities) - Palm oil production (>=10% revenue) (Australasian Equities) - Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities) - Factory farming / intensive agriculture (>0% revenue) (Australasian Equities) - Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities) - Human rights and child labour controversy companies (UN Global Compact / UN Guiding Principles / ILO) (Australasian Equities) - Poor ESG conduct companies (substantial breach without adequate remediation) (Australasian Equities) - Tobacco manufacturers/distributors/retailers (International Equities) - Cannabis Producers ICB subsector (International Equities) - Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities) - Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities) - Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities) - Anti-personnel landmines (directly involved in core weapon system or components) (International Equities) - Chemical and biological weapons (directly involved) (International Equities) - Cluster munitions (directly involved) (International Equities) - Nuclear weapons (directly involved) (International Equities) - Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities) - Civilian firearms producers/distributors (>0% revenue) (International Equities) - Nuclear power operators and supply chain (>0% revenue) (International Equities) - Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities) - UN Global Compact non-compliant companies and small-cap watchlist companies (International Equities) - Uyghur Forced Labour Prevention Act Entity List companies (International Equities) - Companies failing two of three diversity indicators: women on board, diversity policies, diversity management systems (International Equities) - Tobacco producers/distributors/retailers (>=5% revenue) (International Fixed Interest) - Alcohol producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest) - Gambling facility owners/operators (>=5% revenue) and support providers (>=15% revenue) (International Fixed Interest) - Adult entertainment producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest) - Anti-personnel and anti-vehicle landmine producers and component makers (International Fixed Interest) - Biological and chemical weapons manufacturers and critical component producers (International Fixed Interest) - Cluster munitions producers and delivery platform providers (International Fixed Interest) - Nuclear weapons prime contractors and support/component providers (International Fixed Interest) - Conventional weapons producers (>=5% revenue) and specialty weapons producers (>=10% revenue) (International Fixed Interest) - Civilian firearms producers/retailers (and >=5% revenue) (International Fixed Interest) - Genetic engineering companies (>=5% revenue) (International Fixed Interest) - Nuclear power operators (>15% revenue) or high nuclear generation share companies (International Fixed Interest, except green bonds) - Coal, oil and gas companies meeting specified revenue/reserve thresholds (International Fixed Interest, except green bonds) - UN Security Council trade sanction subjects (International Fixed Interest) - UN Global Compact very severe ongoing controversy companies (International Fixed Interest) Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND20381/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Balanced Fund URL: https://managedfunds.nz/funds/foundation-series/balanced/questions/ > 4 commonly-asked questions about the Foundation Series Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, diversified category. Questions about Foundation Series Balanced Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are balanced funds good for retirees? Balanced funds typically combine growth and income assets to provide diversification; the Foundation Series Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets. Whether a balanced fund suits your retirement circumstances depends on your personal financial situation, time horizon, and risk tolerance—consult a financial adviser or your fund provider for guidance aligned to your needs. 2. Is it good to invest in a balanced fund? Balanced funds offer diversification across asset classes within a single fund. The Foundation Series Balanced Fund returned 4.77% p.a. after fees and before tax over five years (as at the latest QFU); whether this meets your investment goals depends on your circumstances, objectives, and risk tolerance. 3. What are Foundation series funds? The Foundation Series is a range of diversified funds available through InvestNow; the Foundation Series Balanced Fund is one option within this range, designed to provide exposure across growth and income assets in a single investment. 4. Is 10% return per year realistic? Historical returns vary by fund and market conditions; the Foundation Series Balanced Fund returned 4.77% p.a. after fees and before tax over the five-year period to the latest QFU. Future returns cannot be predicted—refer to the fund's product disclosure statement and PDS on the FMA Disclose register for full performance and risk information. Primary sources Product Disclosure Statement More about this fund Foundation Series Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Balanced Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/balanced/who-audits/ > The Foundation Series Balanced Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Balanced Fund? KPMG The Foundation Series Balanced Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Balanced Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series Global ESG Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/global-esg/investment-mandate/ > The Foundation Series Global ESG Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 16 explicit exclusions. Verbatim from the SIPO. What can the Foundation Series Global ESG Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (16) Tobacco manufacturers/distributors/retailers (International Equities)Cannabis Producers ICB subsector (International Equities)Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)Anti-personnel landmines (directly involved) (International Equities)Chemical and biological weapons (directly involved) (International Equities)Cluster munitions (directly involved) (International Equities)Nuclear weapons (directly involved) (International Equities)Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities)Civilian firearms producers/distributors (>0% revenue) (International Equities)Nuclear power operators and supply chain (>0% revenue) (International Equities)Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)UN Global Compact non-compliant and small-cap watchlist companies (International Equities)Uyghur Forced Labour Prevention Act Entity List companies (International Equities)Companies failing two of three diversity indicators (International Equities) Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Global ESG Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Global ESG Fund: 0.10% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/foundation-series/global-esg/is-it-expensive/ > Foundation Series Global ESG Fund charges 0.10% p.a. vs the international equities peer-class median of 0.61%. 5 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Global ESG Fund expensive? Foundation Series Global ESG Fund charges 0.10% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 93% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Global ESG Fund NZ$50 at 0.10% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-251 over 5 years on NZ$10K. 5 cheaper peers in the same category International Equities funds with a lower annual fund charge than Foundation Series Global ESG Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series Global ESG Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.07pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.07pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.04pp Foundation Series Total World Fund Foundation Series 0.07% −0.03pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.03pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Global ESG Fund? Foundation Series Global ESG Fund charges 0.10% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Global ESG Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series Global ESG Fund sits at 0.10% — cheaper than 93% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.10% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$50. That is NZ$251 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Global ESG Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/global-esg/markdown.md # Foundation Series Global ESG Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Global ESG Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in ETFs that invests in shares of large, mid-sized and small companies listed on international stock markets. The Fund incorporates certain responsible investment considerations and is exposed to investment strategies that seek to limit exposure to companies involved in specific business practices. The Fund's objective is to perform broadly in line with the return of its investment benchmark, a composite index consisting of 67% FTSE USA All Cap Choice TR NZD Index and 33% FTSE Global All Cap ex USA Choice TR NZD Index, before fees and tax over the long-term. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8090952e11dcfd036128ea6b5e40984f/20260130-Foundation-Series-Funds-Core-Equity-Funds%232-PDS.pdf ## Fund data - **Annual fund charge:** 0.10% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$6 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 March 2025 - **Minimum initial investment:** NZ$5,000 ## Top 2 holdings 1. Vanguard ESG US Stock ETF — 66.70% 2. Vanguard ESG INTL Stock ETF — 33.30% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 50 bps / 50 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. ### Exclusions - Tobacco manufacturers/distributors/retailers (International Equities) - Cannabis Producers ICB subsector (International Equities) - Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities) - Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities) - Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities) - Anti-personnel landmines (directly involved) (International Equities) - Chemical and biological weapons (directly involved) (International Equities) - Cluster munitions (directly involved) (International Equities) - Nuclear weapons (directly involved) (International Equities) - Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities) - Civilian firearms producers/distributors (>0% revenue) (International Equities) - Nuclear power operators and supply chain (>0% revenue) (International Equities) - Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities) - UN Global Compact non-compliant and small-cap watchlist companies (International Equities) - Uyghur Forced Labour Prevention Act Entity List companies (International Equities) - Companies failing two of three diversity indicators (International Equities) Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Global%20ESG%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND56007/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/global-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/global-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/global-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Global ESG Fund URL: https://managedfunds.nz/funds/foundation-series/global-esg/questions/ > 3 commonly-asked questions about the Foundation Series Global ESG Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series Global ESG Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Global ESG Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Does the 2% management fee in funds get charged annually? Yes, management fees on managed funds are charged annually as a percentage of your investment. The Foundation Series Global ESG Fund has an annual fund charge of 0.1% p.a., which is deducted from the fund's assets each year. You can verify the current fee on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ 2. Is 0.25% a high management fee? Whether a fee is high depends on the fund category and comparable options. For international equity funds, the peer-cohort average annual fund charge is 0.95% p.a., meaning the Foundation Series Global ESG Fund's 0.1% p.a. charge is substantially lower than typical peers in this category. Comparing fees across similar funds is a standard way to assess value. 3. How much does InvestNow NZ charge? InvestNow's platform charges are separate from the fund's annual fund charge. You should check InvestNow's current fees and terms directly at https://www.investnow.co.nz/foundation-series-funds, as platform fees are set and may change independently of the fund manager's charges. Primary sources Product Disclosure Statement More about this fund Foundation Series Global ESG Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Global ESG Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/global-esg/who-audits/ > The Foundation Series Global ESG Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Global ESG Fund? KPMG The Foundation Series Global ESG Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Global ESG Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/growth/investment-mandate/ > The Foundation Series Growth Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 49 explicit exclusions. Verbatim from the SIPO. What can the Foundation Series Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% New Zealand fixed interest 3% 0% 15% International fixed interest 15% 5% 25% Total income assets 20% 10% 30% Australasian equities 23% 13% 33% International equities 57% 42% 72% Total growth assets 80% 70% 90% Mandate flexibility (sum of max − min across all ranges): 135%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (49) Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)Recreational cannabis producers/distributors (Australasian Equities)Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)Gambling services providers (>0% revenue) (Australasian Equities)Adult entertainment producers and high-revenue distributors (Australasian Equities)Anti-personnel landmines (any exposure) (Australasian Equities)Chemical and biological weapons (any exposure) (Australasian Equities)Cluster munitions (any exposure) (Australasian Equities)Nuclear weapons (any exposure) (Australasian Equities)Military weapons manufacturers (>0% revenue) (Australasian Equities)Civilian automatic and semi-automatic firearms (Australasian Equities)Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)Palm oil production (>=10% revenue) (Australasian Equities)Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)Factory farming / intensive agriculture (>0% revenue) (Australasian Equities)Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities)Human rights and child labour controversy companies (Australasian Equities)Poor ESG conduct companies (Australasian Equities)Tobacco manufacturers/distributors/retailers (International Equities)Cannabis Producers ICB subsector (International Equities)Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)Anti-personnel landmines (directly involved) (International Equities)Chemical and biological weapons (directly involved) (International Equities)Cluster munitions (directly involved) (International Equities)Nuclear weapons (directly involved) (International Equities)Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities)Civilian firearms producers/distributors (>0% revenue) (International Equities)Nuclear power operators and supply chain (>0% revenue) (International Equities)Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)UN Global Compact non-compliant and small-cap watchlist companies (International Equities)Uyghur Forced Labour Prevention Act Entity List companies (International Equities)Companies failing two of three diversity indicators (International Equities)Tobacco producers/distributors/retailers (>=5% revenue) (International Fixed Interest)Alcohol producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)Gambling facility owners/operators (>=5% revenue) and support providers (>=15% revenue) (International Fixed Interest)Adult entertainment producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)Anti-personnel and anti-vehicle landmine producers (International Fixed Interest)Biological and chemical weapons manufacturers (International Fixed Interest)Cluster munitions producers (International Fixed Interest)Nuclear weapons prime contractors and support providers (International Fixed Interest)Conventional weapons producers (>=5% revenue) and specialty weapons producers (>=10% revenue) (International Fixed Interest)Civilian firearms producers/retailers (>=5% revenue) (International Fixed Interest)Genetic engineering companies (>=5% revenue) (International Fixed Interest)Nuclear power operators (>15% revenue) or high nuclear generation share (International Fixed Interest, except green bonds)Coal, oil and gas companies meeting specified thresholds (International Fixed Interest, except green bonds)UN Security Council trade sanction subjects (International Fixed Interest)UN Global Compact very severe ongoing controversy companies (International Fixed Interest) Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Growth Fund: 0.38% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/foundation-series/growth/is-it-expensive/ > Foundation Series Growth Fund charges 0.38% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Growth Fund expensive? Foundation Series Growth Fund charges 0.38% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 83% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Growth Fund NZ$189 at 0.38% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-297 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Foundation Series Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.13pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.13pp Simplicity Growth Investment Fund Simplicity 0.25% −0.13pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.13pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.13pp Kernel Conservative Fund Kernel 0.25% −0.13pp Kernel Balanced Fund Kernel 0.25% −0.13pp Kernel High Growth Fund Kernel 0.25% −0.13pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Growth Fund? Foundation Series Growth Fund charges 0.38% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Foundation Series Growth Fund sits at 0.38% — cheaper than 83% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.38% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$189. That is NZ$297 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Growth Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/growth/markdown.md # Foundation Series Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Growth Fund is a diversified managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in a diversified portfolio weighted towards growth assets but with some income asset exposure. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund's investment benchmark is the weighted average return of the asset class benchmark indices. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod7a44fb29a36a26bc8c348a11bd895ac/20260130-Foundation-Series-Funds-Diversified-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.38% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.31% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$62 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 2 September 2020 - **Minimum initial investment:** NZ$5,000 ## Top 7 holdings 1. Vanguard ESG US Stock ETF — 38.94% 2. Harbour Sustainable NZ Shares Fund — 22.57% 3. Vanguard ESG INTL Stock ETF — 19.26% 4. IShares Global Aggregate Bond ESG SRI UCITS ETF — 15.75% 5. Mercer Macquarie NZ Fixed Interest Fund — 2.99% 6. Mercer Macquarie NZ Cash Fund — 1.62% 7. Cash at Bank (BNZ) — 0.60% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | New Zealand fixed interest | 3% | 0% | 15% | | International fixed interest | 15% | 5% | 25% | | Total income assets | 20% | 10% | 30% | | Australasian equities | 23% | 13% | 33% | | International equities | 57% | 42% | 72% | | Total growth assets | 80% | 70% | 90% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. ### Exclusions - Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities) - Recreational cannabis producers/distributors (Australasian Equities) - Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities) - Gambling services providers (>0% revenue) (Australasian Equities) - Adult entertainment producers and high-revenue distributors (Australasian Equities) - Anti-personnel landmines (any exposure) (Australasian Equities) - Chemical and biological weapons (any exposure) (Australasian Equities) - Cluster munitions (any exposure) (Australasian Equities) - Nuclear weapons (any exposure) (Australasian Equities) - Military weapons manufacturers (>0% revenue) (Australasian Equities) - Civilian automatic and semi-automatic firearms (Australasian Equities) - Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities) - Palm oil production (>=10% revenue) (Australasian Equities) - Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities) - Factory farming / intensive agriculture (>0% revenue) (Australasian Equities) - Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities) - Human rights and child labour controversy companies (Australasian Equities) - Poor ESG conduct companies (Australasian Equities) - Tobacco manufacturers/distributors/retailers (International Equities) - Cannabis Producers ICB subsector (International Equities) - Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities) - Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities) - Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities) - Anti-personnel landmines (directly involved) (International Equities) - Chemical and biological weapons (directly involved) (International Equities) - Cluster munitions (directly involved) (International Equities) - Nuclear weapons (directly involved) (International Equities) - Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities) - Civilian firearms producers/distributors (>0% revenue) (International Equities) - Nuclear power operators and supply chain (>0% revenue) (International Equities) - Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities) - UN Global Compact non-compliant and small-cap watchlist companies (International Equities) - Uyghur Forced Labour Prevention Act Entity List companies (International Equities) - Companies failing two of three diversity indicators (International Equities) - Tobacco producers/distributors/retailers (>=5% revenue) (International Fixed Interest) - Alcohol producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest) - Gambling facility owners/operators (>=5% revenue) and support providers (>=15% revenue) (International Fixed Interest) - Adult entertainment producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest) - Anti-personnel and anti-vehicle landmine producers (International Fixed Interest) - Biological and chemical weapons manufacturers (International Fixed Interest) - Cluster munitions producers (International Fixed Interest) - Nuclear weapons prime contractors and support providers (International Fixed Interest) - Conventional weapons producers (>=5% revenue) and specialty weapons producers (>=10% revenue) (International Fixed Interest) - Civilian firearms producers/retailers (>=5% revenue) (International Fixed Interest) - Genetic engineering companies (>=5% revenue) (International Fixed Interest) - Nuclear power operators (>15% revenue) or high nuclear generation share (International Fixed Interest, except green bonds) - Coal, oil and gas companies meeting specified thresholds (International Fixed Interest, except green bonds) - UN Security Council trade sanction subjects (International Fixed Interest) - UN Global Compact very severe ongoing controversy companies (International Fixed Interest) Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND20382/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/growth/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Growth Fund URL: https://managedfunds.nz/funds/foundation-series/growth/questions/ > 4 commonly-asked questions about the Foundation Series Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, diversified category. Questions about Foundation Series Growth Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are Foundation series funds? Foundation Series funds are a range of diversified managed funds offered through InvestNow that combine growth and income assets in different proportions to suit various investment timeframes. The Foundation Series Growth Fund specifically holds approximately 78.34% growth assets and 21.66% income assets, with a risk indicator of 4/7 on the FMA standardised scale. 2. Is growth fund good for KiwiSaver? Growth funds can be held within many KiwiSaver scheme accounts and are generally suited to longer investment timeframes due to higher exposure to share markets, though suitability depends on your personal circumstances, age, and risk tolerance. Check your KiwiSaver scheme account provider's documentation and the current Product Disclosure Statement for the Foundation Series Growth Fund to confirm eligibility and features. 3. What are the downsides of growth funds? Growth funds typically carry higher volatility and investment risk than conservative funds because they hold a larger proportion of shares and growth assets; the Foundation Series Growth Fund has a risk indicator of 4/7, meaning capital value can fluctuate significantly in the short term. Investors should be comfortable with potential negative returns in any given year and have a longer investment timeframe to ride out market cycles. 4. What is the average fund fee? The Foundation Series Growth Fund charges an annual fund charge of 0.38% per annum, which is substantially below the peer-cohort average fee of 1.23% p.a. for comparable funds, as disclosed in the latest Quarterly Fund Update. Primary sources Product Disclosure Statement More about this fund Foundation Series Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Growth Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/growth/who-audits/ > The Foundation Series Growth Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Growth Fund? KPMG The Foundation Series Growth Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Growth Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series Hedged Total World Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/hedged-total-world/investment-mandate/ > The Foundation Series Hedged Total World Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Foundation Series Hedged Total World Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Hedged Total World Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Hedged Total World Fund: 0.07% fee vs 0.61% … URL: https://managedfunds.nz/funds/foundation-series/hedged-total-world/is-it-expensive/ > Foundation Series Hedged Total World Fund charges 0.07% p.a. vs the international equities peer-class median of 0.61%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Hedged Total World Fund expensive? Foundation Series Hedged Total World Fund charges 0.07% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 95% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Hedged Total World Fund NZ$35 at 0.07% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-266 over 5 years on NZ$10K. 3 cheaper peers in the same category International Equities funds with a lower annual fund charge than Foundation Series Hedged Total World Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series Hedged Total World Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.04pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.04pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.01pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Hedged Total World Fund? Foundation Series Hedged Total World Fund charges 0.07% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Hedged Total World Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series Hedged Total World Fund sits at 0.07% — cheaper than 95% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.07% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$35. That is NZ$266 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Hedged Total World Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/hedged-total-world/markdown.md # Foundation Series Hedged Total World Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Hedged Total World Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in an ETF that invests in shares of large, mid-sized and small companies listed on international stock markets. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund aims to have all foreign currency exposure hedged to the NZD. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf ## Fund data - **Annual fund charge:** 0.07% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$85 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 5 February 2024 - **Minimum initial investment:** NZ$5,000 ## Top 2 holdings 1. Vanguard Total World Stock ETF — 104.45% 2. Cash at Bank (BNZ) — 0.01% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Hedged%20Total%20World%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND47038/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/hedged-total-world/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/hedged-total-world/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/hedged-total-world/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Hedged Total World Fund URL: https://managedfunds.nz/funds/foundation-series/hedged-total-world/questions/ > 2 commonly-asked questions about the Foundation Series Hedged Total World Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series Hedged Total World Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Hedged Total World Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are Foundation series funds? Foundation Series funds are a range of managed funds offered through InvestNow that track broad asset classes with low annual fund charges. This specific fund—Foundation Series Hedged Total World Fund—tracks global equities across developed and emerging markets with a NZD hedge, and charges 0.07% p.a., significantly below the peer-cohort average of 0.95% p.a. 2. What is the best total world market fund? Funds in our coverage offering global equity exposure are listed in our International Equities category. When comparing, you can filter by annual fund charge, risk indicator (this fund is 5/7 on the FMA standardised scale), fund size, and tax structure (this fund is a PIE). Check the current product disclosure statement and FMA Disclose register for full terms before deciding. Primary sources Product Disclosure Statement More about this fund Foundation Series Hedged Total World Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Hedged Total World Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/hedged-total-world/who-audits/ > The Foundation Series Hedged Total World Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Hedged Total World Fund? KPMG The Foundation Series Hedged Total World Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Hedged Total World Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series Hedged US 500 Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/hedged-us-500/investment-mandate/ > The Foundation Series Hedged US 500 Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Foundation Series Hedged US 500 Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Hedged US 500 Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Hedged US 500 Fund: 0.03% fee vs 0.61% peer … URL: https://managedfunds.nz/funds/foundation-series/hedged-us-500/is-it-expensive/ > Foundation Series Hedged US 500 Fund charges 0.03% p.a. vs the international equities peer-class median of 0.61%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Hedged US 500 Fund expensive? Foundation Series Hedged US 500 Fund charges 0.03% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 99% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Hedged US 500 Fund NZ$15 at 0.03% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-286 over 5 years on NZ$10K. What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Hedged US 500 Fund? Foundation Series Hedged US 500 Fund charges 0.03% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Hedged US 500 Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series Hedged US 500 Fund sits at 0.03% — cheaper than 99% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.03% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$15. That is NZ$286 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Hedged US 500 Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/hedged-us-500/markdown.md # Foundation Series Hedged US 500 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Hedged US 500 Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in an ETF that invests in shares of the largest companies listed on stock markets in the United States. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund aims to have all foreign currency exposure hedged to the New Zealand dollar ('NZD'). Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf ## Fund data - **Annual fund charge:** 0.03% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$42 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 5 February 2024 - **Minimum initial investment:** NZ$5,000 ## Top 2 holdings 1. Vanguard S&P 500 ETF — 105.23% 2. Cash at Bank (BNZ) — 0.34% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Hedged%20US%20500%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND47037/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/hedged-us-500/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/hedged-us-500/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/hedged-us-500/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Hedged US 500 Fund URL: https://managedfunds.nz/funds/foundation-series/hedged-us-500/questions/ > 3 commonly-asked questions about the Foundation Series Hedged US 500 Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series Hedged US 500 Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Hedged US 500 Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do I pay tax on US shares in NZ? This fund is structured as a PIE (Portfolio Investment Entity), which means your tax is capped at your prescribed investor rate (PIR), with a maximum of 28%, rather than being taxed on underlying US share dividends or gains. For detailed information on how PIE taxation applies to your situation, see the IRD's guidance on PIE tax rules and check the fund's current Product Disclosure Statement. 2. Is US500 good for long-term investing? This fund tracks the S&P 500 index with very low costs (annual fund charge of 0.03% p.a.), which is a mechanical advantage for long-term investors. The fund carries a risk indicator of 6/7 on the FMA standardised scale, reflecting the volatility typical of equity index funds. Whether this aligns with your investment timeframe and risk tolerance is a personal decision — check the current PDS and consider seeking personalised financial advice. 3. What are Foundation series funds? Foundation Series funds are a range of low-cost index-tracking funds available through InvestNow, including this NZD-hedged US 500 fund. They are structured as PIEs and designed to track major equity and bond indices with minimal annual fees. For full details on the Foundation Series range and how each fund operates, visit the manager's website or the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Foundation Series Hedged US 500 Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Hedged US 500 Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/hedged-us-500/who-audits/ > The Foundation Series Hedged US 500 Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Hedged US 500 Fund? KPMG The Foundation Series Hedged US 500 Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Hedged US 500 Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series High Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/high-growth/investment-mandate/ > The Foundation Series High Growth Fund's Statement of Investment Policy sets target / min / max ranges across 5 asset classes plus 34 explicit exclusions. Verbatim from the SIPO. What can the Foundation Series High Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% Total income assets 2% 0% 10% Australasian equities 28% 18% 38% International equities 70% 55% 85% Total growth assets 98% 90% 100% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Explicit exclusions (34) Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)Recreational cannabis producers/distributors (Australasian Equities)Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)Gambling services providers (>0% revenue) (Australasian Equities)Adult entertainment producers and high-revenue distributors (Australasian Equities)Anti-personnel landmines (any exposure) (Australasian Equities)Chemical and biological weapons (any exposure) (Australasian Equities)Cluster munitions (any exposure) (Australasian Equities)Nuclear weapons (any exposure) (Australasian Equities)Military weapons manufacturers (>0% revenue) (Australasian Equities)Civilian automatic and semi-automatic firearms (Australasian Equities)Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)Palm oil production (>=10% revenue) (Australasian Equities)Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)Factory farming / intensive agriculture (>0% revenue) (Australasian Equities)Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities)Human rights and child labour controversy companies (Australasian Equities)Poor ESG conduct companies (Australasian Equities)Tobacco manufacturers/distributors/retailers (International Equities)Cannabis Producers ICB subsector (International Equities)Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)Anti-personnel landmines (directly involved) (International Equities)Chemical and biological weapons (directly involved) (International Equities)Cluster munitions (directly involved) (International Equities)Nuclear weapons (directly involved) (International Equities)Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities)Civilian firearms producers/distributors (>0% revenue) (International Equities)Nuclear power operators and supply chain (>0% revenue) (International Equities)Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)UN Global Compact non-compliant and small-cap watchlist companies (International Equities)Uyghur Forced Labour Prevention Act Entity List companies (International Equities)Companies failing two of three diversity indicators (International Equities) Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series High Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series High Growth Fund: 0.37% fee vs 0.99% peer me… URL: https://managedfunds.nz/funds/foundation-series/high-growth/is-it-expensive/ > Foundation Series High Growth Fund charges 0.37% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series High Growth Fund expensive? Foundation Series High Growth Fund charges 0.37% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 84% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series High Growth Fund NZ$184 at 0.37% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-302 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Foundation Series High Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series High Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.12pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.12pp Simplicity Growth Investment Fund Simplicity 0.25% −0.12pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.12pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.12pp Kernel Conservative Fund Kernel 0.25% −0.12pp Kernel Balanced Fund Kernel 0.25% −0.12pp Kernel High Growth Fund Kernel 0.25% −0.12pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series High Growth Fund? Foundation Series High Growth Fund charges 0.37% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series High Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Foundation Series High Growth Fund sits at 0.37% — cheaper than 84% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.37% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$184. That is NZ$302 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series High Growth Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/high-growth/markdown.md # Foundation Series High Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series High Growth Fund is a diversified managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in a diversified portfolio of predominantly growth assets but with a small amount of income asset exposure. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund's investment benchmark is the weighted average return of the asset class benchmark indices. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod7a44fb29a36a26bc8c348a11bd895ac/20260130-Foundation-Series-Funds-Diversified-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.37% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$10 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 March 2025 - **Minimum initial investment:** NZ$5,000 ## Top 4 holdings 1. Vanguard ESG US Stock ETF — 47.53% 2. Harbour Sustainable NZ Shares Fund — 27.79% 3. Vanguard ESG INTL Stock ETF — 23.55% 4. Cash at Bank (BNZ) — 2.65% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | Total income assets | 2% | 0% | 10% | | Australasian equities | 28% | 18% | 38% | | International equities | 70% | 55% | 85% | | Total growth assets | 98% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. ### Exclusions - Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities) - Recreational cannabis producers/distributors (Australasian Equities) - Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities) - Gambling services providers (>0% revenue) (Australasian Equities) - Adult entertainment producers and high-revenue distributors (Australasian Equities) - Anti-personnel landmines (any exposure) (Australasian Equities) - Chemical and biological weapons (any exposure) (Australasian Equities) - Cluster munitions (any exposure) (Australasian Equities) - Nuclear weapons (any exposure) (Australasian Equities) - Military weapons manufacturers (>0% revenue) (Australasian Equities) - Civilian automatic and semi-automatic firearms (Australasian Equities) - Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities) - Palm oil production (>=10% revenue) (Australasian Equities) - Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities) - Factory farming / intensive agriculture (>0% revenue) (Australasian Equities) - Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities) - Human rights and child labour controversy companies (Australasian Equities) - Poor ESG conduct companies (Australasian Equities) - Tobacco manufacturers/distributors/retailers (International Equities) - Cannabis Producers ICB subsector (International Equities) - Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities) - Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities) - Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities) - Anti-personnel landmines (directly involved) (International Equities) - Chemical and biological weapons (directly involved) (International Equities) - Cluster munitions (directly involved) (International Equities) - Nuclear weapons (directly involved) (International Equities) - Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities) - Civilian firearms producers/distributors (>0% revenue) (International Equities) - Nuclear power operators and supply chain (>0% revenue) (International Equities) - Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities) - UN Global Compact non-compliant and small-cap watchlist companies (International Equities) - Uyghur Forced Labour Prevention Act Entity List companies (International Equities) - Companies failing two of three diversity indicators (International Equities) Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20High%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND56009/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/high-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/high-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/high-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series High Growth Fund URL: https://managedfunds.nz/funds/foundation-series/high-growth/questions/ > 3 commonly-asked questions about the Foundation Series High Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, diversified category. Questions about Foundation Series High Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series High Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 0.25% a high management fee? The Foundation Series High Growth Fund has an annual fund charge of 0.37% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. Whether a fee of 0.25% or 0.37% is considered high depends on the fund category, strategy, and service level; you can compare this fund's charge against others in our coverage using the fee filter on managedfunds.nz. 2. Is 0.5% a good management fee? The Foundation Series High Growth Fund charges 0.37% p.a., which is lower than 0.5% and below the peer-cohort average of 0.95% p.a. Whether any fee is 'good' depends on the fund's holdings, service, and your investment goals; the FMA Disclose Register (https://disclose-register.companiesoffice.govt.nz/) contains fund-specific fee data for comparison. 3. What are Foundation series funds? Foundation Series is a collection of managed funds available through InvestNow, including the High Growth Fund shown here. Each fund in the series has a defined asset allocation and investment objective; full details are available on the InvestNow manager website (https://www.investnow.co.nz/foundation-series-funds) and in the fund's Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund Foundation Series High Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series High Growth Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/high-growth/who-audits/ > The Foundation Series High Growth Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series High Growth Fund? KPMG The Foundation Series High Growth Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series High Growth Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series Nasdaq-100 Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/nasdaq-100/investment-mandate/ > The Foundation Series Nasdaq-100 Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Foundation Series Nasdaq-100 Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Nasdaq-100 Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Nasdaq-100 Fund: 0.15% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/foundation-series/nasdaq-100/is-it-expensive/ > Foundation Series Nasdaq-100 Fund charges 0.15% p.a. vs the international equities peer-class median of 0.61%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Nasdaq-100 Fund expensive? Foundation Series Nasdaq-100 Fund charges 0.15% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 91% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Nasdaq-100 Fund NZ$75 at 0.15% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-227 over 5 years on NZ$10K. 6 cheaper peers in the same category International Equities funds with a lower annual fund charge than Foundation Series Nasdaq-100 Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series Nasdaq-100 Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.12pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.12pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.09pp Foundation Series Total World Fund Foundation Series 0.07% −0.08pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.08pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.05pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Nasdaq-100 Fund? Foundation Series Nasdaq-100 Fund charges 0.15% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Nasdaq-100 Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series Nasdaq-100 Fund sits at 0.15% — cheaper than 91% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.15% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$75. That is NZ$227 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Nasdaq-100 Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/nasdaq-100/markdown.md # Foundation Series Nasdaq-100 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Nasdaq-100 Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in an ETF that invests in shares of the largest non-financial companies listed on the Nasdaq stock exchange. The Fund's objective is to perform broadly in line with the return of its investment benchmark, the Nasdaq-100 Notional Net Return Index NZD®, before fees and tax over the long-term. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8090952e11dcfd036128ea6b5e40984f/20260130-Foundation-Series-Funds-Core-Equity-Funds%232-PDS.pdf ## Fund data - **Annual fund charge:** 0.15% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$26 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2025 - **Minimum initial investment:** NZ$5,000 ## Top 1 holdings 1. Invesco NASDAQ 100 ETF — 100.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 50 bps / 50 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Nasdaq-100%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND57410/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/nasdaq-100/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/nasdaq-100/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/nasdaq-100/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Nasdaq-100 Fund URL: https://managedfunds.nz/funds/foundation-series/nasdaq-100/questions/ > 3 commonly-asked questions about the Foundation Series Nasdaq-100 Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series Nasdaq-100 Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Nasdaq-100 Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is the Nasdaq 100 Index Fund a good investment? Whether a Nasdaq-100 fund suits your financial goals depends on your risk tolerance, time horizon, and investment objectives; this fund carries a risk indicator of 6/7 on the FMA standardised scale, indicating high volatility. Review the fund's Product Disclosure Statement on InvestNow and consider consulting a financial adviser before investing. 2. Is it good to invest in the NASDAQ-100 Index fund? Suitability depends on your personal circumstances and investment strategy. This fund tracks the Nasdaq-100 Index with an annual fund charge of 0.15% p.a. and is structured as a PIE, capping your investor tax at your prescribed investor rate (maximum 28%). Check the current PDS and consider seeking financial advice tailored to your situation. 3. What are Foundation series funds? Foundation Series funds are a range of exchange-traded funds available through InvestNow that provide low-cost exposure to global indices. The Nasdaq-100 fund in this series holds approximately 98.31% growth assets and 1.69% income assets, tracking the Invesco NASDAQ 100 ETF. Primary sources Product Disclosure Statement More about this fund Foundation Series Nasdaq-100 Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Nasdaq-100 Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/nasdaq-100/who-audits/ > The Foundation Series Nasdaq-100 Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Nasdaq-100 Fund? KPMG The Foundation Series Nasdaq-100 Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Nasdaq-100 Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series Total World Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/total-world/investment-mandate/ > The Foundation Series Total World Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Foundation Series Total World Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series Total World Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series Total World Fund: 0.07% fee vs 0.61% peer me… URL: https://managedfunds.nz/funds/foundation-series/total-world/is-it-expensive/ > Foundation Series Total World Fund charges 0.07% p.a. vs the international equities peer-class median of 0.61%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series Total World Fund expensive? Foundation Series Total World Fund charges 0.07% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 95% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series Total World Fund NZ$35 at 0.07% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-266 over 5 years on NZ$10K. 3 cheaper peers in the same category International Equities funds with a lower annual fund charge than Foundation Series Total World Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series Total World Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.04pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.04pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.01pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series Total World Fund? Foundation Series Total World Fund charges 0.07% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series Total World Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series Total World Fund sits at 0.07% — cheaper than 95% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.07% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$35. That is NZ$266 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series Total World Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/total-world/markdown.md # Foundation Series Total World Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series Total World Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in an ETF that invests in shares of large, mid-sized and small companies listed on international stock markets. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf ## Fund data - **Annual fund charge:** 0.07% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$514 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2022 - **Minimum initial investment:** NZ$5,000 ## Top 1 holdings 1. Vanguard Total World Stock ETF — 100.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20Total%20World%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND40819/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/total-world/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/total-world/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/total-world/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series Total World Fund URL: https://managedfunds.nz/funds/foundation-series/total-world/questions/ > 3 commonly-asked questions about the Foundation Series Total World Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series Total World Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series Total World Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What does PDS stand for? PDS stands for Product Disclosure Statement. It is the formal document that sets out the key features, risks, costs, and terms of a managed fund. You should read the current PDS for Foundation Series Total World Fund before investing; it is available on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ 2. Is 0.25% a high management fee? Foundation Series Total World Fund charges 0.07% p.a., which is materially lower than the peer-cohort average annual fund charge of 0.95% p.a. for funds in this category. Whether any given fee level is appropriate depends on the fund's strategy, liquidity, and your personal circumstances. 3. What are Foundation series funds? Foundation Series is a range of funds managed via InvestNow that track broad market indices with low annual fund charges. Foundation Series Total World Fund holds approximately 100% of the Vanguard Total World Stock ETF and is classified as an International Equities fund with a risk indicator of 5 out of 7 on the FMA standardised scale. Primary sources Product Disclosure Statement More about this fund Foundation Series Total World Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series Total World Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/total-world/who-audits/ > The Foundation Series Total World Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series Total World Fund? KPMG The Foundation Series Total World Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series Total World Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series US 500 Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/us-500/investment-mandate/ > The Foundation Series US 500 Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Foundation Series US 500 Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series US 500 Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series US 500 Fund: 0.03% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/foundation-series/us-500/is-it-expensive/ > Foundation Series US 500 Fund charges 0.03% p.a. vs the international equities peer-class median of 0.61%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series US 500 Fund expensive? Foundation Series US 500 Fund charges 0.03% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 99% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series US 500 Fund NZ$15 at 0.03% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-286 over 5 years on NZ$10K. What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series US 500 Fund? Foundation Series US 500 Fund charges 0.03% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series US 500 Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series US 500 Fund sits at 0.03% — cheaper than 99% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.03% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$15. That is NZ$286 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series US 500 Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/us-500/markdown.md # Foundation Series US 500 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series US 500 Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in an ETF that invests in shares of the largest companies listed on stock markets in the United States. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf ## Fund data - **Annual fund charge:** 0.03% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$241 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2022 - **Minimum initial investment:** NZ$5,000 ## Top 2 holdings 1. Vanguard S&P 500 ETF — 99.69% 2. Cash at Bank (BNZ) — 0.31% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20US%20500%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND40818/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/us-500/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/us-500/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/us-500/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series US 500 Fund URL: https://managedfunds.nz/funds/foundation-series/us-500/questions/ > 3 commonly-asked questions about the Foundation Series US 500 Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series US 500 Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series US 500 Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do managed funds beat the S and P 500? The Foundation Series US 500 Fund holds 99.69% in the Vanguard S&P 500 ETF, so its performance tracks the S&P 500 index itself rather than attempting to beat it. For comparative performance data, check the Fund Fact Sheet on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. Is 0.25% a high management fee? The Foundation Series US 500 Fund charges 0.03% p.a., which is substantially lower than the peer-cohort average of 0.95% p.a. for similar funds. Whether a fee level is considered high depends on the fund's structure and objectives; compare specific funds using the FMA Disclose register. 3. What are Foundation series funds? Foundation Series funds are a range of funds available through InvestNow with low annual fund charges and passive index-tracking strategies. The US 500 Fund specifically tracks the S&P 500 index and is classified as an International Equities fund with a risk indicator of 5/7 on the FMA standardised scale. Primary sources Product Disclosure Statement More about this fund Foundation Series US 500 Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series US 500 Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/us-500/who-audits/ > The Foundation Series US 500 Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series US 500 Fund? KPMG The Foundation Series US 500 Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series US 500 Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Foundation Series US Dividend Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/foundation-series/us-dividend-equity/investment-mandate/ > The Foundation Series US Dividend Equity Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Foundation Series US Dividend Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Statement of Investment Policy and Objectives Related Foundation Series US Dividend Equity Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Foundation Series US Dividend Equity Fund: 0.06% fee vs 0.61% … URL: https://managedfunds.nz/funds/foundation-series/us-dividend-equity/is-it-expensive/ > Foundation Series US Dividend Equity Fund charges 0.06% p.a. vs the international equities peer-class median of 0.61%. 2 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Foundation Series US Dividend Equity Fund expensive? Foundation Series US Dividend Equity Fund charges 0.06% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 97% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Foundation Series US Dividend Equity Fund NZ$30 at 0.06% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-271 over 5 years on NZ$10K. 2 cheaper peers in the same category International Equities funds with a lower annual fund charge than Foundation Series US Dividend Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Foundation Series US Dividend Equity Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.03pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.03pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Foundation Series US Dividend Equity Fund? Foundation Series US Dividend Equity Fund charges 0.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Foundation Series US Dividend Equity Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Foundation Series US Dividend Equity Fund sits at 0.06% — cheaper than 97% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$30. That is NZ$271 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Foundation Series US Dividend Equity Fund --- ## URL: https://managedfunds.nz/funds/foundation-series/us-dividend-equity/markdown.md # Foundation Series US Dividend Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Foundation Series US Dividend Equity Fund is a international equities managed fund run by Foundation Series. Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Investment objective (from PDS) > The Fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in high dividend yielding shares issued by United States companies with a record of consistently paying dividends. The Fund's objective is to perform broadly in line with the return of its investment benchmark, the Dow Jones U.S. Dividend 100 Index (NZD) TR, before fees and tax over the long-term. Source: Product Disclosure Statement dated 2026-01-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8090952e11dcfd036128ea6b5e40984f/20260130-Foundation-Series-Funds-Core-Equity-Funds%232-PDS.pdf ## Fund data - **Annual fund charge:** 0.06% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$11 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 March 2025 - **Minimum initial investment:** NZ$5,000 ## Top 2 holdings 1. Schwab U.S. Dividend Equity ETF — 99.75% 2. Cash at Bank (BNZ) — 0.25% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** quarterly - **Buy / sell spread:** 50 bps / 50 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others. ### Derivatives policy The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments. Source: Statement of Investment Policy and Objectives dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdob7fcaddcdc5a7f427aead0b07bd06173/20260130-Foundation-Series-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products. - InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform. - Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds. ### Related-party transactions - **InvestNow Saving and Investment Service Limited** (Wholly owned subsidiary of same ultimate parent (Implemented Investment Solutions Holding Limited)) — Investment management and distribution services for the Funds; InvestNow also operates the investment platform on which the Funds are hosted and receives platform hosting fees from fund managers/issuers Source: Other Material Information document dated 2026-01-29. https://smartinvestor.sorted.org.nz/disclose-document/mdo8034421e84bc0af0a226115d2ef43f5d/20260130-Foundation-Series-Funds-OMI.pdf ## How to invest Available via: Foundation Series directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series%20US%20Dividend%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdo5b7aba8c0ee9f8452a1e075ef0b03475/20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13175/OFR12915/FND56008/ - **Manager website:** https://www.investnow.co.nz/foundation-series-funds ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/foundation-series/us-dividend-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/foundation-series/us-dividend-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/foundation-series/us-dividend-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Foundation Series US Dividend Equity Fund URL: https://managedfunds.nz/funds/foundation-series/us-dividend-equity/questions/ > 3 commonly-asked questions about the Foundation Series US Dividend Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Foundation Series, international equities category. Questions about Foundation Series US Dividend Equity Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Foundation Series US Dividend Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Does equity fund pay dividends? Yes. This fund holds the Schwab U.S. Dividend Equity ETF (99.75% of assets), which is constructed to track companies that pay dividends. Dividend income received by the fund is reinvested and reflected in the fund's unit price; as a PIE, any taxable income is capped at your prescribed investor rate (maximum 28%). 2. What is the difference between equity fund and dividend fund? An equity fund invests in company shares and may hold any mix of dividend-paying and non-dividend-paying stocks. A dividend fund specifically selects equities based on dividend-payment history or yield. This fund is a dividend-focused equity fund, as it tracks an index of U.S. dividend-paying companies. 3. Are US equity funds a good investment? That depends on your financial circumstances and investment goals. This fund carries a risk indicator of 5 out of 7 (FMA standardised scale), reflecting moderate-to-high volatility typical of equity exposure. Review the Product Disclosure Statement and FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/) for full risk and performance data before deciding. Primary sources Product Disclosure Statement More about this fund Foundation Series US Dividend Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Foundation Series US Dividend Equity Fund? — KPMG URL: https://managedfunds.nz/funds/foundation-series/us-dividend-equity/who-audits/ > The Foundation Series US Dividend Equity Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Foundation Series US Dividend Equity Fund? KPMG The Foundation Series US Dividend Equity Fund sits within a managed investment scheme run by Foundation Series. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Foundation Series US Dividend Equity Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Generate Focused Growth Managed Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/generate/focused-growth-managed/investment-mandate/ > The Generate Focused Growth Managed Fund's Statement of Investment Policy sets target / min / max ranges across 6 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the Generate Focused Growth Managed Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 35% Fixed interest 0% 0% 20% Income Assets (total) 5% 0% 35% Australasian equities and property 30% 10% 50% International equities 65% 45% 85% Growth Assets (total) 95% 65% 100% Mandate flexibility (sum of max − min across all ranges): 205%. Wide range — high manager discretion typical of active management. Explicit exclusions (5) Manufacture of cluster munitionsManufacture of anti-personnel minesManufacture or testing of nuclear explosive devicesProcessing of whale meatManufacture of tobacco Responsible-investment approach Under the Responsible Investment Policy, Generate seeks to exclude investments (including third party underlying fund investments) into companies involved in: the manufacture of cluster munitions; the manufacture of anti-personnel mines; the manufacture or testing of nuclear explosive devices; the processing of whale meat; or the manufacture of tobacco. Environmental, social and governance issues are integrated as part of the investment process. Derivatives policy Derivative contracts may be used to manage foreign exchange risk (predominantly forward foreign exchange contracts), interest rate risk (predominantly interest rate swaps), share market risk (predominantly futures and/or options), and credit risk (predominantly credit default swaps). IC or CIO approval is required for counterparties and for share market and credit derivatives. Statement of Investment Policy and Objectives Related Generate Focused Growth Managed Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Generate Focused Growth Managed Fund: 1.35% fee vs 0.99% peer … URL: https://managedfunds.nz/funds/generate/focused-growth-managed/is-it-expensive/ > Generate Focused Growth Managed Fund charges 1.35% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. G Annual fee load vs peer-class median Is the Generate Focused Growth Managed Fund expensive? Generate Focused Growth Managed Fund charges 1.35% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Generate Focused Growth Managed Fund NZ$657 at 1.35% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$172 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Generate Focused Growth Managed Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Generate Focused Growth Managed Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.10pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.10pp Simplicity Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.10pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.10pp Kernel Conservative Fund Kernel 0.25% −1.10pp Kernel Balanced Fund Kernel 0.25% −1.10pp Kernel High Growth Fund Kernel 0.25% −1.10pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Generate Focused Growth Managed Fund? Generate Focused Growth Managed Fund charges 1.35% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Generate Focused Growth Managed Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Generate Focused Growth Managed Fund sits at 1.35% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.35% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$657. That is NZ$172 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Generate Focused Growth Managed Fund --- ## URL: https://managedfunds.nz/funds/generate/focused-growth-managed/markdown.md # Generate Focused Growth Managed Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Generate (Generate Investment Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Generate Focused Growth Managed Fund is a diversified managed fund run by Generate. Active manager best known for KiwiSaver; runs a focused growth managed-fund offering. ## Investment objective (from PDS) > The Generate Focused Growth Managed Fund aims to provide a higher return over the long term. It invests in an actively managed portfolio made up predominantly of growth assets with a minor allocation of income assets. Volatility is likely to be high. Returns will vary and may be low or negative at times. Source: Product Disclosure Statement dated 2025-11-25 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo23d0b0cd4a3205a7a59519ad28499164/Generate-Unit-Trust%28Managed-Funds%29PDS-1-12-2025.pdf ## Fund data - **Annual fund charge:** 1.35% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.34% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$118 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 November 2019 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Nvidia — 5.95% 2. Te Ahumairangi Global Equity Fund — 4.68% 3. Microsoft Corp — 4.54% 4. Amazon.Com Inc — 4.11% 5. Infratil Ltd — 3.33% 6. Fisher & Paykel Healthcare Ltd — 3.21% 7. Meta Platforms Inc — 3.07% 8. Alphabet Inc Class A — 2.96% 9. Apple Inc — 2.56% 10. ASB NZ Dollar Cash Account — 2.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 35% | | Fixed interest | 0% | 0% | 20% | | Income Assets (total) | 5% | 0% | 35% | | Australasian equities and property | 30% | 10% | 50% | | International equities | 65% | 45% | 85% | | Growth Assets (total) | 95% | 65% | 100% | ### Responsible-investment approach Under the Responsible Investment Policy, Generate seeks to exclude investments (including third party underlying fund investments) into companies involved in: the manufacture of cluster munitions; the manufacture of anti-personnel mines; the manufacture or testing of nuclear explosive devices; the processing of whale meat; or the manufacture of tobacco. Environmental, social and governance issues are integrated as part of the investment process. ### Derivatives policy Derivative contracts may be used to manage foreign exchange risk (predominantly forward foreign exchange contracts), interest rate risk (predominantly interest rate swaps), share market risk (predominantly futures and/or options), and credit risk (predominantly credit default swaps). IC or CIO approval is required for counterparties and for share market and credit derivatives. ### Exclusions - Manufacture of cluster munitions - Manufacture of anti-personnel mines - Manufacture or testing of nuclear explosive devices - Processing of whale meat - Manufacture of tobacco Source: Statement of Investment Policy and Objectives dated 2025-11-25. https://smartinvestor.sorted.org.nz/disclose-document/mdod88f5ca4fc52d5d527907966eee1ef00/Generate-Unit-Trust%28Managed-Funds%29SIPO.pdf ## How to invest Available via: Generate directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Generate%20Focused%20Growth%20Managed%20Fund - **Product Disclosure Statement:** /disclose-document/mdo23d0b0cd4a3205a7a59519ad28499164/Generate-Unit-Trust%28Managed-Funds%29PDS-1-12-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12736/OFR12737/FND15960/ - **Manager website:** https://generatekiwisaver.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/generate/focused-growth-managed/ - **Markdown (this file):** https://managedfunds.nz/funds/generate/focused-growth-managed/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/generate/focused-growth-managed/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Generate Focused Growth Managed Fund URL: https://managedfunds.nz/funds/generate/focused-growth-managed/questions/ > 3 commonly-asked questions about the Generate Focused Growth Managed Fund, answered with mechanical facts sourced from the FMA Disclose register. Generate, diversified category. Questions about Generate Focused Growth Managed Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Generate Focused Growth Managed Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a focused growth fund? A focused growth fund is a diversified managed fund that allocates a high proportion of its portfolio to growth assets (typically equities and growth-oriented funds) to pursue capital appreciation over the medium to long term, accepting higher volatility in exchange for growth potential. Generate Focused Growth Managed Fund holds approximately 98.31% growth assets and 1.69% income assets, with a Risk indicator of 5/7 on the FMA standardised scale. 2. What is generate managed funds? Generate Focused Growth Managed Fund is a diversified managed fund available for investment through InvestNow or directly with Generate. As at the latest Quarterly Fund Update, the fund holds NZ$110,436,721 in assets with an annual fund charge of 1.39% p.a., and is structured as a PIE for New Zealand tax purposes. For full details, see the current Product Disclosure Statement and the latest QFU on the FMA Disclose register. 3. What is the average return of growth funds? Generate Focused Growth Managed Fund achieved a 5-year return of 8.22% p.a. after fees and before tax, based on FMA Disclose data. However, past performance does not guarantee future returns; for comparison with other growth funds or peer-cohort benchmarks, check the latest QFU on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ Primary sources Product Disclosure Statement More about this fund Generate Focused Growth Managed Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Harbour Australasian Equity Focus Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/australasian-equity-focus/investment-mandate/ > The Harbour Australasian Equity Focus Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Harbour Australasian Equity Focus Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents (can include Fixed Income Investment Grade Corporate Bond – NZ or Australia) 5% 0% 35% Australasian Equities 95% 65% 100% Mandate flexibility (sum of max − min across all ranges): 70%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Companies not meeting Harbour's baseline responsible behaviour standard (per ESG Policy zero tolerance exclusions) Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Australasian Equity Focus Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Australasian Equity Focus Fund: 1.21% fee vs 1.01% pee… URL: https://managedfunds.nz/funds/harbour/australasian-equity-focus/is-it-expensive/ > Harbour Australasian Equity Focus Fund charges 1.21% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Australasian Equity Focus Fund expensive? Harbour Australasian Equity Focus Fund charges 1.21% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 80% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Australasian Equity Focus Fund NZ$591 at 1.21% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$96 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Harbour Australasian Equity Focus Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Australasian Equity Focus Fund Simplicity NZ Share Fund Simplicity 0.10% −1.11pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.01pp Harbour NZ Index Shares Fund Harbour 0.21% −1.00pp BetaShares Australia 200 Fund BetaShares 0.23% −0.98pp Kernel NZ 20 Fund Kernel 0.25% −0.96pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.96pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.96pp Kernel Australia 100 Fund Kernel 0.25% −0.96pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Australasian Equity Focus Fund? Harbour Australasian Equity Focus Fund charges 1.21% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Australasian Equity Focus Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Harbour Australasian Equity Focus Fund sits at 1.21% — pricier than the median (cheaper than 20% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.21% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$591. That is NZ$96 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Australasian Equity Focus Fund --- ## URL: https://managedfunds.nz/funds/harbour/australasian-equity-focus/markdown.md # Harbour Australasian Equity Focus Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Australasian Equity Focus Fund is a australasian equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To deliver medium to long term capital growth through investing in quality businesses with strong growth prospects. The Fund is an actively managed, high conviction fund investing principally in New Zealand and Australian listed equities where the portfolio will consist of companies analysts have researched and have a high belief will perform over the medium to longer-term. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 1.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.44% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$21 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 10 April 2014 ## Top 10 holdings 1. Infratil — 9.54% 2. Scales NZ — 8.72% 3. A2 Milk Company — 8.38% 4. Mainfreight — 8.11% 5. Summerset Group — 7.79% 6. Rio Tinto — 4.79% 7. Macquarie Group — 4.63% 8. Challenger — 4.28% 9. Ryman Healthcare — 3.87% 10. Xero — 3.47% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.12% > 10% of the Fund's performance above the hurdle rate of return. Hurdle rate of return: Benchmark (50% S&P/NZX 50 Index (gross with imputation credits) and 50% S&P/ASX 200 Index (total return in AUD with 50% hedged to NZD)) plus 1.00%. Outperformance is capped at 10%. High Water Mark: Yes – perpetual HWM. Calculated daily and paid annually in January each year if required conditions are met. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents (can include Fixed Income Investment Grade Corporate Bond – NZ or Australia) | 5% | 0% | 35% | | Australasian Equities | 95% | 65% | 100% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. ### Exclusions - Companies not meeting Harbour's baseline responsible behaviour standard (per ESG Policy zero tolerance exclusions) Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Australasian%20Equity%20Focus%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1425/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/australasian-equity-focus/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/australasian-equity-focus/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/australasian-equity-focus/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Harbour Australasian Equity Focus Fund charge a performance fee? URL: https://managedfunds.nz/funds/harbour/australasian-equity-focus/performance-fee-explained/ > The Harbour Australasian Equity Focus Fund charges a performance fee in addition to its annual fund charge; it paid 0.12% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Harbour Australasian Equity Focus Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.12% of NAV Annual fund charge (on top) 1.21% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the Fund's performance above the hurdle rate of return. Hurdle rate of return: Benchmark (50% S&P/NZX 50 Index (gross with imputation credits) and 50% S&P/ASX 200 Index (total return in AUD with 50% hedged to NZD)) plus 1.00%. Outperformance is capped at 10%. High Water Mark: Yes – perpetual HWM. Calculated daily and paid annually in January each year if required conditions are met. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Harbour Australasian Equity Focus Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Harbour Australasian Equity Focus Fund URL: https://managedfunds.nz/funds/harbour/australasian-equity-focus/questions/ > 2 commonly-asked questions about the Harbour Australasian Equity Focus Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, australasian equities category. Questions about Harbour Australasian Equity Focus Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Harbour Australasian Equity Focus Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the risks of focused equity funds? Focused equity funds concentrate holdings in a smaller number of stocks, which can amplify gains but also losses if those holdings underperform; they typically carry higher volatility than diversified funds. Harbour Australasian Equity Focus Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, reflecting this concentration risk. You can view the fund's detailed risk disclosure on the FMA Disclose Register. 2. Is it good to invest in a focused equity fund? Whether a focused equity fund suits your financial situation depends on your personal risk tolerance, time horizon, and investment goals—this is not a decision we can make for you. Focused funds may appeal to investors comfortable with concentrated exposure and higher volatility; the FMA's Disclose Register and the fund's Product Disclosure Statement contain information to help you assess whether this structure matches your needs. Primary sources Product Disclosure Statement More about this fund Harbour Australasian Equity Focus Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Australasian Equity Focus Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/australasian-equity-focus/who-audits/ > The Harbour Australasian Equity Focus Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Australasian Equity Focus Fund? PricewaterhouseCoopers The Harbour Australasian Equity Focus Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Australasian Equity Focus Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Australasian Equity Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/australasian-equity-income/investment-mandate/ > The Harbour Australasian Equity Income Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Harbour Australasian Equity Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents & NZ Fixed Interest 10% 0% 35% Australasian Equities 90% 65% 100% Mandate flexibility (sum of max − min across all ranges): 70%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Australasian Equity Income Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Australasian Equity Income Fund: 1.10% fee vs 1.01% pe… URL: https://managedfunds.nz/funds/harbour/australasian-equity-income/is-it-expensive/ > Harbour Australasian Equity Income Fund charges 1.10% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Australasian Equity Income Fund expensive? Harbour Australasian Equity Income Fund charges 1.10% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 67% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Australasian Equity Income Fund NZ$538 at 1.10% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$43 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Harbour Australasian Equity Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Australasian Equity Income Fund Simplicity NZ Share Fund Simplicity 0.10% −1.00pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.90pp Harbour NZ Index Shares Fund Harbour 0.21% −0.89pp BetaShares Australia 200 Fund BetaShares 0.23% −0.87pp Kernel NZ 20 Fund Kernel 0.25% −0.85pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.85pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.85pp Kernel Australia 100 Fund Kernel 0.25% −0.85pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Australasian Equity Income Fund? Harbour Australasian Equity Income Fund charges 1.10% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Australasian Equity Income Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Harbour Australasian Equity Income Fund sits at 1.10% — pricier than the median (cheaper than 33% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.10% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$538. That is NZ$43 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Australasian Equity Income Fund --- ## URL: https://managedfunds.nz/funds/harbour/australasian-equity-income/markdown.md # Harbour Australasian Equity Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Australasian Equity Income Fund is a australasian equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To provide returns by investing in higher dividend yielding companies in the New Zealand and Australian markets. The Fund is designed to generate quarterly income from a diversified portfolio of Australasian equities that pay sustainable and growing dividend yields, as well as holding cash and fixed interest securities. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 1.10% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.81% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$35 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 November 2011 ## Top 10 holdings 1. Contact Energy — 9.84% 2. Infratil — 9.64% 3. Mainfreight — 6.58% 4. EBOS Group — 4.48% 5. Freightways Group — 4.19% 6. Precinct Properties Group — 4.02% 7. Spark New Zealand — 4.01% 8. JPM AUD Cash — 3.44% 9. Vital Healthcare Property Trust — 3.40% 10. Transurban Group — 3.19% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents & NZ Fixed Interest | 10% | 0% | 35% | | Australasian Equities | 90% | 65% | 100% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Australasian%20Equity%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1424/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/australasian-equity-income/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/australasian-equity-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/australasian-equity-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour Australasian Equity Income Fund URL: https://managedfunds.nz/funds/harbour/australasian-equity-income/questions/ > 4 commonly-asked questions about the Harbour Australasian Equity Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, australasian equities category. Questions about Harbour Australasian Equity Income Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Harbour Australasian Equity Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How does an equity income fund work? An equity income fund invests primarily in shares (equities) selected for their potential to pay dividends or distributions. The Harbour Australasian Equity Income Fund holds approximately 98.31% growth assets and 1.69% income assets, with dividends from companies like Contact Energy (8.32% of the fund) and Infratil (8.88%) contributing to investor returns alongside any capital appreciation or depreciation. 2. What is the difference between equity fund and income fund? An equity fund invests in shares with the primary goal of capital growth, while an income fund prioritises regular cash distributions (dividends or interest). The Harbour Australasian Equity Income Fund blends both approaches: it selects equities for dividend-paying potential, but its asset mix remains heavily weighted to growth assets (98.31%), meaning capital movements may have a material effect on overall returns. 3. Do income funds pay monthly? Distribution frequency varies by fund and is set by the fund manager. Check the Harbour Australasian Equity Income Fund's Product Disclosure Statement (PDS) or contact Harbour Asset Management directly at https://www.harbourasset.co.nz for details on when and how often distributions are paid. 4. Are equity income funds a good investment? Whether an equity income fund suits an investor depends on individual circumstances, risk tolerance, and time horizon. The Harbour Australasian Equity Income Fund carries a risk indicator of 4/7 on the FMA standardised scale and delivered a 5-year after-fee, pre-tax return of 4.34% p.a. as at the latest QFU; refer to the FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/) and your financial adviser for suitability assessment. Primary sources Product Disclosure Statement More about this fund Harbour Australasian Equity Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Australasian Equity Income Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/australasian-equity-income/who-audits/ > The Harbour Australasian Equity Income Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Australasian Equity Income Fund? PricewaterhouseCoopers The Harbour Australasian Equity Income Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Australasian Equity Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Australasian Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/australasian-equity/investment-mandate/ > The Harbour Australasian Equity Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Harbour Australasian Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% Australasian Equities 98% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Companies not meeting Harbour's baseline responsible behaviour standard (per ESG Policy zero tolerance exclusions) Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Australasian Equity Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Australasian Equity Fund: 1.12% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/harbour/australasian-equity/is-it-expensive/ > Harbour Australasian Equity Fund charges 1.12% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Australasian Equity Fund expensive? Harbour Australasian Equity Fund charges 1.12% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Australasian Equity Fund NZ$548 at 1.12% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$53 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Harbour Australasian Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Australasian Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −1.02pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.92pp Harbour NZ Index Shares Fund Harbour 0.21% −0.91pp BetaShares Australia 200 Fund BetaShares 0.23% −0.89pp Kernel NZ 20 Fund Kernel 0.25% −0.87pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.87pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.87pp Kernel Australia 100 Fund Kernel 0.25% −0.87pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Australasian Equity Fund? Harbour Australasian Equity Fund charges 1.12% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Australasian Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Harbour Australasian Equity Fund sits at 1.12% — pricier than the median (cheaper than 30% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.12% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$548. That is NZ$53 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Australasian Equity Fund --- ## URL: https://managedfunds.nz/funds/harbour/australasian-equity/markdown.md # Harbour Australasian Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Australasian Equity Fund is a australasian equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To achieve a gross return of 5.0% per annum above the benchmark over the long term. The Fund provides actively managed exposure to New Zealand and Australian equities with a growth-oriented active investment management approach to generate alpha for investors. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 1.12% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.83% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$101 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2010 ## Top 10 holdings 1. Fisher & Paykel Healthcare — 16.23% 2. Infratil — 10.47% 3. A2 Milk Company — 8.25% 4. Mainfreight — 7.96% 5. Contact Energy — 7.44% 6. Auckland International Airport — 6.43% 7. Summerset Group — 4.87% 8. EBOS Group — 3.54% 9. Ryman Healthcare — 3.41% 10. Scales NZ — 2.52% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | Australasian Equities | 98% | 90% | 100% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. ### Exclusions - Companies not meeting Harbour's baseline responsible behaviour standard (per ESG Policy zero tolerance exclusions) Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Australasian%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1421/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/australasian-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/australasian-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/australasian-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour Australasian Equity Fund URL: https://managedfunds.nz/funds/harbour/australasian-equity/questions/ > 3 commonly-asked questions about the Harbour Australasian Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, australasian equities category. Questions about Harbour Australasian Equity Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour Australasian Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a reasonable fee for a managed fund? Fee reasonableness depends on the asset class and fund type. For Australasian equity funds, the peer-cohort average annual fund charge is 0.95% p.a.; Harbour Australasian Equity Fund charges 1.12% p.a. as at the latest QFU. Compare specific funds using the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ to assess fees against your investment objectives. 2. What is a typical management fee for a fund? Management fees vary by asset class and fund structure. For Australasian equity funds tracked on this site, annual fund charges typically range around the peer-cohort average of 0.95% p.a., though individual funds vary. Check the latest Product Disclosure Statement (PDS) and FMA Disclose register for the specific fund you are considering. 3. Which index funds have no fees? While some index funds have lower fees than actively managed funds, few charge zero fees—they typically cover administration and custody costs. For a comparison of fee levels across different fund types and structures, search the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ by asset class and fund strategy. Primary sources Product Disclosure Statement More about this fund Harbour Australasian Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Australasian Equity Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/australasian-equity/who-audits/ > The Harbour Australasian Equity Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Australasian Equity Fund? PricewaterhouseCoopers The Harbour Australasian Equity Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Australasian Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Balanced Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/balanced-growth/investment-mandate/ > The Harbour Balanced Growth Fund's Statement of Investment Policy sets target / min / max ranges across 10 asset classes. Verbatim from the SIPO. What can the Harbour Balanced Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 3.5% 0% 25% NZ Fixed Interest 8.5% 0% 30% International Fixed Interest 18% 0% 40% Total Income Assets 30% 10% 50% Australasian equities 23.5% 0% 45% International equities 46.5% 25% 65% Unlisted Property 0% 0% 10% Listed Property 0% 0% 15% Total Growth Assets 70% 50% 90% Other 0% 0% 30% Mandate flexibility (sum of max − min across all ranges): 315%. Wide range — high manager discretion typical of active management. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Balanced Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Balanced Growth Fund: 1.04% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/harbour/balanced-growth/is-it-expensive/ > Harbour Balanced Growth Fund charges 1.04% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Balanced Growth Fund expensive? Harbour Balanced Growth Fund charges 1.04% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 59% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Balanced Growth Fund NZ$509 at 1.04% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$24 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Harbour Balanced Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Balanced Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.79pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.79pp Simplicity Growth Investment Fund Simplicity 0.25% −0.79pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.79pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.79pp Kernel Conservative Fund Kernel 0.25% −0.79pp Kernel Balanced Fund Kernel 0.25% −0.79pp Kernel High Growth Fund Kernel 0.25% −0.79pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Balanced Growth Fund? Harbour Balanced Growth Fund charges 1.04% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Balanced Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Harbour Balanced Growth Fund sits at 1.04% — pricier than the median (cheaper than 41% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.04% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$509. That is NZ$24 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Balanced Growth Fund --- ## URL: https://managedfunds.nz/funds/harbour/balanced-growth/markdown.md # Harbour Balanced Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Balanced Growth Fund is a diversified managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > The objective is to outperform the benchmark before fees and tax over a rolling 5-year period. The Fund is designed to provide investors exposure to a wide range of domestic and global assets, investing approximately 70% in growth assets such as shares, property and infrastructure and approximately 30% into more defensive assets which will predominantly be made up of investment grade bonds. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf ## Fund data - **Annual fund charge:** 1.04% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.24% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$58 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 1 November 2019 ## Top 10 holdings 1. ANZ NZD Cash — 5.07% 2. TPG Private Equity Opportunities Fund — 3.24% 3. Icehouse IVX — 2.51% 4. Fisher & Paykel Healthcare — 2.41% 5. GD1 Fund 3 — 2.19% 6. NVIDIA — 1.85% 7. Infratil — 1.72% 8. Apple — 1.67% 9. Revolution Private Debt Fund (NZD) PIE — 1.47% 10. Contact Energy — 1.37% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** monthly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 3.5% | 0% | 25% | | NZ Fixed Interest | 8.5% | 0% | 30% | | International Fixed Interest | 18% | 0% | 40% | | Total Income Assets | 30% | 10% | 50% | | Australasian equities | 23.5% | 0% | 45% | | International equities | 46.5% | 25% | 65% | | Unlisted Property | 0% | 0% | 10% | | Listed Property | 0% | 0% | 15% | | Total Growth Assets | 70% | 50% | 90% | | Other | 0% | 0% | 30% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Balanced%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND16569/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/balanced-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/balanced-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/balanced-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour Balanced Growth Fund URL: https://managedfunds.nz/funds/harbour/balanced-growth/questions/ > 1 commonly-asked questions about the Harbour Balanced Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, diversified category. Questions about Harbour Balanced Growth Fund 1 commonly-asked questions, answered with mechanical facts sourced from the Harbour Balanced Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What's the difference between a growth fund and a balanced fund? A growth fund typically allocates a higher proportion to growth assets (shares and property) to pursue capital appreciation, while a balanced fund like Harbour Balanced Growth Fund holds a more moderate mix—in this case approximately 78.34% growth assets and 21.66% income assets—to balance growth potential with income stability. The balanced approach generally carries a lower risk indicator on the FMA standardised scale; Harbour's risk indicator is 4/7. Primary sources Product Disclosure Statement More about this fund Harbour Balanced Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Balanced Growth Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/balanced-growth/who-audits/ > The Harbour Balanced Growth Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Balanced Growth Fund? PricewaterhouseCoopers The Harbour Balanced Growth Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Balanced Growth Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/income/investment-mandate/ > The Harbour Income Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the Harbour Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 8% 5% 40% NZ Fixed Interest 50% 20% 90% International Fixed Interest 10% 0% 30% Total Income Assets 68% 60% 100% Australasian equities 32% 0% 40% International equities 0% 0% 20% Total Growth Assets 32% 0% 40% Mandate flexibility (sum of max − min across all ranges): 275%. Wide range — high manager discretion typical of active management. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Income Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Income Fund: 0.66% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/harbour/income/is-it-expensive/ > Harbour Income Fund charges 0.66% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Income Fund expensive? Harbour Income Fund charges 0.66% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 78% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Income Fund NZ$326 at 0.66% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-160 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Harbour Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Income Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.41pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.41pp Simplicity Growth Investment Fund Simplicity 0.25% −0.41pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.41pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.41pp Kernel Conservative Fund Kernel 0.25% −0.41pp Kernel Balanced Fund Kernel 0.25% −0.41pp Kernel High Growth Fund Kernel 0.25% −0.41pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Income Fund? Harbour Income Fund charges 0.66% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Income Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Harbour Income Fund sits at 0.66% — cheaper than 78% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.66% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$326. That is NZ$160 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Income Fund --- ## URL: https://managedfunds.nz/funds/harbour/income/markdown.md # Harbour Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Income Fund is a diversified managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To exceed the Official Cash Rate (OCR) plus 3.5% pa over rolling 3-year periods. The Fund will invest in a range of fixed income securities, private credit and equity securities selected to generate income while managing downside risk. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf ## Fund data - **Annual fund charge:** 0.66% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.18% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$294 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 28 October 2015 ## Top 10 holdings 1. NZGS Index Linked Bond 3.00% 20/09/2030 — 5.09% 2. NZ Government Stock 15/05/2036 4.25 — 3.76% 3. ANZ NZD Cash — 3.60% 4. NZ Government Stock 15/05/2028 0.25 — 3.33% 5. Contact Energy — 3.22% 6. Revolution Private Debt Fund (NZD) PIE — 3.08% 7. Infratil — 2.83% 8. PCG Diversified NZ Private Debt Fund PIE — 2.14% 9. Government Index Link Bd 20/09/35 2.50 — 2.05% 10. Mainfreight — 1.99% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > Performance fee is charged if the Harbour Income Fund invests in other Harbour Funds which charge a performance-based fee, and these other Funds earned more than their target and meet the criteria to charge a performance-based fee. We have taken the average of performance fees paid over the past 5 years, within these underlying Funds and applied this to the Fund's holding. ## Additional terms (from PDS) - **Distribution cadence:** monthly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 8% | 5% | 40% | | NZ Fixed Interest | 50% | 20% | 90% | | International Fixed Interest | 10% | 0% | 30% | | Total Income Assets | 68% | 60% | 100% | | Australasian equities | 32% | 0% | 40% | | International equities | 0% | 0% | 20% | | Total Growth Assets | 32% | 0% | 40% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1422/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/income/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Harbour Income Fund charge a performance fee? URL: https://managedfunds.nz/funds/harbour/income/performance-fee-explained/ > The Harbour Income Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Harbour Income Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 0.66% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Performance fee is charged if the Harbour Income Fund invests in other Harbour Funds which charge a performance-based fee, and these other Funds earned more than their target and meet the criteria to charge a performance-based fee. We have taken the average of performance fees paid over the past 5 years, within these underlying Funds and applied this to the Fund's holding. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Harbour Income Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Harbour Income Fund URL: https://managedfunds.nz/funds/harbour/income/questions/ > 3 commonly-asked questions about the Harbour Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, diversified category. Questions about Harbour Income Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a 7% return realistic? Harbour Income Fund returned 3.76% p.a. after fees and before tax over the past 5 years, according to FMA Disclose data as at the latest QFU. Past returns do not indicate future performance; actual returns will depend on market conditions and the fund's asset allocation (~52.35% growth assets / 47.65% income assets). Check the current Product Disclosure Statement for more detail on expected return ranges. 2. What are the top rated income funds? We compare managed funds by objective data including annual fund charge, risk indicator, asset mix, and historical returns rather than ratings. Harbour Income Fund has an annual fund charge of 0.66% p.a., which is below the peer-cohort average of 1.06% p.a., and a risk indicator of 3/7 on the FMA standardised scale. Use the FMA Disclose Register to compare funds across these metrics. 3. What is the best high income fund? Funds in our coverage can be compared by annual fund charge, asset mix, risk indicator, and past returns on this page. Harbour Income Fund holds approximately 47.65% income assets and returned 3.76% p.a. after fees over 5 years as at the latest QFU. Check the current PDS to understand how the fund's income distribution strategy aligns with your circumstances. Primary sources Product Disclosure Statement More about this fund Harbour Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Income Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/income/who-audits/ > The Harbour Income Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Income Fund? PricewaterhouseCoopers The Harbour Income Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Long Short Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/long-short/investment-mandate/ > The Harbour Long Short Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Harbour Long Short Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 70% 0% 130% Australasian Equities 30% -30% 60% NZ Fixed Interest 0% 0% 30% Mandate flexibility (sum of max − min across all ranges): 250%. Wide range — high manager discretion typical of active management. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Long Short Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Long Short Fund: 1.23% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/harbour/long-short/is-it-expensive/ > Harbour Long Short Fund charges 1.23% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Long Short Fund expensive? Harbour Long Short Fund charges 1.23% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 82% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Long Short Fund NZ$600 at 1.23% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$105 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Harbour Long Short Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Long Short Fund Simplicity NZ Share Fund Simplicity 0.10% −1.13pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.03pp Harbour NZ Index Shares Fund Harbour 0.21% −1.02pp BetaShares Australia 200 Fund BetaShares 0.23% −1.00pp Kernel NZ 20 Fund Kernel 0.25% −0.98pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.98pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.98pp Kernel Australia 100 Fund Kernel 0.25% −0.98pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Long Short Fund? Harbour Long Short Fund charges 1.23% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Long Short Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Harbour Long Short Fund sits at 1.23% — pricier than the median (cheaper than 18% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.23% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$600. That is NZ$105 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Long Short Fund --- ## URL: https://managedfunds.nz/funds/harbour/long-short/markdown.md # Harbour Long Short Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Long Short Fund is a australasian equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To deliver positive returns through the market cycle by investing in long and short equity positions. The Fund is an actively managed, high conviction portfolio investing principally in 'long' and 'short' listed New Zealand and Australian equities with no particular attention to an equity benchmark. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 1.23% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.76% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$5 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 3 January 2019 ## Top 10 holdings 1. Macquarie Margin Cash — 38.23% 2. JPM AUD Cash — 16.03% 3. ANZ NZD Cash — 13.68% 4. Mainfreight — 3.79% 5. Contact Energy — 3.62% 6. Infratil — 3.54% 7. A2 Milk Company — 3.23% 8. Scales NZ — 2.81% 9. Summerset Group — 2.38% 10. Breville Group — 2.19% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.23% > 15% of the Fund's performance above the hurdle rate of return. Hurdle rate of return: S&P/NZX Bank Bills 90-Day Index plus 2%. High Water Mark: Yes – perpetual HWM. Calculated daily and paid annually in January each year if required conditions are met. There is no maximum limit. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 70% | 0% | 130% | | Australasian Equities | 30% | -30% | 60% | | NZ Fixed Interest | 0% | 0% | 30% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Long%20Short%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND12572/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/long-short/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/long-short/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/long-short/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Harbour Long Short Fund charge a performance fee? URL: https://managedfunds.nz/funds/harbour/long-short/performance-fee-explained/ > The Harbour Long Short Fund charges a performance fee in addition to its annual fund charge; it paid 0.23% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Harbour Long Short Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.23% of NAV Annual fund charge (on top) 1.23% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the Fund's performance above the hurdle rate of return. Hurdle rate of return: S&P/NZX Bank Bills 90-Day Index plus 2%. High Water Mark: Yes – perpetual HWM. Calculated daily and paid annually in January each year if required conditions are met. There is no maximum limit. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Harbour Long Short Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Harbour Long Short Fund URL: https://managedfunds.nz/funds/harbour/long-short/questions/ > 3 commonly-asked questions about the Harbour Long Short Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, australasian equities category. Questions about Harbour Long Short Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour Long Short Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are long-short funds worth it? Long-short funds aim to generate returns in both rising and falling markets by taking long positions (betting on price rises) and short positions (betting on price falls). Whether a long-short approach suits your portfolio depends on your risk tolerance, investment timeframe, and goals—check the fund's Product Disclosure Statement (PDS) and consult a financial adviser for guidance relevant to your circumstances. 2. What are examples of successful long-short funds? Harbour Long Short Fund is one example available to New Zealand investors; as at the latest quarterly fund update, it has delivered a 5-year return after fees and before tax of 2.95% p.a., with a risk indicator of 4/7 on the FMA standardised scale. For a full comparison of long-short funds and their performance, visit the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. What does PDS stand for? PDS stands for Product Disclosure Statement. It is a regulated document that fund managers must provide, containing key information about a fund's investment strategy, fees, risks, and terms. You should read the PDS before investing—for Harbour Long Short Fund, this is available from the manager at https://www.harbourasset.co.nz or via InvestNow. Primary sources Product Disclosure Statement More about this fund Harbour Long Short Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Long Short Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/long-short/who-audits/ > The Harbour Long Short Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Long Short Fund? PricewaterhouseCoopers The Harbour Long Short Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Long Short Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour NZ Core Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/investment-mandate/ > The Harbour NZ Core Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Harbour NZ Core Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 70% New Zealand Fixed Interest 85% 30% 100% International Fixed Interest 10% 0% 20% Mandate flexibility (sum of max − min across all ranges): 160%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour NZ Core Fixed Interest Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour NZ Core Fixed Interest Fund: 0.66% fee vs 0.63% peer m… URL: https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/is-it-expensive/ > Harbour NZ Core Fixed Interest Fund charges 0.66% p.a. vs the nz fixed interest peer-class median of 0.63%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour NZ Core Fixed Interest Fund expensive? Harbour NZ Core Fixed Interest Fund charges 0.66% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour NZ Core Fixed Interest Fund NZ$326 at 0.66% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$17 over 5 years on NZ$10K. 8 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Harbour NZ Core Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour NZ Core Fixed Interest Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.56pp Kernel NZ Bond Fund Kernel 0.40% −0.26pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.20pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.19pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.17pp Smart NZ Bond ETF Smartshares 0.54% −0.12pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.06pp Milford Trans-Tasman Bond Fund Milford 0.65% −0.01pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour NZ Core Fixed Interest Fund? Harbour NZ Core Fixed Interest Fund charges 0.66% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour NZ Core Fixed Interest Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Harbour NZ Core Fixed Interest Fund sits at 0.66% — pricier than the median (cheaper than 39% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.66% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$326. That is NZ$17 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour NZ Core Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/markdown.md # Harbour NZ Core Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour NZ Core Fixed Interest Fund is a nz fixed interest managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To outperform the benchmark by 100 basis points per annum over a rolling 3-year period. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.66% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.13% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$289 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 24 May 2011 ## Top 10 holdings 1. NZ Government Stock 15/05/2031 1.50 — 11.19% 2. NZ Government Stock 15/05/2036 4.25 — 6.85% 3. NZ Government Stock 15/04/2037 2.75 — 6.62% 4. NZ Government Stock 14/04/2033 3.50 — 6.44% 5. NZ Government Stock 15/05/2028 0.25 — 5.42% 6. NZ Government Stock 20/04/2029 3.00 — 5.30% 7. NZ Government Stock 15/05/2034 4.25 — 4.39% 8. NZ Government Stock 15/05/2032 2.00 — 4.10% 9. NZGS Index Linked Bond 3.00% 20/09/2030 — 3.76% 10. Government Index Link Bd 20/09/35 2.50 — 3.41% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 70% | | New Zealand Fixed Interest | 85% | 30% | 100% | | International Fixed Interest | 10% | 0% | 20% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20NZ%20Core%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1412/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour NZ Core Fixed Interest Fund URL: https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/questions/ > 3 commonly-asked questions about the Harbour NZ Core Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, nz fixed interest category. Questions about Harbour NZ Core Fixed Interest Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour NZ Core Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are NZ bonds a good investment? NZ bonds are a fixed-income asset class with defined cash flows and lower volatility than growth assets; suitability depends on individual circumstances, risk tolerance, and investment timeframe. The Harbour NZ Core Fixed Interest Fund holds NZ Government Stock as its primary holdings and carries a risk indicator of 3/7 on the FMA standardised scale. For personalised advice on whether bonds fit your portfolio, consult a financial adviser or review the fund's Product Disclosure Statement on the Harbour website. 2. Which is the best fixed income fund? Funds in the NZ Fixed Interest category vary by fee, risk profile, and holdings; mechanically comparable metrics include annual fund charge, risk indicator, and 5-year performance after fees. The Harbour NZ Core Fixed Interest Fund has an annual fund charge of 0.66% p.a. (at the peer-cohort average for this category) and a 5-year return after fees of 0.82% p.a. as at the latest QFU. Compare funds by reviewing their Product Disclosure Statements and performance data on the FMA Disclose Register. 3. What investment has the highest return in NZ? Past returns vary across asset classes and individual funds; the Harbour NZ Core Fixed Interest Fund achieved a 5-year return after fees of 0.82% p.a. based on FMA Disclose data. Higher historical returns typically correlate with higher risk; review the fund's risk indicator (3/7) and asset allocation (99.87% income assets, 0.13% growth assets) against your risk appetite. For current return comparisons across funds, consult the FMA Disclose Register or speak with a financial adviser. Primary sources Product Disclosure Statement More about this fund Harbour NZ Core Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Corporate Bond Fund Harbour Mercer Macquarie NZ Fixed Interest Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour NZ Core Fixed Interest Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/who-audits/ > The Harbour NZ Core Fixed Interest Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour NZ Core Fixed Interest Fund? PricewaterhouseCoopers The Harbour NZ Core Fixed Interest Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour NZ Core Fixed Interest Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour NZ Corporate Bond Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/nz-corporate-bond/investment-mandate/ > The Harbour NZ Corporate Bond Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Harbour NZ Corporate Bond Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 100% New Zealand Fixed Interest 95% 0% 100% Mandate flexibility (sum of max − min across all ranges): 200%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour NZ Corporate Bond Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour NZ Corporate Bond Fund: 0.47% fee vs 0.63% peer median URL: https://managedfunds.nz/funds/harbour/nz-corporate-bond/is-it-expensive/ > Harbour NZ Corporate Bond Fund charges 0.47% p.a. vs the nz fixed interest peer-class median of 0.63%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour NZ Corporate Bond Fund expensive? Harbour NZ Corporate Bond Fund charges 0.47% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 75% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour NZ Corporate Bond Fund NZ$233 at 0.47% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-76 over 5 years on NZ$10K. 3 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Harbour NZ Corporate Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour NZ Corporate Bond Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.37pp Kernel NZ Bond Fund Kernel 0.40% −0.07pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.01pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour NZ Corporate Bond Fund? Harbour NZ Corporate Bond Fund charges 0.47% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour NZ Corporate Bond Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Harbour NZ Corporate Bond Fund sits at 0.47% — cheaper than 75% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.47% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$233. That is NZ$76 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour NZ Corporate Bond Fund --- ## URL: https://managedfunds.nz/funds/harbour/nz-corporate-bond/markdown.md # Harbour NZ Corporate Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour NZ Corporate Bond Fund is a nz fixed interest managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To outperform the benchmark after fees on a rolling 12-month basis. The Fund provides access to income through a diversified portfolio of primarily investment grade corporate bond fixed interest securities. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.47% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.57% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$619 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 16 February 2009 ## Top 10 holdings 1. NZ Government Stock 15/05/2031 1.50 — 5.83% 2. NZ Government Stock 15/05/2030 4.50 — 4.17% 3. NZ Government Stock 15/05/2032 2.00 — 3.84% 4. Kiwibank Limited 15/03/2028 FRN — 2.92% 5. NZ Local Gov Fund Agency 15/05/31 2.25 — 2.65% 6. Housing New Zealand Ltd 10/09/35 1.534 — 2.63% 7. Fonterra Cooperative Grp 08/11/29 4.60 — 2.47% 8. Westpac Bank Deposit AC 2.916% 16/07/2026 — 2.44% 9. Housing New Zealand Ltd 24/04/30 2.183 — 2.40% 10. Westpac NZ Limited 24/09/2029 4.337 — 2.22% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 100% | | New Zealand Fixed Interest | 95% | 0% | 100% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20NZ%20Corporate%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1413/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/nz-corporate-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/nz-corporate-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/nz-corporate-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour NZ Corporate Bond Fund URL: https://managedfunds.nz/funds/harbour/nz-corporate-bond/questions/ > 3 commonly-asked questions about the Harbour NZ Corporate Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, nz fixed interest category. Questions about Harbour NZ Corporate Bond Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour NZ Corporate Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do corporate bond funds pay dividends? Corporate bond funds distribute income from the bonds they hold rather than dividends; Harbour NZ Corporate Bond Fund is structured as a PIE (Portfolio Investment Entity), which means income distributions are taxed at your prescribed investor rate (PIR) capped at a maximum of 28%, rather than as dividends. Check the fund's current PDS for distribution frequency and amounts. 2. How are corporate bond funds taxed? Harbour NZ Corporate Bond Fund is a PIE, so all income (interest, gains, and losses) is taxed at your prescribed investor rate, with a maximum tax rate of 28%. This is different from direct bond ownership or non-PIE funds; the PIE structure simplifies tax reporting by embedding tax at the fund level rather than requiring individual tax returns for each investor. For detailed tax treatment, consult the IRD website or your tax adviser. 3. What is the average return on corporate bonds? Harbour NZ Corporate Bond Fund returned 1.38% per annum after fees and before tax over the 5-year period as at the latest QFU; however, this is a backward-looking measure and does not indicate future performance. Returns on corporate bonds vary by credit quality, duration, and market conditions—check the FMA Disclose register for up-to-date fund performance data. Primary sources Product Disclosure Statement More about this fund Harbour NZ Corporate Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Mercer Macquarie NZ Fixed Interest Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour NZ Corporate Bond Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/nz-corporate-bond/who-audits/ > The Harbour NZ Corporate Bond Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour NZ Corporate Bond Fund? PricewaterhouseCoopers The Harbour NZ Corporate Bond Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour NZ Corporate Bond Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour NZ Index Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/nz-index-shares/investment-mandate/ > The Harbour NZ Index Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Harbour NZ Index Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 1% 0% 5% Australasian Equities (New Zealand only) 99% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Short selling is not permitted Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour NZ Index Shares Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour NZ Index Shares Fund: 0.21% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/harbour/nz-index-shares/is-it-expensive/ > Harbour NZ Index Shares Fund charges 0.21% p.a. vs the australasian equities peer-class median of 1.01%. 2 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour NZ Index Shares Fund expensive? Harbour NZ Index Shares Fund charges 0.21% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 96% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour NZ Index Shares Fund NZ$105 at 0.21% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-390 over 5 years on NZ$10K. 2 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Harbour NZ Index Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour NZ Index Shares Fund Simplicity NZ Share Fund Simplicity 0.10% −0.11pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.01pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour NZ Index Shares Fund? Harbour NZ Index Shares Fund charges 0.21% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour NZ Index Shares Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Harbour NZ Index Shares Fund sits at 0.21% — cheaper than 96% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.21% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$105. That is NZ$390 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour NZ Index Shares Fund --- ## URL: https://managedfunds.nz/funds/harbour/nz-index-shares/markdown.md # Harbour NZ Index Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour NZ Index Shares Fund is a australasian equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To provide a return (before tax, fees, and other expenses) that closely tracks the Solactive New Zealand Top 50 Capped Index. The Fund is passively managed tracking the companies in the Solactive New Zealand Top 50 Capped Index. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.12% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$679 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 December 2014 ## Top 10 holdings 1. Infratil — 5.51% 2. A2 Milk Company — 5.19% 3. Meridian Energy — 5.15% 4. Contact Energy — 5.14% 5. EBOS Group — 5.07% 6. Mercury NZ — 4.99% 7. Fisher & Paykel Healthcare — 4.98% 8. Mainfreight — 4.86% 9. Auckland International Airport — 4.83% 10. Chorus — 4.68% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 1% | 0% | 5% | | Australasian Equities (New Zealand only) | 99% | 95% | 100% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. ### Exclusions - Short selling is not permitted Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20NZ%20Index%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1423/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/nz-index-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/nz-index-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/nz-index-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour NZ Index Shares Fund URL: https://managedfunds.nz/funds/harbour/nz-index-shares/questions/ > 3 commonly-asked questions about the Harbour NZ Index Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, australasian equities category. Questions about Harbour NZ Index Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour NZ Index Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is there a fee to invest in index funds? Yes, index funds charge annual fund charges (AFCs) to cover management and administration costs. The Harbour NZ Index Shares Fund has an annual fund charge of 0.21% p.a., which is lower than the peer-cohort average of 0.95% p.a. for similar funds. You can verify current fees in the Fund's Product Disclosure Statement on the Harbour website or via the FMA Disclose register. 2. What is the average return on shares in New Zealand? Returns vary by fund and market conditions. The Harbour NZ Index Shares Fund returned 0.81% p.a. after fees and before tax over the 5-year period as at the latest Quarterly Fund Update. For comparison with other NZ share funds, check the FMA Disclose register or contact individual fund managers for their historical performance data. 3. How much does an index fund share cost? The cost of buying a share in an index fund depends on the fund's unit price at the time of investment, which changes daily based on the underlying assets' value. The Harbour NZ Index Shares Fund is available via InvestNow and directly through Harbour Asset Management; check their websites for current unit prices and any platform-specific transaction costs. Primary sources Product Disclosure Statement More about this fund Harbour NZ Index Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour NZ Index Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/nz-index-shares/who-audits/ > The Harbour NZ Index Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour NZ Index Shares Fund? PricewaterhouseCoopers The Harbour NZ Index Shares Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour NZ Index Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Real Estate Investment Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/real-estate-investment/investment-mandate/ > The Harbour Real Estate Investment Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the Harbour Real Estate Investment Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2.5% 0% 20% New Zealand Fixed Interest 0% 0% 10% International Fixed Interest 0% 0% 5% Australasian Equities 12.5% 0% 30% International Equities 0% 0% 10% Listed property 85% 50% 100% Unlisted property 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 135%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Real Estate Investment Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Real Estate Investment Fund: 0.77% fee vs 1.02% peer m… URL: https://managedfunds.nz/funds/harbour/real-estate-investment/is-it-expensive/ > Harbour Real Estate Investment Fund charges 0.77% p.a. vs the listed property peer-class median of 1.02%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Real Estate Investment Fund expensive? Harbour Real Estate Investment Fund charges 0.77% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Real Estate Investment Fund NZ$379 at 0.77% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$-121 over 5 years on NZ$10K. 3 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Harbour Real Estate Investment Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Real Estate Investment Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.52pp Smart Australian Property ETF Smartshares 0.54% −0.23pp Smart NZ Property ETF Smartshares 0.54% −0.23pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Real Estate Investment Fund? Harbour Real Estate Investment Fund charges 0.77% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Real Estate Investment Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Harbour Real Estate Investment Fund sits at 0.77% — cheaper than 77% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.77% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$379. That is NZ$121 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Real Estate Investment Fund --- ## URL: https://managedfunds.nz/funds/harbour/real-estate-investment/markdown.md # Harbour Real Estate Investment Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Real Estate Investment Fund is a listed property managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To exceed the benchmark return plus 1% per annum over the medium term. The Fund will predominantly be invested in sustainable dividend generating companies, which derive their economic value from owning traditional real estate assets with appropriate financial and governance structures in place. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.77% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.51% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$130 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 October 2018 ## Top 10 holdings 1. Precinct Properties Group — 15.82% 2. Goodman Property Trust — 15.48% 3. Kiwi Property Group — 13.75% 4. Argosy Property — 9.96% 5. Vital Healthcare Property Trust — 9.76% 6. Property for Industry — 6.96% 7. Stride Property — 5.65% 8. NZ Rural Land Company — 2.87% 9. Summerset Group — 2.84% 10. Ryman Healthcare — 2.09% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2.5% | 0% | 20% | | New Zealand Fixed Interest | 0% | 0% | 10% | | International Fixed Interest | 0% | 0% | 5% | | Australasian Equities | 12.5% | 0% | 30% | | International Equities | 0% | 0% | 10% | | Listed property | 85% | 50% | 100% | | Unlisted property | 0% | 0% | 10% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Real%20Estate%20Investment%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND11581/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/real-estate-investment/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/real-estate-investment/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/real-estate-investment/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour Real Estate Investment Fund URL: https://managedfunds.nz/funds/harbour/real-estate-investment/questions/ > 3 commonly-asked questions about the Harbour Real Estate Investment Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, listed property category. Questions about Harbour Real Estate Investment Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour Real Estate Investment Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a real estate fund a good investment? Real estate funds provide exposure to property assets with liquidity through a managed fund structure. Whether a real estate fund suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals—you should review the fund's PDS, risk indicator (this fund is rated 5/7 on the FMA standardised scale), and recent performance data on FMA Disclose before deciding. 2. Is 0.25% a high management fee? Harbour's annual fund charge is 0.77% p.a., which is below the peer-cohort average of 0.95% p.a. for listed property funds. Whether any fee is high depends on the fund's strategy, asset class, and comparable offerings—you can compare fees across funds in this category on our fee comparison tool or review the FMA Disclose register. 3. Is 7% return on investment realistic? Past returns vary significantly by fund, time period, and market conditions. Harbour's 5-year return after fees and before tax was 0.04% p.a. as at the latest QFU—you should review the PDS and FMA Disclose register for the fund's full performance history and understand that past returns do not indicate future performance. Primary sources Product Disclosure Statement More about this fund Harbour Real Estate Investment Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Mercer Global Listed Real Estate Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Real Estate Investment Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/real-estate-investment/who-audits/ > The Harbour Real Estate Investment Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Real Estate Investment Fund? PricewaterhouseCoopers The Harbour Real Estate Investment Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Real Estate Investment Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour Sustainable Impact Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/sustainable-impact/investment-mandate/ > The Harbour Sustainable Impact Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the Harbour Sustainable Impact Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 1% 0% 5% Australasian Equities (New Zealand only) 99% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (5) Large carbon emittersGamblingFirearmsCompanies with human and animal rights violationsOther exclusions as per Harbour ESG Policy Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour Sustainable Impact Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour Sustainable Impact Fund: 0.27% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/harbour/sustainable-impact/is-it-expensive/ > Harbour Sustainable Impact Fund charges 0.27% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Sustainable Impact Fund expensive? Harbour Sustainable Impact Fund charges 0.27% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 87% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Sustainable Impact Fund NZ$134 at 0.27% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-351 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Harbour Sustainable Impact Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Sustainable Impact Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.02pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.02pp Simplicity Growth Investment Fund Simplicity 0.25% −0.02pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.02pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.02pp Kernel Conservative Fund Kernel 0.25% −0.02pp Kernel Balanced Fund Kernel 0.25% −0.02pp Kernel High Growth Fund Kernel 0.25% −0.02pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Sustainable Impact Fund? Harbour Sustainable Impact Fund charges 0.27% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Sustainable Impact Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Harbour Sustainable Impact Fund sits at 0.27% — cheaper than 87% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.27% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$134. That is NZ$351 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Sustainable Impact Fund --- ## URL: https://managedfunds.nz/funds/harbour/sustainable-impact/markdown.md # Harbour Sustainable Impact Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Sustainable Impact Fund is a diversified managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To provide a return by investing in companies in the S&P/NZX 50 Portfolio Index, with exclusions to companies that do not meet Harbour's criteria of Responsible Investing. There are positive and negative tilts applied to the remaining companies based on Harbour's proprietary Corporate Behaviour Score. Source: Product Disclosure Statement dated 2026-03-23 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/65471b912cd709f5/Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.27% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.15% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$380 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 April 2021 ## Top 10 holdings 1. Infratil — 6.21% 2. Contact Energy — 6.09% 3. Meridian Energy — 6.01% 4. A2 Milk Company — 5.91% 5. Fisher & Paykel Healthcare — 5.81% 6. Mercury NZ — 5.69% 7. Auckland International Airport — 5.57% 8. Mainfreight — 5.22% 9. EBOS Group — 5.21% 10. Spark New Zealand — 4.73% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 1% | 0% | 5% | | Australasian Equities (New Zealand only) | 99% | 95% | 100% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. ### Exclusions - Large carbon emitters - Gambling - Firearms - Companies with human and animal rights violations - Other exclusions as per Harbour ESG Policy Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Sustainable%20Impact%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND22696/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/sustainable-impact/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/sustainable-impact/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/sustainable-impact/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour Sustainable Impact Fund URL: https://managedfunds.nz/funds/harbour/sustainable-impact/questions/ > 2 commonly-asked questions about the Harbour Sustainable Impact Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, diversified category. Questions about Harbour Sustainable Impact Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Harbour Sustainable Impact Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are sustainable funds a good investment? Sustainable funds apply responsible-investment and ESG screens to reduce exposure to companies that don't meet specified environmental, social, and governance criteria; whether this aligns with your investment goals depends on your personal circumstances and risk tolerance. Harbour Sustainable Impact Fund holds a 4/7 risk indicator and a diversified mix of ~52% growth and ~48% income assets as at the latest QFU. Consult the PDS and FMA Disclose register for full details on how the fund's responsible-investment approach works. 2. Do ESG funds outperform the market? Past performance of ESG funds varies by fund, manager, and market conditions; the FMA Disclose register and fund fact sheets contain historical returns data. Harbour Sustainable Impact Fund's performance is available via FMA Disclose and the manager's website, and should be reviewed alongside its responsible-investment methodology and asset allocation to understand how it has performed relative to its peers. Primary sources Product Disclosure Statement More about this fund Harbour Sustainable Impact Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Sustainable Impact Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/sustainable-impact/who-audits/ > The Harbour Sustainable Impact Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Sustainable Impact Fund? PricewaterhouseCoopers The Harbour Sustainable Impact Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Sustainable Impact Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Harbour Sustainable NZ Shares Fund: 0.27% fee vs 1.01% peer me… URL: https://managedfunds.nz/funds/harbour/sustainable-nz-shares/is-it-expensive/ > Harbour Sustainable NZ Shares Fund charges 0.27% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour Sustainable NZ Shares Fund expensive? Harbour Sustainable NZ Shares Fund charges 0.27% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour Sustainable NZ Shares Fund NZ$134 at 0.27% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Harbour Sustainable NZ Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour Sustainable NZ Shares Fund Simplicity NZ Share Fund Simplicity 0.10% −0.17pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.07pp Harbour NZ Index Shares Fund Harbour 0.21% −0.06pp BetaShares Australia 200 Fund BetaShares 0.23% −0.04pp Kernel NZ 20 Fund Kernel 0.25% −0.02pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.02pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.02pp Kernel Australia 100 Fund Kernel 0.25% −0.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour Sustainable NZ Shares Fund? Harbour Sustainable NZ Shares Fund charges 0.27% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour Sustainable NZ Shares Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Harbour Sustainable NZ Shares Fund sits at 0.27% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.27% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$134. That is NZ$361 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour Sustainable NZ Shares Fund --- ## URL: https://managedfunds.nz/funds/harbour/sustainable-nz-shares/markdown.md # Harbour Sustainable NZ Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour Sustainable NZ Shares Fund is a australasian equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Fund data - **Annual fund charge:** 0.27% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.15% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$380 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 April 2021 ## Top 10 holdings 1. Infratil — 6.21% 2. Contact Energy — 6.09% 3. Meridian Energy — 6.01% 4. A2 Milk Company — 5.91% 5. Fisher & Paykel Healthcare — 5.81% 6. Mercury NZ — 5.69% 7. Auckland International Airport — 5.57% 8. Mainfreight — 5.22% 9. EBOS Group — 5.21% 10. Spark New Zealand — 4.73% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20Sustainable%20NZ%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND22696/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/sustainable-nz-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/sustainable-nz-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/sustainable-nz-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour Sustainable NZ Shares Fund URL: https://managedfunds.nz/funds/harbour/sustainable-nz-shares/questions/ > 3 commonly-asked questions about the Harbour Sustainable NZ Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, australasian equities category. Questions about Harbour Sustainable NZ Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour Sustainable NZ Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are sustainable funds a good investment? Sustainable funds apply environmental, social and governance (ESG) screens to their investment selection, as Harbour does per its Statement of Investment Policy and Objectives. Whether a sustainable fund aligns with your financial goals depends on your investment timeframe, risk tolerance, and values; the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ contains fund-specific details to help you compare. 2. How do I know the fee on funds? Annual fund charges are disclosed in the Product Disclosure Statement (PDS) and the latest Quarterly Fund Update (QFU), both available from the fund manager or the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. For Harbour Sustainable NZ Shares Fund, the annual fund charge is 0.27% p.a. as at the latest QFU. 3. What are the best sustainable funds to invest in? Funds applying responsible-investment screens can be compared by annual fund charge, risk indicator, fund size, and asset mix using the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Harbour Sustainable NZ Shares Fund has an annual fund charge of 0.27% p.a., a risk indicator of 5/7, and applies ESG screens; check the current PDS to confirm it meets your investment criteria. More about this fund Harbour Sustainable NZ Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour Sustainable NZ Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/sustainable-nz-shares/who-audits/ > The Harbour Sustainable NZ Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour Sustainable NZ Shares Fund? PricewaterhouseCoopers The Harbour Sustainable NZ Shares Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour Sustainable NZ Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour T. Rowe Price Global Equity Fund (Hedged) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/investment-mandate/ > The Harbour T. Rowe Price Global Equity Fund (Hedged)'s Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Harbour T. Rowe Price Global Equity Fund (Hedged) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% International Equities 98% 80% 100% Australasian Equities 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Specific exclusions as per Harbour ESG Policy Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour T. Rowe Price Global Equity Fund (Hedged) fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour T. Rowe Price Global Equity Fund (Hedged): 1.24% fee v… URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/is-it-expensive/ > Harbour T. Rowe Price Global Equity Fund (Hedged) charges 1.24% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour T. Rowe Price Global Equity Fund (Hedged) expensive? Harbour T. Rowe Price Global Equity Fund (Hedged) charges 1.24% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour T. Rowe Price Global Equity Fund (Hedged) NZ$605 at 1.24% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$304 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Harbour T. Rowe Price Global Equity Fund (Hedged), ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour T. Rowe Price Global Equity Fund (Hedged) Foundation Series US 500 Fund Foundation Series 0.03% −1.21pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.21pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.18pp Foundation Series Total World Fund Foundation Series 0.07% −1.17pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.17pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.14pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.09pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.09pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour T. Rowe Price Global Equity Fund (Hedged)? Harbour T. Rowe Price Global Equity Fund (Hedged) charges 1.24% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour T. Rowe Price Global Equity Fund (Hedged)'s fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Harbour T. Rowe Price Global Equity Fund (Hedged) sits at 1.24% — pricier than the median (cheaper than 19% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.24% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$605. That is NZ$304 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour T. Rowe Price Global Equity Fund (Hedged) --- ## URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/markdown.md # Harbour T. Rowe Price Global Equity Fund (Hedged) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour T. Rowe Price Global Equity Fund (Hedged) is a international equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The Fund aims to fully hedge its foreign currency exposure to NZD. Source: Product Disclosure Statement dated 2026-05-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/80eef93fbf719377/Harbour-Investment-Fund-PDS-Global-Funds-18-May-2026.pdf ## Fund data - **Annual fund charge:** 1.24% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$221 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 October 2021 ## Top 10 holdings 1. NVIDIA — 5.93% 2. Alphabet — 4.26% 3. Apple — 4.16% 4. US DOLLAR — 3.51% 5. Microsoft — 2.99% 6. Broadcom — 2.44% 7. Amazon.Com — 2.23% 8. Advanced Micro Devices — 2.14% 9. Taiwan Semiconductor ADR — 1.51% 10. Taiwan Semiconductor — 1.43% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | International Equities | 98% | 80% | 100% | | Australasian Equities | 0% | 0% | 10% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. ### Exclusions - Specific exclusions as per Harbour ESG Policy Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20T.%20Rowe%20Price%20Global%20Equity%20Fund%20(Hedged) - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND35147/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour T. Rowe Price Global Equity Fund (Hedged) URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/questions/ > 3 commonly-asked questions about the Harbour T. Rowe Price Global Equity Fund (Hedged), answered with mechanical facts sourced from the FMA Disclose register. Harbour, international equities category. Questions about Harbour T. Rowe Price Global Equity Fund (Hedged) 3 commonly-asked questions, answered with mechanical facts sourced from the Harbour T. Rowe Price Global Equity Fund (Hedged)'s current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Whether a global equity fund suits your situation depends on your investment goals, time horizon, and risk tolerance. This fund is classified as Risk Indicator 5/7 on the FMA standardised scale and holds approximately 98.31% growth assets, meaning it carries moderate-to-high volatility; you should review the Product Disclosure Statement and consider seeking independent financial advice before investing. 2. What does hedged equity fund mean? A hedged equity fund uses currency hedging strategies to reduce the impact of exchange-rate fluctuations on your returns. This fund is NZD-hedged, meaning it aims to neutralise movements in the NZD/USD and other currency pairs so that your investment performance reflects the underlying stock movements rather than currency swings. 3. Is it better to buy hedged or unhedged funds? Whether hedged or unhedged is preferable depends on your view of currency movements and your investment horizon. Hedging reduces currency volatility but incurs a cost; unhedged funds expose you to currency upside and downside. Check the current Product Disclosure Statement and consider your circumstances; the FMA Disclose register contains detailed fund information to compare both approaches. Primary sources Product Disclosure Statement More about this fund Harbour T. Rowe Price Global Equity Fund (Hedged) — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour T. Rowe Price Global Equity Fund (Hedged)? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/who-audits/ > The Harbour T. Rowe Price Global Equity Fund (Hedged) is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour T. Rowe Price Global Equity Fund (Hedged)? PricewaterhouseCoopers The Harbour T. Rowe Price Global Equity Fund (Hedged) sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour T. Rowe Price Global Equity Fund (Hedged) fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Harbour T. Rowe Price Global Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/investment-mandate/ > The Harbour T. Rowe Price Global Equity Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Harbour T. Rowe Price Global Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 10% International Equities 98% 80% 100% Australasian Equities 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Specific exclusions as per Harbour ESG Policy Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. Statement of Investment Policy and Objectives Related Harbour T. Rowe Price Global Equity Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Harbour T. Rowe Price Global Equity Fund: 1.21% fee vs 0.61% p… URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/is-it-expensive/ > Harbour T. Rowe Price Global Equity Fund charges 1.21% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Harbour T. Rowe Price Global Equity Fund expensive? Harbour T. Rowe Price Global Equity Fund charges 1.21% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 79% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Harbour T. Rowe Price Global Equity Fund NZ$591 at 1.21% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$289 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Harbour T. Rowe Price Global Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Harbour T. Rowe Price Global Equity Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.18pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.18pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.15pp Foundation Series Total World Fund Foundation Series 0.07% −1.14pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.14pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.11pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.06pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.06pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Harbour T. Rowe Price Global Equity Fund? Harbour T. Rowe Price Global Equity Fund charges 1.21% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Harbour T. Rowe Price Global Equity Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Harbour T. Rowe Price Global Equity Fund sits at 1.21% — pricier than the median (cheaper than 21% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.21% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$591. That is NZ$289 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Harbour T. Rowe Price Global Equity Fund --- ## URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/markdown.md # Harbour T. Rowe Price Global Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Harbour (Harbour Asset Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Harbour T. Rowe Price Global Equity Fund is a international equities managed fund run by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Investment objective (from PDS) > To provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The Fund's foreign currency exposure is unhedged. Source: Product Disclosure Statement dated 2026-05-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/80eef93fbf719377/Harbour-Investment-Fund-PDS-Global-Funds-18-May-2026.pdf ## Fund data - **Annual fund charge:** 1.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.66% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$599 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 October 2015 ## Top 10 holdings 1. NVIDIA — 5.68% 2. Alphabet — 4.08% 3. Apple — 3.99% 4. US DOLLAR — 3.36% 5. Microsoft — 2.86% 6. Broadcom — 2.34% 7. Amazon.Com — 2.14% 8. Advanced Micro Devices — 2.05% 9. Taiwan Semiconductor ADR — 1.45% 10. Taiwan Semiconductor — 1.37% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 10% | | International Equities | 98% | 80% | 100% | | Australasian Equities | 0% | 0% | 10% | ### Responsible-investment approach Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy. ### Derivatives policy The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis. ### Exclusions - Specific exclusions as per Harbour ESG Policy Source: Statement of Investment Policy and Objectives dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/db2bcbf28c271d04/Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited (Guardian Trust) - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds. - Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed. - Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes. - Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape Group Limited** (Ultimate holding company (100% owner of Harbour Asset Management Limited)) — Staffing services and banking facilities and services provided to the Funds; all conducted on arms' length commercial terms - **Apex Investment Administration (NZ) Limited** (Outsourced fund administration manager appointed by Harbour) — Account administration, custody, unit pricing, registry, reconciliation, performance reporting, and tax payment services for Harbour Investment Funds and Harbour Wholesale Funds - **Harbour Wholesale Funds** (Related underlying funds managed by Harbour Asset Management Limited) — Retail funds invest directly into wholesale funds; management fee charged by Harbour Wholesale Fund is fully rebated back to each retail Fund to ensure investors are only charged once · Harbour Australasian Equity Income Fund – 0.09%; Harbour Australasian Equity Fund – 0.04%; Harbour Australasian Equity Focus Fund – 0.08%; Harbour NZ Core Fixed Interest Fund – 0.00% Source: Other Material Information document dated 2026-05-14. https://smartinvestor.sorted.org.nz/disclose-document/48391312f2cb947f/Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf ## How to invest Available via: Harbour directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour%20T.%20Rowe%20Price%20Global%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/dc64feb8064f7640/Harbour-Investment-Funds-PDS---Diversified-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10815/OFR10909/FND1426/ - **Manager website:** https://www.harbourasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Harbour T. Rowe Price Global Equity Fund URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/questions/ > 2 commonly-asked questions about the Harbour T. Rowe Price Global Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Harbour, international equities category. Questions about Harbour T. Rowe Price Global Equity Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Harbour T. Rowe Price Global Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Whether a global equity fund suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals—this is not something we can advise on. The Harbour T. Rowe Price Global Equity Fund holds ~98.31% growth assets with a risk indicator of 5/7 (FMA standardised scale), meaning it is exposed to significant share-market volatility; you should read the PDS and consider seeking personal financial advice before investing. 2. Is T. Rowe Price a good fund? Fund quality depends on your investment objectives and risk appetite—we cannot make that assessment. The Harbour T. Rowe Price Global Equity Fund has returned 8.16% p.a. after fees (before tax) over five years (as at the latest QFU), holds NZ$684,040,646.43 in assets, and charges 1.21% p.a.; you can compare these metrics against peers and review the PDS to make an informed decision. Primary sources Product Disclosure Statement More about this fund Harbour T. Rowe Price Global Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Harbour T. Rowe Price Global Equity Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/who-audits/ > The Harbour T. Rowe Price Global Equity Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Harbour T. Rowe Price Global Equity Fund? PricewaterhouseCoopers The Harbour T. Rowe Price Global Equity Fund sits within a managed investment scheme run by Harbour. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited (Guardian Trust) Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Harbour T. Rowe Price Global Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Hunter Global Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/hunter/global-fixed-interest/investment-mandate/ > The Hunter Global Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Hunter Global Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest (Portfolio) 100% 95% 100% Funding account (NZD cash and cash equivalents) — 0% 5% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Tobacco companiesArmament manufacturersCluster munitions development or productionCompanies deriving more than 10% of earnings from pornography or gamblingCompanies deriving more than 10% of earnings from or whose only, core, or majority business is the exploration, extraction, refining or processing of fossil fuelsUtilities who primarily burn fossil fuelsCompanies involved in 'very severe' controversies scoring 0 ('red flag') on MSCI's ESG Controversy criteria Responsible-investment approach Harbour's Environmental, Social and Governance Policy applies to the Hunter Private Credit Fund. ESG considerations are taken into account in the investment policies and procedures of the Funds. The Hunter Global Fixed Interest Fund has specific prohibited investments listed in section 4, including tobacco companies, armament manufacturers, cluster munitions, pornography/gambling (>10% earnings), fossil fuel companies (>10% earnings or core business), and companies with 'very severe' ESG controversies scoring 0 on MSCI's ESG Controversy criteria. Derivatives policy The Hunter Private Credit Fund's use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), permitting foreign exchange futures, interest rate swaps and options for hedging interest rate risk and currency exposure only. The Hunter Global Fixed Interest Fund is governed by the PIMCO Use of Derivatives Statement, permitting options, futures, swaps and credit derivatives for risk protection, return enhancement, cost-effective asset exposure, implementing investment objectives, and currency management. Statement of Investment Policy and Objectives Related Hunter Global Fixed Interest Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Hunter Global Fixed Interest Fund: 0.53% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/hunter/global-fixed-interest/is-it-expensive/ > Hunter Global Fixed Interest Fund charges 0.53% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. H Annual fee load vs peer-class median Is the Hunter Global Fixed Interest Fund expensive? Hunter Global Fixed Interest Fund charges 0.53% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Hunter Global Fixed Interest Fund NZ$262 at 0.53% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-83 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Hunter Global Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Hunter Global Fixed Interest Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.38pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.28pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.25pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.23pp Kernel US Bond Fund Kernel 0.30% −0.23pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.21pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.21pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.19pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Hunter Global Fixed Interest Fund? Hunter Global Fixed Interest Fund charges 0.53% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Hunter Global Fixed Interest Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Hunter Global Fixed Interest Fund sits at 0.53% — cheaper than 63% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.53% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$262. That is NZ$83 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Hunter Global Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/hunter/global-fixed-interest/markdown.md # Hunter Global Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Hunter (Hunter Investment Funds Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Hunter Global Fixed Interest Fund is a international fi managed fund run by Hunter. NZ-domiciled global fixed-interest specialist. ## Investment objective (from PDS) > The investment objective of the Fund is to provide a total return, before costs and tax, 1% p.a. higher than the Bloomberg Barclays Global Aggregate Index – 100% New Zealand dollar hedged over a rolling three year period. Source: Product Disclosure Statement dated 2026-03-18 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/d05c5c4d00cc9249/Hunter-Global-Fixed-Interest-Fund-PDS.pdf ## Fund data - **Annual fund charge:** 0.53% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.05% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2.95 billion - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 15 March 2017 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. US DOLLAR — 4.94% 2. CHINA DEVELOPMENT BANK 08/01/2034 — 2.36% 3. UK GILT 07/03/2030 — 2.22% 4. FRANCE (GOVT OF) 25/02/2030 — 2.17% 5. GNMA II MULTPL SGL 30YR #MB0868M 20/01/2056 — 1.80% 6. U S TREASURY BOND 15/11/2054 — 1.50% 7. CHINA DEVELOPMENT BANK 22/05/2033 — 1.47% 8. FNMA PASS THRU 30YR #SD8526 01/04/2055 — 1.36% 9. U S TREASURY BOND 15/08/2044 — 1.33% 10. ITALIAN BTP BOND 01/04/2028 — 1.31% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 0 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest (Portfolio) | 100% | 95% | 100% | | Funding account (NZD cash and cash equivalents) | — | 0% | 5% | ### Responsible-investment approach Harbour's Environmental, Social and Governance Policy applies to the Hunter Private Credit Fund. ESG considerations are taken into account in the investment policies and procedures of the Funds. The Hunter Global Fixed Interest Fund has specific prohibited investments listed in section 4, including tobacco companies, armament manufacturers, cluster munitions, pornography/gambling (>10% earnings), fossil fuel companies (>10% earnings or core business), and companies with 'very severe' ESG controversies scoring 0 on MSCI's ESG Controversy criteria. ### Derivatives policy The Hunter Private Credit Fund's use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), permitting foreign exchange futures, interest rate swaps and options for hedging interest rate risk and currency exposure only. The Hunter Global Fixed Interest Fund is governed by the PIMCO Use of Derivatives Statement, permitting options, futures, swaps and credit derivatives for risk protection, return enhancement, cost-effective asset exposure, implementing investment objectives, and currency management. ### Exclusions - Tobacco companies - Armament manufacturers - Cluster munitions development or production - Companies deriving more than 10% of earnings from pornography or gambling - Companies deriving more than 10% of earnings from or whose only, core, or majority business is the exploration, extraction, refining or processing of fossil fuels - Utilities who primarily burn fossil fuels - Companies involved in 'very severe' controversies scoring 0 ('red flag') on MSCI's ESG Controversy criteria Source: Statement of Investment Policy and Objectives dated 2025-08-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo64ee542ef69b1d9a4bfa9e9e03bc5578/Hunter-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited and their global sub custodian, JP Morgan - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Harbour is part of the FirstCape group, and actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests; directors are required to disclose conflicts and there are processes for recording and managing these. - Harbour may use related parties to provide services to the Fund, including staffing services, banking facilities, and investment in other investment vehicles managed by Harbour or related parties, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape group** (Harbour is part of the FirstCape group) — May use related parties to provide services to the Fund, including staffing services, banking facilities, services and investment in other investment vehicles managed by us or related parties Source: Other Material Information document dated 2026-03-13. https://smartinvestor.sorted.org.nz/disclose-document/1f14c7d121f064cc/Hunter-Global-Fixed-Interest-Fund-OMI.pdf ## How to invest Available via: Hunter directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Hunter%20Global%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/ca6dbc89b8dbc3b3/Hunter-Private-Credit-Fund-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11176/OFR11173/FND2387/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/hunter/global-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/hunter/global-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/hunter/global-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Hunter Global Fixed Interest Fund URL: https://managedfunds.nz/funds/hunter/global-fixed-interest/questions/ > 4 commonly-asked questions about the Hunter Global Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. Hunter, international fi category. Questions about Hunter Global Fixed Interest Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Hunter Global Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a global fixed interest fund? A global fixed interest fund invests primarily in bonds and other income-producing securities issued by governments and corporations worldwide, rather than growth assets like shares. Hunter Global Fixed Interest Fund holds approximately 99.87% income assets, predominantly in international bonds across currencies including US dollars and sterling. 2. What is Hunter Global Fixed interest fund? Hunter Global Fixed Interest Fund is an international fixed interest fund with a fund size of NZ$2,950,495,971 (as at the latest QFU) and a risk indicator of 4/7 on the FMA standardised scale. The fund returned 0.05% p.a. after fees and before tax over the 5-year period, with an annual fund charge of 0.53% p.a., and is available as a PIE investment vehicle through InvestNow and directly from Hunter. 3. What is a fixed interest fund? A fixed interest fund pools investor money to buy bonds and similar debt securities that pay regular interest income. These funds aim to generate steady returns from interest payments rather than capital growth, making them generally lower-volatility investments than share funds. 4. What is a typical fund management fee? Fund management fees vary by fund type and strategy. For international fixed interest funds in the NZ market, the peer-cohort average annual fund charge is 0.66% p.a.; Hunter Global Fixed Interest Fund charges 0.53% p.a. Check the Product Disclosure Statement (PDS) and FMA Disclose register for specific fund fees. Primary sources Product Disclosure Statement More about this fund Hunter Global Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Hunter Global Fixed Interest Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/hunter/global-fixed-interest/who-audits/ > The Hunter Global Fixed Interest Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Hunter Global Fixed Interest Fund? PricewaterhouseCoopers The Hunter Global Fixed Interest Fund sits within a managed investment scheme run by Hunter. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited and their global sub custodian, JP Morgan Related Hunter Global Fixed Interest Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Hunter Private Credit Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/hunter/private-credit/investment-mandate/ > The Hunter Private Credit Fund's Statement of Investment Policy sets target / min / max ranges across 5 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the Hunter Private Credit Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Fixed Interest (New Zealand Private Credit) 60% 30% 100% International Fixed Interest (Australian Private Credit) 35% 0% 70% International Private Credit — 0% 25% Australasian public bond markets — 0% 25% Cash or cash equivalents 5% 0% 50% Mandate flexibility (sum of max − min across all ranges): 240%. Wide range — high manager discretion typical of active management. Explicit exclusions (5) Equity investments (except compensation equity received, to be sold within six months where possible)Distressed debt (intentional investment)Companies involved in certain activities as described in Harbour's exclusion policyDebt funding to any related party of the Scheme (as defined in FMC Act)Leverage for the purpose of increasing returns Responsible-investment approach Harbour's Environmental, Social and Governance Policy applies to the Hunter Private Credit Fund. ESG considerations are taken into account in the investment policies and procedures of the Funds. The Hunter Global Fixed Interest Fund has specific prohibited investments listed in section 4, including tobacco companies, armament manufacturers, cluster munitions, pornography/gambling (>10% earnings), fossil fuel companies (>10% earnings or core business), and companies with 'very severe' ESG controversies scoring 0 on MSCI's ESG Controversy criteria. Derivatives policy The Hunter Private Credit Fund's use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), permitting foreign exchange futures, interest rate swaps and options for hedging interest rate risk and currency exposure only. The Hunter Global Fixed Interest Fund is governed by the PIMCO Use of Derivatives Statement, permitting options, futures, swaps and credit derivatives for risk protection, return enhancement, cost-effective asset exposure, implementing investment objectives, and currency management. Statement of Investment Policy and Objectives Related Hunter Private Credit Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Hunter Private Credit Fund: 0.83% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/hunter/private-credit/is-it-expensive/ > Hunter Private Credit Fund charges 0.83% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. H Annual fee load vs peer-class median Is the Hunter Private Credit Fund expensive? Hunter Private Credit Fund charges 0.83% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Hunter Private Credit Fund NZ$408 at 0.83% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$63 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Hunter Private Credit Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Hunter Private Credit Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.68pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.58pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.55pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.53pp Kernel US Bond Fund Kernel 0.30% −0.53pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.51pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.51pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.49pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Hunter Private Credit Fund? Hunter Private Credit Fund charges 0.83% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Hunter Private Credit Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Hunter Private Credit Fund sits at 0.83% — pricier than the median (cheaper than 32% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.83% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$408. That is NZ$63 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Hunter Private Credit Fund --- ## URL: https://managedfunds.nz/funds/hunter/private-credit/markdown.md # Hunter Private Credit Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Hunter (Hunter Investment Funds Limited) - **Asset class:** International Fixed Interest - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Hunter Private Credit Fund is a international fi managed fund run by Hunter. NZ-domiciled global fixed-interest specialist. ## Investment objective (from PDS) > The investment objective of the Fund is to provide a total return, before costs and tax, 4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period. The Fund aims to provide investors with exposure across private credit segments which from time to time include bilateral lending to small-to-medium sized enterprises, leveraged loans, asset-backed lending, and business equipment receivables. Source: Product Disclosure Statement dated 2026-03-11 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/ca6dbc89b8dbc3b3/Hunter-Private-Credit-Fund-PDS.pdf ## Fund data - **Annual fund charge:** 0.83% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$20 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 28 February 2025 - **Minimum initial investment:** NZ$5,000 ## Top 7 holdings 1. Revolution Private Debt Fund — 49.38% 2. PCG Diversified NZ Private Debt Fund — 34.41% 3. Secured Receivables over other assets located in Auckland — 5.44% 4. ANZ NZD Cash — 5.29% 5. Secured Receivables over other assets located in Auckland — 2.91% 6. Secured Receivables over other assets located in Wellington — 2.02% 7. Secured Receivables over other assets located in Wellington — 0.55% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$10,000 - **Distribution cadence:** quarterly - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Fixed Interest (New Zealand Private Credit) | 60% | 30% | 100% | | International Fixed Interest (Australian Private Credit) | 35% | 0% | 70% | | International Private Credit | — | 0% | 25% | | Australasian public bond markets | — | 0% | 25% | | Cash or cash equivalents | 5% | 0% | 50% | ### Responsible-investment approach Harbour's Environmental, Social and Governance Policy applies to the Hunter Private Credit Fund. ESG considerations are taken into account in the investment policies and procedures of the Funds. The Hunter Global Fixed Interest Fund has specific prohibited investments listed in section 4, including tobacco companies, armament manufacturers, cluster munitions, pornography/gambling (>10% earnings), fossil fuel companies (>10% earnings or core business), and companies with 'very severe' ESG controversies scoring 0 on MSCI's ESG Controversy criteria. ### Derivatives policy The Hunter Private Credit Fund's use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), permitting foreign exchange futures, interest rate swaps and options for hedging interest rate risk and currency exposure only. The Hunter Global Fixed Interest Fund is governed by the PIMCO Use of Derivatives Statement, permitting options, futures, swaps and credit derivatives for risk protection, return enhancement, cost-effective asset exposure, implementing investment objectives, and currency management. ### Exclusions - Equity investments (except compensation equity received, to be sold within six months where possible) - Distressed debt (intentional investment) - Companies involved in certain activities as described in Harbour's exclusion policy - Debt funding to any related party of the Scheme (as defined in FMC Act) - Leverage for the purpose of increasing returns Source: Statement of Investment Policy and Objectives dated 2025-08-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo64ee542ef69b1d9a4bfa9e9e03bc5578/Hunter-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited and their global sub custodian, JP Morgan - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Harbour is part of the FirstCape group, and actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests; directors are required to disclose conflicts and there are processes for recording and managing these. - Harbour may use related parties to provide services to the Fund, including staffing services, banking facilities, and investment in other investment vehicles managed by Harbour or related parties, all conducted on arms' length commercial terms. ### Related-party transactions - **FirstCape group** (Harbour is part of the FirstCape group) — May use related parties to provide services to the Fund, including staffing services, banking facilities, services and investment in other investment vehicles managed by us or related parties Source: Other Material Information document dated 2026-03-13. https://smartinvestor.sorted.org.nz/disclose-document/1f14c7d121f064cc/Hunter-Global-Fixed-Interest-Fund-OMI.pdf ## How to invest Available via: Hunter directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Hunter%20Private%20Credit%20Fund - **Product Disclosure Statement:** /disclose-document/ca6dbc89b8dbc3b3/Hunter-Private-Credit-Fund-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11176/OFR11173/FND56006/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/hunter/private-credit/ - **Markdown (this file):** https://managedfunds.nz/funds/hunter/private-credit/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/hunter/private-credit/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Hunter Private Credit Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/hunter/private-credit/who-audits/ > The Hunter Private Credit Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Hunter Private Credit Fund? PricewaterhouseCoopers The Hunter Private Credit Fund sits within a managed investment scheme run by Hunter. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited and their global sub custodian, JP Morgan Related Hunter Private Credit Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Hyperion Australian Growth Companies PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/hyperion/australian-growth-companies/investment-mandate/ > The Hyperion Australian Growth Companies PIE Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Hyperion Australian Growth Companies PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australian equities 95% 70% 100% Cash and cash equivalents 5% 0% 20% Global equities 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 60%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Short selling of equity securities is not permittedFund is not permitted to own more than 15% of any one company (measured by share capital) Responsible-investment approach Hyperion applies ESG considerations (environmental, social including labour standards, and ethical incorporating corporate governance) when selecting, retaining or realising investments, assessed on a case-by-case basis without fixed methodology or weightings. ESG analysis produces an ESG Score that feeds into a Business Quality Score, which directly influences portfolio weightings. Hyperion may divest investments no longer suitable due to ESG considerations. Statement of Investment Policy and Objectives Related Hyperion Australian Growth Companies PIE Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Hyperion Australian Growth Companies PIE Fund: 0.98% fee vs 1.… URL: https://managedfunds.nz/funds/hyperion/australian-growth-companies/is-it-expensive/ > Hyperion Australian Growth Companies PIE Fund charges 0.98% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Hyperion Australian Growth Companies PIE Fund expensive? Hyperion Australian Growth Companies PIE Fund charges 0.98% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 53% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Hyperion Australian Growth Companies PIE Fund NZ$480 at 0.98% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-14 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Hyperion Australian Growth Companies PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Hyperion Australian Growth Companies PIE Fund Simplicity NZ Share Fund Simplicity 0.10% −0.88pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.78pp Harbour NZ Index Shares Fund Harbour 0.21% −0.77pp BetaShares Australia 200 Fund BetaShares 0.23% −0.75pp Kernel NZ 20 Fund Kernel 0.25% −0.73pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.73pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.73pp Kernel Australia 100 Fund Kernel 0.25% −0.73pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Hyperion Australian Growth Companies PIE Fund? Hyperion Australian Growth Companies PIE Fund charges 0.98% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Hyperion Australian Growth Companies PIE Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Hyperion Australian Growth Companies PIE Fund sits at 0.98% — cheaper than 53% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.98% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$480. That is NZ$14 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Hyperion Australian Growth Companies PIE Fund --- ## URL: https://managedfunds.nz/funds/hyperion/australian-growth-companies/markdown.md # Hyperion Australian Growth Companies PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Hyperion (Hyperion Asset Management Limited), parent FundRock NZ (issuer) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Hyperion Australian Growth Companies PIE Fund is a australasian equities managed fund run by Hyperion. Australian active manager focused on high-quality global growth companies. NZ PIE wrapper issued by FundRock NZ. ## Investment objective (from PDS) > The investment objective is to achieve long-term returns above the S&P/ASX 300 Accumulation Index in NZ dollars, and minimise the risk of permanent capital loss. Source: Product Disclosure Statement dated 2026-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/473bf38e2e8d3227/20260401-Hyperion-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.98% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$55 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 9 July 2024 - **Minimum initial investment:** NZ$20,000 ## Top 10 holdings 1. Bhp Group Limited Ordinary Fully Paid — 10.05% 2. Fisher & Paykel Healthcare — 9.30% 3. Sigma Pharmaceuticals Limited Ordinary Fully Paid — 8.89% 4. Block Inc. Cdi 1 1 Foreign Exempt Nyse — 8.73% 5. Macquarie Group Ltd — 7.59% 6. Cochlear Limited — 5.78% 7. Hub24 Limited Ordinary Fully Paid — 5.45% 8. Goodman Group — 4.00% 9. Technology One Limited — 3.95% 10. Life360 Inc — 3.57% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 30 bps / 30 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australian equities | 95% | 70% | 100% | | Cash and cash equivalents | 5% | 0% | 20% | | Global equities | 0% | 0% | 10% | ### Responsible-investment approach Hyperion applies ESG considerations (environmental, social including labour standards, and ethical incorporating corporate governance) when selecting, retaining or realising investments, assessed on a case-by-case basis without fixed methodology or weightings. ESG analysis produces an ESG Score that feeds into a Business Quality Score, which directly influences portfolio weightings. Hyperion may divest investments no longer suitable due to ESG considerations. ### Exclusions - Short selling of equity securities is not permitted - Fund is not permitted to own more than 15% of any one company (measured by share capital) Source: Statement of Investment Policy and Objectives dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/3de4fbe3577dff13/20260401-Hyperion-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including the staff of Hyperion and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services delegated by FundRock to Apex NZ under an Administration Agreement dated 26 August 2016 (updated to include each Fund in 2022 and 2024) Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/808af8d6cb8cceb2/20260401-Hyperion-Investment-Funds-OMI.pdf ## How to invest Available via: Hyperion directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Hyperion%20Australian%20Growth%20Companies%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/473bf38e2e8d3227/20260401-Hyperion-Investment-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13281/OFR13287/FND49636/ - **Manager website:** https://www.hyperion.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/hyperion/australian-growth-companies/ - **Markdown (this file):** https://managedfunds.nz/funds/hyperion/australian-growth-companies/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/hyperion/australian-growth-companies/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Hyperion Australian Growth Companies PIE Fund URL: https://managedfunds.nz/funds/hyperion/australian-growth-companies/questions/ > 3 commonly-asked questions about the Hyperion Australian Growth Companies PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Hyperion, australasian equities category. Questions about Hyperion Australian Growth Companies PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Hyperion Australian Growth Companies PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What does Hyperion invest in? Hyperion Australian Growth Companies PIE Fund invests approximately 98.31% in growth assets and 1.69% in income assets, with a portfolio that includes major holdings such as BHP Group Limited (10.05%), Fisher & Paykel Healthcare (9.3%), and Sigma Pharmaceuticals Limited (8.89%), as at the latest QFU. The fund is categorised as Australasian Equities and carries a risk indicator of 6/7 on the FMA standardised scale. 2. What is a reasonable fee for a managed fund? Annual fund charges vary by fund type and asset class. For Australasian Equities funds, the peer-cohort average annual fund charge is 0.95% p.a., while Hyperion Australian Growth Companies PIE Fund charges 0.98% p.a. You can compare current fees for funds in this category on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. What is a typical management fee for a fund? Management fees depend on the fund's asset class and investment strategy. Australasian Equities funds typically charge between 0.90% and 1.00% p.a., with Hyperion Australian Growth Companies PIE Fund charging 0.98% p.a. For a full comparison of fees across managed funds, check the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Hyperion Australian Growth Companies PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Hyperion Australian Growth Companies PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/hyperion/australian-growth-companies/who-audits/ > The Hyperion Australian Growth Companies PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Hyperion Australian Growth Companies PIE Fund? PricewaterhouseCoopers The Hyperion Australian Growth Companies PIE Fund sits within a managed investment scheme run by Hyperion. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Hyperion Australian Growth Companies PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Hyperion Global Growth Companies PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/hyperion/global-growth-companies/investment-mandate/ > The Hyperion Global Growth Companies PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Hyperion Global Growth Companies PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 95% 80% 100% Cash and cash equivalents 5% 0% 20% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Short selling of equity securities is not permittedFund is not permitted to own more than 15% of any one company (measured by share capital) Responsible-investment approach Hyperion applies ESG considerations (environmental, social including labour standards, and ethical incorporating corporate governance) when selecting, retaining or realising investments, assessed on a case-by-case basis without fixed methodology or weightings. ESG analysis produces an ESG Score that feeds into a Business Quality Score, which directly influences portfolio weightings. Hyperion may divest investments no longer suitable due to ESG considerations. Statement of Investment Policy and Objectives Related Hyperion Global Growth Companies PIE Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Hyperion Global Growth Companies PIE Fund: 4.38% fee vs 0.61% … URL: https://managedfunds.nz/funds/hyperion/global-growth-companies/is-it-expensive/ > Hyperion Global Growth Companies PIE Fund charges 4.38% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Hyperion Global Growth Companies PIE Fund expensive? Hyperion Global Growth Companies PIE Fund charges 4.38% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 99% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Hyperion Global Growth Companies PIE Fund NZ$2006 at 4.38% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$1705 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Hyperion Global Growth Companies PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Hyperion Global Growth Companies PIE Fund Foundation Series US 500 Fund Foundation Series 0.03% −4.35pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −4.35pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −4.32pp Foundation Series Total World Fund Foundation Series 0.07% −4.31pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −4.31pp Foundation Series Global ESG Fund Foundation Series 0.10% −4.28pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −4.23pp Simplicity Hedged Global Share Fund Simplicity 0.15% −4.23pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Hyperion Global Growth Companies PIE Fund? Hyperion Global Growth Companies PIE Fund charges 4.38% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Hyperion Global Growth Companies PIE Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Hyperion Global Growth Companies PIE Fund sits at 4.38% — pricier than the median (cheaper than 1% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 4.38% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$2006. That is NZ$1705 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Hyperion Global Growth Companies PIE Fund --- ## URL: https://managedfunds.nz/funds/hyperion/global-growth-companies/markdown.md # Hyperion Global Growth Companies PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Hyperion (Hyperion Asset Management Limited), parent FundRock NZ (issuer) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Hyperion Global Growth Companies PIE Fund is a international equities managed fund run by Hyperion. Australian active manager focused on high-quality global growth companies. NZ PIE wrapper issued by FundRock NZ. ## Investment objective (from PDS) > The investment objective of the Fund is to achieve long-term returns above the MSCI World Net Total Return Index in NZ dollars, and minimise the risk of permanent capital loss. Source: Product Disclosure Statement dated 2026-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/473bf38e2e8d3227/20260401-Hyperion-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 4.38% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$177 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 2 March 2022 - **Minimum initial investment:** NZ$20,000 ## Top 10 holdings 1. Tesla Inc — 12.48% 2. Alphabet Inc Cap Stk Cl A — 11.06% 3. Meta Platforms Inc — 10.19% 4. Amazon Com Inc — 9.83% 5. Arm Holdings American Depositary Shares — 7.52% 6. Nvidia Corp — 6.68% 7. Asml Holding Nv Eur 0.09 Ny Reg 2012 Post Depository Receipt — 6.15% 8. Block Inc — 5.12% 9. Microsoft Corp — 4.79% 10. Palantir Technologies Inc — 4.40% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > 20% of the Fund's outperformance (net of Annual Fund Charges) relative to its benchmark return, multiplied by the Net Asset Value of the Fund. The Fund's return net of Annual Fund Charges and extraordinary expenses must exceed the performance of the benchmark at the end of the six-month period; and the Fund's return net of Annual Fund Charges and extraordinary expenses must be 0.00% or greater at the end of the six-month period; and any previous underperformance versus the benchmark must first be recovered before any Performance Fees can be paid. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 30 bps / 30 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 95% | 80% | 100% | | Cash and cash equivalents | 5% | 0% | 20% | ### Responsible-investment approach Hyperion applies ESG considerations (environmental, social including labour standards, and ethical incorporating corporate governance) when selecting, retaining or realising investments, assessed on a case-by-case basis without fixed methodology or weightings. ESG analysis produces an ESG Score that feeds into a Business Quality Score, which directly influences portfolio weightings. Hyperion may divest investments no longer suitable due to ESG considerations. ### Exclusions - Short selling of equity securities is not permitted - Fund is not permitted to own more than 15% of any one company (measured by share capital) Source: Statement of Investment Policy and Objectives dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/3de4fbe3577dff13/20260401-Hyperion-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including the staff of Hyperion and their families, and the staff of FundRock and their families, may from time to time invest in the Funds. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services delegated by FundRock to Apex NZ under an Administration Agreement dated 26 August 2016 (updated to include each Fund in 2022 and 2024) Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/808af8d6cb8cceb2/20260401-Hyperion-Investment-Funds-OMI.pdf ## How to invest Available via: Hyperion directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Hyperion%20Global%20Growth%20Companies%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/473bf38e2e8d3227/20260401-Hyperion-Investment-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13281/OFR13287/FND37463/ - **Manager website:** https://www.hyperion.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/hyperion/global-growth-companies/ - **Markdown (this file):** https://managedfunds.nz/funds/hyperion/global-growth-companies/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/hyperion/global-growth-companies/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Hyperion Global Growth Companies PIE Fund charge a performance fee? URL: https://managedfunds.nz/funds/hyperion/global-growth-companies/performance-fee-explained/ > The Hyperion Global Growth Companies PIE Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Hyperion Global Growth Companies PIE Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 4.38% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 20% of the Fund's outperformance (net of Annual Fund Charges) relative to its benchmark return, multiplied by the Net Asset Value of the Fund. The Fund's return net of Annual Fund Charges and extraordinary expenses must exceed the performance of the benchmark at the end of the six-month period; and the Fund's return net of Annual Fund Charges and extraordinary expenses must be 0.00% or greater at the end of the six-month period; and any previous underperformance versus the benchmark must first be recovered before any Performance Fees can be paid. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Hyperion Global Growth Companies PIE Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Hyperion Global Growth Companies PIE Fund URL: https://managedfunds.nz/funds/hyperion/global-growth-companies/questions/ > 3 commonly-asked questions about the Hyperion Global Growth Companies PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Hyperion, international equities category. Questions about Hyperion Global Growth Companies PIE Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Hyperion Global Growth Companies PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What does Hyperion invest in? Hyperion Global Growth Companies PIE Fund is an international equities fund with approximately 98.31% invested in growth assets and 1.69% in income assets, as at the latest QFU. The fund's top three holdings are Tesla Inc (12.48%), Alphabet Inc Cap Stk Cl A (11.06%), and Meta Platforms Inc (10.19%). For a complete breakdown of all holdings, check the latest fund fact sheet on the manager's website at https://www.hyperion.com.au. 2. Is a global equity fund a good investment? Global equity funds carry different risk and return characteristics depending on their holdings and strategy; this fund is rated 6/7 on the FMA standardised risk indicator, indicating higher volatility. Whether any fund matches your financial goals and risk tolerance is a personal decision that depends on your circumstances. You can review the fund's detailed information on the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/ or consult a financial adviser. 3. Is 0.25% a high management fee? The annual fund charge for Hyperion Global Growth Companies PIE Fund is 4.38% p.a., as disclosed in the latest QFU. The peer-cohort average annual fee for comparable international equity funds is 0.95% p.a. Whether a fee level is reasonable depends on the fund's strategy, service offerings, and your investment timeframe; compare specific funds using the fee comparison tools on this site. Primary sources Product Disclosure Statement More about this fund Hyperion Global Growth Companies PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Hyperion Global Growth Companies PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/hyperion/global-growth-companies/who-audits/ > The Hyperion Global Growth Companies PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Hyperion Global Growth Companies PIE Fund? PricewaterhouseCoopers The Hyperion Global Growth Companies PIE Fund sits within a managed investment scheme run by Hyperion. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Hyperion Global Growth Companies PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## India Avenue Equity Fund — H Class: annual fee load vs peer-cl… URL: https://managedfunds.nz/funds/india-avenue/equity-h-class/is-it-expensive/ > Annual fee load for India Avenue Equity Fund — H Class compared with the international equities peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the India Avenue Equity Fund — H Class expensive? Annual fund charge for India Avenue Equity Fund — H Class has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for India Avenue Equity Fund — H Class? Annual fund charge for India Avenue Equity Fund — H Class has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does India Avenue Equity Fund — H Class's fee compare with peer international equities funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to India Avenue Equity Fund — H Class --- ## URL: https://managedfunds.nz/funds/india-avenue/equity-h-class/markdown.md # India Avenue Equity Fund — H Class > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** India Avenue - **Asset class:** International Equities - **Structure:** Australian Unit Trust — NZ investors taxed under Foreign Investment Fund (FIF) rules - **Thematic fund:** yes - **Confidence tier:** B (manager fact sheet) - **Last verified:** 2026-05-07 ## Summary The India Avenue Equity Fund — H Class is a international equities managed fund run by India Avenue. India-focused active equities manager. ## Fund data - **Annual fund charge:** 1.50% p.a. (from the latest Quarterly Fund Update) - **Minimum initial investment:** NZ$250 ## How to invest Available via: India Avenue directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=India%20Avenue%20Equity%20Fund%20%E2%80%94%20H%20Class - **Product Disclosure Statement:** https://cdn.investnow.co.nz/20210601165208/India-Avenue-Equity-Fund-Retail-Class-NZ-PDS.pdf - **Manager website:** https://indiaavenueinvest.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/india-avenue/equity-h-class/ - **Markdown (this file):** https://managedfunds.nz/funds/india-avenue/equity-h-class/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/india-avenue/equity-h-class/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-07 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the India Avenue Equity Fund — H Class URL: https://managedfunds.nz/funds/india-avenue/equity-h-class/questions/ > 3 commonly-asked questions about the India Avenue Equity Fund — H Class, answered with mechanical facts sourced from the FMA Disclose register. India Avenue, international equities category. Questions about India Avenue Equity Fund — H Class 3 commonly-asked questions, answered with mechanical facts sourced from the India Avenue Equity Fund — H Class's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is an H class fund? H class units are typically a share class within a fund structure, often differentiated by fee level, minimum investment, or investor type. India Avenue Equity Fund — H Class is available via InvestNow and directly from India Avenue; check the current Product Disclosure Statement on the India Avenue website or FMA Disclose register for the specific characteristics of this class. 2. Can you negotiate management fees? The annual fund charge for India Avenue Equity Fund — H Class is 1.5% p.a. as at the latest Quarterly Fund Update. Fee negotiation terms are determined by the fund manager; contact India Avenue directly or your investment platform (such as InvestNow) to discuss your specific circumstances. 3. What is the average fund fee? Fee levels vary significantly across fund categories and managers. India Avenue Equity Fund — H Class charges 1.5% p.a. in annual fund charges. To compare fees across international equity funds in our coverage, see our fund comparison tools or check FMA Disclose for current charges across the market. More about this fund India Avenue Equity Fund — H Class — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the JPMorgan Global Bond Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/jpmorgan/global-bond/investment-mandate/ > The JPMorgan Global Bond Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the JPMorgan Global Bond Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 95% 105% Cash and cash equivalents — -5% 5% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach JPMorgan uses an 'ESG Promote' approach in the Underlying Fund. Further information is available in the Underlying Fund's current prospectus and JPMorgan's exclusion policy and 'Approach to EU MiFID Sustainability Preferences'. Derivatives policy The Fund may use financial derivative instruments limited to forward foreign exchange transactions (including non-deliverable forward foreign exchange transactions) and currency hedging instruments. Derivatives will be used to achieve fund objectives. Statement of Investment Policy and Objectives Related JPMorgan Global Bond Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## JPMorgan Global Bond Fund: 0.47% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/jpmorgan/global-bond/is-it-expensive/ > JPMorgan Global Bond Fund charges 0.47% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the JPMorgan Global Bond Fund expensive? JPMorgan Global Bond Fund charges 0.47% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 69% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). JPMorgan Global Bond Fund NZ$233 at 0.47% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-112 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than JPMorgan Global Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs JPMorgan Global Bond Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.32pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.22pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.19pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.17pp Kernel US Bond Fund Kernel 0.30% −0.17pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.15pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.15pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.13pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for JPMorgan Global Bond Fund? JPMorgan Global Bond Fund charges 0.47% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does JPMorgan Global Bond Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. JPMorgan Global Bond Fund sits at 0.47% — cheaper than 69% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.47% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$233. That is NZ$112 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to JPMorgan Global Bond Fund --- ## URL: https://managedfunds.nz/funds/jpmorgan/global-bond/markdown.md # JPMorgan Global Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** JPMorgan (JPMorgan Asset Management) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The JPMorgan Global Bond Fund is a international fi managed fund run by JPMorgan. Global asset manager with a Global Bond PIE fund distributed in NZ. ## Investment objective (from PDS) > The Fund aims to achieve a gross return in excess of its benchmark by gaining exposure primarily to global investment grade debt securities, using derivatives where appropriate. The benchmark of the Fund is the Bloomberg Global Aggregate Index (Total Return Gross) hedged to NZD. Source: Product Disclosure Statement dated 2026-03-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/9e6fedbc4a12e046/20260401---JP-Morgan-Funds---PDS.pdf ## Fund data - **Annual fund charge:** 0.47% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$114 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 7 March 2025 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. US TREASURY N/B 3.5 31 OCT 2027 — 9.35% 2. JPM USD Liquidity LVNAV X (dist.) — 5.65% 3. US TREASURY N/B 3.375 29 FEB 2028 — 5.62% 4. TREASURY BILL DSC 23 JUN 2026 — 4.10% 5. US TREASURY N/B 3.625 31 OCT 2030 — 3.46% 6. BUNDESSCHATZANWEISUNGEN 2.0 16 DEC 2027 REGS — 3.40% 7. BUNDESOBLIGATION 2.2 10 OCT 2030 REGS — 3.04% 8. US TREASURY N/B 3.875 30 JUN 2030 — 1.88% 9. BUNDESREPUB. DEUTSCHLAND 2.6 15 AUG 2035 REGS — 1.87% 10. BUONI POLIENNALI DEL TES 4.3 01 OCT 2054 REGS — 1.78% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 95% | 105% | | Cash and cash equivalents | — | -5% | 5% | ### Responsible-investment approach JPMorgan uses an 'ESG Promote' approach in the Underlying Fund. Further information is available in the Underlying Fund's current prospectus and JPMorgan's exclusion policy and 'Approach to EU MiFID Sustainability Preferences'. ### Derivatives policy The Fund may use financial derivative instruments limited to forward foreign exchange transactions (including non-deliverable forward foreign exchange transactions) and currency hedging instruments. Derivatives will be used to achieve fund objectives. Source: Statement of Investment Policy and Objectives dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/87c8f35454ff21e2/20260401---JP-Morgan-Funds---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - The Investment Manager, Management Company, Underlying Fund, investment manager of the Underlying Fund and depositary of the Underlying Fund are all part of the JPMorgan Group and are not independent third parties, creating potential conflicts in providing services and products that may disadvantage or restrict the Fund and/or Underlying Fund. - The depositary of the Underlying Fund (part of JPMorgan Group) provides administrative services to the Underlying Fund as the Management Company's agent, giving rise to potential conflicts of interest. - Potential conflicts of interest may arise between the depositary and any delegates or sub-delegates it has appointed to perform safekeeping and related services. - FundRock NZ Limited and the Scheme's administration manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Fund, including staff of the Investment Manager and their families, and staff of FundRock and their families, may from time to time invest in the Fund. ### Related-party transactions - **JPMorgan Asset Management (Australia) Limited** (Investment Manager; part of JPMorgan Group, which is also the distributor and counterparty to the Fund Hosting Agreement) — Investment management of Fund assets under Investment Management Agreement; distribution of the Fund - **JPMorgan Asset Management (Europe) S.à.r.l.** (Management Company of the Underlying Fund; related entity of the Investment Manager and part of JPMorgan Group) — Management of the Underlying Fund (JPMorgan Funds - Aggregate Bond Fund) into which the Fund's assets are invested - **JPMorgan Group (depositary of Underlying Fund)** (Part of JPMorgan Group; depositary of the Underlying Fund) — Administrative services to the Underlying Fund as the Management Company's agent; safekeeping and related services via delegates or sub-delegates - **Apex Investment Administration (NZ) Limited** (Common ultimate ownership — both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited) — Administration manager providing unit pricing, fund accounting and registry services Source: Other Material Information document dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/1bbad32dbf5ec0b0/20260401---JP-Morgan-Funds---OMI.pdf ## How to invest Available via: JPMorgan directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=JPMorgan%20Global%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/9e6fedbc4a12e046/20260401---JP-Morgan-Funds---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13893/OFR13894/FND55714/ - **Manager website:** https://am.jpmorgan.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/jpmorgan/global-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/jpmorgan/global-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/jpmorgan/global-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the JPMorgan Global Bond Fund URL: https://managedfunds.nz/funds/jpmorgan/global-bond/questions/ > 2 commonly-asked questions about the JPMorgan Global Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. JPMorgan, international fi category. Questions about JPMorgan Global Bond Fund 2 commonly-asked questions, answered with mechanical facts sourced from the JPMorgan Global Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global bond fund a good investment? Whether a global bond fund suits your situation depends on your investment timeframe, income needs, and risk tolerance. The JPMorgan Global Bond Fund is classified as Risk Indicator 4/7 on the FMA standardised scale, reflecting moderate interest-rate and credit risk typical of international fixed-income portfolios; you should review the current Product Disclosure Statement to understand these risks before investing. 2. What is the average return on a bond fund? Bond fund returns vary significantly based on interest rates, credit conditions, and currency movements. Historical returns for this or any fund are available on the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/ and in the fund's quarterly updates; the IRD website provides guidance on how returns are taxed under the PIE framework. Primary sources Product Disclosure Statement More about this fund JPMorgan Global Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the JPMorgan Global Bond Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/jpmorgan/global-bond/who-audits/ > The JPMorgan Global Bond Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the JPMorgan Global Bond Fund? PricewaterhouseCoopers The JPMorgan Global Bond Fund sits within a managed investment scheme run by JPMorgan. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related JPMorgan Global Bond Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Australia 100 Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/australia-100/investment-mandate/ > The Kernel Australia 100 Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Kernel Australia 100 Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 100% 90% 105% International equities 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Statement of Investment Policy and Objectives Related Kernel Australia 100 Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Australia 100 Fund: 0.25% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/kernel/australia-100/is-it-expensive/ > Kernel Australia 100 Fund charges 0.25% p.a. vs the australasian equities peer-class median of 1.01%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Australia 100 Fund expensive? Kernel Australia 100 Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Australia 100 Fund NZ$124 at 0.25% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-371 over 5 years on NZ$10K. 4 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Kernel Australia 100 Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel Australia 100 Fund Simplicity NZ Share Fund Simplicity 0.10% −0.15pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.05pp Harbour NZ Index Shares Fund Harbour 0.21% −0.04pp BetaShares Australia 200 Fund BetaShares 0.23% −0.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Australia 100 Fund? Kernel Australia 100 Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Australia 100 Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Kernel Australia 100 Fund sits at 0.25% — cheaper than 90% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$371 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Australia 100 Fund --- ## URL: https://managedfunds.nz/funds/kernel/australia-100/markdown.md # Kernel Australia 100 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Australia 100 Fund is a australasian equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return of the S&P/ASX 100 Index by investing in Australian-listed financial products. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$53 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 13 August 2025 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Commonwealth Bank of Australia — 11.87% 2. BHP Group Ltd (AU register) — 10.83% 3. Westpac Banking Corporation (AU Register) — 5.71% 4. National Australia Bank Limited (AU Register) — 5.38% 5. ANZ Bank (AU Register) — 4.59% 6. Wesfarmers Ltd — 3.50% 7. Macquarie Group Limited — 3.03% 8. CSL Limited — 2.89% 9. Woodside Energy Group Ltd — 2.82% 10. Rio Tinto (AU Register) — 2.54% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 100% | 90% | 105% | | International equities | 0% | 0% | 10% | ### Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. ### Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo52b3518e754cc80918af24916a4038be/Kernel-Funds-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdoad06ff43d92fe322bc99e0e90fb8bf83/Kernel-Funds-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Australia%20100%20Fund - **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND58855/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/australia-100/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/australia-100/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/australia-100/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel Australia 100 Fund URL: https://managedfunds.nz/funds/kernel/australia-100/questions/ > 4 commonly-asked questions about the Kernel Australia 100 Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, australasian equities category. Questions about Kernel Australia 100 Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Kernel Australia 100 Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Kernel Global 100 a pie fund? Kernel Australia 100 Fund is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at your prescribed investor rate (PIR) with a maximum of 28%, rather than your marginal tax rate. Check the current Product Disclosure Statement on the Kernel Wealth website for full tax treatment details. 2. Is kernel wealth legitimate? Kernel Wealth is registered with the Financial Markets Authority (FMA) and fund information is available on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. You can verify the fund's current licence status and view its latest disclosure documents there. 3. Is my money safe with Kernel? Kernel Australia 100 Fund is a managed fund where your investment is pooled with other investors' money and invested in Australian shares. Your money is not held in a separate bank account in your name; instead, the fund holds assets on your behalf and is subject to FMA regulation. For information on investor protections and what happens if a fund manager fails, see the FMA's guidance on managed fund security. 4. What happens if the Kernel goes bust? If Kernel Wealth were unable to operate, the fund's assets (currently NZ$53,403,247.19 as at the latest Quarterly Fund Update) would be held separately and managed according to the trust deed and FMA rules. Investors' claims would be prioritised over the manager's creditors. For detailed information on creditor protection and wind-up procedures, refer to the FMA Disclose register and the fund's Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund Kernel Australia 100 Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel Australia 100 Fund? — EY URL: https://managedfunds.nz/funds/kernel/australia-100/who-audits/ > The Kernel Australia 100 Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Australia 100 Fund? EY The Kernel Australia 100 Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Australia 100 Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/balanced/investment-mandate/ > The Kernel Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the Kernel Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% -5% 20% New Zealand fixed interest 17% 0% 30% International fixed interest 18% 0% 30% Australasian equities (NZ Large equities) 12% 0% 30% Australasian equities (Australian equities) 2.5% 0% 30% International equities (Global equities) 35.5% 20% 60% International equities (Global Infrastructure) 7.5% 20% 60% Listed property (Global Real Estate) 2.5% 0% 10% Mandate flexibility (sum of max − min across all ranges): 235%. Wide range — high manager discretion typical of active management. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Balanced Fund: 0.25% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/kernel/balanced/is-it-expensive/ > Kernel Balanced Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Balanced Fund expensive? Kernel Balanced Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Balanced Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Balanced Fund? Kernel Balanced Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Kernel Balanced Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Balanced Fund --- ## URL: https://managedfunds.nz/funds/kernel/balanced/markdown.md # Kernel Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Balanced Fund is a diversified managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To invest in both income and growth assets and achieve positive real returns over the long term while lessening volatility through diversification across asset classes, sectors and geographies. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo7aaac04bca7f1ba7872251173f52f4f7/Kernel-Kiwi-Saver-PDS-Diversified-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$45 million - **Asset mix:** 54% growth assets · 46% income assets - **Fund started:** 7 November 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. IShares Core US Aggregate Bond ETF — 8.93% 2. NZGS 4.25% 15/05/2034 — 4.52% 3. SPDR Portfolio Emerging Markets ETF — 3.49% 4. Nvidia Ord — 2.69% 5. NZGS 5.00% 15/05/2054 — 2.55% 6. Apple Inc — 2.36% 7. Fisher & Paykel Healthcare Corp Ltd — 1.76% 8. Microsoft — 1.74% 9. NZGS 4.50% 15/05/2030 — 1.58% 10. Auckland International Airport — 1.54% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | -5% | 20% | | New Zealand fixed interest | 17% | 0% | 30% | | International fixed interest | 18% | 0% | 30% | | Australasian equities (NZ Large equities) | 12% | 0% | 30% | | Australasian equities (Australian equities) | 2.5% | 0% | 30% | | International equities (Global equities) | 35.5% | 20% | 60% | | International equities (Global Infrastructure) | 7.5% | 20% | 60% | | Listed property (Global Real Estate) | 2.5% | 0% | 10% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND40599/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel Balanced Fund URL: https://managedfunds.nz/funds/kernel/balanced/questions/ > 3 commonly-asked questions about the Kernel Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, diversified category. Questions about Kernel Balanced Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the Kernel fee? The Kernel Balanced Fund has an annual fund charge of 0.25% p.a., as disclosed in the latest Quarterly Fund Update. This is materially lower than the peer-cohort average of 0.91% p.a. for balanced funds. 2. Is Kernel Wealth a pie fund? Yes, the Kernel Balanced Fund is structured as a PIE (Portfolio Investment Entity). This means investor tax is capped at your prescribed investor rate (PIR), with a maximum of 28%, rather than taxed at your personal tax rate. 3. Are balanced funds good for retirees? Balanced funds typically combine growth and income assets to provide diversification; the Kernel Balanced Fund holds approximately 53.72% growth assets and 46.28% income assets. Whether a balanced fund suits your personal circumstances depends on your time horizon, income needs, and risk tolerance—check the Product Disclosure Statement and consider seeking financial advice. Primary sources Product Disclosure Statement More about this fund Kernel Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel Balanced Fund? — EY URL: https://managedfunds.nz/funds/kernel/balanced/who-audits/ > The Kernel Balanced Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Balanced Fund? EY The Kernel Balanced Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Balanced Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Cash Plus Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/cash-plus/investment-mandate/ > The Kernel Cash Plus Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel Cash Plus Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 100% 0% 100% New Zealand fixed interest 0% 0% 60% Mandate flexibility (sum of max − min across all ranges): 160%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel Cash Plus Fund fund page All Cash funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Cash Plus Fund: 0.25% fee vs 0.26% peer median URL: https://managedfunds.nz/funds/kernel/cash-plus/is-it-expensive/ > Kernel Cash Plus Fund charges 0.25% p.a. vs the cash peer-class median of 0.26%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Cash Plus Fund expensive? Kernel Cash Plus Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.26% across 5 New Zealand cash funds. On fee alone it is cheaper than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Cash Plus Fund NZ$124 at 0.25% p.a. Peer-class median NZ$129 at 0.26% p.a. Difference vs median: NZ$-5 over 5 years on NZ$10K. 1 cheaper peers in the same category Cash funds with a lower annual fund charge than Kernel Cash Plus Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel Cash Plus Fund Simplicity NZ Cash Fund Simplicity 0.12% −0.13pp What fee level should I expect? For the cash cohort across NZ retail managed funds, the annual fund charge spans roughly 0.12% at the cheapest to 0.65% at the priciest, with a median of 0.26% across 5 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Cash Plus Fund? Kernel Cash Plus Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Cash Plus Fund's fee compare with peer cash funds in New Zealand? The peer-class median annual charge across 5 New Zealand cash funds is 0.26%. Kernel Cash Plus Fund sits at 0.25% — cheaper than 70% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$5 less than the peer-class median fee-drag of NZ$129. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Cash Plus Fund --- ## URL: https://managedfunds.nz/funds/kernel/cash-plus/markdown.md # Kernel Cash Plus Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Cash and Cash Equivalents - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Cash Plus Fund is a cash managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > The Kernel Cash Plus Fund aims to achieve returns comparable to the Bloomberg NZ Bond Bank Bill Index by investing in cash, selected cash equivalents, and selected New Zealand fixed interest-bearing assets. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo7aaac04bca7f1ba7872251173f52f4f7/Kernel-Kiwi-Saver-PDS-Diversified-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 1/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$13 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 7 November 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Bank of China Deposit — 14.95% 2. Kiwibank Ltd FRN 15/03/2028 — 9.57% 3. Auckland Council FRN 04/10/2027 — 5.14% 4. SBS Commercial Paper 3.5% 08/04/2026 — 2.86% 5. Tax Traders 2.934% 09 Apr 2026 — 2.62% 6. NZGT Tributum Ltd Commercial Paper 2.95% 28/04/2026 — 2.57% 7. NZGT Tributum Ltd Commercial Paper 2.99% 29/06/2026 — 2.56% 8. Transpower NZ Ltd FRN 31/07/2028 — 2.50% 9. MTFGI FRN 24/11/2026 — 2.40% 10. Kiwibank Ltd FRN 13/06/2028 — 2.40% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 100% | 0% | 100% | | New Zealand fixed interest | 0% | 0% | 60% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Cash%20Plus%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND40600/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/cash-plus/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/cash-plus/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/cash-plus/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel Cash Plus Fund URL: https://managedfunds.nz/funds/kernel/cash-plus/questions/ > 3 commonly-asked questions about the Kernel Cash Plus Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, cash category. Questions about Kernel Cash Plus Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel Cash Plus Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the Kernel fee? Kernel Cash Plus Fund has an annual fund charge of 0.25% p.a., as disclosed on the FMA Disclose Register. This is lower than the peer-cohort average annual fund charge of 0.57% p.a. for comparable funds. 2. What is a cash plus fund? A cash plus fund is a low-risk investment fund that holds predominantly income-generating assets such as bank deposits, bonds, and fixed-rate notes. Kernel Cash Plus Fund has an asset mix of approximately 99.69% income assets and 0.31% growth assets, with a risk indicator of 1/7 on the FMA standardised scale. 3. What happens if the Kernel goes bust? Kernel Wealth Limited is regulated as a licensed fund manager under the Financial Markets Conduct Act 2013. If you have questions about investor protections or fund creditor claims, contact the Financial Markets Authority or check the relevant Product Disclosure Statement at https://kernelwealth.co.nz. Primary sources Product Disclosure Statement More about this fund Kernel Cash Plus Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other cash funds Simplicity NZ Cash Fund Simplicity Summer New Zealand Cash Summer Lifetime Cash Fund Lifetime Clarity Enhanced Cash PIE Clarity ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel Cash Plus Fund? — EY URL: https://managedfunds.nz/funds/kernel/cash-plus/who-audits/ > The Kernel Cash Plus Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Cash Plus Fund? EY The Kernel Cash Plus Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Cash Plus Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Conservative Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/conservative/investment-mandate/ > The Kernel Conservative Fund's Statement of Investment Policy sets target / min / max ranges across 6 asset classes. Verbatim from the SIPO. What can the Kernel Conservative Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 18% -5% 20% New Zealand fixed interest 25% 0% 50% International fixed interest 27% 0% 60% Australasian equities 6% 0% 20% International equities 21.5% 0% 50% Listed property 2.5% 0% 10% Mandate flexibility (sum of max − min across all ranges): 215%. Wide range — high manager discretion typical of active management. Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Statement of Investment Policy and Objectives Related Kernel Conservative Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Conservative Fund: 0.25% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/kernel/conservative/is-it-expensive/ > Kernel Conservative Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Conservative Fund expensive? Kernel Conservative Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Conservative Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Conservative Fund? Kernel Conservative Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Conservative Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Kernel Conservative Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Conservative Fund --- ## URL: https://managedfunds.nz/funds/kernel/conservative/markdown.md # Kernel Conservative Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Conservative Fund is a diversified managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To invest in both income and growth assets and achieve positive real returns over the long term while lessening volatility through diversification across asset classes, sectors and geographies. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo25d83fed62457583b5b5388a78cb210a/Kernel-Funds-PDS-Diversified-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$14 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 13 August 2025 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. IShares Core US Aggregate Bond ETF — 12.89% 2. NZGS 4.25% 15/05/2034 — 7.80% 3. NZGS 5.00% 15/05/2054 — 3.29% 4. NZGS 4.50% 15/05/2030 — 2.95% 5. NZGS 4.25% 15/05/2036 — 2.84% 6. Bank of China Deposit — 2.65% 7. NZGS 3.00% 20/09/2030 — 2.31% 8. NZ LGFA 4.50% 14/05/2032 — 2.24% 9. Dunedin City Treasury 5.55% 15/11/2028 — 2.18% 10. Wellington Intl Airport 3.32% 24/09/2031 — 1.55% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 18% | -5% | 20% | | New Zealand fixed interest | 25% | 0% | 50% | | International fixed interest | 27% | 0% | 60% | | Australasian equities | 6% | 0% | 20% | | International equities | 21.5% | 0% | 50% | | Listed property | 2.5% | 0% | 10% | ### Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. ### Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo52b3518e754cc80918af24916a4038be/Kernel-Funds-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdoad06ff43d92fe322bc99e0e90fb8bf83/Kernel-Funds-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Conservative%20Fund - **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND58858/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/conservative/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/conservative/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/conservative/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel Conservative Fund URL: https://managedfunds.nz/funds/kernel/conservative/questions/ > 3 commonly-asked questions about the Kernel Conservative Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, diversified category. Questions about Kernel Conservative Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel Conservative Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the Kernel fee? Kernel Conservative Fund has an annual fund charge of 0.25% p.a., as disclosed in the latest Quarterly Fund Update. This is materially lower than the peer-cohort average annual fund charge of 0.89% p.a. for comparable funds. 2. What are typical fees for a fund of funds? Kernel Conservative Fund is a diversified fund with an annual fund charge of 0.25% p.a. Fees vary across fund types and managers; you can compare annual charges for funds in our coverage using the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/ 3. Is kernel wealth trustworthy? Kernel Wealth operates under FMA regulation and discloses fund information through the FMA Disclose Register. You can verify the fund's registration, fee disclosures, and other regulatory data at https://disclose-register.companiesoffice.govt.nz/ and review the latest Product Disclosure Statement on the Kernel Wealth website at https://kernelwealth.co.nz Primary sources Product Disclosure Statement More about this fund Kernel Conservative Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel Conservative Fund? — EY URL: https://managedfunds.nz/funds/kernel/conservative/who-audits/ > The Kernel Conservative Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Conservative Fund? EY The Kernel Conservative Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Conservative Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Emerging Markets Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/emerging-markets/investment-mandate/ > The Kernel Emerging Markets Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel Emerging Markets Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% International equities 100% 0% 105% Mandate flexibility (sum of max − min across all ranges): 120%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel Emerging Markets Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Emerging Markets Fund: 0.45% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/kernel/emerging-markets/is-it-expensive/ > Kernel Emerging Markets Fund charges 0.45% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Emerging Markets Fund expensive? Kernel Emerging Markets Fund charges 0.45% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 67% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Emerging Markets Fund NZ$223 at 0.45% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-78 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel Emerging Markets Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel Emerging Markets Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.42pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.42pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.39pp Foundation Series Total World Fund Foundation Series 0.07% −0.38pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.38pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.35pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.30pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.30pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Emerging Markets Fund? Kernel Emerging Markets Fund charges 0.45% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Emerging Markets Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel Emerging Markets Fund sits at 0.45% — cheaper than 67% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.45% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$223. That is NZ$78 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Emerging Markets Fund --- ## URL: https://managedfunds.nz/funds/kernel/emerging-markets/markdown.md # Kernel Emerging Markets Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Emerging Markets Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that corresponds generally to the total return on the S&P Emerging BMI (NZD) Index. The fund is passively managed and invests in globally listed financial products. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.45% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$4 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 November 2024 - **Minimum initial investment:** NZ$1 ## Top 2 holdings 1. SPDR Portfolio Emerging Markets ETF — 100.03% 2. New Zealand Dollar — 0.18% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | International equities | 100% | 0% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Emerging%20Markets%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND52056/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/emerging-markets/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/emerging-markets/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/emerging-markets/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel Emerging Markets Fund URL: https://managedfunds.nz/funds/kernel/emerging-markets/questions/ > 2 commonly-asked questions about the Kernel Emerging Markets Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international equities category. Questions about Kernel Emerging Markets Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Kernel Emerging Markets Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Kernel safe to invest with? Kernel Emerging Markets Fund is a registered managed fund available on the FMA Disclose register at https://disclose-register.companieshoice.govt.nz/. As at the latest Quarterly Fund Update, the fund holds NZ$4,431,881.34 in assets and is structured as a PIE (Portfolio Investment Entity). Check the current Product Disclosure Statement on Kernel's website at https://kernelwealth.co.nz for full details on the fund operator, custodian arrangements, and risk management. 2. What happens if the Kernel goes bust? Managed funds like Kernel Emerging Markets Fund hold assets in the names of investors (not the fund manager), which provides legal separation if the operator encounters difficulties. For specific information on custody, trustee protections, and what happens in insolvency scenarios, refer to the fund's current Product Disclosure Statement at https://kernelwealth.co.nz or contact Kernel directly. Primary sources Product Disclosure Statement More about this fund Kernel Emerging Markets Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel Emerging Markets Fund? — EY URL: https://managedfunds.nz/funds/kernel/emerging-markets/who-audits/ > The Kernel Emerging Markets Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Emerging Markets Fund? EY The Kernel Emerging Markets Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Emerging Markets Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Global ESG Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/global-esg/investment-mandate/ > The Kernel Global ESG Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Kernel Global ESG Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 0% 0% 30% International equities 100% 70% 105% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Non-pharma animal testingCompanies not meeting ESG scores and climate alignment eligibility criteria Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel Global ESG Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Global ESG Fund: 0.25% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/kernel/global-esg/is-it-expensive/ > Kernel Global ESG Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Global ESG Fund expensive? Kernel Global ESG Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Global ESG Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel Global ESG Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel Global ESG Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Global ESG Fund? Kernel Global ESG Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Global ESG Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel Global ESG Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Global ESG Fund --- ## URL: https://managedfunds.nz/funds/kernel/global-esg/markdown.md # Kernel Global ESG Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Global ESG Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P World Net Zero 2050 Paris-Aligned ESG ex non-pharma Animal Testing (NZD) Index. The fund is passively managed and invests in a diverse mix of globally listed companies; companies are screened on business activities and company weightings are modified based on a company's ESG characteristics and climate alignment scores. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$13 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 July 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Nvidia Ord — 5.52% 2. Microsoft — 4.83% 3. Apple Inc — 4.53% 4. Alphabet Inc Class A — 2.74% 5. Amazon.Com Inc — 2.39% 6. Tesla Inc Ordinary Shares — 2.33% 7. Alphabet Inc Class C — 2.18% 8. Visa Inc — 1.86% 9. Mastercard Inc Class A Ord — 1.54% 10. Abbvie Inc — 1.40% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 0% | 0% | 30% | | International equities | 100% | 70% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. ### Exclusions - Non-pharma animal testing - Companies not meeting ESG scores and climate alignment eligibility criteria Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Global%20ESG%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND43023/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/global-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/global-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/global-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Kernel Global ESG Fund? — EY URL: https://managedfunds.nz/funds/kernel/global-esg/who-audits/ > The Kernel Global ESG Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Global ESG Fund? EY The Kernel Global ESG Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Global ESG Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel Global Infrastructure Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/global-infrastructure/investment-mandate/ > The Kernel Global Infrastructure Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Kernel Global Infrastructure Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 0% 0% 30% International equities 100% 70% 105% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Statement of Investment Policy and Objectives Related Kernel Global Infrastructure Fund fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel Global Infrastructure Fund: 0.25% fee vs 1.06% peer median URL: https://managedfunds.nz/funds/kernel/global-infrastructure/is-it-expensive/ > Kernel Global Infrastructure Fund charges 0.25% p.a. vs the other peer-class median of 1.06%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel Global Infrastructure Fund expensive? Kernel Global Infrastructure Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel Global Infrastructure Fund NZ$124 at 0.25% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: NZ$-397 over 5 years on NZ$10K. What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel Global Infrastructure Fund? Kernel Global Infrastructure Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel Global Infrastructure Fund's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. Kernel Global Infrastructure Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$397 less than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel Global Infrastructure Fund --- ## URL: https://managedfunds.nz/funds/kernel/global-infrastructure/markdown.md # Kernel Global Infrastructure Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Other - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel Global Infrastructure Fund is a other managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the Dow Jones Brookfield Global Infrastructure (NZD) Index. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$510 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 July 2020 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Enbridge Inc — 7.00% 2. The Williams Companies Inc — 5.08% 3. National Grid PLC Ord — 4.94% 4. American Tower Corp A — 4.62% 5. Vinci Ord — 4.40% 6. TC Energy Corporation — 3.86% 7. Kinder Morgan Inc — 3.75% 8. Sempra Energy — 3.62% 9. Cheniere Energy Inc — 3.49% 10. ONEOK Inc — 3.25% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 0% | 0% | 30% | | International equities | 100% | 70% | 105% | ### Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. ### Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo52b3518e754cc80918af24916a4038be/Kernel-Funds-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdoad06ff43d92fe322bc99e0e90fb8bf83/Kernel-Funds-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Global%20Infrastructure%20Fund - **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND19301/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/global-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/global-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/global-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel Global Infrastructure Fund URL: https://managedfunds.nz/funds/kernel/global-infrastructure/questions/ > 3 commonly-asked questions about the Kernel Global Infrastructure Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, other category. Questions about Kernel Global Infrastructure Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel Global Infrastructure Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What happens if the Kernel goes bust? Kernel Wealth is a licensed fund manager regulated by the Financial Markets Authority. Funds under management are held in trust and kept separate from the manager's own assets, meaning investor money is protected even if the manager becomes insolvent. For details on regulatory protections, see the FMA Disclose register at https://disclose-register.companiesholiday.govt.nz/. 2. Is kernel wealth trustworthy? Kernel Wealth is authorised and supervised by the Financial Markets Authority under the Financial Markets Conduct Act 2013. You can verify the fund's registration, current PDS, and financial disclosures via the FMA Disclose register at https://disclose-register.companieshouse.govt.nz/. The Kernel Global Infrastructure Fund is a PIE with an annual fund charge of 0.25% p.a. as at the latest QFU. 3. How safe is kernel wealth? The Kernel Global Infrastructure Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, meaning it carries moderate-to-high risk typical of growth-focused infrastructure portfolios. Risk tolerance is personal; you should read the PDS and consider your own circumstances. Regulatory oversight and trustee protections apply; see https://kernelwealth.co.nz for the current PDS. Primary sources Product Disclosure Statement More about this fund Kernel Global Infrastructure Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other other funds Smart Bitcoin ETF Smartshares Mercer Global Listed Infrastructure Fund Mercer Russell Investments Global Listed Infrastructure Fund Russell Investments Squirrel Monthly Income Fund Squirrel Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel Global Infrastructure Fund? — EY URL: https://managedfunds.nz/funds/kernel/global-infrastructure/who-audits/ > The Kernel Global Infrastructure Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel Global Infrastructure Fund? EY The Kernel Global Infrastructure Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel Global Infrastructure Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel High Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/high-growth/investment-mandate/ > The Kernel High Growth Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Kernel High Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 1% -5% 10% New Zealand fixed interest 0% 0% 5% International fixed interest 0% 0% 5% Australasian equities (NZ Large equities) 18% 10% 50% Australasian equities (NZ Medium equities) 2% 10% 50% Australasian equities (Australian equities) 4% 10% 50% International equities (Global equities) 65% 50% 80% International equities (Global Infrastructure) 7.5% 50% 80% Listed property (Global Real Estate) 2.5% 0% 10% Mandate flexibility (sum of max − min across all ranges): 215%. Wide range — high manager discretion typical of active management. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel High Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel High Growth Fund: 0.25% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/kernel/high-growth/is-it-expensive/ > Kernel High Growth Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel High Growth Fund expensive? Kernel High Growth Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel High Growth Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel High Growth Fund? Kernel High Growth Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel High Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Kernel High Growth Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel High Growth Fund --- ## URL: https://managedfunds.nz/funds/kernel/high-growth/markdown.md # Kernel High Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel High Growth Fund is a diversified managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To invest in growth assets and achieve positive real returns over the long term while lessening volatility through diversification across sectors and geographies. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo7aaac04bca7f1ba7872251173f52f4f7/Kernel-Kiwi-Saver-PDS-Diversified-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$530 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. SPDR Portfolio Emerging Markets ETF — 7.13% 2. Nvidia Ord — 5.07% 3. Apple Inc — 4.45% 4. Microsoft — 3.29% 5. Fisher & Paykel Healthcare Corp Ord — 2.68% 6. Amazon.Com Inc — 2.43% 7. Auckland International Airport — 2.33% 8. Alphabet Inc Class A — 2.00% 9. Infratil Limited — 1.98% 10. Broadcom Inc — 1.75% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 1% | -5% | 10% | | New Zealand fixed interest | 0% | 0% | 5% | | International fixed interest | 0% | 0% | 5% | | Australasian equities (NZ Large equities) | 18% | 10% | 50% | | Australasian equities (NZ Medium equities) | 2% | 10% | 50% | | Australasian equities (Australian equities) | 4% | 10% | 50% | | International equities (Global equities) | 65% | 50% | 80% | | International equities (Global Infrastructure) | 7.5% | 50% | 80% | | Listed property (Global Real Estate) | 2.5% | 0% | 10% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20High%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37625/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/high-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/high-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/high-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel High Growth Fund URL: https://managedfunds.nz/funds/kernel/high-growth/questions/ > 3 commonly-asked questions about the Kernel High Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, diversified category. Questions about Kernel High Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel High Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the Kernel fee? Kernel High Growth Fund has an annual fund charge of 0.25% p.a., as disclosed in the latest Quarterly Fund Update. This is materially lower than the peer-cohort average fee of 0.85% p.a. for comparable funds. Check the current Product Disclosure Statement on the Kernel website for any additional costs. 2. What does high growth index mean? A high-growth fund typically allocates most capital to growth assets (equities and growth-oriented investments) rather than income assets (bonds and cash). Kernel High Growth Fund holds approximately 98.37% growth assets and 1.63% income assets, placing it at the growth-focused end of the investment spectrum. Funds with higher growth-asset allocations carry higher risk and volatility, reflected in Kernel's risk indicator of 5/7 on the FMA standardised scale. 3. Are index funds good for growth? Index funds can form part of a growth-oriented portfolio because they provide diversified exposure to market returns at typically low cost. Kernel High Growth Fund uses index-tracking strategies within a diversified global asset mix, with an annual fund charge of 0.25% p.a. Whether an index fund suits your investment goals depends on your personal circumstances; refer to the PDS and consider seeking financial advice. Primary sources Product Disclosure Statement More about this fund Kernel High Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel High Growth Fund? — EY URL: https://managedfunds.nz/funds/kernel/high-growth/who-audits/ > The Kernel High Growth Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel High Growth Fund? EY The Kernel High Growth Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel High Growth Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Kernel NZ 20 Fund: 0.25% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/kernel/nz-20/is-it-expensive/ > Kernel NZ 20 Fund charges 0.25% p.a. vs the australasian equities peer-class median of 1.01%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel NZ 20 Fund expensive? Kernel NZ 20 Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel NZ 20 Fund NZ$124 at 0.25% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-371 over 5 years on NZ$10K. 4 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Kernel NZ 20 Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel NZ 20 Fund Simplicity NZ Share Fund Simplicity 0.10% −0.15pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.05pp Harbour NZ Index Shares Fund Harbour 0.21% −0.04pp BetaShares Australia 200 Fund BetaShares 0.23% −0.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel NZ 20 Fund? Kernel NZ 20 Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel NZ 20 Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Kernel NZ 20 Fund sits at 0.25% — cheaper than 90% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$371 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel NZ 20 Fund --- ## URL: https://managedfunds.nz/funds/kernel/nz-20/markdown.md # Kernel NZ 20 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel NZ 20 Fund is a australasian equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corp Ltd — 14.87% 2. Auckland International Airport — 12.79% 3. Infratil Limited — 11.02% 4. Contact Energy Ltd — 8.33% 5. The a2 Milk Company Ltd — 7.93% 6. Meridian Energy — 6.77% 7. Mainfreight Limited — 4.52% 8. EBOS — 4.32% 9. Mercury NZ Limited — 4.10% 10. Chorus Ltd — 3.85% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20NZ%2020%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37626/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/nz-20/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/nz-20/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-20/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel NZ 20 Fund URL: https://managedfunds.nz/funds/kernel/nz-20/questions/ > 3 commonly-asked questions about the Kernel NZ 20 Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, australasian equities category. Questions about Kernel NZ 20 Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel NZ 20 Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is my money safe with Kernel? Kernel NZ 20 Fund is a managed fund regulated under the Financial Markets Conduct Act 2013; investors' money is held in a separate trust account and protected from Kernel's creditors. For detailed information about fund trustee arrangements and investor protections, see the fund's Product Disclosure Statement on the Kernel Wealth website or check the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. 2. What happens if the Kernel goes bust? If the fund manager became insolvent, the fund's assets would be held by an independent trustee and would not form part of the manager's estate; investors' interests would be protected separately. For specific details on trustee protections and what would occur in a wind-up, consult the fund's Product Disclosure Statement or contact the manager directly. 3. Is Kernel, NZ owned? For current ownership information about Kernel Wealth, visit the manager's website at https://kernelwealth.co.nz or check the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. More about this fund Kernel NZ 20 Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel NZ 20 Fund? — EY URL: https://managedfunds.nz/funds/kernel/nz-20/who-audits/ > The Kernel NZ 20 Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel NZ 20 Fund? EY The Kernel NZ 20 Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel NZ 20 Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel NZ 50 ESG Tilted Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/investment-mandate/ > The Kernel NZ 50 ESG Tilted Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel NZ 50 ESG Tilted Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 100% 90% 105% Mandate flexibility (sum of max − min across all ranges): 30%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel NZ 50 ESG Tilted Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel NZ 50 ESG Tilted Fund: 0.25% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/is-it-expensive/ > Kernel NZ 50 ESG Tilted Fund charges 0.25% p.a. vs the australasian equities peer-class median of 1.01%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel NZ 50 ESG Tilted Fund expensive? Kernel NZ 50 ESG Tilted Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel NZ 50 ESG Tilted Fund NZ$124 at 0.25% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-371 over 5 years on NZ$10K. 4 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Kernel NZ 50 ESG Tilted Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel NZ 50 ESG Tilted Fund Simplicity NZ Share Fund Simplicity 0.10% −0.15pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.05pp Harbour NZ Index Shares Fund Harbour 0.21% −0.04pp BetaShares Australia 200 Fund BetaShares 0.23% −0.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel NZ 50 ESG Tilted Fund? Kernel NZ 50 ESG Tilted Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel NZ 50 ESG Tilted Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Kernel NZ 50 ESG Tilted Fund sits at 0.25% — cheaper than 90% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$371 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel NZ 50 ESG Tilted Fund --- ## URL: https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/markdown.md # Kernel NZ 50 ESG Tilted Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel NZ 50 ESG Tilted Fund is a australasian equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P/NZX 50 Portfolio ESG Tilted Index. The fund is passively managed and invests in financial products listed on the NZX, with company weightings modified to tilt a higher investment to companies with stronger ESG characteristics. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$1 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corp Ltd — 10.46% 2. Fletcher Building Ltd (NZ Registry) — 8.58% 3. Auckland International Airport — 7.95% 4. Meridian Energy — 7.90% 5. Contact Energy Ltd — 7.08% 6. Spark New Zealand Limited (NZ Registered) — 6.53% 7. Precinct Properties New Zealand Limited — 5.82% 8. Westpac Banking Corporation (NZ Register) — 4.78% 9. The a2 Milk Company Ltd — 4.48% 10. Fonterra Shareholders' Fund — 4.36% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 100% | 90% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20NZ%2050%20ESG%20Tilted%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37629/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel NZ 50 ESG Tilted Fund URL: https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/questions/ > 4 commonly-asked questions about the Kernel NZ 50 ESG Tilted Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, australasian equities category. Questions about Kernel NZ 50 ESG Tilted Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Kernel NZ 50 ESG Tilted Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is ESG tilted? ESG tilting means adjusting a fund's holdings to overweight or underweight companies based on environmental, social and governance criteria. The Kernel NZ 50 ESG Tilted Fund applies responsible-investment screens as part of its investment process; see the Statement of Investment Policy and Objectives (SIPO) on the Kernel Wealth website for specific ESG criteria used. 2. Is Kernel Wealth a pie fund? Yes, the Kernel NZ 50 ESG Tilted Fund is a Portfolio Investment Entity (PIE), which means investor tax is capped at your prescribed investor rate (PIR) with a maximum of 28%, rather than being taxed at your marginal rate. This tax treatment applies to all investors in the fund regardless of their personal tax circumstances. 3. Is my money safe with Kernel? Kernel Wealth is a licensed fund manager registered with the Financial Markets Authority (FMA). Fund assets are held in custody and subject to FMA oversight; you can verify Kernel's registration and view current fund documents on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Like all equity funds, this fund carries investment risk—the Risk Indicator is 5 out of 7 on the FMA standardised scale. 4. Is kernel wealth legitimate? Kernel Wealth is registered with the Financial Markets Authority (FMA) as a licensed fund manager. You can verify its current registration and review all required disclosure documents, including the Product Disclosure Statement, on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Kernel NZ 50 ESG Tilted Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel NZ 50 ESG Tilted Fund? — EY URL: https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/who-audits/ > The Kernel NZ 50 ESG Tilted Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel NZ 50 ESG Tilted Fund? EY The Kernel NZ 50 ESG Tilted Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel NZ 50 ESG Tilted Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel NZ Bond Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/nz-bond/investment-mandate/ > The Kernel NZ Bond Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel NZ Bond Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -10% 100% International fixed interest 100% 0% 110% Mandate flexibility (sum of max − min across all ranges): 220%. Wide range — high manager discretion typical of active management. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel NZ Bond Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel NZ Bond Fund: 0.40% fee vs 0.63% peer median URL: https://managedfunds.nz/funds/kernel/nz-bond/is-it-expensive/ > Kernel NZ Bond Fund charges 0.40% p.a. vs the nz fixed interest peer-class median of 0.63%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel NZ Bond Fund expensive? Kernel NZ Bond Fund charges 0.40% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 89% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel NZ Bond Fund NZ$198 at 0.40% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-110 over 5 years on NZ$10K. 1 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Kernel NZ Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel NZ Bond Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.30pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel NZ Bond Fund? Kernel NZ Bond Fund charges 0.40% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel NZ Bond Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Kernel NZ Bond Fund sits at 0.40% — cheaper than 89% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.40% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$198. That is NZ$110 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel NZ Bond Fund --- ## URL: https://managedfunds.nz/funds/kernel/nz-bond/markdown.md # Kernel NZ Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** New Zealand Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel NZ Bond Fund is a nz fixed interest managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > The Kernel US Bond Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the Bloomberg US Aggregate Bond Index Hedged NZD. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo7aaac04bca7f1ba7872251173f52f4f7/Kernel-Kiwi-Saver-PDS-Diversified-August-2025.pdf ## Fund data - **Annual fund charge:** 0.40% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$640,690.6 - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 29 July 2024 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. NZGS 4.25% 15/05/2034 — 17.51% 2. NZGS 5.00% 15/05/2054 — 7.39% 3. NZGS 4.50% 15/05/2030 — 6.49% 4. NZGS 4.25% 15/05/2036 — 6.39% 5. NZ LGFA 4.50% 14/05/2032 — 5.04% 6. NZGS 3.00% 20/09/2030 — 4.89% 7. Dunedin City Treasury 5.55% 15/11/2028 — 4.75% 8. Wellington Intl Airport 3.32% 24/09/2031 — 3.47% 9. Watercare Services Ltd 3.847% 30 Sep 2030 — 3.24% 10. Kiwi Property Group 2.85% 19/07/2028 — 2.41% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -10% | 100% | | International fixed interest | 100% | 0% | 110% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20NZ%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND49790/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/nz-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/nz-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel NZ Bond Fund URL: https://managedfunds.nz/funds/kernel/nz-bond/questions/ > 3 commonly-asked questions about the Kernel NZ Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, nz fixed interest category. Questions about Kernel NZ Bond Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel NZ Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the downside of bond funds? Bond funds carry interest-rate risk: when interest rates rise, existing bond prices typically fall, which can reduce fund value in the short term. The Kernel NZ Bond Fund is classified as Risk indicator 3/7 on the FMA standardised scale, reflecting moderate sensitivity to market movements; check the current Product Disclosure Statement on the Kernel website for full risk details. 2. Is my money safe with Kernel? Kernel is a registered financial service provider in New Zealand and manages funds subject to FMA oversight. Like all managed funds, your investment is subject to market risk and the fund's performance depends on the value of its underlying assets (in this case, NZ fixed-interest securities). For fund-specific safeguards and regulatory information, see the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. 3. How long has Kernel Wealth been around? For details on Kernel Wealth's history and operating background, visit their manager website at https://kernelwealth.co.nz or check the fund's Product Disclosure Statement and FMA Disclose entry. Primary sources Product Disclosure Statement More about this fund Kernel NZ Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel NZ Bond Fund? — EY URL: https://managedfunds.nz/funds/kernel/nz-bond/who-audits/ > The Kernel NZ Bond Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel NZ Bond Fund? EY The Kernel NZ Bond Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel NZ Bond Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel NZ Commercial Property Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/nz-commercial-property/investment-mandate/ > The Kernel NZ Commercial Property Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel NZ Commercial Property Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Listed property 100% 90% 105% Mandate flexibility (sum of max − min across all ranges): 30%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Statement of Investment Policy and Objectives Related Kernel NZ Commercial Property Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel NZ Commercial Property Fund: 0.25% fee vs 1.02% peer me… URL: https://managedfunds.nz/funds/kernel/nz-commercial-property/is-it-expensive/ > Kernel NZ Commercial Property Fund charges 0.25% p.a. vs the listed property peer-class median of 1.02%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel NZ Commercial Property Fund expensive? Kernel NZ Commercial Property Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 97% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel NZ Commercial Property Fund NZ$124 at 0.25% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$-375 over 5 years on NZ$10K. What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel NZ Commercial Property Fund? Kernel NZ Commercial Property Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel NZ Commercial Property Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Kernel NZ Commercial Property Fund sits at 0.25% — cheaper than 97% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$375 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel NZ Commercial Property Fund --- ## URL: https://managedfunds.nz/funds/kernel/nz-commercial-property/markdown.md # Kernel NZ Commercial Property Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Listed Property - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel NZ Commercial Property Fund is a listed property managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P/NZX Real Estate Select Index. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.75% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$140 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 28 August 2019 - **Minimum initial investment:** NZ$1 ## Top 9 holdings 1. Goodman Property Trust — 17.87% 2. Kiwi Property Group Limited — 17.39% 3. Precinct Properties New Zealand Limited — 17.02% 4. Property for Industry Limited — 13.13% 5. Vital Healthcare Property — 12.24% 6. Argosy Property Ltd — 11.51% 7. Stride Property Limited — 7.08% 8. Investore Property Limited — 3.75% 9. Cash and Cash Equivalents — 0.02% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Listed property | 100% | 90% | 105% | ### Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. ### Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo52b3518e754cc80918af24916a4038be/Kernel-Funds-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdoad06ff43d92fe322bc99e0e90fb8bf83/Kernel-Funds-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20NZ%20Commercial%20Property%20Fund - **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND15843/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/nz-commercial-property/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/nz-commercial-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-commercial-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel NZ Commercial Property Fund URL: https://managedfunds.nz/funds/kernel/nz-commercial-property/questions/ > 4 commonly-asked questions about the Kernel NZ Commercial Property Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, listed property category. Questions about Kernel NZ Commercial Property Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Kernel NZ Commercial Property Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Kernel Wealth a pie fund? Yes, the Kernel NZ Commercial Property Fund is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at your prescribed investor rate (PIR) up to a maximum of 28%, rather than your personal income tax rate. See the fund's Product Disclosure Statement on the Kernel Wealth website for full tax treatment details. 2. What happens if the Kernel goes bust? The Kernel NZ Commercial Property Fund is a managed fund with assets held separately from the manager. If the fund manager encountered financial difficulty, the fund's assets would be protected and typically transferred to another licensed manager. For details on fund protection and statutory safeguards, refer to the FMA's guidance on managed fund regulation at https://disclose-register.companiesoffice.govt.nz/. 3. How much is the Kernel fee? The Kernel NZ Commercial Property Fund has an annual fund charge of 0.25% p.a., based on the latest Quarterly Fund Update. This is significantly lower than the peer-cohort average annual fee of 0.91% p.a. for comparable funds. 4. What is a good yield on commercial property in NZ? This depends on property type, location, and market conditions. The Kernel NZ Commercial Property Fund delivered a 5-year return (after fees, before tax) of 2.75% p.a. as at the latest FMA Disclose data. For context on current commercial property market yields, consult the Real Estate Institute of New Zealand or property sector reports. Primary sources Product Disclosure Statement More about this fund Kernel NZ Commercial Property Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel NZ Commercial Property Fund? — EY URL: https://managedfunds.nz/funds/kernel/nz-commercial-property/who-audits/ > The Kernel NZ Commercial Property Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel NZ Commercial Property Fund? EY The Kernel NZ Commercial Property Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel NZ Commercial Property Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel NZ Small & Mid Cap Opportunities Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/nz-small-mid-cap/investment-mandate/ > The Kernel NZ Small & Mid Cap Opportunities Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel NZ Small & Mid Cap Opportunities Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 100% 90% 105% Mandate flexibility (sum of max − min across all ranges): 30%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel NZ Small & Mid Cap Opportunities Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel NZ Small & Mid Cap Opportunities Fund: 0.25% fee vs 1.0… URL: https://managedfunds.nz/funds/kernel/nz-small-mid-cap/is-it-expensive/ > Kernel NZ Small & Mid Cap Opportunities Fund charges 0.25% p.a. vs the australasian equities peer-class median of 1.01%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel NZ Small & Mid Cap Opportunities Fund expensive? Kernel NZ Small & Mid Cap Opportunities Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel NZ Small & Mid Cap Opportunities Fund NZ$124 at 0.25% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-371 over 5 years on NZ$10K. 4 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Kernel NZ Small & Mid Cap Opportunities Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel NZ Small & Mid Cap Opportunities Fund Simplicity NZ Share Fund Simplicity 0.10% −0.15pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.05pp Harbour NZ Index Shares Fund Harbour 0.21% −0.04pp BetaShares Australia 200 Fund BetaShares 0.23% −0.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel NZ Small & Mid Cap Opportunities Fund? Kernel NZ Small & Mid Cap Opportunities Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel NZ Small & Mid Cap Opportunities Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Kernel NZ Small & Mid Cap Opportunities Fund sits at 0.25% — cheaper than 90% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$371 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel NZ Small & Mid Cap Opportunities Fund --- ## URL: https://managedfunds.nz/funds/kernel/nz-small-mid-cap/markdown.md # Kernel NZ Small & Mid Cap Opportunities Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel NZ Small & Mid Cap Opportunities Fund is a australasian equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P/NZX Emerging Opportunities Index. The fund is passively managed and invests in financial products listed on the NZX whose normal free-float market capitalisation is greater than $75 million and who are outside of the S&P/NZX 20 Index. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$863,060.75 - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Channel Infrastructure NZ Ltd — 7.36% 2. Vital Healthcare Property — 6.44% 3. Heartland Group Holdings Limited — 6.29% 4. Skellerup Holdings Ltd — 6.28% 5. Argosy Property Ltd — 6.05% 6. Fonterra Shareholders' Fund — 5.43% 7. Scales Corporation Limited — 5.32% 8. Sky City Entertainment Group Limited — 4.76% 9. Gentrack Ltd (NZ Register) — 4.59% 10. Tower Limited — 3.92% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 100% | 90% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20NZ%20Small%20%26%20Mid%20Cap%20Opportunities%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37627/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/nz-small-mid-cap/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/nz-small-mid-cap/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-small-mid-cap/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel NZ Small & Mid Cap Opportunities Fund URL: https://managedfunds.nz/funds/kernel/nz-small-mid-cap/questions/ > 3 commonly-asked questions about the Kernel NZ Small & Mid Cap Opportunities Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, australasian equities category. Questions about Kernel NZ Small & Mid Cap Opportunities Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel NZ Small & Mid Cap Opportunities Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it good to invest in opportunities fund? Small and mid-cap funds target companies outside the largest 20–50 by market capitalisation, which typically carry higher growth potential but also higher volatility than large-cap funds. This Kernel fund is classified as Risk indicator 5/7 on the FMA standardised scale, meaning it sits in the higher-volatility range; suitability depends on your personal risk tolerance, investment timeframe, and financial circumstances. Check the Product Disclosure Statement on the Kernel website and the FMA Disclose register for detailed fund information. 2. Is Kernel a good investment? Whether Kernel's NZ Small & Mid Cap Opportunities Fund suits your needs depends on your investment goals, risk tolerance, and portfolio context. As at the latest QFU, the fund charges 0.25% p.a. in annual fund charges, which is materially lower than the peer-cohort average of 0.85% p.a. for similar funds. Review the current PDS, latest QFU documentation, and FMA Disclose register entry to assess whether the fund's composition, risk profile (5/7), and tax treatment (PIE) align with your circumstances. 3. Is my money safe with Kernel? All NZ-licensed fund managers must comply with FMC Act governance and custody requirements; you can verify Kernel's regulatory standing via the Financial Service Providers Register. Fund units are held in custody separate from the manager's own assets. However, investment in growth assets—this fund holds approximately 98.37% in growth assets and carries Risk indicator 5/7—means capital value will fluctuate with market conditions. See the Product Disclosure Statement and FMA Disclose register for custodian details and full risk disclosures. Primary sources Product Disclosure Statement More about this fund Kernel NZ Small & Mid Cap Opportunities Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel NZ Small & Mid Cap Opportunities Fund? — EY URL: https://managedfunds.nz/funds/kernel/nz-small-mid-cap/who-audits/ > The Kernel NZ Small & Mid Cap Opportunities Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel NZ Small & Mid Cap Opportunities Fund? EY The Kernel NZ Small & Mid Cap Opportunities Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel NZ Small & Mid Cap Opportunities Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel S&P 500 (NZD Hedged) Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/sp-500-hedged/investment-mandate/ > The Kernel S&P 500 (NZD Hedged) Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel S&P 500 (NZD Hedged) Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -10% 10% International equities 100% 0% 110% Mandate flexibility (sum of max − min across all ranges): 130%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel S&P 500 (NZD Hedged) Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel S&P 500 (NZD Hedged) Fund: 0.25% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/kernel/sp-500-hedged/is-it-expensive/ > Kernel S&P 500 (NZD Hedged) Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel S&P 500 (NZD Hedged) Fund expensive? Kernel S&P 500 (NZD Hedged) Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel S&P 500 (NZD Hedged) Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel S&P 500 (NZD Hedged) Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel S&P 500 (NZD Hedged) Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel S&P 500 (NZD Hedged) Fund? Kernel S&P 500 (NZD Hedged) Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel S&P 500 (NZD Hedged) Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel S&P 500 (NZD Hedged) Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel S&P 500 (NZD Hedged) Fund --- ## URL: https://managedfunds.nz/funds/kernel/sp-500-hedged/markdown.md # Kernel S&P 500 (NZD Hedged) Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel S&P 500 (NZD Hedged) Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P 500 (NZD Hedged) Index. The fund is passively managed and invests in US listed financial products. The Fund targets a position of being fully hedged back to New Zealand dollars. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$33 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Nvidia Ord — 7.62% 2. Apple Inc — 6.70% 3. Microsoft — 4.94% 4. Amazon.Com Inc — 3.66% 5. Alphabet Inc Class A — 3.01% 6. Broadcom Inc — 2.64% 7. Alphabet Inc Class C — 2.41% 8. Meta Platforms Inc — 2.25% 9. Tesla Inc Ordinary Shares — 1.88% 10. Berkshire Hathaway Inc Cl B — 1.58% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -10% | 10% | | International equities | 100% | 0% | 110% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20S%26P%20500%20(NZD%20Hedged)%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37633/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/sp-500-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/sp-500-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/sp-500-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel S&P 500 (NZD Hedged) Fund URL: https://managedfunds.nz/funds/kernel/sp-500-hedged/questions/ > 3 commonly-asked questions about the Kernel S&P 500 (NZD Hedged) Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international equities category. Questions about Kernel S&P 500 (NZD Hedged) Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel S&P 500 (NZD Hedged) Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it better to buy hedged or unhedged funds? Hedged and unhedged funds serve different investor circumstances. A hedged fund (like this Kernel S&P 500 NZD Hedged offering) reduces exposure to currency fluctuations by using forward contracts to lock in NZD value, which suits investors wanting predictable NZD returns; unhedged funds expose you to USD/NZD movements, which can amplify or reduce returns depending on currency direction. The choice depends on your view of NZD strength, your investment timeframe, and your tolerance for currency volatility—neither is universally "better". 2. Is Kernel investment safe? Fund safety depends on several factors: this fund is managed under the FMC Act, Kernel is subject to FMA regulation and disclosure requirements (viewable on the FMA Disclose register), and your investment is held in custody separate from the manager's assets. However, this fund carries a risk indicator of 6/7 on the FMA standardised scale, reflecting its composition of ~98.37% growth assets, which means the value can fluctuate significantly. Check the current Product Disclosure Statement and FMA Disclose register for the full regulatory and operational detail. 3. Is my money safe with Kernel? Your investment in this fund is subject to FMC Act protections: the fund's assets are held in custody by an independent trustee (not by Kernel itself), and Kernel's financial condition is monitored by the FMA. Regulatory information and fund performance data are available on the FMA Disclose register. That said, this is an equity fund with a 6/7 risk indicator, so your capital value will fluctuate with market movements—safety here means regulatory oversight and proper asset custody, not capital protection. Primary sources Product Disclosure Statement More about this fund Kernel S&P 500 (NZD Hedged) Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel S&P 500 (NZD Hedged) Fund? — EY URL: https://managedfunds.nz/funds/kernel/sp-500-hedged/who-audits/ > The Kernel S&P 500 (NZD Hedged) Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel S&P 500 (NZD Hedged) Fund? EY The Kernel S&P 500 (NZD Hedged) Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel S&P 500 (NZD Hedged) Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel S&P 500 (Unhedged) Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/sp-500-unhedged/investment-mandate/ > The Kernel S&P 500 (Unhedged) Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Kernel S&P 500 (Unhedged) Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% International equities 100% 0% 105% Mandate flexibility (sum of max − min across all ranges): 120%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel S&P 500 (Unhedged) Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel S&P 500 (Unhedged) Fund: 0.25% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/kernel/sp-500-unhedged/is-it-expensive/ > Kernel S&P 500 (Unhedged) Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel S&P 500 (Unhedged) Fund expensive? Kernel S&P 500 (Unhedged) Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel S&P 500 (Unhedged) Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel S&P 500 (Unhedged) Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel S&P 500 (Unhedged) Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel S&P 500 (Unhedged) Fund? Kernel S&P 500 (Unhedged) Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel S&P 500 (Unhedged) Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel S&P 500 (Unhedged) Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel S&P 500 (Unhedged) Fund --- ## URL: https://managedfunds.nz/funds/kernel/sp-500-unhedged/markdown.md # Kernel S&P 500 (Unhedged) Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel S&P 500 (Unhedged) Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P 500 (NZD) Index. The fund is passively managed and invests in US listed financial products. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$28 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 November 2024 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Nvidia Ord — 7.60% 2. Apple Inc — 6.68% 3. Microsoft — 4.93% 4. Amazon.Com Inc — 3.65% 5. Alphabet Inc Class A — 3.00% 6. Broadcom Inc — 2.63% 7. Alphabet Inc Class C — 2.40% 8. Meta Platforms Inc — 2.24% 9. Tesla Inc Ordinary Shares — 1.87% 10. Berkshire Hathaway Inc Cl B — 1.58% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | International equities | 100% | 0% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20S%26P%20500%20(Unhedged)%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND52055/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/sp-500-unhedged/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/sp-500-unhedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/sp-500-unhedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel S&P 500 (Unhedged) Fund URL: https://managedfunds.nz/funds/kernel/sp-500-unhedged/questions/ > 3 commonly-asked questions about the Kernel S&P 500 (Unhedged) Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international equities category. Questions about Kernel S&P 500 (Unhedged) Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel S&P 500 (Unhedged) Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it better to buy hedged or unhedged funds? Hedged and unhedged funds serve different investor circumstances: unhedged funds (like this one) expose you to currency movements between the NZD and the fund's underlying foreign assets, while hedged funds aim to neutralise that exposure. The choice depends on your own currency outlook and risk tolerance; the FMA's fund comparison tools at disclose-register.companiesoffice.govt.nz allow you to compare both structures side-by-side. 2. Is Kernel fund safe? Safety in managed funds depends on regulatory compliance, fund governance, and investment risk. This fund is regulated under the FMC Act and must disclose its risk rating (6/7 on the FMA standardised scale, indicating higher volatility) on the FMA Disclose Register. Check the latest Product Disclosure Statement and fund documents at https://kernelwealth.co.nz and the FMA register for current governance and compliance details. 3. Is my money safe with Kernel? Fund assets are held separately from the manager's own assets and are subject to FMC Act regulation. You can verify Kernel's compliance status and fund details on the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. For specific questions about fund custodianship and investor protections, refer to the fund's PDS or contact Kernel directly. Primary sources Product Disclosure Statement More about this fund Kernel S&P 500 (Unhedged) Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel S&P 500 (Unhedged) Fund? — EY URL: https://managedfunds.nz/funds/kernel/sp-500-unhedged/who-audits/ > The Kernel S&P 500 (Unhedged) Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel S&P 500 (Unhedged) Fund? EY The Kernel S&P 500 (Unhedged) Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel S&P 500 (Unhedged) Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel S&P Global 100 (NZD Hedged) Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/sp-global-100-hedged/investment-mandate/ > The Kernel S&P Global 100 (NZD Hedged) Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Kernel S&P Global 100 (NZD Hedged) Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -10% 10% Australasian equities 0% 0% 30% International equities 100% 70% 110% Mandate flexibility (sum of max − min across all ranges): 90%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Controversial weapons Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Statement of Investment Policy and Objectives Related Kernel S&P Global 100 (NZD Hedged) Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel S&P Global 100 (NZD Hedged) Fund: 0.25% fee vs 0.61% pe… URL: https://managedfunds.nz/funds/kernel/sp-global-100-hedged/is-it-expensive/ > Kernel S&P Global 100 (NZD Hedged) Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel S&P Global 100 (NZD Hedged) Fund expensive? Kernel S&P Global 100 (NZD Hedged) Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel S&P Global 100 (NZD Hedged) Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel S&P Global 100 (NZD Hedged) Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel S&P Global 100 (NZD Hedged) Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel S&P Global 100 (NZD Hedged) Fund? Kernel S&P Global 100 (NZD Hedged) Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel S&P Global 100 (NZD Hedged) Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel S&P Global 100 (NZD Hedged) Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel S&P Global 100 (NZD Hedged) Fund --- ## URL: https://managedfunds.nz/funds/kernel/sp-global-100-hedged/markdown.md # Kernel S&P Global 100 (NZD Hedged) Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel S&P Global 100 (NZD Hedged) Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P Global 100 ex Controversial Weapons (NZD Hedged) Index. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$230 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 2 November 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Nvidia Ord — 12.49% 2. Apple Inc — 10.98% 3. Microsoft — 8.10% 4. Amazon.Com Inc — 6.00% 5. Alphabet Inc Class A — 4.94% 6. Broadcom Inc — 4.33% 7. Alphabet Inc Class C — 3.96% 8. JPMorgan Chase & Co — 2.34% 9. Eli Lilly ORD — 2.15% 10. Exxon Mobil Corporation — 2.09% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -10% | 10% | | Australasian equities | 0% | 0% | 30% | | International equities | 100% | 70% | 110% | ### Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. ### Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. ### Exclusions - Controversial weapons Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo52b3518e754cc80918af24916a4038be/Kernel-Funds-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdoad06ff43d92fe322bc99e0e90fb8bf83/Kernel-Funds-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20S%26P%20Global%20100%20(NZD%20Hedged)%20Fund - **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND40594/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/sp-global-100-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/sp-global-100-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/sp-global-100-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel S&P Global 100 (NZD Hedged) Fund URL: https://managedfunds.nz/funds/kernel/sp-global-100-hedged/questions/ > 3 commonly-asked questions about the Kernel S&P Global 100 (NZD Hedged) Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international equities category. Questions about Kernel S&P Global 100 (NZD Hedged) Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel S&P Global 100 (NZD Hedged) Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Kernel Global 100 a pie fund? Yes, this fund is structured as a PIE (Portfolio Investment Entity). As a PIE, your tax is capped at your prescribed investor rate (PIR), with a maximum of 28%, rather than being taxed at your personal marginal rate. Check the current Product Disclosure Statement on the Kernel website for full tax treatment details. 2. What is a NZD hedged fund? A NZD-hedged fund uses currency hedging to manage the risk of exchange rate movements between the New Zealand dollar and foreign currencies. This Kernel fund holds international equities but hedges its currency exposure, so the fund value is primarily affected by changes in the underlying share prices rather than NZD/USD and other exchange rates. 3. Is my money safe with Kernel? Kernel is a registered financial service provider. Your money is held in accordance with the FMC Act requirements. For information on investor protections, fund security, and the manager's regulatory standing, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and review the current Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund Kernel S&P Global 100 (NZD Hedged) Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel S&P Global 100 (NZD Hedged) Fund? — EY URL: https://managedfunds.nz/funds/kernel/sp-global-100-hedged/who-audits/ > The Kernel S&P Global 100 (NZD Hedged) Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel S&P Global 100 (NZD Hedged) Fund? EY The Kernel S&P Global 100 (NZD Hedged) Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel S&P Global 100 (NZD Hedged) Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel S&P Global 100 Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/sp-global-100/investment-mandate/ > The Kernel S&P Global 100 Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Kernel S&P Global 100 Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 0% 0% 30% International equities 100% 70% 105% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Controversial weapons Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. Statement of Investment Policy and Objectives Related Kernel S&P Global 100 Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel S&P Global 100 Fund: 0.25% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/kernel/sp-global-100/is-it-expensive/ > Kernel S&P Global 100 Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel S&P Global 100 Fund expensive? Kernel S&P Global 100 Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel S&P Global 100 Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel S&P Global 100 Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel S&P Global 100 Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel S&P Global 100 Fund? Kernel S&P Global 100 Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel S&P Global 100 Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel S&P Global 100 Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel S&P Global 100 Fund --- ## URL: https://managedfunds.nz/funds/kernel/sp-global-100/markdown.md # Kernel S&P Global 100 Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel S&P Global 100 Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P Global 100 ex Controversial Weapons (NZD) Index. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$778 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 July 2020 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Nvidia Ord — 12.46% 2. Apple Inc — 10.95% 3. Microsoft — 8.08% 4. Amazon.Com Inc — 5.98% 5. Alphabet Inc Class A — 4.92% 6. Broadcom Inc — 4.31% 7. Alphabet Inc Class C — 3.94% 8. JPMorgan Chase & Co — 2.33% 9. Eli Lilly ORD — 2.14% 10. Exxon Mobil Corporation — 2.08% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 0% | 0% | 30% | | International equities | 100% | 70% | 105% | ### Responsible-investment approach Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting. ### Derivatives policy Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor. ### Exclusions - Controversial weapons Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo52b3518e754cc80918af24916a4038be/Kernel-Funds-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdoad06ff43d92fe322bc99e0e90fb8bf83/Kernel-Funds-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20S%26P%20Global%20100%20Fund - **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND19303/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/sp-global-100/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/sp-global-100/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/sp-global-100/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Kernel S&P Global 100 Fund? — EY URL: https://managedfunds.nz/funds/kernel/sp-global-100/who-audits/ > The Kernel S&P Global 100 Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel S&P Global 100 Fund? EY The Kernel S&P Global 100 Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel S&P Global 100 Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel S&P Global Clean Energy Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/sp-global-clean-energy/investment-mandate/ > The Kernel S&P Global Clean Energy Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Kernel S&P Global Clean Energy Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 0% 0% 30% International equities 100% 70% 105% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Companies not meeting eligibility criteria for clean energy practicesCompanies listed outside developed markets Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel S&P Global Clean Energy Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel S&P Global Clean Energy Fund: 0.45% fee vs 0.61% peer m… URL: https://managedfunds.nz/funds/kernel/sp-global-clean-energy/is-it-expensive/ > Kernel S&P Global Clean Energy Fund charges 0.45% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel S&P Global Clean Energy Fund expensive? Kernel S&P Global Clean Energy Fund charges 0.45% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 67% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel S&P Global Clean Energy Fund NZ$223 at 0.45% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-78 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel S&P Global Clean Energy Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel S&P Global Clean Energy Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.42pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.42pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.39pp Foundation Series Total World Fund Foundation Series 0.07% −0.38pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.38pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.35pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.30pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.30pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel S&P Global Clean Energy Fund? Kernel S&P Global Clean Energy Fund charges 0.45% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel S&P Global Clean Energy Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel S&P Global Clean Energy Fund sits at 0.45% — cheaper than 67% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.45% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$223. That is NZ$78 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel S&P Global Clean Energy Fund --- ## URL: https://managedfunds.nz/funds/kernel/sp-global-clean-energy/markdown.md # Kernel S&P Global Clean Energy Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel S&P Global Clean Energy Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P Developed Ex-Korea Clean Energy (NZD) Index. The fund is passively managed and invests in globally listed companies that are involved in clean energy related businesses, including energy production and energy equipment. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.45% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Nextracker Inc Class A — 9.71% 2. Bloom Energy Corp — 8.97% 3. First Solar Inc — 5.85% 4. Iberdrola SA — 5.50% 5. GE Vernova Inc — 4.71% 6. Edison Intl — 4.48% 7. NextEra Energy Inc — 4.24% 8. E.ON SE — 4.01% 9. Ormat Technologies — 3.96% 10. SSE Plc Ord — 3.94% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 0% | 0% | 30% | | International equities | 100% | 70% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. ### Exclusions - Companies not meeting eligibility criteria for clean energy practices - Companies listed outside developed markets Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20S%26P%20Global%20Clean%20Energy%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37635/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/sp-global-clean-energy/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/sp-global-clean-energy/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/sp-global-clean-energy/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel S&P Global Clean Energy Fund URL: https://managedfunds.nz/funds/kernel/sp-global-clean-energy/questions/ > 3 commonly-asked questions about the Kernel S&P Global Clean Energy Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international equities category. Questions about Kernel S&P Global Clean Energy Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel S&P Global Clean Energy Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the Kernel fee? The Kernel S&P Global Clean Energy Fund charges an annual fund charge of 0.45% p.a., as disclosed in the latest Quarterly Fund Update. This is below the peer-cohort average annual fee of 0.85% p.a. for comparable funds. 2. Are Kernel funds pie? The Kernel S&P Global Clean Energy Fund is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at your prescribed investor rate (PIR) with a maximum of 28%. Check the fund's current Product Disclosure Statement for full tax structure details. 3. Is clean energy a good investment now? Whether clean energy aligns with your investment goals depends on your personal circumstances, risk tolerance, and investment horizon. The Kernel S&P Global Clean Energy Fund offers exposure to the global clean energy sector with a risk indicator of 6/7 on the FMA standardised scale, indicating relatively high volatility. Review the fund's Product Disclosure Statement and consult a financial adviser before making investment decisions. Primary sources Product Disclosure Statement More about this fund Kernel S&P Global Clean Energy Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel S&P Global Clean Energy Fund? — EY URL: https://managedfunds.nz/funds/kernel/sp-global-clean-energy/who-audits/ > The Kernel S&P Global Clean Energy Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel S&P Global Clean Energy Fund? EY The Kernel S&P Global Clean Energy Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel S&P Global Clean Energy Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel S&P Global Dividend Aristocrats Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/investment-mandate/ > The Kernel S&P Global Dividend Aristocrats Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Kernel S&P Global Dividend Aristocrats Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 0% 0% 30% International equities 100% 70% 105% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel S&P Global Dividend Aristocrats Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel S&P Global Dividend Aristocrats Fund: 0.25% fee vs 0.61… URL: https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/is-it-expensive/ > Kernel S&P Global Dividend Aristocrats Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel S&P Global Dividend Aristocrats Fund expensive? Kernel S&P Global Dividend Aristocrats Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel S&P Global Dividend Aristocrats Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel S&P Global Dividend Aristocrats Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel S&P Global Dividend Aristocrats Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel S&P Global Dividend Aristocrats Fund? Kernel S&P Global Dividend Aristocrats Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel S&P Global Dividend Aristocrats Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel S&P Global Dividend Aristocrats Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel S&P Global Dividend Aristocrats Fund --- ## URL: https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/markdown.md # Kernel S&P Global Dividend Aristocrats Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel S&P Global Dividend Aristocrats Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P Developed Ex-Korea Dividend Aristocrats Quality Income (NZD) Index. The fund is passively managed and invests in high-dividend yielding globally listed companies who have a managed-dividends policy of increasing or maintaining dividends for at least 10 consecutive years. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$5 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 April 2022 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Verizon Communications Inc — 2.29% 2. Getty Realty Corp — 2.01% 3. Pfizer Inc — 1.98% 4. TELUS Corp — 1.93% 5. Edison Intl — 1.87% 6. Flowers Foods Inc — 1.79% 7. ONEOK Inc — 1.77% 8. LTC Properties — 1.72% 9. Highwoods Properties — 1.62% 10. Deluxe Corp — 1.60% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 0% | 0% | 30% | | International equities | 100% | 70% | 105% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20S%26P%20Global%20Dividend%20Aristocrats%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND37634/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel S&P Global Dividend Aristocrats Fund URL: https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/questions/ > 3 commonly-asked questions about the Kernel S&P Global Dividend Aristocrats Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international equities category. Questions about Kernel S&P Global Dividend Aristocrats Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel S&P Global Dividend Aristocrats Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Does Kernel pay dividends? The Kernel S&P Global Dividend Aristocrats Fund holds dividend-paying shares and distributes income to unitholders; however, the fund's asset mix is approximately 98.37% growth assets and 1.63% income assets, so capital appreciation rather than income is the primary driver. Actual distributions depend on the underlying holdings' dividend payments and the fund manager's distribution policy — check the current Product Disclosure Statement for distribution frequency and history. 2. Is it worth investing in Dividend Aristocrats? Dividend Aristocrats are companies with a long history of dividend increases, which appeals to income-focused investors; however, whether this strategy suits your circumstances depends on your personal goals, time horizon, and risk tolerance. The Kernel fund's risk indicator is 5 out of 7 on the FMA standardised scale, reflecting higher volatility typical of equity funds — review the PDS and FMA Disclose register entry to assess whether this aligns with your needs. 3. Is Kernel a good investment? Fund suitability depends on your personal circumstances, investment objectives, and risk appetite — not on the fund in isolation. The Kernel S&P Global Dividend Aristocrats Fund charges 0.25% p.a., which is below the peer-cohort average of 0.85% p.a., and holds a diversified portfolio of dividend-paying international equities; you can compare its features, costs, and historical performance against other international equity funds on FMA Disclose and via the fund's PDS. Primary sources Product Disclosure Statement More about this fund Kernel S&P Global Dividend Aristocrats Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel S&P Global Dividend Aristocrats Fund? — EY URL: https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/who-audits/ > The Kernel S&P Global Dividend Aristocrats Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel S&P Global Dividend Aristocrats Fund? EY The Kernel S&P Global Dividend Aristocrats Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel S&P Global Dividend Aristocrats Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Kernel US Bond Fund: 0.30% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/kernel/us-bond/is-it-expensive/ > Kernel US Bond Fund charges 0.30% p.a. vs the international fi peer-class median of 0.70%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel US Bond Fund expensive? Kernel US Bond Fund charges 0.30% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 87% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel US Bond Fund NZ$149 at 0.30% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-196 over 5 years on NZ$10K. 3 cheaper peers in the same category International FI funds with a lower annual fund charge than Kernel US Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel US Bond Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.15pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.05pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.02pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel US Bond Fund? Kernel US Bond Fund charges 0.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel US Bond Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Kernel US Bond Fund sits at 0.30% — cheaper than 87% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$149. That is NZ$196 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel US Bond Fund --- ## URL: https://managedfunds.nz/funds/kernel/us-bond/markdown.md # Kernel US Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel US Bond Fund is a international fi managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Fund data - **Annual fund charge:** 0.30% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$388,340.45 - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 29 July 2024 - **Minimum initial investment:** NZ$1 ## Top 3 holdings 1. IShares Core US Aggregate Bond ETF — 100.49% 2. New Zealand Dollar — 4.86% 3. US Dollar — 0.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20US%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND49789/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/us-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/us-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/us-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Kernel US Bond Fund URL: https://managedfunds.nz/funds/kernel/us-bond/questions/ > 3 commonly-asked questions about the Kernel US Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Kernel, international fi category. Questions about Kernel US Bond Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Kernel US Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much is the Kernel fee? Kernel US Bond Fund has an annual fund charge of 0.3% p.a., which is below the peer-cohort average of 0.57% p.a. for international fixed-income funds. You can verify the current fee in the latest Quarterly Fund Update (QFU) on the FMA Disclose register. 2. What happens if the Kernel goes bust? Kernel US Bond Fund is a managed fund where your investment is held in a separate fund account, distinct from Kernel's own assets. In the event of a fund manager failure, the fund's assets remain protected as they are not part of the manager's estate. For detailed information on investor protections under the FMC Act, see the FMA's guidance on managed fund regulation. 3. Is Kernel a good investment? Whether Kernel US Bond Fund suits your circumstances depends on your investment goals, time horizon, and risk tolerance. The fund has a risk indicator of 4/7 on the FMA standardised scale and holds approximately 99.69% income assets with US dollar bond exposure. Review the Product Disclosure Statement and latest QFU on the FMA Disclose register, and consider seeking personalised financial advice before investing. More about this fund Kernel US Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Kernel US Bond Fund? — EY URL: https://managedfunds.nz/funds/kernel/us-bond/who-audits/ > The Kernel US Bond Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel US Bond Fund? EY The Kernel US Bond Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel US Bond Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Kernel World ex-US Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/kernel/world-ex-us/investment-mandate/ > The Kernel World ex-US Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Kernel World ex-US Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% -5% 10% Australasian equities 0% 0% 10% International equities 100% 0% 110% Mandate flexibility (sum of max − min across all ranges): 135%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (3) Controversial weaponsTobaccoUS-listed products Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. Statement of Investment Policy and Objectives Related Kernel World ex-US Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Kernel World ex-US Fund: 0.25% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/kernel/world-ex-us/is-it-expensive/ > Kernel World ex-US Fund charges 0.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Kernel World ex-US Fund expensive? Kernel World ex-US Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Kernel World ex-US Fund NZ$124 at 0.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-177 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Kernel World ex-US Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Kernel World ex-US Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.19pp Foundation Series Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Kernel World ex-US Fund? Kernel World ex-US Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Kernel World ex-US Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Kernel World ex-US Fund sits at 0.25% — cheaper than 85% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$177 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Kernel World ex-US Fund --- ## URL: https://managedfunds.nz/funds/kernel/world-ex-us/markdown.md # Kernel World ex-US Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Kernel (Kernel Wealth Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Kernel World ex-US Fund is a international equities managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Investment objective (from PDS) > To provide a return (before tax, fees and expenses) that closely matches the return on the S&P World Ex-U.S., Controversial Weapons and Tobacco (NZD) Index. The fund is passively managed and invests in a diverse mix of globally listed companies and is designed to approximate the developed global equity market across countries and sectors excluding US-listed products. Source: Product Disclosure Statement dated 2025-08-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$9 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 13 August 2025 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. ASML Holdings ORD — 2.25% 2. Astrazeneca PLC ORD Shs — 1.35% 3. Novartis AG — 1.29% 4. HSBC Holdings PLC Ord — 1.24% 5. Roche Holding AG — 1.24% 6. Shell Ord — 1.21% 7. Nestle SA (CH Registry) — 1.13% 8. Toyota Motor Corp — 1.06% 9. Royal Bank of Canada — 1.01% 10. Mitsubishi UFJ Financial Group Inc — 0.87% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | -5% | 10% | | Australasian equities | 0% | 0% | 10% | | International equities | 100% | 0% | 110% | ### Responsible-investment approach Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics. ### Derivatives policy Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value. ### Exclusions - Controversial weapons - Tobacco - US-listed products Source: Statement of Investment Policy and Objectives dated 2025-09-16. https://smartinvestor.sorted.org.nz/disclose-document/mdo5a48354052d7caf0d9372a4e0728087d/Kernel-Kiwi-Saver-SIPO-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** EY - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels. - Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan. - Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims. ### Related-party transactions - **Adminis NZ Limited** (Administration manager and custodian appointed by Supervisor) — Unit pricing, fund accounting, valuation services, investor record keeping and registry; also acts as Custodian holding plan assets - **MUFG Pension & Market Services (NZ) Limited** (Administration manager appointed by Kernel) — Connectivity to Inland Revenue; cash management of KiwiSaver contributions and withdrawals - **Kernel Funds (SCH12697)** (Underlying fund scheme managed by the same manager (Kernel Wealth Limited)) — Each KiwiSaver Fund invests wholly and directly in an underlying fund in the Kernel Funds scheme; same performance, risks and fees flow through Source: Other Material Information document dated 2025-08-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e0ab3860b2143c3621b92dac666870c/Kernel-Kiwi-Saver-OMI-August-2025.pdf ## How to invest Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20World%20ex-US%20Fund - **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND58860/ - **Manager website:** https://kernelwealth.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/kernel/world-ex-us/ - **Markdown (this file):** https://managedfunds.nz/funds/kernel/world-ex-us/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/kernel/world-ex-us/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Kernel World ex-US Fund? — EY URL: https://managedfunds.nz/funds/kernel/world-ex-us/who-audits/ > The Kernel World ex-US Fund is audited by EY, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Kernel World ex-US Fund? EY The Kernel World ex-US Fund sits within a managed investment scheme run by Kernel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Kernel World ex-US Fund fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Lifetime Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/lifetime/balanced/investment-mandate/ > The Lifetime Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the Lifetime Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 15% New Zealand fixed interest 17.5% 7.5% 27.5% International fixed interest 17.5% 7.5% 27.5% Australasian equities 15% 5% 25% International equities 35% 25% 45% Listed property 7% 0% 17% Other (Listed infrastructure) 3% 0% 13% Mandate flexibility (sum of max − min across all ranges): 125%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Statement of Investment Policy and Objectives Related Lifetime Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Lifetime Balanced Fund: 0.99% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/lifetime/balanced/is-it-expensive/ > Lifetime Balanced Fund charges 0.99% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Lifetime Balanced Fund expensive? Lifetime Balanced Fund charges 0.99% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 50% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Lifetime Balanced Fund NZ$485 at 0.99% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Lifetime Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Lifetime Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.74pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.74pp Simplicity Growth Investment Fund Simplicity 0.25% −0.74pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.74pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.74pp Kernel Conservative Fund Kernel 0.25% −0.74pp Kernel Balanced Fund Kernel 0.25% −0.74pp Kernel High Growth Fund Kernel 0.25% −0.74pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Lifetime Balanced Fund? Lifetime Balanced Fund charges 0.99% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Lifetime Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Lifetime Balanced Fund sits at 0.99% — cheaper than 50% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.99% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$485. That is NZ$0 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Lifetime Balanced Fund --- ## URL: https://managedfunds.nz/funds/lifetime/balanced/markdown.md # Lifetime Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Lifetime (Lifetime Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Lifetime Balanced Fund is a diversified managed fund run by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. ## Investment objective (from PDS) > Seeks to track composite indices (before annual fund charge and tax). Invests primarily in growth assets with a moderate exposure to income assets. Expected to experience medium to high volatility. Source: Product Disclosure Statement dated 2026-03-08 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf ## Fund data - **Annual fund charge:** 0.99% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$10 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 22 October 2024 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Smart Wholesale Global Equity ESG Fund Unhedged — 17.23% 2. Smart Wholesale Global Equity ESG Fund Hedged — 16.65% 3. Fisher Institutional New Zealand Fixed Interest Fund — 15.33% 4. Simplicity NZ Share Fund — 10.46% 5. Smart Wholesale Global Credit Fund — 7.65% 6. Smart Wholesale Global Government Bond Fund — 7.63% 7. Cash at Bank — 6.77% 8. Smart Wholesale Australian Equity ESG Fund Unhedged — 4.45% 9. Kernel NZ Commercial Property Fund — 3.93% 10. Fisher Institutional New Zealand Cash Fund — 3.47% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 3 bps / 2 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 15% | | New Zealand fixed interest | 17.5% | 7.5% | 27.5% | | International fixed interest | 17.5% | 7.5% | 27.5% | | Australasian equities | 15% | 5% | 25% | | International equities | 35% | 25% | 45% | | Listed property | 7% | 0% | 17% | | Other (Listed infrastructure) | 3% | 0% | 13% | ### Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. ### Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Source: Statement of Investment Policy and Objectives dated 2026-03-09. https://smartinvestor.sorted.org.nz/disclose-document/mdo314b0b46d5eb22bfe03a9194f8cc2975/Lifetime-Retirement-Funds-SIPO---09-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PwC - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment. - The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors. - Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members. ### Related-party transactions - **Lifetime Wholesale Residential Property Fund (LWRPF)** (Also managed by Lifetime Asset Management Limited (common manager)) — The LRIF invests up to $6.6m in the LWRPF over a 7-year period to gain asset exposure to unlisted New Zealand residential property; LWRPF makes funds available to Lifetime Home Limited to fund acquisition of interests in homes under the Lifetime Home Equity Release Product. Source: Other Material Information document dated 2025-11-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo21d3ced06fd04e6f4080797baad5237c/LRF-Other-Material-Information-28-November-2025.pdf ## How to invest Available via: Lifetime directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lifetime%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13081/OFR13082/FND51094/ - **Manager website:** https://lifetimeincome.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/lifetime/balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/lifetime/balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/lifetime/balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Lifetime Balanced Fund URL: https://managedfunds.nz/funds/lifetime/balanced/questions/ > 3 commonly-asked questions about the Lifetime Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Lifetime, diversified category. Questions about Lifetime Balanced Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Lifetime Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How risky is a balanced fund? Balanced funds typically hold a mix of growth and income assets to moderate volatility relative to growth-only portfolios. Lifetime Balanced Fund is rated 4 out of 7 on the FMA's standardised risk indicator, with approximately 53% in growth assets and 47% in income assets as at the latest QFU; specific risk depends on the underlying holdings and market conditions. 2. Are balanced funds good for retirees? Balanced funds can be suitable for retirees because they combine growth and income assets, though suitability depends on individual circumstances such as time horizon, income needs, and risk tolerance. Lifetime Balanced Fund's 4/7 risk rating and income-generating component may appeal to some retirees, but you should review the current Product Disclosure Statement and consider personal advice before investing. 3. What is the average return on a balanced fund? Past returns vary significantly by fund manager, investment period, and market conditions; we do not publish forward-looking return estimates. Historical performance data for Lifetime Balanced Fund is available via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the manager's website at https://lifetimeincome.co.nz. Primary sources Product Disclosure Statement More about this fund Lifetime Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Lifetime Balanced Fund? — PwC URL: https://managedfunds.nz/funds/lifetime/balanced/who-audits/ > The Lifetime Balanced Fund is audited by PwC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Lifetime Balanced Fund? PwC The Lifetime Balanced Fund sits within a managed investment scheme run by Lifetime. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Lifetime Balanced Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Lifetime Cash Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/lifetime/cash/investment-mandate/ > The Lifetime Cash Fund's Statement of Investment Policy sets target / min / max ranges across 1 asset classes. Verbatim from the SIPO. What can the Lifetime Cash Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 100% 100% 100% Mandate flexibility (sum of max − min across all ranges): 0%. Narrow range — index-tracking style with limited drift. Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Statement of Investment Policy and Objectives Related Lifetime Cash Fund fund page All Cash funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Lifetime Cash Fund: 0.65% fee vs 0.26% peer median URL: https://managedfunds.nz/funds/lifetime/cash/is-it-expensive/ > Lifetime Cash Fund charges 0.65% p.a. vs the cash peer-class median of 0.26%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Lifetime Cash Fund expensive? Lifetime Cash Fund charges 0.65% p.a. in annual fund charges, versus a peer-class median of 0.26% across 5 New Zealand cash funds. On fee alone it is pricier than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Lifetime Cash Fund NZ$321 at 0.65% p.a. Peer-class median NZ$129 at 0.26% p.a. Difference vs median: +NZ$191 over 5 years on NZ$10K. 4 cheaper peers in the same category Cash funds with a lower annual fund charge than Lifetime Cash Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Lifetime Cash Fund Simplicity NZ Cash Fund Simplicity 0.12% −0.53pp Kernel Cash Plus Fund Kernel 0.25% −0.40pp Clarity Enhanced Cash PIE Clarity 0.26% −0.39pp Summer New Zealand Cash Summer 0.62% −0.03pp What fee level should I expect? For the cash cohort across NZ retail managed funds, the annual fund charge spans roughly 0.12% at the cheapest to 0.65% at the priciest, with a median of 0.26% across 5 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Lifetime Cash Fund? Lifetime Cash Fund charges 0.65% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Lifetime Cash Fund's fee compare with peer cash funds in New Zealand? The peer-class median annual charge across 5 New Zealand cash funds is 0.26%. Lifetime Cash Fund sits at 0.65% — pricier than the median (cheaper than 10% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.65% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$321. That is NZ$191 more than the peer-class median fee-drag of NZ$129. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Lifetime Cash Fund --- ## URL: https://managedfunds.nz/funds/lifetime/cash/markdown.md # Lifetime Cash Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Lifetime (Lifetime Asset Management Limited) - **Asset class:** Cash and Cash Equivalents - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Lifetime Cash Fund is a cash managed fund run by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. ## Investment objective (from PDS) > Seeks to track the S&P/NZX Bank Bills 90-Day Index (before annual fund charge and tax). Invest in a range of cash and cash equivalent investments. Expected to experience low volatility. Source: Product Disclosure Statement dated 2026-03-08 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf ## Fund data - **Annual fund charge:** 0.65% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$154,127 - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 22 October 2024 - **Minimum initial investment:** NZ$1,000 ## Top 2 holdings 1. Fisher Institutional New Zealand Cash Fund — 98.47% 2. Cash at Bank — 1.53% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 0 bps / 0 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 100% | 100% | 100% | ### Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. ### Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Source: Statement of Investment Policy and Objectives dated 2026-03-09. https://smartinvestor.sorted.org.nz/disclose-document/mdo314b0b46d5eb22bfe03a9194f8cc2975/Lifetime-Retirement-Funds-SIPO---09-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PwC - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment. - The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors. - Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members. ### Related-party transactions - **Lifetime Wholesale Residential Property Fund (LWRPF)** (Also managed by Lifetime Asset Management Limited (common manager)) — The LRIF invests up to $6.6m in the LWRPF over a 7-year period to gain asset exposure to unlisted New Zealand residential property; LWRPF makes funds available to Lifetime Home Limited to fund acquisition of interests in homes under the Lifetime Home Equity Release Product. Source: Other Material Information document dated 2025-11-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo21d3ced06fd04e6f4080797baad5237c/LRF-Other-Material-Information-28-November-2025.pdf ## How to invest Available via: Lifetime directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lifetime%20Cash%20Fund - **Product Disclosure Statement:** /disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13081/OFR13082/FND51095/ - **Manager website:** https://lifetimeincome.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/lifetime/cash/ - **Markdown (this file):** https://managedfunds.nz/funds/lifetime/cash/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/lifetime/cash/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Lifetime Cash Fund URL: https://managedfunds.nz/funds/lifetime/cash/questions/ > 3 commonly-asked questions about the Lifetime Cash Fund, answered with mechanical facts sourced from the FMA Disclose register. Lifetime, cash category. Questions about Lifetime Cash Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Lifetime Cash Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How do I know the fee on funds? The annual fund charge for Lifetime Cash Fund is 0.65% p.a., disclosed in the Fund's latest Quarterly Fund Update and on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. You can compare this against other funds in the same category using the FMA's standardised disclosure framework. 2. Is 10% return per year realistic? Lifetime Cash Fund invests ~99.93% in income assets (primarily cash), which historically generate lower returns than growth assets. Cash returns fluctuate with interest rates and are not forward-looking; you should check the Fund's latest Quarterly Fund Update and Product Disclosure Statement for historical performance data. 3. Does KiwiSaver have fees? KiwiSaver scheme accounts are subject to fees charged by your KiwiSaver scheme provider, which differ from managed funds like Lifetime Cash Fund. For details on KiwiSaver fees, consult your scheme provider's disclosure documents or the IRD website. Primary sources Product Disclosure Statement More about this fund Lifetime Cash Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other cash funds Simplicity NZ Cash Fund Simplicity Kernel Cash Plus Fund Kernel Summer New Zealand Cash Summer Clarity Enhanced Cash PIE Clarity ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Lifetime Cash Fund? — PwC URL: https://managedfunds.nz/funds/lifetime/cash/who-audits/ > The Lifetime Cash Fund is audited by PwC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Lifetime Cash Fund? PwC The Lifetime Cash Fund sits within a managed investment scheme run by Lifetime. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Lifetime Cash Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Lifetime Conservative Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/lifetime/conservative/investment-mandate/ > The Lifetime Conservative Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the Lifetime Conservative Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% 0% 20% New Zealand fixed interest 35% 25% 45% International fixed interest 35% 25% 45% Australasian equities 4% 0% 14% International equities 11% 1% 21% Listed property 3.5% 0% 13.5% Other (Listed Infrastructure) 1.5% 0% 11.5% Mandate flexibility (sum of max − min across all ranges): 119%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Statement of Investment Policy and Objectives Related Lifetime Conservative Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Lifetime Conservative Fund: 0.99% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/lifetime/conservative/is-it-expensive/ > Lifetime Conservative Fund charges 0.99% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Lifetime Conservative Fund expensive? Lifetime Conservative Fund charges 0.99% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 50% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Lifetime Conservative Fund NZ$485 at 0.99% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Lifetime Conservative Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Lifetime Conservative Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.74pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.74pp Simplicity Growth Investment Fund Simplicity 0.25% −0.74pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.74pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.74pp Kernel Conservative Fund Kernel 0.25% −0.74pp Kernel Balanced Fund Kernel 0.25% −0.74pp Kernel High Growth Fund Kernel 0.25% −0.74pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Lifetime Conservative Fund? Lifetime Conservative Fund charges 0.99% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Lifetime Conservative Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Lifetime Conservative Fund sits at 0.99% — cheaper than 50% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.99% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$485. That is NZ$0 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Lifetime Conservative Fund --- ## URL: https://managedfunds.nz/funds/lifetime/conservative/markdown.md # Lifetime Conservative Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Lifetime (Lifetime Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Lifetime Conservative Fund is a diversified managed fund run by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. ## Investment objective (from PDS) > Seeks to track composite indices (before annual fund charge and tax). Invests mainly in income assets with some exposure to growth assets. Expected to experience low to medium volatility. Source: Product Disclosure Statement dated 2026-03-08 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf ## Fund data - **Annual fund charge:** 0.99% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 22 October 2024 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Fisher Institutional New Zealand Fixed Interest Fund — 34.48% 2. Smart Wholesale Global Credit Fund — 17.39% 3. Smart Wholesale Global Government Bond Fund — 17.36% 4. Fisher Institutional New Zealand Cash Fund — 8.09% 5. Smart Wholesale Global Equity ESG Fund Unhedged — 5.21% 6. Smart Wholesale Global Equity ESG Fund Hedged — 5.04% 7. Cash at Bank — 3.64% 8. Simplicity NZ Share Fund — 2.86% 9. Kernel NZ Commercial Property Fund — 1.88% 10. Kernel Global Infrastructure (NZD Hedged) Fund — 1.68% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 3 bps / 2 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | 0% | 20% | | New Zealand fixed interest | 35% | 25% | 45% | | International fixed interest | 35% | 25% | 45% | | Australasian equities | 4% | 0% | 14% | | International equities | 11% | 1% | 21% | | Listed property | 3.5% | 0% | 13.5% | | Other (Listed Infrastructure) | 1.5% | 0% | 11.5% | ### Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. ### Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Source: Statement of Investment Policy and Objectives dated 2026-03-09. https://smartinvestor.sorted.org.nz/disclose-document/mdo314b0b46d5eb22bfe03a9194f8cc2975/Lifetime-Retirement-Funds-SIPO---09-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PwC - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment. - The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors. - Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members. ### Related-party transactions - **Lifetime Wholesale Residential Property Fund (LWRPF)** (Also managed by Lifetime Asset Management Limited (common manager)) — The LRIF invests up to $6.6m in the LWRPF over a 7-year period to gain asset exposure to unlisted New Zealand residential property; LWRPF makes funds available to Lifetime Home Limited to fund acquisition of interests in homes under the Lifetime Home Equity Release Product. Source: Other Material Information document dated 2025-11-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo21d3ced06fd04e6f4080797baad5237c/LRF-Other-Material-Information-28-November-2025.pdf ## How to invest Available via: Lifetime directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lifetime%20Conservative%20Fund - **Product Disclosure Statement:** /disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13081/OFR13082/FND51096/ - **Manager website:** https://lifetimeincome.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/lifetime/conservative/ - **Markdown (this file):** https://managedfunds.nz/funds/lifetime/conservative/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/lifetime/conservative/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Lifetime Conservative Fund URL: https://managedfunds.nz/funds/lifetime/conservative/questions/ > 3 commonly-asked questions about the Lifetime Conservative Fund, answered with mechanical facts sourced from the FMA Disclose register. Lifetime, diversified category. Questions about Lifetime Conservative Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Lifetime Conservative Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the risks of a conservative fund? Conservative funds typically carry lower volatility than growth-focused funds, but remain subject to interest-rate risk, credit risk (if holding bonds), and inflation risk over longer periods. The Lifetime Conservative Fund is rated 3 out of 7 on the FMA standardised risk indicator, reflecting moderate risk; full risk details are available in the Product Disclosure Statement on the Lifetime website. 2. What is a conservative rate of return in retirement? Realistic returns depend on the fund's asset mix, market conditions, and time horizon; the Lifetime Conservative Fund holds approximately 23.37% growth assets and 76.63% income assets as at the latest quarterly fund update. Historical performance and return expectations are available via the FMA Disclose register and the fund's Product Disclosure Statement. 3. Should I switch to conservative fund? The suitability of a conservative fund depends on your personal circumstances, risk tolerance, and investment timeframe—factors we cannot assess. Review the Lifetime Conservative Fund's Product Disclosure Statement and risk indicator (3/7), and consider seeking personalised advice from a financial adviser. Primary sources Product Disclosure Statement More about this fund Lifetime Conservative Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Lifetime Conservative Fund? — PwC URL: https://managedfunds.nz/funds/lifetime/conservative/who-audits/ > The Lifetime Conservative Fund is audited by PwC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Lifetime Conservative Fund? PwC The Lifetime Conservative Fund sits within a managed investment scheme run by Lifetime. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Lifetime Conservative Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Lifetime Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/lifetime/growth/investment-mandate/ > The Lifetime Growth Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the Lifetime Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 12% New Zealand fixed interest 9% 0% 19% International fixed interest 9% 0% 19% Australasian equities 20% 10% 30% International equities 45% 35% 55% Listed property 10.5% 0.5% 20.5% Other (Listed infrastructure) 4.5% 0% 14.5% Mandate flexibility (sum of max − min across all ranges): 124.5%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Statement of Investment Policy and Objectives Related Lifetime Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Lifetime Growth Fund: 0.99% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/lifetime/growth/is-it-expensive/ > Lifetime Growth Fund charges 0.99% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Lifetime Growth Fund expensive? Lifetime Growth Fund charges 0.99% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 50% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Lifetime Growth Fund NZ$485 at 0.99% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Lifetime Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Lifetime Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.74pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.74pp Simplicity Growth Investment Fund Simplicity 0.25% −0.74pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.74pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.74pp Kernel Conservative Fund Kernel 0.25% −0.74pp Kernel Balanced Fund Kernel 0.25% −0.74pp Kernel High Growth Fund Kernel 0.25% −0.74pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Lifetime Growth Fund? Lifetime Growth Fund charges 0.99% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Lifetime Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Lifetime Growth Fund sits at 0.99% — cheaper than 50% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.99% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$485. That is NZ$0 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Lifetime Growth Fund --- ## URL: https://managedfunds.nz/funds/lifetime/growth/markdown.md # Lifetime Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Lifetime (Lifetime Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Lifetime Growth Fund is a diversified managed fund run by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. ## Investment objective (from PDS) > Seeks to track composite indices (before annual fund charge and tax). Invests mainly in growth assets with some exposure to income assets. Expected to experience high volatility. Source: Product Disclosure Statement dated 2026-03-08 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf ## Fund data - **Annual fund charge:** 0.99% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$3 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 22 October 2024 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Smart Wholesale Global Equity ESG Fund Unhedged — 22.49% 2. Smart Wholesale Global Equity ESG Fund Hedged — 21.79% 3. Simplicity NZ Share Fund — 14.00% 4. Cash at Bank — 9.20% 5. Smart Wholesale Australian Equity ESG Fund Unhedged — 6.12% 6. Fisher Institutional New Zealand Fixed Interest Fund — 5.91% 7. Kernel NZ Commercial Property Fund — 5.86% 8. Kernel Global Infrastructure (NZD Hedged) Fund — 4.94% 9. Kernel Global Property (NZD Hedged) Fund — 4.64% 10. Smart Wholesale Global Credit Fund — 2.94% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 2 bps / 2 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 12% | | New Zealand fixed interest | 9% | 0% | 19% | | International fixed interest | 9% | 0% | 19% | | Australasian equities | 20% | 10% | 30% | | International equities | 45% | 35% | 55% | | Listed property | 10.5% | 0.5% | 20.5% | | Other (Listed infrastructure) | 4.5% | 0% | 14.5% | ### Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. ### Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Source: Statement of Investment Policy and Objectives dated 2026-03-09. https://smartinvestor.sorted.org.nz/disclose-document/mdo314b0b46d5eb22bfe03a9194f8cc2975/Lifetime-Retirement-Funds-SIPO---09-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PwC - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment. - The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors. - Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members. ### Related-party transactions - **Lifetime Wholesale Residential Property Fund (LWRPF)** (Also managed by Lifetime Asset Management Limited (common manager)) — The LRIF invests up to $6.6m in the LWRPF over a 7-year period to gain asset exposure to unlisted New Zealand residential property; LWRPF makes funds available to Lifetime Home Limited to fund acquisition of interests in homes under the Lifetime Home Equity Release Product. Source: Other Material Information document dated 2025-11-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo21d3ced06fd04e6f4080797baad5237c/LRF-Other-Material-Information-28-November-2025.pdf ## How to invest Available via: Lifetime directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lifetime%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13081/OFR13082/FND51097/ - **Manager website:** https://lifetimeincome.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/lifetime/growth/ - **Markdown (this file):** https://managedfunds.nz/funds/lifetime/growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/lifetime/growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Lifetime Growth Fund URL: https://managedfunds.nz/funds/lifetime/growth/questions/ > 1 commonly-asked questions about the Lifetime Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Lifetime, diversified category. Questions about Lifetime Growth Fund 1 commonly-asked questions, answered with mechanical facts sourced from the Lifetime Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Can I get 20% return in mutual funds? Annual returns in managed funds vary significantly based on market conditions and asset allocation; the FMA Disclose register and fund fact sheets show historical performance data, but no fund can guarantee specific returns. Lifetime Growth Fund's allocation of approximately 78.48% to growth assets and 21.52% to income assets reflects a diversified approach, though actual returns depend on market performance and are not predictable. Check the fund's fact sheet and PDS for historical performance information. Primary sources Product Disclosure Statement More about this fund Lifetime Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Lifetime Growth Fund? — PwC URL: https://managedfunds.nz/funds/lifetime/growth/who-audits/ > The Lifetime Growth Fund is audited by PwC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Lifetime Growth Fund? PwC The Lifetime Growth Fund sits within a managed investment scheme run by Lifetime. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Lifetime Growth Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Lifetime Retirement Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/lifetime/retirement-income/investment-mandate/ > The Lifetime Retirement Income Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the Lifetime Retirement Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 9% 0% 60% New Zealand fixed interest 14% 4% 24% International fixed interest 14% 4% 24% Australasian equities 16% 6% 26% International equities 36% 26% 46% Listed property 6.5% 0% 16.5% Unlisted property 2% 0% 10% Other (Listed Infrastructure) 2.5% 0% 12.5% Mandate flexibility (sum of max − min across all ranges): 179%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Statement of Investment Policy and Objectives Related Lifetime Retirement Income Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Lifetime Retirement Income Fund: 1.36% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/lifetime/retirement-income/is-it-expensive/ > Lifetime Retirement Income Fund charges 1.36% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Lifetime Retirement Income Fund expensive? Lifetime Retirement Income Fund charges 1.36% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 89% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Lifetime Retirement Income Fund NZ$662 at 1.36% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$176 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Lifetime Retirement Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Lifetime Retirement Income Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.11pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.11pp Simplicity Growth Investment Fund Simplicity 0.25% −1.11pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.11pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.11pp Kernel Conservative Fund Kernel 0.25% −1.11pp Kernel Balanced Fund Kernel 0.25% −1.11pp Kernel High Growth Fund Kernel 0.25% −1.11pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Lifetime Retirement Income Fund? Lifetime Retirement Income Fund charges 1.36% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Lifetime Retirement Income Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Lifetime Retirement Income Fund sits at 1.36% — pricier than the median (cheaper than 11% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.36% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$662. That is NZ$176 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Lifetime Retirement Income Fund --- ## URL: https://managedfunds.nz/funds/lifetime/retirement-income/markdown.md # Lifetime Retirement Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Lifetime (Lifetime Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Lifetime Retirement Income Fund is a diversified managed fund run by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. ## Investment objective (from PDS) > To maintain sufficient capital to support the provision of retirement income for life, with a target return currently set at 5.50% per annum (before taxes and fees) over the long-term and to limit average annualised volatility between 5% and 10% over the long-term at a target level of 7.5%. Source: Product Disclosure Statement dated 2026-03-08 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf ## Fund data - **Annual fund charge:** 1.36% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$115 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 26 March 2021 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Smart Wholesale Global Equity ESG Fund Unhedged — 18.34% 2. Smart Wholesale Global Equity ESG Fund Hedged — 17.73% 3. Fisher Institutional New Zealand Fixed Interest Fund — 14.38% 4. Simplicity NZ Share Fund — 10.58% 5. Cash at Bank — 7.51% 6. Smart Wholesale Global Credit Fund — 6.99% 7. Smart Wholesale Global Government Bond Fund — 6.98% 8. Smart Wholesale Australian Equity ESG Fund Unhedged — 5.21% 9. Kernel NZ Commercial Property Fund — 3.78% 10. Kernel Global Infrastructure (NZD Hedged) Fund — 2.88% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 3 bps / 2 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 9% | 0% | 60% | | New Zealand fixed interest | 14% | 4% | 24% | | International fixed interest | 14% | 4% | 24% | | Australasian equities | 16% | 6% | 26% | | International equities | 36% | 26% | 46% | | Listed property | 6.5% | 0% | 16.5% | | Unlisted property | 2% | 0% | 10% | | Other (Listed Infrastructure) | 2.5% | 0% | 12.5% | ### Responsible-investment approach The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens. ### Derivatives policy Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio. Source: Statement of Investment Policy and Objectives dated 2026-03-09. https://smartinvestor.sorted.org.nz/disclose-document/mdo314b0b46d5eb22bfe03a9194f8cc2975/Lifetime-Retirement-Funds-SIPO---09-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PwC - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment. - The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors. - Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members. ### Related-party transactions - **Lifetime Wholesale Residential Property Fund (LWRPF)** (Also managed by Lifetime Asset Management Limited (common manager)) — The LRIF invests up to $6.6m in the LWRPF over a 7-year period to gain asset exposure to unlisted New Zealand residential property; LWRPF makes funds available to Lifetime Home Limited to fund acquisition of interests in homes under the Lifetime Home Equity Release Product. Source: Other Material Information document dated 2025-11-27. https://smartinvestor.sorted.org.nz/disclose-document/mdo21d3ced06fd04e6f4080797baad5237c/LRF-Other-Material-Information-28-November-2025.pdf ## How to invest Available via: Lifetime directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lifetime%20Retirement%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdo853de048693ebcdbd1299be3f462e9e2/Lifetime-Retirement-Funds-PDS---9-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13081/OFR13082/FND22680/ - **Manager website:** https://lifetimeincome.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/lifetime/retirement-income/ - **Markdown (this file):** https://managedfunds.nz/funds/lifetime/retirement-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/lifetime/retirement-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Lifetime Retirement Income Fund URL: https://managedfunds.nz/funds/lifetime/retirement-income/questions/ > 3 commonly-asked questions about the Lifetime Retirement Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Lifetime, diversified category. Questions about Lifetime Retirement Income Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Lifetime Retirement Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How does lifetime retirement income work? A lifetime retirement income fund typically combines growth and income assets to balance capital appreciation with regular distributions throughout retirement. The Lifetime Retirement Income Fund holds approximately 53.15% growth assets and 46.85% income assets, with its asset allocation managed to support this balance; check the current Product Disclosure Statement on the Lifetime website for details on distribution frequency and mechanics. 2. What are the pros and cons of a lifetime income annuity? Lifetime income products offer predictable cash flow and diversified asset exposure, but typically carry ongoing fund charges (Lifetime's annual fund charge is 1.36% p.a. as at the latest quarterly fund update) and may have less flexibility than self-directed investing. Prospective investors should review the Product Disclosure Statement and compare fees and features against their retirement objectives via the FMA Disclose Register. 3. What is the average rate of return on a retirement fund? Historical returns vary by fund asset mix, market conditions, and time period; the FMA Disclose Register contains past-performance data for Lifetime and peer funds, but past performance is not a guarantee of future returns. For detailed return information specific to this fund, consult the latest quarterly fund update and Product Disclosure Statement on the Lifetime website. Primary sources Product Disclosure Statement More about this fund Lifetime Retirement Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Lifetime Retirement Income Fund? — PwC URL: https://managedfunds.nz/funds/lifetime/retirement-income/who-audits/ > The Lifetime Retirement Income Fund is audited by PwC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Lifetime Retirement Income Fund? PwC The Lifetime Retirement Income Fund sits within a managed investment scheme run by Lifetime. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Lifetime Retirement Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Lighthouse Global Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/lighthouse/global-equity/investment-mandate/ > The Lighthouse Global Equity Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 11 explicit exclusions. Verbatim from the SIPO. What can the Lighthouse Global Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% -30% 70% International equities 98% 30% 130% Mandate flexibility (sum of max − min across all ranges): 200%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (11) MunitionsFirearmsAlcoholTobaccoCannabisPalm oilFossil fuelsWhalingGamblingPornographyAnimal testing for non-medicinal products Responsible-investment approach Lighthouse is a signatory to the UN Principles of Responsible Investing (PRI) and considers environmental, social, governance and other factors in investment decisions. The Fund will not invest in companies that develop, manufacture or sell munitions, firearms, alcohol, tobacco, cannabis, palm oil or fossil fuels, or that are involved in whaling, gambling, pornography or animal testing for non-medicinal products. The Fund may invest in commodity-based ETFs which have synthetic exposure to fossil fuels. Statement of Investment Policy and Objectives Related Lighthouse Global Equity Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Lighthouse Global Equity Fund: 1.03% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/lighthouse/global-equity/is-it-expensive/ > Lighthouse Global Equity Fund charges 1.03% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. L Annual fee load vs peer-class median Is the Lighthouse Global Equity Fund expensive? Lighthouse Global Equity Fund charges 1.03% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 69% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Lighthouse Global Equity Fund NZ$504 at 1.03% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$203 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Lighthouse Global Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Lighthouse Global Equity Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.00pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.00pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.97pp Foundation Series Total World Fund Foundation Series 0.07% −0.96pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.96pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.93pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.88pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.88pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Lighthouse Global Equity Fund? Lighthouse Global Equity Fund charges 1.03% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Lighthouse Global Equity Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Lighthouse Global Equity Fund sits at 1.03% — pricier than the median (cheaper than 31% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.03% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$504. That is NZ$203 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Lighthouse Global Equity Fund --- ## URL: https://managedfunds.nz/funds/lighthouse/global-equity/markdown.md # Lighthouse Global Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Lighthouse (Lighthouse Funds Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Lighthouse Global Equity Fund is a international equities managed fund run by Lighthouse. NZ boutique offering a global equity fund. ## Investment objective (from PDS) > The Fund's primary objective is to deliver long-run pre-tax returns (but after fees and expenses) that are at least 2% pa above the return of the MSCI All Country World Net Index (in New Zealand dollars). The Fund's secondary objective is to minimise the number of 'losing years' – that is financial years where investors receive a negative return, or loss, rather than a positive return. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22e945f437ede969/20260402---Lighthouse-Investment-Funds---PDS.pdf ## Fund data - **Annual fund charge:** 1.03% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 10.71% p.a. - **Risk indicator:** 7/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$18 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 17 March 2021 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Cash at Bank (BNZ) — 22.04% 2. Celestica Inc — 11.97% 3. Comfort Systems USA Inc — 10.57% 4. Invesco Powershares QQQ — 9.85% 5. Carvana Co — 8.40% 6. First Solar Inc — 8.23% 7. Applovin Corp — 6.93% 8. Robinhood Markets Inc — 6.24% 9. EchoStar Corp — 5.79% 10. Nvidia Ord — 3.45% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > 30% of the Fund's performance, after the Fixed Fund Charges and any GST, but before the performance fee and tax, that is above the Hurdle Rate of Return (the return of the MSCI All Country World Net Index, measured in New Zealand dollars, plus 2% p.a.), subject to a perpetual High Water Mark. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 10 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | -30% | 70% | | International equities | 98% | 30% | 130% | ### Responsible-investment approach Lighthouse is a signatory to the UN Principles of Responsible Investing (PRI) and considers environmental, social, governance and other factors in investment decisions. The Fund will not invest in companies that develop, manufacture or sell munitions, firearms, alcohol, tobacco, cannabis, palm oil or fossil fuels, or that are involved in whaling, gambling, pornography or animal testing for non-medicinal products. The Fund may invest in commodity-based ETFs which have synthetic exposure to fossil fuels. ### Exclusions - Munitions - Firearms - Alcohol - Tobacco - Cannabis - Palm oil - Fossil fuels - Whaling - Gambling - Pornography - Animal testing for non-medicinal products Source: Statement of Investment Policy and Objectives dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/ca538768539651fe/20260401---Lighthouse-Investment-Funds---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Parties related to the Fund, including the staff of Lighthouse and their families, and the staff of FundRock and their families, may from time to time invest in the Fund. - A related party transaction in respect of the Fund may only be done if the details are notified to the Supervisor and the Manager certifies the transaction is on arm's length terms, obtains the Supervisor's consent that it is in the best interests of investors, or obtains Special Resolution approval by investors. - As manager of the Fund, FundRock is subject to various statutory duties including the requirement to act honestly and in the best interests of investors, and must ensure contracted parties such as Lighthouse perform to the same standard and subject to the same duties and restrictions. - Lighthouse, as investment manager of the Fund, must comply with a professional standard of care, exercising the care, diligence, and skill that a prudent person engaged in the profession of investment management would exercise in the same circumstances. - FundRock has conflicts of interest and related party transactions policies and procedures which extend the statutory duties imposed on FundRock to its staff members, and which provide for reporting and disclosure of conflicts of interest to the Board, Manager and Directors. ### Related-party transactions - **Lighthouse Funds Limited** (Investment Manager and scheme sponsor; formerly Lighthouse Funds LP (novated 9 July 2025)) — Investment management of Fund assets under Investment Management Agreement; also distributor of the Fund under Fund Hosting Agreement - **Adminis NZ Limited** (Administration Manager and Custodian appointed by FundRock) — Registry services, unit pricing, fund accounting, and custody of Fund assets under Administration Agreement - **Public Trust** (Supervisor; independent of the Manager) — Supervision of FundRock and the Scheme; holds or ensures assets are held in accordance with legislative requirements; entitled to fees and indemnity from the Fund Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/9b03ebda436905a7/20260402---Lighthouse-Investment-Funds---OMI.pdf ## How to invest Available via: Lighthouse directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lighthouse%20Global%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/22e945f437ede969/20260402---Lighthouse-Investment-Funds---PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13048/OFR13049/FND22649/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/lighthouse/global-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/lighthouse/global-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/lighthouse/global-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Lighthouse Global Equity Fund charge a performance fee? URL: https://managedfunds.nz/funds/lighthouse/global-equity/performance-fee-explained/ > The Lighthouse Global Equity Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Lighthouse Global Equity Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 1.03% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 30% of the Fund's performance, after the Fixed Fund Charges and any GST, but before the performance fee and tax, that is above the Hurdle Rate of Return (the return of the MSCI All Country World Net Index, measured in New Zealand dollars, plus 2% p.a.), subject to a perpetual High Water Mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Lighthouse Global Equity Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Lighthouse Global Equity Fund URL: https://managedfunds.nz/funds/lighthouse/global-equity/questions/ > 3 commonly-asked questions about the Lighthouse Global Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Lighthouse, international equities category. Questions about Lighthouse Global Equity Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Lighthouse Global Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Whether a global equity fund suits your situation depends on your investment timeframe, risk tolerance, and financial goals. Lighthouse Global Equity Fund is classified as risk indicator 7/7 on the FMA standardised scale, indicating it is suitable only for investors who can accept the highest level of volatility; the fund's ~78% allocation to growth assets reflects this risk profile. You should review the Product Disclosure Statement and consider seeking financial advice before investing. 2. Which is the best performing equity fund? Lighthouse Global Equity Fund delivered a 5-year return after fees and before tax of 10.71% p.a., as recorded on FMA Disclose. Fund performance varies by market conditions and time period; comparing returns across funds requires reviewing their specific benchmarks and investment objectives on FMA Disclose or the fund manager's documentation. 3. Is Lighthouse Partners a hedge fund? Lighthouse Global Equity Fund is not a hedge fund; it is an international equities fund registered on the FMA register. Hedge funds and equity funds operate under different investment mandates and regulatory frameworks; you can verify a fund's classification and registration details on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Lighthouse Global Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Lighthouse Global Equity Fund? — KPMG URL: https://managedfunds.nz/funds/lighthouse/global-equity/who-audits/ > The Lighthouse Global Equity Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Lighthouse Global Equity Fund? KPMG The Lighthouse Global Equity Fund sits within a managed investment scheme run by Lighthouse. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Lighthouse Global Equity Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Mercer All Country Global Shares Index Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/investment-mandate/ > The Mercer All Country Global Shares Index Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer All Country Global Shares Index Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 5% International equities 100% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Tobacco (excluded via benchmark index: MSCI All Country World ex Tobacco Index)Controversial weaponsRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer All Country Global Shares Index Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer All Country Global Shares Index Fund: 0.43% fee vs 0.61… URL: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/is-it-expensive/ > Mercer All Country Global Shares Index Fund charges 0.43% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer All Country Global Shares Index Fund expensive? Mercer All Country Global Shares Index Fund charges 0.43% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 69% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer All Country Global Shares Index Fund NZ$213 at 0.43% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-88 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Mercer All Country Global Shares Index Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer All Country Global Shares Index Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.40pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.40pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.37pp Foundation Series Total World Fund Foundation Series 0.07% −0.36pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.36pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.33pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.28pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.28pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer All Country Global Shares Index Fund? Mercer All Country Global Shares Index Fund charges 0.43% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer All Country Global Shares Index Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Mercer All Country Global Shares Index Fund sits at 0.43% — cheaper than 69% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.43% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$213. That is NZ$88 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer All Country Global Shares Index Fund --- ## URL: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/markdown.md # Mercer All Country Global Shares Index Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer All Country Global Shares Index Fund is a international equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a return that closely matches the return of the MSCI All Country World ex Tobacco Index with net dividends reinvested (50% hedged to NZD on an after-tax basis). Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/adc09afd972e1c97/Mercer-Investment-Funds-PDS-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 0.43% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 9.81% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$98 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 27 November 2017 ## Top 10 holdings 1. Macquarie True Index Emerging Markets Fund — 12.19% 2. Nvidia Corporation — 4.71% 3. Apple Inc. — 4.15% 4. Microsoft Corporation — 2.91% 5. Amazon.Com Inc — 2.25% 6. Alphabet Inc Class A — 1.87% 7. Alphabet Inc Class C — 1.56% 8. Broadcom Corporation — 1.55% 9. Meta Platforms Inc — 1.39% 10. Tesla Inc — 1.18% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 11 bps / 21 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 5% | | International equities | 100% | 95% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Tobacco (excluded via benchmark index: MSCI All Country World ex Tobacco Index) - Controversial weapons - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20All%20Country%20Global%20Shares%20Index%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND8207/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/all-country-global-shares-index/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/all-country-global-shares-index/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/all-country-global-shares-index/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer All Country Global Shares Index Fund URL: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/questions/ > 4 commonly-asked questions about the Mercer All Country Global Shares Index Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, international equities category. Questions about Mercer All Country Global Shares Index Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Mercer All Country Global Shares Index Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much are index fund fees? Index fund fees vary by fund and manager. The Mercer All Country Global Shares Index Fund charges 0.43% per annum, which is lower than the peer-cohort average of 0.95% p.a. for comparable funds. You can compare fees across all listed funds in our coverage using the fee comparison tool. 2. Is Mercer a good fund? The Mercer All Country Global Shares Index Fund has a 5-year annual return after fees of 9.81% p.a. (as at the latest QFU), with an annual fund charge of 0.43% p.a. and a Risk indicator of 5/7. To assess whether it suits your investment goals, review the Product Disclosure Statement on Mercer's website or check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. Is there a fee-free International index fund? There are no truly fee-free managed funds in New Zealand; all funds charge annual fund charges to cover management and administration costs. The lowest-fee international equities funds in our coverage are listed in the fee comparison section. For a full list of available options and their charges, use our fund filter. 4. How do global index funds compare to ETFs? Index funds and ETFs both aim to track market indexes, but they differ in structure, trading, and cost. Index funds like the Mercer All Country Global Shares are PIE-taxed vehicles with charges set annually, while ETFs trade on exchanges with variable spreads. Compare specific funds using our comparison tool or review the FMA's consumer guidance on managed funds versus ETFs at https://disclose-register.companieshotel.govt.nz/. Primary sources Product Disclosure Statement More about this fund Mercer All Country Global Shares Index Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Core Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/core-global-shares/investment-mandate/ > The Mercer Core Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer Core Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Core Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Core Global Shares Fund: 1.24% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/mercer/core-global-shares/is-it-expensive/ > Mercer Core Global Shares Fund charges 1.24% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Core Global Shares Fund expensive? Mercer Core Global Shares Fund charges 1.24% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Core Global Shares Fund NZ$605 at 1.24% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$304 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Mercer Core Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Core Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.21pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.21pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.18pp Foundation Series Total World Fund Foundation Series 0.07% −1.17pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.17pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.14pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.09pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.09pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Core Global Shares Fund? Mercer Core Global Shares Fund charges 1.24% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Core Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Mercer Core Global Shares Fund sits at 1.24% — pricier than the median (cheaper than 19% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.24% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$605. That is NZ$304 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Core Global Shares Fund --- ## URL: https://managedfunds.nz/funds/mercer/core-global-shares/markdown.md # Mercer Core Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Core Global Shares Fund is a international equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the return of the MSCI World Index with net dividends reinvested in NZD on a rolling three-year basis. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/adc09afd972e1c97/Mercer-Investment-Funds-PDS-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 1.24% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 13.93% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$61 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 26 November 2007 ## Top 10 holdings 1. Nvidia Corporation — 5.15% 2. Apple Inc. — 4.82% 3. Microsoft Corporation — 3.21% 4. Alphabet Inc Class A — 2.53% 5. Amazon.Com Inc — 2.27% 6. Broadcom — 1.74% 7. Meta Platforms Inc — 1.56% 8. Alphabet Inc Class C — 1.43% 9. Tesla Inc — 0.97% 10. Lilly (Eli) & Co — 0.95% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 13 bps / 11 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Core%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND84/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/core-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/core-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/core-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Core Global Shares Fund URL: https://managedfunds.nz/funds/mercer/core-global-shares/questions/ > 3 commonly-asked questions about the Mercer Core Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, international equities category. Questions about Mercer Core Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Core Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a good fund? The Mercer Core Global Shares Fund has delivered a 5-year return after fees of 13.93% p.a. (as at the latest QFU), and is classified as a risk indicator 5/7 fund, indicating moderately high volatility. Whether it aligns with your investment goals depends on your time horizon, risk tolerance, and portfolio needs—check the current Product Disclosure Statement on the manager website at mercer.com/en-nz or view detailed performance data on the FMA Disclose Register. 2. What is a reasonable fee for a managed fund? The Mercer Core Global Shares Fund charges 1.24% p.a., which is above the peer-cohort average of 0.95% p.a. for comparable global equity funds. Fee reasonableness depends on the services, asset class, and performance delivered—you can compare this fund's charge against others in the International Equities category via the FMA Disclose Register at disclose-register.companiesoffice.govt.nz/. 3. Where can I get a 10% return on my money? Investment returns vary by fund, market conditions, and time period, and historical returns are not a guide to future performance. The Mercer Core Global Shares Fund achieved 13.93% p.a. over five years after fees (as at the latest QFU), but this is based on past performance and is not a forecast. Compare funds using the FMA Disclose Register to see actual historical returns across different timeframes. Primary sources Product Disclosure Statement More about this fund Mercer Core Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Core Hedged Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/core-hedged-global-shares/investment-mandate/ > The Mercer Core Hedged Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer Core Hedged Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Core Hedged Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Core Hedged Global Shares Fund: 1.46% fee vs 0.61% peer… URL: https://managedfunds.nz/funds/mercer/core-hedged-global-shares/is-it-expensive/ > Mercer Core Hedged Global Shares Fund charges 1.46% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Core Hedged Global Shares Fund expensive? Mercer Core Hedged Global Shares Fund charges 1.46% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Core Hedged Global Shares Fund NZ$709 at 1.46% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$408 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Mercer Core Hedged Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Core Hedged Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.43pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.43pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.40pp Foundation Series Total World Fund Foundation Series 0.07% −1.39pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.39pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.36pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.31pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.31pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Core Hedged Global Shares Fund? Mercer Core Hedged Global Shares Fund charges 1.46% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Core Hedged Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Mercer Core Hedged Global Shares Fund sits at 1.46% — pricier than the median (cheaper than 10% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.46% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$709. That is NZ$408 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Core Hedged Global Shares Fund --- ## URL: https://managedfunds.nz/funds/mercer/core-hedged-global-shares/markdown.md # Mercer Core Hedged Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Core Hedged Global Shares Fund is a international equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the return of the MSCI World Index with net dividends reinvested (100% hedged to NZD on an after-tax basis) on a rolling three-year basis. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/adc09afd972e1c97/Mercer-Investment-Funds-PDS-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 1.46% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 9.28% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$18 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 26 November 2007 ## Top 10 holdings 1. Nvidia Corporation — 5.25% 2. Apple Inc. — 4.92% 3. Microsoft Corporation — 3.27% 4. Alphabet Inc Class A — 2.58% 5. Amazon.Com Inc — 2.32% 6. Broadcom — 1.77% 7. Meta Platforms Inc — 1.59% 8. Alphabet Inc Class C — 1.46% 9. Tesla Inc — 0.99% 10. Lilly (Eli) & Co — 0.97% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 13 bps / 11 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Core%20Hedged%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND85/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/core-hedged-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/core-hedged-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/core-hedged-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Core Hedged Global Shares Fund URL: https://managedfunds.nz/funds/mercer/core-hedged-global-shares/questions/ > 3 commonly-asked questions about the Mercer Core Hedged Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, international equities category. Questions about Mercer Core Hedged Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Core Hedged Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a hedged global share fund? A hedged global share fund invests in shares listed on international stock exchanges and uses currency hedging to reduce exposure to exchange-rate fluctuations. The Mercer Core Hedged Global Shares Fund is denominated in NZD and hedges its foreign-currency holdings, so investors' returns reflect share-price movements rather than NZD/USD or other currency moves. 2. Are global equity funds a good investment? Global equity funds carry different risk and return characteristics than NZ-only investments; the Mercer Core Hedged Global Shares Fund has a risk indicator of 5/7 on the FMA standardised scale and delivered 9.28% p.a. after fees (before tax) over the past 5 years, as at the latest QFU. Whether such an investment suits your circumstances depends on your time horizon, risk tolerance, and overall portfolio—see the PDS on the Mercer website or FMA Disclose register for more detail. 3. Is Mercer a hedge fund? No. Mercer is a global investment management and professional-services company. The Mercer Core Hedged Global Shares Fund is a managed fund (not a hedge fund) that invests in international equities and uses hedging to manage currency risk; it is regulated under the Financial Markets Conduct Act 2013 and disclosed on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Mercer Core Hedged Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Global Listed Infrastructure Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/global-listed-infrastructure/investment-mandate/ > The Mercer Global Listed Infrastructure Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer Global Listed Infrastructure Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Global infrastructure securities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Global Listed Infrastructure Fund fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Global Listed Infrastructure Fund: 1.34% fee vs 1.06% p… URL: https://managedfunds.nz/funds/mercer/global-listed-infrastructure/is-it-expensive/ > Mercer Global Listed Infrastructure Fund charges 1.34% p.a. vs the other peer-class median of 1.06%. 5 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Global Listed Infrastructure Fund expensive? Mercer Global Listed Infrastructure Fund charges 1.34% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is pricier than 69% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Global Listed Infrastructure Fund NZ$652 at 1.34% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: +NZ$131 over 5 years on NZ$10K. 5 cheaper peers in the same category Other funds with a lower annual fund charge than Mercer Global Listed Infrastructure Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Global Listed Infrastructure Fund Kernel Global Infrastructure Fund Kernel 0.25% −1.09pp Smart Bitcoin ETF Smartshares 0.55% −0.79pp First Sentier Global Listed Infrastructure Fund First Sentier 1.03% −0.31pp Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital 1.05% −0.29pp Russell Investments Global Listed Infrastructure Fund Russell Investments 1.08% −0.26pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Global Listed Infrastructure Fund? Mercer Global Listed Infrastructure Fund charges 1.34% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Global Listed Infrastructure Fund's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. Mercer Global Listed Infrastructure Fund sits at 1.34% — pricier than the median (cheaper than 31% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.34% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$652. That is NZ$131 more than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Global Listed Infrastructure Fund --- ## URL: https://managedfunds.nz/funds/mercer/global-listed-infrastructure/markdown.md # Mercer Global Listed Infrastructure Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** Other - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Global Listed Infrastructure Fund is a other managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide total returns (income and capital growth) after costs and before tax, above the FTSE Developed Core Infrastructure 50/50 Index with net dividends reinvested (100% hedged to the NZD on an after-tax basis) on a rolling three year basis. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/68ee4a89f7f3aea9/Mercer-Investment-Funds-PDS-Property-and-Infrastructure-Funds.pdf ## Fund data - **Annual fund charge:** 1.34% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 8.36% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$84 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 September 2012 ## Top 10 holdings 1. Nextera Energy Inc — 5.21% 2. Essential Utilities — 4.70% 3. Sempra Energy — 4.67% 4. Enbridge Inc — 4.55% 5. American Electric Power Company Inc — 4.46% 6. CSX Corporation — 4.28% 7. Crown Castle International Corporation — 4.17% 8. CMS Energy Corporation — 4.06% 9. National Grid PLC — 3.93% 10. Exelon Corporation — 3.92% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 25 bps / 26 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Global infrastructure securities | 100% | 90% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Global%20Listed%20Infrastructure%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND98/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/global-listed-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/global-listed-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/global-listed-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Global Listed Infrastructure Fund URL: https://managedfunds.nz/funds/mercer/global-listed-infrastructure/questions/ > 3 commonly-asked questions about the Mercer Global Listed Infrastructure Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, other category. Questions about Mercer Global Listed Infrastructure Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Global Listed Infrastructure Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Why invest in global listed infrastructure funds? Global listed infrastructure funds provide exposure to essential utility and transport assets that generate stable cash flows across multiple economies. The Mercer Global Listed Infrastructure Fund holds ~98.31% growth assets and has delivered 8.36% p.a. after fees over five years, reflecting the income and capital-appreciation characteristics typical of infrastructure investments. 2. Is global infrastructure a good investment? Infrastructure assets typically offer long-term, inflation-linked cash flows and lower volatility than broader equity markets. Whether this matches your financial goals depends on your risk tolerance and time horizon—this fund is rated 5/7 on the FMA standardised risk scale. Review the fund's Product Disclosure Statement and consult a financial adviser for guidance suited to your circumstances. 3. Is it safe to invest in infrastructure funds? All investments carry risk, including this fund, which is rated 5/7 on the FMA standardised risk scale (moderate-to-high). Infrastructure funds are exposed to market, regulatory, and currency risks. The Mercer Global Listed Infrastructure Fund invests in listed companies, meaning your capital value can fluctuate. Check the fund's Product Disclosure Statement and Key Investment Information Document on the FMA Disclose register for full risk disclosures. Primary sources Product Disclosure Statement More about this fund Mercer Global Listed Infrastructure Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other other funds Smart Bitcoin ETF Smartshares Squirrel Monthly Income Fund Squirrel Kernel Global Infrastructure Fund Kernel NZ Funds Global Infrastructure NZ Funds ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Global Listed Real Estate Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/global-listed-real-estate/investment-mandate/ > The Mercer Global Listed Real Estate Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer Global Listed Real Estate Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International listed property 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Global Listed Real Estate Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Global Listed Real Estate Fund: 1.33% fee vs 1.02% peer… URL: https://managedfunds.nz/funds/mercer/global-listed-real-estate/is-it-expensive/ > Mercer Global Listed Real Estate Fund charges 1.33% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Global Listed Real Estate Fund expensive? Mercer Global Listed Real Estate Fund charges 1.33% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Global Listed Real Estate Fund NZ$648 at 1.33% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$148 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Mercer Global Listed Real Estate Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Global Listed Real Estate Fund Kernel NZ Commercial Property Fund Kernel 0.25% −1.08pp Smart Australian Property ETF Smartshares 0.54% −0.79pp Smart NZ Property ETF Smartshares 0.54% −0.79pp Harbour Real Estate Investment Fund Harbour 0.77% −0.56pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.34pp Pathfinder Global Property Fund Pathfinder 1.00% −0.33pp Salt Enhanced Property Fund Salt 1.02% −0.31pp Summer Listed Property Summer 1.02% −0.31pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Global Listed Real Estate Fund? Mercer Global Listed Real Estate Fund charges 1.33% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Global Listed Real Estate Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Mercer Global Listed Real Estate Fund sits at 1.33% — pricier than the median (cheaper than 23% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.33% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$648. That is NZ$148 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Global Listed Real Estate Fund --- ## URL: https://managedfunds.nz/funds/mercer/global-listed-real-estate/markdown.md # Mercer Global Listed Real Estate Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Global Listed Real Estate Fund is a listed property managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the FTSE EPRA/NAREIT Developed Total Return Index with net dividends reinvested (100% hedged to the NZD on an after-tax basis) on a rolling three year basis. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/68ee4a89f7f3aea9/Mercer-Investment-Funds-PDS-Property-and-Infrastructure-Funds.pdf ## Fund data - **Annual fund charge:** 1.33% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.87% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$66 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 November 2007 ## Top 10 holdings 1. Equinix Inc — 8.57% 2. Welltower Inc — 8.27% 3. Ventas Inc — 5.06% 4. Simon Property Group Inc — 4.51% 5. Prologis Inc — 4.43% 6. Vici Properties Inc — 3.83% 7. Public Storage — 3.55% 8. Goodman Group — 3.29% 9. Agree Realty Corp — 2.69% 10. Iron Mountain Inc — 2.66% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 25 bps / 26 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International listed property | 100% | 90% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Global%20Listed%20Real%20Estate%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND97/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/global-listed-real-estate/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/global-listed-real-estate/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/global-listed-real-estate/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Global Listed Real Estate Fund URL: https://managedfunds.nz/funds/mercer/global-listed-real-estate/questions/ > 3 commonly-asked questions about the Mercer Global Listed Real Estate Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, listed property category. Questions about Mercer Global Listed Real Estate Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Global Listed Real Estate Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a good fund? Fund quality depends on your investment goals, risk tolerance, and time horizon. The Mercer Global Listed Real Estate Fund has a risk indicator of 6/7 and a 5-year return after fees of 0.87% p.a.; you can compare these metrics against peer funds and your own objectives using the full fund details on FMA Disclose. 2. Is 0.25% a high management fee? The Mercer Global Listed Real Estate Fund charges 1.33% p.a., which is above the peer-cohort average fee of 0.95% p.a. for similar funds. Whether a fee is high depends on the fund's strategy, asset class, and your total investment costs—comparison tools and the FMA Disclose register can help you assess fee levels across funds in this category. 3. Is Mercer a hedge fund? No. The Mercer Global Listed Real Estate Fund is a listed property fund (category: Listed Property) that invests in real estate investment trusts and listed property companies, not a hedge fund. Hedge funds use different strategies and are regulated differently under the FMC Act. Primary sources Product Disclosure Statement More about this fund Mercer Global Listed Real Estate Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/global-shares/investment-mandate/ > The Mercer Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 5% International equities 100% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Global Shares Fund: 1.25% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/mercer/global-shares/is-it-expensive/ > Mercer Global Shares Fund charges 1.25% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Global Shares Fund expensive? Mercer Global Shares Fund charges 1.25% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 83% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Global Shares Fund NZ$610 at 1.25% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$308 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Mercer Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.22pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.22pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.19pp Foundation Series Total World Fund Foundation Series 0.07% −1.18pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.18pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.15pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.10pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.10pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Global Shares Fund? Mercer Global Shares Fund charges 1.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Mercer Global Shares Fund sits at 1.25% — pricier than the median (cheaper than 17% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$610. That is NZ$308 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Global Shares Fund --- ## URL: https://managedfunds.nz/funds/mercer/global-shares/markdown.md # Mercer Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Global Shares Fund is a international equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the return of the MSCI All Country World Index with net dividends reinvested (50% NZD hedged) on a rolling three-year basis. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/adc09afd972e1c97/Mercer-Investment-Funds-PDS-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 1.25% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 10.36% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$30 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 13 December 1994 ## Top 10 holdings 1. Nvidia Corporation — 4.68% 2. Apple Inc. — 4.30% 3. Microsoft Corporation — 2.91% 4. Alphabet Inc Class A — 2.15% 5. Amazon.Com Inc — 2.12% 6. Broadcom — 1.57% 7. Taiwan Semiconductor Manufacturing Company Limited — 1.45% 8. Meta Platforms Inc — 1.41% 9. Alphabet Inc Class C — 1.38% 10. Tesla Inc — 0.98% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 13 bps / 12 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 5% | | International equities | 100% | 95% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND83/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Global Shares Fund URL: https://managedfunds.nz/funds/mercer/global-shares/questions/ > 3 commonly-asked questions about the Mercer Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, international equities category. Questions about Mercer Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a good fund? The Mercer Global Shares Fund returned 10.36% p.a. after fees (before tax) over the past 5 years, as at the latest QFU. Its annual fund charge of 1.25% p.a. is above the peer-cohort average of 0.95% p.a. for comparable funds. Check the latest Product Disclosure Statement and FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for current performance and fund details. 2. Is Mercer fee only? The Mercer Global Shares Fund charges 1.25% p.a. as an annual fund charge; it is not a fee-only service in the sense of advisory fees. For details on all fees and costs, refer to the Product Disclosure Statement on Mercer's website at https://www.mercer.com/en-nz or via FMA Disclose. 3. Where can I get a 10% return on my money? Past returns are not a guide to future returns. The Mercer Global Shares Fund delivered 10.36% p.a. after fees (before tax) over 5 years to the latest QFU, but individual returns will vary and may differ materially in future periods. Review the fund's PDS and historical performance data on FMA Disclose for context on volatility and risk. Primary sources Product Disclosure Statement More about this fund Mercer Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Income Generator Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/income-generator/investment-mandate/ > The Mercer Income Generator Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer Income Generator Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% 0% 20% New Zealand fixed interest (composite) 5% 0% 15% New Zealand fixed interest (credit) 20% 10% 30% International fixed interest 25% 15% 35% Total defensive assets 60% 45% 75% Australasian equities 30% 20% 40% International listed infrastructure 5% 0% 15% Listed property 5% 0% 15% Total growth assets 40% 25% 55% Mandate flexibility (sum of max − min across all ranges): 185%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Income Generator Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Income Generator Fund: 1.28% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/mercer/income-generator/is-it-expensive/ > Mercer Income Generator Fund charges 1.28% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Income Generator Fund expensive? Mercer Income Generator Fund charges 1.28% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Income Generator Fund NZ$624 at 1.28% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$139 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Mercer Income Generator Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Income Generator Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.03pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.03pp Simplicity Growth Investment Fund Simplicity 0.25% −1.03pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.03pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.03pp Kernel Conservative Fund Kernel 0.25% −1.03pp Kernel Balanced Fund Kernel 0.25% −1.03pp Kernel High Growth Fund Kernel 0.25% −1.03pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Income Generator Fund? Mercer Income Generator Fund charges 1.28% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Income Generator Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Mercer Income Generator Fund sits at 1.28% — pricier than the median (cheaper than 23% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.28% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$624. That is NZ$139 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Income Generator Fund --- ## URL: https://managedfunds.nz/funds/mercer/income-generator/markdown.md # Mercer Income Generator Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Income Generator Fund is a diversified managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To maximise the amount of the monthly distribution payments by outperforming, over the medium term, the weighted average return of the market indices used to measure performance of the underlying funds/assets in which the fund invests. The fund aims to provide a gross fixed monthly income in excess of bank deposit rates, along with a positive return on capital over the long term. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf ## Fund data - **Annual fund charge:** 1.28% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.47% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$21 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 30 June 2014 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 5.03% 2. Auckland International Airport Limited — 3.20% 3. Ishares MBS ETF — 2.80% 4. Infratil Limited — 2.66% 5. New Zealand Government Bond 3.00% 20/04/2029 — 2.12% 6. Contact Energy Limited — 2.01% 7. The A2 Milk Company Limited — 1.92% 8. Meridian Energy Limited — 1.64% 9. New Zealand Government Bond 4.50% 15/05/2030 — 1.59% 10. Mainfreight Limited — 1.09% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** monthly - **Buy / sell spread:** 15 bps / 15 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | 0% | 20% | | New Zealand fixed interest (composite) | 5% | 0% | 15% | | New Zealand fixed interest (credit) | 20% | 10% | 30% | | International fixed interest | 25% | 15% | 35% | | Total defensive assets | 60% | 45% | 75% | | Australasian equities | 30% | 20% | 40% | | International listed infrastructure | 5% | 0% | 15% | | Listed property | 5% | 0% | 15% | | Total growth assets | 40% | 25% | 55% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Income%20Generator%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND89/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/income-generator/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/income-generator/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/income-generator/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Income Generator Fund URL: https://managedfunds.nz/funds/mercer/income-generator/questions/ > 3 commonly-asked questions about the Mercer Income Generator Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, diversified category. Questions about Mercer Income Generator Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Income Generator Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a good fund? The Mercer Income Generator Fund is a diversified fund with a risk indicator of 4/7 on the FMA standardised scale, combining ~52% growth assets with ~48% income assets. Its 5-year return after fees before tax was 2.47% p.a. as at the latest QFU; you can compare this against peer-cohort returns and your own objectives using FMA Disclose at https://disclose-register.companiesoffice.govt.nz/. 2. How to earn passive income in New Zealand? Managed funds like the Mercer Income Generator Fund can generate ongoing income through distributions from bonds, dividend-paying shares, and other income-producing assets held in the fund's portfolio. Distributions are paid to investors periodically; check the current PDS on Mercer's website or via your investment platform for distribution frequency and historical yields. 3. Is Mercer a NZ company? Mercer is an international financial services company; however, the Mercer Income Generator Fund is a New Zealand registered managed investment fund. You can verify its registration and operator details on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Mercer Income Generator Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Macquarie NZ Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/investment-mandate/ > The Mercer Macquarie NZ Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 5 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the Mercer Macquarie NZ Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand fixed interest - On call NZ cash, short-term securities and deposits — 0% 50% New Zealand fixed interest - NZ Government, corporate and other non-government securities — 50% 100% New Zealand fixed interest - Local Government Funding Authority 0% 0% 50% New Zealand fixed interest (total) 100% — — International Fixed Interest 0% 0% 20% Mandate flexibility (sum of max − min across all ranges): 170%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (5) Collateralised debt obligationsCollateralised loan obligationsCredit default swapsSecurities rated lower than BBB- (S&P or equivalent)Unrated securities (except qualifying local authority securities or senior unsecured of BBB- or higher rated issuer) Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Macquarie NZ Fixed Interest Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Macquarie NZ Fixed Interest Fund: 0.60% fee vs 0.63% pe… URL: https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/is-it-expensive/ > Mercer Macquarie NZ Fixed Interest Fund charges 0.60% p.a. vs the nz fixed interest peer-class median of 0.63%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Macquarie NZ Fixed Interest Fund expensive? Mercer Macquarie NZ Fixed Interest Fund charges 0.60% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Macquarie NZ Fixed Interest Fund NZ$296 at 0.60% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-12 over 5 years on NZ$10K. 6 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Mercer Macquarie NZ Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Macquarie NZ Fixed Interest Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.50pp Kernel NZ Bond Fund Kernel 0.40% −0.20pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.14pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.13pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.11pp Smart NZ Bond ETF Smartshares 0.54% −0.06pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Macquarie NZ Fixed Interest Fund? Mercer Macquarie NZ Fixed Interest Fund charges 0.60% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Macquarie NZ Fixed Interest Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Mercer Macquarie NZ Fixed Interest Fund sits at 0.60% — cheaper than 54% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.60% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$296. That is NZ$12 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Macquarie NZ Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/markdown.md # Mercer Macquarie NZ Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Macquarie NZ Fixed Interest Fund is a nz fixed interest managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the return of the Bloomberg NZBond Composite 0+ Yr Index on a rolling three-year basis. Source: Product Disclosure Statement dated 2026-03-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/462ada1097bbdfe4/Mercer-Investment-Funds-PDS-Cash-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.60% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.71% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$184 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 5 June 1995 ## Top 10 holdings 1. New Zealand Government Bond 3.50% maturing 14/04/2033 — 7.98% 2. New Zealand Government Bond 4.50% maturing 15/05/2030 — 7.78% 3. New Zealand Government Bond 4.50% maturing 15/05/2035 — 7.54% 4. New Zealand Government Bond 4.25% maturing 15/05/2036 — 7.11% 5. New Zealand Government Bond 1.50% maturing 15/05/2031 — 6.34% 6. New Zealand Government Bond 2.00% maturing 15/05/2032 — 5.36% 7. New Zealand Government Bond 4.25% maturing 15/05/2034 — 4.78% 8. New Zealand Government Bond 3.00% maturing 15/04/2037 — 4.40% 9. New Zealand Government Bond 2.75% maturing 15/04/2037 — 4.11% 10. GMT Bond Issuer Limited Corporate Bond 3.656% 20/12/2027 — 2.34% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 7 bps / 7 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand fixed interest - On call NZ cash, short-term securities and deposits | — | 0% | 50% | | New Zealand fixed interest - NZ Government, corporate and other non-government securities | — | 50% | 100% | | New Zealand fixed interest - Local Government Funding Authority | 0% | 0% | 50% | | New Zealand fixed interest (total) | 100% | — | — | | International Fixed Interest | 0% | 0% | 20% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Collateralised debt obligations - Collateralised loan obligations - Credit default swaps - Securities rated lower than BBB- (S&P or equivalent) - Unrated securities (except qualifying local authority securities or senior unsecured of BBB- or higher rated issuer) Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Macquarie%20NZ%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND79/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Macquarie NZ Fixed Interest Fund URL: https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/questions/ > 3 commonly-asked questions about the Mercer Macquarie NZ Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, nz fixed interest category. Questions about Mercer Macquarie NZ Fixed Interest Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Macquarie NZ Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the average return on Mercer super? This Mercer Macquarie NZ Fixed Interest Fund delivered a 5-year return after fees and before tax of 0.71% p.a., as recorded in the latest FMA Disclose data. Returns vary by fund strategy and market conditions; check the current Product Disclosure Statement on the FMA Disclose Register for the most recent performance figures. 2. Where can I get 10% return on my money? Fixed-interest funds typically deliver lower returns than growth-focused investments, reflecting their lower risk profile. This fund's 5-year return after fees was 0.71% p.a.; substantially higher returns generally require exposure to growth assets and carry higher risk. Compare funds across different risk levels and asset classes on managedfunds.nz to find strategies aligned with your objectives. 3. Is Mercer Super performing well? Performance assessment depends on the fund strategy and time horizon you are evaluating. This Mercer Macquarie NZ Fixed Interest Fund returned 0.71% p.a. after fees over 5 years; for context, the peer-cohort average annual fund charge is 0.66% p.a. Review the current PDS and latest performance data on the FMA Disclose Register for a full assessment. Primary sources Product Disclosure Statement More about this fund Mercer Macquarie NZ Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Macquarie NZ Short Duration Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/investment-mandate/ > The Mercer Macquarie NZ Short Duration Fund's Statement of Investment Policy sets target / min / max ranges across 6 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Mercer Macquarie NZ Short Duration Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand fixed interest - NZ issued securities (corporate, SOE, local authority, government bonds) — 0% 100% New Zealand fixed interest - Mortgage and other asset-backed bonds — 0% 25% New Zealand fixed interest - On call NZ cash, short-term securities and term deposits — 0% 100% New Zealand fixed interest - Local Government Funding Authority — 0% 50% New Zealand fixed interest (total) 100% — — International Fixed Interest 0% 0% 30% Mandate flexibility (sum of max − min across all ranges): 305%. Wide range — high manager discretion typical of active management. Explicit exclusions (4) Collateralised debt obligationsCollateralised loan obligationsSecurities rated lower than BBB- (S&P or equivalent)Unrated securities (except qualifying local authority securities rated A- or higher by Manager) Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Macquarie NZ Short Duration Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Macquarie NZ Short Duration Fund: 0.68% fee vs 0.63% pe… URL: https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/is-it-expensive/ > Mercer Macquarie NZ Short Duration Fund charges 0.68% p.a. vs the nz fixed interest peer-class median of 0.63%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Macquarie NZ Short Duration Fund expensive? Mercer Macquarie NZ Short Duration Fund charges 0.68% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Macquarie NZ Short Duration Fund NZ$335 at 0.68% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$27 over 5 years on NZ$10K. 8 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Mercer Macquarie NZ Short Duration Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Macquarie NZ Short Duration Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.58pp Kernel NZ Bond Fund Kernel 0.40% −0.28pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.22pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.21pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.19pp Smart NZ Bond ETF Smartshares 0.54% −0.14pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.08pp Milford Trans-Tasman Bond Fund Milford 0.65% −0.03pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Macquarie NZ Short Duration Fund? Mercer Macquarie NZ Short Duration Fund charges 0.68% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Macquarie NZ Short Duration Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Mercer Macquarie NZ Short Duration Fund sits at 0.68% — pricier than the median (cheaper than 32% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.68% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$335. That is NZ$27 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Macquarie NZ Short Duration Fund --- ## URL: https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/markdown.md # Mercer Macquarie NZ Short Duration Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Macquarie NZ Short Duration Fund is a nz fixed interest managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the return of the Bloomberg NZBond Swaps 1–3 Year Index on a rolling three-year basis. Source: Product Disclosure Statement dated 2026-03-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/462ada1097bbdfe4/Mercer-Investment-Funds-PDS-Cash-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.68% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.87% p.a. - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$47 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 28 September 2007 ## Top 10 holdings 1. New Zealand Government Bond 3.00% 20/04/2029 — 6.58% 2. New Zealand Government Bond 4.50% 15/05/2030 — 4.98% 3. ANZ Bank of New Zealand Corporate Bond 2.999% 17/09/2031 — 3.38% 4. GMT Bond Issuer Limited Corporate Bond 3.656% 20/12/2027 — 3.14% 5. Christchurch International Airport Corporate Bond 5.53% 05/04/2027 — 3.03% 6. New Zealand Local Government Funding Agency Bond 2.25% 15/05/2028 — 3.01% 7. Transpower New Zealand FRN 31/07/2026 — 2.78% 8. Auckland International Airport Limited FRN 17/04/2026 — 2.69% 9. Kiwibank Limited Corporate Bond 5.737% 19/10/2027 — 2.58% 10. ASB Bank Limited FRN 18/10/2027 — 2.40% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 5 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand fixed interest - NZ issued securities (corporate, SOE, local authority, government bonds) | — | 0% | 100% | | New Zealand fixed interest - Mortgage and other asset-backed bonds | — | 0% | 25% | | New Zealand fixed interest - On call NZ cash, short-term securities and term deposits | — | 0% | 100% | | New Zealand fixed interest - Local Government Funding Authority | — | 0% | 50% | | New Zealand fixed interest (total) | 100% | — | — | | International Fixed Interest | 0% | 0% | 30% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Collateralised debt obligations - Collateralised loan obligations - Securities rated lower than BBB- (S&P or equivalent) - Unrated securities (except qualifying local authority securities rated A- or higher by Manager) Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Macquarie%20NZ%20Short%20Duration%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND80/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Macquarie NZ Short Duration Fund URL: https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/questions/ > 3 commonly-asked questions about the Mercer Macquarie NZ Short Duration Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, nz fixed interest category. Questions about Mercer Macquarie NZ Short Duration Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Macquarie NZ Short Duration Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is ultra short duration fund safe? This fund is classified at risk indicator 2/7 on the FMA standardised scale, indicating lower volatility typical of short-duration fixed-interest funds. However, all investments carry some risk; you should read the Product Disclosure Statement and check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for full details on how this fund manages interest-rate and credit risk. 2. What is the difference between short duration fund and low duration fund? Duration measures how sensitive a bond fund is to interest-rate changes; shorter duration means lower interest-rate risk but typically lower yields. This fund's asset mix of ~0.13% growth assets and 99.87% income assets, with holdings concentrated in shorter-dated government and corporate bonds, reflects a short-duration strategy designed to limit capital fluctuation in a rising-rate environment. 3. Where can I get a 10% return on my money? This fund's 5-year after-fees, pre-tax return was 1.87% p.a. as at the latest QFU; returns vary by fund type and market conditions, and past performance does not indicate future returns. For information on returns across different fund categories and risk profiles, visit the FMA Disclose register or consult a financial adviser. Primary sources Product Disclosure Statement More about this fund Mercer Macquarie NZ Short Duration Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer NZ Shares Passive Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/nz-shares-passive/investment-mandate/ > The Mercer NZ Shares Passive Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Mercer NZ Shares Passive Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 5% Australasian equities 100% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Controversial weaponsTobaccoRussian assets Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer NZ Shares Passive Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer NZ Shares Passive Fund: 0.36% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/mercer/nz-shares-passive/is-it-expensive/ > Mercer NZ Shares Passive Fund charges 0.36% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer NZ Shares Passive Fund expensive? Mercer NZ Shares Passive Fund charges 0.36% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 80% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer NZ Shares Passive Fund NZ$179 at 0.36% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-316 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Mercer NZ Shares Passive Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer NZ Shares Passive Fund Simplicity NZ Share Fund Simplicity 0.10% −0.26pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.16pp Harbour NZ Index Shares Fund Harbour 0.21% −0.15pp BetaShares Australia 200 Fund BetaShares 0.23% −0.13pp Kernel NZ 20 Fund Kernel 0.25% −0.11pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.11pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.11pp Kernel Australia 100 Fund Kernel 0.25% −0.11pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer NZ Shares Passive Fund? Mercer NZ Shares Passive Fund charges 0.36% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer NZ Shares Passive Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Mercer NZ Shares Passive Fund sits at 0.36% — cheaper than 80% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.36% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$179. That is NZ$316 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer NZ Shares Passive Fund --- ## URL: https://managedfunds.nz/funds/mercer/nz-shares-passive/markdown.md # Mercer NZ Shares Passive Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer NZ Shares Passive Fund is a australasian equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a return that closely matches the return of the S&P/NZX 50 Index (on a gross basis and including imputation credits). Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/dcd7c9103da7b8c6/Mercer-Investment-Funds-PDS-NZ-and-Australian-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 0.36% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.02% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$41 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 27 November 2017 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 16.54% 2. Auckland International Airport Limited — 10.18% 3. Infratil Limited — 8.77% 4. Contact Energy Limited — 6.63% 5. The A2 Milk Company Limited — 6.31% 6. Meridian Energy Limited — 5.39% 7. Mainfreight Limited — 3.60% 8. EBOS Group Limited — 3.44% 9. Mercury NZ Limtied — 3.27% 10. Chorus Limited — 3.07% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 30 bps / 30 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 5% | | Australasian equities | 100% | 95% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20NZ%20Shares%20Passive%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND8205/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/nz-shares-passive/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/nz-shares-passive/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/nz-shares-passive/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer NZ Shares Passive Fund URL: https://managedfunds.nz/funds/mercer/nz-shares-passive/questions/ > 3 commonly-asked questions about the Mercer NZ Shares Passive Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, australasian equities category. Questions about Mercer NZ Shares Passive Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer NZ Shares Passive Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do passive funds have fees? Yes, passive funds charge fees to cover administration and index tracking costs. The Mercer NZ Shares Passive Fund charges an annual fund charge of 0.36% p.a., which is materially lower than the peer-cohort average of 0.95% p.a. for this category. 2. How much do passive funds cost? Passive fund fees vary by fund and manager. The Mercer NZ Shares Passive Fund has an annual fund charge of 0.36% p.a., which sits well below the typical peer-cohort average of 0.95% p.a. Check the Product Disclosure Statement or FMA Disclose register for fees on other funds you are comparing. 3. Is a 7% return realistic? Past returns are not a reliable indicator of future returns. The Mercer NZ Shares Passive Fund returned 0.02% p.a. after fees (before tax) over the last five years as at the latest Quarterly Fund Update, reflecting the actual performance of NZ shares during that period. Check the FMA Disclose register for the fund's full performance history and PDS for risk information. Primary sources Product Disclosure Statement More about this fund Mercer NZ Shares Passive Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Responsible Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/responsible-balanced/investment-mandate/ > The Mercer Responsible Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 15 asset classes plus 9 explicit exclusions. Verbatim from the SIPO. What can the Mercer Responsible Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 4% 0% 20% New Zealand fixed interest 10% — — International fixed interest - Overseas sovereign bonds 11% — — International fixed interest - Global Credit 10% — — Private Debt 0% 0% 10% Other fixed interest 5% — — Total fixed interest 36% 21% 51% Total income assets 40% 30% 60% Listed Infrastructure 2% — — Unlisted Infrastructure 3% — — Unlisted property 3% — — Total real assets 8% 2% 20% Australasian equities 13% 3% 23% International equities 39% 29% 49% Total growth assets 60% 40% 70% Mandate flexibility (sum of max − min across all ranges): 178%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (9) Controversial weapons (cluster munitions, anti-personnel landmines, biological/chemical/nuclear weapons manufacturers; automatic/semi-automatic civilian firearms)Tobacco (production, nicotine alternatives, tobacco-based products; >50% revenue from tobacco distribution/wholesale/retail/services)Russian assets (sanctioned entities, Russian-incorporated shares, Russian sovereign bonds, Russian currency, Russian private markets assets)Coal, oil or gas (GICS sub-industries: Oil & Gas Drilling, Equipment & Services, Integrated Oil & Gas, Exploration & Production, Thermal Coal; companies with >15% revenue from extraction and proved/probable reserves)Adult entertainment (>10% revenue)Alcohol (>10% revenue)Gambling (>10% revenue)Depleted uranium (involvement in development or production of depleted uranium ammunition/armour)Sustainable Global Credit additional: Nuclear weapons, Depleted uranium, Tobacco (>10% revenue from distribution/wholesale/retail/services), Cannabis (>10% revenue), Saudi Arabia, Adult entertainment (>10% revenue), Alcohol (>10% revenue), Gambling (>10% revenue), Live animal exports (>10% revenue), Animal fur production (>5% revenue), Thermal coal mining (>5% revenue), Oil sands production (>5% revenue), Fossil fuels (>15% revenue from exploration/extraction or primary GICS sub-industry) Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Responsible Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Responsible Balanced Fund: 1.25% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/mercer/responsible-balanced/is-it-expensive/ > Mercer Responsible Balanced Fund charges 1.25% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Responsible Balanced Fund expensive? Mercer Responsible Balanced Fund charges 1.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 75% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Responsible Balanced Fund NZ$610 at 1.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$124 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Mercer Responsible Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Responsible Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.00pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.00pp Simplicity Growth Investment Fund Simplicity 0.25% −1.00pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.00pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.00pp Kernel Conservative Fund Kernel 0.25% −1.00pp Kernel Balanced Fund Kernel 0.25% −1.00pp Kernel High Growth Fund Kernel 0.25% −1.00pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Responsible Balanced Fund? Mercer Responsible Balanced Fund charges 1.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Responsible Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Mercer Responsible Balanced Fund sits at 1.25% — pricier than the median (cheaper than 25% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$610. That is NZ$124 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Responsible Balanced Fund --- ## URL: https://managedfunds.nz/funds/mercer/responsible-balanced/markdown.md # Mercer Responsible Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Responsible Balanced Fund is a diversified managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > The Fund aims to achieve a rate of return (after fees) that exceeds CPI increases by at least 2.5% per annum after tax and 3.5% before tax over a minimum of eight years and to outperform, over periods of one year or greater, the weighted average return of the market indices used to measure performance of the underlying funds/assets in which the fund invests. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf ## Fund data - **Annual fund charge:** 1.25% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.52% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$28 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 11 August 2009 ## Top 10 holdings 1. Nvidia Corporation — 2.19% 2. Fisher & Paykel Healthcare Corporation Limited — 2.06% 3. Apple Inc. — 2.00% 4. Infratil Limited — 1.33% 5. Microsoft Corporation — 1.30% 6. Auckland International Airport Limited — 1.15% 7. New Zealand Government Bond 0.25% maturing 15/05/2028 — 1.12% 8. New Zealand Government Bond 3.00% maturing 20/04/2029 — 1.09% 9. New Zealand Government Bond 3.50% maturing 14/04/2033 — 1.05% 10. New Zealand Government Bond 1.50% maturing 15/05/2031 — 1.03% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 11 bps / 11 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 4% | 0% | 20% | | New Zealand fixed interest | 10% | — | — | | International fixed interest - Overseas sovereign bonds | 11% | — | — | | International fixed interest - Global Credit | 10% | — | — | | Private Debt | 0% | 0% | 10% | | Other fixed interest | 5% | — | — | | Total fixed interest | 36% | 21% | 51% | | Total income assets | 40% | 30% | 60% | | Listed Infrastructure | 2% | — | — | | Unlisted Infrastructure | 3% | — | — | | Unlisted property | 3% | — | — | | Total real assets | 8% | 2% | 20% | | Australasian equities | 13% | 3% | 23% | | International equities | 39% | 29% | 49% | | Total growth assets | 60% | 40% | 70% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons (cluster munitions, anti-personnel landmines, biological/chemical/nuclear weapons manufacturers; automatic/semi-automatic civilian firearms) - Tobacco (production, nicotine alternatives, tobacco-based products; >50% revenue from tobacco distribution/wholesale/retail/services) - Russian assets (sanctioned entities, Russian-incorporated shares, Russian sovereign bonds, Russian currency, Russian private markets assets) - Coal, oil or gas (GICS sub-industries: Oil & Gas Drilling, Equipment & Services, Integrated Oil & Gas, Exploration & Production, Thermal Coal; companies with >15% revenue from extraction and proved/probable reserves) - Adult entertainment (>10% revenue) - Alcohol (>10% revenue) - Gambling (>10% revenue) - Depleted uranium (involvement in development or production of depleted uranium ammunition/armour) - Sustainable Global Credit additional: Nuclear weapons, Depleted uranium, Tobacco (>10% revenue from distribution/wholesale/retail/services), Cannabis (>10% revenue), Saudi Arabia, Adult entertainment (>10% revenue), Alcohol (>10% revenue), Gambling (>10% revenue), Live animal exports (>10% revenue), Animal fur production (>5% revenue), Thermal coal mining (>5% revenue), Oil sands production (>5% revenue), Fossil fuels (>15% revenue from exploration/extraction or primary GICS sub-industry) Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Responsible%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND101/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/responsible-balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/responsible-balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/responsible-balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Responsible Balanced Fund URL: https://managedfunds.nz/funds/mercer/responsible-balanced/questions/ > 3 commonly-asked questions about the Mercer Responsible Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, diversified category. Questions about Mercer Responsible Balanced Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Responsible Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a good fund? The Mercer Responsible Balanced Fund is a diversified fund with a risk indicator of 4/7 on the FMA standardised scale, meaning it sits in the mid-to-higher risk range and holds approximately 52% growth assets and 48% income assets. The fund returned 3.52% p.a. after fees over five years (as at the latest QFU), and charges an annual fund charge of 1.25% p.a. Whether it suits your circumstances depends on your risk tolerance, time horizon, and investment goals — check the current Product Disclosure Statement and consider seeking personalised financial advice. 2. Is Mercer a good superannuation fund? The Mercer Responsible Balanced Fund is a managed fund, not a superannuation or KiwiSaver scheme product. If you are looking for superannuation or KiwiSaver investment options, you will need to check whether your superannuation scheme or your KiwiSaver scheme account provider offers this fund as an investment choice, or compare products through the FMC or IRD regulators' resources. 3. What is the best performing Mercer fund? This page covers the Mercer Responsible Balanced Fund only. To compare performance across all Mercer managed funds or other fund managers, visit the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ to review standardised performance and fee data across funds. Primary sources Product Disclosure Statement More about this fund Mercer Responsible Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Responsible Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/responsible-global-shares/investment-mandate/ > The Mercer Responsible Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 8 explicit exclusions. Verbatim from the SIPO. What can the Mercer Responsible Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (8) Controversial weaponsTobaccoRussian assetsCoal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves)Adult entertainment (>10% revenue)Alcohol (>10% revenue)Gambling (>10% revenue)Depleted uranium (involvement in development or production) Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Responsible Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Responsible Global Shares Fund: 1.69% fee vs 0.61% peer… URL: https://managedfunds.nz/funds/mercer/responsible-global-shares/is-it-expensive/ > Mercer Responsible Global Shares Fund charges 1.69% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Responsible Global Shares Fund expensive? Mercer Responsible Global Shares Fund charges 1.69% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 93% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Responsible Global Shares Fund NZ$817 at 1.69% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$516 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Mercer Responsible Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Responsible Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.66pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.66pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.63pp Foundation Series Total World Fund Foundation Series 0.07% −1.62pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.62pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.59pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.54pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.54pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Responsible Global Shares Fund? Mercer Responsible Global Shares Fund charges 1.69% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Responsible Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Mercer Responsible Global Shares Fund sits at 1.69% — pricier than the median (cheaper than 7% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.69% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$817. That is NZ$516 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Responsible Global Shares Fund --- ## URL: https://managedfunds.nz/funds/mercer/responsible-global-shares/markdown.md # Mercer Responsible Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Responsible Global Shares Fund is a international equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To outperform the MSCI World Index with net dividends reinvested (50% hedged to NZD on an after-tax basis) on a rolling five-year basis. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/adc09afd972e1c97/Mercer-Investment-Funds-PDS-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 1.69% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 9.26% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$13 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 November 2007 ## Top 10 holdings 1. Nvidia Corporation — 5.29% 2. Apple Inc. — 4.90% 3. Microsoft Corporation — 3.08% 4. Alphabet Inc Class A — 2.53% 5. Amazon.Com Inc — 2.39% 6. Broadcom Corporation — 1.68% 7. Meta Platforms Inc — 1.63% 8. Alphabet Inc Class C — 1.27% 9. Tesla Inc — 0.99% 10. Lilly (Eli) & Co — 0.97% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 13 bps / 11 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets - Coal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves) - Adult entertainment (>10% revenue) - Alcohol (>10% revenue) - Gambling (>10% revenue) - Depleted uranium (involvement in development or production) Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Responsible%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND87/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/responsible-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/responsible-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/responsible-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Responsible Global Shares Fund URL: https://managedfunds.nz/funds/mercer/responsible-global-shares/questions/ > 2 commonly-asked questions about the Mercer Responsible Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, international equities category. Questions about Mercer Responsible Global Shares Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Mercer Responsible Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a good fund? The Mercer Responsible Global Shares Fund returned 9.26% p.a. after fees (before tax) over the 5-year period to its latest quarterly fund update, with a risk indicator of 5/7 on the FMA standardised scale. Whether this fund suits your circumstances depends on your investment timeline, risk tolerance, and financial goals—check the current product disclosure statement on the manager's website or via FMA Disclose for full details. 2. Are global equity funds a good investment? Global equity funds expose investors to share-market movements across multiple countries and typically carry moderate-to-high volatility. The Mercer Responsible Global Shares Fund holds ~98.31% growth assets and carries a risk indicator of 5/7; investors should understand that equity returns fluctuate and depend on market conditions, time horizon, and diversification. See the FMA's investor guidance on risk profiles at https://disclose-register.companiesoffice.govt.nz/ for more information on how to assess suitability. Primary sources Product Disclosure Statement More about this fund Mercer Responsible Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Responsible Hedged Global Fixed Interest Index Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/investment-mandate/ > The Mercer Responsible Hedged Global Fixed Interest Index Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 9 explicit exclusions. Verbatim from the SIPO. What can the Mercer Responsible Hedged Global Fixed Interest Index Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 5% International fixed interest 100% 95% 100% Mandate flexibility (sum of max − min across all ranges): 10%. Narrow range — index-tracking style with limited drift. Explicit exclusions (9) Controversial weaponsTobaccoRussian assetsCoal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves)Adult entertainment (>10% revenue)Alcohol (>10% revenue)Gambling (>10% revenue)Depleted uranium (involvement in development or production)Fossil fuels (as per Bloomberg MSCI Global Aggregate SRI Select ex-Fossil Fuels Index methodology) Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Responsible Hedged Global Fixed Interest Index Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Responsible Hedged Global Fixed Interest Index Fund: 0.… URL: https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/is-it-expensive/ > Mercer Responsible Hedged Global Fixed Interest Index Fund charges 0.43% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Responsible Hedged Global Fixed Interest Index Fund expensive? Mercer Responsible Hedged Global Fixed Interest Index Fund charges 0.43% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 73% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Responsible Hedged Global Fixed Interest Index Fund NZ$213 at 0.43% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-132 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Mercer Responsible Hedged Global Fixed Interest Index Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Responsible Hedged Global Fixed Interest Index Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.28pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.18pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.15pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.13pp Kernel US Bond Fund Kernel 0.30% −0.13pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.11pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.11pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.09pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Responsible Hedged Global Fixed Interest Index Fund? Mercer Responsible Hedged Global Fixed Interest Index Fund charges 0.43% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Responsible Hedged Global Fixed Interest Index Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Mercer Responsible Hedged Global Fixed Interest Index Fund sits at 0.43% — cheaper than 73% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.43% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$213. That is NZ$132 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Responsible Hedged Global Fixed Interest Index Fund --- ## URL: https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/markdown.md # Mercer Responsible Hedged Global Fixed Interest Index Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Responsible Hedged Global Fixed Interest Index Fund is a international fi managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a return that closely matches the return of the Bloomberg MSCI Global Aggregate SRI Select ex-Fossil Fuels Index (100% hedged to NZD on an after-tax basis). Source: Product Disclosure Statement dated 2026-03-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/462ada1097bbdfe4/Mercer-Investment-Funds-PDS-Cash-and-Fixed-Interest-Funds.pdf ## Fund data - **Annual fund charge:** 0.43% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.48% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$382 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 27 November 2017 ## Top 10 holdings 1. IShares MBS ETF — 11.99% 2. United States Treasury Bond 3.875% 30/11/2027 — 0.56% 3. United States Treasury Bond 3.625% 31/03/2028 — 0.55% 4. United States Treasury Bond 2.875% 15/08/2028 — 0.54% 5. United States Treasury Bond 0.375% 30/09/2027 — 0.52% 6. United States Treasury Bond 4.375% 15/07/2027 — 0.51% 7. United States Treasury Bond 2.750% 31/07/2027 — 0.50% 8. United States Treasury Bond 2.625% 15/05/2027 — 0.50% 9. United States Treasury Bond 4.375% 30/11/2028 — 0.47% 10. United States Treasury Bond 4.500% 30/09/2028 — 0.47% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** semi-annually - **Buy / sell spread:** 8 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 5% | | International fixed interest | 100% | 95% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets - Coal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves) - Adult entertainment (>10% revenue) - Alcohol (>10% revenue) - Gambling (>10% revenue) - Depleted uranium (involvement in development or production) - Fossil fuels (as per Bloomberg MSCI Global Aggregate SRI Select ex-Fossil Fuels Index methodology) Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Responsible%20Hedged%20Global%20Fixed%20Interest%20Index%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND8206/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Responsible Hedged Global Fixed Interest Index Fund URL: https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/questions/ > 3 commonly-asked questions about the Mercer Responsible Hedged Global Fixed Interest Index Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, international fi category. Questions about Mercer Responsible Hedged Global Fixed Interest Index Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Responsible Hedged Global Fixed Interest Index Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a fund manager? Yes. Mercer is a global professional-services firm that manages investment funds, including the Mercer Responsible Hedged Global Fixed Interest Index Fund covered here. You can verify Mercer's fund management details and current product information on their New Zealand website at mercer.com/en-nz or via the FMA Disclose register. 2. Is Mercer a NZ company? Mercer is a multinational professional-services firm with a New Zealand presence and fund-management operations here. For details on Mercer's corporate structure and local operations, see mercer.com/en-nz. 3. What is the best performing Mercer fund? Historical performance varies across Mercer's fund range and changes over time. For this specific fund, the 5-year return after fees and before tax was 0.48% p.a. as at the latest QFU. To compare returns across all Mercer funds or other managers, check the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Primary sources Product Disclosure Statement More about this fund Mercer Responsible Hedged Global Fixed Interest Index Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Mercer Responsible Trans-Tasman Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/investment-mandate/ > The Mercer Responsible Trans-Tasman Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 8 explicit exclusions. Verbatim from the SIPO. What can the Mercer Responsible Trans-Tasman Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 75% 100% Mandate flexibility (sum of max − min across all ranges): 35%. Narrow range — index-tracking style with limited drift. Explicit exclusions (8) Controversial weaponsTobaccoRussian assetsCoal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves)Adult entertainment (>10% revenue)Alcohol (>10% revenue)Gambling (>10% revenue)Depleted uranium (involvement in development or production) Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. Statement of Investment Policy and Objectives Related Mercer Responsible Trans-Tasman Shares Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mercer Responsible Trans-Tasman Shares Fund: 1.06% fee vs 1.01… URL: https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/is-it-expensive/ > Mercer Responsible Trans-Tasman Shares Fund charges 1.06% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mercer Responsible Trans-Tasman Shares Fund expensive? Mercer Responsible Trans-Tasman Shares Fund charges 1.06% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 59% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mercer Responsible Trans-Tasman Shares Fund NZ$519 at 1.06% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$24 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Mercer Responsible Trans-Tasman Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mercer Responsible Trans-Tasman Shares Fund Simplicity NZ Share Fund Simplicity 0.10% −0.96pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.86pp Harbour NZ Index Shares Fund Harbour 0.21% −0.85pp BetaShares Australia 200 Fund BetaShares 0.23% −0.83pp Kernel NZ 20 Fund Kernel 0.25% −0.81pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.81pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.81pp Kernel Australia 100 Fund Kernel 0.25% −0.81pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mercer Responsible Trans-Tasman Shares Fund? Mercer Responsible Trans-Tasman Shares Fund charges 1.06% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mercer Responsible Trans-Tasman Shares Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Mercer Responsible Trans-Tasman Shares Fund sits at 1.06% — pricier than the median (cheaper than 41% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.06% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$519. That is NZ$24 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mercer Responsible Trans-Tasman Shares Fund --- ## URL: https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/markdown.md # Mercer Responsible Trans-Tasman Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mercer (Mercer (N.Z.) Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mercer Responsible Trans-Tasman Shares Fund is a australasian equities managed fund run by Mercer. Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Investment objective (from PDS) > To provide a Gross Return above the return of the S&P/NZX 50 Index (on a gross basis and including imputation credits) over a rolling three-year period. Source: Product Disclosure Statement dated 2026-03-19 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/dcd7c9103da7b8c6/Mercer-Investment-Funds-PDS-NZ-and-Australian-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 1.06% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.01% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$32 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 12 December 2012 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 16.29% 2. Infratil Limited — 10.52% 3. Auckland International Airport Limited — 8.80% 4. Contact Energy Limited — 7.11% 5. The A2 Milk Company Limited — 6.62% 6. Meridian Energy Limited — 5.22% 7. Mainfreight Limited — 5.01% 8. EBOS Group Limited — 4.15% 9. Summerset Group Holdings Limited — 3.13% 10. Spark New Zealand Limited — 3.05% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 28 bps / 28 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 75% | 100% | ### Responsible-investment approach Mercer applies a Sustainable Investment Policy incorporating four techniques: ESG integration, stewardship (engagement and proxy voting), exclusions (rules-based screens covering controversial weapons, tobacco, Russian assets, and additional responsible/sustainable criteria for labelled funds), and investment in sustainability themes. Funds labelled 'Responsible' have additional exclusions criteria applied and are certified by the Responsible Investment Association of Australasia (RIAA). ### Derivatives policy Funds (including underlying managers) may use derivatives to protect against unfavourable price changes, enhance returns as a cost-effective alternative to purchasing physical assets, implement fund investment objectives, and manage currency exposure. Derivatives related to each asset class are permitted provided the total market value exposure remains within permitted asset allocation ranges. ### Exclusions - Controversial weapons - Tobacco - Russian assets - Coal, oil or gas (GICS sub-industries or >15% revenue from extraction with proved/probable reserves) - Adult entertainment (>10% revenue) - Alcohol (>10% revenue) - Gambling (>10% revenue) - Depleted uranium (involvement in development or production) Source: Statement of Investment Policy and Objectives dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/6f52e4cc3e99890f/Mercer-Investment-Funds-SIPO-23-March-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services) - **Conflicts of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from OMI) - Mercer and/or a related party may be acting as manager, consultant and/or product manufacturer to each other and to clients and customers simultaneously, creating inherent conflicts of interest. - As a local entity offering a range of financial products and services and as part of a global organisation, Mercer may from time to time have interests which conflict with the interests of its clients and customers. - Conflicts may also arise between one client or customer and another client or customer of Mercer. - Mercer must resolve conflicts in favour of clients/beneficiaries where conflicts arise between clients/beneficiaries and Mercer or Mercer Colleagues. - The Conflicts Officer is responsible for assessing and managing conflicts, but if the CRCO, CLC or Conflicts Officer are themselves conflicted, the matter must be escalated to the Chair of the Mercer Board. - Mercer has a process with the Supervisor for identifying, notifying and certifying or obtaining consent for related party transactions as required by the FMC Act. ### Related-party transactions - **Mercer (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Support services in respect of corporate functions and fund services administration not otherwise provided by MNZ · A fee is paid by MNZ to MAPL (amount not specified) - **Mercer Investments (Australia) Limited** (Related entity within Marsh McLennan group) — Services associated with the management and investment in respect of certain assets of the MNZ funds · A fee is paid by MNZ to MIAL (amount not specified) - **Mercer Consulting (Australia) Pty Limited** (Related entity within Marsh McLennan group) — Investment consulting services to MNZ · A fee is paid by MNZ to MCAPL (amount not specified) - **Mercer Global Investments Europe Limited** (Related entity within Marsh McLennan group) — Investment management, sales and distribution and other support services to MNZ · A fee is paid by MNZ to MGIE (amount not specified) - **Marsh & McLennan Innovation Centre Limited** (Related entity within Marsh McLennan group) — Technology in respect of technology and marketing to MNZ · A fee is paid by MNZ to MMICL (amount not specified) Source: Other Material Information document dated 2026-03-22. https://smartinvestor.sorted.org.nz/disclose-document/a49039cda441ced1/Mercer-Investment-Funds-OMI-23-March-2026.pdf ## How to invest Available via: Mercer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer%20Responsible%20Trans-Tasman%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/b720706a04231454/Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10307/OFR10322/FND94/ - **Manager website:** https://www.mercer.com/en-nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mercer Responsible Trans-Tasman Shares Fund URL: https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/questions/ > 3 commonly-asked questions about the Mercer Responsible Trans-Tasman Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Mercer, australasian equities category. Questions about Mercer Responsible Trans-Tasman Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mercer Responsible Trans-Tasman Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Mercer a NZ company? Mercer is a global professional-services and investment-management firm. The Mercer Responsible Trans-Tasman Shares Fund is managed by Mercer's New Zealand operations and is available to invest in via InvestNow and Mercer directly. 2. What is the best performing Mercer fund? Performance varies by fund and market conditions. For the Mercer Responsible Trans-Tasman Shares Fund specifically, the 5-year return after fees and before tax was 0.01% p.a. as at the latest QFU. Check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for detailed performance data across all Mercer funds. 3. Which ESG fund is best? The Mercer Responsible Trans-Tasman Shares Fund applies responsible-investment and ESG screens as documented in its Statement of Investment Policy and Objectives (SIPO). Funds in this category differ in their ESG frameworks and holdings; compare specific screening criteria and holdings via each fund's PDS and FMA Disclose data. Primary sources Product Disclosure Statement More about this fund Mercer Responsible Trans-Tasman Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Milford Active Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/active-growth/investment-mandate/ > The Milford Active Growth Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Active Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 6% -10% 70% New Zealand Fixed Interest 2% 0% 70% International Fixed Interest 14% -10% 50% Australasian Equities 30% 10% 90% International Equities 48% 0% 70% Listed Property 0% 0% 20% Unlisted Property 0% 0% 15% Commodities 0% -10% 10% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 455%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Active Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Active Growth Fund: 1.05% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/milford/active-growth/is-it-expensive/ > Milford Active Growth Fund charges 1.05% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Active Growth Fund expensive? Milford Active Growth Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Active Growth Fund NZ$514 at 1.05% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$29 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Milford Active Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Active Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.80pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.80pp Simplicity Growth Investment Fund Simplicity 0.25% −0.80pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.80pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.80pp Kernel Conservative Fund Kernel 0.25% −0.80pp Kernel Balanced Fund Kernel 0.25% −0.80pp Kernel High Growth Fund Kernel 0.25% −0.80pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Active Growth Fund? Milford Active Growth Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Active Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Milford Active Growth Fund sits at 1.05% — pricier than the median (cheaper than 39% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$29 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Active Growth Fund --- ## URL: https://managedfunds.nz/funds/milford/active-growth/markdown.md # Milford Active Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Active Growth Fund is a diversified managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To provide annual returns of 10% over the minimum recommended investment timeframe. A diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.79% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$5.98 billion - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 1 October 2007 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. New Zealand Government 4.5% 15/05/2035 — 3.43% 2. SSE Plc — 2.82% 3. National Grid Plc — 2.46% 4. NatWest Group Plc — 2.41% 5. Aramark Corporation — 2.32% 6. Contact Energy Ltd — 1.94% 7. NZD Cash Current Account (HSBC) — 1.90% 8. New Zealand Government 0.25% 15/05/2028 — 1.79% 9. Taiwan Semiconductor Manufacturing Co., Ltd. — 1.79% 10. CRH Plc — 1.76% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.20% > 15% of returns above 10% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.95% of average NAV. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 6% | -10% | 70% | | New Zealand Fixed Interest | 2% | 0% | 70% | | International Fixed Interest | 14% | -10% | 50% | | Australasian Equities | 30% | 10% | 90% | | International Equities | 48% | 0% | 70% | | Listed Property | 0% | 0% | 20% | | Unlisted Property | 0% | 0% | 15% | | Commodities | 0% | -10% | 10% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Active%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND753/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/active-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/active-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/active-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Active Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/active-growth/performance-fee-explained/ > The Milford Active Growth Fund charges a performance fee in addition to its annual fund charge; it paid 0.20% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Active Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.20% of NAV Annual fund charge (on top) 1.05% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of returns above 10% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.95% of average NAV. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Active Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Active Growth Fund URL: https://managedfunds.nz/funds/milford/active-growth/questions/ > 4 commonly-asked questions about the Milford Active Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, diversified category. Questions about Milford Active Growth Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Active Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Milford Active Growth fund good? Whether Milford Active Growth Fund suits your circumstances depends on your investment goals, time horizon, and risk tolerance. The fund returned 6.79% p.a. after fees over the 5 years to the latest FMA Disclose reporting date; you can compare this against peer funds and your own objectives via the FMA Disclose register and the fund's Product Disclosure Statement. 2. What are the downsides of growth funds? Growth funds typically carry higher volatility than conservative funds because they hold a larger allocation to shares and other growth assets. Milford Active Growth Fund holds approximately 78.34% in growth assets, which means its value may fluctuate more significantly in the short term; it carries a risk indicator of 4 out of 7 on the FMA standardised scale. Consider your investment timeframe and capacity to withstand short-term losses before investing. 3. Is it good to invest in a growth fund? Growth funds can be appropriate for investors with longer time horizons who can tolerate short-term volatility, as growth assets have historically delivered higher returns over extended periods. However, suitability depends entirely on your personal circumstances, goals, and risk tolerance—you should review the fund's Product Disclosure Statement and consider seeking financial advice tailored to your situation. 4. How much are Milford fees? Milford Active Growth Fund has an annual fund charge of 1.05% p.a., which is below the peer-cohort average of 1.23% p.a. as recorded in the latest FMA Disclose reporting. The fund is structured as a PIE, so your personal tax on returns is capped at your prescribed investor rate (maximum 28%) under the PIE regime. Primary sources Product Disclosure Statement More about this fund Milford Active Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Active Growth Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/active-growth/who-audits/ > The Milford Active Growth Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Active Growth Fund? PricewaterhouseCoopers (PwC) The Milford Active Growth Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Active Growth Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Aggressive Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/aggressive/investment-mandate/ > The Milford Aggressive Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Aggressive Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% -10% 30% New Zealand Fixed Interest 0% -10% 30% International Fixed Interest 0% -10% 30% Australasian Equities 25% 0% 50% International Equities 70% 50% 100% Listed Property 0% -10% 20% Unlisted Property 0% 0% 10% Commodities 0% -10% 10% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 320%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Aggressive Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Aggressive Fund: 1.15% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/milford/aggressive/is-it-expensive/ > Milford Aggressive Fund charges 1.15% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Aggressive Fund expensive? Milford Aggressive Fund charges 1.15% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Aggressive Fund NZ$562 at 1.15% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$77 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Milford Aggressive Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Aggressive Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.90pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.90pp Simplicity Growth Investment Fund Simplicity 0.25% −0.90pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.90pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.90pp Kernel Conservative Fund Kernel 0.25% −0.90pp Kernel Balanced Fund Kernel 0.25% −0.90pp Kernel High Growth Fund Kernel 0.25% −0.90pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Aggressive Fund? Milford Aggressive Fund charges 1.15% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Aggressive Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Milford Aggressive Fund sits at 1.15% — pricier than the median (cheaper than 37% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.15% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$562. That is NZ$77 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Aggressive Fund --- ## URL: https://managedfunds.nz/funds/milford/aggressive/markdown.md # Milford Aggressive Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Aggressive Fund is a diversified managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To maximise capital growth over the minimum recommended investment timeframe. Primarily invests in international equities, with a moderate allocation to Australasian equities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.15% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$3.69 billion - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 June 2021 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. USD Cash Current Account (HSBC) — 7.09% 2. NVIDIA Corporation — 3.20% 3. Microsoft Corporation — 2.96% 4. Amazon.Com, Inc. — 2.94% 5. Shell Plc — 2.65% 6. Apple Inc. — 2.28% 7. NZD Cash Call Account (BNZ Bank) — 2.16% 8. NZD Cash Current Account (HSBC) — 2.09% 9. AUD Cash Current Account (HSBC) — 2.04% 10. Alphabet Inc. — 1.85% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > The Aggressive Fund has invested in a related Milford Private Equity Fund that provides a profit share to a related Milford entity (similar to a performance fee). Modelling indicates this amount could result in an estimated fee ranging from 0% to 0.03%. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | -10% | 30% | | New Zealand Fixed Interest | 0% | -10% | 30% | | International Fixed Interest | 0% | -10% | 30% | | Australasian Equities | 25% | 0% | 50% | | International Equities | 70% | 50% | 100% | | Listed Property | 0% | -10% | 20% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | -10% | 10% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Aggressive%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND23786/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/aggressive/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/aggressive/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/aggressive/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Aggressive Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/aggressive/performance-fee-explained/ > The Milford Aggressive Fund charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Aggressive Fund charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 1.15% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement The Aggressive Fund has invested in a related Milford Private Equity Fund that provides a profit share to a related Milford entity (similar to a performance fee). Modelling indicates this amount could result in an estimated fee ranging from 0% to 0.03%. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Aggressive Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Aggressive Fund URL: https://managedfunds.nz/funds/milford/aggressive/questions/ > 2 commonly-asked questions about the Milford Aggressive Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, diversified category. Questions about Milford Aggressive Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Milford Aggressive Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is Milford's aggressive fund? Milford Aggressive Fund is a diversified growth fund with approximately 98.31% invested in growth assets and 1.69% in income assets, positioned at risk indicator 5/7 on the FMA standardised scale. The fund is structured as a PIE, meaning investor tax is capped at your prescribed investor rate (maximum 28%). 2. How safe are Milford investments? Milford Aggressive Fund carries a risk indicator of 5/7 under the FMA standardised framework, reflecting moderate-to-high volatility typical of growth-focused portfolios. Safety depends on your investment timeframe and ability to tolerate short-term losses; the FMA Disclose register and current Product Disclosure Statement provide full risk disclosure at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Milford Aggressive Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Aggressive Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/aggressive/who-audits/ > The Milford Aggressive Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Aggressive Fund? PricewaterhouseCoopers (PwC) The Milford Aggressive Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Aggressive Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Australian Absolute Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/australian-absolute-growth/investment-mandate/ > The Milford Australian Absolute Growth Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Australian Absolute Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 7.5% -10% 100% New Zealand Fixed Interest 10% 0% 30% International Fixed Interest 0% 0% 30% Australasian Equities 77.5% 0% 100% International Equities 5% 0% 30% Listed Property 0% 0% 50% Unlisted Property 0% 0% 10% Commodities 0% 0% 10% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 410%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Australian Absolute Growth Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Australian Absolute Growth Fund: 1.05% fee vs 1.01% pe… URL: https://managedfunds.nz/funds/milford/australian-absolute-growth/is-it-expensive/ > Milford Australian Absolute Growth Fund charges 1.05% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Australian Absolute Growth Fund expensive? Milford Australian Absolute Growth Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Australian Absolute Growth Fund NZ$514 at 1.05% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$19 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Milford Australian Absolute Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Australian Absolute Growth Fund Simplicity NZ Share Fund Simplicity 0.10% −0.95pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.85pp Harbour NZ Index Shares Fund Harbour 0.21% −0.84pp BetaShares Australia 200 Fund BetaShares 0.23% −0.82pp Kernel NZ 20 Fund Kernel 0.25% −0.80pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.80pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.80pp Kernel Australia 100 Fund Kernel 0.25% −0.80pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Australian Absolute Growth Fund? Milford Australian Absolute Growth Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Australian Absolute Growth Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Milford Australian Absolute Growth Fund sits at 1.05% — pricier than the median (cheaper than 46% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$19 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Australian Absolute Growth Fund --- ## URL: https://managedfunds.nz/funds/milford/australian-absolute-growth/markdown.md # Milford Australian Absolute Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Australian Absolute Growth Fund is a australasian equities managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > Targets an absolute return with an annualised return objective of 5% above the New Zealand Official Cash Rate while seeking to protect capital over rolling three year periods. A diversified fund that primarily invests in Australasian equities, complemented by selective exposure to international equities and cash. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.63% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$174 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 1 March 2018 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. USD Cash Current Account (HSBC) — 9.39% 2. AUD Cash Current Account (HSBC) — 8.68% 3. BHP Group Ltd — 5.18% 4. NZD Cash Current Account (HSBC) — 3.92% 5. Commonwealth Bank Of Australia — 3.86% 6. Westpac Banking Corporation — 2.77% 7. Woodside Energy Group Ltd — 2.51% 8. Santos Ltd — 2.47% 9. National Australia Bank Ltd — 2.20% 10. Sigma Healthcare Ltd — 2.15% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.25% > 15% of returns above OCR plus 5% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.95% of average NAV. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 7.5% | -10% | 100% | | New Zealand Fixed Interest | 10% | 0% | 30% | | International Fixed Interest | 0% | 0% | 30% | | Australasian Equities | 77.5% | 0% | 100% | | International Equities | 5% | 0% | 30% | | Listed Property | 0% | 0% | 50% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | 0% | 10% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Australian%20Absolute%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND9239/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/australian-absolute-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/australian-absolute-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/australian-absolute-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Australian Absolute Growth Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/australian-absolute-growth/performance-fee-explained/ > The Milford Australian Absolute Growth Fund charges a performance fee in addition to its annual fund charge; it paid 0.25% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Australian Absolute Growth Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.25% of NAV Annual fund charge (on top) 1.05% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of returns above OCR plus 5% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.95% of average NAV. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Australian Absolute Growth Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Australian Absolute Growth Fund URL: https://managedfunds.nz/funds/milford/australian-absolute-growth/questions/ > 3 commonly-asked questions about the Milford Australian Absolute Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, australasian equities category. Questions about Milford Australian Absolute Growth Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Milford Australian Absolute Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are absolute return funds worth it? Absolute return funds aim to generate positive returns regardless of market conditions, which differs from relative-return strategies that benchmark against an index. The value depends on your investment goals, risk tolerance, and time horizon; review the fund's PDS and historical performance data on FMA Disclose to assess whether its approach aligns with your objectives. 2. What are the downsides of growth funds? Growth funds typically carry higher volatility and potential for larger short-term losses because they hold more equity exposure; this fund has a Risk Indicator of 4/7 on the FMA standardised scale. They also require a longer investment horizon to smooth out market cycles, and are generally less suitable if you need access to capital in the near term. 3. Where can I get 10% return on my money? No fund can guarantee a specific return; the Milford Australian Absolute Growth Fund delivered 5.63% p.a. after fees and before tax over the last 5 years based on FMA Disclose data. Higher returns typically come with higher risk, so compare historical performance and risk indicators across funds on FMA Disclose to identify options that match your risk tolerance. Primary sources Product Disclosure Statement More about this fund Milford Australian Absolute Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Australian Absolute Growth Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/australian-absolute-growth/who-audits/ > The Milford Australian Absolute Growth Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Australian Absolute Growth Fund? PricewaterhouseCoopers (PwC) The Milford Australian Absolute Growth Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Australian Absolute Growth Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/balanced/investment-mandate/ > The Milford Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 8% -10% 75% New Zealand Fixed Interest 6% 0% 65% International Fixed Interest 25% 0% 40% Australasian Equities 24% 0% 40% International Equities 30% 0% 50% Listed Property 7% 0% 20% Unlisted Property 0% 0% 7% Commodities 0% -10% 10% Other 0% -10% 10% Mandate flexibility (sum of max − min across all ranges): 347%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Balanced Fund: 1.05% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/milford/balanced/is-it-expensive/ > Milford Balanced Fund charges 1.05% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Balanced Fund expensive? Milford Balanced Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Balanced Fund NZ$514 at 1.05% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$29 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Milford Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.80pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.80pp Simplicity Growth Investment Fund Simplicity 0.25% −0.80pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.80pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.80pp Kernel Conservative Fund Kernel 0.25% −0.80pp Kernel Balanced Fund Kernel 0.25% −0.80pp Kernel High Growth Fund Kernel 0.25% −0.80pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Balanced Fund? Milford Balanced Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Milford Balanced Fund sits at 1.05% — pricier than the median (cheaper than 39% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$29 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Balanced Fund --- ## URL: https://managedfunds.nz/funds/milford/balanced/markdown.md # Milford Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Balanced Fund is a diversified managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To provide capital growth over the minimum recommended investment timeframe. A diversified fund that primarily invests in equities, with a significant allocation to fixed interest securities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.74% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2.52 billion - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 1 April 2010 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. NZD Cash Current Account (HSBC) — 2.57% 2. USD Cash Current Account (HSBC) — 2.29% 3. New Zealand Government 4.5% 15/05/2035 — 2.09% 4. AUD Cash Current Account (HSBC) — 1.53% 5. SSE Plc — 1.30% 6. Contact Energy Ltd — 1.22% 7. National Grid Plc — 1.21% 8. Microsoft Corporation — 1.18% 9. NZD Cash Call Account (BNZ Bank) — 1.09% 10. NatWest Group Plc — 1.06% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.02% > Balanced does not directly charge a performance fee, but it may invest in related Milford funds that have performance fees. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 8% | -10% | 75% | | New Zealand Fixed Interest | 6% | 0% | 65% | | International Fixed Interest | 25% | 0% | 40% | | Australasian Equities | 24% | 0% | 40% | | International Equities | 30% | 0% | 50% | | Listed Property | 7% | 0% | 20% | | Unlisted Property | 0% | 0% | 7% | | Commodities | 0% | -10% | 10% | | Other | 0% | -10% | 10% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND513/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Balanced Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/balanced/performance-fee-explained/ > The Milford Balanced Fund charges a performance fee in addition to its annual fund charge; it paid 0.02% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Balanced Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.02% of NAV Annual fund charge (on top) 1.05% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement Balanced does not directly charge a performance fee, but it may invest in related Milford funds that have performance fees. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Balanced Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Balanced Fund URL: https://managedfunds.nz/funds/milford/balanced/questions/ > 4 commonly-asked questions about the Milford Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, diversified category. Questions about Milford Balanced Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are balanced funds good for retirees? Balanced funds blend growth and income assets to suit investors seeking both capital appreciation and regular returns; however, suitability for any individual depends on personal circumstances, time horizon, and risk tolerance. Milford Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets as at the latest QFU. Prospective investors should review the Product Disclosure Statement and consider seeking personalised financial advice. 2. Is a balanced fund a good investment? Balanced funds aim to provide diversification across asset classes to manage risk and return; whether this approach suits your needs depends on your financial goals and risk tolerance. Milford Balanced Fund carries a risk indicator of 4/7 on the FMA standardised scale and achieved a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. Refer to the PDS and FMA Disclose register for full performance and risk details. 3. How safe are Milford investments? Fund safety depends on the fund's investment approach, underlying assets, and the manager's governance—not on the manager's brand or history. Milford Balanced Fund is classified as a diversified fund with a risk indicator of 4/7 (moderate-to-high risk) and holds a mix of cash, bonds, and growth assets. Full details on the fund's custodian, fund governance, and asset holdings are available on the FMA Disclose register and the manager's website at https://milfordasset.com. 4. What is the average return on a balanced fund? Returns vary significantly by fund, market conditions, and time period; there is no single "average" across the category. Milford Balanced Fund delivered a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. For comparison with other balanced funds, see our fund comparison tool and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Milford Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Balanced Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/balanced/who-audits/ > The Milford Balanced Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Balanced Fund? PricewaterhouseCoopers (PwC) The Milford Balanced Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Balanced Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Conservative Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/conservative/investment-mandate/ > The Milford Conservative Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Conservative Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 7% -10% 100% New Zealand Fixed Interest 25% 0% 100% International Fixed Interest 50% 0% 100% Australasian Equities 4% 0% 25% International Equities 9% 0% 25% Listed Property 5% 0% 25% Unlisted Property 0% 0% 10% Commodities 0% -2% 2% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 439%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Conservative Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Conservative Fund: 0.85% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/milford/conservative/is-it-expensive/ > Milford Conservative Fund charges 0.85% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Conservative Fund expensive? Milford Conservative Fund charges 0.85% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 66% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Conservative Fund NZ$418 at 0.85% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-67 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Milford Conservative Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Conservative Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.60pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.60pp Simplicity Growth Investment Fund Simplicity 0.25% −0.60pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.60pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.60pp Kernel Conservative Fund Kernel 0.25% −0.60pp Kernel Balanced Fund Kernel 0.25% −0.60pp Kernel High Growth Fund Kernel 0.25% −0.60pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Conservative Fund? Milford Conservative Fund charges 0.85% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Conservative Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Milford Conservative Fund sits at 0.85% — cheaper than 66% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.85% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$418. That is NZ$67 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Conservative Fund --- ## URL: https://managedfunds.nz/funds/milford/conservative/markdown.md # Milford Conservative Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Conservative Fund is a diversified managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To provide moderate returns and protect capital over the minimum recommended investment timeframe. A diversified fund that primarily invests in fixed interest securities, with a moderate allocation to equities. While conservative in nature, the Fund may experience short term negative returns, particularly in times of heightened volatility. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 0.85% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.50% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$939 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 1 September 2015 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. New Zealand Government 4.5% 15/05/2035 — 4.33% 2. NZD Cash Current Account (HSBC) — 2.97% 3. New Zealand Government 2.5% 20/09/2035 — 2.77% 4. New Zealand Local Government Funding Agency Ltd 3.5% 14/04/2033 — 2.32% 5. New Zealand Government 1.5% 15/05/2031 — 1.62% 6. NZD Cash Call Account (Bank of China) — 1.32% 7. USD Cash Current Account (HSBC) — 1.21% 8. New Zealand Government 3.5% 14/04/2033 — 1.18% 9. New Zealand Local Government Funding Agency Ltd 2.25% 15/05/2031 — 1.08% 10. Westpac Banking Corporation 6.085% 12/02/2041 — 1.07% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 7% | -10% | 100% | | New Zealand Fixed Interest | 25% | 0% | 100% | | International Fixed Interest | 50% | 0% | 100% | | Australasian Equities | 4% | 0% | 25% | | International Equities | 9% | 0% | 25% | | Listed Property | 5% | 0% | 25% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | -2% | 2% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Conservative%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND752/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/conservative/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/conservative/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/conservative/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Milford Conservative Fund URL: https://managedfunds.nz/funds/milford/conservative/questions/ > 4 commonly-asked questions about the Milford Conservative Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, diversified category. Questions about Milford Conservative Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Conservative Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a conservative fund good for retirement? A conservative fund's suitability for retirement depends on individual circumstances including time horizon, income needs, and risk tolerance. Milford Conservative Fund holds approximately 77.28% income assets and 22.72% growth assets, a composition typically designed to prioritise capital preservation and regular income over capital growth; check the current Product Disclosure Statement and consider seeking personal financial advice aligned with your retirement goals. 2. What are the risks of a conservative fund? Conservative funds carry risks including interest-rate risk (affecting bond valuations), credit risk (issuer default), inflation risk (purchasing power erosion in a low-return environment), and liquidity risk. Milford Conservative Fund has a risk indicator of 3/7 on the FMA standardised scale; the full range of risks is detailed in the Product Disclosure Statement on the manager's website. 3. Is conservative fund good for KiwiSaver? Whether a conservative fund suits your KiwiSaver scheme account depends on factors including your age, withdrawal timeline, and risk tolerance. Milford Conservative Fund is available through InvestNow and directly from Milford, both of which can hold KiwiSaver balances; check your KiwiSaver scheme's investment menu and the fund's Product Disclosure Statement to confirm eligibility and alignment with your goals. 4. Should I switch to conservative fund? The decision to switch to a conservative fund is personal and depends on your financial circumstances, investment timeline, and objectives. Before switching, review the current Product Disclosure Statement, compare the annual fund charge of 0.85% p.a. against alternatives using the FMA Disclose Register, and consider tax implications; personal financial advice may assist your decision. Primary sources Product Disclosure Statement More about this fund Milford Conservative Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ANZ Investments OneAnswer Conservative Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Conservative Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/conservative/who-audits/ > The Milford Conservative Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Conservative Fund? PricewaterhouseCoopers (PwC) The Milford Conservative Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Conservative Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Diversified Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/diversified-income/investment-mandate/ > The Milford Diversified Income Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Diversified Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% -10% 60% New Zealand Fixed Interest 10% 0% 80% International Fixed Interest 45% 0% 80% Australasian Equities 16% 0% 50% International Equities 5.5% 0% 30% Listed Property 18.5% 0% 30% Unlisted Property 0% 0% 10% Commodities 0% -2% 2% Other 0% -10% 10% Mandate flexibility (sum of max − min across all ranges): 374%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Diversified Income Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Diversified Income Fund: 0.65% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/milford/diversified-income/is-it-expensive/ > Milford Diversified Income Fund charges 0.65% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Diversified Income Fund expensive? Milford Diversified Income Fund charges 0.65% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 80% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Diversified Income Fund NZ$321 at 0.65% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-164 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Milford Diversified Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Diversified Income Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.40pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.40pp Simplicity Growth Investment Fund Simplicity 0.25% −0.40pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.40pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.40pp Kernel Conservative Fund Kernel 0.25% −0.40pp Kernel Balanced Fund Kernel 0.25% −0.40pp Kernel High Growth Fund Kernel 0.25% −0.40pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Diversified Income Fund? Milford Diversified Income Fund charges 0.65% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Diversified Income Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Milford Diversified Income Fund sits at 0.65% — cheaper than 80% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.65% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$321. That is NZ$164 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Diversified Income Fund --- ## URL: https://managedfunds.nz/funds/milford/diversified-income/markdown.md # Milford Diversified Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Diversified Income Fund is a diversified managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To provide income and capital growth over the minimum recommended investment timeframe. A diversified fund that primarily invests in fixed interest and equity income-generating securities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 0.65% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.75% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$3.50 billion - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 1 April 2010 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. New Zealand Government 4.5% 15/05/2035 — 2.42% 2. New Zealand Government 3.5% 14/04/2033 — 2.06% 3. New Zealand Government 2.5% 20/09/2035 — 2.04% 4. NZD Cash Call Account (BNZ Bank) — 1.92% 5. Australian Government 2% 21/08/2035 — 1.60% 6. New Zealand Local Government Funding Agency Ltd 3.5% 14/04/2033 — 1.48% 7. AUD Cash Current Account (HSBC) — 1.45% 8. Contact Energy Ltd — 1.29% 9. ASB Bank Ltd 4.1% 02/09/2030 — 1.08% 10. New Zealand Government 4.25% 15/05/2036 — 1.06% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.20% > 10% of returns above the Official Cash Rate (OCR) plus 2.5% hurdle rate, subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.85% of average NAV. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | -10% | 60% | | New Zealand Fixed Interest | 10% | 0% | 80% | | International Fixed Interest | 45% | 0% | 80% | | Australasian Equities | 16% | 0% | 50% | | International Equities | 5.5% | 0% | 30% | | Listed Property | 18.5% | 0% | 30% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | -2% | 2% | | Other | 0% | -10% | 10% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Diversified%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND515/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/diversified-income/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/diversified-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/diversified-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Diversified Income Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/diversified-income/performance-fee-explained/ > The Milford Diversified Income Fund charges a performance fee in addition to its annual fund charge; it paid 0.20% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Diversified Income Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.20% of NAV Annual fund charge (on top) 0.65% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of returns above the Official Cash Rate (OCR) plus 2.5% hurdle rate, subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.85% of average NAV. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Diversified Income Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Diversified Income Fund URL: https://managedfunds.nz/funds/milford/diversified-income/questions/ > 4 commonly-asked questions about the Milford Diversified Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, diversified category. Questions about Milford Diversified Income Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Diversified Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a diversified income fund? A diversified income fund spreads investment across multiple asset types—typically bonds, shares, and cash—to generate regular income while managing risk through variety. Milford Diversified Income Fund holds approximately 77.28% income assets and 22.72% growth assets, allowing exposure to both steady income streams and capital appreciation potential. 2. Is an income fund a good investment? Whether an income fund suits your circumstances depends on your financial goals, time horizon, and risk tolerance. The Milford Diversified Income Fund is rated 3/7 on the FMC standardised risk scale and delivered 3.75% p.a. after fees over five years; review the Product Disclosure Statement and the FMA Disclose register to assess whether this fund's characteristics align with your needs. 3. What are diversified income funds? Diversified income funds invest across multiple asset classes—such as government bonds, corporate debt, shares, and cash—to generate income from interest, dividends, and distributions. They typically carry moderate risk and suit investors seeking a blend of regular income and some capital growth, as opposed to funds focused solely on one asset class. 4. How safe are Milford investments? Safety in managed funds depends on the fund's investment strategy, asset composition, and risk rating. Milford Diversified Income Fund is rated 3/7 on the FMC standardised risk scale (mid-range); view the current Product Disclosure Statement and FMA Disclose register entry at https://disclose-register.companiesoffice.govt.nz/ for detailed risk disclosure, asset holdings, and fund performance data. Primary sources Product Disclosure Statement More about this fund Milford Diversified Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Diversified Income Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/diversified-income/who-audits/ > The Milford Diversified Income Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Diversified Income Fund? PricewaterhouseCoopers (PwC) The Milford Diversified Income Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Diversified Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Global Corporate Bond Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/global-corporate-bond/investment-mandate/ > The Milford Global Corporate Bond Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Global Corporate Bond Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% -10% 50% New Zealand Fixed Interest 0% 0% 20% International Fixed Interest 95% 30% 100% Australasian Equities 0% 0% 10% International Equities 0% 0% 10% Listed Property 0% 0% 10% Unlisted Property 0% 0% 10% Commodities 0% 0% 0% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 230%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Global Corporate Bond Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Global Corporate Bond Fund: 0.85% fee vs 0.70% peer me… URL: https://managedfunds.nz/funds/milford/global-corporate-bond/is-it-expensive/ > Milford Global Corporate Bond Fund charges 0.85% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Global Corporate Bond Fund expensive? Milford Global Corporate Bond Fund charges 0.85% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 73% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Global Corporate Bond Fund NZ$418 at 0.85% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$73 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Milford Global Corporate Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Global Corporate Bond Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.70pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.60pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.57pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.55pp Kernel US Bond Fund Kernel 0.30% −0.55pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.53pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.53pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.51pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Global Corporate Bond Fund? Milford Global Corporate Bond Fund charges 0.85% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Global Corporate Bond Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Milford Global Corporate Bond Fund sits at 0.85% — pricier than the median (cheaper than 27% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.85% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$418. That is NZ$73 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Global Corporate Bond Fund --- ## URL: https://managedfunds.nz/funds/milford/global-corporate-bond/markdown.md # Milford Global Corporate Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Global Corporate Bond Fund is a international fi managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To protect capital and generate a positive NZD hedged return that exceeds the relevant benchmark over the minimum recommended investment timeframe. Primarily invests in global corporate fixed interest securities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 0.85% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.26% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$407 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 1 February 2017 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Goodman US Finance Six Llc 5.125% 07/10/2034 — 4.38% 2. Bank Of America Corporation 5.872% 15/09/2034 — 3.85% 3. T-Mobile USA Inc 2.55% 15/02/2031 — 3.54% 4. Barclays Plc Float 14/05/2029 — 3.01% 5. Permanent TSB Group Holding Ltd 3.875% 22/12/2035 — 2.93% 6. T-Mobile USA Inc 3.625% 19/02/2035 — 2.90% 7. Morgan Stanley 5.32% 19/07/2035 — 2.84% 8. Verizon Communications Inc. 4.75% 15/01/2033 — 2.60% 9. Citigroup Inc. 5.174% 11/09/2036 — 2.57% 10. Commonwealth Bank Of Australia 3.788% 26/08/2037 — 2.49% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | -10% | 50% | | New Zealand Fixed Interest | 0% | 0% | 20% | | International Fixed Interest | 95% | 30% | 100% | | Australasian Equities | 0% | 0% | 10% | | International Equities | 0% | 0% | 10% | | Listed Property | 0% | 0% | 10% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | 0% | 0% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Global%20Corporate%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND9241/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/global-corporate-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/global-corporate-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/global-corporate-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Milford Global Corporate Bond Fund URL: https://managedfunds.nz/funds/milford/global-corporate-bond/questions/ > 3 commonly-asked questions about the Milford Global Corporate Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, international fi category. Questions about Milford Global Corporate Bond Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Milford Global Corporate Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the average return on a bond fund? Returns vary by fund type, strategy, and market conditions. The Milford Global Corporate Bond Fund delivered 1.26% p.a. after fees and before tax over the 5-year period to the latest QFU; check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for comparable returns across other funds in this category. 2. What is the downside of bond funds? Bond funds carry interest-rate risk (when rates rise, bond values typically fall), credit risk (if issuers default or are downgraded), and inflation risk (fixed returns may lose purchasing power). The Milford Global Corporate Bond Fund has a risk indicator of 3 out of 7 on the FMA standardised scale; read the Product Disclosure Statement for full details on these risks. 3. Are corporate bond funds a good investment now? Whether a corporate bond fund suits your circumstances depends on your financial goals, time horizon, and risk tolerance—this is a personal decision. The Milford Global Corporate Bond Fund is structured as a PIE with investor tax capped at your chosen PIR (maximum 28%), and holds corporate bonds from issuers including Goodman US Finance, Bank of America, and T-Mobile USA; review the PDS and FMA Disclose register to assess whether its strategy and costs align with your objectives. Primary sources Product Disclosure Statement More about this fund Milford Global Corporate Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Global Corporate Bond Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/global-corporate-bond/who-audits/ > The Milford Global Corporate Bond Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Global Corporate Bond Fund? PricewaterhouseCoopers (PwC) The Milford Global Corporate Bond Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Global Corporate Bond Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Global Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/global-equity/investment-mandate/ > The Milford Global Equity Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Global Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% -10% 30% New Zealand Fixed Interest 0% -5% 25% International Fixed Interest 0% -5% 25% Australasian Equities 0% 0% 20% International Equities 95% 80% 110% Listed Property 0% -10% 20% Unlisted Property 0% 0% 10% Commodities 0% -10% 10% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 250%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Global Equity Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Global Equity Fund: 1.35% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/milford/global-equity/is-it-expensive/ > Milford Global Equity Fund charges 1.35% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Global Equity Fund expensive? Milford Global Equity Fund charges 1.35% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 88% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Global Equity Fund NZ$657 at 1.35% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$356 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Milford Global Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Global Equity Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.32pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.32pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.29pp Foundation Series Total World Fund Foundation Series 0.07% −1.28pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.28pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.25pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.20pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.20pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Global Equity Fund? Milford Global Equity Fund charges 1.35% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Global Equity Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Milford Global Equity Fund sits at 1.35% — pricier than the median (cheaper than 12% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.35% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$657. That is NZ$356 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Global Equity Fund --- ## URL: https://managedfunds.nz/funds/milford/global-equity/markdown.md # Milford Global Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Global Equity Fund is a international equities managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To provide capital growth by out-performing the relevant share market index over the minimum recommended investment timeframe. Primarily invests in international equities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.35% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.29% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2.26 billion - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 12 April 2013 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. USD Cash Current Account (HSBC) — 7.65% 2. NVIDIA Corporation — 4.70% 3. Apple Inc. — 3.93% 4. AUD Cash Current Account (HSBC) — 3.92% 5. Microsoft Corporation — 3.70% 6. Amazon.Com, Inc. — 3.42% 7. Alphabet Inc. — 3.15% 8. Shell Plc — 3.05% 9. Meta Platforms, Inc. — 2.21% 10. Taiwan Semiconductor Manufacturing Co., Ltd. — 2.04% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > 15% of returns above MSCI World Index with net dividends reinvested (50% NZD-hedged), subject to high water mark (the Fund's net asset value per unit used in the calculation of the last performance fee paid on the performance payment review dates), with a performance fee cap of 1.65% of average NAV. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | -10% | 30% | | New Zealand Fixed Interest | 0% | -5% | 25% | | International Fixed Interest | 0% | -5% | 25% | | Australasian Equities | 0% | 0% | 20% | | International Equities | 95% | 80% | 110% | | Listed Property | 0% | -10% | 20% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | -10% | 10% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Global%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND755/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/global-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/global-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/global-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Global Equity Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/global-equity/performance-fee-explained/ > The Milford Global Equity Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Global Equity Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 1.35% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of returns above MSCI World Index with net dividends reinvested (50% NZD-hedged), subject to high water mark (the Fund's net asset value per unit used in the calculation of the last performance fee paid on the performance payment review dates), with a performance fee cap of 1.65% of average NAV. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Global Equity Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Global Equity Fund URL: https://managedfunds.nz/funds/milford/global-equity/questions/ > 4 commonly-asked questions about the Milford Global Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, international equities category. Questions about Milford Global Equity Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Global Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Global equity funds provide exposure to international companies across multiple markets and sectors. Whether this suits your investment goals and risk tolerance depends on your personal circumstances; review the fund's risk indicator (5/7 on the FMA standardised scale), asset mix (~98.31% growth assets), and 5-year return (6.29% p.a. after fees, before tax) against your own objectives, and consult the Product Disclosure Statement. 2. Is it good to invest in global funds? Global funds offer geographic diversification beyond New Zealand markets. The suitability depends on your investment timeframe, risk appetite, and financial goals; this fund's risk indicator is 5/7, and it has delivered 6.29% p.a. after fees over five years as at the latest QFU. Check the current PDS and consider seeking financial advice for your circumstances. 3. Is Milford a good investment? Milford Global Equity Fund is a PIE-registered fund with NZ$2,260,116,515.04 in assets as at the latest QFU, an annual fund charge of 1.35% p.a., and a 5-year return of 6.29% p.a. after fees, before tax. Whether it aligns with your investment goals requires reviewing the full Product Disclosure Statement and considering your individual circumstances. 4. How safe are Milford investments? This fund has a risk indicator of 5/7 on the FMA standardised scale, reflecting moderate-to-high volatility typical of growth-oriented global equity portfolios. The standardised risk indicator is a relative measure; for detail on what this means for your investment, review the Product Disclosure Statement on the Milford website or FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Milford Global Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Global Equity Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/global-equity/who-audits/ > The Milford Global Equity Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Global Equity Fund? PricewaterhouseCoopers (PwC) The Milford Global Equity Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Global Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Trans-Tasman Bond Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/trans-tasman-bond/investment-mandate/ > The Milford Trans-Tasman Bond Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Trans-Tasman Bond Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 3% -10% 50% New Zealand Fixed Interest 48.5% 20% 80% International Fixed Interest 48.5% 20% 80% Australasian Equities 0% 0% 10% International Equities 0% 0% 10% Listed Property 0% 0% 10% Unlisted Property 0% 0% 10% Commodities 0% 0% 0% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 260%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Trans-Tasman Bond Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Trans-Tasman Bond Fund: 0.65% fee vs 0.63% peer median URL: https://managedfunds.nz/funds/milford/trans-tasman-bond/is-it-expensive/ > Milford Trans-Tasman Bond Fund charges 0.65% p.a. vs the nz fixed interest peer-class median of 0.63%. 7 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Trans-Tasman Bond Fund expensive? Milford Trans-Tasman Bond Fund charges 0.65% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Trans-Tasman Bond Fund NZ$321 at 0.65% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$12 over 5 years on NZ$10K. 7 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Milford Trans-Tasman Bond Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Trans-Tasman Bond Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.55pp Kernel NZ Bond Fund Kernel 0.40% −0.25pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.19pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.18pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.16pp Smart NZ Bond ETF Smartshares 0.54% −0.11pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.05pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Trans-Tasman Bond Fund? Milford Trans-Tasman Bond Fund charges 0.65% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Trans-Tasman Bond Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Milford Trans-Tasman Bond Fund sits at 0.65% — pricier than the median (cheaper than 46% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.65% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$321. That is NZ$12 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Trans-Tasman Bond Fund --- ## URL: https://managedfunds.nz/funds/milford/trans-tasman-bond/markdown.md # Milford Trans-Tasman Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Trans-Tasman Bond Fund is a nz fixed interest managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To generate a positive, low volatility return that exceeds the relevant benchmark over the minimum recommended investment timeframe. Primarily invests in trans-Tasman fixed interest securities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 0.65% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.66% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2.14 billion - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 2 December 2013 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. New Zealand Local Government Funding Agency Ltd 3.5% 14/04/2033 — 5.03% 2. Housing New Zealand Ltd 2.183% 24/04/2030 — 2.61% 3. Housing New Zealand Ltd 3.42% 18/10/2028 — 2.39% 4. New Zealand Local Government Funding Agency Ltd 4.5% 15/05/2030 — 2.36% 5. New Zealand Local Government Funding Agency Ltd 2.25% 15/05/2031 — 2.33% 6. Westpac Banking Corporation 5.141% 12/02/2031 — 2.26% 7. CPPIB Capital Inc. 4.75% 15/01/2031 — 2.23% 8. DBS Bank Ltd 5.065% 13/02/2031 — 2.14% 9. Banque Fédérative du Crédit Mutuel 4.99% 06/01/2031 — 2.12% 10. Bank of New Zealand 4.354% 28/01/2031 — 1.97% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 3% | -10% | 50% | | New Zealand Fixed Interest | 48.5% | 20% | 80% | | International Fixed Interest | 48.5% | 20% | 80% | | Australasian Equities | 0% | 0% | 10% | | International Equities | 0% | 0% | 10% | | Listed Property | 0% | 0% | 10% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | 0% | 0% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Trans-Tasman%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND9240/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/trans-tasman-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/trans-tasman-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/trans-tasman-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Milford Trans-Tasman Bond Fund URL: https://managedfunds.nz/funds/milford/trans-tasman-bond/questions/ > 4 commonly-asked questions about the Milford Trans-Tasman Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, nz fixed interest category. Questions about Milford Trans-Tasman Bond Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Trans-Tasman Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe are Milford investments? The Milford Trans-Tasman Bond Fund carries a Risk Indicator of 3/7 on the FMA standardised scale, reflecting moderate risk appropriate to a portfolio of ~99.87% income assets and ~0.13% growth assets. All managed funds carry investment risk; you should read the Product Disclosure Statement on the Milford website or via your provider to understand the specific risks. 2. Is Milford a pie fund? Yes, the Milford Trans-Tasman Bond Fund is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at your nominated PIR (Personal Income Rate), with a maximum of 28%. This tax treatment may be more efficient than direct bond ownership for some investors; see the IRD website for details on PIE taxation. 3. What is the downside of bond funds? Bond funds carry interest-rate risk (bond values typically fall when interest rates rise), credit risk (if the issuer defaults), and in this fund's case, exposure to trans-Tasman debt markets. The Milford Trans-Tasman Bond Fund's 5-year return after fees, before tax, was 1.66% p.a. as at the latest QFU; past returns do not indicate future performance. 4. Do bonds have transaction fees? Bonds themselves may incur transaction costs when bought or sold in secondary markets, though these vary by bond type and market. For the Milford Trans-Tasman Bond Fund, the ongoing Annual Fund Charge is 0.65% p.a.; check the PDS for any entry or exit fees, which may apply depending on how you invest. Primary sources Product Disclosure Statement More about this fund Milford Trans-Tasman Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Trans-Tasman Bond Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/trans-tasman-bond/who-audits/ > The Milford Trans-Tasman Bond Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Trans-Tasman Bond Fund? PricewaterhouseCoopers (PwC) The Milford Trans-Tasman Bond Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Trans-Tasman Bond Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Milford Trans-Tasman Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/milford/trans-tasman-equity/investment-mandate/ > The Milford Trans-Tasman Equity Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the Milford Trans-Tasman Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% -10% 30% New Zealand Fixed Interest 0% 0% 30% International Fixed Interest 0% 0% 30% Australasian Equities 95% 70% 110% International Equities 0% 0% 10% Listed Property 0% -10% 20% Unlisted Property 0% 0% 10% Commodities 0% 0% 0% Other 0% -20% 20% Mandate flexibility (sum of max − min across all ranges): 230%. Wide range — high manager discretion typical of active management. Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Statement of Investment Policy and Objectives Related Milford Trans-Tasman Equity Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Milford Trans-Tasman Equity Fund: 1.05% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/milford/trans-tasman-equity/is-it-expensive/ > Milford Trans-Tasman Equity Fund charges 1.05% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Milford Trans-Tasman Equity Fund expensive? Milford Trans-Tasman Equity Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Milford Trans-Tasman Equity Fund NZ$514 at 1.05% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$19 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Milford Trans-Tasman Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Milford Trans-Tasman Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −0.95pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.85pp Harbour NZ Index Shares Fund Harbour 0.21% −0.84pp BetaShares Australia 200 Fund BetaShares 0.23% −0.82pp Kernel NZ 20 Fund Kernel 0.25% −0.80pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.80pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.80pp Kernel Australia 100 Fund Kernel 0.25% −0.80pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Milford Trans-Tasman Equity Fund? Milford Trans-Tasman Equity Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Milford Trans-Tasman Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Milford Trans-Tasman Equity Fund sits at 1.05% — pricier than the median (cheaper than 46% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$19 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Milford Trans-Tasman Equity Fund --- ## URL: https://managedfunds.nz/funds/milford/trans-tasman-equity/markdown.md # Milford Trans-Tasman Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Trans-Tasman Equity Fund is a australasian equities managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To provide capital growth by out-performing a mix of two relevant share market indices over the minimum recommended investment timeframe. Primarily invests in Australasian equities with the ability to invest in international equities opportunistically. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.93% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$848 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 October 2007 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Ltd — 7.66% 2. BHP Group Ltd — 5.56% 3. Infratil Ltd — 4.99% 4. Commonwealth Bank Of Australia — 4.65% 5. AUD Cash Current Account (HSBC) — 3.99% 6. Auckland International Airport Ltd — 3.74% 7. The a2 Milk Company Ltd — 3.68% 8. Contact Energy Ltd — 2.94% 9. Westpac Banking Corporation — 2.56% 10. Meridian Energy Ltd — 1.99% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.00% > 15% of returns above a mix of 50% S&P/ASX 200 Total Return Index (100% NZD-hedged) and 50% S&P/NZX 50 Gross Index, subject to high water mark (the Fund's net asset value per unit used in the calculation of the last performance fee paid on the performance payment review dates), with a performance fee cap of 1.45% of average NAV. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | -10% | 30% | | New Zealand Fixed Interest | 0% | 0% | 30% | | International Fixed Interest | 0% | 0% | 30% | | Australasian Equities | 95% | 70% | 110% | | International Equities | 0% | 0% | 10% | | Listed Property | 0% | -10% | 20% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | 0% | 0% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Trans-Tasman%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND754/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/trans-tasman-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/trans-tasman-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/trans-tasman-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Milford Trans-Tasman Equity Fund charge a performance fee? URL: https://managedfunds.nz/funds/milford/trans-tasman-equity/performance-fee-explained/ > The Milford Trans-Tasman Equity Fund charges a performance fee in addition to its annual fund charge; it paid 0.00% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Milford Trans-Tasman Equity Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.00% of NAV Annual fund charge (on top) 1.05% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of returns above a mix of 50% S&P/ASX 200 Total Return Index (100% NZD-hedged) and 50% S&P/NZX 50 Gross Index, subject to high water mark (the Fund's net asset value per unit used in the calculation of the last performance fee paid on the performance payment review dates), with a performance fee cap of 1.45% of average NAV. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Milford Trans-Tasman Equity Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Milford Trans-Tasman Equity Fund URL: https://managedfunds.nz/funds/milford/trans-tasman-equity/questions/ > 4 commonly-asked questions about the Milford Trans-Tasman Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Milford, australasian equities category. Questions about Milford Trans-Tasman Equity Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Milford Trans-Tasman Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe are Milford investments? The Milford Trans-Tasman Equity Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, reflecting moderate-to-high risk typical of growth-focused equity funds with ~98.31% invested in growth assets. Safety in equity investing depends on your time horizon and ability to tolerate short-term price movements; check the current Product Disclosure Statement on the Milford website or FMA Disclose register for full risk details. 2. Is Milford a good KiwiSaver? The Milford Trans-Tasman Equity Fund is not a KiwiSaver scheme product; it is a standalone managed fund available through InvestNow and Milford directly. Some KiwiSaver scheme providers may offer similar Australasian equities options—check your scheme's investment menu or contact your provider for KiwiSaver® account investment choices. 3. Is an equity fund good? Equity funds like this one carry higher risk (4/7) but historically higher long-term return potential than conservative investments; suitability depends on your investment timeframe, goals, and personal risk tolerance. The Milford Trans-Tasman Equity Fund returned 2.93% p.a. after fees over the past 5 years based on FMA Disclose data—review the current PDS and fund performance history to assess fit for your circumstances. 4. Who owns Milford funds? See the manager's ownership and corporate structure on the Milford Asset Management website at https://milfordasset.com or in the fund's current Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund Milford Trans-Tasman Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Milford Trans-Tasman Equity Fund? — PricewaterhouseCoopers (PwC) URL: https://managedfunds.nz/funds/milford/trans-tasman-equity/who-audits/ > The Milford Trans-Tasman Equity Fund is audited by PricewaterhouseCoopers (PwC), per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Milford Trans-Tasman Equity Fund? PricewaterhouseCoopers (PwC) The Milford Trans-Tasman Equity Fund sits within a managed investment scheme run by Milford. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) HSBC Bank Australia Limited (ABN 48 006 434 162) Related Milford Trans-Tasman Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Mint Australasian Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mint/australasian-equity/investment-mandate/ > The Mint Australasian Equity Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Mint Australasian Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Equities — 0% 100% Australian Equities — 0% 100% Cash and Cash Equivalents 5% 0% 100% Mandate flexibility (sum of max − min across all ranges): 300%. Wide range — high manager discretion typical of active management. Explicit exclusions (1) See RI Policy for applicable exclusions Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. Statement of Investment Policy and Objectives Related Mint Australasian Equity Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mint Australasian Equity Fund: 1.18% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/mint/australasian-equity/is-it-expensive/ > Mint Australasian Equity Fund charges 1.18% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mint Australasian Equity Fund expensive? Mint Australasian Equity Fund charges 1.18% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mint Australasian Equity Fund NZ$576 at 1.18% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$81 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Mint Australasian Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mint Australasian Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −1.08pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.98pp Harbour NZ Index Shares Fund Harbour 0.21% −0.97pp BetaShares Australia 200 Fund BetaShares 0.23% −0.95pp Kernel NZ 20 Fund Kernel 0.25% −0.93pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.93pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.93pp Kernel Australia 100 Fund Kernel 0.25% −0.93pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mint Australasian Equity Fund? Mint Australasian Equity Fund charges 1.18% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mint Australasian Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Mint Australasian Equity Fund sits at 1.18% — pricier than the median (cheaper than 23% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.18% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$576. That is NZ$81 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mint Australasian Equity Fund --- ## URL: https://managedfunds.nz/funds/mint/australasian-equity/markdown.md # Mint Australasian Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mint (Mint Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mint Australasian Equity Fund is a australasian equities managed fund run by Mint. Active manager offering Australasian equities, property, diversified and SRI strategies. ## Investment objective (from PDS) > This is a single asset class Fund, which typically invests in New Zealand and Australian listed equities. The Fund has an investment objective of outperforming the S&P/NZX50 Gross Index after fees and expenses, over the medium to long term. Source: Product Disclosure Statement dated 2026-05-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf ## Fund data - **Annual fund charge:** 1.18% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.30% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$199 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 February 2007 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 17.65% 2. Infratil Ltd — 12.63% 3. Auckland International Airport Ltd — 8.54% 4. Meridian Energy Limited — 7.58% 5. Ebos Group Ltd — 6.50% 6. Contact Energy Ltd — 6.04% 7. Mainfreight Ltd — 5.21% 8. Summerset Group Holdings Ltd — 4.57% 9. A2 Milk Company Ltd — 3.56% 10. Telix Pharmaceuticals Ltd — 3.27% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Equities | — | 0% | 100% | | Australian Equities | — | 0% | 100% | | Cash and Cash Equivalents | 5% | 0% | 100% | ### Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. ### Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. ### Exclusions - See RI Policy for applicable exclusions Source: Statement of Investment Policy and Objectives dated 2026-05-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo883a22bb3013d335245eb5ca17178b03/Mint-Statementof-Investment-Policy-Objectives-March-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Mint Nominees Limited Source: Other Material Information document dated 2025-03-24. https://smartinvestor.sorted.org.nz/disclose-document/mdo4ff4b696f15a298538558389ddb3b265/MINTOMI-March-2025.pdf ## How to invest Available via: Mint directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mint%20Australasian%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10787/OFR10827/FND900/ - **Manager website:** https://mintasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mint/australasian-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/mint/australasian-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mint/australasian-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mint Australasian Equity Fund URL: https://managedfunds.nz/funds/mint/australasian-equity/questions/ > 2 commonly-asked questions about the Mint Australasian Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Mint, australasian equities category. Questions about Mint Australasian Equity Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Mint Australasian Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are equity funds good? Equity funds allow investors to hold a diversified basket of shares in a single investment, spreading risk across multiple companies. The Mint Australasian Equity Fund holds approximately 98.31% growth assets, which means its value depends on share-price movements rather than income; investors should review the FMA standardised risk indicator (5/7 for this fund) and their own risk tolerance before investing. See the PDS and FMA Disclose register for detailed fund information. 2. Where can I get 10% return on my money? No investment can guarantee a specific return. The Mint Australasian Equity Fund reported a 5-year return after fees and before tax of 0.24% p.a. as at the latest QFU—past performance does not indicate future returns. Investors should review the PDS and FMA Disclose data to understand the risks and historical performance of any fund before deciding whether it matches their financial goals. Primary sources Product Disclosure Statement More about this fund Mint Australasian Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Mint Australasian Equity Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/mint/australasian-equity/who-audits/ > The Mint Australasian Equity Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Mint Australasian Equity Fund? PricewaterhouseCoopers The Mint Australasian Equity Fund sits within a managed investment scheme run by Mint. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Mint Nominees Limited Related Mint Australasian Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Mint Australasian Property Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mint/australasian-property/investment-mandate/ > The Mint Australasian Property Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Mint Australasian Property Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Equities (including listed property) — 0% 100% Australian Equities (including listed property) — 0% 60% Cash and Cash Equivalents 5% 0% 20% Mandate flexibility (sum of max − min across all ranges): 180%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (1) See RI Policy for applicable exclusions Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. Statement of Investment Policy and Objectives Related Mint Australasian Property Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mint Australasian Property Fund: 1.07% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/mint/australasian-property/is-it-expensive/ > Mint Australasian Property Fund charges 1.07% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mint Australasian Property Fund expensive? Mint Australasian Property Fund charges 1.07% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mint Australasian Property Fund NZ$524 at 1.07% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$24 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Mint Australasian Property Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mint Australasian Property Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.82pp Smart Australian Property ETF Smartshares 0.54% −0.53pp Smart NZ Property ETF Smartshares 0.54% −0.53pp Harbour Real Estate Investment Fund Harbour 0.77% −0.30pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.08pp Pathfinder Global Property Fund Pathfinder 1.00% −0.07pp Salt Enhanced Property Fund Salt 1.02% −0.05pp Summer Listed Property Summer 1.02% −0.05pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mint Australasian Property Fund? Mint Australasian Property Fund charges 1.07% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mint Australasian Property Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Mint Australasian Property Fund sits at 1.07% — pricier than the median (cheaper than 30% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.07% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$524. That is NZ$24 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mint Australasian Property Fund --- ## URL: https://managedfunds.nz/funds/mint/australasian-property/markdown.md # Mint Australasian Property Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mint (Mint Asset Management Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mint Australasian Property Fund is a listed property managed fund run by Mint. Active manager offering Australasian equities, property, diversified and SRI strategies. ## Investment objective (from PDS) > This is a single asset class Fund, which typically invests in New Zealand and Australian listed property and property related securities. The Fund has an investment objective of outperforming the S&P/NZX All Real Estate (Industry Group) Gross Index after fees and expenses, over the medium to long term. Source: Product Disclosure Statement dated 2026-05-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf ## Fund data - **Annual fund charge:** 1.07% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.51% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$17 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 31 December 2007 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Goodman Property Trust — 18.69% 2. Precinct Properties NZ Ltd — 18.57% 3. Kiwi Property Group Ltd — 16.60% 4. Property for Industry Ltd — 13.75% 5. Stride Property Ltd and Stride Invest Mgmt Ltd — 8.73% 6. Vital Healthcare Property Trust — 8.24% 7. Argosy Property Trust — 6.20% 8. Goodman Group — 4.68% 9. Summerset Group Holdings Ltd — 2.25% 10. Charter Hall Group — 1.53% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Equities (including listed property) | — | 0% | 100% | | Australian Equities (including listed property) | — | 0% | 60% | | Cash and Cash Equivalents | 5% | 0% | 20% | ### Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. ### Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. ### Exclusions - See RI Policy for applicable exclusions Source: Statement of Investment Policy and Objectives dated 2026-05-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo883a22bb3013d335245eb5ca17178b03/Mint-Statementof-Investment-Policy-Objectives-March-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Mint Nominees Limited Source: Other Material Information document dated 2025-03-24. https://smartinvestor.sorted.org.nz/disclose-document/mdo4ff4b696f15a298538558389ddb3b265/MINTOMI-March-2025.pdf ## How to invest Available via: Mint directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mint%20Australasian%20Property%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10787/OFR10827/FND930/ - **Manager website:** https://mintasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mint/australasian-property/ - **Markdown (this file):** https://managedfunds.nz/funds/mint/australasian-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mint/australasian-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mint Australasian Property Fund URL: https://managedfunds.nz/funds/mint/australasian-property/questions/ > 4 commonly-asked questions about the Mint Australasian Property Fund, answered with mechanical facts sourced from the FMA Disclose register. Mint, listed property category. Questions about Mint Australasian Property Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Mint Australasian Property Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a property fund a good investment? Property funds offer exposure to real estate assets through a single investment vehicle, with diversification across multiple properties and management by a dedicated fund manager. The suitability of any property fund depends on your investment goals, time horizon, and risk tolerance — you can compare key metrics like annual fund charge (Mint's is 1.04% p.a.), risk indicator (Mint rates 5/7 on the FMA standardised scale), and historical returns (Mint's 5-year return after fees, before tax was 0.89% p.a.) across available options. 2. What is a reasonable fee for a managed fund? Reasonable management fees vary by asset class and fund structure. For listed property funds, the peer-cohort average annual fund charge is 0.95% p.a., against which Mint's 1.04% p.a. can be benchmarked. You can compare all fund fees on the FMA Disclose register and in each fund's Product Disclosure Statement. 3. What is a typical management fee for a fund? Management fees differ significantly by fund type and asset class. For listed property funds specifically, typical annual fund charges cluster around the 0.95% p.a. peer-cohort average; Mint charges 1.04% p.a. To find typical fees in other categories, search the FMA Disclose register by asset class. 4. What is the asset management fee for real estate funds? Real estate fund fees are disclosed in each fund's Product Disclosure Statement and on the FMA Disclose register. For listed property funds in New Zealand, annual fund charges typically range around 0.95% p.a. (the peer-cohort average); Mint's annual fund charge is 1.04% p.a. Check the latest Quarterly Fund Update or PDS for your specific fund's current fees. Primary sources Product Disclosure Statement More about this fund Mint Australasian Property Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Mint Australasian Property Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/mint/australasian-property/who-audits/ > The Mint Australasian Property Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Mint Australasian Property Fund? PricewaterhouseCoopers The Mint Australasian Property Fund sits within a managed investment scheme run by Mint. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Mint Nominees Limited Related Mint Australasian Property Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Mint Diversified Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mint/diversified-growth/investment-mandate/ > The Mint Diversified Growth Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Mint Diversified Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% 0% 15% Fixed Interest 15% 0% 40% Australasian Equities (including Listed Property if held) 20% 0% 40% International Equities (including Listed Property if held) 60% 40% 90% Mandate flexibility (sum of max − min across all ranges): 145%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (1) See RI Policy for applicable exclusions Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. Statement of Investment Policy and Objectives Related Mint Diversified Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mint Diversified Growth Fund: 1.21% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/mint/diversified-growth/is-it-expensive/ > Mint Diversified Growth Fund charges 1.21% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mint Diversified Growth Fund expensive? Mint Diversified Growth Fund charges 1.21% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mint Diversified Growth Fund NZ$591 at 1.21% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$105 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Mint Diversified Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mint Diversified Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.96pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.96pp Simplicity Growth Investment Fund Simplicity 0.25% −0.96pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.96pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.96pp Kernel Conservative Fund Kernel 0.25% −0.96pp Kernel Balanced Fund Kernel 0.25% −0.96pp Kernel High Growth Fund Kernel 0.25% −0.96pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mint Diversified Growth Fund? Mint Diversified Growth Fund charges 1.21% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mint Diversified Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Mint Diversified Growth Fund sits at 1.21% — pricier than the median (cheaper than 26% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.21% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$591. That is NZ$105 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mint Diversified Growth Fund --- ## URL: https://managedfunds.nz/funds/mint/diversified-growth/markdown.md # Mint Diversified Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mint (Mint Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mint Diversified Growth Fund is a diversified managed fund run by Mint. Active manager offering Australasian equities, property, diversified and SRI strategies. ## Investment objective (from PDS) > This is a multi-asset class Fund that offers a diversified portfolio and aims to provide capital growth over the long term. The Fund invests primarily in New Zealand and international equities (including listed property if held), but will also hold cash and fixed interest securities. The objective of the Fund is to deliver returns in excess of the Consumers Price Index (CPI) by 4.5% per annum, before fees, over the medium to long term. Source: Product Disclosure Statement dated 2026-05-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf ## Fund data - **Annual fund charge:** 1.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.43% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$46 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 10 December 2018 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Mint Australasian Equity Fund — 13.97% 2. Cash at Bank - WBC — 3.69% 3. Mint Australasian Property Fund — 3.53% 4. Visa Inc-Class A Shares — 2.41% 5. NVIDIA Corp — 2.22% 6. Charles Schwab Corp/The — 2.00% 7. Microsoft Corporation — 1.92% 8. Amazon.Com Inc — 1.88% 9. Cvs Caremark Corp — 1.75% 10. American Express Co — 1.70% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | 0% | 15% | | Fixed Interest | 15% | 0% | 40% | | Australasian Equities (including Listed Property if held) | 20% | 0% | 40% | | International Equities (including Listed Property if held) | 60% | 40% | 90% | ### Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. ### Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. ### Exclusions - See RI Policy for applicable exclusions Source: Statement of Investment Policy and Objectives dated 2026-05-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo883a22bb3013d335245eb5ca17178b03/Mint-Statementof-Investment-Policy-Objectives-March-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Mint Nominees Limited Source: Other Material Information document dated 2025-03-24. https://smartinvestor.sorted.org.nz/disclose-document/mdo4ff4b696f15a298538558389ddb3b265/MINTOMI-March-2025.pdf ## How to invest Available via: Mint directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mint%20Diversified%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10787/OFR10827/FND12527/ - **Manager website:** https://mintasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mint/diversified-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/mint/diversified-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mint/diversified-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mint Diversified Growth Fund URL: https://managedfunds.nz/funds/mint/diversified-growth/questions/ > 2 commonly-asked questions about the Mint Diversified Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Mint, diversified category. Questions about Mint Diversified Growth Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Mint Diversified Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a diversified growth fund? A diversified growth fund holds a mix of growth assets (such as equities and property) and income assets (such as bonds and cash) to spread risk across multiple asset classes. Mint Diversified Growth Fund holds approximately 78.34% growth assets and 21.66% income assets, as at the latest QFU. 2. What are the risks of investing in Vwigx? This question refers to a different fund. For information about risks in Mint Diversified Growth Fund, see its risk indicator (5/7 on the FMA standardised scale) and detailed risk disclosure in the Product Disclosure Statement and FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Mint Diversified Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Mint Diversified Growth Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/mint/diversified-growth/who-audits/ > The Mint Diversified Growth Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Mint Diversified Growth Fund? PricewaterhouseCoopers The Mint Diversified Growth Fund sits within a managed investment scheme run by Mint. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Mint Nominees Limited Related Mint Diversified Growth Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Mint Diversified Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mint/diversified-income/investment-mandate/ > The Mint Diversified Income Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Mint Diversified Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 5% 0% 15% Fixed Interest 65% 40% 90% Australasian Equities (including Listed Property if held) 20% 0% 30% International Equities (including Listed Property if held) 10% 0% 30% Mandate flexibility (sum of max − min across all ranges): 125%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (1) See RI Policy for applicable exclusions Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. Statement of Investment Policy and Objectives Related Mint Diversified Income Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mint Diversified Income Fund: 1.01% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/mint/diversified-income/is-it-expensive/ > Mint Diversified Income Fund charges 1.01% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mint Diversified Income Fund expensive? Mint Diversified Income Fund charges 1.01% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 53% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mint Diversified Income Fund NZ$495 at 1.01% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$10 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Mint Diversified Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mint Diversified Income Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.76pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.76pp Simplicity Growth Investment Fund Simplicity 0.25% −0.76pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.76pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.76pp Kernel Conservative Fund Kernel 0.25% −0.76pp Kernel Balanced Fund Kernel 0.25% −0.76pp Kernel High Growth Fund Kernel 0.25% −0.76pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mint Diversified Income Fund? Mint Diversified Income Fund charges 1.01% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mint Diversified Income Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Mint Diversified Income Fund sits at 1.01% — pricier than the median (cheaper than 47% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.01% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$495. That is NZ$10 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mint Diversified Income Fund --- ## URL: https://managedfunds.nz/funds/mint/diversified-income/markdown.md # Mint Diversified Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mint (Mint Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mint Diversified Income Fund is a diversified managed fund run by Mint. Active manager offering Australasian equities, property, diversified and SRI strategies. ## Investment objective (from PDS) > This is a multi-asset class Fund that offers diversification by investing across a number of asset classes both in New Zealand and internationally, including cash, fixed interest and equities (including listed property if held). The objective of the Fund is to deliver a total return (through a combination of income and capital growth) in excess of the Consumers Price Index (CPI) by 3% per annum, before fees, over the medium to long term. Source: Product Disclosure Statement dated 2026-05-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf ## Fund data - **Annual fund charge:** 1.01% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.35% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$41 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 31 August 2014 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Mint Australasian Equity Fund — 0.15% 2. Cash at Bank - WBC — 0.07% 3. NZGB 4.50% 15/05/2030 — 0.04% 4. Kiwibank Limited-Preference — 0.04% 5. LLC 3.4% 27/10/2027 — 0.03% 6. CHANN 5.8% 20/05/2027 — 0.03% 7. Mint Australasian Property Fund — 0.03% 8. TPNZ 5.893% 03/15/2028 — 0.03% 9. CHURC 4.95% 15/10/2031 — 0.02% 10. SPKNZ 4.37% 29/09/2028 — 0.02% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | 0% | 15% | | Fixed Interest | 65% | 40% | 90% | | Australasian Equities (including Listed Property if held) | 20% | 0% | 30% | | International Equities (including Listed Property if held) | 10% | 0% | 30% | ### Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. ### Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. ### Exclusions - See RI Policy for applicable exclusions Source: Statement of Investment Policy and Objectives dated 2026-05-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo883a22bb3013d335245eb5ca17178b03/Mint-Statementof-Investment-Policy-Objectives-March-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Mint Nominees Limited Source: Other Material Information document dated 2025-03-24. https://smartinvestor.sorted.org.nz/disclose-document/mdo4ff4b696f15a298538558389ddb3b265/MINTOMI-March-2025.pdf ## How to invest Available via: Mint directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mint%20Diversified%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10787/OFR10827/FND950/ - **Manager website:** https://mintasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mint/diversified-income/ - **Markdown (this file):** https://managedfunds.nz/funds/mint/diversified-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mint/diversified-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mint Diversified Income Fund URL: https://managedfunds.nz/funds/mint/diversified-income/questions/ > 3 commonly-asked questions about the Mint Diversified Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Mint, diversified category. Questions about Mint Diversified Income Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mint Diversified Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are monthly income funds a good investment? Whether an income fund suits your circumstances depends on your goals, time horizon, and risk tolerance. Mint Diversified Income Fund is structured to provide income through a ~77.28% allocation to income assets, with a risk indicator of 3/7 on the FMA standardised scale; review the current PDS and check FMA Disclose to understand the specific income characteristics and risks. 2. Is an income Fund a good investment? Income funds serve different investor needs and carry varying risk levels depending on their asset mix. Mint Diversified Income Fund has delivered a 5-year return after fees and before tax of 1.87% p.a. as at the latest QFU; compare this with your own objectives and risk profile using the FMA Disclose register and current PDS. 3. What does PDS stand for? PDS stands for Product Disclosure Statement — the document that outlines the key features, risks, fees, and terms of a managed fund. You can access Mint Diversified Income Fund's PDS via the manager's website at https://mintasset.co.nz or through the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Mint Diversified Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Mint Diversified Income Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/mint/diversified-income/who-audits/ > The Mint Diversified Income Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Mint Diversified Income Fund? PricewaterhouseCoopers The Mint Diversified Income Fund sits within a managed investment scheme run by Mint. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Mint Nominees Limited Related Mint Diversified Income Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Mint New Zealand SRI Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/mint/new-zealand-sri-equity/investment-mandate/ > The Mint New Zealand SRI Equity Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Mint New Zealand SRI Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Equities — 90% 100% Cash and Cash Equivalents 5% 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) See RI Policy for applicable exclusions Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. Statement of Investment Policy and Objectives Related Mint New Zealand SRI Equity Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Mint New Zealand SRI Equity Fund: 0.97% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/mint/new-zealand-sri-equity/is-it-expensive/ > Mint New Zealand SRI Equity Fund charges 0.97% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Mint New Zealand SRI Equity Fund expensive? Mint New Zealand SRI Equity Fund charges 0.97% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Mint New Zealand SRI Equity Fund NZ$476 at 0.97% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-19 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Mint New Zealand SRI Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Mint New Zealand SRI Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −0.87pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.77pp Harbour NZ Index Shares Fund Harbour 0.21% −0.76pp BetaShares Australia 200 Fund BetaShares 0.23% −0.74pp Kernel NZ 20 Fund Kernel 0.25% −0.72pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.72pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.72pp Kernel Australia 100 Fund Kernel 0.25% −0.72pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Mint New Zealand SRI Equity Fund? Mint New Zealand SRI Equity Fund charges 0.97% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Mint New Zealand SRI Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Mint New Zealand SRI Equity Fund sits at 0.97% — cheaper than 54% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.97% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$476. That is NZ$19 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Mint New Zealand SRI Equity Fund --- ## URL: https://managedfunds.nz/funds/mint/new-zealand-sri-equity/markdown.md # Mint New Zealand SRI Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Mint (Mint Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Mint New Zealand SRI Equity Fund is a australasian equities managed fund run by Mint. Active manager offering Australasian equities, property, diversified and SRI strategies. ## Investment objective (from PDS) > This is a single asset class Fund, which typically invests in New Zealand listed equities. The Fund has been designed to meet specific responsible investment criteria, with the aim of building a portfolio where the holdings in aggregate, generate a better ESG score in our systems than the benchmark S&P/NZX50 Gross Index. The Fund has an investment objective of outperforming the S&P/NZX50 Gross Index after fees and expenses, over the medium to long term. Source: Product Disclosure Statement dated 2026-05-21 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf ## Fund data - **Annual fund charge:** 0.97% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.15% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$72 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 12 October 2017 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 17.57% 2. Infratil Ltd — 14.67% 3. Contact Energy Ltd — 9.06% 4. Auckland International Airport Ltd — 8.15% 5. Meridian Energy Limited — 7.26% 6. Ebos Group Ltd — 6.62% 7. Mainfreight Ltd — 6.09% 8. Summerset Group Holdings Ltd — 5.61% 9. A2 Milk Company Ltd — 4.87% 10. Skellerup Holdings Ltd — 2.34% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Equities | — | 90% | 100% | | Cash and Cash Equivalents | 5% | 0% | 10% | ### Responsible-investment approach Responsible investment forms a core part of Mint's philosophy. Mint is a signatory of the UN-supported Principles for Responsible Investment and the Aotearoa New Zealand Stewardship Code, and a member of the Responsible Investment Association Australasia. ESG factors form a material part of the investment process for direct investments, and exclusions are set out in Mint's Responsible Investment Policy. ### Derivatives policy The Funds are permitted to use derivatives consistent with their investment objectives and risk profile and with Mint's Derivatives Policy. Predominantly these are forward foreign exchange contracts but can also include other derivative instruments implemented to manage portfolio risk, currency risk and to provide economic efficiency. ### Exclusions - See RI Policy for applicable exclusions Source: Statement of Investment Policy and Objectives dated 2026-05-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo883a22bb3013d335245eb5ca17178b03/Mint-Statementof-Investment-Policy-Objectives-March-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Mint Nominees Limited Source: Other Material Information document dated 2025-03-24. https://smartinvestor.sorted.org.nz/disclose-document/mdo4ff4b696f15a298538558389ddb3b265/MINTOMI-March-2025.pdf ## How to invest Available via: Mint directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mint%20New%20Zealand%20SRI%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb83dea0c64d0bde5768284641d4c100/Mint-Product-Disclosure-Statement-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10787/OFR10827/FND22677/ - **Manager website:** https://mintasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/mint/new-zealand-sri-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/mint/new-zealand-sri-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/mint/new-zealand-sri-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Mint New Zealand SRI Equity Fund URL: https://managedfunds.nz/funds/mint/new-zealand-sri-equity/questions/ > 3 commonly-asked questions about the Mint New Zealand SRI Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Mint, australasian equities category. Questions about Mint New Zealand SRI Equity Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Mint New Zealand SRI Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are mutual funds in NZ? Mutual funds in New Zealand are investment vehicles that pool money from multiple investors to buy a diversified portfolio of assets, managed by a professional fund manager. The Mint New Zealand SRI Equity Fund is an example of a managed fund that invests in equities across the Australasian region; you can view its current holdings and performance on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. What are typical fees for a fund of funds? Fund fees in New Zealand vary by fund type and strategy. The Mint New Zealand SRI Equity Fund has an annual fund charge of 0.96% p.a., which is comparable to the peer-cohort average of 0.95% p.a. for similar funds; you can compare charges across the broader market using the FMA Disclose register. 3. What is the best NZ company to invest in? The Mint New Zealand SRI Equity Fund's largest holdings as at the latest QFU are Fisher & Paykel Healthcare Ltd (16.09%), Infratil Ltd (13.14%), and Contact Energy Ltd (8.3%); however, individual company selection is a matter of personal investment strategy and should be considered alongside your own circumstances and the fund's responsible-investment criteria. Primary sources Product Disclosure Statement More about this fund Mint New Zealand SRI Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Mint New Zealand SRI Equity Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/mint/new-zealand-sri-equity/who-audits/ > The Mint New Zealand SRI Equity Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Mint New Zealand SRI Equity Fund? PricewaterhouseCoopers The Mint New Zealand SRI Equity Fund sits within a managed investment scheme run by Mint. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Mint Nominees Limited Related Mint New Zealand SRI Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## NZ managed funds with no performance fee — 207 funds URL: https://managedfunds.nz/funds/no-performance-fee/ > 207 NZ retail managed funds whose Product Disclosure Statement states no performance fee. Sorted by annual fund charge. Primary source: FMA Disclose register. NZ managed funds with no performance fee 207 NZ retail managed funds whose Product Disclosure Statement explicitly states no performance fee. The annual fund charge is the only ongoing cost. Sorted by annual fund charge. Source: every fund's current Product Disclosure Statement lodged on the FMA Disclose register. Performance-fee status extracted from the PDS, cross-validated against Sorted Smart Investor. Foundation Series US 500 Fund Foundation Series · International Equities 0.03% annual Foundation Series Hedged US 500 Fund Foundation Series · International Equities 0.03% annual Foundation Series US Dividend Equity Fund Foundation Series · International Equities 0.06% annual Foundation Series Total World Fund Foundation Series · International Equities 0.07% annual Foundation Series Hedged Total World Fund Foundation Series · International Equities 0.07% annual Foundation Series Global ESG Fund Foundation Series · International Equities 0.10% annual Simplicity NZ Cash Fund Simplicity · Cash 0.12% annual Foundation Series Nasdaq-100 Fund Foundation Series · International Equities 0.15% annual Smart S&P/NZX 50 ETF Smartshares · Australasian Equities 0.20% annual Harbour NZ Index Shares Fund Harbour · Australasian Equities 0.21% annual BetaShares Australia 200 Fund BetaShares · Australasian Equities 0.23% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI 0.25% annual Simplicity Conservative Investment Fund Simplicity · Diversified 0.25% annual Simplicity Balanced Investment Fund Simplicity · Diversified 0.25% annual Simplicity Growth Investment Fund Simplicity · Diversified 0.25% annual Simplicity High Growth Investment Fund Simplicity · Diversified 0.25% annual Simplicity Homes and Income Investment Fund Simplicity · Diversified 0.25% annual Kernel Conservative Fund Kernel · Diversified 0.25% annual Kernel Balanced Fund Kernel · Diversified 0.25% annual Kernel High Growth Fund Kernel · Diversified 0.25% annual Kernel Cash Plus Fund Kernel · Cash 0.25% annual Kernel S&P Global 100 Fund Kernel · International Equities 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities 0.25% annual Kernel S&P 500 (Unhedged) Fund Kernel · International Equities 0.25% annual Kernel S&P 500 (NZD Hedged) Fund Kernel · International Equities 0.25% annual Kernel World ex-US Fund Kernel · International Equities 0.25% annual Kernel Global ESG Fund Kernel · International Equities 0.25% annual Kernel S&P Global Dividend Aristocrats Fund Kernel · International Equities 0.25% annual Kernel Global Infrastructure Fund Kernel · Other 0.25% annual Kernel NZ 50 ESG Tilted Fund Kernel · Australasian Equities 0.25% annual Kernel NZ Small & Mid Cap Opportunities Fund Kernel · Australasian Equities 0.25% annual Kernel NZ Commercial Property Fund Kernel · Listed Property 0.25% annual Kernel Australia 100 Fund Kernel · Australasian Equities 0.25% annual Clarity Enhanced Cash PIE Clarity · Cash 0.26% annual Harbour Sustainable Impact Fund Harbour · Diversified 0.27% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI 0.28% annual Smart Australian Top 200 ETF Smartshares · Australasian Equities 0.30% annual Smart Global Aggregate Bond ETF Smartshares · International FI 0.30% annual Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI 0.32% annual Evidential Sustainable Global Bond Fund Evidential · International FI 0.32% annual Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities 0.33% annual Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities 0.33% annual Smart US 500 ETF Smartshares · International Equities 0.34% annual BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI 0.34% annual Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities 0.35% annual Foundation Series Balanced Fund Foundation Series · Diversified 0.36% annual Mercer NZ Shares Passive Fund Mercer · Australasian Equities 0.36% annual Foundation Series High Growth Fund Foundation Series · Diversified 0.37% annual Foundation Series Growth Fund Foundation Series · Diversified 0.38% annual Schroder Sustainable Global Core PIE Fund Schroders · International Equities 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities 0.39% annual Dimensional Global Sustainability PIE Fund Dimensional · International Equities 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities 0.40% annual Smart Total World ETF Smartshares · International Equities 0.40% annual Kernel NZ Bond Fund Kernel · NZ Fixed Interest 0.40% annual Mercer All Country Global Shares Index Fund Mercer · International Equities 0.43% annual Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI 0.43% annual Kernel Emerging Markets Fund Kernel · International Equities 0.45% annual Kernel S&P Global Clean Energy Fund Kernel · International Equities 0.45% annual ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments · NZ Fixed Interest 0.46% annual Harbour NZ Corporate Bond Fund Harbour · NZ Fixed Interest 0.47% annual JPMorgan Global Bond Fund JPMorgan · International FI 0.47% annual ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments · International FI 0.49% annual Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest 0.49% annual BetaShares Global Quality Leaders Fund BetaShares · International Equities 0.49% annual Smart US Large Growth ETF Smartshares · International Equities 0.51% annual Smart US Large Value ETF Smartshares · International Equities 0.51% annual Smart US Small Cap ETF Smartshares · International Equities 0.51% annual Hunter Global Fixed Interest Fund Hunter · International FI 0.53% annual Smart Australian Dividend ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Financials ETF Smartshares · Australasian Equities 0.54% annual Smart Australian Resources ETF Smartshares · Australasian Equities 0.54% annual Smart Global ESG ETF Smartshares · International Equities 0.54% annual Smart Global Bond ETF Smartshares · International FI 0.54% annual Smart Australian Property ETF Smartshares · Listed Property 0.54% annual Smart Asia Pacific ETF Smartshares · International Equities 0.55% annual Smart Europe ESG ETF Smartshares · International Equities 0.55% annual Smart Japan ESG ETF Smartshares · International Equities 0.55% annual Smart Bitcoin ETF Smartshares · Other 0.55% annual Russell Investments Global Fixed Interest Fund Russell Investments · International FI 0.58% annual Smart Emerging Markets ESG ETF Smartshares · International Equities 0.59% annual Smart Australian Top 20 ETF Smartshares · Australasian Equities 0.60% annual Mercer Macquarie NZ Fixed Interest Fund Mercer · NZ Fixed Interest 0.60% annual Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities 0.61% annual Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities 0.62% annual Evidential Sustainable Targeted Factor Fund Evidential · International Equities 0.62% annual Summer New Zealand Cash Summer · Cash 0.62% annual ANZ Investments OneAnswer Conservative Fund ANZ Investments · Diversified 0.63% annual Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest 0.65% annual Lifetime Cash Fund Lifetime · Cash 0.65% annual Harbour NZ Core Fixed Interest Fund Harbour · NZ Fixed Interest 0.66% annual BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities 0.67% annual Mercer Macquarie NZ Short Duration Fund Mercer · NZ Fixed Interest 0.68% annual Amova Corporate Bond Fund Amova · NZ Fixed Interest 0.70% annual Clarity Fixed Income Fund Clarity · International FI 0.70% annual Daintree Core Income PIE Daintree · International FI 0.73% annual ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments · Diversified 0.75% annual Smart Australian Mid Cap ETF Smartshares · Australasian Equities 0.75% annual Smart Automation and Robotics ETF Smartshares · International Equities 0.75% annual Smart Healthcare Innovation ETF Smartshares · International Equities 0.75% annual Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI 0.77% annual Harbour Real Estate Investment Fund Harbour · Listed Property 0.77% annual SBS Wealth World Bond Portfolio SBS Wealth · International FI 0.77% annual BetaShares Global Sustainability Leaders Fund BetaShares · International Equities 0.77% annual Russell Investments NZ Shares Fund Russell Investments · Australasian Equities 0.78% annual SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest 0.78% annual AMP International Shares Managed Fund AMP · International Equities 0.79% annual BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities 0.79% annual AMP Aggressive Managed Fund AMP · Diversified 0.80% annual AMP Balanced Managed Fund AMP · Diversified 0.81% annual AMP Growth Managed Fund AMP · Diversified 0.81% annual Bentham Global Income PIE Fund Bentham · International FI 0.83% annual Hunter Private Credit Fund Hunter · International FI 0.83% annual ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments · International Equities 0.84% annual Milford Conservative Fund Milford · Diversified 0.85% annual Milford Global Corporate Bond Fund Milford · International FI 0.85% annual Pella Global Generations PIE Fund Pella · International Equities 0.85% annual Summer Conservative Selection Summer · Diversified 0.87% annual Summer Global Fixed Interest Summer · International FI 0.87% annual ANZ Investments OneAnswer Balanced Fund ANZ Investments · Diversified 0.90% annual Daintree High Income PIE Daintree · International FI 0.90% annual Russell Investments Hedged Global Shares Fund Russell Investments · International Equities 0.92% annual Russell Investments Global Shares Fund Russell Investments · International Equities 0.93% annual Brandywine Global Opportunistic Equity Fund Brandywine · International Equities 0.93% annual ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments · Diversified 0.95% annual ANZ Investments OneAnswer High Growth Fund ANZ Investments · Diversified 0.95% annual Amova Core Equity Fund Amova · Australasian Equities 0.95% annual ANZ Investments OneAnswer International Share Fund ANZ Investments · International Equities 0.96% annual Clarity Diversified Income Fund Clarity · Diversified 0.96% annual Mint New Zealand SRI Equity Fund Mint · Australasian Equities 0.97% annual Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest 0.97% annual Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities 0.98% annual Fisher Funds Income Fund Fisher Funds · International FI 0.99% annual ANZ Investments OneAnswer International Property Fund ANZ Investments · Listed Property 0.99% annual Lifetime Conservative Fund Lifetime · Diversified 0.99% annual Lifetime Balanced Fund Lifetime · Diversified 0.99% annual Lifetime Growth Fund Lifetime · Diversified 0.99% annual Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities 1.00% annual Pathfinder Global Property Fund Pathfinder · Listed Property 1.00% annual Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI 1.00% annual Mint Diversified Income Fund Mint · Diversified 1.01% annual Summer Australian Equities Summer · Australasian Equities 1.02% annual Summer Balanced Selection Summer · Diversified 1.02% annual Summer Global Equities Summer · International Equities 1.02% annual Summer Growth Selection Summer · Diversified 1.02% annual Summer Listed Property Summer · Listed Property 1.02% annual First Sentier Global Listed Infrastructure Fund First Sentier · Other 1.03% annual Harbour Balanced Growth Fund Harbour · Diversified 1.04% annual ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments · Australasian Equities 1.05% annual Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other 1.05% annual Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property 1.05% annual Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities 1.06% annual ANZ Investments OneAnswer Property Securities Fund ANZ Investments · Listed Property 1.06% annual Clarity Dividend Yield Fund Clarity · International Equities 1.06% annual Clarity Global Shares Fund Clarity · International Equities 1.06% annual Clarity New Zealand Equity Fund Clarity · Australasian Equities 1.06% annual Clarity Trans-Tasman Value Fund Clarity · Australasian Equities 1.06% annual Mint Australasian Property Fund Mint · Listed Property 1.07% annual Castle Point Trans-Tasman Fund Castle Point · Australasian Equities 1.08% annual Russell Investments Global Listed Infrastructure Fund Russell Investments · Other 1.08% annual ANZ Investments OneAnswer Australian Share Fund ANZ Investments · Australasian Equities 1.09% annual Harbour Australasian Equity Income Fund Harbour · Australasian Equities 1.10% annual Salt NZ Dividend Appreciation Fund Salt · Australasian Equities 1.10% annual Harbour Australasian Equity Fund Harbour · Australasian Equities 1.12% annual Aurellan Global Shares Fund Aurellan · International Equities 1.12% annual Aurellan Hedged Global Shares Fund Aurellan · International Equities 1.12% annual Clarity Diversified Growth Fund Clarity · Diversified 1.16% annual Octagon Balanced Fund Octagon · Diversified 1.17% annual Octagon Australasian Equities Fund Octagon · Australasian Equities 1.17% annual Octagon New Zealand Equities Fund Octagon · Australasian Equities 1.17% annual Mint Australasian Equity Fund Mint · Australasian Equities 1.18% annual SBS Wealth World Equity Portfolio SBS Wealth · International Equities 1.18% annual Amova Global Shares Fund Amova · International Equities 1.20% annual Amova Global Shares Hedged Fund Amova · International Equities 1.20% annual SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities 1.20% annual Mint Diversified Growth Fund Mint · Diversified 1.21% annual Harbour T. Rowe Price Global Equity Fund Harbour · International Equities 1.21% annual Clarity - Capital Group New Perspective Fund Clarity · International Equities 1.21% annual Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour · International Equities 1.24% annual Mercer Core Global Shares Fund Mercer · International Equities 1.24% annual Mercer Responsible Balanced Fund Mercer · Diversified 1.25% annual Mercer Global Shares Fund Mercer · International Equities 1.25% annual Fisher Funds BondPlus Fund Fisher Funds · International FI 1.26% annual Mercer Income Generator Fund Mercer · Diversified 1.28% annual Pathfinder Global Responsibility Fund Pathfinder · International Equities 1.30% annual Pathfinder Ethical Growth Fund Pathfinder · Diversified 1.31% annual Mercer Global Listed Real Estate Fund Mercer · Listed Property 1.33% annual Mercer Global Listed Infrastructure Fund Mercer · Other 1.34% annual Fisher Funds Conservative Fund Fisher Funds · Diversified 1.35% annual Generate Focused Growth Managed Fund Generate · Diversified 1.35% annual Lifetime Retirement Income Fund Lifetime · Diversified 1.36% annual Fisher Funds Growth Fund Fisher Funds · Diversified 1.46% annual Mercer Core Hedged Global Shares Fund Mercer · International Equities 1.46% annual ACI Conservative Fund ACI · Diversified 1.50% annual ACI Growth Fund ACI · Diversified 1.61% annual Pie Global Growth Fund 2 Pie Funds · International Equities 1.61% annual Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities 1.63% annual Fisher Funds Global Fund Fisher Funds · International Equities 1.64% annual NZ Funds Income Generator NZ Funds · Diversified 1.67% annual Mercer Responsible Global Shares Fund Mercer · International Equities 1.69% annual Elevation Capital Global Shares Fund Elevation Capital · International Equities 1.80% annual Pie Growth UK & Europe Fund Pie Funds · International Equities 1.85% annual Squirrel Monthly Income Fund Squirrel · Other 2.14% annual Vision Income Fund Vision · International FI 2.51% annual Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI fee not on file Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI fee not on file Bentham Global Opportunities PIE Fund Bentham · International FI fee not on file Related directories Most expensive performance fees Lowest-cost fee band Mid-cost fee band All managed funds Methodology Performance-fee status is extracted from each fund's current Product Disclosure Statement (PDS) lodged on the FMA Disclose register. A fund qualifies for this directory if its PDS explicitly states no performance fee is charged. Funds without an on-file PDS extract are excluded — we don't claim "no performance fee" from absence of data. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. Read the current PDS before investing. --- ## What can the NZ Funds Global Bonds invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/global-bonds/investment-mandate/ > The NZ Funds Global Bonds's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the NZ Funds Global Bonds actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% — 100% New Zealand fixed interest 0% 0% 50% International fixed interest 95% — 150% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 100%. Narrow range — index-tracking style with limited drift. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Global Bonds fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Global Bonds: 1.44% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/nz-funds/global-bonds/is-it-expensive/ > NZ Funds Global Bonds charges 1.44% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Global Bonds expensive? NZ Funds Global Bonds charges 1.44% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 92% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Global Bonds NZ$700 at 1.44% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$354 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than NZ Funds Global Bonds, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Global Bonds Simplicity Hedged Global Bond Fund Simplicity 0.15% −1.29pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −1.19pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −1.16pp Smart Global Aggregate Bond ETF Smartshares 0.30% −1.14pp Kernel US Bond Fund Kernel 0.30% −1.14pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −1.12pp Evidential Sustainable Global Bond Fund Evidential 0.32% −1.12pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −1.10pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Global Bonds? NZ Funds Global Bonds charges 1.44% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Global Bonds's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. NZ Funds Global Bonds sits at 1.44% — pricier than the median (cheaper than 8% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.44% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$700. That is NZ$354 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Global Bonds --- ## URL: https://managedfunds.nz/funds/nz-funds/global-bonds/markdown.md # NZ Funds Global Bonds > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Global Bonds is a international fi managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To generate gains by investing in income assets and other authorised assets with active management. Anticipated to mainly own and trade international bonds, and other authorised asset classes over the minimum suggested timeframe. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdof8ccad51a6efc4629a480bdee0c63c6f/NZ-Funds-Active-Income-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 1.44% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.17% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$137 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 31 October 2008 ## Top 10 holdings 1. Westpac Bank Bill 2.5% 20/04/2026 — 18.23% 2. Westpac Bank Bill 2.49% 13/04/2026 — 14.92% 3. BNZ Bank Bill 2.515% 18/06/2026 — 9.08% 4. BNZ Bank Bill 2.48% 26/05/2026 — 4.96% 5. BNZ Bank Bill 2.5% 30/04/2026 — 4.14% 6. Westpac Cash — 3.60% 7. Citibank Hong Kong Cash — 3.42% 8. John Deere Capital Corp 4.5% 16/01/2029 — 3.31% 9. Novartis Finance SA 0.0% 23/09/2028 — 2.78% 10. Apple Inc 4.0% 10/05/2028 — 2.72% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.03% > 10% of the wholesale trust's returns above the hurdle rate. Hurdle rate: Bloomberg Global Aggregate Corporate - 1-3 Years Total Return Index Hedged USD. Performance fee accrued daily, payable on or after 31 March each year subject to high-water mark being exceeded. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | — | 100% | | New Zealand fixed interest | 0% | 0% | 50% | | International fixed interest | 95% | — | 150% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Global%20Bonds - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND1609/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/global-bonds/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/global-bonds/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/global-bonds/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Global Bonds charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/global-bonds/performance-fee-explained/ > The NZ Funds Global Bonds charges a performance fee in addition to its annual fund charge; it paid 0.03% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Global Bonds charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.03% of NAV Annual fund charge (on top) 1.44% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the wholesale trust's returns above the hurdle rate. Hurdle rate: Bloomberg Global Aggregate Corporate - 1-3 Years Total Return Index Hedged USD. Performance fee accrued daily, payable on or after 31 March each year subject to high-water mark being exceeded. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Global Bonds fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds Global Bonds URL: https://managedfunds.nz/funds/nz-funds/global-bonds/questions/ > 4 commonly-asked questions about the NZ Funds Global Bonds, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, international fi category. Questions about NZ Funds Global Bonds 4 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Global Bonds's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do you pay tax on bonds in NZ? Yes, you pay tax on bond fund income in NZ, but the rate depends on the fund's tax structure and your personal circumstances. NZ Funds Global Bonds is a PIE (Portfolio Investment Entity), which means your investor tax is capped at your prescribed investor rate (PIR), with a maximum of 28%. For detail on how PIE taxation works, see the IRD website or the fund's PDS on the manager's website. 2. What is the average return on a bond fund? Returns vary by bond fund strategy, duration, and credit quality. NZ Funds Global Bonds returned 0.17% p.a. after fees and before tax over the 5-year period as at the latest QFU. For comparison with other funds in this category, check the FMA Disclose register. 3. Is it good to invest in global funds? Whether global funds suit your circumstances depends on your investment horizon, risk tolerance, and financial goals — this is personal to you. NZ Funds Global Bonds is classified as an international fixed-income fund with a risk indicator of 4/7 on the FMA standardised scale, and holds predominantly short-dated bank bills. For information on how it fits your needs, review the PDS and consider seeking financial advice. 4. What are typical fees for a fund of funds? NZ Funds Global Bonds has an annual fund charge of 1.44% p.a., as at the latest QFU. The peer-cohort average fee for comparable funds is 0.65% p.a. For a full breakdown of all fees and charges, see the fund's PDS or the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund NZ Funds Global Bonds — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Global Bonds? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/global-bonds/who-audits/ > The NZ Funds Global Bonds is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Global Bonds? Ernst & Young The NZ Funds Global Bonds sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Global Bonds fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Global Infrastructure invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/global-infrastructure/investment-mandate/ > The NZ Funds Global Infrastructure's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the NZ Funds Global Infrastructure actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% — 50% New Zealand fixed interest 4% — 50% International fixed interest 4% — 50% Australasian equities 0% 0% 50% International equities 80% — 150% Listed property 0% 0% 50% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 150%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Global Infrastructure fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Global Infrastructure: 2.53% fee vs 1.06% peer median URL: https://managedfunds.nz/funds/nz-funds/global-infrastructure/is-it-expensive/ > NZ Funds Global Infrastructure charges 2.53% p.a. vs the other peer-class median of 1.06%. 7 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Global Infrastructure expensive? NZ Funds Global Infrastructure charges 2.53% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is pricier than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Global Infrastructure NZ$1203 at 2.53% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: +NZ$681 over 5 years on NZ$10K. 7 cheaper peers in the same category Other funds with a lower annual fund charge than NZ Funds Global Infrastructure, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Global Infrastructure Kernel Global Infrastructure Fund Kernel 0.25% −2.28pp Smart Bitcoin ETF Smartshares 0.55% −1.98pp First Sentier Global Listed Infrastructure Fund First Sentier 1.03% −1.50pp Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital 1.05% −1.48pp Russell Investments Global Listed Infrastructure Fund Russell Investments 1.08% −1.45pp Mercer Global Listed Infrastructure Fund Mercer 1.34% −1.19pp Squirrel Monthly Income Fund Squirrel 2.14% −0.39pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Global Infrastructure? NZ Funds Global Infrastructure charges 2.53% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Global Infrastructure's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. NZ Funds Global Infrastructure sits at 2.53% — pricier than the median (cheaper than 6% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.53% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1203. That is NZ$681 more than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Global Infrastructure --- ## URL: https://managedfunds.nz/funds/nz-funds/global-infrastructure/markdown.md # NZ Funds Global Infrastructure > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Other - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Global Infrastructure is a other managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To mitigate the impact of inflation on your investment over the medium and/or long term with active management. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo892334dc3843e1ffbff28b51ec449a19/NZ-Funds-Active-Inflation-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 2.53% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$60 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 17 March 2023 ## Top 10 holdings 1. Citibank New Zealand Cash — 9.02% 2. Goldman Sachs OTC Derivatives — 7.06% 3. Westpac Cash — 2.97% 4. Vestas Wind Systems A/S — 2.62% 5. Equinix Inc — 2.42% 6. Citibank Hong Kong Cash — 2.40% 7. Verizon Communications Inc — 2.28% 8. Waste Connections Inc — 2.23% 9. Iron Mountain Inc — 2.17% 10. Republic Services Inc — 2.16% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | — | 50% | | New Zealand fixed interest | 4% | — | 50% | | International fixed interest | 4% | — | 50% | | Australasian equities | 0% | 0% | 50% | | International equities | 80% | — | 150% | | Listed property | 0% | 0% | 50% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Global%20Infrastructure - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND42560/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/global-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/global-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/global-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Global Infrastructure charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/global-infrastructure/performance-fee-explained/ > The NZ Funds Global Infrastructure charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Global Infrastructure charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 2.53% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Global Infrastructure fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds Global Infrastructure URL: https://managedfunds.nz/funds/nz-funds/global-infrastructure/questions/ > 4 commonly-asked questions about the NZ Funds Global Infrastructure, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, other category. Questions about NZ Funds Global Infrastructure 4 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Global Infrastructure's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it good to invest in infrastructure funds? Infrastructure funds can form part of a diversified portfolio; suitability depends on your individual circumstances, investment horizon, and risk tolerance. NZ Funds Global Infrastructure is classified as risk indicator 5/7 on the FMA standardised scale, indicating moderate-to-higher volatility. Review the Product Disclosure Statement and FMA Disclose register entry to assess whether this fund's asset mix (~78.48% growth assets / 21.52% income assets) aligns with your goals. 2. Is it safe to invest in infrastructure funds? All managed funds carry investment risk, including the risk of losing capital. NZ Funds Global Infrastructure holds a risk indicator of 5/7, meaning it experiences moderate-to-higher price fluctuations. The FMA Disclose register and the fund's Product Disclosure Statement set out the specific risks; investors should review these before deciding whether to invest. 3. What are the fund fees in New Zealand? Fund fees vary significantly by fund and strategy. NZ Funds Global Infrastructure has an annual fund charge of 2.53% p.a. as at the latest Quarterly Fund Update. For comparison, the peer-cohort average annual fee for similar funds is 1.29% p.a. You can compare fees across NZ-domiciled funds via the FMA Disclose register. 4. What are the five types of funds in New Zealand? The FMA categorises managed funds by risk and asset allocation (from conservative to growth-focused), and by legal structure (such as PIE or FIF). NZ Funds Global Infrastructure is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at the prescribed investor rate (maximum 28%). See the IRD website for details on PIE tax treatment and the FMA Disclose register for fund categorisations. Primary sources Product Disclosure Statement More about this fund NZ Funds Global Infrastructure — main fund page Is it expensive? Who audits it? What can it invest in? Other other funds Smart Bitcoin ETF Smartshares Mercer Global Listed Infrastructure Fund Mercer Russell Investments Global Listed Infrastructure Fund Russell Investments Squirrel Monthly Income Fund Squirrel Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Global Infrastructure? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/global-infrastructure/who-audits/ > The NZ Funds Global Infrastructure is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Global Infrastructure? Ernst & Young The NZ Funds Global Infrastructure sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Global Infrastructure fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Global Property invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/global-property/investment-mandate/ > The NZ Funds Global Property's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the NZ Funds Global Property actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% — 50% New Zealand fixed interest 4% — 50% International fixed interest 4% — 50% Australasian equities 0% 0% 50% International equities 0% 0% 50% Listed property 90% — 150% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 150%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Global Property fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Global Property: 2.52% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/nz-funds/global-property/is-it-expensive/ > NZ Funds Global Property charges 2.52% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Global Property expensive? NZ Funds Global Property charges 2.52% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 93% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Global Property NZ$1198 at 2.52% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$698 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than NZ Funds Global Property, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Global Property Kernel NZ Commercial Property Fund Kernel 0.25% −2.27pp Smart Australian Property ETF Smartshares 0.54% −1.98pp Smart NZ Property ETF Smartshares 0.54% −1.98pp Harbour Real Estate Investment Fund Harbour 0.77% −1.75pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −1.53pp Pathfinder Global Property Fund Pathfinder 1.00% −1.52pp Salt Enhanced Property Fund Salt 1.02% −1.50pp Summer Listed Property Summer 1.02% −1.50pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Global Property? NZ Funds Global Property charges 2.52% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Global Property's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. NZ Funds Global Property sits at 2.52% — pricier than the median (cheaper than 7% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.52% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1198. That is NZ$698 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Global Property --- ## URL: https://managedfunds.nz/funds/nz-funds/global-property/markdown.md # NZ Funds Global Property > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Listed Property - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Global Property is a listed property managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To mitigate the impact of inflation on your investment over the medium and/or long term with active management. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo892334dc3843e1ffbff28b51ec449a19/NZ-Funds-Active-Inflation-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 2.52% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$51 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 17 March 2023 ## Top 10 holdings 1. Westpac Cash — 6.46% 2. Goldman Sachs Futures — 3.49% 3. Equinix Inc — 3.29% 4. Digital Realty Trust Inc — 3.21% 5. Kimco Realty Corp — 3.18% 6. Essex Property Trust Inc — 3.09% 7. Realty Income Corp — 3.06% 8. Simon Property Group Inc — 3.04% 9. Ventas Inc — 2.99% 10. AvalonBay Communities Inc — 2.97% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | — | 50% | | New Zealand fixed interest | 4% | — | 50% | | International fixed interest | 4% | — | 50% | | Australasian equities | 0% | 0% | 50% | | International equities | 0% | 0% | 50% | | Listed property | 90% | — | 150% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Global%20Property - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND42558/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/global-property/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/global-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/global-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Global Property charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/global-property/performance-fee-explained/ > The NZ Funds Global Property charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Global Property charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 2.52% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Global Property fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds Global Property URL: https://managedfunds.nz/funds/nz-funds/global-property/questions/ > 3 commonly-asked questions about the NZ Funds Global Property, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, listed property category. Questions about NZ Funds Global Property 3 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Global Property's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are global mutual funds a good investment? Global funds provide exposure to international property markets and can form part of a diversified investment portfolio, though suitability depends on individual circumstances, risk tolerance, and investment horizon. NZ Funds Global Property is categorised as Listed Property with a risk indicator of 5/7 on the FMA standardised scale; you should review the Product Disclosure Statement and consider seeking financial advice before investing. 2. What are the fund fees in New Zealand? Fund fees in New Zealand vary significantly by fund type and manager. NZ Funds Global Property has an annual fund charge of 2.52% p.a. as at the latest Quarterly Fund Update; the peer-cohort average annual fee for comparable funds is 1.29% p.a. You can compare fees across funds in our coverage or check the FMA Disclose register for detailed fee information. 3. What are typical fees for a fund of funds? Fund of funds typically charge layered fees—one at the underlying fund level and one at the wrapper level—which can result in higher combined costs than direct fund investment. For detailed fee comparisons across specific fund structures, check the relevant Product Disclosure Statements or the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund NZ Funds Global Property — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Global Property? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/global-property/who-audits/ > The NZ Funds Global Property is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Global Property? Ernst & Young The NZ Funds Global Property sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Global Property fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Global Shares invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/global-shares/investment-mandate/ > The NZ Funds Global Shares's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the NZ Funds Global Shares actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% — 50% New Zealand fixed interest 0% 0% 50% International fixed interest 0% 0% 50% Australasian equities 0% 0% 50% International equities 95% — 200% Listed property 0% 0% 50% Commodities 0% 0% 50% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 300%. Wide range — high manager discretion typical of active management. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Global Shares fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Global Shares: 3.12% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/nz-funds/global-shares/is-it-expensive/ > NZ Funds Global Shares charges 3.12% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Global Shares expensive? NZ Funds Global Shares charges 3.12% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 98% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Global Shares NZ$1466 at 3.12% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$1164 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than NZ Funds Global Shares, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Global Shares Foundation Series US 500 Fund Foundation Series 0.03% −3.09pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −3.09pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −3.06pp Foundation Series Total World Fund Foundation Series 0.07% −3.05pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −3.05pp Foundation Series Global ESG Fund Foundation Series 0.10% −3.02pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −2.97pp Simplicity Hedged Global Share Fund Simplicity 0.15% −2.97pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Global Shares? NZ Funds Global Shares charges 3.12% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Global Shares's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. NZ Funds Global Shares sits at 3.12% — pricier than the median (cheaper than 2% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 3.12% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1466. That is NZ$1164 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Global Shares --- ## URL: https://managedfunds.nz/funds/nz-funds/global-shares/markdown.md # NZ Funds Global Shares > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Global Shares is a international equities managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To grow your investment over the long term by investing in growth assets and other authorised assets with active management. Anticipated to mainly own and trade international shares, and other authorised asset classes over the minimum suggested timeframe. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 3.12% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.37% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$176 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 31 October 2008 ## Top 10 holdings 1. Westpac Bank Bill 2.502% 06/05/2026 — 16.97% 2. Goldman Sachs Futures — 6.93% 3. Westpac Cash — 5.90% 4. Citibank New Zealand Cash — 5.27% 5. Citibank Hong Kong Cash — 5.15% 6. NVIDIA Corp — 2.59% 7. Taiwan Semiconductor Manufacturing Company — 2.30% 8. Apple Inc — 2.21% 9. Cummins Inc — 1.77% 10. JPMorgan Chase & Co — 1.75% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Performance benchmark: MSCI ACWI ex Fossil Fuels Net Total Return Local Index. Subject to high-water mark. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | — | 50% | | New Zealand fixed interest | 0% | 0% | 50% | | International fixed interest | 0% | 0% | 50% | | Australasian equities | 0% | 0% | 50% | | International equities | 95% | — | 200% | | Listed property | 0% | 0% | 50% | | Commodities | 0% | 0% | 50% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Global%20Shares - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND1621/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Global Shares charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/global-shares/performance-fee-explained/ > The NZ Funds Global Shares charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Global Shares charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 3.12% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Performance benchmark: MSCI ACWI ex Fossil Fuels Net Total Return Local Index. Subject to high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Global Shares fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds Global Shares URL: https://managedfunds.nz/funds/nz-funds/global-shares/questions/ > 4 commonly-asked questions about the NZ Funds Global Shares, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, international equities category. Questions about NZ Funds Global Shares 4 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Global Shares's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are global shares a good investment? Global shares are a growth-oriented asset class with higher risk and return potential than income-focused investments. Whether they suit a particular investor depends on individual circumstances, time horizon, and risk tolerance; check the fund's risk indicator (this fund is rated 6/7 on the FMA standardised scale) and review the Product Disclosure Statement before investing. 2. Is a global equity fund a good investment? Global equity funds offer diversification across international markets and are commonly used as part of a balanced investment approach. This fund's 5-year return after fees and before tax was 1.37% p.a. as at the latest QFU; however, past performance is not a guarantee of future results, and suitability depends on individual circumstances. 3. How are overseas shares taxed in NZ? Overseas shares held through a PIE (Portfolio Investment Entity) fund are taxed at a capped rate up to your prescribed investor rate (PIR) — a maximum of 28% — rather than under the FIF (Foreign Investment Fund) rules. For detailed information on tax treatment, consult the IRD website or your tax adviser. 4. Is it good to invest in global funds? Global funds provide access to international markets and can form part of a diversified investment portfolio. This fund holds approximately 98.31% growth assets and is rated 6/7 for risk on the FMA standardised scale; review the PDS and consider your own financial situation before investing. Primary sources Product Disclosure Statement More about this fund NZ Funds Global Shares — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Global Shares? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/global-shares/who-audits/ > The NZ Funds Global Shares is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Global Shares? Ernst & Young The NZ Funds Global Shares sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Global Shares fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Global Utilities invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/global-utilities/investment-mandate/ > The NZ Funds Global Utilities's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the NZ Funds Global Utilities actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% — 50% New Zealand fixed interest 4% — 50% International fixed interest 4% — 50% Australasian equities 0% 0% 50% International equities 90% — 150% Listed property 0% 0% 50% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 150%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Global Utilities fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Global Utilities: 2.53% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/nz-funds/global-utilities/is-it-expensive/ > NZ Funds Global Utilities charges 2.53% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Global Utilities expensive? NZ Funds Global Utilities charges 2.53% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 97% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Global Utilities NZ$1203 at 2.53% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$901 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than NZ Funds Global Utilities, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Global Utilities Foundation Series US 500 Fund Foundation Series 0.03% −2.50pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −2.50pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −2.47pp Foundation Series Total World Fund Foundation Series 0.07% −2.46pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −2.46pp Foundation Series Global ESG Fund Foundation Series 0.10% −2.43pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −2.38pp Simplicity Hedged Global Share Fund Simplicity 0.15% −2.38pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Global Utilities? NZ Funds Global Utilities charges 2.53% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Global Utilities's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. NZ Funds Global Utilities sits at 2.53% — pricier than the median (cheaper than 3% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.53% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1203. That is NZ$901 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Global Utilities --- ## URL: https://managedfunds.nz/funds/nz-funds/global-utilities/markdown.md # NZ Funds Global Utilities > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** International Equities - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Global Utilities is a international equities managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To mitigate the impact of inflation on your investment over the medium and/or long term with active management. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo892334dc3843e1ffbff28b51ec449a19/NZ-Funds-Active-Inflation-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 2.53% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$62 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 17 March 2023 ## Top 10 holdings 1. Fortum Oyj — 4.58% 2. Verbund AG — 4.46% 3. Orsted AS — 4.22% 4. EDP SA — 4.19% 5. Goldman Sachs Futures — 4.18% 6. Edison International — 4.17% 7. American Water Works Co Inc — 4.16% 8. Exelon Corp — 4.12% 9. Hydro One Ltd — 4.06% 10. E.ON SE — 4.05% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | — | 50% | | New Zealand fixed interest | 4% | — | 50% | | International fixed interest | 4% | — | 50% | | Australasian equities | 0% | 0% | 50% | | International equities | 90% | — | 150% | | Listed property | 0% | 0% | 50% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Global%20Utilities - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND42559/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/global-utilities/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/global-utilities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/global-utilities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Global Utilities charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/global-utilities/performance-fee-explained/ > The NZ Funds Global Utilities charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Global Utilities charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 2.53% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Global Utilities fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds Global Utilities URL: https://managedfunds.nz/funds/nz-funds/global-utilities/questions/ > 3 commonly-asked questions about the NZ Funds Global Utilities, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, international equities category. Questions about NZ Funds Global Utilities 3 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Global Utilities's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How do I know the fee on funds? The annual fund charge for NZ Funds Global Utilities is 2.53% p.a., disclosed in the latest Quarterly Fund Update (QFU) filed on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. You can compare this against peer-cohort averages (1.29% p.a. for similar funds) and always check the Product Disclosure Statement (PDS) before investing. 2. What are the five types of funds in New Zealand? The main fund categories in New Zealand include cash, fixed income, balanced, growth, and international equities—though specific categorisation varies by provider. NZ Funds Global Utilities is classified as an International Equities fund, holding approximately 78.48% growth assets and 21.52% income assets; check the PDS and FMA Disclose register for full classification details. 3. What are the four types of funds? Funds are commonly grouped by asset allocation: cash, fixed income, balanced, and growth/equities. NZ Funds Global Utilities sits in the international equities category with a Risk indicator of 5/7 on the FMA standardised scale; see the PDS for how this fund's risk profile aligns with your circumstances. Primary sources Product Disclosure Statement More about this fund NZ Funds Global Utilities — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Global Utilities? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/global-utilities/who-audits/ > The NZ Funds Global Utilities is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Global Utilities? Ernst & Young The NZ Funds Global Utilities sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Global Utilities fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Income Generator invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/income-generator/investment-mandate/ > The NZ Funds Income Generator's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the NZ Funds Income Generator actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% — 100% New Zealand fixed interest 0% 0% 50% International fixed interest 0% 0% 100% Australasian equities 65% — 150% International equities 0% 0% 50% Listed property 10% — 50% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 250%. Wide range — high manager discretion typical of active management. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Income Generator fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Income Generator: 1.67% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/nz-funds/income-generator/is-it-expensive/ > NZ Funds Income Generator charges 1.67% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Income Generator expensive? NZ Funds Income Generator charges 1.67% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 98% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Income Generator NZ$808 at 1.67% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$322 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than NZ Funds Income Generator, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Income Generator Simplicity Conservative Investment Fund Simplicity 0.25% −1.42pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.42pp Simplicity Growth Investment Fund Simplicity 0.25% −1.42pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.42pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.42pp Kernel Conservative Fund Kernel 0.25% −1.42pp Kernel Balanced Fund Kernel 0.25% −1.42pp Kernel High Growth Fund Kernel 0.25% −1.42pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Income Generator? NZ Funds Income Generator charges 1.67% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Income Generator's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. NZ Funds Income Generator sits at 1.67% — pricier than the median (cheaper than 2% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.67% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$808. That is NZ$322 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Income Generator --- ## URL: https://managedfunds.nz/funds/nz-funds/income-generator/markdown.md # NZ Funds Income Generator > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Income Generator is a diversified managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To provide a source of income and return by primarily investing in dividend paying shares and derivatives including options. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdoc7ac00774299b90a1e2e03edac4d6570/NZ-Funds-Income-Generator-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 1.67% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.90% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$16 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 22 October 2020 ## Top 10 holdings 1. Goldman Sachs Futures — 9.86% 2. Rio Tinto Ltd — 6.75% 3. Woolworths Group Ltd — 6.38% 4. Telstra Corp Ltd — 5.91% 5. Commonwealth Bank of Australia — 5.85% 6. Westpac Banking Corp — 5.57% 7. National Australia Bank Ltd — 5.43% 8. Transurban Group — 5.20% 9. Wesfarmers Ltd — 4.91% 10. Goodman Group — 4.78% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | — | 100% | | New Zealand fixed interest | 0% | 0% | 50% | | International fixed interest | 0% | 0% | 100% | | Australasian equities | 65% | — | 150% | | International equities | 0% | 0% | 50% | | Listed property | 10% | — | 50% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Income%20Generator - **Product Disclosure Statement:** /disclose-document/mdoc7ac00774299b90a1e2e03edac4d6570/NZ-Funds-Income-Generator-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR12958/FND20526/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/income-generator/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/income-generator/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/income-generator/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the NZ Funds Income Generator URL: https://managedfunds.nz/funds/nz-funds/income-generator/questions/ > 3 commonly-asked questions about the NZ Funds Income Generator, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, diversified category. Questions about NZ Funds Income Generator 3 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Income Generator's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is an income generating fund? An income generating fund is a managed fund structured to produce regular income payments, typically from dividends, interest, or distributions from its underlying holdings. NZ Funds Income Generator holds approximately 1.69% in income assets and 98.31% in growth assets as at the latest QFU, meaning it blends income generation with capital growth potential. 2. Are income funds worth it? Whether an income fund suits your circumstances depends on your investment goals, time horizon, and tax situation. NZ Funds Income Generator is taxed as a PIE with investor tax capped at your prescribed investor rate (maximum 28%), and its 5-year return after fees before tax was 0.9% p.a. as at the latest QFU—you should review the current PDS and compare this against your own investment objectives and the FMA Disclose register. 3. What are the best income generating funds? Funds in our coverage with different fee levels and asset mixes are listed in our comparison tools. NZ Funds Income Generator carries an annual fund charge of 1.67% p.a., which is higher than the peer-cohort average of 0.91% p.a.—check the FMA Disclose register and current fund statements to compare income generation features across available options. Primary sources Product Disclosure Statement More about this fund NZ Funds Income Generator — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Income Generator? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/income-generator/who-audits/ > The NZ Funds Income Generator is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Income Generator? Ernst & Young The NZ Funds Income Generator sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Income Generator fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds New Zealand and Australian Bonds invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/investment-mandate/ > The NZ Funds New Zealand and Australian Bonds's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the NZ Funds New Zealand and Australian Bonds actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% — 100% New Zealand fixed interest 90% — 150% International fixed interest 0% 0% 50% Alternative Securities 0% 0% — Mandate flexibility (sum of max − min across all ranges): 50%. Narrow range — index-tracking style with limited drift. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds New Zealand and Australian Bonds fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds New Zealand and Australian Bonds: 1.44% fee vs 0.63% … URL: https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/is-it-expensive/ > NZ Funds New Zealand and Australian Bonds charges 1.44% p.a. vs the nz fixed interest peer-class median of 0.63%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds New Zealand and Australian Bonds expensive? NZ Funds New Zealand and Australian Bonds charges 1.44% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 96% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds New Zealand and Australian Bonds NZ$700 at 1.44% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$391 over 5 years on NZ$10K. 8 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than NZ Funds New Zealand and Australian Bonds, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds New Zealand and Australian Bonds Simplicity NZ Bond Fund Simplicity 0.10% −1.34pp Kernel NZ Bond Fund Kernel 0.40% −1.04pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.98pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.97pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.95pp Smart NZ Bond ETF Smartshares 0.54% −0.90pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.84pp Milford Trans-Tasman Bond Fund Milford 0.65% −0.79pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds New Zealand and Australian Bonds? NZ Funds New Zealand and Australian Bonds charges 1.44% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds New Zealand and Australian Bonds's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. NZ Funds New Zealand and Australian Bonds sits at 1.44% — pricier than the median (cheaper than 4% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.44% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$700. That is NZ$391 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds New Zealand and Australian Bonds --- ## URL: https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/markdown.md # NZ Funds New Zealand and Australian Bonds > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** New Zealand Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds New Zealand and Australian Bonds is a nz fixed interest managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To generate gains by investing in income assets and other authorised assets with active management. Anticipated to mainly own and trade New Zealand and Australian bonds and other authorised asset classes over the minimum suggested timeframe. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdof8ccad51a6efc4629a480bdee0c63c6f/NZ-Funds-Active-Income-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 1.44% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.97% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$145 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 23 July 2008 ## Top 10 holdings 1. Westpac Bank Bill 2.54% 30/06/2026 — 15.97% 2. ANZ Bank Ltd 2.999% 17/09/2031 — 11.57% 3. Bank of New Zealand 5.872% 01/09/2028 — 8.37% 4. Kiwibank 4.93% Perpetual — 5.31% 5. Westpac Bank Bill 2.535% 25/06/2026 — 4.79% 6. Mercury Ltd 5.73% 13/05/2052 — 4.70% 7. Bank of New Zealand 4.889% 19/11/2029 — 4.55% 8. Westpac Bank Bill 2.49% 13/04/2026 — 4.41% 9. BNZ Bank Bill 2.53% 16/06/2026 — 4.39% 10. ANZ Bank New Zealand 7.6% Perpetual — 4.08% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.03% > 10% of the wholesale trust's returns above the hurdle rate. Hurdle rate: S&P/NZX Investment Grade Corporate Bond Total Return Index. Performance fee accrued daily, payable on or after 31 March each year subject to high-water mark being exceeded. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | — | 100% | | New Zealand fixed interest | 90% | — | 150% | | International fixed interest | 0% | 0% | 50% | | Alternative Securities | 0% | 0% | — | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20New%20Zealand%20and%20Australian%20Bonds - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND1607/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds New Zealand and Australian Bonds charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/performance-fee-explained/ > The NZ Funds New Zealand and Australian Bonds charges a performance fee in addition to its annual fund charge; it paid 0.03% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds New Zealand and Australian Bonds charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.03% of NAV Annual fund charge (on top) 1.44% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the wholesale trust's returns above the hurdle rate. Hurdle rate: S&P/NZX Investment Grade Corporate Bond Total Return Index. Performance fee accrued daily, payable on or after 31 March each year subject to high-water mark being exceeded. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds New Zealand and Australian Bonds fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds New Zealand and Australian Bonds URL: https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/questions/ > 4 commonly-asked questions about the NZ Funds New Zealand and Australian Bonds, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, nz fixed interest category. Questions about NZ Funds New Zealand and Australian Bonds 4 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds New Zealand and Australian Bonds's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do you pay tax on bonds in NZ? Bond interest is taxable income in New Zealand. This fund is structured as a PIE (Portfolio Investment Entity), which means your tax liability is capped at your prescribed investor rate (PIR), up to a maximum of 28%, rather than being taxed at your marginal income tax rate. For details on how PIE tax works, see the IRD's guidance on portfolio investment entities. 2. Do you pay tax on Australian bonds? Interest from Australian bonds is also taxable income in New Zealand under the same rules as domestic bonds. As a PIE fund, NZ Funds New Zealand and Australian Bonds caps your tax at your PIR (maximum 28%), providing a potential tax advantage compared to holding bonds directly in your own name. 3. Are Australian bonds a safe investment? This fund's risk indicator is 4 out of 7 on the FMA standardised scale, reflecting moderate risk. The fund holds a diversified portfolio of bank bonds and related fixed-interest securities from both New Zealand and Australian issuers; however, all bond investments carry credit and interest-rate risk. For a full risk assessment, review the fund's Product Disclosure Statement on the NZ Funds website. 4. What investment has the highest return in NZ? Different investment types deliver different returns depending on market conditions and time horizons. This fund's 5-year return after fees and before tax was 0.97% p.a. as at the latest disclosure. For a comparison of returns across different fund categories, use the fund comparison tools on this website or check the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund NZ Funds New Zealand and Australian Bonds — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds New Zealand and Australian Bonds? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/who-audits/ > The NZ Funds New Zealand and Australian Bonds is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds New Zealand and Australian Bonds? Ernst & Young The NZ Funds New Zealand and Australian Bonds sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds New Zealand and Australian Bonds fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds New Zealand Property and Retirement Villages invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/investment-mandate/ > The NZ Funds New Zealand Property and Retirement Villages's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the NZ Funds New Zealand Property and Retirement Villages actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% — 50% New Zealand fixed interest 4% — 50% International fixed interest 4% — 50% Australasian equities 30% — 100% International equities 0% 0% 50% Listed property 60% — 150% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 100%. Narrow range — index-tracking style with limited drift. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds New Zealand Property and Retirement Villages fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds New Zealand Property and Retirement Villages: 2.52% f… URL: https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/is-it-expensive/ > NZ Funds New Zealand Property and Retirement Villages charges 2.52% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds New Zealand Property and Retirement Villages expensive? NZ Funds New Zealand Property and Retirement Villages charges 2.52% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 93% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds New Zealand Property and Retirement Villages NZ$1198 at 2.52% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$698 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than NZ Funds New Zealand Property and Retirement Villages, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds New Zealand Property and Retirement Villages Kernel NZ Commercial Property Fund Kernel 0.25% −2.27pp Smart Australian Property ETF Smartshares 0.54% −1.98pp Smart NZ Property ETF Smartshares 0.54% −1.98pp Harbour Real Estate Investment Fund Harbour 0.77% −1.75pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −1.53pp Pathfinder Global Property Fund Pathfinder 1.00% −1.52pp Salt Enhanced Property Fund Salt 1.02% −1.50pp Summer Listed Property Summer 1.02% −1.50pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds New Zealand Property and Retirement Villages? NZ Funds New Zealand Property and Retirement Villages charges 2.52% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds New Zealand Property and Retirement Villages's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. NZ Funds New Zealand Property and Retirement Villages sits at 2.52% — pricier than the median (cheaper than 7% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.52% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1198. That is NZ$698 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds New Zealand Property and Retirement Villages --- ## URL: https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/markdown.md # NZ Funds New Zealand Property and Retirement Villages > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Listed Property - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds New Zealand Property and Retirement Villages is a listed property managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To mitigate the impact of inflation on your investment over the medium and/or long term with active management. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo892334dc3843e1ffbff28b51ec449a19/NZ-Funds-Active-Inflation-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 2.52% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$44 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 17 March 2023 ## Top 10 holdings 1. Goodman Property Trust — 9.71% 2. Precinct Properties Group — 9.00% 3. Ryman Healthcare Ltd — 8.42% 4. Summerset Group Holdings Ltd — 8.27% 5. Property for Industry Ltd — 4.93% 6. Vital Healthcare Property Trust — 4.52% 7. Kiwi Property Group Ltd — 4.45% 8. Westpac Cash — 3.80% 9. Goldman Sachs Futures — 3.61% 10. Argosy Property Ltd — 2.39% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | — | 50% | | New Zealand fixed interest | 4% | — | 50% | | International fixed interest | 4% | — | 50% | | Australasian equities | 30% | — | 100% | | International equities | 0% | 0% | 50% | | Listed property | 60% | — | 150% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20New%20Zealand%20Property%20and%20Retirement%20Villages - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND42555/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds New Zealand Property and Retirement Villages charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/performance-fee-explained/ > The NZ Funds New Zealand Property and Retirement Villages charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds New Zealand Property and Retirement Villages charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 2.52% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Performance fee is accrued if the wholesale trust's return exceeds the hurdle rate but is only paid for a performance year if the wholesale trust's unit price exceeds the high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds New Zealand Property and Retirement Villages fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds New Zealand Property and Retirement Villages URL: https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/questions/ > 3 commonly-asked questions about the NZ Funds New Zealand Property and Retirement Villages, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, listed property category. Questions about NZ Funds New Zealand Property and Retirement Villages 3 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds New Zealand Property and Retirement Villages's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How do I know the fee on funds? The annual fund charge is disclosed in the Product Disclosure Statement (PDS) and the latest Quarterly Fund Update (QFU), which are available from the fund manager and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. For NZ Funds New Zealand Property and Retirement Villages, the annual fund charge is 2.52% p.a. as at the latest QFU. 2. What are the pros and cons of retirement villages NZ? This fund holds shares in listed retirement-village operators (for example, Ryman Healthcare Ltd at 8.42% of the fund), which may provide exposure to the retirement-village sector; however, fund holdings, sector dynamics, and individual village structures vary. Prospective residents or investors should review independent retirement-village guides (such as those from the Retirement Commissioner) and the PDS for this fund to understand both the investment characteristics and the operational realities of individual villages. 3. How much money do we need to comfortably retire today in New Zealand? Retirement income needs depend on individual circumstances, lifestyle, and life expectancy. The Retirement Commissioner publishes guidance on retirement planning at https://www.retirementcommissioner.govt.nz/, and the IRD provides information on KiwiSaver®, superannuation, and tax-efficient investing. This fund offers one possible vehicle for long-term property and retirement-sector exposure; consult a financial adviser for personalised retirement planning. Primary sources Product Disclosure Statement More about this fund NZ Funds New Zealand Property and Retirement Villages — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds New Zealand Property and Retirement Villages? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/who-audits/ > The NZ Funds New Zealand Property and Retirement Villages is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds New Zealand Property and Retirement Villages? Ernst & Young The NZ Funds New Zealand Property and Retirement Villages sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds New Zealand Property and Retirement Villages fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds New Zealand and Australian Shares invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/new-zealand-shares/investment-mandate/ > The NZ Funds New Zealand and Australian Shares's Statement of Investment Policy sets target / min / max ranges across 6 asset classes. Verbatim from the SIPO. What can the NZ Funds New Zealand and Australian Shares actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% — 50% New Zealand fixed interest 0% 0% 50% International fixed interest 0% 0% 50% Australasian equities 65% — 150% International equities 0% 0% 50% Listed property 10% — 50% Mandate flexibility (sum of max − min across all ranges): 150%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds New Zealand and Australian Shares fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds New Zealand and Australian Shares: 2.52% fee vs 1.01%… URL: https://managedfunds.nz/funds/nz-funds/new-zealand-shares/is-it-expensive/ > NZ Funds New Zealand and Australian Shares charges 2.52% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds New Zealand and Australian Shares expensive? NZ Funds New Zealand and Australian Shares charges 2.52% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 97% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds New Zealand and Australian Shares NZ$1198 at 2.52% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$703 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than NZ Funds New Zealand and Australian Shares, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds New Zealand and Australian Shares Simplicity NZ Share Fund Simplicity 0.10% −2.42pp Smart S&P/NZX 50 ETF Smartshares 0.20% −2.32pp Harbour NZ Index Shares Fund Harbour 0.21% −2.31pp BetaShares Australia 200 Fund BetaShares 0.23% −2.29pp Kernel NZ 20 Fund Kernel 0.25% −2.27pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −2.27pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −2.27pp Kernel Australia 100 Fund Kernel 0.25% −2.27pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds New Zealand and Australian Shares? NZ Funds New Zealand and Australian Shares charges 2.52% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds New Zealand and Australian Shares's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. NZ Funds New Zealand and Australian Shares sits at 2.52% — pricier than the median (cheaper than 3% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.52% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1198. That is NZ$703 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds New Zealand and Australian Shares --- ## URL: https://managedfunds.nz/funds/nz-funds/new-zealand-shares/markdown.md # NZ Funds New Zealand and Australian Shares > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds New Zealand and Australian Shares is a australasian equities managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To grow your investment over the long term by investing in growth assets and other authorised assets with active management. Anticipated to mainly own and trade New Zealand and Australian shares, and other authorised asset classes over the minimum suggested timeframe. Source: Product Disclosure Statement dated 2025-10-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf ## Fund data - **Annual fund charge:** 2.52% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.59% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$194 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 31 October 2008 ## Top 10 holdings 1. Mercury NZ Ltd — 5.99% 2. Port of Tauranga Ltd — 5.59% 3. Mainfreight Ltd — 5.45% 4. Chorus Ltd — 5.34% 5. Heartland Group Holdings Ltd — 5.21% 6. A2 Milk Co Ltd — 4.98% 7. Summerset Group Holdings Ltd — 4.80% 8. Freightways Ltd — 4.54% 9. Fletcher Building Ltd — 4.49% 10. Vulcan Steel Ltd — 4.32% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Performance benchmark: 70% S&P/NZX 50 Portfolio Index Gross, 30% S&P/ASX 200 Total Return Index. Subject to high-water mark. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | — | 50% | | New Zealand fixed interest | 0% | 0% | 50% | | International fixed interest | 0% | 0% | 50% | | Australasian equities | 65% | — | 150% | | International equities | 0% | 0% | 50% | | Listed property | 10% | — | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20New%20Zealand%20and%20Australian%20Shares - **Product Disclosure Statement:** /disclose-document/mdodfc17cc7af10a3ad4fce6b61e63f749e/NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR10831/FND1623/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/new-zealand-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/new-zealand-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/new-zealand-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds New Zealand and Australian Shares charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/new-zealand-shares/performance-fee-explained/ > The NZ Funds New Zealand and Australian Shares charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds New Zealand and Australian Shares charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 2.52% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Performance benchmark: 70% S&P/NZX 50 Portfolio Index Gross, 30% S&P/ASX 200 Total Return Index. Subject to high-water mark. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds New Zealand and Australian Shares fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds New Zealand and Australian Shares URL: https://managedfunds.nz/funds/nz-funds/new-zealand-shares/questions/ > 3 commonly-asked questions about the NZ Funds New Zealand and Australian Shares, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, australasian equities category. Questions about NZ Funds New Zealand and Australian Shares 3 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds New Zealand and Australian Shares's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do I pay tax on Australian shares in NZ? Yes, Australian shares held through a New Zealand PIE fund are subject to New Zealand tax on the fund's income and gains. This NZ Funds New Zealand and Australian Shares fund is structured as a PIE, which means your tax is capped at your prescribed investor rate (PIR), with a maximum of 28%. See the IRD website for details on how PIE taxation applies to overseas investments. 2. How are overseas shares taxed in NZ? Overseas shares held through a New Zealand PIE fund are taxed on a look-through basis—you pay tax on the fund's income and gains at your PIR (capped at 28%), rather than on unrealised gains. For this fund, the PIE tax structure provides a defined tax treatment regardless of whether holdings are Australian, international, or domestic shares. Check the fund's PDS and IRD guidance on PIE taxation for full details. 3. Does Australia have a double tax agreement with New Zealand? Yes, Australia and New Zealand have a double taxation agreement that applies to income and capital gains. However, the specific tax treatment of overseas shareholdings through a New Zealand PIE fund is determined by New Zealand tax law rather than the bilateral agreement. For detailed guidance on how this agreement affects your investment, consult the IRD website or a tax adviser. Primary sources Product Disclosure Statement More about this fund NZ Funds New Zealand and Australian Shares — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds New Zealand and Australian Shares? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/new-zealand-shares/who-audits/ > The NZ Funds New Zealand and Australian Shares is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds New Zealand and Australian Shares? Ernst & Young The NZ Funds New Zealand and Australian Shares sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds New Zealand and Australian Shares fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Wealth Builder - Growth Strategy invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/investment-mandate/ > The NZ Funds Wealth Builder - Growth Strategy's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the NZ Funds Wealth Builder - Growth Strategy actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% — 100% New Zealand fixed interest 4% — 75% International fixed interest 0% 0% 75% Australasian equities 34% — 100% International equities 57% — 200% Listed property 4% — 50% Commodities 0% 0% 100% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 225%. Wide range — high manager discretion typical of active management. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Wealth Builder - Growth Strategy fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Wealth Builder - Growth Strategy: 2.14% fee vs 0.99% … URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/is-it-expensive/ > NZ Funds Wealth Builder - Growth Strategy charges 2.14% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Wealth Builder - Growth Strategy expensive? NZ Funds Wealth Builder - Growth Strategy charges 2.14% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 99% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Wealth Builder - Growth Strategy NZ$1025 at 2.14% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$540 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than NZ Funds Wealth Builder - Growth Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Wealth Builder - Growth Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −1.89pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.89pp Simplicity Growth Investment Fund Simplicity 0.25% −1.89pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.89pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.89pp Kernel Conservative Fund Kernel 0.25% −1.89pp Kernel Balanced Fund Kernel 0.25% −1.89pp Kernel High Growth Fund Kernel 0.25% −1.89pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Wealth Builder - Growth Strategy? NZ Funds Wealth Builder - Growth Strategy charges 2.14% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Wealth Builder - Growth Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. NZ Funds Wealth Builder - Growth Strategy sits at 2.14% — pricier than the median (cheaper than 1% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.14% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1025. That is NZ$540 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Wealth Builder - Growth Strategy --- ## URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/markdown.md # NZ Funds Wealth Builder - Growth Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Wealth Builder - Growth Strategy is a diversified managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To grow your investment over the long term by investing in growth assets and other authorised assets with active management. Source: Product Disclosure Statement dated 2026-03-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/d4dff28c1832e4ad/NZ-Funds-Wealth-Builder-PDS-30-March-2026.pdf ## Fund data - **Annual fund charge:** 2.14% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.96% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$58 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 27 February 2020 ## Top 10 holdings 1. Goldman Sachs Futures — 13.41% 2. Goldman Sachs OTC Derivatives — 6.01% 3. Westpac Cash — 4.69% 4. DiDi Global Inc - ADR — 2.81% 5. Rio Tinto Ltd — 2.19% 6. Citibank Hong Kong Cash — 1.98% 7. Mercury NZ Ltd — 1.87% 8. Port of Tauranga Ltd — 1.75% 9. Mainfreight Ltd — 1.70% 10. Chorus Ltd — 1.67% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Private Dividend Yield Trust: 70% S&P/NZX 50 Portfolio Index Gross / 30% S&P/ASX 200 Total Return Index. Private Global Macro Trust: MSCI All Countries World Index ex Fossil Fuels Net Total Return Local Index. New Zealand Investment Trust 3: 50% S&P 500 Net Total Return Index / 50% S&P CME Bitcoin Futures Daily Roll Index. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | — | 100% | | New Zealand fixed interest | 4% | — | 75% | | International fixed interest | 0% | 0% | 75% | | Australasian equities | 34% | — | 100% | | International equities | 57% | — | 200% | | Listed property | 4% | — | 50% | | Commodities | 0% | 0% | 100% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Wealth%20Builder%20-%20Growth%20Strategy - **Product Disclosure Statement:** /disclose-document/d4dff28c1832e4ad/NZ-Funds-Wealth-Builder-PDS-30-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR12761/FND16930/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Wealth Builder - Growth Strategy charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/performance-fee-explained/ > The NZ Funds Wealth Builder - Growth Strategy charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Wealth Builder - Growth Strategy charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 2.14% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Private Dividend Yield Trust: 70% S&P/NZX 50 Portfolio Index Gross / 30% S&P/ASX 200 Total Return Index. Private Global Macro Trust: MSCI All Countries World Index ex Fossil Fuels Net Total Return Local Index. New Zealand Investment Trust 3: 50% S&P 500 Net Total Return Index / 50% S&P CME Bitcoin Futures Daily Roll Index. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Wealth Builder - Growth Strategy fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the NZ Funds Wealth Builder - Growth Strategy URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/questions/ > 2 commonly-asked questions about the NZ Funds Wealth Builder - Growth Strategy, answered with mechanical facts sourced from the FMA Disclose register. NZ Funds, diversified category. Questions about NZ Funds Wealth Builder - Growth Strategy 2 commonly-asked questions, answered with mechanical facts sourced from the NZ Funds Wealth Builder - Growth Strategy's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What investment has the highest return in NZ? Returns vary significantly by fund, asset class, and time period. The NZ Funds Wealth Builder - Growth Strategy achieved 0.96% p.a. after fees over 5 years as at the latest QFU; for a broader comparison of returns across funds in your category of interest, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. Where can I get 10% return on my money? Returns depend on fund strategy, market conditions, and time horizon. The NZ Funds Wealth Builder - Growth Strategy holds ~98.31% growth assets; historical 5-year returns after fees were 0.96% p.a. For current return data across all available funds, refer to the FMA Disclose register and your chosen fund's latest Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund NZ Funds Wealth Builder - Growth Strategy — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the NZ Funds Wealth Builder - Growth Strategy? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/who-audits/ > The NZ Funds Wealth Builder - Growth Strategy is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Wealth Builder - Growth Strategy? Ernst & Young The NZ Funds Wealth Builder - Growth Strategy sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Wealth Builder - Growth Strategy fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Wealth Builder - Income Strategy invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-income/investment-mandate/ > The NZ Funds Wealth Builder - Income Strategy's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the NZ Funds Wealth Builder - Income Strategy actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 8% — 100% New Zealand fixed interest 45% — 75% International fixed interest 47% — 100% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 50%. Narrow range — index-tracking style with limited drift. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Wealth Builder - Income Strategy fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Wealth Builder - Income Strategy: 1.20% fee vs 0.99% … URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-income/is-it-expensive/ > NZ Funds Wealth Builder - Income Strategy charges 1.20% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Wealth Builder - Income Strategy expensive? NZ Funds Wealth Builder - Income Strategy charges 1.20% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 72% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Wealth Builder - Income Strategy NZ$586 at 1.20% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$100 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than NZ Funds Wealth Builder - Income Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Wealth Builder - Income Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −0.95pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.95pp Simplicity Growth Investment Fund Simplicity 0.25% −0.95pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.95pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.95pp Kernel Conservative Fund Kernel 0.25% −0.95pp Kernel Balanced Fund Kernel 0.25% −0.95pp Kernel High Growth Fund Kernel 0.25% −0.95pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Wealth Builder - Income Strategy? NZ Funds Wealth Builder - Income Strategy charges 1.20% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Wealth Builder - Income Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. NZ Funds Wealth Builder - Income Strategy sits at 1.20% — pricier than the median (cheaper than 28% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.20% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$586. That is NZ$100 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Wealth Builder - Income Strategy --- ## URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-income/markdown.md # NZ Funds Wealth Builder - Income Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Wealth Builder - Income Strategy is a diversified managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Fund data - **Annual fund charge:** 1.20% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.79% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$20 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 27 February 2020 ## Top 10 holdings 1. Westpac Bank Bill 2.49% 13/04/2026 — 9.64% 2. Westpac Bank Bill 2.5% 20/04/2026 — 9.08% 3. Westpac Bank Bill 2.54% 30/06/2026 — 7.98% 4. ANZ Bank Ltd 2.999% 17/09/2031 — 5.78% 5. BNZ Bank Bill 2.515% 18/06/2026 — 4.52% 6. Bank of New Zealand 5.872% 01/09/2028 — 4.18% 7. Westpac Cash — 4.01% 8. Citibank New Zealand Cash — 2.78% 9. Kiwibank 4.93% Perpetual — 2.65% 10. BNZ Bank Bill 2.48% 26/05/2026 — 2.47% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 8% | — | 100% | | New Zealand fixed interest | 45% | — | 75% | | International fixed interest | 47% | — | 100% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Wealth%20Builder%20-%20Income%20Strategy - **Product Disclosure Statement:** /disclose-document/d4dff28c1832e4ad/NZ-Funds-Wealth-Builder-PDS-30-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR12761/FND16926/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/wealth-builder-income/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/wealth-builder-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/wealth-builder-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the NZ Funds Wealth Builder - Income Strategy? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-income/who-audits/ > The NZ Funds Wealth Builder - Income Strategy is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Wealth Builder - Income Strategy? Ernst & Young The NZ Funds Wealth Builder - Income Strategy sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Wealth Builder - Income Strategy fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the NZ Funds Wealth Builder - Inflation Strategy invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/investment-mandate/ > The NZ Funds Wealth Builder - Inflation Strategy's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the NZ Funds Wealth Builder - Inflation Strategy actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% — 50% New Zealand fixed interest 4% — 50% International fixed interest 4% — 50% Australasian equities 40% — 100% International equities 28% — 125% Listed property 22% — 50% Alternative Securities 0% 0% 50% Mandate flexibility (sum of max − min across all ranges): 50%. Narrow range — index-tracking style with limited drift. Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Statement of Investment Policy and Objectives Related NZ Funds Wealth Builder - Inflation Strategy fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## NZ Funds Wealth Builder - Inflation Strategy: 1.58% fee vs 0.9… URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/is-it-expensive/ > NZ Funds Wealth Builder - Inflation Strategy charges 1.58% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the NZ Funds Wealth Builder - Inflation Strategy expensive? NZ Funds Wealth Builder - Inflation Strategy charges 1.58% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 95% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). NZ Funds Wealth Builder - Inflation Strategy NZ$765 at 1.58% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$280 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than NZ Funds Wealth Builder - Inflation Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs NZ Funds Wealth Builder - Inflation Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −1.33pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.33pp Simplicity Growth Investment Fund Simplicity 0.25% −1.33pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.33pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.33pp Kernel Conservative Fund Kernel 0.25% −1.33pp Kernel Balanced Fund Kernel 0.25% −1.33pp Kernel High Growth Fund Kernel 0.25% −1.33pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for NZ Funds Wealth Builder - Inflation Strategy? NZ Funds Wealth Builder - Inflation Strategy charges 1.58% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does NZ Funds Wealth Builder - Inflation Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. NZ Funds Wealth Builder - Inflation Strategy sits at 1.58% — pricier than the median (cheaper than 5% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.58% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$765. That is NZ$280 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to NZ Funds Wealth Builder - Inflation Strategy --- ## URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/markdown.md # NZ Funds Wealth Builder - Inflation Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** NZ Funds (New Zealand Funds Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The NZ Funds Wealth Builder - Inflation Strategy is a diversified managed fund run by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Investment objective (from PDS) > To mitigate the impact of inflation on your investment over the medium and/or long term with active management. Source: Product Disclosure Statement dated 2026-03-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/d4dff28c1832e4ad/NZ-Funds-Wealth-Builder-PDS-30-March-2026.pdf ## Fund data - **Annual fund charge:** 1.58% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.27% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$23 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 27 February 2020 ## Top 10 holdings 1. Westpac Cash — 4.34% 2. Telstra Corp Ltd — 2.72% 3. Chorus Ltd — 2.55% 4. Contact Energy Ltd — 2.52% 5. Mercury NZ Ltd — 2.48% 6. Citibank New Zealand Cash — 2.42% 7. Meridian Energy Ltd — 2.41% 8. Goodman Property Trust — 1.65% 9. Precinct Properties Group — 1.53% 10. Ryman Healthcare Ltd — 1.43% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > 15% of the wholesale trust's returns above the hurdle rate. Benchmarks include: FTSE EPRA NAREIT Developed Net Total Return Index Hedged NZD (Private Global Property Trust); 50% S&P 500 Net Total Return Index / 50% S&P CME Bitcoin Futures Daily Roll Index (NZ Investment Trust 3); S&P/NZX Real Estate Select Index Gross (NZ Investment Trust 9); S&P/NZX All Utilities Sector Gross (NZ Investment Trust 16); S&P/NZX All Industrials Sector Gross (NZ Investment Trust 20); S&P World Utilities Weighted & Screened Index (NZ Investment Trust 23); STOXX Global Broad Infrastructure Net Total Return Index USD (NZ Investment Trust 24). ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | — | 50% | | New Zealand fixed interest | 4% | — | 50% | | International fixed interest | 4% | — | 50% | | Australasian equities | 40% | — | 100% | | International equities | 28% | — | 125% | | Listed property | 22% | — | 50% | | Alternative Securities | 0% | 0% | 50% | ### Responsible-investment approach NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives. ### Derivatives policy NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used. Source: Statement of Investment Policy and Objectives dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ba65cf87ea9abde7460785e941899ab/NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** Ernst & Young - **Custodian:** Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid. - NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios. ### Related-party transactions - **NZ Funds wholesale trusts (managed by NZ Funds)** (Manager is also manager of the wholesale trusts in which Portfolios invest) — Performance fees charged by NZ Funds in certain wholesale trusts that the Portfolios invest in; no separate management fees charged for wholesale trusts · Performance fee rate varies by wholesale trust (e.g. 15% of outperformance for Private Dividend Yield Trust) Source: Other Material Information document dated 2025-10-20. https://smartinvestor.sorted.org.nz/disclose-document/mdo44e487fa02b4f9d57e3c6162b6b92c06/NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf ## How to invest Available via: NZ Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds%20Wealth%20Builder%20-%20Inflation%20Strategy - **Product Disclosure Statement:** /disclose-document/d4dff28c1832e4ad/NZ-Funds-Wealth-Builder-PDS-30-March-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10803/OFR12761/FND16928/ - **Manager website:** https://www.nzfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/ - **Markdown (this file):** https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the NZ Funds Wealth Builder - Inflation Strategy charge a performance fee? URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/performance-fee-explained/ > The NZ Funds Wealth Builder - Inflation Strategy charges a performance fee in addition to its annual fund charge. Verbatim hurdle / high-water-mark / cap from the PDS. Does the NZ Funds Wealth Builder - Inflation Strategy charge a performance fee? Yes — in addition to its annual fund charge. Annual fund charge (on top) 1.58% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the wholesale trust's returns above the hurdle rate. Benchmarks include: FTSE EPRA NAREIT Developed Net Total Return Index Hedged NZD (Private Global Property Trust); 50% S&P 500 Net Total Return Index / 50% S&P CME Bitcoin Futures Daily Roll Index (NZ Investment Trust 3); S&P/NZX Real Estate Select Index Gross (NZ Investment Trust 9); S&P/NZX All Utilities Sector Gross (NZ Investment Trust 16); S&P/NZX All Industrials Sector Gross (NZ Investment Trust 20); S&P World Utilities Weighted & Screened Index (NZ Investment Trust 23); STOXX Global Broad Infrastructure Net Total Return Index USD (NZ Investment Trust 24). Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related NZ Funds Wealth Builder - Inflation Strategy fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Who audits the NZ Funds Wealth Builder - Inflation Strategy? — Ernst & Young URL: https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/who-audits/ > The NZ Funds Wealth Builder - Inflation Strategy is audited by Ernst & Young, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the NZ Funds Wealth Builder - Inflation Strategy? Ernst & Young The NZ Funds Wealth Builder - Inflation Strategy sits within a managed investment scheme run by NZ Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor) Related NZ Funds Wealth Builder - Inflation Strategy fund page All funds audited by EY (Ernst & Young) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Octagon Australasian Equities Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/octagon/australasian-equities/investment-mandate/ > The Octagon Australasian Equities Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the Octagon Australasian Equities Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 20% Australasian equities 85% 80% 100% International equities — 0% 20% Listed property 10% 0% 20% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Responsible-investment approach ESG considerations are taken into account via product involvement exclusion screening (weapons, tobacco, semi-automatic civilian weapons) using MSCI tools with a 5% revenue threshold; positive ESG risk assessment for directly held Australasian securities using Forsyth Barr CESG ratings and MSCI controversy data; and consideration of responsible investment frameworks before investing in unrelated underlying funds. Additional exclusions apply for the Trans-Tasman Equities Fund covering fossil fuel upstream activities, gambling (>10% revenue), and factory farming. Derivatives policy The funds may use derivatives where the Investment Manager considers doing so is consistent with the funds' risk profile and will contribute to the performance objectives of the funds. Derivatives may also be used by the manager of an underlying investment scheme. Statement of Investment Policy and Objectives Related Octagon Australasian Equities Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Octagon Australasian Equities Fund: 1.17% fee vs 1.01% peer me… URL: https://managedfunds.nz/funds/octagon/australasian-equities/is-it-expensive/ > Octagon Australasian Equities Fund charges 1.17% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Octagon Australasian Equities Fund expensive? Octagon Australasian Equities Fund charges 1.17% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Octagon Australasian Equities Fund NZ$571 at 1.17% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$77 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Octagon Australasian Equities Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Octagon Australasian Equities Fund Simplicity NZ Share Fund Simplicity 0.10% −1.07pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.97pp Harbour NZ Index Shares Fund Harbour 0.21% −0.96pp BetaShares Australia 200 Fund BetaShares 0.23% −0.94pp Kernel NZ 20 Fund Kernel 0.25% −0.92pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.92pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.92pp Kernel Australia 100 Fund Kernel 0.25% −0.92pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Octagon Australasian Equities Fund? Octagon Australasian Equities Fund charges 1.17% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Octagon Australasian Equities Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Octagon Australasian Equities Fund sits at 1.17% — pricier than the median (cheaper than 26% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.17% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$571. That is NZ$77 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Octagon Australasian Equities Fund --- ## URL: https://managedfunds.nz/funds/octagon/australasian-equities/markdown.md # Octagon Australasian Equities Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Octagon (Octagon Asset Management Limited), parent Forsyth Barr - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Octagon Australasian Equities Fund is a australasian equities managed fund run by Octagon. NZ active manager (part of Forsyth Barr) running diversified and equity funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/ASX 200 Accumulation Index, 50% hedged to the New Zealand dollar. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/ef6d884ee3d59248/Octagon-Investment-Funds-PDS---14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.17% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.85% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$123 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 26 June 2008 ## Top 10 holdings 1. BHP Group Limited — 9.82% 2. Commonwealth Bank of Australia Limited — 7.20% 3. Westpac Banking Corporation — 4.74% 4. Australia and New Zealand Banking Group Limited — 4.11% 5. CSL Limited — 3.57% 6. National Australia Bank Limited — 3.39% 7. Rio Tinto Limited — 2.76% 8. Macquarie Group Limited — 2.61% 9. Telstra Group — 2.38% 10. Goodman Group — 2.27% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 20% | | Australasian equities | 85% | 80% | 100% | | International equities | — | 0% | 20% | | Listed property | 10% | 0% | 20% | ### Responsible-investment approach ESG considerations are taken into account via product involvement exclusion screening (weapons, tobacco, semi-automatic civilian weapons) using MSCI tools with a 5% revenue threshold; positive ESG risk assessment for directly held Australasian securities using Forsyth Barr CESG ratings and MSCI controversy data; and consideration of responsible investment frameworks before investing in unrelated underlying funds. Additional exclusions apply for the Trans-Tasman Equities Fund covering fossil fuel upstream activities, gambling (>10% revenue), and factory farming. ### Derivatives policy The funds may use derivatives where the Investment Manager considers doing so is consistent with the funds' risk profile and will contribute to the performance objectives of the funds. Derivatives may also be used by the manager of an underlying investment scheme. Source: Statement of Investment Policy and Objectives dated 2026-05-12. https://smartinvestor.sorted.org.nz/disclose-document/f74003e910c4a9c9/Octagon-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 8 ### Conflicts of interest (verbatim from OMI) - Octagon may make purchases and sales of financial products on behalf of funds other than the Scheme funds, which may result in Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging Octagon employees to transact when they otherwise might not have. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, meaning it may receive brokerage from both a Scheme fund and the counterparty client, or benefit from price movements when acting as counterparty. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers; financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on whether security holders approve certain transactions, potentially influencing voting decisions. - The funds may invest in other funds managed by persons associated with the Manager, and Octagon employees could be encouraged by that association to invest in those funds when they otherwise might not have. - Octagon employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to the issuer of those products. - Octagon's employees may be shareholders of Octagon, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning investment decisions could be influenced to financially advantage Octagon or other Forsyth Barr group entities to the detriment of investors. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company is Forsyth Barr Group Limited) — Day-to-day investment management for each of the funds under the Investment Management Agreement - **Forsyth Barr Limited** (Authorised body under Manager's licence; same ultimate parent (Forsyth Barr Group Limited)) — Daily administration of the Scheme delegated by Manager; also executes secondary market purchases and sales for the funds and receives brokerage · At or below normal commercial rates - **Adminis NZ Limited** (Appointed by Manager/Supervisor for unit pricing, investment accounting, registry and custody services) — Unit pricing, investment accounting, registry services and custody; paid out of Manager's management fee - **Forsyth Barr Group Limited** (Ultimate parent of Manager, Forsyth Barr Limited and Octagon Asset Management Limited) — Provides a funding line to the funds to cover client withdrawals/expenses where there is otherwise insufficient liquidity (e.g. timing mismatches between settlement of investments and redemption of units) - **Te Ahumairangi Investment Management Limited** (Associated entity — a director of Octagon Asset Management Limited is also a director of Te Ahumairangi Investment Management Limited) — Investment manager of Te Ahumairangi Global Equity Fund, which the Global Equities Fund invests in - **Harbour Asset Management Limited** (Third-party manager of an underlying fund invested in by Income, Balanced and Growth Funds) — Management of Hunter Global Fixed Interest Fund Source: Other Material Information document dated 2026-05-12. https://smartinvestor.sorted.org.nz/disclose-document/6b38a1bc2b57b784/Octagon-OMI---14-May-2026.pdf ## How to invest Available via: Octagon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Octagon%20Australasian%20Equities%20Fund - **Product Disclosure Statement:** /disclose-document/ef6d884ee3d59248/Octagon-Investment-Funds-PDS---14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10647/OFR10802/FND967/ - **Manager website:** https://octagonasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/octagon/australasian-equities/ - **Markdown (this file):** https://managedfunds.nz/funds/octagon/australasian-equities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/octagon/australasian-equities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Octagon Australasian Equities Fund URL: https://managedfunds.nz/funds/octagon/australasian-equities/questions/ > 4 commonly-asked questions about the Octagon Australasian Equities Fund, answered with mechanical facts sourced from the FMA Disclose register. Octagon, australasian equities category. Questions about Octagon Australasian Equities Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Octagon Australasian Equities Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a 7% return realistic? The Octagon Australasian Equities Fund returned 9.1% p.a. after fees over the past 5 years, based on FMA Disclose data; however, past returns do not indicate future performance. Returns vary year to year depending on market conditions, and investors should review the fund's Product Disclosure Statement and historical performance data on the FMA Disclose register before making any decision. 2. What is a good fee for an investment fund? The Octagon Australasian Equities Fund charges 1.17% p.a., which is higher than the peer-cohort average of 0.95% p.a. for Australasian equity funds. Fee comparison depends on the fund's strategy, asset class, and the services provided; investors can compare funds in this category using the FMA Disclose register. 3. Is a managed fund better than an ETF? Managed funds and ETFs operate differently: managed funds are actively managed by a fund manager, while ETFs typically track an index with lower fees but less active oversight. The choice depends on your investment goals, fee tolerance, and preferred management approach; the FMA provides guidance on comparing investment products at https://disclose-register.companiesoffice.govt.nz/. 4. Where can I get a 10% return on my money? No investment can guarantee a specific return rate. The Octagon Australasian Equities Fund achieved 9.1% p.a. after fees over 5 years, but past performance is not indicative of future results. Higher potential returns generally come with higher risk; review the fund's risk indicator (5/7 on the FMA standardised scale) and PDS before investing. Primary sources Product Disclosure Statement More about this fund Octagon Australasian Equities Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Octagon Australasian Equities Fund? — Deloitte URL: https://managedfunds.nz/funds/octagon/australasian-equities/who-audits/ > The Octagon Australasian Equities Fund is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Octagon Australasian Equities Fund? Deloitte The Octagon Australasian Equities Fund sits within a managed investment scheme run by Octagon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Octagon Australasian Equities Fund fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Octagon Balanced Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/octagon/balanced/investment-mandate/ > The Octagon Balanced Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes. Verbatim from the SIPO. What can the Octagon Balanced Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 7% 0% 50% New Zealand fixed interest 19% 0% 50% International fixed interest 19% 0% 50% Australasian equities 17% 0% 50% International equities 35% 20% 70% Listed property 3% 0% 50% Other — 0% 10% Mandate flexibility (sum of max − min across all ranges): 310%. Wide range — high manager discretion typical of active management. Responsible-investment approach ESG considerations are taken into account via product involvement exclusion screening (weapons, tobacco, semi-automatic civilian weapons) using MSCI tools with a 5% revenue threshold; positive ESG risk assessment for directly held Australasian securities using Forsyth Barr CESG ratings and MSCI controversy data; and consideration of responsible investment frameworks before investing in unrelated underlying funds. Additional exclusions apply for the Trans-Tasman Equities Fund covering fossil fuel upstream activities, gambling (>10% revenue), and factory farming. Derivatives policy The funds may use derivatives where the Investment Manager considers doing so is consistent with the funds' risk profile and will contribute to the performance objectives of the funds. Derivatives may also be used by the manager of an underlying investment scheme. Statement of Investment Policy and Objectives Related Octagon Balanced Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Octagon Balanced Fund: 1.17% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/octagon/balanced/is-it-expensive/ > Octagon Balanced Fund charges 1.17% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Octagon Balanced Fund expensive? Octagon Balanced Fund charges 1.17% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Octagon Balanced Fund NZ$571 at 1.17% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$86 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Octagon Balanced Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Octagon Balanced Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.92pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.92pp Simplicity Growth Investment Fund Simplicity 0.25% −0.92pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.92pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.92pp Kernel Conservative Fund Kernel 0.25% −0.92pp Kernel Balanced Fund Kernel 0.25% −0.92pp Kernel High Growth Fund Kernel 0.25% −0.92pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Octagon Balanced Fund? Octagon Balanced Fund charges 1.17% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Octagon Balanced Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Octagon Balanced Fund sits at 1.17% — pricier than the median (cheaper than 32% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.17% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$571. That is NZ$86 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Octagon Balanced Fund --- ## URL: https://managedfunds.nz/funds/octagon/balanced/markdown.md # Octagon Balanced Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Octagon (Octagon Asset Management Limited), parent Forsyth Barr - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Octagon Balanced Fund is a diversified managed fund run by Octagon. NZ active manager (part of Forsyth Barr) running diversified and equity funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark relating to the target investment mix. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/ef6d884ee3d59248/Octagon-Investment-Funds-PDS---14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.17% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.18% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$37 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 11 December 2020 ## Top 10 holdings 1. Hunter Global Fixed interest Fund — 18.14% 2. Vanguard ESG US Stock ETF — 1.90% 3. Fisher & Paykel Healthcare Corporation Limited — 1.87% 4. New Zealand Government 1.5% 15/05/2031 — 1.79% 5. New Zealand Government 14/04/2033 3.5 — 1.38% 6. Precinct Properties New Zealand Limited — 1.34% 7. Goodman Property Trust — 1.32% 8. Microsoft Corporation — 1.07% 9. Kiwi Property Group Limited — 1.06% 10. New Zealand Government 15/05/2032 2.00 — 1.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 7% | 0% | 50% | | New Zealand fixed interest | 19% | 0% | 50% | | International fixed interest | 19% | 0% | 50% | | Australasian equities | 17% | 0% | 50% | | International equities | 35% | 20% | 70% | | Listed property | 3% | 0% | 50% | | Other | — | 0% | 10% | ### Responsible-investment approach ESG considerations are taken into account via product involvement exclusion screening (weapons, tobacco, semi-automatic civilian weapons) using MSCI tools with a 5% revenue threshold; positive ESG risk assessment for directly held Australasian securities using Forsyth Barr CESG ratings and MSCI controversy data; and consideration of responsible investment frameworks before investing in unrelated underlying funds. Additional exclusions apply for the Trans-Tasman Equities Fund covering fossil fuel upstream activities, gambling (>10% revenue), and factory farming. ### Derivatives policy The funds may use derivatives where the Investment Manager considers doing so is consistent with the funds' risk profile and will contribute to the performance objectives of the funds. Derivatives may also be used by the manager of an underlying investment scheme. Source: Statement of Investment Policy and Objectives dated 2026-05-12. https://smartinvestor.sorted.org.nz/disclose-document/f74003e910c4a9c9/Octagon-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 8 ### Conflicts of interest (verbatim from OMI) - Octagon may make purchases and sales of financial products on behalf of funds other than the Scheme funds, which may result in Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging Octagon employees to transact when they otherwise might not have. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, meaning it may receive brokerage from both a Scheme fund and the counterparty client, or benefit from price movements when acting as counterparty. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers; financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on whether security holders approve certain transactions, potentially influencing voting decisions. - The funds may invest in other funds managed by persons associated with the Manager, and Octagon employees could be encouraged by that association to invest in those funds when they otherwise might not have. - Octagon employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to the issuer of those products. - Octagon's employees may be shareholders of Octagon, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning investment decisions could be influenced to financially advantage Octagon or other Forsyth Barr group entities to the detriment of investors. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company is Forsyth Barr Group Limited) — Day-to-day investment management for each of the funds under the Investment Management Agreement - **Forsyth Barr Limited** (Authorised body under Manager's licence; same ultimate parent (Forsyth Barr Group Limited)) — Daily administration of the Scheme delegated by Manager; also executes secondary market purchases and sales for the funds and receives brokerage · At or below normal commercial rates - **Adminis NZ Limited** (Appointed by Manager/Supervisor for unit pricing, investment accounting, registry and custody services) — Unit pricing, investment accounting, registry services and custody; paid out of Manager's management fee - **Forsyth Barr Group Limited** (Ultimate parent of Manager, Forsyth Barr Limited and Octagon Asset Management Limited) — Provides a funding line to the funds to cover client withdrawals/expenses where there is otherwise insufficient liquidity (e.g. timing mismatches between settlement of investments and redemption of units) - **Te Ahumairangi Investment Management Limited** (Associated entity — a director of Octagon Asset Management Limited is also a director of Te Ahumairangi Investment Management Limited) — Investment manager of Te Ahumairangi Global Equity Fund, which the Global Equities Fund invests in - **Harbour Asset Management Limited** (Third-party manager of an underlying fund invested in by Income, Balanced and Growth Funds) — Management of Hunter Global Fixed Interest Fund Source: Other Material Information document dated 2026-05-12. https://smartinvestor.sorted.org.nz/disclose-document/6b38a1bc2b57b784/Octagon-OMI---14-May-2026.pdf ## How to invest Available via: Octagon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Octagon%20Balanced%20Fund - **Product Disclosure Statement:** /disclose-document/ef6d884ee3d59248/Octagon-Investment-Funds-PDS---14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10647/OFR10802/FND21622/ - **Manager website:** https://octagonasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/octagon/balanced/ - **Markdown (this file):** https://managedfunds.nz/funds/octagon/balanced/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/octagon/balanced/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Octagon Balanced Fund URL: https://managedfunds.nz/funds/octagon/balanced/questions/ > 3 commonly-asked questions about the Octagon Balanced Fund, answered with mechanical facts sourced from the FMA Disclose register. Octagon, diversified category. Questions about Octagon Balanced Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Octagon Balanced Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are balanced funds good for retirees? Balanced funds blend growth and income assets to suit investors seeking diversification; Octagon Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets. Whether a balanced fund matches a retiree's needs depends on individual circumstances including time horizon, income requirements, and risk tolerance—consult the PDS and consider personal financial advice. 2. What is the average return on a balanced fund? Octagon Balanced Fund returned 3.83% p.a. after fees and before tax over the 5-year period as at the latest QFU; however, past performance is not a guarantee of future results. For peer-cohort return data, refer to the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. Is 0.25% a high management fee? Fee levels are relative to fund type and strategy. Octagon Balanced Fund charges 1.17% p.a., which is 0.11 percentage points above the peer-cohort average of 1.06% p.a. for comparable diversified funds. For a broader view of fee ranges, see the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Octagon Balanced Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Octagon Balanced Fund? — Deloitte URL: https://managedfunds.nz/funds/octagon/balanced/who-audits/ > The Octagon Balanced Fund is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Octagon Balanced Fund? Deloitte The Octagon Balanced Fund sits within a managed investment scheme run by Octagon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Octagon Balanced Fund fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Octagon New Zealand Equities Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/octagon/new-zealand-equities/investment-mandate/ > The Octagon New Zealand Equities Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Octagon New Zealand Equities Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 20% Australasian equities 85% 80% 100% Listed property 10% 0% 20% Mandate flexibility (sum of max − min across all ranges): 60%. Narrow range — index-tracking style with limited drift. Responsible-investment approach ESG considerations are taken into account via product involvement exclusion screening (weapons, tobacco, semi-automatic civilian weapons) using MSCI tools with a 5% revenue threshold; positive ESG risk assessment for directly held Australasian securities using Forsyth Barr CESG ratings and MSCI controversy data; and consideration of responsible investment frameworks before investing in unrelated underlying funds. Additional exclusions apply for the Trans-Tasman Equities Fund covering fossil fuel upstream activities, gambling (>10% revenue), and factory farming. Derivatives policy The funds may use derivatives where the Investment Manager considers doing so is consistent with the funds' risk profile and will contribute to the performance objectives of the funds. Derivatives may also be used by the manager of an underlying investment scheme. Statement of Investment Policy and Objectives Related Octagon New Zealand Equities Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Octagon New Zealand Equities Fund: 1.17% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/octagon/new-zealand-equities/is-it-expensive/ > Octagon New Zealand Equities Fund charges 1.17% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Octagon New Zealand Equities Fund expensive? Octagon New Zealand Equities Fund charges 1.17% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Octagon New Zealand Equities Fund NZ$571 at 1.17% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$77 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Octagon New Zealand Equities Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Octagon New Zealand Equities Fund Simplicity NZ Share Fund Simplicity 0.10% −1.07pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.97pp Harbour NZ Index Shares Fund Harbour 0.21% −0.96pp BetaShares Australia 200 Fund BetaShares 0.23% −0.94pp Kernel NZ 20 Fund Kernel 0.25% −0.92pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.92pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.92pp Kernel Australia 100 Fund Kernel 0.25% −0.92pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Octagon New Zealand Equities Fund? Octagon New Zealand Equities Fund charges 1.17% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Octagon New Zealand Equities Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Octagon New Zealand Equities Fund sits at 1.17% — pricier than the median (cheaper than 26% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.17% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$571. That is NZ$77 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Octagon New Zealand Equities Fund --- ## URL: https://managedfunds.nz/funds/octagon/new-zealand-equities/markdown.md # Octagon New Zealand Equities Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Octagon (Octagon Asset Management Limited), parent Forsyth Barr - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Octagon New Zealand Equities Fund is a australasian equities managed fund run by Octagon. NZ active manager (part of Forsyth Barr) running diversified and equity funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX50 Gross with Imputation Index. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/ef6d884ee3d59248/Octagon-Investment-Funds-PDS---14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.17% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.25% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$161 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 26 June 2008 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corporation Limited — 14.68% 2. Auckland International Airport Limited — 7.72% 3. Infratil Limited — 7.03% 4. Contact Energy Limited — 5.59% 5. Ebos Group Limited — 4.97% 6. Spark New Zealand Limited — 4.34% 7. Meridian Energy Limited — 4.32% 8. Mainfreight Limited — 4.00% 9. The a2 Milk Company Limited — 3.82% 10. Mercury NZ Limited — 2.74% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 20% | | Australasian equities | 85% | 80% | 100% | | Listed property | 10% | 0% | 20% | ### Responsible-investment approach ESG considerations are taken into account via product involvement exclusion screening (weapons, tobacco, semi-automatic civilian weapons) using MSCI tools with a 5% revenue threshold; positive ESG risk assessment for directly held Australasian securities using Forsyth Barr CESG ratings and MSCI controversy data; and consideration of responsible investment frameworks before investing in unrelated underlying funds. Additional exclusions apply for the Trans-Tasman Equities Fund covering fossil fuel upstream activities, gambling (>10% revenue), and factory farming. ### Derivatives policy The funds may use derivatives where the Investment Manager considers doing so is consistent with the funds' risk profile and will contribute to the performance objectives of the funds. Derivatives may also be used by the manager of an underlying investment scheme. Source: Statement of Investment Policy and Objectives dated 2026-05-12. https://smartinvestor.sorted.org.nz/disclose-document/f74003e910c4a9c9/Octagon-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 8 ### Conflicts of interest (verbatim from OMI) - Octagon may make purchases and sales of financial products on behalf of funds other than the Scheme funds, which may result in Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging Octagon employees to transact when they otherwise might not have. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, meaning it may receive brokerage from both a Scheme fund and the counterparty client, or benefit from price movements when acting as counterparty. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers; financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on whether security holders approve certain transactions, potentially influencing voting decisions. - The funds may invest in other funds managed by persons associated with the Manager, and Octagon employees could be encouraged by that association to invest in those funds when they otherwise might not have. - Octagon employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to the issuer of those products. - Octagon's employees may be shareholders of Octagon, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning investment decisions could be influenced to financially advantage Octagon or other Forsyth Barr group entities to the detriment of investors. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company is Forsyth Barr Group Limited) — Day-to-day investment management for each of the funds under the Investment Management Agreement - **Forsyth Barr Limited** (Authorised body under Manager's licence; same ultimate parent (Forsyth Barr Group Limited)) — Daily administration of the Scheme delegated by Manager; also executes secondary market purchases and sales for the funds and receives brokerage · At or below normal commercial rates - **Adminis NZ Limited** (Appointed by Manager/Supervisor for unit pricing, investment accounting, registry and custody services) — Unit pricing, investment accounting, registry services and custody; paid out of Manager's management fee - **Forsyth Barr Group Limited** (Ultimate parent of Manager, Forsyth Barr Limited and Octagon Asset Management Limited) — Provides a funding line to the funds to cover client withdrawals/expenses where there is otherwise insufficient liquidity (e.g. timing mismatches between settlement of investments and redemption of units) - **Te Ahumairangi Investment Management Limited** (Associated entity — a director of Octagon Asset Management Limited is also a director of Te Ahumairangi Investment Management Limited) — Investment manager of Te Ahumairangi Global Equity Fund, which the Global Equities Fund invests in - **Harbour Asset Management Limited** (Third-party manager of an underlying fund invested in by Income, Balanced and Growth Funds) — Management of Hunter Global Fixed Interest Fund Source: Other Material Information document dated 2026-05-12. https://smartinvestor.sorted.org.nz/disclose-document/6b38a1bc2b57b784/Octagon-OMI---14-May-2026.pdf ## How to invest Available via: Octagon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Octagon%20New%20Zealand%20Equities%20Fund - **Product Disclosure Statement:** /disclose-document/ef6d884ee3d59248/Octagon-Investment-Funds-PDS---14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10647/OFR10802/FND806/ - **Manager website:** https://octagonasset.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/octagon/new-zealand-equities/ - **Markdown (this file):** https://managedfunds.nz/funds/octagon/new-zealand-equities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/octagon/new-zealand-equities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Octagon New Zealand Equities Fund URL: https://managedfunds.nz/funds/octagon/new-zealand-equities/questions/ > 3 commonly-asked questions about the Octagon New Zealand Equities Fund, answered with mechanical facts sourced from the FMA Disclose register. Octagon, australasian equities category. Questions about Octagon New Zealand Equities Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Octagon New Zealand Equities Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How do I know the fee on funds? Fund fees are disclosed in the Product Disclosure Statement (PDS) and on the FMA Disclose register. For Octagon New Zealand Equities Fund, the annual fund charge is 1.17% p.a. as at the latest Quarterly Fund Update. You can verify current fees via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ or the manager's website at https://octagonasset.co.nz. 2. What is the best performing investment fund over the last 5 years? Fund performance varies by category and time period. Octagon New Zealand Equities Fund returned 1.76% p.a. after fees, before tax over the last 5 years, as at the latest FMA Disclose data. Compare this against other funds in the same category and timeframe via the FMA Disclose register to assess relative performance. 3. What investment has the highest return in NZ? Returns vary significantly across asset classes, fund managers, and timeframes. Historical returns are published on the FMA Disclose register and in fund Product Disclosure Statements. Any fund comparison should account for risk (Octagon New Zealand Equities Fund carries a 5/7 risk indicator), fees, and your investment timeframe. Primary sources Product Disclosure Statement More about this fund Octagon New Zealand Equities Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Octagon New Zealand Equities Fund? — Deloitte URL: https://managedfunds.nz/funds/octagon/new-zealand-equities/who-audits/ > The Octagon New Zealand Equities Fund is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Octagon New Zealand Equities Fund? Deloitte The Octagon New Zealand Equities Fund sits within a managed investment scheme run by Octagon. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Octagon New Zealand Equities Fund fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Pathfinder Ethical Growth Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/pathfinder/ethical-growth/investment-mandate/ > The Pathfinder Ethical Growth Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Pathfinder Ethical Growth Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 7% 0% 100% NZ Fixed Interest 9% 0% 70% International Fixed Interest 14% 0% 70% Australasian Equities 18% 0% 90% International Equities 43% 0% 90% Listed Property 4% 0% 20% Other Assets 5% 0% 15% Mandate flexibility (sum of max − min across all ranges): 455%. Wide range — high manager discretion typical of active management. Explicit exclusions (2) Industries or activities that create significant harm or transgress filters of respecting people, planet and animalsActivities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. Statement of Investment Policy and Objectives Related Pathfinder Ethical Growth Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Pathfinder Ethical Growth Fund: 1.31% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/pathfinder/ethical-growth/is-it-expensive/ > Pathfinder Ethical Growth Fund charges 1.31% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pathfinder Ethical Growth Fund expensive? Pathfinder Ethical Growth Fund charges 1.31% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 78% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pathfinder Ethical Growth Fund NZ$638 at 1.31% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$153 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Pathfinder Ethical Growth Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pathfinder Ethical Growth Fund Simplicity Conservative Investment Fund Simplicity 0.25% −1.06pp Simplicity Balanced Investment Fund Simplicity 0.25% −1.06pp Simplicity Growth Investment Fund Simplicity 0.25% −1.06pp Simplicity High Growth Investment Fund Simplicity 0.25% −1.06pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −1.06pp Kernel Conservative Fund Kernel 0.25% −1.06pp Kernel Balanced Fund Kernel 0.25% −1.06pp Kernel High Growth Fund Kernel 0.25% −1.06pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pathfinder Ethical Growth Fund? Pathfinder Ethical Growth Fund charges 1.31% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pathfinder Ethical Growth Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Pathfinder Ethical Growth Fund sits at 1.31% — pricier than the median (cheaper than 22% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.31% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$638. That is NZ$153 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pathfinder Ethical Growth Fund --- ## URL: https://managedfunds.nz/funds/pathfinder/ethical-growth/markdown.md # Pathfinder Ethical Growth Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pathfinder (Pathfinder Asset Management Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pathfinder Ethical Growth Fund is a diversified managed fund run by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds. ## Investment objective (from PDS) > Ethical investing to achieve medium to high returns with a higher risk focus. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf ## Fund data - **Annual fund charge:** 1.31% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.82% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$98 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 17 August 2020 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Cash at Bank- NZD- Westpac — 6.02% 2. Cash at Bank- NZD- ANZ — 3.78% 3. Microsoft Corporation — 2.89% 4. Fisher & Paykel Healthcare Ltd — 2.06% 5. NVIDIA Corp — 1.68% 6. Apple Inc — 1.43% 7. Alphabet Inc Class A — 1.21% 8. Infratil Ltd — 1.16% 9. Broadcom Inc — 1.15% 10. National Australia Bank Ltd — 1.01% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 7% | 0% | 100% | | NZ Fixed Interest | 9% | 0% | 70% | | International Fixed Interest | 14% | 0% | 70% | | Australasian Equities | 18% | 0% | 90% | | International Equities | 43% | 0% | 90% | | Listed Property | 4% | 0% | 20% | | Other Assets | 5% | 0% | 15% | ### Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. ### Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. ### Exclusions - Industries or activities that create significant harm or transgress filters of respecting people, planet and animals - Activities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Source: Statement of Investment Policy and Objectives dated 2026-04-13. https://smartinvestor.sorted.org.nz/disclose-document/5b9e5c338be34a64/Pathfinder-Managed-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Investments are made into funds or financial products of a related party (e.g. financial products managed or arranged by Pathfinder, Helm Wealth or Salt Funds Management Limited, our sister companies, or associated companies), managed via Pathfinder's Related Party Transaction Policy. - Investments that are bought, sold or held by Pathfinder's KiwiSaver Plan may also be bought, sold or held by a Fund in the Scheme, managed by Pathfinder's Trade Allocation Policy. - Pathfinder and Helm Wealth staff, including senior executives from parent company SPH Wealth Holdings Limited, may want to buy, sell or hold a security personally that is also held or considered by a Fund, managed by Pathfinder's Insider Trading Policy. - Investments are made into companies where a director is also a person associated with Pathfinder, managed via Pathfinder's Related Party Transaction Policy. - Pathfinder and its shareholder's executives may hold governance positions with one or more of the organisations that Pathfinder financially supports. ### Related-party transactions - **Salt Funds Management Limited** (Sister company) — Appointed as investment manager of the Wholesale Ethical Trans-Tasman Fund in which the Ethical Trans-Tasman Fund and the Ethical Growth Fund invest. - **Helm Wealth Advisory Limited (formerly Alvarium Wealth (NZ) Limited)** (Sister company) — Appointed to provide services on behalf of Pathfinder to fulfill all obligations as the Manager of the Scheme. - **Pathfinder Asset Management Limited (manager)** (Manager — related party fund-of-fund structure) — The Global Responsibility Fund invests solely in the wholesale Responsible Investment Fund managed by Pathfinder. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Trans-Tasman Fund invests solely in the Wholesale Ethical Trans-Tasman Fund, a wholesale fund managed by Pathfinder and Salt Funds Management Limited. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Growth Fund may invest in the Wholesale Ethical Fixed Income Fund, the Wholesale Ethical Trans-Tasman Fund, the Pathfinder Responsible Investment Fund and the Green Bond Fund; Salt manages the Wholesale Ethical Trans-Tasman Fund. - **Shareholder affiliates of Pathfinder** (Shareholder affiliates) — Investment in private loans issued by shareholder affiliates, directly or through a fund managed by an affiliate; approved by Ethics and Investment Committee and reported to the board. Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/b20ca147c87dd93e/Pathfinder-OMI-MIS-202603.pdf ## How to invest Available via: Pathfinder directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder%20Ethical%20Growth%20Fund - **Product Disclosure Statement:** /disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10778/OFR10780/FND20394/ - **Manager website:** https://www.pathfinder.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pathfinder/ethical-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/pathfinder/ethical-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pathfinder/ethical-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pathfinder Ethical Growth Fund URL: https://managedfunds.nz/funds/pathfinder/ethical-growth/questions/ > 2 commonly-asked questions about the Pathfinder Ethical Growth Fund, answered with mechanical facts sourced from the FMA Disclose register. Pathfinder, diversified category. Questions about Pathfinder Ethical Growth Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Pathfinder Ethical Growth Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the pros and cons of a Pathfinder? Pathfinder Ethical Growth Fund applies responsible-investment and ESG screens as part of its investment process, which may appeal to investors with sustainability preferences. The fund carries a risk indicator of 4/7 on the FMA standardised scale with an annual fund charge of 1.31% p.a., which is 0.08 percentage points higher than the peer-cohort average of 1.23% p.a.; its 5-year return after fees and before tax was 5.6% p.a. as at the latest QFU. 2. Is Pathfinder KiwiSaver good? Whether a Pathfinder KiwiSaver scheme account suits your circumstances depends on your risk tolerance, investment timeframe, and tax position. You should compare the fund's risk indicator (4/7), fees (1.31% p.a.), and asset mix (~78.34% growth / 21.66% income) against other available options and review the Product Disclosure Statement on the Pathfinder manager website or via InvestNow before deciding. Primary sources Product Disclosure Statement More about this fund Pathfinder Ethical Growth Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Pathfinder Ethical Trans-Tasman Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/investment-mandate/ > The Pathfinder Ethical Trans-Tasman Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Pathfinder Ethical Trans-Tasman Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 3% 0% 100% NZ Fixed Interest 0% 0% 20% International Fixed Interest 0% 0% 20% Australasian Equities 92% 0% 100% International Equities 0% 0% 30% Listed Property 5% 0% 30% Other Assets 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 310%. Wide range — high manager discretion typical of active management. Explicit exclusions (2) Industries or activities that create significant harm or transgress filters of respecting people, planet and animalsActivities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. Statement of Investment Policy and Objectives Related Pathfinder Ethical Trans-Tasman Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Pathfinder Ethical Trans-Tasman Fund: 1.00% fee vs 1.01% peer … URL: https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/is-it-expensive/ > Pathfinder Ethical Trans-Tasman Fund charges 1.00% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pathfinder Ethical Trans-Tasman Fund expensive? Pathfinder Ethical Trans-Tasman Fund charges 1.00% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 51% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pathfinder Ethical Trans-Tasman Fund NZ$490 at 1.00% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-5 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Pathfinder Ethical Trans-Tasman Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pathfinder Ethical Trans-Tasman Fund Simplicity NZ Share Fund Simplicity 0.10% −0.90pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.80pp Harbour NZ Index Shares Fund Harbour 0.21% −0.79pp BetaShares Australia 200 Fund BetaShares 0.23% −0.77pp Kernel NZ 20 Fund Kernel 0.25% −0.75pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.75pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.75pp Kernel Australia 100 Fund Kernel 0.25% −0.75pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pathfinder Ethical Trans-Tasman Fund? Pathfinder Ethical Trans-Tasman Fund charges 1.00% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pathfinder Ethical Trans-Tasman Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Pathfinder Ethical Trans-Tasman Fund sits at 1.00% — cheaper than 51% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.00% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$490. That is NZ$5 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pathfinder Ethical Trans-Tasman Fund --- ## URL: https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/markdown.md # Pathfinder Ethical Trans-Tasman Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pathfinder (Pathfinder Asset Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pathfinder Ethical Trans-Tasman Fund is a australasian equities managed fund run by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds. ## Investment objective (from PDS) > Ethical investing in Australian and New Zealand equities, listed property companies and other assets to achieve above average long-term risk adjusted returns. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf ## Fund data - **Annual fund charge:** 1.00% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.45% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$12 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 18 September 2019 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 9.40% 2. Infratil Ltd — 4.97% 3. National Australia Bank Ltd — 4.67% 4. Auckland International Airport Ltd — 4.60% 5. Ebos Group — 4.01% 6. Contact Energy Ltd — 3.87% 7. Westpac Banking Corp — 3.87% 8. CSL Limited — 3.25% 9. Woolworths Ltd — 3.03% 10. Freightways Group Ltd — 2.58% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 3% | 0% | 100% | | NZ Fixed Interest | 0% | 0% | 20% | | International Fixed Interest | 0% | 0% | 20% | | Australasian Equities | 92% | 0% | 100% | | International Equities | 0% | 0% | 30% | | Listed Property | 5% | 0% | 30% | | Other Assets | 0% | 0% | 10% | ### Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. ### Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. ### Exclusions - Industries or activities that create significant harm or transgress filters of respecting people, planet and animals - Activities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Source: Statement of Investment Policy and Objectives dated 2026-04-13. https://smartinvestor.sorted.org.nz/disclose-document/5b9e5c338be34a64/Pathfinder-Managed-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Investments are made into funds or financial products of a related party (e.g. financial products managed or arranged by Pathfinder, Helm Wealth or Salt Funds Management Limited, our sister companies, or associated companies), managed via Pathfinder's Related Party Transaction Policy. - Investments that are bought, sold or held by Pathfinder's KiwiSaver Plan may also be bought, sold or held by a Fund in the Scheme, managed by Pathfinder's Trade Allocation Policy. - Pathfinder and Helm Wealth staff, including senior executives from parent company SPH Wealth Holdings Limited, may want to buy, sell or hold a security personally that is also held or considered by a Fund, managed by Pathfinder's Insider Trading Policy. - Investments are made into companies where a director is also a person associated with Pathfinder, managed via Pathfinder's Related Party Transaction Policy. - Pathfinder and its shareholder's executives may hold governance positions with one or more of the organisations that Pathfinder financially supports. ### Related-party transactions - **Salt Funds Management Limited** (Sister company) — Appointed as investment manager of the Wholesale Ethical Trans-Tasman Fund in which the Ethical Trans-Tasman Fund and the Ethical Growth Fund invest. - **Helm Wealth Advisory Limited (formerly Alvarium Wealth (NZ) Limited)** (Sister company) — Appointed to provide services on behalf of Pathfinder to fulfill all obligations as the Manager of the Scheme. - **Pathfinder Asset Management Limited (manager)** (Manager — related party fund-of-fund structure) — The Global Responsibility Fund invests solely in the wholesale Responsible Investment Fund managed by Pathfinder. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Trans-Tasman Fund invests solely in the Wholesale Ethical Trans-Tasman Fund, a wholesale fund managed by Pathfinder and Salt Funds Management Limited. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Growth Fund may invest in the Wholesale Ethical Fixed Income Fund, the Wholesale Ethical Trans-Tasman Fund, the Pathfinder Responsible Investment Fund and the Green Bond Fund; Salt manages the Wholesale Ethical Trans-Tasman Fund. - **Shareholder affiliates of Pathfinder** (Shareholder affiliates) — Investment in private loans issued by shareholder affiliates, directly or through a fund managed by an affiliate; approved by Ethics and Investment Committee and reported to the board. Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/b20ca147c87dd93e/Pathfinder-OMI-MIS-202603.pdf ## How to invest Available via: Pathfinder directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder%20Ethical%20Trans-Tasman%20Fund - **Product Disclosure Statement:** /disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10778/OFR10780/FND19393/ - **Manager website:** https://www.pathfinder.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/ - **Markdown (this file):** https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pathfinder Ethical Trans-Tasman Fund URL: https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/questions/ > 3 commonly-asked questions about the Pathfinder Ethical Trans-Tasman Fund, answered with mechanical facts sourced from the FMA Disclose register. Pathfinder, australasian equities category. Questions about Pathfinder Ethical Trans-Tasman Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Pathfinder Ethical Trans-Tasman Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the pros and cons of a Pathfinder? Pathfinder Ethical Trans-Tasman Fund applies responsible-investment and ESG screens as part of its investment approach, and is structured as a PIE with investor tax capped at your prescribed investor rate (maximum 28%). The fund's annual charge of 1% p.a. is marginally higher than the peer-cohort average of 0.95% p.a., and the 5-year return after fees before tax was 1.73% p.a. as at the latest FMA Disclose data—you should review the current Product Disclosure Statement and FMA Disclose register for the full risk and return profile. 2. Is Pathfinder a good KiwiSaver? Pathfinder Asset Management does not operate a KiwiSaver scheme—this fund is a managed fund available via InvestNow or directly from Pathfinder, not a KiwiSaver product. If you are comparing KiwiSaver providers, you should consult the KiwiSaver scheme product disclosure statements and FMC resources separately. 3. What are the best performing ethical funds? Ethical funds' past performance varies by category and timeframe. For Australasian Equities funds with responsible-investment screens, you can compare returns after fees before tax, annual charges, and risk indicators on our fund comparison tool or via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Pathfinder Ethical Trans-Tasman Fund recorded 1.73% p.a. over five years after fees before tax as at the latest QFU. Primary sources Product Disclosure Statement More about this fund Pathfinder Ethical Trans-Tasman Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Pathfinder Global Property Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/pathfinder/global-property/investment-mandate/ > The Pathfinder Global Property Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Pathfinder Global Property Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 0% 0% 70% NZ Fixed Interest 0% 0% 20% International Fixed Interest 0% 0% 20% Australasian Equities 0% 0% 20% International Equities 0% 0% 100% Listed Property 100% 0% 100% Other Assets 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 340%. Wide range — high manager discretion typical of active management. Explicit exclusions (2) Industries or activities that create significant harm or transgress filters of respecting people, planet and animalsActivities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. Statement of Investment Policy and Objectives Related Pathfinder Global Property Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Pathfinder Global Property Fund: 1.00% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/pathfinder/global-property/is-it-expensive/ > Pathfinder Global Property Fund charges 1.00% p.a. vs the listed property peer-class median of 1.02%. 5 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pathfinder Global Property Fund expensive? Pathfinder Global Property Fund charges 1.00% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pathfinder Global Property Fund NZ$490 at 1.00% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$-10 over 5 years on NZ$10K. 5 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Pathfinder Global Property Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pathfinder Global Property Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.75pp Smart Australian Property ETF Smartshares 0.54% −0.46pp Smart NZ Property ETF Smartshares 0.54% −0.46pp Harbour Real Estate Investment Fund Harbour 0.77% −0.23pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.01pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pathfinder Global Property Fund? Pathfinder Global Property Fund charges 1.00% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pathfinder Global Property Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Pathfinder Global Property Fund sits at 1.00% — cheaper than 63% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.00% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$490. That is NZ$10 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pathfinder Global Property Fund --- ## URL: https://managedfunds.nz/funds/pathfinder/global-property/markdown.md # Pathfinder Global Property Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pathfinder (Pathfinder Asset Management Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pathfinder Global Property Fund is a listed property managed fund run by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds. ## Investment objective (from PDS) > Ethical investing in global property holdings to achieve above average long-term risk adjusted returns. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf ## Fund data - **Annual fund charge:** 1.00% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.80% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$17 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 23 July 2015 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Prologis Inc — 6.82% 2. Welltower Inc — 6.29% 3. Cash at Bank – NZD Westpac — 4.97% 4. Equinix Inc — 4.34% 5. Digital Realty Trust Inc — 4.03% 6. Mitsubishi Estate Co Ltd — 3.43% 7. Ventas Inc — 3.13% 8. Realty Income Corp — 2.80% 9. Goodman Group — 2.58% 10. Unibail-Rodamco-Westfield — 2.28% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 5 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 0% | 0% | 70% | | NZ Fixed Interest | 0% | 0% | 20% | | International Fixed Interest | 0% | 0% | 20% | | Australasian Equities | 0% | 0% | 20% | | International Equities | 0% | 0% | 100% | | Listed Property | 100% | 0% | 100% | | Other Assets | 0% | 0% | 10% | ### Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. ### Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. ### Exclusions - Industries or activities that create significant harm or transgress filters of respecting people, planet and animals - Activities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Source: Statement of Investment Policy and Objectives dated 2026-04-13. https://smartinvestor.sorted.org.nz/disclose-document/5b9e5c338be34a64/Pathfinder-Managed-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Investments are made into funds or financial products of a related party (e.g. financial products managed or arranged by Pathfinder, Helm Wealth or Salt Funds Management Limited, our sister companies, or associated companies), managed via Pathfinder's Related Party Transaction Policy. - Investments that are bought, sold or held by Pathfinder's KiwiSaver Plan may also be bought, sold or held by a Fund in the Scheme, managed by Pathfinder's Trade Allocation Policy. - Pathfinder and Helm Wealth staff, including senior executives from parent company SPH Wealth Holdings Limited, may want to buy, sell or hold a security personally that is also held or considered by a Fund, managed by Pathfinder's Insider Trading Policy. - Investments are made into companies where a director is also a person associated with Pathfinder, managed via Pathfinder's Related Party Transaction Policy. - Pathfinder and its shareholder's executives may hold governance positions with one or more of the organisations that Pathfinder financially supports. ### Related-party transactions - **Salt Funds Management Limited** (Sister company) — Appointed as investment manager of the Wholesale Ethical Trans-Tasman Fund in which the Ethical Trans-Tasman Fund and the Ethical Growth Fund invest. - **Helm Wealth Advisory Limited (formerly Alvarium Wealth (NZ) Limited)** (Sister company) — Appointed to provide services on behalf of Pathfinder to fulfill all obligations as the Manager of the Scheme. - **Pathfinder Asset Management Limited (manager)** (Manager — related party fund-of-fund structure) — The Global Responsibility Fund invests solely in the wholesale Responsible Investment Fund managed by Pathfinder. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Trans-Tasman Fund invests solely in the Wholesale Ethical Trans-Tasman Fund, a wholesale fund managed by Pathfinder and Salt Funds Management Limited. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Growth Fund may invest in the Wholesale Ethical Fixed Income Fund, the Wholesale Ethical Trans-Tasman Fund, the Pathfinder Responsible Investment Fund and the Green Bond Fund; Salt manages the Wholesale Ethical Trans-Tasman Fund. - **Shareholder affiliates of Pathfinder** (Shareholder affiliates) — Investment in private loans issued by shareholder affiliates, directly or through a fund managed by an affiliate; approved by Ethics and Investment Committee and reported to the board. Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/b20ca147c87dd93e/Pathfinder-OMI-MIS-202603.pdf ## How to invest Available via: Pathfinder directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder%20Global%20Property%20Fund - **Product Disclosure Statement:** /disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10778/OFR10780/FND1228/ - **Manager website:** https://www.pathfinder.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pathfinder/global-property/ - **Markdown (this file):** https://managedfunds.nz/funds/pathfinder/global-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pathfinder/global-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pathfinder Global Property Fund URL: https://managedfunds.nz/funds/pathfinder/global-property/questions/ > 3 commonly-asked questions about the Pathfinder Global Property Fund, answered with mechanical facts sourced from the FMA Disclose register. Pathfinder, listed property category. Questions about Pathfinder Global Property Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Pathfinder Global Property Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a property fund a good investment? Property funds offer exposure to real-estate assets with liquidity and diversification benefits, but suitability depends on your investment timeframe, risk tolerance, and financial goals. Pathfinder Global Property Fund is classified as Listed Property with a risk indicator of 5/7 (FMA standardised scale); check the Product Disclosure Statement and FMA Disclose register for full details on how it aligns with your circumstances. 2. Is Pathfinder a good investment? Whether Pathfinder Global Property Fund suits your needs depends on your investment objectives, risk tolerance, and time horizon. As at the latest Quarterly Fund Update, the fund has ~98.31% growth assets, charges 1% p.a., and delivered 2.55% p.a. after fees (before tax) over 5 years; compare these metrics against your criteria and peer alternatives via the FMA Disclose register. 3. Is Pathfinder a good KiwiSaver? Pathfinder Global Property Fund is not a KiwiSaver scheme product; it is a standalone managed fund available via InvestNow or directly from Pathfinder. If you hold a KiwiSaver scheme account, check with your scheme provider whether this fund is offered as an investment option within your account. Primary sources Product Disclosure Statement More about this fund Pathfinder Global Property Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Pathfinder Global Responsibility Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/pathfinder/global-responsibility/investment-mandate/ > The Pathfinder Global Responsibility Fund's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Pathfinder Global Responsibility Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and Cash Equivalents 0% 0% 70% NZ Fixed Interest 0% 0% 20% International Fixed Interest 0% 0% 20% Australasian Equities 0% 0% 20% International Equities 100% 30% 100% Listed Property 0% 0% 30% Other Assets 0% 0% 10% Mandate flexibility (sum of max − min across all ranges): 240%. Wide range — high manager discretion typical of active management. Explicit exclusions (2) Industries or activities that create significant harm or transgress filters of respecting people, planet and animalsActivities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. Statement of Investment Policy and Objectives Related Pathfinder Global Responsibility Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Pathfinder Global Responsibility Fund: 1.30% fee vs 0.61% peer… URL: https://managedfunds.nz/funds/pathfinder/global-responsibility/is-it-expensive/ > Pathfinder Global Responsibility Fund charges 1.30% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pathfinder Global Responsibility Fund expensive? Pathfinder Global Responsibility Fund charges 1.30% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pathfinder Global Responsibility Fund NZ$633 at 1.30% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$332 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Pathfinder Global Responsibility Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pathfinder Global Responsibility Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.27pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.27pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.24pp Foundation Series Total World Fund Foundation Series 0.07% −1.23pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.23pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.20pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.15pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.15pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pathfinder Global Responsibility Fund? Pathfinder Global Responsibility Fund charges 1.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pathfinder Global Responsibility Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Pathfinder Global Responsibility Fund sits at 1.30% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$633. That is NZ$332 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pathfinder Global Responsibility Fund --- ## URL: https://managedfunds.nz/funds/pathfinder/global-responsibility/markdown.md # Pathfinder Global Responsibility Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pathfinder (Pathfinder Asset Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pathfinder Global Responsibility Fund is a international equities managed fund run by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds. ## Investment objective (from PDS) > Ethical investing in companies connected to water quality, accessibility or sustainability to achieve above average long-term risk adjusted returns. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf ## Fund data - **Annual fund charge:** 1.30% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.97% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$64 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 April 2010 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Veolia Environnement — 8.22% 2. Pentair Inc — 7.78% 3. Ebara Corp — 6.71% 4. CIA Saneamento Basico DE-ADR — 5.82% 5. Ferguson PLC — 5.04% 6. Organo Corp — 4.20% 7. Xylem Inc — 4.19% 8. Roper Industries Inc — 4.00% 9. Cash at Bank – NZD – Westpac — 3.91% 10. Waters Corp — 3.81% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 5 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 0% | 0% | 70% | | NZ Fixed Interest | 0% | 0% | 20% | | International Fixed Interest | 0% | 0% | 20% | | Australasian Equities | 0% | 0% | 20% | | International Equities | 100% | 30% | 100% | | Listed Property | 0% | 0% | 30% | | Other Assets | 0% | 0% | 10% | ### Responsible-investment approach Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register. ### Derivatives policy Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions. ### Exclusions - Industries or activities that create significant harm or transgress filters of respecting people, planet and animals - Activities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold Source: Statement of Investment Policy and Objectives dated 2026-04-13. https://smartinvestor.sorted.org.nz/disclose-document/5b9e5c338be34a64/Pathfinder-Managed-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Investments are made into funds or financial products of a related party (e.g. financial products managed or arranged by Pathfinder, Helm Wealth or Salt Funds Management Limited, our sister companies, or associated companies), managed via Pathfinder's Related Party Transaction Policy. - Investments that are bought, sold or held by Pathfinder's KiwiSaver Plan may also be bought, sold or held by a Fund in the Scheme, managed by Pathfinder's Trade Allocation Policy. - Pathfinder and Helm Wealth staff, including senior executives from parent company SPH Wealth Holdings Limited, may want to buy, sell or hold a security personally that is also held or considered by a Fund, managed by Pathfinder's Insider Trading Policy. - Investments are made into companies where a director is also a person associated with Pathfinder, managed via Pathfinder's Related Party Transaction Policy. - Pathfinder and its shareholder's executives may hold governance positions with one or more of the organisations that Pathfinder financially supports. ### Related-party transactions - **Salt Funds Management Limited** (Sister company) — Appointed as investment manager of the Wholesale Ethical Trans-Tasman Fund in which the Ethical Trans-Tasman Fund and the Ethical Growth Fund invest. - **Helm Wealth Advisory Limited (formerly Alvarium Wealth (NZ) Limited)** (Sister company) — Appointed to provide services on behalf of Pathfinder to fulfill all obligations as the Manager of the Scheme. - **Pathfinder Asset Management Limited (manager)** (Manager — related party fund-of-fund structure) — The Global Responsibility Fund invests solely in the wholesale Responsible Investment Fund managed by Pathfinder. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Trans-Tasman Fund invests solely in the Wholesale Ethical Trans-Tasman Fund, a wholesale fund managed by Pathfinder and Salt Funds Management Limited. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Growth Fund may invest in the Wholesale Ethical Fixed Income Fund, the Wholesale Ethical Trans-Tasman Fund, the Pathfinder Responsible Investment Fund and the Green Bond Fund; Salt manages the Wholesale Ethical Trans-Tasman Fund. - **Shareholder affiliates of Pathfinder** (Shareholder affiliates) — Investment in private loans issued by shareholder affiliates, directly or through a fund managed by an affiliate; approved by Ethics and Investment Committee and reported to the board. Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/b20ca147c87dd93e/Pathfinder-OMI-MIS-202603.pdf ## How to invest Available via: Pathfinder directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder%20Global%20Responsibility%20Fund - **Product Disclosure Statement:** /disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10778/OFR10780/FND1229/ - **Manager website:** https://www.pathfinder.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pathfinder/global-responsibility/ - **Markdown (this file):** https://managedfunds.nz/funds/pathfinder/global-responsibility/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pathfinder/global-responsibility/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pathfinder Global Responsibility Fund URL: https://managedfunds.nz/funds/pathfinder/global-responsibility/questions/ > 3 commonly-asked questions about the Pathfinder Global Responsibility Fund, answered with mechanical facts sourced from the FMA Disclose register. Pathfinder, international equities category. Questions about Pathfinder Global Responsibility Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Pathfinder Global Responsibility Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the pros and cons of Pathfinder? Pathfinder Global Responsibility Fund applies responsible-investment and ESG screens across its portfolio, which may appeal to investors with values-aligned objectives; however, as with any growth-asset-heavy fund (98.31% growth assets), it carries moderate-to-high volatility (risk indicator 5/7) and is subject to international market and currency movements. The annual fund charge of 0.93% p.a. is broadly in line with peer-cohort averages (0.95% p.a.), and the fund's PIE tax structure caps your investor tax at your declared PIR (up to 28%); review the Product Disclosure Statement on the manager's website for a full comparison of features against your investment objectives. 2. Does Pathfinder invest in Israel? Pathfinder applies responsible-investment screens in accordance with its Statement of Investment Policy and Objectives (SIPO), which may exclude or limit exposure to certain jurisdictions or sectors. For specific details on Israel exposure or any other ESG exclusions, check the fund's current PDS or SIPO on the Pathfinder website at https://www.pathfinder.co.nz. 3. Is Pathfinder a good KiwiSaver? Pathfinder Global Responsibility Fund is not marketed as a KiwiSaver scheme account option; it is available as a direct managed fund via InvestNow or Pathfinder directly. If you hold Pathfinder shares within your KiwiSaver scheme account through an approved scheme provider, it remains subject to the same fund characteristics—risk indicator 5/7, annual charge 0.93% p.a., and PIE tax treatment—but you should confirm investment eligibility and tax treatment with your KiwiSaver scheme administrator. Primary sources Product Disclosure Statement More about this fund Pathfinder Global Responsibility Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Pathfinder Global Water Fund: 1.30% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/pathfinder/global-water/is-it-expensive/ > Pathfinder Global Water Fund charges 1.30% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pathfinder Global Water Fund expensive? Pathfinder Global Water Fund charges 1.30% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pathfinder Global Water Fund NZ$633 at 1.30% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$332 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Pathfinder Global Water Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pathfinder Global Water Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.27pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.27pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.24pp Foundation Series Total World Fund Foundation Series 0.07% −1.23pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.23pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.20pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.15pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.15pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pathfinder Global Water Fund? Pathfinder Global Water Fund charges 1.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pathfinder Global Water Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Pathfinder Global Water Fund sits at 1.30% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$633. That is NZ$332 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pathfinder Global Water Fund --- ## URL: https://managedfunds.nz/funds/pathfinder/global-water/markdown.md # Pathfinder Global Water Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pathfinder (Pathfinder Asset Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pathfinder Global Water Fund is a international equities managed fund run by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds. ## Fund data - **Annual fund charge:** 1.30% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.97% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$64 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 April 2010 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Veolia Environnement — 8.22% 2. Pentair Inc — 7.78% 3. Ebara Corp — 6.71% 4. CIA Saneamento Basico DE-ADR — 5.82% 5. Ferguson PLC — 5.04% 6. Organo Corp — 4.20% 7. Xylem Inc — 4.19% 8. Roper Industries Inc — 4.00% 9. Cash at Bank – NZD – Westpac — 3.91% 10. Waters Corp — 3.81% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 5 ### Conflicts of interest (verbatim from OMI) - Investments are made into funds or financial products of a related party (e.g. financial products managed or arranged by Pathfinder, Helm Wealth or Salt Funds Management Limited, our sister companies, or associated companies), managed via Pathfinder's Related Party Transaction Policy. - Investments that are bought, sold or held by Pathfinder's KiwiSaver Plan may also be bought, sold or held by a Fund in the Scheme, managed by Pathfinder's Trade Allocation Policy. - Pathfinder and Helm Wealth staff, including senior executives from parent company SPH Wealth Holdings Limited, may want to buy, sell or hold a security personally that is also held or considered by a Fund, managed by Pathfinder's Insider Trading Policy. - Investments are made into companies where a director is also a person associated with Pathfinder, managed via Pathfinder's Related Party Transaction Policy. - Pathfinder and its shareholder's executives may hold governance positions with one or more of the organisations that Pathfinder financially supports. ### Related-party transactions - **Salt Funds Management Limited** (Sister company) — Appointed as investment manager of the Wholesale Ethical Trans-Tasman Fund in which the Ethical Trans-Tasman Fund and the Ethical Growth Fund invest. - **Helm Wealth Advisory Limited (formerly Alvarium Wealth (NZ) Limited)** (Sister company) — Appointed to provide services on behalf of Pathfinder to fulfill all obligations as the Manager of the Scheme. - **Pathfinder Asset Management Limited (manager)** (Manager — related party fund-of-fund structure) — The Global Responsibility Fund invests solely in the wholesale Responsible Investment Fund managed by Pathfinder. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Trans-Tasman Fund invests solely in the Wholesale Ethical Trans-Tasman Fund, a wholesale fund managed by Pathfinder and Salt Funds Management Limited. - **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Growth Fund may invest in the Wholesale Ethical Fixed Income Fund, the Wholesale Ethical Trans-Tasman Fund, the Pathfinder Responsible Investment Fund and the Green Bond Fund; Salt manages the Wholesale Ethical Trans-Tasman Fund. - **Shareholder affiliates of Pathfinder** (Shareholder affiliates) — Investment in private loans issued by shareholder affiliates, directly or through a fund managed by an affiliate; approved by Ethics and Investment Committee and reported to the board. Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/b20ca147c87dd93e/Pathfinder-OMI-MIS-202603.pdf ## How to invest Available via: Pathfinder directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder%20Global%20Water%20Fund - **Product Disclosure Statement:** /disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10778/OFR10780/FND1229/ - **Manager website:** https://www.pathfinder.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pathfinder/global-water/ - **Markdown (this file):** https://managedfunds.nz/funds/pathfinder/global-water/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pathfinder/global-water/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pathfinder Global Water Fund URL: https://managedfunds.nz/funds/pathfinder/global-water/questions/ > 3 commonly-asked questions about the Pathfinder Global Water Fund, answered with mechanical facts sourced from the FMA Disclose register. Pathfinder, international equities category. Questions about Pathfinder Global Water Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Pathfinder Global Water Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is global water a good investment? Whether global water investments suit your circumstances depends on your risk tolerance, investment horizon, and financial goals. Pathfinder Global Water Fund is classified as an International Equities fund with a risk indicator of 5/7 on the FMA standardised scale, meaning it carries moderate-to-high volatility; investors should review the Product Disclosure Statement on the FMA Disclose register and consult a financial adviser before deciding. 2. Is investing in water stocks a good idea? Investment suitability depends on individual circumstances. Pathfinder Global Water Fund delivered 6.99% p.a. after fees (before tax) over five years as at the latest quarterly fund update, and applies responsible-investment screens aligned to its investment philosophy; you can view full fund performance and holdings on the FMA Disclose register or the manager's website. 3. Are global funds risky? Global funds carry varying levels of risk depending on their asset mix and markets. Pathfinder Global Water Fund holds approximately 98.31% growth assets and 1.69% income assets, with a risk indicator of 5/7; investors should understand that growth-asset-heavy portfolios experience price fluctuations, and should review the PDS and fund updates before investing. More about this fund Pathfinder Global Water Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Pella Global Generations PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/pella/global-generations/investment-mandate/ > The Pella Global Generations PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 14 explicit exclusions. Verbatim from the SIPO. What can the Pella Global Generations PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Global equities 95% 80% 100% Cash and cash equivalents 5% 0% 20% Mandate flexibility (sum of max − min across all ranges): 40%. Narrow range — index-tracking style with limited drift. Explicit exclusions (14) Alcoholic beverages manufacturing (0% revenue threshold)Animal cruelty – cosmetic testing, crowd entertainment, intensive animal husbandry (0% revenue threshold)Correctional facilities (0% revenue threshold)Deforestation (0% revenue threshold)Fossil fuel generation – thermal coal (>5% revenue threshold, unless transitioning and fully exiting within three years)Fossil fuel generation – gas (>15% revenue threshold)Fossil fuel mining/exploration including oil, thermal coal, and natural gas (0% revenue threshold)Gambling (0% revenue threshold)GMO seeds manufacturing (0% revenue threshold)Pornography (0% revenue threshold)Tobacco and nicotine alternative products (0% revenue threshold, including companies with >10% ownership in such companies)Uranium mining (0% revenue threshold)Weapons – all types including controversial and non-controversial, guns, bombs, and munitions (0% revenue threshold)Companies severely breaching UN Global Compact principles (forced labour/slavery, child labour, child pornography, genocide, ethnocide) without appropriate remediation Responsible-investment approach The Fund incorporates ESG Integration, Negative/Exclusion Screening (13 activity-based exclusions), Norms-Based Screening (aligned to UN Global Compact), Stewardship (targeting 100% shareholder vote participation), and a Sustainability-Themed strategy requiring portfolio carbon intensity to be at least 30% lower than the Benchmark. MSCI ESG ratings and scores are used throughout. Derivatives policy The Fund may invest in direct securities and currencies including derivatives. No further limits or specific permitted uses are detailed beyond this statement. Statement of Investment Policy and Objectives · stale Related Pella Global Generations PIE Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Pella Global Generations PIE Fund: 0.85% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/pella/global-generations/is-it-expensive/ > Pella Global Generations PIE Fund charges 0.85% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pella Global Generations PIE Fund expensive? Pella Global Generations PIE Fund charges 0.85% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pella Global Generations PIE Fund NZ$418 at 0.85% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$117 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Pella Global Generations PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pella Global Generations PIE Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.82pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.82pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.79pp Foundation Series Total World Fund Foundation Series 0.07% −0.78pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.78pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.75pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.70pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.70pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pella Global Generations PIE Fund? Pella Global Generations PIE Fund charges 0.85% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pella Global Generations PIE Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Pella Global Generations PIE Fund sits at 0.85% — pricier than the median (cheaper than 39% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.85% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$418. That is NZ$117 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pella Global Generations PIE Fund --- ## URL: https://managedfunds.nz/funds/pella/global-generations/markdown.md # Pella Global Generations PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pella (Pella Funds Management) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pella Global Generations PIE Fund is a international equities managed fund run by Pella. Australian global-equity manager with a Global Generations PIE fund for NZ investors. ## Investment objective (from PDS) > The Fund's investment objective is to obtain returns greater than the MSCI All Country World Index Net Total Return (in NZ dollars) ("Benchmark") and with lower volatility than the Benchmark, over the medium to long term by investing in long-only equities, subject to the Investment Manager's ethical investment processes. Source: Product Disclosure Statement dated 2025-03-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8e19cf03714d608badf7e8375a0732bd/Pella-Investment-Funds-PDS-26-March-2025.pdf ## Fund data - **Annual fund charge:** 0.85% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$64 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 April 2025 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Cash at Bank (BNZ) — 8.17% 2. Deutsche Boerse AG — 3.84% 3. LivaNova PLC — 3.62% 4. Nutrien Ltd — 3.51% 5. 3i Group PLC — 3.36% 6. AIA Group Ltd — 3.18% 7. Marsh & McLennan Companies Inc — 3.14% 8. Arthur J Gallagagh & Co — 3.12% 9. Newmont Mining Corp — 3.09% 10. Contemporary Amperex Technology Co Ltd — 3.09% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 25 bps / 25 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Global equities | 95% | 80% | 100% | | Cash and cash equivalents | 5% | 0% | 20% | ### Responsible-investment approach The Fund incorporates ESG Integration, Negative/Exclusion Screening (13 activity-based exclusions), Norms-Based Screening (aligned to UN Global Compact), Stewardship (targeting 100% shareholder vote participation), and a Sustainability-Themed strategy requiring portfolio carbon intensity to be at least 30% lower than the Benchmark. MSCI ESG ratings and scores are used throughout. ### Derivatives policy The Fund may invest in direct securities and currencies including derivatives. No further limits or specific permitted uses are detailed beyond this statement. ### Exclusions - Alcoholic beverages manufacturing (0% revenue threshold) - Animal cruelty – cosmetic testing, crowd entertainment, intensive animal husbandry (0% revenue threshold) - Correctional facilities (0% revenue threshold) - Deforestation (0% revenue threshold) - Fossil fuel generation – thermal coal (>5% revenue threshold, unless transitioning and fully exiting within three years) - Fossil fuel generation – gas (>15% revenue threshold) - Fossil fuel mining/exploration including oil, thermal coal, and natural gas (0% revenue threshold) - Gambling (0% revenue threshold) - GMO seeds manufacturing (0% revenue threshold) - Pornography (0% revenue threshold) - Tobacco and nicotine alternative products (0% revenue threshold, including companies with >10% ownership in such companies) - Uranium mining (0% revenue threshold) - Weapons – all types including controversial and non-controversial, guns, bombs, and munitions (0% revenue threshold) - Companies severely breaching UN Global Compact principles (forced labour/slavery, child labour, child pornography, genocide, ethnocide) without appropriate remediation Source: Statement of Investment Policy and Objectives dated 2025-03-26. https://smartinvestor.sorted.org.nz/disclose-document/mdo021a7bf9da9474f132b76b4bafb9f3de/Pella-Investment-Funds-SIPO-26-March-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex Investment Administration (NZ) Limited are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Fund, including staff of the Investment Manager and their families, and staff of FundRock and their families, may from time to time invest in the Fund. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited) — Registry, fund accounting and unit pricing services provided to the Fund Source: Other Material Information document dated 2025-03-26. https://smartinvestor.sorted.org.nz/disclose-document/mdoffd302d605df5c5665a9ef0fe9f45f3c/Pella-Investment-Funds-OMI-26-March-2025.pdf ## How to invest Available via: Pella directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pella%20Global%20Generations%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8e19cf03714d608badf7e8375a0732bd/Pella-Investment-Funds-PDS-26-March-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13913/OFR13914/FND56058/ - **Manager website:** https://www.pellafundsmanagement.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pella/global-generations/ - **Markdown (this file):** https://managedfunds.nz/funds/pella/global-generations/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pella/global-generations/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Pella Global Generations PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/pella/global-generations/who-audits/ > The Pella Global Generations PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Pella Global Generations PIE Fund? PricewaterhouseCoopers The Pella Global Generations PIE Fund sits within a managed investment scheme run by Pella. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Pella Global Generations PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Pie Global Growth Fund 2: 1.61% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/pie/global-growth-2/is-it-expensive/ > Pie Global Growth Fund 2 charges 1.61% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pie Global Growth Fund 2 expensive? Pie Global Growth Fund 2 charges 1.61% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 91% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pie Global Growth Fund 2 NZ$779 at 1.61% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$478 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Pie Global Growth Fund 2, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pie Global Growth Fund 2 Foundation Series US 500 Fund Foundation Series 0.03% −1.58pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.58pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.55pp Foundation Series Total World Fund Foundation Series 0.07% −1.54pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.54pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.51pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.46pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.46pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pie Global Growth Fund 2? Pie Global Growth Fund 2 charges 1.61% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pie Global Growth Fund 2's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Pie Global Growth Fund 2 sits at 1.61% — pricier than the median (cheaper than 9% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.61% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$779. That is NZ$478 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pie Global Growth Fund 2 --- ## URL: https://managedfunds.nz/funds/pie/global-growth-2/markdown.md # Pie Global Growth Fund 2 > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pie Funds (Pie Funds Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pie Global Growth Fund 2 is a international equities managed fund run by Pie Funds. Active manager focused on global growth equities including UK, Europe and small-cap strategies. ## Investment objective (from PDS) > Capital growth over a period exceeding five years. Invests predominantly in listed international smaller companies and international managed funds. It may also invest in other types of products, such as cash and unlisted equities and other products issued by Pie Funds. Source: Product Disclosure Statement dated 2026-03-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/3c33fbacc9ba821f/Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf ## Fund data - **Annual fund charge:** 1.61% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.37% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$220 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 2 September 2013 ## Top 10 holdings 1. WisdomTree Emerging Markets SmallCap Dividend Fund — 3.17% 2. BNZ Call Account - NZD — 3.06% 3. JPM Call Account - USD — 2.50% 4. Millicom International Cellular SA — 2.28% 5. SPDR Portfolio Emerging Markets ETF — 2.04% 6. JPM Call Account - AUD — 1.61% 7. Synchrony Financial — 1.54% 8. Comfort Systems USA Inc — 1.51% 9. TE Connectivity Ltd — 1.49% 10. EMCOR Group Inc — 1.40% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Responsible-investment approach Pie Funds has a Responsible Investment Policy whereby it screens direct investments and integrates ESG (Environmental, Social and Governance) considerations within its investment process. Investments not excluded by the Responsible Investment Policy and permitted by the Supervisor are authorised. ### Derivatives policy Funds may use derivatives (including exchange-traded or OTC index/sector put options, short-sold individual or baskets of listed shares, OTC equity derivatives, and exchange-traded futures contracts) to gain long or short exposure to permitted assets or for market hedging. Tactical trading positions will typically not exceed 10% of the portfolio of the relevant Fund. ### Exclusions - Investments excluded by the Responsible Investment Policy Source: Statement of Investment Policy and Objectives dated 2026-03-23. https://smartinvestor.sorted.org.nz/disclose-document/07d4607cc5ca0b01/Pie-Funds-Management-Scheme-SIPO---1-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PWC - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Investment or operational decisions may be made to benefit investors in Pie Funds Management Limited over investors in the Funds. - Investment or operational decisions may be made to benefit those investors in the Funds who are Pie Funds directors, employees, and associated persons ahead of those investors who do not have that status. - Certain Funds have the ability to invest in some or all of the other Funds (Other Pie Funds Products), including the Chairman's Fund investing in Other Pie Funds Products on an arm's length basis without management fee rebates. ### Related-party transactions - **Pie Funds Management Limited (directors, employees, associated persons)** (Manager and its personnel investing in the Funds) — Pie Funds, directors, employees, or other associated persons may choose to invest in the Funds, creating potential conflicts of interest - **Other Pie Funds Products** (Funds within the same Scheme managed by Pie Funds) — Certain Funds (including the Chairman's Fund) may invest in Other Pie Funds Products on an arm's length basis; fees and expenses are not rebated; no management fee charged on the Chairman's Fund; no separate management fee charged on underlying Other Pie Funds Products for other Funds - **Apex Investment Administration (NZ) Limited** (Administration manager and custodian delegated by Pie Funds) — Investment accounting services (unit pricing and asset valuation), registry services (scheme administration), and custody of Funds' assets under a Services Agreement Source: Other Material Information document dated 2026-03-24. https://smartinvestor.sorted.org.nz/disclose-document/cbf80746d6405af9/Pie-Funds-Management-Scheme-OMI---1-April-2026.pdf ## How to invest Available via: Pie Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pie%20Global%20Growth%20Fund%202 - **Product Disclosure Statement:** /disclose-document/3c33fbacc9ba821f/Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10581/OFR10740/FND563/ - **Manager website:** https://piefunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pie/global-growth-2/ - **Markdown (this file):** https://managedfunds.nz/funds/pie/global-growth-2/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pie/global-growth-2/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pie Global Growth Fund 2 URL: https://managedfunds.nz/funds/pie/global-growth-2/questions/ > 3 commonly-asked questions about the Pie Global Growth Fund 2, answered with mechanical facts sourced from the FMA Disclose register. Pie Funds, international equities category. Questions about Pie Global Growth Fund 2 3 commonly-asked questions, answered with mechanical facts sourced from the Pie Global Growth Fund 2's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are pie funds good? PIE funds offer a tax structure where investor tax is capped at your prescribed investor rate (maximum 28%), which can be advantageous compared to FIF taxation for some investors. Whether a PIE fund suits your circumstances depends on your tax position and investment goals—consult your tax adviser or the IRD guidance on PIE vs FIF taxation. 2. How much does pie fund NZ charge? Pie Global Growth Fund 2 charges an annual fund charge of 1.61% p.a. as at the latest Quarterly Fund Update. This is higher than the peer-cohort average of 0.95% p.a. for comparable funds; you can compare fees across funds using the FMA Disclose register. 3. Is 2% management fee high? Pie Global Growth Fund 2's annual fund charge is 1.61% p.a., which is 0.66 percentage points above the peer-cohort average of 0.95% p.a. for this category. Fee levels vary across managed funds; check the FMA Disclose register to compare charges across the market. Primary sources Product Disclosure Statement More about this fund Pie Global Growth Fund 2 — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Pie Global Growth Fund 2? — PWC URL: https://managedfunds.nz/funds/pie/global-growth-2/who-audits/ > The Pie Global Growth Fund 2 is audited by PWC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Pie Global Growth Fund 2? PWC The Pie Global Growth Fund 2 sits within a managed investment scheme run by Pie Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Pie Global Growth Fund 2 fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Pie Growth UK & Europe Fund: 1.85% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/pie/growth-uk-europe/is-it-expensive/ > Pie Growth UK & Europe Fund charges 1.85% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Pie Growth UK & Europe Fund expensive? Pie Growth UK & Europe Fund charges 1.85% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 96% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Pie Growth UK & Europe Fund NZ$891 at 1.85% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$590 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Pie Growth UK & Europe Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Pie Growth UK & Europe Fund Foundation Series US 500 Fund Foundation Series 0.03% −1.82pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.82pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.79pp Foundation Series Total World Fund Foundation Series 0.07% −1.78pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.78pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.75pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.70pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.70pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Pie Growth UK & Europe Fund? Pie Growth UK & Europe Fund charges 1.85% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Pie Growth UK & Europe Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Pie Growth UK & Europe Fund sits at 1.85% — pricier than the median (cheaper than 4% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.85% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$891. That is NZ$590 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Pie Growth UK & Europe Fund --- ## URL: https://managedfunds.nz/funds/pie/growth-uk-europe/markdown.md # Pie Growth UK & Europe Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Pie Funds (Pie Funds Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Pie Growth UK & Europe Fund is a international equities managed fund run by Pie Funds. Active manager focused on global growth equities including UK, Europe and small-cap strategies. ## Investment objective (from PDS) > Capital growth over a period exceeding five years. Invests predominantly in listed UK & European smaller companies. It may also invest in other types of financial products such as cash and unlisted equities. Source: Product Disclosure Statement dated 2026-03-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/3c33fbacc9ba821f/Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf ## Fund data - **Annual fund charge:** 1.85% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.98% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$126 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 1 November 2016 ## Top 10 holdings 1. Alzchem Group AG — 3.85% 2. JPM Call Account - EUR — 3.73% 3. FLATEXDEGIRO AG — 3.68% 4. Huber+Suhner AG — 3.66% 5. Boku Inc — 3.40% 6. TAG Immobilien AG — 3.06% 7. BNZ Call Account - NZD — 2.99% 8. Dixons Carphone PLC — 2.70% 9. JPM Call Account - GBP — 2.65% 10. Vusiongroup SA — 2.62% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Responsible-investment approach Pie Funds has a Responsible Investment Policy whereby it screens direct investments and integrates ESG (Environmental, Social and Governance) considerations within its investment process. Investments not excluded by the Responsible Investment Policy and permitted by the Supervisor are authorised. ### Derivatives policy Funds may use derivatives (including exchange-traded or OTC index/sector put options, short-sold individual or baskets of listed shares, OTC equity derivatives, and exchange-traded futures contracts) to gain long or short exposure to permitted assets or for market hedging. Tactical trading positions will typically not exceed 10% of the portfolio of the relevant Fund. ### Exclusions - Investments excluded by the Responsible Investment Policy Source: Statement of Investment Policy and Objectives dated 2026-03-23. https://smartinvestor.sorted.org.nz/disclose-document/07d4607cc5ca0b01/Pie-Funds-Management-Scheme-SIPO---1-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PWC - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Investment or operational decisions may be made to benefit investors in Pie Funds Management Limited over investors in the Funds. - Investment or operational decisions may be made to benefit those investors in the Funds who are Pie Funds directors, employees, and associated persons ahead of those investors who do not have that status. - Certain Funds have the ability to invest in some or all of the other Funds (Other Pie Funds Products), including the Chairman's Fund investing in Other Pie Funds Products on an arm's length basis without management fee rebates. ### Related-party transactions - **Pie Funds Management Limited (directors, employees, associated persons)** (Manager and its personnel investing in the Funds) — Pie Funds, directors, employees, or other associated persons may choose to invest in the Funds, creating potential conflicts of interest - **Other Pie Funds Products** (Funds within the same Scheme managed by Pie Funds) — Certain Funds (including the Chairman's Fund) may invest in Other Pie Funds Products on an arm's length basis; fees and expenses are not rebated; no management fee charged on the Chairman's Fund; no separate management fee charged on underlying Other Pie Funds Products for other Funds - **Apex Investment Administration (NZ) Limited** (Administration manager and custodian delegated by Pie Funds) — Investment accounting services (unit pricing and asset valuation), registry services (scheme administration), and custody of Funds' assets under a Services Agreement Source: Other Material Information document dated 2026-03-24. https://smartinvestor.sorted.org.nz/disclose-document/cbf80746d6405af9/Pie-Funds-Management-Scheme-OMI---1-April-2026.pdf ## How to invest Available via: Pie Funds directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pie%20Growth%20UK%20%26%20Europe%20Fund - **Product Disclosure Statement:** /disclose-document/3c33fbacc9ba821f/Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10581/OFR10740/FND1633/ - **Manager website:** https://piefunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/pie/growth-uk-europe/ - **Markdown (this file):** https://managedfunds.nz/funds/pie/growth-uk-europe/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/pie/growth-uk-europe/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Pie Growth UK & Europe Fund URL: https://managedfunds.nz/funds/pie/growth-uk-europe/questions/ > 4 commonly-asked questions about the Pie Growth UK & Europe Fund, answered with mechanical facts sourced from the FMA Disclose register. Pie Funds, international equities category. Questions about Pie Growth UK & Europe Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Pie Growth UK & Europe Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are pie funds good? PIE funds offer a tax-efficient structure in New Zealand, with investor tax capped at your prescribed investor rate (maximum 28%). The Pie Growth UK & Europe Fund has delivered a 5-year return after fees of 0.98% p.a. as at the latest QFU; you can compare this against other funds in the same category and your own investment timeframe and goals via the FMA Disclose register. 2. How are pie funds taxed in NZ? PIE funds are taxed under the PIE tax rules, where your tax liability is calculated at your prescribed investor rate (PIR) rather than your marginal tax rate, with a maximum PIR of 28%. This structure applies to the Pie Growth UK & Europe Fund; further details on how PIRs work are available from the IRD website. 3. How much does a pie fund charge? The Pie Growth UK & Europe Fund has an annual fund charge of 1.85% p.a. as at the latest QFU, which is higher than the peer-cohort average of 1.23% p.a. for this category. You can compare charges across all managed funds on the FMA Disclose register. 4. Is pie fund better than term deposit? PIE funds and term deposits serve different purposes and carry different risk profiles. The Pie Growth UK & Europe Fund is a growth-focused investment with a risk indicator of 5/7 and a 5-year return after fees of 0.98% p.a.; term deposits typically offer fixed, lower returns with minimal volatility. Your choice depends on your investment timeframe, risk tolerance, and financial goals. Primary sources Product Disclosure Statement More about this fund Pie Growth UK & Europe Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Pie Growth UK & Europe Fund? — PWC URL: https://managedfunds.nz/funds/pie/growth-uk-europe/who-audits/ > The Pie Growth UK & Europe Fund is audited by PWC, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Pie Growth UK & Europe Fund? PWC The Pie Growth UK & Europe Fund sits within a managed investment scheme run by Pie Funds. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Pie Growth UK & Europe Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Plato Global Alpha PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/plato/global-alpha/investment-mandate/ > The Plato Global Alpha PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Plato Global Alpha PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 95% 90% 100% Cash and cash equivalents 5% 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Companies classified in the Tobacco sector (as defined by GICS)Companies that derive more than 5% of revenues from Thermal Coal Mining (based on ISS data) Responsible-investment approach Plato takes into account ESG considerations through its proprietary 'Red Flags' model covering toxic emissions, labour supply-chain standards, corporate governance, remuneration, forensic accounting, financial distress, and social and environmental impacts. The Underlying Fund is committed not to hold long positions in companies classified in the Tobacco sector (GICS) or companies deriving more than 5% of revenues from Thermal Coal Mining (based on ISS data). Derivatives policy The Underlying Fund may utilise borrowing and short selling techniques to obtain leverage; currency hedging instruments are a permitted investment at the Fund level. Statement of Investment Policy and Objectives Related Plato Global Alpha PIE Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Plato Global Alpha PIE Fund: annual fee load vs peer-class median URL: https://managedfunds.nz/funds/plato/global-alpha/is-it-expensive/ > Annual fee load for Plato Global Alpha PIE Fund compared with the international equities peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Plato Global Alpha PIE Fund expensive? Annual fund charge for Plato Global Alpha PIE Fund has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Plato Global Alpha PIE Fund? Annual fund charge for Plato Global Alpha PIE Fund has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Plato Global Alpha PIE Fund's fee compare with peer international equities funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Plato Global Alpha PIE Fund --- ## URL: https://managedfunds.nz/funds/plato/global-alpha/markdown.md # Plato Global Alpha PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Plato (Plato Investment Management) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Plato Global Alpha PIE Fund is a international equities managed fund run by Plato. Australian quantitative manager offering a Global Alpha PIE fund to NZ investors. ## Investment objective (from PDS) > The Fund aims to provide investors with long and short exposure to an actively managed, diversified portfolio of listed international equities. The Fund aims to outperform its benchmark, the MSCI World Net Total Return Index in New Zealand dollars, net of fees and before taxes, over rolling 5 year periods. The Fund is not hedged back to the New Zealand dollar. Source: Product Disclosure Statement dated 2026-05-08 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/de64be4581770cc6/Plato-Investment-Funds---PDS---8-May-2026.pdf ## Fund data - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$0 - **Asset mix:** 0% growth assets · 1% income assets - **Minimum initial investment:** NZ$15,000 ## Performance fee (from PDS) - **Performance fee paid (last published period):** 1.55% > 15% of outperformance of the benchmark, being the MSCI World Net Total Return Index in New Zealand dollars. No high-water mark applies. Calculated each Business Day and paid semi-annually (as at 30 June and 31 December each year). No maximum limit. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 30 bps / 30 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 95% | 90% | 100% | | Cash and cash equivalents | 5% | 0% | 10% | ### Responsible-investment approach Plato takes into account ESG considerations through its proprietary 'Red Flags' model covering toxic emissions, labour supply-chain standards, corporate governance, remuneration, forensic accounting, financial distress, and social and environmental impacts. The Underlying Fund is committed not to hold long positions in companies classified in the Tobacco sector (GICS) or companies deriving more than 5% of revenues from Thermal Coal Mining (based on ISS data). ### Derivatives policy The Underlying Fund may utilise borrowing and short selling techniques to obtain leverage; currency hedging instruments are a permitted investment at the Fund level. ### Exclusions - Companies classified in the Tobacco sector (as defined by GICS) - Companies that derive more than 5% of revenues from Thermal Coal Mining (based on ISS data) Source: Statement of Investment Policy and Objectives dated 2026-05-07. https://smartinvestor.sorted.org.nz/disclose-document/3ad1361a5d4be367/Plato-Investment-Funds---SIPO---8-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Plato, as investment manager for the Fund (representing a single investor in the Underlying Fund), may have a potential conflict when also acting as investment manager for the Underlying Fund (representing all investors in the Underlying Fund). - FundRock and Apex NZ share common ultimate ownership through Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Fund, including staff of Plato and their families, and staff of FundRock and their families, may from time to time invest in the Fund. ### Related-party transactions - **Plato Investment Management Limited** (Investment Manager; also acts as investment manager of the Underlying Fund into which the Fund invests) — Plato manages the Fund's assets and also manages the Underlying Fund (Plato Global Alpha Fund), meaning it acts for both the Fund as a single investor and for all investors in the Underlying Fund - **Apex Investment Administration (NZ) Limited (Apex NZ)** (Common ultimate parent — both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited) — Administration Manager providing unit pricing, fund accounting and investor registry services Source: Other Material Information document dated 2026-05-08. https://smartinvestor.sorted.org.nz/disclose-document/9f0daa023ec3ccd1/Plato-Investment-Funds---OMI---8-May-2026.pdf ## How to invest Available via: Plato directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Plato%20Global%20Alpha%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/de64be4581770cc6/Plato-Investment-Funds---PDS---8-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH15035/OFR15092/FND62005/ - **Manager website:** https://plato.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/plato/global-alpha/ - **Markdown (this file):** https://managedfunds.nz/funds/plato/global-alpha/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/plato/global-alpha/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Plato Global Alpha PIE Fund charge a performance fee? URL: https://managedfunds.nz/funds/plato/global-alpha/performance-fee-explained/ > The Plato Global Alpha PIE Fund charges a performance fee in addition to its annual fund charge; it paid 1.55% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Plato Global Alpha PIE Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 1.55% of NAV Verbatim from the Product Disclosure Statement 15% of outperformance of the benchmark, being the MSCI World Net Total Return Index in New Zealand dollars. No high-water mark applies. Calculated each Business Day and paid semi-annually (as at 30 June and 31 December each year). No maximum limit. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Plato Global Alpha PIE Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Plato Global Alpha PIE Fund URL: https://managedfunds.nz/funds/plato/global-alpha/questions/ > 2 commonly-asked questions about the Plato Global Alpha PIE Fund, answered with mechanical facts sourced from the FMA Disclose register. Plato, international equities category. Questions about Plato Global Alpha PIE Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Plato Global Alpha PIE Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is Plato Global Alpha fund? Plato Global Alpha PIE Fund is an international equities fund categorised at risk indicator 5 out of 7 on the FMA standardised scale. It is structured as a PIE (Portfolio Investment Entity), meaning investor tax is capped at your prescribed investor rate (maximum 28%). For full details on fund objectives and holdings, see the current Product Disclosure Statement on the FMA Disclose register. 2. Can I get 20% return in mutual funds? Fund returns vary year to year based on market conditions and fund strategy. Past performance is not a reliable indicator of future returns. Check the FMA Disclose register for this fund's historical performance data, and review the PDS for information on the fund's investment strategy and risk profile. Primary sources Product Disclosure Statement More about this fund Plato Global Alpha PIE Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Plato Global Alpha PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/plato/global-alpha/who-audits/ > The Plato Global Alpha PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Plato Global Alpha PIE Fund? PricewaterhouseCoopers The Plato Global Alpha PIE Fund sits within a managed investment scheme run by Plato. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust Related Plato Global Alpha PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the QuayStreet Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/quaystreet/income/investment-mandate/ > The QuayStreet Income Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the QuayStreet Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian Equity 10% 0% 30% International Equity 0% 0% 30% Listed Property 10% 0% 30% Unlisted Property 0% 0% 0% NZ Fixed Interest 35% 0% 100% International Fixed Interest 35% 0% 100% Cash 10% 0% 20% Growth Assets 20% 0% 30% Defensive Assets 80% 70% 100% Mandate flexibility (sum of max − min across all ranges): 370%. Wide range — high manager discretion typical of active management. Responsible-investment approach Each Fund except the SRI Fund is managed in accordance with the QuayStreet Responsible Investment Policy, incorporating ESG factors within investment decision-making. Exclusions under the RI Policy include tobacco farming, manufacture of cigarettes and cigars, and manufacturing of cluster bombs, landmines, bio-weapons and nuclear weapons. The SRI Fund applies additional exclusionary screening covering tobacco, alcohol, fossil fuel exploration/mining/extraction, gambling, uranium/nuclear weapons, weapons manufacturing, and adult entertainment, plus a qualitative ESG scoring framework requiring each factor to score 5 or higher. Derivatives policy Derivatives are permitted to hedge market price fluctuations, gain economic exposure without physical purchase, adjust exposure within SAA parameters, and obtain prices or reduce transaction costs. Use of derivatives to provide financial leverage outside the SIPO or a Fund mandate is prohibited. Statement of Investment Policy and Objectives Related QuayStreet Income Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## QuayStreet Income Fund: 0.77% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/quaystreet/income/is-it-expensive/ > QuayStreet Income Fund charges 0.77% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the QuayStreet Income Fund expensive? QuayStreet Income Fund charges 0.77% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). QuayStreet Income Fund NZ$379 at 0.77% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-106 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than QuayStreet Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs QuayStreet Income Fund Simplicity Conservative Investment Fund Simplicity 0.25% −0.52pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.52pp Simplicity Growth Investment Fund Simplicity 0.25% −0.52pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.52pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.52pp Kernel Conservative Fund Kernel 0.25% −0.52pp Kernel Balanced Fund Kernel 0.25% −0.52pp Kernel High Growth Fund Kernel 0.25% −0.52pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for QuayStreet Income Fund? QuayStreet Income Fund charges 0.77% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does QuayStreet Income Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. QuayStreet Income Fund sits at 0.77% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.77% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$379. That is NZ$106 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to QuayStreet Income Fund --- ## URL: https://managedfunds.nz/funds/quaystreet/income/markdown.md # QuayStreet Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** QuayStreet (QuayStreet Asset Management Limited), parent Craigs Investment Partners - **Asset class:** Diversified Funds - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The QuayStreet Income Fund is a diversified managed fund run by QuayStreet. NZ-based multi-asset and equity manager owned by Craigs Investment Partners. ## Fund data - **Annual fund charge:** 0.77% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.90% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$329 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 30 September 2014 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. NZ Govt Inflation Linked (Sep 2035) — 4.41% 2. ANZ New Zealand Subordinated Notes (Sep 2031) — 3.11% 3. Kiwibank AU (Oct 2027) — 2.91% 4. Chorus (Dec 2028) — 2.63% 5. NZ Govt Inflation Linked (Sep 2040) — 2.60% 6. Goodman Property Trust (Sep 2028) — 2.53% 7. Channel Infrastructure NZ (May 2027) — 2.47% 8. Metlifecare (Sep 2026) — 2.30% 9. NAB Subordinated Notes (Nov 2035) — 2.29% 10. Cash ANZNZ (NZD) — 2.27% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian Equity | 10% | 0% | 30% | | International Equity | 0% | 0% | 30% | | Listed Property | 10% | 0% | 30% | | Unlisted Property | 0% | 0% | 0% | | NZ Fixed Interest | 35% | 0% | 100% | | International Fixed Interest | 35% | 0% | 100% | | Cash | 10% | 0% | 20% | | Growth Assets | 20% | 0% | 30% | | Defensive Assets | 80% | 70% | 100% | ### Responsible-investment approach Each Fund except the SRI Fund is managed in accordance with the QuayStreet Responsible Investment Policy, incorporating ESG factors within investment decision-making. Exclusions under the RI Policy include tobacco farming, manufacture of cigarettes and cigars, and manufacturing of cluster bombs, landmines, bio-weapons and nuclear weapons. The SRI Fund applies additional exclusionary screening covering tobacco, alcohol, fossil fuel exploration/mining/extraction, gambling, uranium/nuclear weapons, weapons manufacturing, and adult entertainment, plus a qualitative ESG scoring framework requiring each factor to score 5 or higher. ### Derivatives policy Derivatives are permitted to hedge market price fluctuations, gain economic exposure without physical purchase, adjust exposure within SAA parameters, and obtain prices or reduce transaction costs. Use of derivatives to provide financial leverage outside the SIPO or a Fund mandate is prohibited. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/53c7218b070c7fae/SIPO---Quay-Street-Funds---Smartshares-CIP-Funds.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** Citibank N.A. - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Smartshares is a wholly owned subsidiary of NZX Limited, and the Funds can invest in financial products issued by NZX, meaning entities in the NZX group of companies may receive commercial benefits from such investments. - The Investment Manager chooses investments based on its own internal investment selection process and in accordance with each Fund's SIPO, and is stated to not be influenced by Smartshares' relationship with NZX or any other NZX group member. - Smartshares and the Investment Manager have internal policies and procedures to identify, assess and manage potential conflicts of interest, including a related party transactions procedure requiring Supervisor certification or consent before any benefit is given to a related party out of a Fund's property. ### Related-party transactions - **NZX Limited** (ultimate parent of Smartshares Limited) — The Funds can invest in financial products issued by NZX; entities in the NZX group of companies may receive commercial benefits from this. - **QuayStreet Limited** (Investment Manager appointed by Smartshares) — Investment management services — proposing strategic and tactical asset allocation and selecting underlying investments for each Fund. · A fee based on the Gross Asset Value of each Fund - **Apex Investment Administration (NZ) Limited** (Delegate of Smartshares for registry, unit pricing and fund accounting) — Registry, unit pricing and fund accounting functions; also acts as administration manager. · Fixed annual fee (Registrar); annual fee based on Gross Asset Value (administration manager) - **NZX WT Nominees Limited** (Nominee entity within NZX group) — Legal holder of units on bare trust for investors who join through the QuayStreet Portfolio Service. Source: Other Material Information document dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/4b3cc5c83c992124/Other-Material-Information---Quay-Street-Funds---31-March-2026.pdf ## How to invest Available via: QuayStreet directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=QuayStreet%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb3ec12601480cfc873853cbe227fb0f/Product-Disclosure-Statement-Smartshares-CI-Pfunds%2829-November-2024%29.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10414/OFR10416/FND321/ - **Manager website:** https://www.quaystreet.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/quaystreet/income/ - **Markdown (this file):** https://managedfunds.nz/funds/quaystreet/income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/quaystreet/income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the QuayStreet Income Fund URL: https://managedfunds.nz/funds/quaystreet/income/questions/ > 3 commonly-asked questions about the QuayStreet Income Fund, answered with mechanical facts sourced from the FMA Disclose register. QuayStreet, diversified category. Questions about QuayStreet Income Fund 3 commonly-asked questions, answered with mechanical facts sourced from the QuayStreet Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is an income fund a good investment? Whether an income fund suits your circumstances depends on your financial goals, time horizon, and risk tolerance. QuayStreet Income Fund is classified as a Diversified fund with a Risk indicator of 3/7 (medium-low risk) and has delivered a 5-year return after fees of 2.9% p.a.; you should review the Product Disclosure Statement and latest FMA Disclose information to assess whether this aligns with your objectives. 2. What are the risks of income funds? Income funds typically carry interest-rate risk (bond values fall when rates rise), credit risk (issuer default), and reinvestment risk (income may be reinvested at lower rates). QuayStreet Income Fund holds ~99.87% income assets and carries a Risk indicator of 3/7; the full risk disclosure is available in the Product Disclosure Statement and on the FMA Disclose register. 3. What is a good fee for an investment fund? Fund fees vary by asset class, strategy, and scale. For context, the peer-cohort average annual fund charge for funds comparable to QuayStreet Income Fund is 0.66% p.a., while QuayStreet charges 0.77% p.a.; you can compare fees across funds in our managed fund comparison tool. More about this fund QuayStreet Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the QuayStreet NZ Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/quaystreet/nz-equity/investment-mandate/ > The QuayStreet NZ Equity Fund's Statement of Investment Policy sets target / min / max ranges across 9 asset classes. Verbatim from the SIPO. What can the QuayStreet NZ Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian Equity (Australian only) 100% 0% 100% International Equity 0% 0% 0% Listed Property (Australian only) 0% 0% 100% Unlisted Property 0% 0% 0% NZ Fixed Interest 0% 0% 0% International Fixed Interest 0% 0% 0% Cash 0% 0% 30% Growth Assets 100% 70% 100% Defensive Assets 0% 0% 30% Mandate flexibility (sum of max − min across all ranges): 290%. Wide range — high manager discretion typical of active management. Responsible-investment approach Each Fund except the SRI Fund is managed in accordance with the QuayStreet Responsible Investment Policy, incorporating ESG factors within investment decision-making. Exclusions under the RI Policy include tobacco farming, manufacture of cigarettes and cigars, and manufacturing of cluster bombs, landmines, bio-weapons and nuclear weapons. The SRI Fund applies additional exclusionary screening covering tobacco, alcohol, fossil fuel exploration/mining/extraction, gambling, uranium/nuclear weapons, weapons manufacturing, and adult entertainment, plus a qualitative ESG scoring framework requiring each factor to score 5 or higher. Derivatives policy Derivatives are permitted to hedge market price fluctuations, gain economic exposure without physical purchase, adjust exposure within SAA parameters, and obtain prices or reduce transaction costs. Use of derivatives to provide financial leverage outside the SIPO or a Fund mandate is prohibited. Statement of Investment Policy and Objectives Related QuayStreet NZ Equity Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## QuayStreet NZ Equity Fund: 1.27% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/quaystreet/nz-equity/is-it-expensive/ > QuayStreet NZ Equity Fund charges 1.27% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the QuayStreet NZ Equity Fund expensive? QuayStreet NZ Equity Fund charges 1.27% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 85% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). QuayStreet NZ Equity Fund NZ$619 at 1.27% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$124 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than QuayStreet NZ Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs QuayStreet NZ Equity Fund Simplicity NZ Share Fund Simplicity 0.10% −1.17pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.07pp Harbour NZ Index Shares Fund Harbour 0.21% −1.06pp BetaShares Australia 200 Fund BetaShares 0.23% −1.04pp Kernel NZ 20 Fund Kernel 0.25% −1.02pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.02pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.02pp Kernel Australia 100 Fund Kernel 0.25% −1.02pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for QuayStreet NZ Equity Fund? QuayStreet NZ Equity Fund charges 1.27% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does QuayStreet NZ Equity Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. QuayStreet NZ Equity Fund sits at 1.27% — pricier than the median (cheaper than 15% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.27% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$619. That is NZ$124 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to QuayStreet NZ Equity Fund --- ## URL: https://managedfunds.nz/funds/quaystreet/nz-equity/markdown.md # QuayStreet NZ Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** QuayStreet (QuayStreet Asset Management Limited), parent Craigs Investment Partners - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The QuayStreet NZ Equity Fund is a australasian equities managed fund run by QuayStreet. NZ-based multi-asset and equity manager owned by Craigs Investment Partners. ## Fund data - **Annual fund charge:** 1.27% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.14% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$155 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 30 November 2010 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. BHP Billiton — 11.21% 2. Commonwealth Bank of Australia — 8.65% 3. Westpac Banking Corp — 6.81% 4. ANZ Group — 5.79% 5. Macquarie Group — 4.56% 6. CSL — 3.61% 7. Newmont Corp — 2.95% 8. Wesfarmers — 2.32% 9. Brambles — 2.29% 10. Coles Group — 2.15% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian Equity (Australian only) | 100% | 0% | 100% | | International Equity | 0% | 0% | 0% | | Listed Property (Australian only) | 0% | 0% | 100% | | Unlisted Property | 0% | 0% | 0% | | NZ Fixed Interest | 0% | 0% | 0% | | International Fixed Interest | 0% | 0% | 0% | | Cash | 0% | 0% | 30% | | Growth Assets | 100% | 70% | 100% | | Defensive Assets | 0% | 0% | 30% | ### Responsible-investment approach Each Fund except the SRI Fund is managed in accordance with the QuayStreet Responsible Investment Policy, incorporating ESG factors within investment decision-making. Exclusions under the RI Policy include tobacco farming, manufacture of cigarettes and cigars, and manufacturing of cluster bombs, landmines, bio-weapons and nuclear weapons. The SRI Fund applies additional exclusionary screening covering tobacco, alcohol, fossil fuel exploration/mining/extraction, gambling, uranium/nuclear weapons, weapons manufacturing, and adult entertainment, plus a qualitative ESG scoring framework requiring each factor to score 5 or higher. ### Derivatives policy Derivatives are permitted to hedge market price fluctuations, gain economic exposure without physical purchase, adjust exposure within SAA parameters, and obtain prices or reduce transaction costs. Use of derivatives to provide financial leverage outside the SIPO or a Fund mandate is prohibited. Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/53c7218b070c7fae/SIPO---Quay-Street-Funds---Smartshares-CIP-Funds.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Custodian:** Citibank N.A. - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - Smartshares is a wholly owned subsidiary of NZX Limited, and the Funds can invest in financial products issued by NZX, meaning entities in the NZX group of companies may receive commercial benefits from such investments. - The Investment Manager chooses investments based on its own internal investment selection process and in accordance with each Fund's SIPO, and is stated to not be influenced by Smartshares' relationship with NZX or any other NZX group member. - Smartshares and the Investment Manager have internal policies and procedures to identify, assess and manage potential conflicts of interest, including a related party transactions procedure requiring Supervisor certification or consent before any benefit is given to a related party out of a Fund's property. ### Related-party transactions - **NZX Limited** (ultimate parent of Smartshares Limited) — The Funds can invest in financial products issued by NZX; entities in the NZX group of companies may receive commercial benefits from this. - **QuayStreet Limited** (Investment Manager appointed by Smartshares) — Investment management services — proposing strategic and tactical asset allocation and selecting underlying investments for each Fund. · A fee based on the Gross Asset Value of each Fund - **Apex Investment Administration (NZ) Limited** (Delegate of Smartshares for registry, unit pricing and fund accounting) — Registry, unit pricing and fund accounting functions; also acts as administration manager. · Fixed annual fee (Registrar); annual fee based on Gross Asset Value (administration manager) - **NZX WT Nominees Limited** (Nominee entity within NZX group) — Legal holder of units on bare trust for investors who join through the QuayStreet Portfolio Service. Source: Other Material Information document dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/4b3cc5c83c992124/Other-Material-Information---Quay-Street-Funds---31-March-2026.pdf ## How to invest Available via: QuayStreet directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=QuayStreet%20NZ%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/mdocb3ec12601480cfc873853cbe227fb0f/Product-Disclosure-Statement-Smartshares-CI-Pfunds%2829-November-2024%29.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10414/OFR10416/FND323/ - **Manager website:** https://www.quaystreet.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/quaystreet/nz-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/quaystreet/nz-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/quaystreet/nz-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the QuayStreet NZ Equity Fund URL: https://managedfunds.nz/funds/quaystreet/nz-equity/questions/ > 2 commonly-asked questions about the QuayStreet NZ Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. QuayStreet, australasian equities category. Questions about QuayStreet NZ Equity Fund 2 commonly-asked questions, answered with mechanical facts sourced from the QuayStreet NZ Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the best performing investment fund over the last 5 years? QuayStreet NZ Equity Fund delivered a 5-year return after fees of 7.14% p.a. (as at the latest QFU); however, past performance is not indicative of future results. To compare this fund's returns against peers in the Australasian Equities category, see the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. What investment has the highest return in NZ? Returns vary significantly across asset classes, funds, and time periods. QuayStreet NZ Equity Fund is classified as an Australasian Equities fund with a 5-year return of 7.14% p.a. after fees; to compare returns across different fund categories and managers, use the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. More about this fund QuayStreet NZ Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Resolution Capital Global Listed Infrastructure PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/investment-mandate/ > The Resolution Capital Global Listed Infrastructure PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Resolution Capital Global Listed Infrastructure PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities (infrastructure and infrastructure related securities) 100% 85% 100% Cash and cash equivalents — 0% 15% Mandate flexibility (sum of max − min across all ranges): 30%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Resolution Capital applies ESG considerations when selecting, retaining or realising investments, generally only to the extent they financially affect the investment. Each investment is assessed on a case-by-case basis with special consideration given to the UN-sponsored Principles for Responsible Investment, UN Global Compact and UN Guiding Principles on Business and Human Rights. Resolution Capital may also exclude certain securities or sectors based on ESG factors. Derivatives policy The Funds may invest in currencies including derivatives. Currency hedging instruments are permitted investments used to hedge currency risk to New Zealand dollars using forward foreign exchange contracts. Statement of Investment Policy and Objectives Related Resolution Capital Global Listed Infrastructure PIE Fund fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Resolution Capital Global Listed Infrastructure PIE Fund: 1.05… URL: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/is-it-expensive/ > Resolution Capital Global Listed Infrastructure PIE Fund charges 1.05% p.a. vs the other peer-class median of 1.06%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Resolution Capital Global Listed Infrastructure PIE Fund expensive? Resolution Capital Global Listed Infrastructure PIE Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Resolution Capital Global Listed Infrastructure PIE Fund NZ$514 at 1.05% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: NZ$-7 over 5 years on NZ$10K. 3 cheaper peers in the same category Other funds with a lower annual fund charge than Resolution Capital Global Listed Infrastructure PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Resolution Capital Global Listed Infrastructure PIE Fund Kernel Global Infrastructure Fund Kernel 0.25% −0.80pp Smart Bitcoin ETF Smartshares 0.55% −0.50pp First Sentier Global Listed Infrastructure Fund First Sentier 1.03% −0.02pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Resolution Capital Global Listed Infrastructure PIE Fund? Resolution Capital Global Listed Infrastructure PIE Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Resolution Capital Global Listed Infrastructure PIE Fund's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. Resolution Capital Global Listed Infrastructure PIE Fund sits at 1.05% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$7 less than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Resolution Capital Global Listed Infrastructure PIE Fund --- ## URL: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/markdown.md # Resolution Capital Global Listed Infrastructure PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Resolution Capital (Resolution Capital Limited) - **Asset class:** Other - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Resolution Capital Global Listed Infrastructure PIE Fund is a other managed fund run by Resolution Capital. Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors. ## Investment objective (from PDS) > The Fund aims to provide income and some capital growth over the long-term. In particular, the Fund aims to achieve an annual total return that exceeds the total return of the benchmark after fees on a rolling 3-year basis. The Fund primarily invests in global listed infrastructure securities that the Investment Manager considers provide long term sustainable cashflows backed by physical assets or concessions which provide essential services. Source: Product Disclosure Statement dated 2025-09-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo1dff7eab36808af12ea4d4c1c1af739c/Resolution-Capital-Investment-Funds-PDS-Global-Listed-Infrastructure-22-September-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$31 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 26 September 2025 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. H2O America — 9.67% 2. SSE plc — 8.13% 3. Entergy Corp — 7.18% 4. Kinder Morgan Inc/DE — 6.80% 5. Spire Inc — 5.48% 6. Cash at Bank (BNZ) — 4.77% 7. Black Hills Corp — 4.14% 8. Alliant Energy Corp — 3.98% 9. NiSource Inc — 3.84% 10. GEK Terna SA — 3.74% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities (infrastructure and infrastructure related securities) | 100% | 85% | 100% | | Cash and cash equivalents | — | 0% | 15% | ### Responsible-investment approach Resolution Capital applies ESG considerations when selecting, retaining or realising investments, generally only to the extent they financially affect the investment. Each investment is assessed on a case-by-case basis with special consideration given to the UN-sponsored Principles for Responsible Investment, UN Global Compact and UN Guiding Principles on Business and Human Rights. Resolution Capital may also exclude certain securities or sectors based on ESG factors. ### Derivatives policy The Funds may invest in currencies including derivatives. Currency hedging instruments are permitted investments used to hedge currency risk to New Zealand dollars using forward foreign exchange contracts. Source: Statement of Investment Policy and Objectives dated 2025-09-18. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ebd61bb114e55c54d147e03ea94238f/Resolution-Capital-Investment-Funds-SIPO-22-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, potentially benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including the staff of FundRock and their families, may from time to time invest in the Funds. - Service providers to the Funds and their related parties may from time to time act as manager, issuer, supervisor or trustee, investment manager, custodian, unit registry, administrator, or distributor to other parties or funds that have similar objectives to those of the Funds, creating potential conflicts of interest. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services, fund accounting, and unit pricing provided by Apex NZ to the Scheme and each Fund under an Administration Agreement Source: Other Material Information document dated 2025-09-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo333cbeb2f167d76a4a875abec5e83111/Resolution-Capital-Investment-Funds-OMI-22-September-2025.pdf ## How to invest Available via: Resolution Capital directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Resolution%20Capital%20Global%20Listed%20Infrastructure%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8d0a287d1101ca6412ad889bf838685c/Resolution-Capital-Investment-Funds-PDS-Global-Property-Securities-22-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13905/OFR13906/FND58947/ - **Manager website:** https://www.resolutioncapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Resolution Capital Global Listed Infrastructure PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/who-audits/ > The Resolution Capital Global Listed Infrastructure PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Resolution Capital Global Listed Infrastructure PIE Fund? PricewaterhouseCoopers The Resolution Capital Global Listed Infrastructure PIE Fund sits within a managed investment scheme run by Resolution Capital. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Resolution Capital Global Listed Infrastructure PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Resolution Capital Global Property Securities PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/resolution-capital/global-property-securities/investment-mandate/ > The Resolution Capital Global Property Securities PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Resolution Capital Global Property Securities PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Listed property 100% 85% 100% Cash and cash equivalents — 0% 15% Mandate flexibility (sum of max − min across all ranges): 30%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Resolution Capital applies ESG considerations when selecting, retaining or realising investments, generally only to the extent they financially affect the investment. Each investment is assessed on a case-by-case basis with special consideration given to the UN-sponsored Principles for Responsible Investment, UN Global Compact and UN Guiding Principles on Business and Human Rights. Resolution Capital may also exclude certain securities or sectors based on ESG factors. Derivatives policy The Funds may invest in currencies including derivatives. Currency hedging instruments are permitted investments used to hedge currency risk to New Zealand dollars using forward foreign exchange contracts. Statement of Investment Policy and Objectives Related Resolution Capital Global Property Securities PIE Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Resolution Capital Global Property Securities PIE Fund: 1.05% … URL: https://managedfunds.nz/funds/resolution-capital/global-property-securities/is-it-expensive/ > Resolution Capital Global Property Securities PIE Fund charges 1.05% p.a. vs the listed property peer-class median of 1.02%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Resolution Capital Global Property Securities PIE Fund expensive? Resolution Capital Global Property Securities PIE Fund charges 1.05% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is pricier than 57% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Resolution Capital Global Property Securities PIE Fund NZ$514 at 1.05% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: +NZ$14 over 5 years on NZ$10K. 8 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Resolution Capital Global Property Securities PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Resolution Capital Global Property Securities PIE Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.80pp Smart Australian Property ETF Smartshares 0.54% −0.51pp Smart NZ Property ETF Smartshares 0.54% −0.51pp Harbour Real Estate Investment Fund Harbour 0.77% −0.28pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.06pp Pathfinder Global Property Fund Pathfinder 1.00% −0.05pp Salt Enhanced Property Fund Salt 1.02% −0.03pp Summer Listed Property Summer 1.02% −0.03pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Resolution Capital Global Property Securities PIE Fund? Resolution Capital Global Property Securities PIE Fund charges 1.05% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Resolution Capital Global Property Securities PIE Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Resolution Capital Global Property Securities PIE Fund sits at 1.05% — pricier than the median (cheaper than 43% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.05% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$514. That is NZ$14 more than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Resolution Capital Global Property Securities PIE Fund --- ## URL: https://managedfunds.nz/funds/resolution-capital/global-property-securities/markdown.md # Resolution Capital Global Property Securities PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Resolution Capital (Resolution Capital Limited) - **Asset class:** Listed Property - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Resolution Capital Global Property Securities PIE Fund is a listed property managed fund run by Resolution Capital. Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors. ## Investment objective (from PDS) > The Fund aims to provide income and some capital growth over the long-term. In particular, the Fund aims to achieve an annual total return that exceeds the total return of the benchmark after fees on a rolling 3-year basis by providing exposure to listed property and property-related securities that derive most of their returns from rental income. Source: Product Disclosure Statement dated 2025-09-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo8d0a287d1101ca6412ad889bf838685c/Resolution-Capital-Investment-Funds-PDS-Global-Property-Securities-22-September-2025.pdf ## Fund data - **Annual fund charge:** 1.05% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$178 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 26 August 2024 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. Welltower Inc — 9.41% 2. Equinix Inc — 8.41% 3. Cash at Bank (BNZ) — 8.18% 4. Federal Realty Invs Trust — 5.17% 5. Simon Property Group Inc — 4.85% 6. Digital Realty Trust Inc — 4.63% 7. Ventas Inc — 4.47% 8. Unibail-Rodamco-Westfield — 4.06% 9. Sun Hung Kai Properties — 4.02% 10. Prologis Inc — 3.97% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Listed property | 100% | 85% | 100% | | Cash and cash equivalents | — | 0% | 15% | ### Responsible-investment approach Resolution Capital applies ESG considerations when selecting, retaining or realising investments, generally only to the extent they financially affect the investment. Each investment is assessed on a case-by-case basis with special consideration given to the UN-sponsored Principles for Responsible Investment, UN Global Compact and UN Guiding Principles on Business and Human Rights. Resolution Capital may also exclude certain securities or sectors based on ESG factors. ### Derivatives policy The Funds may invest in currencies including derivatives. Currency hedging instruments are permitted investments used to hedge currency risk to New Zealand dollars using forward foreign exchange contracts. Source: Statement of Investment Policy and Objectives dated 2025-09-18. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ebd61bb114e55c54d147e03ea94238f/Resolution-Capital-Investment-Funds-SIPO-22-September-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - FundRock NZ Limited and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, potentially benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including the staff of FundRock and their families, may from time to time invest in the Funds. - Service providers to the Funds and their related parties may from time to time act as manager, issuer, supervisor or trustee, investment manager, custodian, unit registry, administrator, or distributor to other parties or funds that have similar objectives to those of the Funds, creating potential conflicts of interest. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services, fund accounting, and unit pricing provided by Apex NZ to the Scheme and each Fund under an Administration Agreement Source: Other Material Information document dated 2025-09-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo333cbeb2f167d76a4a875abec5e83111/Resolution-Capital-Investment-Funds-OMI-22-September-2025.pdf ## How to invest Available via: Resolution Capital directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Resolution%20Capital%20Global%20Property%20Securities%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo8d0a287d1101ca6412ad889bf838685c/Resolution-Capital-Investment-Funds-PDS-Global-Property-Securities-22-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13905/OFR13906/FND56043/ - **Manager website:** https://www.resolutioncapital.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/resolution-capital/global-property-securities/ - **Markdown (this file):** https://managedfunds.nz/funds/resolution-capital/global-property-securities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/resolution-capital/global-property-securities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Resolution Capital Global Property Securities PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/resolution-capital/global-property-securities/who-audits/ > The Resolution Capital Global Property Securities PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Resolution Capital Global Property Securities PIE Fund? PricewaterhouseCoopers The Resolution Capital Global Property Securities PIE Fund sits within a managed investment scheme run by Resolution Capital. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Resolution Capital Global Property Securities PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments Global Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/global-fixed-interest/investment-mandate/ > The Russell Investments Global Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the Russell Investments Global Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International fixed interest 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (5) Tobacco Manufacturers (corporate debt holdings only)Controversial Weapons Producers (corporate debt holdings only)Nuclear Weapons Producers (corporate debt holdings only)Prohibited Coal Companies (corporate debt holdings only)UNGC Principles Non-Compliance (corporate debt holdings only) Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments Global Fixed Interest Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments Global Fixed Interest Fund: 0.58% fee vs 0… URL: https://managedfunds.nz/funds/russell/global-fixed-interest/is-it-expensive/ > Russell Investments Global Fixed Interest Fund charges 0.58% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments Global Fixed Interest Fund expensive? Russell Investments Global Fixed Interest Fund charges 0.58% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments Global Fixed Interest Fund NZ$287 at 0.58% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-58 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Russell Investments Global Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments Global Fixed Interest Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.43pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.33pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.30pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.28pp Kernel US Bond Fund Kernel 0.30% −0.28pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.26pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.26pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.24pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments Global Fixed Interest Fund? Russell Investments Global Fixed Interest Fund charges 0.58% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments Global Fixed Interest Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Russell Investments Global Fixed Interest Fund sits at 0.58% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.58% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$287. That is NZ$58 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments Global Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/russell/global-fixed-interest/markdown.md # Russell Investments Global Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** International Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments Global Fixed Interest Fund is a international fi managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, higher than the Bloomberg Global Aggregate Index – New Zealand dollar Hedged over the long term. The fund targets a 20% carbon footprint reduction of the corporate debt portion of the fund relative to its market index. The Fund targets a position of being fully hedged back to New Zealand Dollars. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/19f729cdc051824d/20260420-Russell-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.58% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.34% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$564 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 21 December 2011 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Settled Cash — 2.39% 2. US TREASURY N/B — 1.80% 3. TBA true cash reduction — 1.60% 4. Cash Held at Broker — 1.54% 5. US TREASURY N/B — 1.32% 6. TREASURY BILL — 1.15% 7. TREASURY BILL — 1.15% 8. US TREASURY N/B — 1.14% 9. REPUBLIC OF POLAND — 1.08% 10. CHINA GOVERNMENT BOND — 1.05% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International fixed interest | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. ### Exclusions - Tobacco Manufacturers (corporate debt holdings only) - Controversial Weapons Producers (corporate debt holdings only) - Nuclear Weapons Producers (corporate debt holdings only) - Prohibited Coal Companies (corporate debt holdings only) - UNGC Principles Non-Compliance (corporate debt holdings only) Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20Global%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND448/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/global-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/global-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/global-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments Global Fixed Interest Fund URL: https://managedfunds.nz/funds/russell/global-fixed-interest/questions/ > 3 commonly-asked questions about the Russell Investments Global Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, international fi category. Questions about Russell Investments Global Fixed Interest Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments Global Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Russell Investments a good company? Russell Investments is an investment manager offering funds in New Zealand via regulated channels; assess its suitability by reviewing the fund's specific performance, fees, and risk profile. Current fund details and performance data are available on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the manager's website at https://russellinvestments.com/nz. 2. What is Russell Investments ranked in the world? Russell Investments' global ranking is not disclosed in this fund's regulatory documents. For information about the manager's scale and credentials, visit https://russellinvestments.com/nz or review the fund's Product Disclosure Statement. 3. Where can I get 10% return on my money? Returns vary significantly by asset class, market conditions, and time period. This Russell Investments Global Fixed Interest Fund delivered 0.56% per annum after fees over the past 5 years; fixed-interest funds typically offer lower returns than growth-focused funds. Review the FMA Disclose register for comparable funds across different risk profiles. Primary sources Product Disclosure Statement More about this fund Russell Investments Global Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments Global Fixed Interest Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/global-fixed-interest/who-audits/ > The Russell Investments Global Fixed Interest Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments Global Fixed Interest Fund? PricewaterhouseCoopers The Russell Investments Global Fixed Interest Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments Global Fixed Interest Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments Global Listed Infrastructure Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/global-listed-infrastructure/investment-mandate/ > The Russell Investments Global Listed Infrastructure Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Russell Investments Global Listed Infrastructure Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Infrastructure and infrastructure related securities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Prohibited Coal Companies (With Exceptions)UNGC Principles Non-Compliance Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments Global Listed Infrastructure Fund fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments Global Listed Infrastructure Fund: 1.08% f… URL: https://managedfunds.nz/funds/russell/global-listed-infrastructure/is-it-expensive/ > Russell Investments Global Listed Infrastructure Fund charges 1.08% p.a. vs the other peer-class median of 1.06%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments Global Listed Infrastructure Fund expensive? Russell Investments Global Listed Infrastructure Fund charges 1.08% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is pricier than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments Global Listed Infrastructure Fund NZ$528 at 1.08% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: +NZ$7 over 5 years on NZ$10K. 4 cheaper peers in the same category Other funds with a lower annual fund charge than Russell Investments Global Listed Infrastructure Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments Global Listed Infrastructure Fund Kernel Global Infrastructure Fund Kernel 0.25% −0.83pp Smart Bitcoin ETF Smartshares 0.55% −0.53pp First Sentier Global Listed Infrastructure Fund First Sentier 1.03% −0.05pp Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital 1.05% −0.03pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments Global Listed Infrastructure Fund? Russell Investments Global Listed Infrastructure Fund charges 1.08% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments Global Listed Infrastructure Fund's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. Russell Investments Global Listed Infrastructure Fund sits at 1.08% — pricier than the median (cheaper than 44% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.08% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$528. That is NZ$7 more than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments Global Listed Infrastructure Fund --- ## URL: https://managedfunds.nz/funds/russell/global-listed-infrastructure/markdown.md # Russell Investments Global Listed Infrastructure Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** Other - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments Global Listed Infrastructure Fund is a other managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, higher than the S&P Global Listed Infrastructure – Net Total Return Index - New Zealand dollar Hedged over the long term. The Fund targets a 20% carbon footprint reduction relative to its benchmark index. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/e645728b8ed83335/20260420-Russell-Investment-Funds-PDS-Listed-Real-Assets.pdf ## Fund data - **Annual fund charge:** 1.08% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$168 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 17 March 2022 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Nextera Energy Inc — 5.12% 2. Transurban Group Ordinary Shares Units Stapled Securities — 4.49% 3. Aena Sme Ord Shs — 4.31% 4. Cheniere Energy Inc — 3.13% 5. Targa Resources In Com — 3.11% 6. Xcel Energy Inc — 3.04% 7. Getlink Se — 2.96% 8. Oneok Inc — 2.93% 9. National Grid — 2.64% 10. Iberdrola Sa — 2.50% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 18 bps / 13 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Infrastructure and infrastructure related securities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. ### Exclusions - Prohibited Coal Companies (With Exceptions) - UNGC Principles Non-Compliance Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20Global%20Listed%20Infrastructure%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND37498/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/global-listed-infrastructure/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/global-listed-infrastructure/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/global-listed-infrastructure/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments Global Listed Infrastructure Fund URL: https://managedfunds.nz/funds/russell/global-listed-infrastructure/questions/ > 3 commonly-asked questions about the Russell Investments Global Listed Infrastructure Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, other category. Questions about Russell Investments Global Listed Infrastructure Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments Global Listed Infrastructure Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Why invest in global listed infrastructure funds? Global listed infrastructure funds provide exposure to essential services such as energy, transport, and utilities across multiple countries, with the potential to diversify a portfolio beyond traditional equity and bond markets. Listed infrastructure assets typically generate stable cash flows and may offer inflation-hedging characteristics, though returns and risks vary by fund and economic conditions. For details on this fund's specific infrastructure holdings and their geographic distribution, consult the latest Product Disclosure Statement on the FMA Disclose register. 2. Is an infrastructure fund good for long-term? Infrastructure funds can form part of a long-term investment strategy, as listed infrastructure assets often have stable, long-dated revenue streams; however, suitability depends on your individual financial circumstances, time horizon, and risk tolerance. This fund carries a risk indicator of 5/7 on the FMA standardised scale, indicating moderate-to-higher risk. You should review the fund's Product Disclosure Statement and consider seeking financial advice before committing funds for the long term. 3. Is Russell Investments a good company? Russell Investments is a registered fund manager in New Zealand and offers the Global Listed Infrastructure Fund through regulated channels including InvestNow. To verify the fund manager's regulatory standing and any history, you can search the FMA register at https://disclose-register.companiesoffice.govt.nz/ and review the fund's Product Disclosure Statement. Primary sources Product Disclosure Statement More about this fund Russell Investments Global Listed Infrastructure Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other other funds Smart Bitcoin ETF Smartshares Squirrel Monthly Income Fund Squirrel Kernel Global Infrastructure Fund Kernel NZ Funds Global Infrastructure NZ Funds ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments Global Listed Infrastructure Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/global-listed-infrastructure/who-audits/ > The Russell Investments Global Listed Infrastructure Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments Global Listed Infrastructure Fund? PricewaterhouseCoopers The Russell Investments Global Listed Infrastructure Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments Global Listed Infrastructure Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/global-shares/investment-mandate/ > The Russell Investments Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Russell Investments Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities (including Australasian equities) 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Tobacco ManufacturersControversial Weapons ProducersNuclear Weapons Producers Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments Global Shares Fund: 0.93% fee vs 0.61% pee… URL: https://managedfunds.nz/funds/russell/global-shares/is-it-expensive/ > Russell Investments Global Shares Fund charges 0.93% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments Global Shares Fund expensive? Russell Investments Global Shares Fund charges 0.93% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 64% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments Global Shares Fund NZ$456 at 0.93% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$155 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Russell Investments Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.90pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.90pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.87pp Foundation Series Total World Fund Foundation Series 0.07% −0.86pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.86pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.83pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.78pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.78pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments Global Shares Fund? Russell Investments Global Shares Fund charges 0.93% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Russell Investments Global Shares Fund sits at 0.93% — pricier than the median (cheaper than 36% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.93% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$456. That is NZ$155 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments Global Shares Fund --- ## URL: https://managedfunds.nz/funds/russell/global-shares/markdown.md # Russell Investments Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments Global Shares Fund is a international equities managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, higher than the MSCI ACWI – Net Index - over the long term. The underlying investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed markets and emerging international markets. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/19f729cdc051824d/20260420-Russell-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.93% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 11.07% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$351 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 14 November 2012 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. S&P 500 Emini 2606 F — 12.87% 2. Taiwan Semiconduct Manufacturing Usd — 2.55% 3. Microsoft Corp — 2.42% 4. Cash at Bank (BNZ) — 2.12% 5. Nvidia Corp — 2.05% 6. Alphabet Inc Cap Cl C — 1.82% 7. Amazon Com Inc — 1.79% 8. Samsung Electronics Co Ltd — 1.69% 9. Alphabet Inc Cap Stk Cl A — 1.68% 10. Taiwan Semicon Manufacturing Co Ltd — 1.51% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 14 bps / 12 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities (including Australasian equities) | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. ### Exclusions - Tobacco Manufacturers - Controversial Weapons Producers - Nuclear Weapons Producers Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND442/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments Global Shares Fund URL: https://managedfunds.nz/funds/russell/global-shares/questions/ > 3 commonly-asked questions about the Russell Investments Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, international equities category. Questions about Russell Investments Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Global equity funds provide exposure to companies across multiple countries and sectors, which can diversify investment risk compared to single-market funds. Whether this asset class suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals—see the FMA's investor guidance at https://www.fma.govt.nz/ for framework information, and review this fund's PDS and risk indicator (4/7 on the FMA standardised scale) before deciding. 2. Who is Russell Investments owned by? Russell Investments is a subsidiary of Nippon Life Insurance Company (a Japanese insurance group). For current ownership and corporate structure details, visit https://russellinvestments.com/nz. 3. Is Russell Investments being sold? Russell Investments' ownership or corporate status may change over time. Check https://russellinvestments.com/nz and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for the most current information on fund management and material changes. Primary sources Product Disclosure Statement More about this fund Russell Investments Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments Global Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/global-shares/who-audits/ > The Russell Investments Global Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments Global Shares Fund? PricewaterhouseCoopers The Russell Investments Global Shares Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments Hedged Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/hedged-global-shares/investment-mandate/ > The Russell Investments Hedged Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Russell Investments Hedged Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities (including Australasian equities) 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Tobacco ManufacturersControversial Weapons ProducersNuclear Weapons Producers Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments Hedged Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments Hedged Global Shares Fund: 0.92% fee vs 0.… URL: https://managedfunds.nz/funds/russell/hedged-global-shares/is-it-expensive/ > Russell Investments Hedged Global Shares Fund charges 0.92% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments Hedged Global Shares Fund expensive? Russell Investments Hedged Global Shares Fund charges 0.92% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 62% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments Hedged Global Shares Fund NZ$452 at 0.92% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$150 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Russell Investments Hedged Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments Hedged Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.89pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.89pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.86pp Foundation Series Total World Fund Foundation Series 0.07% −0.85pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.85pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.82pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.77pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.77pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments Hedged Global Shares Fund? Russell Investments Hedged Global Shares Fund charges 0.92% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments Hedged Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Russell Investments Hedged Global Shares Fund sits at 0.92% — pricier than the median (cheaper than 38% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.92% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$452. That is NZ$150 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments Hedged Global Shares Fund --- ## URL: https://managedfunds.nz/funds/russell/hedged-global-shares/markdown.md # Russell Investments Hedged Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments Hedged Global Shares Fund is a international equities managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, higher than the MSCI ACWI - Net Index – 100% Hedged to NZD over the long term. The underlying investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed markets as well as emerging international markets. The Fund targets a position of being fully hedged back to New Zealand Dollars. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/19f729cdc051824d/20260420-Russell-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.92% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.93% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$301 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 24 July 2012 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. S&P 500 Emini 2606 F — 13.43% 2. Taiwan Semiconduct Manufacturing Usd — 2.66% 3. Microsoft Corp — 2.53% 4. Cash at Bank (BNZ) — 2.21% 5. Nvidia Corp — 2.14% 6. Alphabet Inc Cap Cl C — 1.90% 7. Amazon Com Inc — 1.87% 8. Samsung Electronics Co Ltd — 1.77% 9. Alphabet Inc Cap Stk Cl A — 1.75% 10. Taiwan Semicon Manufacturing Co Ltd — 1.57% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 16 bps / 14 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities (including Australasian equities) | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. ### Exclusions - Tobacco Manufacturers - Controversial Weapons Producers - Nuclear Weapons Producers Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20Hedged%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND445/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/hedged-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/hedged-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/hedged-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments Hedged Global Shares Fund URL: https://managedfunds.nz/funds/russell/hedged-global-shares/questions/ > 4 commonly-asked questions about the Russell Investments Hedged Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, international equities category. Questions about Russell Investments Hedged Global Shares Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments Hedged Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a hedged global share fund? A hedged global share fund invests in overseas shares but uses currency hedging to reduce the impact of exchange-rate movements on the fund's NZD value. This Russell Investments fund holds approximately 98.31% growth assets (primarily international equities) and is hedged to NZD, meaning changes in foreign currency values are offset to protect investors from currency risk. 2. Is it better to buy hedged or unhedged funds? Whether hedging suits your investment goals depends on your time horizon, risk tolerance, and currency exposure preferences—hedging reduces currency volatility but may incur costs, while unhedged funds expose you to currency fluctuations. Compare the annual fund charges and 5-year returns of hedged versus unhedged options in your chosen asset class via the FMA Disclose register to assess the trade-off for your situation. 3. Does Russell Investments still exist? Russell Investments operates the fund covered here and maintains a website at https://russellinvestments.com/nz. For current information about the company's corporate structure and ownership, consult the manager's website or the fund's Product Disclosure Statement. 4. Who owns Russell Investments Group Ltd? For details on Russell Investments Group Ltd's ownership structure, refer to the manager's website at https://russellinvestments.com/nz or the fund's current Product Disclosure Statement, as this information falls outside the fund-specific data available on this comparison site. Primary sources Product Disclosure Statement More about this fund Russell Investments Hedged Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments Hedged Global Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/hedged-global-shares/who-audits/ > The Russell Investments Hedged Global Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments Hedged Global Shares Fund? PricewaterhouseCoopers The Russell Investments Hedged Global Shares Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments Hedged Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments Hedged Sustainable Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/investment-mandate/ > The Russell Investments Hedged Sustainable Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Russell Investments Hedged Sustainable Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities (including Australasian equities) 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Tobacco ManufacturersControversial Weapons ProducersNuclear Weapons ProducersFirearmsUranium MiningProhibited Coal CompaniesUNGC Principles Non-Compliance Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments Hedged Sustainable Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments Hedged Sustainable Global Shares Fund: 0.3… URL: https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/is-it-expensive/ > Russell Investments Hedged Sustainable Global Shares Fund charges 0.33% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments Hedged Sustainable Global Shares Fund expensive? Russell Investments Hedged Sustainable Global Shares Fund charges 0.33% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 79% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments Hedged Sustainable Global Shares Fund NZ$164 at 0.33% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-137 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Russell Investments Hedged Sustainable Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments Hedged Sustainable Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.30pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.30pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.27pp Foundation Series Total World Fund Foundation Series 0.07% −0.26pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.26pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.23pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.18pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.18pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments Hedged Sustainable Global Shares Fund? Russell Investments Hedged Sustainable Global Shares Fund charges 0.33% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments Hedged Sustainable Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Russell Investments Hedged Sustainable Global Shares Fund sits at 0.33% — cheaper than 79% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.33% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$164. That is NZ$137 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments Hedged Sustainable Global Shares Fund --- ## URL: https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/markdown.md # Russell Investments Hedged Sustainable Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments Hedged Sustainable Global Shares Fund is a international equities managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, in line with the MSCI ACWI Net Index – 100% Hedged to NZD over the long term. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 0.33% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$744 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 14 December 2021 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Nvidia Corp — 4.65% 2. Apple Inc — 4.16% 3. Microsoft Corp — 2.86% 4. S&P 500 Emini 2606 F — 2.63% 5. Amazon Com Inc — 2.20% 6. Alphabet Inc Cap Stk Cl A — 1.84% 7. Cash at Bank (BNZ) — 1.72% 8. Alphabet Inc Cap Cl C — 1.62% 9. Broadcom Ord Shs — 1.52% 10. Taiwan Semicon Manufacturing Co Ltd — 1.48% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 16 bps / 14 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities (including Australasian equities) | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. ### Exclusions - Tobacco Manufacturers - Controversial Weapons Producers - Nuclear Weapons Producers - Firearms - Uranium Mining - Prohibited Coal Companies - UNGC Principles Non-Compliance Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20Hedged%20Sustainable%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND36309/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments Hedged Sustainable Global Shares Fund URL: https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/questions/ > 4 commonly-asked questions about the Russell Investments Hedged Sustainable Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, international equities category. Questions about Russell Investments Hedged Sustainable Global Shares Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments Hedged Sustainable Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a hedged global share fund? A hedged global share fund invests in shares listed on international exchanges while using currency hedging to reduce exposure to fluctuations in the NZD exchange rate. This Russell Investments fund holds approximately 98.31% growth assets (equities) and is NZD-hedged, meaning it aims to insulate investors from currency movements between the New Zealand dollar and the currencies of the underlying holdings. 2. Is Russell Investments a hedge fund? No. Russell Investments is a registered investment manager operating in New Zealand. The term "hedge fund" refers to a different type of investment vehicle with different regulatory treatment and fee structures. This specific fund is a managed fund available to New Zealand investors via InvestNow, regulated under the FMC Act, and structured as a PIE with investor tax capped at the PIR (maximum 28%). 3. Is a global equity fund a good investment? Whether a global equity fund suits your situation depends on your personal circumstances, investment goals, and risk tolerance. This fund has a risk indicator of 5/7 on the FMA standardised scale and holds approximately 98.31% growth assets. You should review the current Product Disclosure Statement on the FMA Disclose register and consider seeking financial advice before investing. 4. Is Russell Investments a good company? Russell Investments is a registered fund manager offering managed funds in New Zealand. To assess the company and its fund offerings, you can review regulatory filings via the FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/), check the latest quarterly fund updates (QFU), and visit the manager's website at https://russellinvestments.com/nz for further information. Primary sources Product Disclosure Statement More about this fund Russell Investments Hedged Sustainable Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments Hedged Sustainable Global Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/who-audits/ > The Russell Investments Hedged Sustainable Global Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments Hedged Sustainable Global Shares Fund? PricewaterhouseCoopers The Russell Investments Hedged Sustainable Global Shares Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments Hedged Sustainable Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments NZ Fixed Interest Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/nz-fixed-interest/investment-mandate/ > The Russell Investments NZ Fixed Interest Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Russell Investments NZ Fixed Interest Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand fixed interest and cash and cash equivalents 100% 80% 100% International fixed interest and cash and cash equivalents — 0% 20% Currency hedging instruments — 0% 20% Mandate flexibility (sum of max − min across all ranges): 60%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments NZ Fixed Interest Fund fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments NZ Fixed Interest Fund: 0.49% fee vs 0.63%… URL: https://managedfunds.nz/funds/russell/nz-fixed-interest/is-it-expensive/ > Russell Investments NZ Fixed Interest Fund charges 0.49% p.a. vs the nz fixed interest peer-class median of 0.63%. 4 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments NZ Fixed Interest Fund expensive? Russell Investments NZ Fixed Interest Fund charges 0.49% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments NZ Fixed Interest Fund NZ$243 at 0.49% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-66 over 5 years on NZ$10K. 4 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Russell Investments NZ Fixed Interest Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments NZ Fixed Interest Fund Simplicity NZ Bond Fund Simplicity 0.10% −0.39pp Kernel NZ Bond Fund Kernel 0.40% −0.09pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.03pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.02pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments NZ Fixed Interest Fund? Russell Investments NZ Fixed Interest Fund charges 0.49% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments NZ Fixed Interest Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Russell Investments NZ Fixed Interest Fund sits at 0.49% — cheaper than 68% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.49% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$243. That is NZ$66 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments NZ Fixed Interest Fund --- ## URL: https://managedfunds.nz/funds/russell/nz-fixed-interest/markdown.md # Russell Investments NZ Fixed Interest Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** New Zealand Fixed Interest - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments NZ Fixed Interest Fund is a nz fixed interest managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, higher than the Bloomberg NZBond Composite 0+ Yr Index over the long term. The underlying investment exposure is typically comprised of government fixed income securities, bank bills and cash equivalents, and securities issued by local authorities, semi-government organisations, and corporations, as well as to mortgage-backed and asset backed securities. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/19f729cdc051824d/20260420-Russell-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.49% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.85% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$158 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 14 February 2013 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. NZGB 3% 20/04/2029 — 7.44% 2. NZGB 3.5% 14/04/2033 — 6.32% 3. NZGB 4.50% 15/04/2027 — 6.31% 4. NZGB 1.5% 15/05/2031 — 5.46% 5. NZGB 4.50% 15/05/2030 — 5.14% 6. NZGV 4.25% 15/05/2036 — 5.00% 7. NZGV 4.5% 15/05/2035 — 4.84% 8. NZGV 0.25% 15/05/2028 — 4.75% 9. NZGB 2% 15/05/2032 — 4.58% 10. NZGB 4.25% 15/05/2034 — 3.31% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 8 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand fixed interest and cash and cash equivalents | 100% | 80% | 100% | | International fixed interest and cash and cash equivalents | — | 0% | 20% | | Currency hedging instruments | — | 0% | 20% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20NZ%20Fixed%20Interest%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND447/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/nz-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/nz-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/nz-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments NZ Fixed Interest Fund URL: https://managedfunds.nz/funds/russell/nz-fixed-interest/questions/ > 3 commonly-asked questions about the Russell Investments NZ Fixed Interest Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, nz fixed interest category. Questions about Russell Investments NZ Fixed Interest Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments NZ Fixed Interest Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Russell Investments a good company? Russell Investments is a globally-established investment manager offering managed funds in New Zealand, including this fixed interest fund. Performance and suitability depend on your individual circumstances; compare fund metrics (fees, risk indicator, returns) on FMA Disclose at https://disclose-register.companiesoffice.govt.nz/ and review the current Product Disclosure Statement before investing. 2. What investment has the highest return in NZ? Returns vary significantly by asset class, fund manager, and time period. This Russell Investments NZ Fixed Interest Fund returned 0.54% p.a. after fees (before tax) over the 5 years to the latest QFU, reflecting income asset positioning. Compare returns across funds in our coverage or consult FMA Disclose for peer-cohort benchmarks. 3. Who is Russell Investments owned by? For ownership structure and corporate information, visit Russell Investments' website at https://russellinvestments.com/nz or their global site. The fund prospectus and Product Disclosure Statement also contain relevant corporate details. Primary sources Product Disclosure Statement More about this fund Russell Investments NZ Fixed Interest Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments NZ Fixed Interest Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/nz-fixed-interest/who-audits/ > The Russell Investments NZ Fixed Interest Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments NZ Fixed Interest Fund? PricewaterhouseCoopers The Russell Investments NZ Fixed Interest Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments NZ Fixed Interest Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments NZ Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/nz-shares/investment-mandate/ > The Russell Investments NZ Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Russell Investments NZ Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Australasian equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments NZ Shares Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments NZ Shares Fund: 0.78% fee vs 1.01% peer me… URL: https://managedfunds.nz/funds/russell/nz-shares/is-it-expensive/ > Russell Investments NZ Shares Fund charges 0.78% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments NZ Shares Fund expensive? Russell Investments NZ Shares Fund charges 0.78% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 59% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments NZ Shares Fund NZ$384 at 0.78% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-111 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Russell Investments NZ Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments NZ Shares Fund Simplicity NZ Share Fund Simplicity 0.10% −0.68pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.58pp Harbour NZ Index Shares Fund Harbour 0.21% −0.57pp BetaShares Australia 200 Fund BetaShares 0.23% −0.55pp Kernel NZ 20 Fund Kernel 0.25% −0.53pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.53pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.53pp Kernel Australia 100 Fund Kernel 0.25% −0.53pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments NZ Shares Fund? Russell Investments NZ Shares Fund charges 0.78% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments NZ Shares Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Russell Investments NZ Shares Fund sits at 0.78% — cheaper than 59% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.78% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$384. That is NZ$111 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments NZ Shares Fund --- ## URL: https://managedfunds.nz/funds/russell/nz-shares/markdown.md # Russell Investments NZ Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments NZ Shares Fund is a australasian equities managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, higher than the S&P/NZX 50 Index (gross and including imputation credits) over the long term. The underlying investment exposure is typically comprised of a broad range of shares and other equity securities listed on the NZX. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/19f729cdc051824d/20260420-Russell-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.78% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.34% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$209 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 14 February 2013 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 16.42% 2. Infratil Ltd — 10.28% 3. Auckland International Airport Ltd — 8.89% 4. Contact Energy Ltd — 7.93% 5. A2 Milk Company Ltd — 6.84% 6. Mainfreight Ltd — 5.18% 7. Meridian Energy Limited — 4.63% 8. Ebos Group Ltd — 4.09% 9. Summerset Group Holdings Ltd — 3.59% 10. Mercury NZ Limited — 2.95% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 30 bps / 30 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Australasian equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20NZ%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND446/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/nz-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/nz-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/nz-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments NZ Shares Fund URL: https://managedfunds.nz/funds/russell/nz-shares/questions/ > 2 commonly-asked questions about the Russell Investments NZ Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, australasian equities category. Questions about Russell Investments NZ Shares Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments NZ Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the average return on shares in New Zealand? Returns vary significantly by fund and holding period. As at the latest QFU, the Russell Investments NZ Shares Fund has delivered a 5-year return after fees of 0.25% p.a. Individual share returns depend on company performance, market conditions, and your entry and exit timing. Check the FMA Disclose register for comparative returns across funds in this category. 2. Do you pay tax on selling shares in NZ? Tax treatment of share sales in New Zealand depends on your circumstances and the structure in which you hold them. The Russell Investments NZ Shares Fund is structured as a PIE (Portfolio Investment Entity), which means your tax is capped at your prescribed investor rate (PIR) up to a maximum of 28%, rather than being taxed on capital gains. For shares held outside a PIE or managed fund, you may need to consider your personal tax position—see the IRD website for details on when share disposals are taxable income. Primary sources Product Disclosure Statement More about this fund Russell Investments NZ Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments NZ Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/nz-shares/who-audits/ > The Russell Investments NZ Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments NZ Shares Fund? PricewaterhouseCoopers The Russell Investments NZ Shares Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments NZ Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Russell Investments Sustainable Global Shares Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/russell/sustainable-global-shares/investment-mandate/ > The Russell Investments Sustainable Global Shares Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Russell Investments Sustainable Global Shares Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities (including Australasian equities) 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Tobacco ManufacturersControversial Weapons ProducersNuclear Weapons ProducersFirearmsUranium MiningProhibited Coal CompaniesUNGC Principles Non-Compliance Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. Statement of Investment Policy and Objectives Related Russell Investments Sustainable Global Shares Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Russell Investments Sustainable Global Shares Fund: 0.33% fee … URL: https://managedfunds.nz/funds/russell/sustainable-global-shares/is-it-expensive/ > Russell Investments Sustainable Global Shares Fund charges 0.33% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Russell Investments Sustainable Global Shares Fund expensive? Russell Investments Sustainable Global Shares Fund charges 0.33% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 79% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Russell Investments Sustainable Global Shares Fund NZ$164 at 0.33% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-137 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Russell Investments Sustainable Global Shares Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Russell Investments Sustainable Global Shares Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.30pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.30pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.27pp Foundation Series Total World Fund Foundation Series 0.07% −0.26pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.26pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.23pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.18pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.18pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Russell Investments Sustainable Global Shares Fund? Russell Investments Sustainable Global Shares Fund charges 0.33% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Russell Investments Sustainable Global Shares Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Russell Investments Sustainable Global Shares Fund sits at 0.33% — cheaper than 79% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.33% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$164. That is NZ$137 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Russell Investments Sustainable Global Shares Fund --- ## URL: https://managedfunds.nz/funds/russell/sustainable-global-shares/markdown.md # Russell Investments Sustainable Global Shares Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Russell Investments (Russell Investments NZ Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Russell Investments Sustainable Global Shares Fund is a international equities managed fund run by Russell Investments. Global multi-manager firm running diversified and sector index funds in NZ. ## Investment objective (from PDS) > To provide a total return, before costs and tax, in line with the MSCI ACWI – Net Index over the long term. Source: Product Disclosure Statement dated 2026-04-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf ## Fund data - **Annual fund charge:** 0.33% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$364 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 14 December 2021 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Nvidia Corp — 4.46% 2. Apple Inc — 3.99% 3. Microsoft Corp — 2.74% 4. S&P 500 Emini 2606 F — 2.53% 5. Amazon Com Inc — 2.11% 6. Alphabet Inc Cap Stk Cl A — 1.76% 7. Cash at Bank (BNZ) — 1.65% 8. Alphabet Inc Cap Cl C — 1.55% 9. Broadcom Ord Shs — 1.46% 10. Taiwan Semicon Manufacturing Co Ltd — 1.42% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$500 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 14 bps / 12 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities (including Australasian equities) | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach Various investment exclusions are applied to the Funds including tobacco manufacturers, controversial weapons producers, nuclear weapons producers, firearms, uranium mining, prohibited coal companies, and UNGC Principles non-compliance. Certain funds have additional ESG objectives targeting carbon footprint reductions and improved ESG scores. Exclusions rely on data from independent vendors including Sustainalytics and are reviewed quarterly. ### Derivatives policy Derivatives may be used across funds to obtain or reduce exposure to securities and markets, implement investment strategies, and manage risk, including currency hedging instruments. ESG considerations and exclusions applied in a Fund do not apply where a Fund invests in derivatives. ### Exclusions - Tobacco Manufacturers - Controversial Weapons Producers - Nuclear Weapons Producers - Firearms - Uranium Mining - Prohibited Coal Companies - UNGC Principles Non-Compliance Source: Statement of Investment Policy and Objectives dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/d77b59388ed1e9aa/20260401-Russell-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - FundRock manages this conflict by certifying to the Supervisor that the arrangement with Apex NZ is on arms' length commercial terms and by complying with its Conflicts of Interest Policy in respect of its relationship with Apex NZ. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate owner)) — Administration manager services including registry, fund accounting and unit pricing for certain Funds - **Russell Investment Management Ltd** (Investment Manager appointed under Fund Hosting Agreement and Investment Management Agreement with FundRock) — Investment management services including selection of investment managers for the Funds Source: Other Material Information document dated 2026-03-31. https://smartinvestor.sorted.org.nz/disclose-document/f8bc4f2cf08b0792/20260401-Russell-Investment-Funds-OMI.pdf ## How to invest Available via: Russell Investments directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments%20Sustainable%20Global%20Shares%20Fund - **Product Disclosure Statement:** /disclose-document/71a5f5ce374be0eb/20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10586/OFR10646/FND36308/ - **Manager website:** https://russellinvestments.com/nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/russell/sustainable-global-shares/ - **Markdown (this file):** https://managedfunds.nz/funds/russell/sustainable-global-shares/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/russell/sustainable-global-shares/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Russell Investments Sustainable Global Shares Fund URL: https://managedfunds.nz/funds/russell/sustainable-global-shares/questions/ > 3 commonly-asked questions about the Russell Investments Sustainable Global Shares Fund, answered with mechanical facts sourced from the FMA Disclose register. Russell Investments, international equities category. Questions about Russell Investments Sustainable Global Shares Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Russell Investments Sustainable Global Shares Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Global equity funds provide exposure to shares across international markets and are suited to investors with a longer time horizon and higher risk tolerance. This fund carries a risk indicator of 5/7 on the FMA standardised scale, reflecting moderate-to-high volatility typical of growth-focused international share portfolios. Your investment decision should be based on your personal circumstances, investment goals, and time horizon—consult the current product disclosure statement (PDS) on the FMA Disclose register. 2. Does Russell Investments still exist? Russell Investments continues to operate and manages this fund. You can verify the fund's current status and manager details on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and visit the manager's website at https://russellinvestments.com/nz. 3. Is Russell Investments a good company? Russell Investments is an established global fund manager that offers this fund, which is available for investment via InvestNow in New Zealand. Performance and suitability depend on your individual circumstances. You can review the fund's quarterly updates, fees, holdings, and responsible-investment approach in the latest fund documentation on the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Russell Investments Sustainable Global Shares Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Russell Investments Sustainable Global Shares Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/russell/sustainable-global-shares/who-audits/ > The Russell Investments Sustainable Global Shares Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Russell Investments Sustainable Global Shares Fund? PricewaterhouseCoopers The Russell Investments Sustainable Global Shares Fund sits within a managed investment scheme run by Russell Investments. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust RIF Nominees Limited (for Russell Investments NZ Shares Fund, NZ Fixed Interest Fund, Global Fixed Interest Fund); BNP Paribas Fund Services Australasia Pty Ltd (for Russell Investments Global Shares Fund, Hedged Global Shares Fund, Sustainable Global Shares Fund, Hedged Sustainable Global Shares Fund, Global Listed Infrastructure Fund, Global Listed Real Estate Fund) Related Russell Investments Sustainable Global Shares Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Salt Enhanced Property Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/salt/enhanced-property/investment-mandate/ > The Salt Enhanced Property Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the Salt Enhanced Property Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Gross equity exposure — 70% 200% Net equity exposure — 70% 100% Unlisted securities — 0% 5% Cash or cash equivalents — 0% 30% Mandate flexibility (sum of max − min across all ranges): 195%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research. Derivatives policy Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO. Statement of Investment Policy and Objectives Related Salt Enhanced Property Fund fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Salt Enhanced Property Fund: 1.02% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/salt/enhanced-property/is-it-expensive/ > Salt Enhanced Property Fund charges 1.02% p.a. vs the listed property peer-class median of 1.02%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Salt Enhanced Property Fund expensive? Salt Enhanced Property Fund charges 1.02% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 53% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Salt Enhanced Property Fund NZ$500 at 1.02% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 6 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Salt Enhanced Property Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Salt Enhanced Property Fund Kernel NZ Commercial Property Fund Kernel 0.25% −0.77pp Smart Australian Property ETF Smartshares 0.54% −0.48pp Smart NZ Property ETF Smartshares 0.54% −0.48pp Harbour Real Estate Investment Fund Harbour 0.77% −0.25pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.03pp Pathfinder Global Property Fund Pathfinder 1.00% −0.02pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Salt Enhanced Property Fund? Salt Enhanced Property Fund charges 1.02% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Salt Enhanced Property Fund's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Salt Enhanced Property Fund sits at 1.02% — cheaper than 53% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.02% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$500. That is NZ$0 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Salt Enhanced Property Fund --- ## URL: https://managedfunds.nz/funds/salt/enhanced-property/markdown.md # Salt Enhanced Property Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Salt (Salt Investment Funds Limited) - **Asset class:** Listed Property - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-28 ## Summary The Salt Enhanced Property Fund is a listed property managed fund run by Salt. NZ active manager with long-short, dividend and listed-property strategies. ## Investment objective (from PDS) > Aims to outperform the S&P/NZX All Real Estate (Industry Group) Gross Index over a full market cycle by investing predominantly in New Zealand and Australian property and property-related shares. Source: Product Disclosure Statement dated 2025-06-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo25a37d6d71eff18be753953b35417860/Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf ## Fund data - **Annual fund charge:** 1.02% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.67% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$18 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 11 November 2014 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Precinct Properties NZ Ltd — 20.63% 2. Goodman Property Trust — 19.88% 3. Kiwi Property Group Ltd — 13.80% 4. Vital Healthcare Property Trust — 11.82% 5. Property for Industry Ltd — 9.76% 6. Argosy Property Trust — 9.43% 7. Stride Property Ltd and Stride Invest Mgmt Ltd — 6.79% 8. GDI Property Group — 3.46% 9. Investore Property Limited — 3.25% 10. New Zealand Rural Land Co Ltd — 2.58% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.02% > 10% of the relevant Fund's return in excess of the return of the S&P/NZX All Real Estate (Industry Group) Gross Index plus 1% per annum over the performance period, subject to a high-water mark, calculated every 12 months up to and including 31 March each year, paid annually in arrears. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Gross equity exposure | — | 70% | 200% | | Net equity exposure | — | 70% | 100% | | Unlisted securities | — | 0% | 5% | | Cash or cash equivalents | — | 0% | 30% | ### Responsible-investment approach Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research. ### Derivatives policy Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO. Source: Statement of Investment Policy and Objectives dated 2025-06-12. https://smartinvestor.sorted.org.nz/disclose-document/mdo6020a9d9560e2963d175cb7b3c44f1b6/Salt-Investment-Funds-Statementofinvestmentpolicy%26objectives-13-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The manager is a subsidiary of Salt Funds Management Limited, which is the investment manager of the Funds, creating an incentive to appoint Salt over a third-party investment manager. - Directors and employees of the manager and Salt may from time to time hold units in the Funds, meaning decisions made by affected directors and employees may be influenced by their personal interest in the Funds. - The manager may in the future receive distribution commissions from underlying fund managers based on the Funds' investments in those managers' underlying funds, which may influence investment allocation decisions. ### Related-party transactions - **Salt Funds Management Limited** (Ultimate parent / investment manager; manager is wholly owned subsidiary of Salt) — Investment management functions outsourced to Salt under management support agreement; Salt provides people, operational and financial resources to the manager - **Apex Investment Administration (NZ) Limited** (Administration Manager and Custodian appointed by manager and supervisor respectively) — Unit pricing, registry services, and custody of Fund assets; entitled to reimbursement of expenses - **The New Zealand Guardian Trust Company Limited** (Supervisor of the Funds) — Supervisory services; also entitled to special fees for services of unusual or onerous nature · Up to 0.075% plus GST per annum of gross fund value (minimum $20,000 plus GST per annum spread equitably across all funds) Source: Other Material Information document dated 2025-09-01. https://smartinvestor.sorted.org.nz/disclose-document/mdoac9cc4594b6c3a3323024462faf01bdc/Salt-Investment-Funds-Othermaterial-Information-1-September-2025.pdf ## How to invest Available via: Salt directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Salt%20Enhanced%20Property%20Fund - **Product Disclosure Statement:** https://www.saltfunds.co.nz/_files/ugd/7d7e3c_697654947e144a9e9335af6bdd40444c.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1144/ - **Manager website:** https://www.saltfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/salt/enhanced-property/ - **Markdown (this file):** https://managedfunds.nz/funds/salt/enhanced-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/salt/enhanced-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-28 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Salt Enhanced Property Fund charge a performance fee? URL: https://managedfunds.nz/funds/salt/enhanced-property/performance-fee-explained/ > The Salt Enhanced Property Fund charges a performance fee in addition to its annual fund charge; it paid 0.02% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Salt Enhanced Property Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.02% of NAV Annual fund charge (on top) 1.02% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 10% of the relevant Fund's return in excess of the return of the S&P/NZX All Real Estate (Industry Group) Gross Index plus 1% per annum over the performance period, subject to a high-water mark, calculated every 12 months up to and including 31 March each year, paid annually in arrears. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Salt Enhanced Property Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Salt Enhanced Property Fund URL: https://managedfunds.nz/funds/salt/enhanced-property/questions/ > 3 commonly-asked questions about the Salt Enhanced Property Fund, answered with mechanical facts sourced from the FMA Disclose register. Salt, listed property category. Questions about Salt Enhanced Property Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Salt Enhanced Property Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a property fund a good investment? Property funds offer exposure to listed real-estate assets and can form part of a diversified portfolio. Salt Enhanced Property Fund holds ~98.31% growth assets, carries a risk indicator of 5/7 on the FMA standardised scale, and achieved a 5-year return of 0.27% p.a. after fees before tax as at the latest QFU. Suitability depends on your personal financial goals, time horizon, and risk tolerance—refer to the product disclosure statement or speak with a financial adviser. 2. What are typical fees for a fund of funds? This fund is a listed property fund (not a fund of funds). Its annual fund charge is 1.02% p.a., which sits marginally above the peer-cohort average of 0.95% p.a. for its category. For fee comparisons across different fund structures, check the latest Product Disclosure Statement or use the FMA Disclose register. 3. What is the dark side of mutual funds? Managed funds carry various risks including market volatility, concentration risk, and fee drag on returns. Salt Enhanced Property Fund holds significant allocations in its top three holdings (Precinct Properties NZ Ltd 21.84%, Goodman Property Trust 19.23%, Kiwi Property Group Ltd 14.19%), which concentrates exposure to specific entities. Review the current Product Disclosure Statement and fund prospectus on the manager's website or FMA Disclose register for full risk disclosures. Primary sources Product Disclosure Statement More about this fund Salt Enhanced Property Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Salt Enhanced Property Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/salt/enhanced-property/who-audits/ > The Salt Enhanced Property Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Salt Enhanced Property Fund? PricewaterhouseCoopers The Salt Enhanced Property Fund sits within a managed investment scheme run by Salt. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Salt Enhanced Property Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Salt Long Short Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/salt/long-short/investment-mandate/ > The Salt Long Short Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the Salt Long Short Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Gross equity exposure — 0% 400% Net equity exposure 30% -30% 60% Unlisted securities — 0% 5% Cash or cash equivalents — 0% 100% Mandate flexibility (sum of max − min across all ranges): 595%. Wide range — high manager discretion typical of active management. Responsible-investment approach Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research. Derivatives policy Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO. Statement of Investment Policy and Objectives Related Salt Long Short Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Salt Long Short Fund: 3.21% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/salt/long-short/is-it-expensive/ > Salt Long Short Fund charges 3.21% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Salt Long Short Fund expensive? Salt Long Short Fund charges 3.21% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 99% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Salt Long Short Fund NZ$1505 at 3.21% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$1010 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Salt Long Short Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Salt Long Short Fund Simplicity NZ Share Fund Simplicity 0.10% −3.11pp Smart S&P/NZX 50 ETF Smartshares 0.20% −3.01pp Harbour NZ Index Shares Fund Harbour 0.21% −3.00pp BetaShares Australia 200 Fund BetaShares 0.23% −2.98pp Kernel NZ 20 Fund Kernel 0.25% −2.96pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −2.96pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −2.96pp Kernel Australia 100 Fund Kernel 0.25% −2.96pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Salt Long Short Fund? Salt Long Short Fund charges 3.21% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Salt Long Short Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Salt Long Short Fund sits at 3.21% — pricier than the median (cheaper than 1% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 3.21% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1505. That is NZ$1010 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Salt Long Short Fund --- ## URL: https://managedfunds.nz/funds/salt/long-short/markdown.md # Salt Long Short Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Salt (Salt Investment Funds Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-28 ## Summary The Salt Long Short Fund is a australasian equities managed fund run by Salt. NZ active manager with long-short, dividend and listed-property strategies. ## Investment objective (from PDS) > Aims to outperform the Reserve Bank of New Zealand Official Cash Rate +5% p.a. benchmark on a rolling three-year basis by investing long and short in New Zealand and Australian securities. The Fund aims to deliver positive absolute returns in all market environments. Source: Product Disclosure Statement dated 2025-06-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo25a37d6d71eff18be753953b35417860/Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf ## Fund data - **Annual fund charge:** 3.21% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 13.56% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$178 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 30 June 2014 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Cash at Bank — 24.21% 2. Macquarie Collateral Account - NZD — 23.43% 3. GDI Property Group — 6.64% 4. IPH Limited — 5.55% 5. DUG Technology Ltd — 5.18% 6. Servcorp Ltd — 5.10% 7. Turners Automotive Group Ltd — 4.68% 8. Omni Bridgeway Ltd — 4.63% 9. Tower Ltd — 4.51% 10. Cash at Bank — 4.29% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.53% > 15% of the relevant Fund's return in excess of the Reserve Bank of New Zealand Official Cash Rate plus 5% per annum over the performance period, subject to a high-water mark, calculated every 12 months up to and including 31 March each year, paid annually in arrears. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Gross equity exposure | — | 0% | 400% | | Net equity exposure | 30% | -30% | 60% | | Unlisted securities | — | 0% | 5% | | Cash or cash equivalents | — | 0% | 100% | ### Responsible-investment approach Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research. ### Derivatives policy Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO. Source: Statement of Investment Policy and Objectives dated 2025-06-12. https://smartinvestor.sorted.org.nz/disclose-document/mdo6020a9d9560e2963d175cb7b3c44f1b6/Salt-Investment-Funds-Statementofinvestmentpolicy%26objectives-13-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The manager is a subsidiary of Salt Funds Management Limited, which is the investment manager of the Funds, creating an incentive to appoint Salt over a third-party investment manager. - Directors and employees of the manager and Salt may from time to time hold units in the Funds, meaning decisions made by affected directors and employees may be influenced by their personal interest in the Funds. - The manager may in the future receive distribution commissions from underlying fund managers based on the Funds' investments in those managers' underlying funds, which may influence investment allocation decisions. ### Related-party transactions - **Salt Funds Management Limited** (Ultimate parent / investment manager; manager is wholly owned subsidiary of Salt) — Investment management functions outsourced to Salt under management support agreement; Salt provides people, operational and financial resources to the manager - **Apex Investment Administration (NZ) Limited** (Administration Manager and Custodian appointed by manager and supervisor respectively) — Unit pricing, registry services, and custody of Fund assets; entitled to reimbursement of expenses - **The New Zealand Guardian Trust Company Limited** (Supervisor of the Funds) — Supervisory services; also entitled to special fees for services of unusual or onerous nature · Up to 0.075% plus GST per annum of gross fund value (minimum $20,000 plus GST per annum spread equitably across all funds) Source: Other Material Information document dated 2025-09-01. https://smartinvestor.sorted.org.nz/disclose-document/mdoac9cc4594b6c3a3323024462faf01bdc/Salt-Investment-Funds-Othermaterial-Information-1-September-2025.pdf ## How to invest Available via: Salt directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Salt%20Long%20Short%20Fund - **Product Disclosure Statement:** https://www.saltfunds.co.nz/_files/ugd/7d7e3c_f4047309d0924c95ad879d689543449b.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1143/ - **Manager website:** https://www.saltfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/salt/long-short/ - **Markdown (this file):** https://managedfunds.nz/funds/salt/long-short/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/salt/long-short/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-28 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Does the Salt Long Short Fund charge a performance fee? URL: https://managedfunds.nz/funds/salt/long-short/performance-fee-explained/ > The Salt Long Short Fund charges a performance fee in addition to its annual fund charge; it paid 0.53% last period. Verbatim hurdle / high-water-mark / cap from the PDS. Does the Salt Long Short Fund charge a performance fee? Yes — in addition to its annual fund charge. Performance fee paid last period 0.53% of NAV Annual fund charge (on top) 3.21% p.a. — the base ongoing cost Verbatim from the Product Disclosure Statement 15% of the relevant Fund's return in excess of the Reserve Bank of New Zealand Official Cash Rate plus 5% per annum over the performance period, subject to a high-water mark, calculated every 12 months up to and including 31 March each year, paid annually in arrears. Product Disclosure Statement How to read a performance fee A performance fee is paid only when the fund's return exceeds a hurdle benchmark — often the OCR plus a margin, or a market index. The fee is usually a percentage share of returns above the hurdle (commonly in the low double-digits) and is subject to a "high-water mark" so the same gain can't be charged twice. Many NZ MIS funds also impose a hard cap as a percentage of NAV so the perf fee can't run unbounded in a high-return year. Performance fees vary year-to-year — a fund can show a high perf-fee number one period and zero the next, depending on whether it cleared its hurdle. The structural questions worth answering before investing are: What's the hurdle? (cash-rate hurdles are easier to clear than index hurdles) Is the high-water mark perpetual or annual? (perpetual = stronger investor protection) and Is there a cap? (cap = downside-bounded fee). Related Salt Long Short Fund fund page Most expensive performance fees ranked Funds with no performance fee ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Questions people ask about the Salt Long Short Fund URL: https://managedfunds.nz/funds/salt/long-short/questions/ > 4 commonly-asked questions about the Salt Long Short Fund, answered with mechanical facts sourced from the FMA Disclose register. Salt, australasian equities category. Questions about Salt Long Short Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Salt Long Short Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What does a long-short fund do? A long-short fund simultaneously holds long positions (bets that securities will rise) and short positions (bets that securities will fall), aiming to generate returns across different market conditions. The Salt Long Short Fund applies this strategy within Australasian equities, with an asset mix of approximately 52.35% growth assets and 47.65% income assets as at the latest QFU. 2. What is the difference between a long fund and a short fund? A long fund holds securities expecting their value to increase; a short fund bets on price decreases by borrowing and selling securities. A long-short fund combines both strategies in a single portfolio, potentially allowing managers to seek returns whether markets rise or fall. 3. What is the salt fund? Salt Long Short Fund is an Australasian equities fund that employs both long and short positions. As at the latest QFU, the fund holds NZ$170,692,672 in assets, carries a risk indicator of 4/7 on the FMA standardised scale, and is structured as a PIE (Portfolio Investment Entity) with investor tax capped at your prescribed investor rate. Full details are available on the FMA Disclose register and the fund manager's website at saltfunds.co.nz. 4. Are long short funds worth it? The value of a long-short fund depends on individual investment objectives and risk tolerance. Salt Long Short Fund returned 15.88% p.a. after fees and before tax over the past 5 years (based on FMA Disclose data), though this historical return does not indicate future performance. The fund's annual charge of 3.21% p.a. sits above the peer-cohort average of 1.06% p.a.; you should compare this cost against the fund's strategy and your investment goals by reviewing the current PDS and FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Salt Long Short Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Salt Long Short Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/salt/long-short/who-audits/ > The Salt Long Short Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Salt Long Short Fund? PricewaterhouseCoopers The Salt Long Short Fund sits within a managed investment scheme run by Salt. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Salt Long Short Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Salt NZ Dividend Appreciation Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/salt/nz-dividend-appreciation/investment-mandate/ > The Salt NZ Dividend Appreciation Fund's Statement of Investment Policy sets target / min / max ranges across 3 asset classes. Verbatim from the SIPO. What can the Salt NZ Dividend Appreciation Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max NZ Shares 100% 95% 100% Unlisted securities 0% 0% 5% Cash or cash equivalents 0% 0% 5% Mandate flexibility (sum of max − min across all ranges): 15%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research. Derivatives policy Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO. Statement of Investment Policy and Objectives Related Salt NZ Dividend Appreciation Fund fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Salt NZ Dividend Appreciation Fund: 1.10% fee vs 1.01% peer me… URL: https://managedfunds.nz/funds/salt/nz-dividend-appreciation/is-it-expensive/ > Salt NZ Dividend Appreciation Fund charges 1.10% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Salt NZ Dividend Appreciation Fund expensive? Salt NZ Dividend Appreciation Fund charges 1.10% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 67% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Salt NZ Dividend Appreciation Fund NZ$538 at 1.10% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$43 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Salt NZ Dividend Appreciation Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Salt NZ Dividend Appreciation Fund Simplicity NZ Share Fund Simplicity 0.10% −1.00pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.90pp Harbour NZ Index Shares Fund Harbour 0.21% −0.89pp BetaShares Australia 200 Fund BetaShares 0.23% −0.87pp Kernel NZ 20 Fund Kernel 0.25% −0.85pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.85pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.85pp Kernel Australia 100 Fund Kernel 0.25% −0.85pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Salt NZ Dividend Appreciation Fund? Salt NZ Dividend Appreciation Fund charges 1.10% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Salt NZ Dividend Appreciation Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Salt NZ Dividend Appreciation Fund sits at 1.10% — pricier than the median (cheaper than 33% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.10% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$538. That is NZ$43 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Salt NZ Dividend Appreciation Fund --- ## URL: https://managedfunds.nz/funds/salt/nz-dividend-appreciation/markdown.md # Salt NZ Dividend Appreciation Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Salt (Salt Investment Funds Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-28 ## Summary The Salt NZ Dividend Appreciation Fund is a australasian equities managed fund run by Salt. NZ active manager with long-short, dividend and listed-property strategies. ## Investment objective (from PDS) > Aims to outperform the S&P/NZX 50 Gross Index on a rolling three-year basis by investing predominantly in New Zealand shares that may pay high and sustainable dividends. Source: Product Disclosure Statement dated 2025-06-12 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo25a37d6d71eff18be753953b35417860/Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf ## Fund data - **Annual fund charge:** 1.10% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.81% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$112 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 30 June 2015 - **Minimum initial investment:** NZ$5,000 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 16.10% 2. Auckland International Airport Ltd — 9.12% 3. Infratil Ltd — 8.06% 4. Contact Energy Ltd — 6.10% 5. A2 Milk Company Ltd — 4.87% 6. Ebos Group Ltd — 4.19% 7. Turners Automotive Group Ltd — 4.12% 8. Meridian Energy Limited — 4.06% 9. Mercury NZ Limited — 4.03% 10. Heartland Group Holdings Ltd — 3.68% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$1,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 20 bps / 20 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | NZ Shares | 100% | 95% | 100% | | Unlisted securities | 0% | 0% | 5% | | Cash or cash equivalents | 0% | 0% | 5% | ### Responsible-investment approach Salt does not hold securities of companies whose core business activities (more than 10% of revenue) are: manufacture of cluster munitions, manufacture or testing of nuclear explosive devices, manufacture of anti-personnel mines, manufacture of tobacco, processing of whale meat, recreational cannabis, gambling, or manufacture of civilian automatic and semi-automatic firearms, magazines or parts. Salt is a signatory to the UN Principles for Responsible Investing and integrates ESG factors into stock-specific research. ### Derivatives policy Derivatives are used as an important part of effective portfolio management, including hedging to manage overall risk, achieving best execution and reducing transaction costs, and achieving asset exposures efficiently. Derivatives may not be used where this would result in a conflict with the Funds' governing documents or this SIPO. Source: Statement of Investment Policy and Objectives dated 2025-06-12. https://smartinvestor.sorted.org.nz/disclose-document/mdo6020a9d9560e2963d175cb7b3c44f1b6/Salt-Investment-Funds-Statementofinvestmentpolicy%26objectives-13-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** The New Zealand Guardian Trust Company Limited - **Auditor:** PricewaterhouseCoopers - **Custodian:** Apex Investment Administration (NZ) Limited - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The manager is a subsidiary of Salt Funds Management Limited, which is the investment manager of the Funds, creating an incentive to appoint Salt over a third-party investment manager. - Directors and employees of the manager and Salt may from time to time hold units in the Funds, meaning decisions made by affected directors and employees may be influenced by their personal interest in the Funds. - The manager may in the future receive distribution commissions from underlying fund managers based on the Funds' investments in those managers' underlying funds, which may influence investment allocation decisions. ### Related-party transactions - **Salt Funds Management Limited** (Ultimate parent / investment manager; manager is wholly owned subsidiary of Salt) — Investment management functions outsourced to Salt under management support agreement; Salt provides people, operational and financial resources to the manager - **Apex Investment Administration (NZ) Limited** (Administration Manager and Custodian appointed by manager and supervisor respectively) — Unit pricing, registry services, and custody of Fund assets; entitled to reimbursement of expenses - **The New Zealand Guardian Trust Company Limited** (Supervisor of the Funds) — Supervisory services; also entitled to special fees for services of unusual or onerous nature · Up to 0.075% plus GST per annum of gross fund value (minimum $20,000 plus GST per annum spread equitably across all funds) Source: Other Material Information document dated 2025-09-01. https://smartinvestor.sorted.org.nz/disclose-document/mdoac9cc4594b6c3a3323024462faf01bdc/Salt-Investment-Funds-Othermaterial-Information-1-September-2025.pdf ## How to invest Available via: Salt directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Salt%20NZ%20Dividend%20Appreciation%20Fund - **Product Disclosure Statement:** https://www.saltfunds.co.nz/_files/ugd/7d7e3c_5a16ab546c214579ad48cd9be7ccf107.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10872/OFR10881/FND1145/ - **Manager website:** https://www.saltfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/salt/nz-dividend-appreciation/ - **Markdown (this file):** https://managedfunds.nz/funds/salt/nz-dividend-appreciation/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/salt/nz-dividend-appreciation/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-28 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Salt NZ Dividend Appreciation Fund URL: https://managedfunds.nz/funds/salt/nz-dividend-appreciation/questions/ > 3 commonly-asked questions about the Salt NZ Dividend Appreciation Fund, answered with mechanical facts sourced from the FMA Disclose register. Salt, australasian equities category. Questions about Salt NZ Dividend Appreciation Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Salt NZ Dividend Appreciation Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a dividend appreciation fund? A dividend appreciation fund is an equity fund that focuses on companies with a history of growing their dividend payments over time. Salt NZ Dividend Appreciation Fund invests in Australasian equities selected for dividend-growth characteristics, with an asset mix of approximately 98.31% growth assets and 1.69% income assets as at the latest QFU. 2. What is the highest paying dividend fund? Dividend yield varies by fund strategy and market conditions. Salt NZ Dividend Appreciation Fund focuses on dividend *appreciation* (growth in payments) rather than current yield alone; its 5-year return after fees before tax was 4.01% p.a. as at the latest QFU. Compare returns and yields across funds using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/. 3. Is Harbor Capital Appreciation fund a good investment? Assessment of any fund depends on your personal circumstances, investment horizon, and objectives. You can compare Harbor Capital Appreciation with Salt NZ Dividend Appreciation Fund using FMA Disclose data (https://disclose-register.companiesoffice.govt.nz/), which includes annual fund charges, risk indicators, and historical returns. Consult the Product Disclosure Statements and consider seeking financial advice. Primary sources Product Disclosure Statement More about this fund Salt NZ Dividend Appreciation Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Salt NZ Dividend Appreciation Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/salt/nz-dividend-appreciation/who-audits/ > The Salt NZ Dividend Appreciation Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Salt NZ Dividend Appreciation Fund? PricewaterhouseCoopers The Salt NZ Dividend Appreciation Fund sits within a managed investment scheme run by Salt. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) The New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Investment Administration (NZ) Limited Related Salt NZ Dividend Appreciation Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth Australasian Equity Portfolio invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/investment-mandate/ > The SBS Wealth Australasian Equity Portfolio's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the SBS Wealth Australasian Equity Portfolio actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Cash 5% 2% 10% Australasian Equities 95% 90% 98% Mandate flexibility (sum of max − min across all ranges): 16%. Narrow range — index-tracking style with limited drift. Explicit exclusions (4) Collateralised debt obligationsCollateralised loan obligationsOver-the-counter derivativesFloating rate notes with final maturity >180 days Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Statement of Investment Policy and Objectives Related SBS Wealth Australasian Equity Portfolio fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth Australasian Equity Portfolio: 1.20% fee vs 1.01% p… URL: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/is-it-expensive/ > SBS Wealth Australasian Equity Portfolio charges 1.20% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth Australasian Equity Portfolio expensive? SBS Wealth Australasian Equity Portfolio charges 1.20% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 78% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth Australasian Equity Portfolio NZ$586 at 1.20% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$91 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than SBS Wealth Australasian Equity Portfolio, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth Australasian Equity Portfolio Simplicity NZ Share Fund Simplicity 0.10% −1.10pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.00pp Harbour NZ Index Shares Fund Harbour 0.21% −0.99pp BetaShares Australia 200 Fund BetaShares 0.23% −0.97pp Kernel NZ 20 Fund Kernel 0.25% −0.95pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.95pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.95pp Kernel Australia 100 Fund Kernel 0.25% −0.95pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth Australasian Equity Portfolio? SBS Wealth Australasian Equity Portfolio charges 1.20% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth Australasian Equity Portfolio's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. SBS Wealth Australasian Equity Portfolio sits at 1.20% — pricier than the median (cheaper than 22% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.20% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$586. That is NZ$91 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth Australasian Equity Portfolio --- ## URL: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/markdown.md # SBS Wealth Australasian Equity Portfolio > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth Australasian Equity Portfolio is a australasian equities managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Investment objective (from PDS) > The Fund aims to achieve capital growth and returns over the long-term, and to provide a gross return above the return of the composite Australasian Equity and NZ Cash Indices with net dividends reinvested on a rolling three-year basis. Source: Product Disclosure Statement dated 2025-11-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf ## Fund data - **Annual fund charge:** 1.20% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.12% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$30 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 17 November 2004 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Dimensional Australian Sustainability PIE Fund — 18.15% 2. Fisher & Paykel Healthcare Ltd — 9.06% 3. Contact Energy Ltd — 6.55% 4. Meridian Energy Limited — 6.23% 5. Infratil Ltd — 6.17% 6. Auckland International Airport Ltd — 4.98% 7. Ebos Group Ltd — 4.25% 8. Mercury NZ Limited — 3.79% 9. Spark New Zealand Ltd — 3.77% 10. Chorus Ltd — 3.44% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Cash | 5% | 2% | 10% | | Australasian Equities | 95% | 90% | 98% | ### Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. ### Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. ### Exclusions - Collateralised debt obligations - Collateralised loan obligations - Over-the-counter derivatives - Floating rate notes with final maturity >180 days Source: Statement of Investment Policy and Objectives dated 2025-11-03. https://smartinvestor.sorted.org.nz/disclose-document/mdo9402907e7077f0dd0ccf723d14914e02/SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - SBS Wealth is a wholly owned subsidiary of SBS Bank, meaning the manager has a parent relationship with a major bank that also provides deposit services to the Funds, creating a potential conflict between the manager's interests and those of investors. - Some partners and staff of KPMG (the auditor) may hold units in the Funds in their personal capacity, which could represent a potential conflict of interest for the auditor. - Trustees Executors Limited acts simultaneously as Supervisor, Administration Manager, Registrar, and (through its nominee Apex Custodian Nominees (NZ) Limited) Custodian, concentrating multiple roles in a single entity which may create conflicts between its supervisory and service-provider functions. ### Related-party transactions - **Southland Building Society (SBS Bank)** (Ultimate parent of SBS Wealth Limited) — SBS Wealth is a wholly owned subsidiary of SBS Bank; SBS Bank is the ultimate parent entity. No specific fee flows to SBS Bank are disclosed in the OMI. - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Funds) — Trustees Executors Limited provides registry and unit pricing services, administrative functions, custody, and supervisory services to the Funds. The Supervisor is entitled to reimbursement of expenses incurred in performing services in respect of each Fund, and to charge GST or any similar tax or duty payable in respect of its fees. - **ANZ Bank New Zealand Limited** (Primary cash deposit counterparty) — Each Fund's cash liquidity exposure is obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ Bank New Zealand Limited. Source: Other Material Information document dated 2025-11-10. https://smartinvestor.sorted.org.nz/disclose-document/mdoc4a13c4f4427e6f0d158202d67fd765b/SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20Australasian%20Equity%20Portfolio - **Product Disclosure Statement:** /disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11160/OFR11164/FND2935/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth Australasian Equity Portfolio? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/who-audits/ > The SBS Wealth Australasian Equity Portfolio is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth Australasian Equity Portfolio? KPMG The SBS Wealth Australasian Equity Portfolio sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) Related SBS Wealth Australasian Equity Portfolio fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth Balanced Strategy invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/investment-mandate/ > The SBS Wealth Balanced Strategy's Statement of Investment Policy sets target / min / max ranges across 5 asset classes. Verbatim from the SIPO. What can the SBS Wealth Balanced Strategy actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 15% New Zealand fixed interest 14.25% 5% 25% International fixed interest 23.75% 15% 35% Australasian Equities 14.25% 5% 25% International Equities 42.75% 30% 60% Mandate flexibility (sum of max − min across all ranges): 105%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Statement of Investment Policy and Objectives Related SBS Wealth Balanced Strategy fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth Balanced Strategy: 1.03% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/is-it-expensive/ > SBS Wealth Balanced Strategy charges 1.03% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth Balanced Strategy expensive? SBS Wealth Balanced Strategy charges 1.03% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 57% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth Balanced Strategy NZ$504 at 1.03% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$19 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than SBS Wealth Balanced Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth Balanced Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −0.78pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.78pp Simplicity Growth Investment Fund Simplicity 0.25% −0.78pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.78pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.78pp Kernel Conservative Fund Kernel 0.25% −0.78pp Kernel Balanced Fund Kernel 0.25% −0.78pp Kernel High Growth Fund Kernel 0.25% −0.78pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth Balanced Strategy? SBS Wealth Balanced Strategy charges 1.03% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth Balanced Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. SBS Wealth Balanced Strategy sits at 1.03% — pricier than the median (cheaper than 43% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.03% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$504. That is NZ$19 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth Balanced Strategy --- ## URL: https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/markdown.md # SBS Wealth Balanced Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth Balanced Strategy is a diversified managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Fund data - **Annual fund charge:** 1.03% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$17 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 27 June 2024 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Dimensional Global Sustainability PIE Fund (NZD Hedged) — 21.34% 2. Harbour NZ Core Fixed Interest Fund — 14.37% 3. IShares Global Aggregate Bond ESG UCITS ETF NZD Hedged — 11.16% 4. Hunter Global Fixed Interest Fund — 4.39% 5. Dimensional Two-Year Sustainability Fixed Interest PIE Fund — 4.21% 6. Dimensional Global Bond Sustainability PIE Fund — 4.07% 7. Cash Deposit (ANZ Bank) — 3.93% 8. Schroder Global Emerging Markets Fund — 3.07% 9. Dimensional Australian Sustainability PIE Fund — 2.72% 10. Munro Global Growth Climate Leaders PIE Fund — 1.84% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 15% | | New Zealand fixed interest | 14.25% | 5% | 25% | | International fixed interest | 23.75% | 15% | 35% | | Australasian Equities | 14.25% | 5% | 25% | | International Equities | 42.75% | 30% | 60% | ### Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. ### Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Source: Statement of Investment Policy and Objectives dated 2025-11-03. https://smartinvestor.sorted.org.nz/disclose-document/mdo9402907e7077f0dd0ccf723d14914e02/SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - SBS Wealth is a wholly owned subsidiary of SBS Bank, meaning the manager has a parent relationship with a major bank that also provides deposit services to the Funds, creating a potential conflict between the manager's interests and those of investors. - Some partners and staff of KPMG (the auditor) may hold units in the Funds in their personal capacity, which could represent a potential conflict of interest for the auditor. - Trustees Executors Limited acts simultaneously as Supervisor, Administration Manager, Registrar, and (through its nominee Apex Custodian Nominees (NZ) Limited) Custodian, concentrating multiple roles in a single entity which may create conflicts between its supervisory and service-provider functions. ### Related-party transactions - **Southland Building Society (SBS Bank)** (Ultimate parent of SBS Wealth Limited) — SBS Wealth is a wholly owned subsidiary of SBS Bank; SBS Bank is the ultimate parent entity. No specific fee flows to SBS Bank are disclosed in the OMI. - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Funds) — Trustees Executors Limited provides registry and unit pricing services, administrative functions, custody, and supervisory services to the Funds. The Supervisor is entitled to reimbursement of expenses incurred in performing services in respect of each Fund, and to charge GST or any similar tax or duty payable in respect of its fees. - **ANZ Bank New Zealand Limited** (Primary cash deposit counterparty) — Each Fund's cash liquidity exposure is obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ Bank New Zealand Limited. Source: Other Material Information document dated 2025-11-10. https://smartinvestor.sorted.org.nz/disclose-document/mdoc4a13c4f4427e6f0d158202d67fd765b/SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20Balanced%20Strategy - **Product Disclosure Statement:** /disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11160/OFR11164/FND49639/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth Balanced Strategy? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/who-audits/ > The SBS Wealth Balanced Strategy is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth Balanced Strategy? KPMG The SBS Wealth Balanced Strategy sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) Related SBS Wealth Balanced Strategy fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth Conservative Strategy invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/investment-mandate/ > The SBS Wealth Conservative Strategy's Statement of Investment Policy sets target / min / max ranges across 5 asset classes. Verbatim from the SIPO. What can the SBS Wealth Conservative Strategy actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 15% New Zealand fixed interest 23.75% 10% 40% International fixed interest 42.75% 30% 60% Australasian Equities 7.6% 0% 15% International Equities 20.9% 10% 35% Mandate flexibility (sum of max − min across all ranges): 115%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Statement of Investment Policy and Objectives Related SBS Wealth Conservative Strategy fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth Conservative Strategy: 0.90% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/is-it-expensive/ > SBS Wealth Conservative Strategy charges 0.90% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth Conservative Strategy expensive? SBS Wealth Conservative Strategy charges 0.90% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 63% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth Conservative Strategy NZ$442 at 0.90% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-43 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than SBS Wealth Conservative Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth Conservative Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −0.65pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.65pp Simplicity Growth Investment Fund Simplicity 0.25% −0.65pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.65pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.65pp Kernel Conservative Fund Kernel 0.25% −0.65pp Kernel Balanced Fund Kernel 0.25% −0.65pp Kernel High Growth Fund Kernel 0.25% −0.65pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth Conservative Strategy? SBS Wealth Conservative Strategy charges 0.90% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth Conservative Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. SBS Wealth Conservative Strategy sits at 0.90% — cheaper than 63% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.90% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$442. That is NZ$43 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth Conservative Strategy --- ## URL: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/markdown.md # SBS Wealth Conservative Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth Conservative Strategy is a diversified managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Fund data - **Annual fund charge:** 0.90% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 27 June 2024 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Harbour NZ Core Fixed Interest Fund — 23.95% 2. IShares Global Aggregate Bond ESG UCITS ETF NZD Hedged — 20.08% 3. Dimensional Global Sustainability PIE Fund (NZD Hedged) — 10.43% 4. Hunter Global Fixed Interest Fund — 7.90% 5. Dimensional Two-Year Sustainability Fixed Interest PIE Fund — 7.58% 6. Dimensional Global Bond Sustainability PIE Fund — 7.33% 7. Cash Deposit (ANZ Bank) — 4.29% 8. Schroder Global Emerging Markets Fund — 1.50% 9. Dimensional Australian Sustainability PIE Fund — 1.45% 10. Munro Global Growth Climate Leaders PIE Fund — 0.90% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 15% | | New Zealand fixed interest | 23.75% | 10% | 40% | | International fixed interest | 42.75% | 30% | 60% | | Australasian Equities | 7.6% | 0% | 15% | | International Equities | 20.9% | 10% | 35% | ### Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. ### Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Source: Statement of Investment Policy and Objectives dated 2025-11-03. https://smartinvestor.sorted.org.nz/disclose-document/mdo9402907e7077f0dd0ccf723d14914e02/SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - SBS Wealth is a wholly owned subsidiary of SBS Bank, meaning the manager has a parent relationship with a major bank that also provides deposit services to the Funds, creating a potential conflict between the manager's interests and those of investors. - Some partners and staff of KPMG (the auditor) may hold units in the Funds in their personal capacity, which could represent a potential conflict of interest for the auditor. - Trustees Executors Limited acts simultaneously as Supervisor, Administration Manager, Registrar, and (through its nominee Apex Custodian Nominees (NZ) Limited) Custodian, concentrating multiple roles in a single entity which may create conflicts between its supervisory and service-provider functions. ### Related-party transactions - **Southland Building Society (SBS Bank)** (Ultimate parent of SBS Wealth Limited) — SBS Wealth is a wholly owned subsidiary of SBS Bank; SBS Bank is the ultimate parent entity. No specific fee flows to SBS Bank are disclosed in the OMI. - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Funds) — Trustees Executors Limited provides registry and unit pricing services, administrative functions, custody, and supervisory services to the Funds. The Supervisor is entitled to reimbursement of expenses incurred in performing services in respect of each Fund, and to charge GST or any similar tax or duty payable in respect of its fees. - **ANZ Bank New Zealand Limited** (Primary cash deposit counterparty) — Each Fund's cash liquidity exposure is obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ Bank New Zealand Limited. Source: Other Material Information document dated 2025-11-10. https://smartinvestor.sorted.org.nz/disclose-document/mdoc4a13c4f4427e6f0d158202d67fd765b/SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20Conservative%20Strategy - **Product Disclosure Statement:** /disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11160/OFR11164/FND49638/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth Conservative Strategy? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/who-audits/ > The SBS Wealth Conservative Strategy is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth Conservative Strategy? KPMG The SBS Wealth Conservative Strategy sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) Related SBS Wealth Conservative Strategy fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth Growth Strategy invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/investment-mandate/ > The SBS Wealth Growth Strategy's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 6 explicit exclusions. Verbatim from the SIPO. What can the SBS Wealth Growth Strategy actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 1% 10% Australasian Equities 24% 10% 40% International Equities 74% 50% 90% Mandate flexibility (sum of max − min across all ranges): 79%. Narrow range — index-tracking style with limited drift. Explicit exclusions (6) Controversial weaponsNuclear weaponsProduction of tobacco, tobacco-based products, and nicotine alternativesWhale meat processingRecreational cannabisAdult entertainment Responsible-investment approach Responsible investment including ESG considerations is taken into account. Excluded investments include controversial weapons, nuclear weapons, production of tobacco/tobacco-based products/nicotine alternatives, whale meat processing, recreational cannabis, and adult entertainment. Minimised investments include conventional military weapons, civilian firearms, gambling and casinos, palm oil, and alcohol. Derivatives policy Derivatives may be used as a risk management tool to hedge undesirable portfolio exposures (e.g. currency risk) and are not expected to be used in the normal course of business. Derivatives may not be used to leverage any Fund and any derivative positions must be backed by physically held positions; notional face value may not exceed 100% of the Fund's net market value. Statement of Investment Policy and Objectives Related SBS Wealth Growth Strategy fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth Growth Strategy: 1.17% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/is-it-expensive/ > SBS Wealth Growth Strategy charges 1.17% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth Growth Strategy expensive? SBS Wealth Growth Strategy charges 1.17% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth Growth Strategy NZ$571 at 1.17% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$86 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than SBS Wealth Growth Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth Growth Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −0.92pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.92pp Simplicity Growth Investment Fund Simplicity 0.25% −0.92pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.92pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.92pp Kernel Conservative Fund Kernel 0.25% −0.92pp Kernel Balanced Fund Kernel 0.25% −0.92pp Kernel High Growth Fund Kernel 0.25% −0.92pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth Growth Strategy? SBS Wealth Growth Strategy charges 1.17% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth Growth Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. SBS Wealth Growth Strategy sits at 1.17% — pricier than the median (cheaper than 32% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.17% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$571. That is NZ$86 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth Growth Strategy --- ## URL: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/markdown.md # SBS Wealth Growth Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth Growth Strategy is a diversified managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Fund data - **Annual fund charge:** 1.17% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.39% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$477 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 14 October 2015 ## Top 10 holdings 1. Dimensional Global Sustainability PIE Fund (NZD Hedged) — 36.68% 2. Schroder Global Emerging Markets Fund — 5.91% 3. Dimensional Australian Sustainability PIE Fund — 4.88% 4. Munro Global Growth Climate Leaders PIE Fund — 3.36% 5. Kernel Global Infrastructure (NZD Hedged) Fund — 3.17% 6. Cash Deposit (ANZ Bank) — 2.17% 7. Fisher & Paykel Healthcare Ltd — 1.80% 8. Nvidia Corp — 1.66% 9. Contact Energy Ltd — 1.57% 10. Infratil Ltd — 1.57% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 1% | 10% | | Australasian Equities | 24% | 10% | 40% | | International Equities | 74% | 50% | 90% | ### Responsible-investment approach Responsible investment including ESG considerations is taken into account. Excluded investments include controversial weapons, nuclear weapons, production of tobacco/tobacco-based products/nicotine alternatives, whale meat processing, recreational cannabis, and adult entertainment. Minimised investments include conventional military weapons, civilian firearms, gambling and casinos, palm oil, and alcohol. ### Derivatives policy Derivatives may be used as a risk management tool to hedge undesirable portfolio exposures (e.g. currency risk) and are not expected to be used in the normal course of business. Derivatives may not be used to leverage any Fund and any derivative positions must be backed by physically held positions; notional face value may not exceed 100% of the Fund's net market value. ### Exclusions - Controversial weapons - Nuclear weapons - Production of tobacco, tobacco-based products, and nicotine alternatives - Whale meat processing - Recreational cannabis - Adult entertainment Source: Statement of Investment Policy and Objectives dated 2025-10-28. https://smartinvestor.sorted.org.nz/disclose-document/mdo82e12fa54f29e4200b682fc1b57a4094/SBS-Wealth-Kiwi-Saver-Scheme-SIPO-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The Income Fund and Cash Fund can have exposure to SBS Bank (the ultimate parent of SBS Wealth Limited) through investments in unsecured deposits, creating a related-party conflict where any default by SBS Bank could materially affect fund assets and performance. - SBS Wealth may pay third-party distributors a fee for introducing members to the Scheme, funded from the revenue received from annual fund charges deducted from members' investments. - Some partners and staff of the auditor KPMG may hold units in the Scheme in their personal capacity, though KPMG is stated to be independent of SBS Wealth and the Scheme. ### Related-party transactions - **SBS Bank (Southland Building Society)** (Ultimate parent of SBS Wealth Limited) — Income Fund and Cash Fund invest in unsecured deposits issued by SBS Bank; investments made on an arms-length basis and on normal commercial terms - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Scheme) — Provides supervisor, registry, unit pricing and administrative functions; entitled to reimbursement of expenses and fee capped at no more than would normally be charged by a statutory trustee corporation - **ANZ Bank New Zealand Limited** (Third-party bank used for cash liquidity) — Each Fund's cash liquidity exposure obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ; NZ fixed interest exposure may also be obtained in part by investments with banks Source: Other Material Information document dated 2025-11-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo774516ed41968a747738b242c6f36cad/SBS-Wealth-Kiwi-Saver-Scheme-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20Growth%20Strategy - **Product Disclosure Statement:** /disclose-document/mdo0307f116e8f87a83cf4080c493fb7590/SBS-Wealth-Kiwi-Saver-Scheme-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11156/OFR11155/FND2926/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/growth-strategy/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/growth-strategy/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/growth-strategy/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth Growth Strategy? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/who-audits/ > The SBS Wealth Growth Strategy is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth Growth Strategy? KPMG The SBS Wealth Growth Strategy sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited) Related SBS Wealth Growth Strategy fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## SBS Wealth High Growth Strategy: 1.17% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/is-it-expensive/ > SBS Wealth High Growth Strategy charges 1.17% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth High Growth Strategy expensive? SBS Wealth High Growth Strategy charges 1.17% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 68% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth High Growth Strategy NZ$571 at 1.17% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$86 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than SBS Wealth High Growth Strategy, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth High Growth Strategy Simplicity Conservative Investment Fund Simplicity 0.25% −0.92pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.92pp Simplicity Growth Investment Fund Simplicity 0.25% −0.92pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.92pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.92pp Kernel Conservative Fund Kernel 0.25% −0.92pp Kernel Balanced Fund Kernel 0.25% −0.92pp Kernel High Growth Fund Kernel 0.25% −0.92pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth High Growth Strategy? SBS Wealth High Growth Strategy charges 1.17% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth High Growth Strategy's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. SBS Wealth High Growth Strategy sits at 1.17% — pricier than the median (cheaper than 32% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.17% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$571. That is NZ$86 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth High Growth Strategy --- ## URL: https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/markdown.md # SBS Wealth High Growth Strategy > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth High Growth Strategy is a diversified managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Fund data - **Annual fund charge:** 1.17% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.39% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$477 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 14 October 2015 ## Top 10 holdings 1. Dimensional Global Sustainability PIE Fund (NZD Hedged) — 36.68% 2. Schroder Global Emerging Markets Fund — 5.91% 3. Dimensional Australian Sustainability PIE Fund — 4.88% 4. Munro Global Growth Climate Leaders PIE Fund — 3.36% 5. Kernel Global Infrastructure (NZD Hedged) Fund — 3.17% 6. Cash Deposit (ANZ Bank) — 2.17% 7. Fisher & Paykel Healthcare Ltd — 1.80% 8. Nvidia Corp — 1.66% 9. Contact Energy Ltd — 1.57% 10. Infratil Ltd — 1.57% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - The Income Fund and Cash Fund can have exposure to SBS Bank (the ultimate parent of SBS Wealth Limited) through investments in unsecured deposits, creating a related-party conflict where any default by SBS Bank could materially affect fund assets and performance. - SBS Wealth may pay third-party distributors a fee for introducing members to the Scheme, funded from the revenue received from annual fund charges deducted from members' investments. - Some partners and staff of the auditor KPMG may hold units in the Scheme in their personal capacity, though KPMG is stated to be independent of SBS Wealth and the Scheme. ### Related-party transactions - **SBS Bank (Southland Building Society)** (Ultimate parent of SBS Wealth Limited) — Income Fund and Cash Fund invest in unsecured deposits issued by SBS Bank; investments made on an arms-length basis and on normal commercial terms - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Scheme) — Provides supervisor, registry, unit pricing and administrative functions; entitled to reimbursement of expenses and fee capped at no more than would normally be charged by a statutory trustee corporation - **ANZ Bank New Zealand Limited** (Third-party bank used for cash liquidity) — Each Fund's cash liquidity exposure obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ; NZ fixed interest exposure may also be obtained in part by investments with banks Source: Other Material Information document dated 2025-11-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo774516ed41968a747738b242c6f36cad/SBS-Wealth-Kiwi-Saver-Scheme-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20High%20Growth%20Strategy - **Product Disclosure Statement:** /disclose-document/mdo0307f116e8f87a83cf4080c493fb7590/SBS-Wealth-Kiwi-Saver-Scheme-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11156/OFR11155/FND2926/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth High Growth Strategy? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/who-audits/ > The SBS Wealth High Growth Strategy is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth High Growth Strategy? KPMG The SBS Wealth High Growth Strategy sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited) Related SBS Wealth High Growth Strategy fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth New Zealand Bond Portfolio invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/investment-mandate/ > The SBS Wealth New Zealand Bond Portfolio's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 5 explicit exclusions. Verbatim from the SIPO. What can the SBS Wealth New Zealand Bond Portfolio actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Cash 5% 2% 12.5% New Zealand Fixed Interest 95% 87.5% 98% Mandate flexibility (sum of max − min across all ranges): 21%. Narrow range — index-tracking style with limited drift. Explicit exclusions (5) Collateralised debt obligationsCollateralised loan obligationsCredit default swapsSecurities below BBB- (unless unrated with IC approval)Floating rate notes with final maturity >180 days Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Statement of Investment Policy and Objectives Related SBS Wealth New Zealand Bond Portfolio fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth New Zealand Bond Portfolio: 0.78% fee vs 0.63% peer… URL: https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/is-it-expensive/ > SBS Wealth New Zealand Bond Portfolio charges 0.78% p.a. vs the nz fixed interest peer-class median of 0.63%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth New Zealand Bond Portfolio expensive? SBS Wealth New Zealand Bond Portfolio charges 0.78% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is pricier than 82% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth New Zealand Bond Portfolio NZ$384 at 0.78% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: +NZ$75 over 5 years on NZ$10K. 8 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than SBS Wealth New Zealand Bond Portfolio, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth New Zealand Bond Portfolio Simplicity NZ Bond Fund Simplicity 0.10% −0.68pp Kernel NZ Bond Fund Kernel 0.40% −0.38pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.32pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.31pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.29pp Smart NZ Bond ETF Smartshares 0.54% −0.24pp Mercer Macquarie NZ Fixed Interest Fund Mercer 0.60% −0.18pp Milford Trans-Tasman Bond Fund Milford 0.65% −0.13pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth New Zealand Bond Portfolio? SBS Wealth New Zealand Bond Portfolio charges 0.78% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth New Zealand Bond Portfolio's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. SBS Wealth New Zealand Bond Portfolio sits at 0.78% — pricier than the median (cheaper than 18% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.78% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$384. That is NZ$75 more than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth New Zealand Bond Portfolio --- ## URL: https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/markdown.md # SBS Wealth New Zealand Bond Portfolio > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** New Zealand Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth New Zealand Bond Portfolio is a nz fixed interest managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Investment objective (from PDS) > The Fund aims to provide investors with a core and lower risk exposure to New Zealand fixed interest debt securities and a gross return above the return of the Benchmark on a rolling three-year basis i.e. before tax, fees, and other expenses. Source: Product Disclosure Statement dated 2025-11-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf ## Fund data - **Annual fund charge:** 0.78% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.15% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$8 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 2 July 2002 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. Harbour NZ Core Fixed Interest Fund — 95.82% 2. Cash Deposit (ANZ Bank) — 4.17% 3. Debtors NZD — 0.07% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Cash | 5% | 2% | 12.5% | | New Zealand Fixed Interest | 95% | 87.5% | 98% | ### Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. ### Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. ### Exclusions - Collateralised debt obligations - Collateralised loan obligations - Credit default swaps - Securities below BBB- (unless unrated with IC approval) - Floating rate notes with final maturity >180 days Source: Statement of Investment Policy and Objectives dated 2025-11-03. https://smartinvestor.sorted.org.nz/disclose-document/mdo9402907e7077f0dd0ccf723d14914e02/SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - SBS Wealth is a wholly owned subsidiary of SBS Bank, meaning the manager has a parent relationship with a major bank that also provides deposit services to the Funds, creating a potential conflict between the manager's interests and those of investors. - Some partners and staff of KPMG (the auditor) may hold units in the Funds in their personal capacity, which could represent a potential conflict of interest for the auditor. - Trustees Executors Limited acts simultaneously as Supervisor, Administration Manager, Registrar, and (through its nominee Apex Custodian Nominees (NZ) Limited) Custodian, concentrating multiple roles in a single entity which may create conflicts between its supervisory and service-provider functions. ### Related-party transactions - **Southland Building Society (SBS Bank)** (Ultimate parent of SBS Wealth Limited) — SBS Wealth is a wholly owned subsidiary of SBS Bank; SBS Bank is the ultimate parent entity. No specific fee flows to SBS Bank are disclosed in the OMI. - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Funds) — Trustees Executors Limited provides registry and unit pricing services, administrative functions, custody, and supervisory services to the Funds. The Supervisor is entitled to reimbursement of expenses incurred in performing services in respect of each Fund, and to charge GST or any similar tax or duty payable in respect of its fees. - **ANZ Bank New Zealand Limited** (Primary cash deposit counterparty) — Each Fund's cash liquidity exposure is obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ Bank New Zealand Limited. Source: Other Material Information document dated 2025-11-10. https://smartinvestor.sorted.org.nz/disclose-document/mdoc4a13c4f4427e6f0d158202d67fd765b/SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20New%20Zealand%20Bond%20Portfolio - **Product Disclosure Statement:** /disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11160/OFR11164/FND2933/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth New Zealand Bond Portfolio? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/who-audits/ > The SBS Wealth New Zealand Bond Portfolio is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth New Zealand Bond Portfolio? KPMG The SBS Wealth New Zealand Bond Portfolio sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) Related SBS Wealth New Zealand Bond Portfolio fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth World Bond Portfolio invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/investment-mandate/ > The SBS Wealth World Bond Portfolio's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the SBS Wealth World Bond Portfolio actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Cash 5% 2% 12.5% International Fixed Interest 95% 87.5% 98% Mandate flexibility (sum of max − min across all ranges): 21%. Narrow range — index-tracking style with limited drift. Explicit exclusions (3) Collateralised debt obligationsCollateralised loan obligationsOver-the-counter derivatives Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Statement of Investment Policy and Objectives Related SBS Wealth World Bond Portfolio fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth World Bond Portfolio: 0.77% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/is-it-expensive/ > SBS Wealth World Bond Portfolio charges 0.77% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth World Bond Portfolio expensive? SBS Wealth World Bond Portfolio charges 0.77% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth World Bond Portfolio NZ$379 at 0.77% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$34 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than SBS Wealth World Bond Portfolio, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth World Bond Portfolio Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.62pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.52pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.49pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.47pp Kernel US Bond Fund Kernel 0.30% −0.47pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.45pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.45pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.43pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth World Bond Portfolio? SBS Wealth World Bond Portfolio charges 0.77% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth World Bond Portfolio's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. SBS Wealth World Bond Portfolio sits at 0.77% — pricier than the median (cheaper than 39% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.77% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$379. That is NZ$34 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth World Bond Portfolio --- ## URL: https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/markdown.md # SBS Wealth World Bond Portfolio > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth World Bond Portfolio is a international fi managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Investment objective (from PDS) > The Fund aims to provide investors with a broadly diversified portfolio of international investment grade income securities, and to provide a gross return in line with or greater than the composite of the Bloomberg Barclays Global Aggregate Index fully hedged to the New Zealand dollar and the NZ Cash Index, over a rolling three-year basis. Source: Product Disclosure Statement dated 2025-11-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf ## Fund data - **Annual fund charge:** 0.77% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.32% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$46 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 4 May 2011 - **Minimum initial investment:** NZ$500 ## Top 7 holdings 1. IShares Global Aggregate Bond ESG UCITS ETF NZD Hedged — 44.62% 2. Hunter Global Fixed Interest Fund — 17.56% 3. Dimensional Two-Year Sustainability Fixed Interest PIE Fund — 16.85% 4. Dimensional Global Bond Sustainability PIE Fund — 16.29% 5. Cash Deposit (ANZ Bank) — 4.91% 6. Debtors NZD — 0.02% 7. Cash Deposit (JPM NZD) — 0.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Cash | 5% | 2% | 12.5% | | International Fixed Interest | 95% | 87.5% | 98% | ### Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. ### Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. ### Exclusions - Collateralised debt obligations - Collateralised loan obligations - Over-the-counter derivatives Source: Statement of Investment Policy and Objectives dated 2025-11-03. https://smartinvestor.sorted.org.nz/disclose-document/mdo9402907e7077f0dd0ccf723d14914e02/SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - SBS Wealth is a wholly owned subsidiary of SBS Bank, meaning the manager has a parent relationship with a major bank that also provides deposit services to the Funds, creating a potential conflict between the manager's interests and those of investors. - Some partners and staff of KPMG (the auditor) may hold units in the Funds in their personal capacity, which could represent a potential conflict of interest for the auditor. - Trustees Executors Limited acts simultaneously as Supervisor, Administration Manager, Registrar, and (through its nominee Apex Custodian Nominees (NZ) Limited) Custodian, concentrating multiple roles in a single entity which may create conflicts between its supervisory and service-provider functions. ### Related-party transactions - **Southland Building Society (SBS Bank)** (Ultimate parent of SBS Wealth Limited) — SBS Wealth is a wholly owned subsidiary of SBS Bank; SBS Bank is the ultimate parent entity. No specific fee flows to SBS Bank are disclosed in the OMI. - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Funds) — Trustees Executors Limited provides registry and unit pricing services, administrative functions, custody, and supervisory services to the Funds. The Supervisor is entitled to reimbursement of expenses incurred in performing services in respect of each Fund, and to charge GST or any similar tax or duty payable in respect of its fees. - **ANZ Bank New Zealand Limited** (Primary cash deposit counterparty) — Each Fund's cash liquidity exposure is obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ Bank New Zealand Limited. Source: Other Material Information document dated 2025-11-10. https://smartinvestor.sorted.org.nz/disclose-document/mdoc4a13c4f4427e6f0d158202d67fd765b/SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20World%20Bond%20Portfolio - **Product Disclosure Statement:** /disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11160/OFR11164/FND2934/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth World Bond Portfolio? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/who-audits/ > The SBS Wealth World Bond Portfolio is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth World Bond Portfolio? KPMG The SBS Wealth World Bond Portfolio sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) Related SBS Wealth World Bond Portfolio fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the SBS Wealth World Equity Portfolio invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/investment-mandate/ > The SBS Wealth World Equity Portfolio's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the SBS Wealth World Equity Portfolio actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand Cash 5% 2% 10% International Equities 95% 90% 98% Mandate flexibility (sum of max − min across all ranges): 16%. Narrow range — index-tracking style with limited drift. Explicit exclusions (4) Collateralised debt obligationsCollateralised loan obligationsOver-the-counter derivativesFloating rate notes with final maturity >180 days Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. Statement of Investment Policy and Objectives Related SBS Wealth World Equity Portfolio fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## SBS Wealth World Equity Portfolio: 1.18% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/is-it-expensive/ > SBS Wealth World Equity Portfolio charges 1.18% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the SBS Wealth World Equity Portfolio expensive? SBS Wealth World Equity Portfolio charges 1.18% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 75% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). SBS Wealth World Equity Portfolio NZ$576 at 1.18% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$275 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than SBS Wealth World Equity Portfolio, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs SBS Wealth World Equity Portfolio Foundation Series US 500 Fund Foundation Series 0.03% −1.15pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −1.15pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −1.12pp Foundation Series Total World Fund Foundation Series 0.07% −1.11pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −1.11pp Foundation Series Global ESG Fund Foundation Series 0.10% −1.08pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −1.03pp Simplicity Hedged Global Share Fund Simplicity 0.15% −1.03pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for SBS Wealth World Equity Portfolio? SBS Wealth World Equity Portfolio charges 1.18% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does SBS Wealth World Equity Portfolio's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. SBS Wealth World Equity Portfolio sits at 1.18% — pricier than the median (cheaper than 25% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.18% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$576. That is NZ$275 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to SBS Wealth World Equity Portfolio --- ## URL: https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/markdown.md # SBS Wealth World Equity Portfolio > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The SBS Wealth World Equity Portfolio is a international equities managed fund run by SBS Wealth. SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Investment objective (from PDS) > The Fund aims to achieve capital growth and returns over the long term, and to provide a gross return above the return of the composite International Equity and NZ Cash Indices on a rolling three-year basis. Source: Product Disclosure Statement dated 2025-11-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf ## Fund data - **Annual fund charge:** 1.18% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 9.21% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$94 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 2 July 2003 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Dimensional Global Sustainability PIE Fund (NZD Hedged) — 47.43% 2. Schroder Global Emerging Markets Fund — 6.83% 3. Munro Global Growth Climate Leaders PIE Fund — 4.08% 4. Kernel Global Infrastructure (NZD Hedged) Fund — 3.76% 5. Cash Deposit (ANZ Bank) — 3.48% 6. NVIDIA Corp — 2.66% 7. IShares Healthcare Innovation UCITS ETF — 2.00% 8. Alphabet Inc Class A — 1.99% 9. IShares Digitalisation UCITS ETF — 1.92% 10. Apple Inc — 1.86% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand Cash | 5% | 2% | 10% | | International Equities | 95% | 90% | 98% | ### Responsible-investment approach Guided by stewardship principles of 'driving change over time, not over night' and 'focus on opportunities, not just exclusions'. Favours investments with lower carbon intensity or lower fossil fuel involvement and prefers companies with greater carbon solutions involvement. ### Derivatives policy Derivatives may be used as a risk management tool (e.g. to hedge currency risk) but not to leverage any Fund or increase portfolio risk beyond directly held securities; any derivative positions must be backed by physically held positions and the Supervisor must be advised of any decision to use derivatives. ### Exclusions - Collateralised debt obligations - Collateralised loan obligations - Over-the-counter derivatives - Floating rate notes with final maturity >180 days Source: Statement of Investment Policy and Objectives dated 2025-11-03. https://smartinvestor.sorted.org.nz/disclose-document/mdo9402907e7077f0dd0ccf723d14914e02/SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** KPMG - **Custodian:** Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) - **Conflicts of interest disclosed in OMI:** 3 ### Conflicts of interest (verbatim from OMI) - SBS Wealth is a wholly owned subsidiary of SBS Bank, meaning the manager has a parent relationship with a major bank that also provides deposit services to the Funds, creating a potential conflict between the manager's interests and those of investors. - Some partners and staff of KPMG (the auditor) may hold units in the Funds in their personal capacity, which could represent a potential conflict of interest for the auditor. - Trustees Executors Limited acts simultaneously as Supervisor, Administration Manager, Registrar, and (through its nominee Apex Custodian Nominees (NZ) Limited) Custodian, concentrating multiple roles in a single entity which may create conflicts between its supervisory and service-provider functions. ### Related-party transactions - **Southland Building Society (SBS Bank)** (Ultimate parent of SBS Wealth Limited) — SBS Wealth is a wholly owned subsidiary of SBS Bank; SBS Bank is the ultimate parent entity. No specific fee flows to SBS Bank are disclosed in the OMI. - **Trustees Executors Limited** (Supervisor, Administration Manager, and Registrar of the Funds) — Trustees Executors Limited provides registry and unit pricing services, administrative functions, custody, and supervisory services to the Funds. The Supervisor is entitled to reimbursement of expenses incurred in performing services in respect of each Fund, and to charge GST or any similar tax or duty payable in respect of its fees. - **ANZ Bank New Zealand Limited** (Primary cash deposit counterparty) — Each Fund's cash liquidity exposure is obtained primarily through investments in unsecured deposits (including redeemable shares) issued by ANZ Bank New Zealand Limited. Source: Other Material Information document dated 2025-11-10. https://smartinvestor.sorted.org.nz/disclose-document/mdoc4a13c4f4427e6f0d158202d67fd765b/SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf ## How to invest Available via: SBS Wealth directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth%20World%20Equity%20Portfolio - **Product Disclosure Statement:** /disclose-document/mdo1ed6fe66c5c53283ffa3ac286f4ef6a2/SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11160/OFR11164/FND2936/ - **Manager website:** https://sbsbank.co.nz/sbs-wealth ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/ - **Markdown (this file):** https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the SBS Wealth World Equity Portfolio? — KPMG URL: https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/who-audits/ > The SBS Wealth World Equity Portfolio is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the SBS Wealth World Equity Portfolio? KPMG The SBS Wealth World Equity Portfolio sits within a managed investment scheme run by SBS Wealth. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Apex Custodian Nominees (New Zealand) Limited (nominated by Trustees Executors Limited, which retains primary responsibility for custody) Related SBS Wealth World Equity Portfolio fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Schroder Sustainable Global Core PIE Fund (Hedged) invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/investment-mandate/ > The Schroder Sustainable Global Core PIE Fund (Hedged)'s Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 8 explicit exclusions. Verbatim from the SIPO. What can the Schroder Sustainable Global Core PIE Fund (Hedged) actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (8) Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodologyNuclear weapons — more than 5% of gross revenueThermal coal mining — more than 10% of gross revenueThermal coal power generation — more than 30% of gross revenueTobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenueTobacco, nicotine alternatives and tobacco-based products (production, distribution, retail, licensing, supply) — more than 25% of gross revenueCivilian firearms (production) — more than 0% of gross revenueGlobal Norms List — Schroders Group proprietary methodology Responsible-investment approach The Funds are Sustainable Investment funds applying ESG integration via Schroders' Exclusions Policy, monitoring and Active Ownership. Additional Negative Screens include Schroders Group's Global Norms List. The Funds target a Weighted Average Carbon Intensity lower than the MSCI World ex Tobacco Index, and utilise both an investment objective alongside a sustainability objective. Derivatives policy Permitted derivative instruments include futures, currency derivatives, options and listed equity market derivatives. For the Hedged Fund, derivatives are also entered into for the purposes of hedging the Fund's foreign currency exposure to NZD. Statement of Investment Policy and Objectives Related Schroder Sustainable Global Core PIE Fund (Hedged) fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Schroder Sustainable Global Core PIE Fund (Hedged): 0.39% fee … URL: https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/is-it-expensive/ > Schroder Sustainable Global Core PIE Fund (Hedged) charges 0.39% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Schroder Sustainable Global Core PIE Fund (Hedged) expensive? Schroder Sustainable Global Core PIE Fund (Hedged) charges 0.39% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Schroder Sustainable Global Core PIE Fund (Hedged) NZ$193 at 0.39% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-108 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Schroder Sustainable Global Core PIE Fund (Hedged), ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Schroder Sustainable Global Core PIE Fund (Hedged) Foundation Series US 500 Fund Foundation Series 0.03% −0.36pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.36pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.33pp Foundation Series Total World Fund Foundation Series 0.07% −0.32pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.32pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.29pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.24pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.24pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Schroder Sustainable Global Core PIE Fund (Hedged)? Schroder Sustainable Global Core PIE Fund (Hedged) charges 0.39% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Schroder Sustainable Global Core PIE Fund (Hedged)'s fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Schroder Sustainable Global Core PIE Fund (Hedged) sits at 0.39% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.39% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$193. That is NZ$108 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Schroder Sustainable Global Core PIE Fund (Hedged) --- ## URL: https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/markdown.md # Schroder Sustainable Global Core PIE Fund (Hedged) > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Schroders (Schroder Investment Management Australia) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Schroder Sustainable Global Core PIE Fund (Hedged) is a international equities managed fund run by Schroders. Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors. ## Investment objective (from PDS) > The investment objective of the Fund is to outperform relative to the MSCI World ex Tobacco Index (net dividends reinvested) (Hedged) net of fees with low index-relative risk across a broad range of market environments. The Fund also targets a weighted average carbon intensity lower than the benchmark index and is managed with reference to labour standards, and ESG considerations when selecting, retaining and realising the Fund's investments. The Fund mitigates currency risk by hedging most major foreign currency exposures to the New Zealand dollar. Source: Product Disclosure Statement dated 2026-01-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo3e9957ea79bfd689c544a1de5148f65f/20260120-Schroders-PDS.pdf ## Fund data - **Annual fund charge:** 0.39% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$732 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 December 2023 - **Minimum initial investment:** NZ$25,000 ## Top 10 holdings 1. NVIDIA Corp — 5.41% 2. Apple Inc — 4.72% 3. Cash at Bank (BNZ) — 4.64% 4. Microsoft Corporation — 3.29% 5. Amazon.Com Inc — 2.54% 6. Alphabet Inc Class A — 2.13% 7. Broadcom Inc — 1.85% 8. Alphabet Inc Class C — 1.78% 9. Meta Platforms Inc — 1.58% 10. Tesla Motors Inc — 1.30% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 11 bps / 8 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Funds are Sustainable Investment funds applying ESG integration via Schroders' Exclusions Policy, monitoring and Active Ownership. Additional Negative Screens include Schroders Group's Global Norms List. The Funds target a Weighted Average Carbon Intensity lower than the MSCI World ex Tobacco Index, and utilise both an investment objective alongside a sustainability objective. ### Derivatives policy Permitted derivative instruments include futures, currency derivatives, options and listed equity market derivatives. For the Hedged Fund, derivatives are also entered into for the purposes of hedging the Fund's foreign currency exposure to NZD. ### Exclusions - Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodology - Nuclear weapons — more than 5% of gross revenue - Thermal coal mining — more than 10% of gross revenue - Thermal coal power generation — more than 30% of gross revenue - Tobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenue - Tobacco, nicotine alternatives and tobacco-based products (production, distribution, retail, licensing, supply) — more than 25% of gross revenue - Civilian firearms (production) — more than 0% of gross revenue - Global Norms List — Schroders Group proprietary methodology Source: Statement of Investment Policy and Objectives dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/a05841bd49260c3c/20260401---Schroder-Investment-Funds---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust (with JP Morgan Securities Australia Limited as sub-custodian for each Fund) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ share common ultimate ownership under Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including staff of Schroders and FundRock and their families and staff and families of all parties listed in the 'Other information on the parties involved' section, may from time to time invest in the Funds. - Schroders' relationship with Other Schroders Funds could influence it to undertake Crossing Transactions instead of buying or selling assets on market, or to undertake Crossing Transactions when one or another fund would not have otherwise transacted, potentially benefiting investors in one fund at the expense of the other. - Schroders' association with Other Schroders Funds could influence it to invest the assets of the Funds into Other Schroders Funds instead of into direct assets or investment funds managed by third parties, potentially adversely affecting investors if not on arms' length terms or if third-party funds were more efficient. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services, fund accounting and unit pricing provided to the Scheme - **Schroder Investment Management Australia Limited** (Investment Manager and distributor appointed under Investment Management Agreement and Fund Hosting Agreement) — Investment management of the Funds; also distributor of the Funds; responsible for issuing, administering and managing the Scheme under Fund Hosting Agreement Source: Other Material Information document dated 2026-01-19. https://smartinvestor.sorted.org.nz/disclose-document/mdo66d84b7d4d112fec3adbfa63053e048f/20260120-Schroders-OMI.pdf ## How to invest Available via: Schroders directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Schroder%20Sustainable%20Global%20Core%20PIE%20Fund%20(Hedged) - **Product Disclosure Statement:** /disclose-document/mdo3e9957ea79bfd689c544a1de5148f65f/20260120-Schroders-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13639/OFR13649/FND45741/ - **Manager website:** https://www.schroders.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Schroder Sustainable Global Core PIE Fund (Hedged)? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/who-audits/ > The Schroder Sustainable Global Core PIE Fund (Hedged) is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Schroder Sustainable Global Core PIE Fund (Hedged)? PricewaterhouseCoopers The Schroder Sustainable Global Core PIE Fund (Hedged) sits within a managed investment scheme run by Schroders. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust (with JP Morgan Securities Australia Limited as sub-custodian for each Fund) Related Schroder Sustainable Global Core PIE Fund (Hedged) fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Schroder Sustainable Global Core PIE Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/schroder/sustainable-global-core/investment-mandate/ > The Schroder Sustainable Global Core PIE Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 8 explicit exclusions. Verbatim from the SIPO. What can the Schroder Sustainable Global Core PIE Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max International equities 100% 90% 100% Cash and cash equivalents — 0% 10% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (8) Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodologyNuclear weapons — more than 5% of gross revenueThermal coal mining — more than 10% of gross revenueThermal coal power generation — more than 30% of gross revenueTobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenueTobacco, nicotine alternatives and tobacco-based products (production, distribution, retail, licensing, supply) — more than 25% of gross revenueCivilian firearms (production) — more than 0% of gross revenueGlobal Norms List — Schroders Group proprietary methodology Responsible-investment approach The Funds are Sustainable Investment funds applying ESG integration via Schroders' Exclusions Policy, monitoring and Active Ownership. Additional Negative Screens include Schroders Group's Global Norms List. The Funds target a Weighted Average Carbon Intensity lower than the MSCI World ex Tobacco Index, and utilise both an investment objective alongside a sustainability objective. Derivatives policy Permitted derivative instruments include futures, currency derivatives, options and listed equity market derivatives. For the Hedged Fund, derivatives are also entered into for the purposes of hedging the Fund's foreign currency exposure to NZD. Statement of Investment Policy and Objectives Related Schroder Sustainable Global Core PIE Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Schroder Sustainable Global Core PIE Fund: 0.39% fee vs 0.61% … URL: https://managedfunds.nz/funds/schroder/sustainable-global-core/is-it-expensive/ > Schroder Sustainable Global Core PIE Fund charges 0.39% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Schroder Sustainable Global Core PIE Fund expensive? Schroder Sustainable Global Core PIE Fund charges 0.39% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Schroder Sustainable Global Core PIE Fund NZ$193 at 0.39% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-108 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Schroder Sustainable Global Core PIE Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Schroder Sustainable Global Core PIE Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.36pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.36pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.33pp Foundation Series Total World Fund Foundation Series 0.07% −0.32pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.32pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.29pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.24pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.24pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Schroder Sustainable Global Core PIE Fund? Schroder Sustainable Global Core PIE Fund charges 0.39% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Schroder Sustainable Global Core PIE Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Schroder Sustainable Global Core PIE Fund sits at 0.39% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.39% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$193. That is NZ$108 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Schroder Sustainable Global Core PIE Fund --- ## URL: https://managedfunds.nz/funds/schroder/sustainable-global-core/markdown.md # Schroder Sustainable Global Core PIE Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Schroders (Schroder Investment Management Australia) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Schroder Sustainable Global Core PIE Fund is a international equities managed fund run by Schroders. Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors. ## Investment objective (from PDS) > The investment objective of the Fund is to outperform relative to the MSCI World ex Tobacco Index (net dividends reinvested) net of fees with low index-relative risk across a broad range of market environments. The Fund also targets a weighted average carbon intensity lower than the benchmark index and is managed with reference to labour standards, and ESG considerations when selecting, retaining and realising the Fund's investments. Source: Product Disclosure Statement dated 2026-01-20 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo3e9957ea79bfd689c544a1de5148f65f/20260120-Schroders-PDS.pdf ## Fund data - **Annual fund charge:** 0.39% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$946 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 1 December 2023 - **Minimum initial investment:** NZ$25,000 ## Top 9 holdings 1. NVIDIA Corp — 5.40% 2. Apple Inc — 4.72% 3. Microsoft Corporation — 3.29% 4. Amazon.Com Inc — 2.54% 5. Alphabet Inc Class A — 2.13% 6. Broadcom Inc — 1.85% 7. Alphabet Inc Class C — 1.78% 8. Meta Platforms Inc — 1.58% 9. Tesla Motors Inc — 1.30% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 8 bps / 5 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | International equities | 100% | 90% | 100% | | Cash and cash equivalents | — | 0% | 10% | ### Responsible-investment approach The Funds are Sustainable Investment funds applying ESG integration via Schroders' Exclusions Policy, monitoring and Active Ownership. Additional Negative Screens include Schroders Group's Global Norms List. The Funds target a Weighted Average Carbon Intensity lower than the MSCI World ex Tobacco Index, and utilise both an investment objective alongside a sustainability objective. ### Derivatives policy Permitted derivative instruments include futures, currency derivatives, options and listed equity market derivatives. For the Hedged Fund, derivatives are also entered into for the purposes of hedging the Fund's foreign currency exposure to NZD. ### Exclusions - Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodology - Nuclear weapons — more than 5% of gross revenue - Thermal coal mining — more than 10% of gross revenue - Thermal coal power generation — more than 30% of gross revenue - Tobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenue - Tobacco, nicotine alternatives and tobacco-based products (production, distribution, retail, licensing, supply) — more than 25% of gross revenue - Civilian firearms (production) — more than 0% of gross revenue - Global Norms List — Schroders Group proprietary methodology Source: Statement of Investment Policy and Objectives dated 2026-03-26. https://smartinvestor.sorted.org.nz/disclose-document/a05841bd49260c3c/20260401---Schroder-Investment-Funds---SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** Public Trust (with JP Morgan Securities Australia Limited as sub-custodian for each Fund) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - FundRock and Apex NZ share common ultimate ownership under Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Funds, including staff of Schroders and FundRock and their families and staff and families of all parties listed in the 'Other information on the parties involved' section, may from time to time invest in the Funds. - Schroders' relationship with Other Schroders Funds could influence it to undertake Crossing Transactions instead of buying or selling assets on market, or to undertake Crossing Transactions when one or another fund would not have otherwise transacted, potentially benefiting investors in one fund at the expense of the other. - Schroders' association with Other Schroders Funds could influence it to invest the assets of the Funds into Other Schroders Funds instead of into direct assets or investment funds managed by third parties, potentially adversely affecting investors if not on arms' length terms or if third-party funds were more efficient. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services, fund accounting and unit pricing provided to the Scheme - **Schroder Investment Management Australia Limited** (Investment Manager and distributor appointed under Investment Management Agreement and Fund Hosting Agreement) — Investment management of the Funds; also distributor of the Funds; responsible for issuing, administering and managing the Scheme under Fund Hosting Agreement Source: Other Material Information document dated 2026-01-19. https://smartinvestor.sorted.org.nz/disclose-document/mdo66d84b7d4d112fec3adbfa63053e048f/20260120-Schroders-OMI.pdf ## How to invest Available via: Schroders directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Schroder%20Sustainable%20Global%20Core%20PIE%20Fund - **Product Disclosure Statement:** /disclose-document/mdo3e9957ea79bfd689c544a1de5148f65f/20260120-Schroders-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13639/OFR13649/FND45740/ - **Manager website:** https://www.schroders.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/schroder/sustainable-global-core/ - **Markdown (this file):** https://managedfunds.nz/funds/schroder/sustainable-global-core/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/schroder/sustainable-global-core/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Schroder Sustainable Global Core PIE Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/schroder/sustainable-global-core/who-audits/ > The Schroder Sustainable Global Core PIE Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Schroder Sustainable Global Core PIE Fund? PricewaterhouseCoopers The Schroder Sustainable Global Core PIE Fund sits within a managed investment scheme run by Schroders. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust (with JP Morgan Securities Australia Limited as sub-custodian for each Fund) Related Schroder Sustainable Global Core PIE Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Simplicity Balanced Investment Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/simplicity/balanced-investment/investment-mandate/ > The Simplicity Balanced Investment Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the Simplicity Balanced Investment Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% 0% 25% New Zealand fixed interest 16.5% 5% 27% International fixed interest 14.5% 3% 25% Total Income Assets 41% 31% 51% New Zealand equities 9.25% 0% 20% Unlisted New Zealand property 6.25% 0% 15% International equities 43.5% 33.5% 53.5% Total Growth Assets 59% 49% 69% Mandate flexibility (sum of max − min across all ranges): 164%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Statement of Investment Policy and Objectives Related Simplicity Balanced Investment Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Simplicity Balanced Investment Fund: 0.25% fee vs 0.99% peer m… URL: https://managedfunds.nz/funds/simplicity/balanced-investment/is-it-expensive/ > Simplicity Balanced Investment Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Balanced Investment Fund expensive? Simplicity Balanced Investment Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Balanced Investment Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Balanced Investment Fund? Simplicity Balanced Investment Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Balanced Investment Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Simplicity Balanced Investment Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Balanced Investment Fund --- ## URL: https://managedfunds.nz/funds/simplicity/balanced-investment/markdown.md # Simplicity Balanced Investment Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Balanced Investment Fund is a diversified managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Investment objective (from PDS) > The Balanced Investment Fund provides investors with an exposure to a mix of growth and income assets. The Fund's objective is to minimise negative returns over the medium term through investment in income assets such as bonds, while providing an opportunity for positive real returns over the longer term by investing a reasonable proportion in growth assets such as shares and property. Source: Product Disclosure Statement dated 2025-08-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.34% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$738 million - **Asset mix:** 53% growth assets · 47% income assets - **Fund started:** 3 April 2017 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Simplicity Living Ltd Ordinary Shares — 4.66% 2. Cash at Bank — 3.13% 3. NVIDIA Corp — 2.85% 4. Apple Inc — 2.56% 5. Fisher & Paykel Healthcare Ltd — 2.00% 6. Microsoft Corporation — 1.92% 7. Amazon.Com Inc — 1.41% 8. Westpac FRN 6 July 2026 — 1.34% 9. Auckland International Airport Ltd — 1.18% 10. Alphabet Inc Class A — 1.16% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | 0% | 25% | | New Zealand fixed interest | 16.5% | 5% | 27% | | International fixed interest | 14.5% | 3% | 25% | | Total Income Assets | 41% | 31% | 51% | | New Zealand equities | 9.25% | 0% | 20% | | Unlisted New Zealand property | 6.25% | 0% | 15% | | International equities | 43.5% | 33.5% | 53.5% | | Total Growth Assets | 59% | 49% | 69% | ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Balanced%20Investment%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND4542/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/balanced-investment/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/balanced-investment/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/balanced-investment/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Balanced Investment Fund URL: https://managedfunds.nz/funds/simplicity/balanced-investment/questions/ > 4 commonly-asked questions about the Simplicity Balanced Investment Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, diversified category. Questions about Simplicity Balanced Investment Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Balanced Investment Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Simplicity a good investment fund? Simplicity Balanced Investment Fund is a diversified fund with an annual charge of 0.25% p.a., which is substantially lower than the peer-cohort average of 1.1% p.a. The fund returned 4.34% p.a. after fees and before tax over the 5-year period as at the latest QFU; check the current Product Disclosure Statement and FMA Disclose register for the most recent performance and fund details. 2. How safe is Simplicity? Simplicity Balanced Investment Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, meaning it carries moderate risk and volatility. It holds a balanced mix of approximately 53.15% growth assets and 46.85% income assets; see the current PDS for full risk disclosures and how this aligns with your circumstances. 3. Are balanced funds good for retirees? Balanced funds like Simplicity hold a mix of growth and income-generating assets, which can provide both capital growth and regular income—features some retirees seek. However, suitability depends on individual circumstances including time horizon, income needs, and risk tolerance; review the fund's current PDS and consider seeking personalised financial advice. 4. Is a balanced fund a good investment? Balanced funds aim to provide diversification across growth and income assets, reducing reliance on any single asset class. Simplicity's balanced structure comprises approximately 53.15% growth assets and 46.85% income assets; whether this allocation suits your goals requires consideration of your personal circumstances, which a financial adviser can help assess. Primary sources Product Disclosure Statement More about this fund Simplicity Balanced Investment Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Simplicity Conservative Investment Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/simplicity/conservative-investment/investment-mandate/ > The Simplicity Conservative Investment Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the Simplicity Conservative Investment Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 25% 0% 35% New Zealand fixed interest 25% 15% 35% International fixed interest 30% 20% 40% Total Income Assets 80% 70% 90% New Zealand equities 3.5% 0% 13.5% Unlisted New Zealand property 2.5% 0% 5% International equities 14% 4% 24% Total Growth Assets 20% 10% 30% Mandate flexibility (sum of max − min across all ranges): 153.5%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Statement of Investment Policy and Objectives Related Simplicity Conservative Investment Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Simplicity Conservative Investment Fund: 0.25% fee vs 0.99% pe… URL: https://managedfunds.nz/funds/simplicity/conservative-investment/is-it-expensive/ > Simplicity Conservative Investment Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Conservative Investment Fund expensive? Simplicity Conservative Investment Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Conservative Investment Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Conservative Investment Fund? Simplicity Conservative Investment Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Conservative Investment Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Simplicity Conservative Investment Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Conservative Investment Fund --- ## URL: https://managedfunds.nz/funds/simplicity/conservative-investment/markdown.md # Simplicity Conservative Investment Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Conservative Investment Fund is a diversified managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Investment objective (from PDS) > The Conservative Fund target asset allocations are 20% in growth assets and 80% in income assets. Its objective is to minimise negative returns over the short term. It has higher proportions of investment in income assets, such as bonds, while still providing an opportunity for positive real returns over the longer term by investing a small portion of the Fund in growth assets such as shares and unlisted property. Source: Product Disclosure Statement dated 2025-08-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.78% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$169 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 3 April 2017 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Cash at Bank — 10.45% 2. Westpac FRN 6 July 2026 — 2.54% 3. Simplicity Living Ltd Ordinary Shares — 1.87% 4. Kiwibank FRN 13 June 2028 — 1.70% 5. Kiwibank FRN 15 March 2028 — 1.38% 6. Housing NZ 2.247% 5 October 2026 — 1.10% 7. New Zealand govt bond 3.5% 14 April 2033 — 1.03% 8. NVIDIA Corp — 0.91% 9. IBRD bond 4.25% 23 July 2032 — 0.85% 10. Tax Traders CP 26 June 2026 — 0.82% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 25% | 0% | 35% | | New Zealand fixed interest | 25% | 15% | 35% | | International fixed interest | 30% | 20% | 40% | | Total Income Assets | 80% | 70% | 90% | | New Zealand equities | 3.5% | 0% | 13.5% | | Unlisted New Zealand property | 2.5% | 0% | 5% | | International equities | 14% | 4% | 24% | | Total Growth Assets | 20% | 10% | 30% | ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Conservative%20Investment%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND4543/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/conservative-investment/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/conservative-investment/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/conservative-investment/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Conservative Investment Fund URL: https://managedfunds.nz/funds/simplicity/conservative-investment/questions/ > 4 commonly-asked questions about the Simplicity Conservative Investment Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, diversified category. Questions about Simplicity Conservative Investment Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Conservative Investment Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe is Simplicity? Safety in managed funds relates to risk level and capital preservation. The Simplicity Conservative Investment Fund has a risk indicator of 3 out of 7 on the FMA standardised scale, meaning it carries moderate-to-lower risk, with approximately 76.63% of assets in income assets and 23.37% in growth assets. Fund safety also depends on the fund manager's custodial arrangements and regulatory compliance; check the current Product Disclosure Statement and FMA Disclose register for full details. 2. Is Simplicity a good investment fund? Whether this fund suits your circumstances depends on your risk tolerance, time horizon, and financial goals. The Simplicity Conservative Investment Fund returned 1.78% p.a. after fees and before tax over the last 5 years (as at the latest Quarterly Fund Update), with an annual fund charge of 0.25% p.a.—significantly below the peer-cohort average of 0.89% p.a. for conservative funds. Compare this fund's features, returns, fees, and risk profile against your own requirements and other options on managedfunds.nz. 3. Should I switch to conservative fund? A decision to switch to a conservative fund depends on your personal risk tolerance, investment timeframe, and financial circumstances—factors only you and a financial adviser can assess. Conservative funds typically suit investors nearing or in retirement, or those prioritising capital preservation over growth; the Simplicity Conservative Investment Fund's 3/7 risk indicator and income-focused asset mix (76.63%) reflect this positioning. For personalised guidance, consult a licensed financial adviser or read the fund's Product Disclosure Statement. 4. What are the alternatives to Simplicity? Alternatives to the Simplicity Conservative Investment Fund within the conservative diversified category are listed and comparable on managedfunds.nz; you can filter by risk level, fees, returns, and other criteria to review options. For a current list of conservative funds and their key features, visit the fund comparison tools on this site. Primary sources Product Disclosure Statement More about this fund Simplicity Conservative Investment Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Simplicity Growth Investment Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/simplicity/growth-investment/investment-mandate/ > The Simplicity Growth Investment Fund's Statement of Investment Policy sets target / min / max ranges across 8 asset classes. Verbatim from the SIPO. What can the Simplicity Growth Investment Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 4% 0% 15% New Zealand fixed interest 9.75% 0% 20% International fixed interest 6.25% 0% 15% Total Income Assets 20% 10% 30% New Zealand equities 12.4% 2% 22% Unlisted New Zealand property 8.6% 0% 20% International equities 59% 49% 69% Total Growth Assets 80% 70% 90% Mandate flexibility (sum of max − min across all ranges): 150%. Moderate range — some manager latitude within a broader mandate. Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Statement of Investment Policy and Objectives Related Simplicity Growth Investment Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Simplicity Growth Investment Fund: 0.25% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/simplicity/growth-investment/is-it-expensive/ > Simplicity Growth Investment Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Growth Investment Fund expensive? Simplicity Growth Investment Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Growth Investment Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Growth Investment Fund? Simplicity Growth Investment Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Growth Investment Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Simplicity Growth Investment Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Growth Investment Fund --- ## URL: https://managedfunds.nz/funds/simplicity/growth-investment/markdown.md # Simplicity Growth Investment Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Growth Investment Fund is a diversified managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Investment objective (from PDS) > The Growth Investment Fund provides investors with a limited exposure to income assets, but most of its investments are in growth assets. Its objective is to achieve positive real returns over the long term through investment in growth assets, while lessening volatility through diversification of the Fund's assets. Source: Product Disclosure Statement dated 2025-08-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.00% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$1.29 billion - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 3 April 2017 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Simplicity Living Ltd Ordinary Shares — 6.76% 2. Nvidia Corp — 3.84% 3. Apple Inc — 3.45% 4. Microsoft Corporation — 2.59% 5. Fisher & Paykel Healthcare Ltd — 2.30% 6. Amazon.Com Inc — 1.89% 7. Cash at Bank — 1.62% 8. Alphabet Inc Class A — 1.57% 9. Broadcom Inc — 1.36% 10. Auckland International Airport Ltd — 1.35% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 4% | 0% | 15% | | New Zealand fixed interest | 9.75% | 0% | 20% | | International fixed interest | 6.25% | 0% | 15% | | Total Income Assets | 20% | 10% | 30% | | New Zealand equities | 12.4% | 2% | 22% | | Unlisted New Zealand property | 8.6% | 0% | 20% | | International equities | 59% | 49% | 69% | | Total Growth Assets | 80% | 70% | 90% | ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Growth%20Investment%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND4544/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/growth-investment/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/growth-investment/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/growth-investment/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Growth Investment Fund URL: https://managedfunds.nz/funds/simplicity/growth-investment/questions/ > 3 commonly-asked questions about the Simplicity Growth Investment Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, diversified category. Questions about Simplicity Growth Investment Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Growth Investment Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe is Simplicity? Simplicity Growth Investment Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, placing it in the moderate-to-growth range. The fund's ~78.48% allocation to growth assets and ~21.52% to income assets reflects this risk profile; higher growth-asset exposure typically carries greater short-term volatility but aims for longer-term capital growth. For full risk disclosure, check the current Product Disclosure Statement on the Simplicity website. 2. What are the downsides of growth funds? Growth funds typically experience larger short-term price fluctuations than conservative funds because they hold more shares and fewer bonds or cash. The Simplicity Growth Investment Fund's 4/7 risk indicator and ~78% growth-asset weighting mean investors may see significant portfolio swings during market downturns. Investors with short time horizons or low risk tolerance may find this volatility uncomfortable; the FMA's fund risk indicator system is designed to help you assess whether a fund's volatility matches your circumstances. 3. Who owns Simplicity investments? Simplicity Growth Investment Fund is a PIE (Portfolio Investment Entity) managed by Simplicity and available directly through Simplicity. Unit holders in the fund own a proportional stake in the underlying assets, which as at the latest available data include New Zealand and international shares, bonds, and cash. For full details on fund ownership structure and governance, see the current PDS at https://simplicity.kiwi or the FMA Disclose Register. Primary sources Product Disclosure Statement More about this fund Simplicity Growth Investment Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Simplicity Hedged Global Bond Fund: 0.15% fee vs 0.70% peer me… URL: https://managedfunds.nz/funds/simplicity/hedged-global-bond/is-it-expensive/ > Simplicity Hedged Global Bond Fund charges 0.15% p.a. vs the international fi peer-class median of 0.70%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Hedged Global Bond Fund expensive? Simplicity Hedged Global Bond Fund charges 0.15% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 98% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Hedged Global Bond Fund NZ$75 at 0.15% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-270 over 5 years on NZ$10K. What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Hedged Global Bond Fund? Simplicity Hedged Global Bond Fund charges 0.15% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Hedged Global Bond Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Simplicity Hedged Global Bond Fund sits at 0.15% — cheaper than 98% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.15% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$75. That is NZ$270 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Hedged Global Bond Fund --- ## URL: https://managedfunds.nz/funds/simplicity/hedged-global-bond/markdown.md # Simplicity Hedged Global Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Hedged Global Bond Fund is a international fi managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Fund data - **Annual fund charge:** 0.15% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$964 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 28 April 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Cash at Bank - NZD — 0.99% 2. United States Treasury bond 4.25% 15/8/2035 — 0.23% 3. United States Treasury bond 4.25% 15/5/2035 — 0.23% 4. United States Treasury bond 4.375% 15/5/2034 — 0.23% 5. United States Treasury bond 4.25% 15/11/2034 — 0.23% 6. United States Treasury bond 4.625% 15/2/2035 — 0.23% 7. United States Treasury bond 4.5% 15/11/2033 — 0.22% 8. United States Treasury bond 4.00% 15/11/2035 — 0.22% 9. United States Treasury bond 4.00% 15/02/2035 — 0.22% 10. United States Treasury bond 3.875% 15/08/2034 — 0.21% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Hedged%20Global%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND43092/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/hedged-global-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/hedged-global-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/hedged-global-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Hedged Global Bond Fund URL: https://managedfunds.nz/funds/simplicity/hedged-global-bond/questions/ > 3 commonly-asked questions about the Simplicity Hedged Global Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, international fi category. Questions about Simplicity Hedged Global Bond Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Hedged Global Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a hedged global bond fund? A hedged global bond fund invests in international bonds but uses currency hedging to reduce exposure to exchange-rate movements, with the aim of delivering returns closer to the underlying bond performance in NZD terms. The Simplicity Hedged Global Bond Fund holds international fixed-income assets with NZD hedging applied, meaning currency fluctuations between NZD and foreign currencies are largely neutralised. 2. Is a global bond fund a good investment? Whether a global bond fund suits your situation depends on your investment goals, time horizon, and risk tolerance. The Simplicity Hedged Global Bond Fund is classified as Risk Indicator 4/7 (FMA standardised scale) with approximately 99.93% income assets, meaning it is lower-risk relative to growth-focused funds; you should review the Product Disclosure Statement and consider your own circumstances before investing. 3. Is it better to buy hedged or unhedged funds? Hedging reduces currency risk but typically involves a small cost; unhedged funds offer exposure to currency movements, which may benefit or harm returns depending on exchange-rate direction. The choice depends on your view of currency movements and your preference for simplicity—the Simplicity Hedged Global Bond Fund removes NZD currency volatility from international bond returns, which some investors prefer for predictability. More about this fund Simplicity Hedged Global Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Simplicity Hedged Global Share Fund: 0.15% fee vs 0.61% peer m… URL: https://managedfunds.nz/funds/simplicity/hedged-global-share/is-it-expensive/ > Simplicity Hedged Global Share Fund charges 0.15% p.a. vs the international equities peer-class median of 0.61%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Hedged Global Share Fund expensive? Simplicity Hedged Global Share Fund charges 0.15% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 91% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Hedged Global Share Fund NZ$75 at 0.15% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-227 over 5 years on NZ$10K. 6 cheaper peers in the same category International Equities funds with a lower annual fund charge than Simplicity Hedged Global Share Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Simplicity Hedged Global Share Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.12pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.12pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.09pp Foundation Series Total World Fund Foundation Series 0.07% −0.08pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.08pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.05pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Hedged Global Share Fund? Simplicity Hedged Global Share Fund charges 0.15% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Hedged Global Share Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Simplicity Hedged Global Share Fund sits at 0.15% — cheaper than 91% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.15% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$75. That is NZ$227 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Hedged Global Share Fund --- ## URL: https://managedfunds.nz/funds/simplicity/hedged-global-share/markdown.md # Simplicity Hedged Global Share Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Hedged Global Share Fund is a international equities managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Fund data - **Annual fund charge:** 0.15% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2.66 billion - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 28 April 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. NVIDIA Corp — 6.54% 2. Apple Inc — 5.88% 3. Microsoft Corporation — 4.41% 4. Amazon.Com Inc — 3.22% 5. Alphabet Inc Class A — 2.67% 6. Broadcom Inc — 2.31% 7. Alphabet Inc Class C — 2.13% 8. Meta Platforms Inc — 1.99% 9. Tesla Motors Inc — 1.73% 10. Eli Lilly and Company — 1.26% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Hedged%20Global%20Share%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND43093/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/hedged-global-share/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/hedged-global-share/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/hedged-global-share/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Hedged Global Share Fund URL: https://managedfunds.nz/funds/simplicity/hedged-global-share/questions/ > 3 commonly-asked questions about the Simplicity Hedged Global Share Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, international equities category. Questions about Simplicity Hedged Global Share Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Hedged Global Share Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe is Simplicity? The Simplicity Hedged Global Share Fund carries a risk indicator of 5 out of 7 on the FMA standardised scale, reflecting moderate-to-high volatility typical of growth-focused international equity portfolios. Safety depends on your investment timeframe and risk tolerance; you should review the fund's Product Disclosure Statement (PDS) and risk profile on the Simplicity website before investing. 2. What is a hedged global share fund? A hedged global share fund invests in international shares but uses currency hedging to reduce fluctuations from NZD exchange rate movements. The Simplicity Hedged Global Share Fund holds approximately 98.31% growth assets and is denominated in NZD, meaning returns are largely isolated from currency volatility while you retain exposure to global equity price movements. 3. Is Simplicity a good investment fund? Whether this fund suits your circumstances depends on your goals, risk tolerance, and investment timeframe. As at the latest QFU, the fund holds NZ$2,655,450,770.97 in assets and charges an annual fund charge of 0.15% p.a. You can compare its PDS, holdings, and performance data on the FMA Disclose Register and Simplicity's website to assess whether it aligns with your needs. More about this fund Simplicity Hedged Global Share Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Simplicity High Growth Investment Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/simplicity/high-growth-investment/investment-mandate/ > The Simplicity High Growth Investment Fund's Statement of Investment Policy sets target / min / max ranges across 6 asset classes. Verbatim from the SIPO. What can the Simplicity High Growth Investment Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 2% 0% 12% Total Income Assets 2% 0% 12% New Zealand equities 15% 5% 25% Unlisted New Zealand property 10% 0% 15% International equities 73% 63% 83% Total Growth Assets 98% 88% 100% Mandate flexibility (sum of max − min across all ranges): 91%. Narrow range — index-tracking style with limited drift. Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Statement of Investment Policy and Objectives Related Simplicity High Growth Investment Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Simplicity High Growth Investment Fund: 0.25% fee vs 0.99% pee… URL: https://managedfunds.nz/funds/simplicity/high-growth-investment/is-it-expensive/ > Simplicity High Growth Investment Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity High Growth Investment Fund expensive? Simplicity High Growth Investment Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity High Growth Investment Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity High Growth Investment Fund? Simplicity High Growth Investment Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity High Growth Investment Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Simplicity High Growth Investment Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity High Growth Investment Fund --- ## URL: https://managedfunds.nz/funds/simplicity/high-growth-investment/markdown.md # Simplicity High Growth Investment Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity High Growth Investment Fund is a diversified managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Investment objective (from PDS) > The High Growth Investment Fund provides investors with the most exposure to growth assets. The objective is to provide the opportunity to achieve positive real returns over the longer term by investing mostly in growth assets such as shares and unlisted property. This option is suited to investors seeking long term growth and able to tolerate greater volatility of returns. Source: Product Disclosure Statement dated 2025-08-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$509 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 28 April 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Simplicity Living Ltd Ordinary Shares — 6.67% 2. NVIDIA Corp — 4.72% 3. Apple Inc — 4.24% 4. Microsoft Corporation — 3.18% 5. Fisher & Paykel Healthcare Ltd — 3.16% 6. Amazon.Com Inc — 2.33% 7. Alphabet Inc Class A — 1.92% 8. Auckland International Airport Ltd — 1.86% 9. Cash at Bank — 1.77% 10. Infratil Ltd — 1.74% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 2% | 0% | 12% | | Total Income Assets | 2% | 0% | 12% | | New Zealand equities | 15% | 5% | 25% | | Unlisted New Zealand property | 10% | 0% | 15% | | International equities | 73% | 63% | 83% | | Total Growth Assets | 98% | 88% | 100% | ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20High%20Growth%20Investment%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND43091/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/high-growth-investment/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/high-growth-investment/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/high-growth-investment/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity High Growth Investment Fund URL: https://managedfunds.nz/funds/simplicity/high-growth-investment/questions/ > 4 commonly-asked questions about the Simplicity High Growth Investment Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, diversified category. Questions about Simplicity High Growth Investment Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Simplicity High Growth Investment Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe is Simplicity? Simplicity High Growth Investment Fund is rated 5 out of 7 on the FMA's standardised risk indicator, meaning it carries moderate-to-high risk typical of growth-focused funds with ~98.31% invested in growth assets. The fund's risk profile, fund size (NZ$509.46M as at the latest QFU), and diversification across holdings can be reviewed in full via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. Is a high growth fund good? High growth funds are designed for investors with longer investment horizons who can tolerate short-term volatility in exchange for exposure to growth assets; suitability depends on individual circumstances, risk tolerance, and time horizon. Simplicity High Growth holds ~98.31% growth assets, so prospective investors should review the current Product Disclosure Statement and assess whether this risk profile aligns with their needs. 3. What is a good fee for an investment fund? Simplicity High Growth Investment Fund charges 0.25% p.a., which is materially lower than the peer-cohort average annual fund charge of 0.91% p.a. for comparable funds. Fee comparison across the managed-fund market can help inform investment decisions, though total cost of ownership (including tax and adviser charges where applicable) should also be considered. 4. Who owns Simplicity investments? Simplicity High Growth Investment Fund is available directly through Simplicity and holds a diversified portfolio of assets including Simplicity Living Ltd Ordinary Shares (6.67% as at the latest QFU), along with international equities such as NVIDIA Corp and Apple Inc. Full ownership and composition details are available via the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Simplicity High Growth Investment Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Simplicity Homes and Income Investment Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/simplicity/homes-and-income-investment/investment-mandate/ > The Simplicity Homes and Income Investment Fund's Statement of Investment Policy sets target / min / max ranges across 5 asset classes. Verbatim from the SIPO. What can the Simplicity Homes and Income Investment Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 40% 35% 100% New Zealand fixed interest 35% 0% 65% Total Income Assets 75% 50% 100% Unlisted New Zealand property 25% 0% 50% Total Growth Assets 25% 0% 50% Mandate flexibility (sum of max − min across all ranges): 280%. Wide range — high manager discretion typical of active management. Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Statement of Investment Policy and Objectives Related Simplicity Homes and Income Investment Fund fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Simplicity Homes and Income Investment Fund: 0.25% fee vs 0.99… URL: https://managedfunds.nz/funds/simplicity/homes-and-income-investment/is-it-expensive/ > Simplicity Homes and Income Investment Fund charges 0.25% p.a. vs the diversified peer-class median of 0.99%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Homes and Income Investment Fund expensive? Simplicity Homes and Income Investment Fund charges 0.25% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 94% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Homes and Income Investment Fund NZ$124 at 0.25% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-361 over 5 years on NZ$10K. What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Homes and Income Investment Fund? Simplicity Homes and Income Investment Fund charges 0.25% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Homes and Income Investment Fund's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Simplicity Homes and Income Investment Fund sits at 0.25% — cheaper than 94% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.25% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$124. That is NZ$361 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Homes and Income Investment Fund --- ## URL: https://managedfunds.nz/funds/simplicity/homes-and-income-investment/markdown.md # Simplicity Homes and Income Investment Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Homes and Income Investment Fund is a diversified managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Investment objective (from PDS) > The Homes and Income Investment Fund provides investors with an exposure to a mix of growth and income assets, with a focus on residential property. The Fund's objective is to minimise negative returns through investment in income generating assets such as community housing bonds and residential mortgages, while providing an opportunity for positive real returns over the longer term by investing a reasonable proportion in an unlisted build-to-rent property company. Source: Product Disclosure Statement dated 2025-08-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$68 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 27 October 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Simplicity Living Ltd Ordinary Shares — 14.11% 2. CHFA NZ Bond 3.472% 26 September 2028 — 7.24% 3. Kiwibank FRN 13 June 2028 — 5.88% 4. Westpac FRN 6 July 2026 — 5.70% 5. Kiwibank FRN 15 March 2028 — 4.76% 6. Cash at Bank — 3.80% 7. Housing NZ 2.247% 5 October 2026 — 3.79% 8. Tax Traders CP 26 June 2026 — 2.83% 9. Tax Traders CP 27 May 2026 — 2.36% 10. Auckland City Council Bond 10 August 2026 — 1.91% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 40% | 35% | 100% | | New Zealand fixed interest | 35% | 0% | 65% | | Total Income Assets | 75% | 50% | 100% | | Unlisted New Zealand property | 25% | 0% | 50% | | Total Growth Assets | 25% | 0% | 50% | ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Homes%20and%20Income%20Investment%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND46015/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/homes-and-income-investment/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/homes-and-income-investment/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/homes-and-income-investment/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Homes and Income Investment Fund URL: https://managedfunds.nz/funds/simplicity/homes-and-income-investment/questions/ > 3 commonly-asked questions about the Simplicity Homes and Income Investment Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, diversified category. Questions about Simplicity Homes and Income Investment Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Homes and Income Investment Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much does Simplicity fund charge? Simplicity Homes and Income Investment Fund charges an annual fund charge of 0.25% p.a., as disclosed on the FMA Disclose register. This is materially lower than the peer-cohort average of 0.89% p.a. for comparable diversified funds. 2. How safe is Simplicity? The fund carries a risk indicator of 3 out of 7 on the FMA standardised scale, reflecting a moderate risk profile appropriate to its ~76.63% allocation to income assets and ~23.37% to growth assets. The specific risks and past performance are detailed in the fund's current Product Disclosure Statement on the FMA Disclose register. 3. What are the alternatives to Simplicity? You can compare Simplicity Homes and Income Investment Fund against other diversified funds on managedfunds.nz using filters for risk level, annual fund charge, and asset mix. The FMA Disclose register also allows you to review Product Disclosure Statements for all competing funds in this category. Primary sources Product Disclosure Statement More about this fund Simplicity Homes and Income Investment Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Simplicity NZ Bond Fund: 0.10% fee vs 0.63% peer median URL: https://managedfunds.nz/funds/simplicity/nz-bond/is-it-expensive/ > Simplicity NZ Bond Fund charges 0.10% p.a. vs the nz fixed interest peer-class median of 0.63%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity NZ Bond Fund expensive? Simplicity NZ Bond Fund charges 0.10% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 96% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity NZ Bond Fund NZ$50 at 0.10% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-259 over 5 years on NZ$10K. What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity NZ Bond Fund? Simplicity NZ Bond Fund charges 0.10% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity NZ Bond Fund's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Simplicity NZ Bond Fund sits at 0.10% — cheaper than 96% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.10% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$50. That is NZ$259 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity NZ Bond Fund --- ## URL: https://managedfunds.nz/funds/simplicity/nz-bond/markdown.md # Simplicity NZ Bond Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** New Zealand Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity NZ Bond Fund is a nz fixed interest managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Fund data - **Annual fund charge:** 0.10% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.53% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$674 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 3 April 2018 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. New Zealand govt bond 3.5% 14 April 2033 — 6.89% 2. Westpac NZ FRN 6 July 2026 — 5.94% 3. IBRD bond 4.25% 23 July 2032 — 5.67% 4. New Zealand govt bond 1.5% 15 May 2031 — 4.92% 5. New Zealand govt bond 5% 15 May 2054 — 4.59% 6. New Zealand govt bond 2.75% 15 May 2051 — 4.43% 7. Auckland Council bond 5.745% 17 June 2039 — 4.39% 8. IBRD bond 0.625% 24 Sept 2027 — 4.28% 9. EDC bond 3.875% 08 August 2030 — 4.26% 10. New Zealand govt bond 2.75% 15 April 2037 — 4.20% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20NZ%20Bond%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND9381/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/nz-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/nz-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/nz-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity NZ Bond Fund URL: https://managedfunds.nz/funds/simplicity/nz-bond/questions/ > 4 commonly-asked questions about the Simplicity NZ Bond Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, nz fixed interest category. Questions about Simplicity NZ Bond Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Simplicity NZ Bond Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Simplicity a good investment fund? Simplicity NZ Bond Fund is a PIE-taxed fixed-interest fund with an annual fund charge of 0.1% p.a., which is significantly lower than the peer-cohort average of 0.65% p.a. as at the latest QFU. Whether it suits your circumstances depends on your investment goals, time horizon, and risk tolerance; check the current Product Disclosure Statement on https://simplicity.kiwi and review the fund's 5-year return after fees of 0.53% p.a. against your expectations. 2. Do you pay tax on bonds in NZ? Yes, bond fund returns are taxable in New Zealand. Simplicity NZ Bond Fund is structured as a PIE (Portfolio Investment Entity), which means your tax liability is capped at your prescribed investor rate (PIR), with a maximum of 28%. For specific tax treatment of your own investment, consult the IRD website or a tax adviser. 3. How safe is Simplicity? Simplicity NZ Bond Fund has a risk indicator of 4 out of 7 on the FMA standardised scale, indicating moderate risk. The fund holds approximately 99.93% income assets (mainly government and corporate bonds) with minimal growth assets, meaning it is exposed to interest-rate and credit risk but not significant equity volatility. For full risk details, refer to the current Product Disclosure Statement. 4. What are the alternatives to Simplicity? Other NZ fixed-interest funds are available through various managers and platforms. To compare funds in this category by fee, performance, risk profile, and holdings, use the fund comparison tools on this site or check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. More about this fund Simplicity NZ Bond Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Simplicity NZ Cash Fund: 0.12% fee vs 0.26% peer median URL: https://managedfunds.nz/funds/simplicity/nz-cash/is-it-expensive/ > Simplicity NZ Cash Fund charges 0.12% p.a. vs the cash peer-class median of 0.26%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity NZ Cash Fund expensive? Simplicity NZ Cash Fund charges 0.12% p.a. in annual fund charges, versus a peer-class median of 0.26% across 5 New Zealand cash funds. On fee alone it is cheaper than 90% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity NZ Cash Fund NZ$60 at 0.12% p.a. Peer-class median NZ$129 at 0.26% p.a. Difference vs median: NZ$-69 over 5 years on NZ$10K. What fee level should I expect? For the cash cohort across NZ retail managed funds, the annual fund charge spans roughly 0.12% at the cheapest to 0.65% at the priciest, with a median of 0.26% across 5 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity NZ Cash Fund? Simplicity NZ Cash Fund charges 0.12% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity NZ Cash Fund's fee compare with peer cash funds in New Zealand? The peer-class median annual charge across 5 New Zealand cash funds is 0.26%. Simplicity NZ Cash Fund sits at 0.12% — cheaper than 90% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.12% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$60. That is NZ$69 less than the peer-class median fee-drag of NZ$129. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity NZ Cash Fund --- ## URL: https://managedfunds.nz/funds/simplicity/nz-cash/markdown.md # Simplicity NZ Cash Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Cash and Cash Equivalents - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity NZ Cash Fund is a cash managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Investment objective (from PDS) > The NZ Cash Fund invests in a portfolio managed by us of cash, short term bonds and other debt securities. Its objective is to provide stable returns over all periods. This option is suited to investors seeking low volatility of returns. Source: Product Disclosure Statement dated 2025-08-14 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf ## Fund data - **Annual fund charge:** 0.12% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$92 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 28 April 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Cash at bank — 10.57% 2. Kiwibank FRN 13 June 2028 — 8.27% 3. Westpac FRN 6 July 2026 — 8.01% 4. Kiwibank FRN 15 March 2028 — 6.68% 5. Housing NZ 2.247% 5 October 2026 — 5.32% 6. Tax Traders CP 26 June 2026 — 3.97% 7. Tax Traders CP 27 May 2026 — 3.32% 8. Auckland City Council Bond 10 August 2026 — 2.69% 9. Watercare CP 14 April 2026 — 2.66% 10. Dunedin CC CP 15 June 2026 — 2.66% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20NZ%20Cash%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND43090/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/nz-cash/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/nz-cash/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/nz-cash/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity NZ Cash Fund URL: https://managedfunds.nz/funds/simplicity/nz-cash/questions/ > 3 commonly-asked questions about the Simplicity NZ Cash Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, cash category. Questions about Simplicity NZ Cash Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Simplicity NZ Cash Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Does Simplicity have a cash fund? Yes. Simplicity offers the NZ Cash Fund, a cash-category fund with an annual fund charge of 0.12% p.a. as at the latest QFU. The fund is available to invest in directly through Simplicity. 2. How much does Simplicity fund charge? The Simplicity NZ Cash Fund has an annual fund charge of 0.12% p.a., as disclosed on the FMA Disclose register. This is substantially lower than the peer-cohort average annual fund charge of 0.65% p.a. for comparable cash funds. 3. How safe is Simplicity? The Simplicity NZ Cash Fund has a risk indicator of 2/7 on the FMA standardised risk scale, indicating low risk. The fund holds approximately 99.93% income assets (primarily bank deposits and fixed-income securities) and 0.07% growth assets. Safety depends on your personal circumstances; check the Product Disclosure Statement on the manager's website at https://simplicity.kiwi for full details. Primary sources Product Disclosure Statement More about this fund Simplicity NZ Cash Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other cash funds Kernel Cash Plus Fund Kernel Summer New Zealand Cash Summer Lifetime Cash Fund Lifetime Clarity Enhanced Cash PIE Clarity ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Simplicity NZ Share Fund: 0.10% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/simplicity/nz-share/is-it-expensive/ > Simplicity NZ Share Fund charges 0.10% p.a. vs the australasian equities peer-class median of 1.01%. 0 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity NZ Share Fund expensive? Simplicity NZ Share Fund charges 0.10% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 99% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity NZ Share Fund NZ$50 at 0.10% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-445 over 5 years on NZ$10K. What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity NZ Share Fund? Simplicity NZ Share Fund charges 0.10% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity NZ Share Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Simplicity NZ Share Fund sits at 0.10% — cheaper than 99% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.10% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$50. That is NZ$445 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity NZ Share Fund --- ## URL: https://managedfunds.nz/funds/simplicity/nz-share/markdown.md # Simplicity NZ Share Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity NZ Share Fund is a australasian equities managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Fund data - **Annual fund charge:** 0.10% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.02% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$1.42 billion - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 3 April 2018 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. Fisher & Paykel Healthcare Ltd — 17.92% 2. Auckland International Airport Ltd — 10.55% 3. Infratil Ltd — 9.84% 4. Contact Energy Ltd — 7.41% 5. A2 Milk Company Ltd — 7.26% 6. Meridian Energy Limited — 6.33% 7. Mainfreight Ltd — 4.34% 8. Mercury NZ Limited — 3.79% 9. Chorus Ltd — 3.59% 10. Spark New Zealand Ltd — 3.45% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20NZ%20Share%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND9382/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/nz-share/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/nz-share/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/nz-share/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity NZ Share Fund URL: https://managedfunds.nz/funds/simplicity/nz-share/questions/ > 2 commonly-asked questions about the Simplicity NZ Share Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, australasian equities category. Questions about Simplicity NZ Share Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Simplicity NZ Share Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe is Simplicity? The Simplicity NZ Share Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, reflecting a high-growth investment with exposure to equity markets and associated price volatility. Safety in managed funds depends on your personal risk tolerance and investment timeframe; review the Product Disclosure Statement on the Simplicity website and the fund's FMA Disclose register entry for full risk details. 2. Is Simplicity a good investment fund? The Simplicity NZ Share Fund reported a 5-year return after fees and before tax of 0.02% p.a., and charges an annual fund charge of 0.1% p.a.—substantially below the peer-cohort average of 0.91% p.a. Whether it suits your goals depends on your investment objectives and circumstances; compare its features and performance with other funds in the Australasian Equities category via the FMA Disclose register. More about this fund Simplicity NZ Share Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Simplicity Unhedged Global Share Fund: 0.15% fee vs 0.61% peer… URL: https://managedfunds.nz/funds/simplicity/unhedged-global-share/is-it-expensive/ > Simplicity Unhedged Global Share Fund charges 0.15% p.a. vs the international equities peer-class median of 0.61%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Simplicity Unhedged Global Share Fund expensive? Simplicity Unhedged Global Share Fund charges 0.15% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 91% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Simplicity Unhedged Global Share Fund NZ$75 at 0.15% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-227 over 5 years on NZ$10K. 6 cheaper peers in the same category International Equities funds with a lower annual fund charge than Simplicity Unhedged Global Share Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Simplicity Unhedged Global Share Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.12pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.12pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.09pp Foundation Series Total World Fund Foundation Series 0.07% −0.08pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.08pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.05pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Simplicity Unhedged Global Share Fund? Simplicity Unhedged Global Share Fund charges 0.15% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Simplicity Unhedged Global Share Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Simplicity Unhedged Global Share Fund sits at 0.15% — cheaper than 91% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.15% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$75. That is NZ$227 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Simplicity Unhedged Global Share Fund --- ## URL: https://managedfunds.nz/funds/simplicity/unhedged-global-share/markdown.md # Simplicity Unhedged Global Share Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Simplicity (Simplicity NZ Limited) - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **NZD hedged:** no - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Simplicity Unhedged Global Share Fund is a international equities managed fund run by Simplicity. Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Fund data - **Annual fund charge:** 0.15% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$2.73 billion - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 28 April 2023 - **Minimum initial investment:** NZ$1 ## Top 10 holdings 1. NVIDIA Corp — 6.53% 2. Apple Inc — 5.87% 3. Microsoft Corporation — 4.40% 4. Amazon.Com Inc — 3.22% 5. Alphabet Inc Class A — 2.66% 6. Broadcom Inc — 2.31% 7. Alphabet Inc Class C — 2.13% 8. Meta Platforms Inc — 1.99% 9. Tesla Motors Inc — 1.73% 10. Eli Lilly and Company — 1.26% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Responsible-investment approach A negative screening approach is adopted for all portfolios, based on excluded business activities and behaviour-related exclusions. For overseas investments, external manager DWS applies custom broad-based market indices subject to responsible investment screening overlay. ### Derivatives policy Derivatives are only permitted for forward foreign exchange contracts to hedge currencies and interest rate swaps to hedge interest rate risk of community housing bonds. Derivatives are only used if there is no cost-effective means to gain an essential investment exposure using physical securities. Source: Statement of Investment Policy and Objectives dated 2026-05-01. https://smartinvestor.sorted.org.nz/disclose-document/b193cb1f49b6968f/Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Custodian:** Simplicity Investment Nominees Limited (nominee for Property Fund's shareholding in Simplicity Living Limited) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Simplicity NZ Limited manages the Schemes whose funds invest in the Wholesale Scheme managed by its wholly owned subsidiary SIML, creating a related-party investment relationship. - The Property Fund invests exclusively in unlisted shares of Simplicity Living Limited, which is an associated person of Simplicity and wholly controlled (100% voting shares) by Simplicity through SIML. - A Simplicity director sits on the board of Simplicity Living, representing both the shareholder (Property Fund) and underlying investors, while Simplicity also sets the valuation model parameters (including the Standard Development Margin and marketability discount factor) used to value Simplicity Living shares. - Simplicity has a Conflicts of Interest Policy requiring all related-party transactions between the Schemes and the Wholesale Scheme to be made under a certificate confirming arm's-length basis, compliance with SIPOs and investment guidelines, and that they are in investors' interests. ### Related-party transactions - **Simplicity Investment Management Limited (SIML)** (Wholly owned subsidiary of Simplicity NZ Limited; trustee and manager of the Wholesale Scheme) — Simplicity performs all management functions on behalf of SIML; the Schemes invest in the Wholesale Scheme (including the Property Fund) to gain exposure to various asset classes - **Simplicity Living Limited** (Associated person of Simplicity; wholly owned by the Simplicity Wholesale Property Fund via nominee Simplicity Investment Nominees Limited; a Simplicity director sits on its board) — Property Fund invests exclusively in unlisted ordinary shares of Simplicity Living, providing initial and ongoing capital funding for build-to-rent residential property developments - **Simplicity Investment Nominees Limited** (Nominee holder of Simplicity Living shares on behalf of the Property Fund) — Holds unlisted shares in Simplicity Living Limited as nominee for the Property Fund Source: Other Material Information document dated 2025-06-24. https://smartinvestor.sorted.org.nz/disclose-document/mdocaf09da495f2beb65fe23c037201d4ba/Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf ## How to invest Available via: Simplicity directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity%20Unhedged%20Global%20Share%20Fund - **Product Disclosure Statement:** /disclose-document/mdob0407fc2f6057aa881a30e56b84a1642/Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH11873/OFR11879/FND43094/ - **Manager website:** https://simplicity.kiwi ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/simplicity/unhedged-global-share/ - **Markdown (this file):** https://managedfunds.nz/funds/simplicity/unhedged-global-share/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/simplicity/unhedged-global-share/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Simplicity Unhedged Global Share Fund URL: https://managedfunds.nz/funds/simplicity/unhedged-global-share/questions/ > 3 commonly-asked questions about the Simplicity Unhedged Global Share Fund, answered with mechanical facts sourced from the FMA Disclose register. Simplicity, international equities category. Questions about Simplicity Unhedged Global Share Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Simplicity Unhedged Global Share Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How safe is Simplicity? Safety in funds is assessed via standardised risk indicators: this fund carries a risk indicator of 5/7 on the FMA scale, meaning it is positioned toward higher risk due to its ~98.31% allocation to growth assets. International equity funds carry market risk; you should review the Product Disclosure Statement and FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for full risk details before investing. 2. What is an unhedged global share fund? An unhedged global share fund holds shares in overseas companies but does not use hedging contracts to protect against foreign currency movements; this means the fund's value in NZD will rise or fall with both the underlying share prices and changes in NZD/foreign currency exchange rates. Simplicity's unhedged structure means investors bear direct currency exposure to their international holdings. 3. What are the fees for Simplicity Global Share fund? The annual fund charge for Simplicity Unhedged Global Share Fund is 0.15% p.a., as disclosed in the latest Quarterly Fund Update. This is substantially lower than the peer-cohort average of 0.91% p.a. for funds in this category. Full fee information is available on the FMA Disclose register and in the current Product Disclosure Statement. More about this fund Simplicity Unhedged Global Share Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Global Aggregate Bond ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/investment-mandate/ > The Smart Global Aggregate Bond ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Global Aggregate Bond ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International fixed interest 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Global Aggregate Bond ETF fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Global Aggregate Bond ETF: 0.30% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/is-it-expensive/ > Smart Global Aggregate Bond ETF charges 0.30% p.a. vs the international fi peer-class median of 0.70%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Global Aggregate Bond ETF expensive? Smart Global Aggregate Bond ETF charges 0.30% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 87% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Global Aggregate Bond ETF NZ$149 at 0.30% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-196 over 5 years on NZ$10K. 3 cheaper peers in the same category International FI funds with a lower annual fund charge than Smart Global Aggregate Bond ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Global Aggregate Bond ETF Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.15pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.05pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.02pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Global Aggregate Bond ETF? Smart Global Aggregate Bond ETF charges 0.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Global Aggregate Bond ETF's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Smart Global Aggregate Bond ETF sits at 0.30% — cheaper than 87% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$149. That is NZ$196 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Global Aggregate Bond ETF --- ## URL: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/markdown.md # Smart Global Aggregate Bond ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Fixed Interest - **Structure:** Exchange-traded fund (ETF) — NZX ticker `AGG` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Global Aggregate Bond ETF is a international fi exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international bonds and is designed to track the return of the Bloomberg Global Aggregate Bond Total Return Index Hedged NZD. Source: Product Disclosure Statement dated 2025-09-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf ## Fund data - **Annual fund charge:** 0.30% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.29% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$36 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 2 holdings 1. IShares Core Global Aggregate Bond UCITS ETF (NZD Hedged) — 99.45% 2. EUR Cash Account (BNP Paribas) — 0.03% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International fixed interest | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Global%20Aggregate%20Bond%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14632/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Global Aggregate Bond ETF URL: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/questions/ > 4 commonly-asked questions about the Smart Global Aggregate Bond ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international fi category. Questions about Smart Global Aggregate Bond ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart Global Aggregate Bond ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are global aggregate bonds a good investment? Global aggregate bonds are a broad fixed-income asset class that can provide diversified income exposure across multiple currencies and issuers. Whether they suit your situation depends on your goals, time horizon, and risk tolerance; the FMA Disclose register and product disclosure statements contain standardised return and risk data to help you assess fit. 2. Are global bond ETFs a good investment? Global bond ETFs offer liquid, diversified access to international fixed-income markets with transparent pricing and typically lower costs than active funds. This Smart Global Aggregate Bond ETF has a 5-year return of 1.76% p.a. after fees and an annual fund charge of 0.3% p.a., which is below the peer-cohort average of 0.66% p.a.; check the latest PDS and FMA Disclose data to compare against other options. 3. What are the fees for global ETFs? ETF fees vary by fund and manager. This Smart Global Aggregate Bond ETF charges 0.3% p.a., which is substantially lower than the international fixed-income peer-cohort average of 0.66% p.a. You can compare fees across all available funds on the FMA Disclose register. 4. Why not invest in bond ETFs? Bond ETFs have trade-offs: they offer liquidity and lower costs than some active funds, but carry interest-rate risk, credit risk, and currency risk depending on the holdings. This fund sits at risk indicator 3/7 on the FMA standardised scale; review the PDS and latest QFU to understand whether the risk profile matches your circumstances. Primary sources Product Disclosure Statement More about this fund Smart Global Aggregate Bond ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Asia Pacific ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/apa-asia-pacific/investment-mandate/ > The Smart Asia Pacific ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Asia Pacific ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Asia Pacific ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Asia Pacific ETF: 0.55% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/apa-asia-pacific/is-it-expensive/ > Smart Asia Pacific ETF charges 0.55% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Asia Pacific ETF expensive? Smart Asia Pacific ETF charges 0.55% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Asia Pacific ETF NZ$272 at 0.55% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-29 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Asia Pacific ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Asia Pacific ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.49pp Foundation Series Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.45pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.40pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.40pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Asia Pacific ETF? Smart Asia Pacific ETF charges 0.55% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Asia Pacific ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Asia Pacific ETF sits at 0.55% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.55% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$272. That is NZ$29 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Asia Pacific ETF --- ## URL: https://managedfunds.nz/funds/smartshares/apa-asia-pacific/markdown.md # Smart Asia Pacific ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `APA` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Asia Pacific ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the FTSE Developed Asia Pacific All Cap Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.55% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 8.66% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$111 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. Vanguard FTSE Pacific ETF — 99.92% 2. USD Cash Account (BNP Paribas) — 0.13% 3. NZD Cash Account (ANZ Bank) — 0.06% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Asia%20Pacific%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1094/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/apa-asia-pacific/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/apa-asia-pacific/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/apa-asia-pacific/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Asia Pacific ETF URL: https://managedfunds.nz/funds/smartshares/apa-asia-pacific/questions/ > 3 commonly-asked questions about the Smart Asia Pacific ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Asia Pacific ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Asia Pacific ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Asia Pacific a good investment? Asia Pacific equities form a major global asset class with varying risk and return profiles depending on the specific holdings and market conditions. Smart Asia Pacific ETF tracks the VANGUARD FTSE PACIFIC ETF and carries a risk indicator of 4/7 on the FMA standardised scale; its 5-year return after fees and before tax was 8.89% p.a. as at the latest QFU. Whether this aligns with your investment goals and risk tolerance depends on your personal circumstances—refer to the PDS and FMA Disclose register for full fund details. 2. How much fees do ETFs charge? ETF fees vary by fund and strategy. Smart Asia Pacific ETF charges 0.55% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable international equity funds. You can compare annual fund charges across funds in our coverage using the fee filter, and check the latest QFU and PDS for each fund's current charge. 3. What is smart nz top 50 ETF? Smart Asia Pacific ETF is an international equity fund that tracks Asia Pacific markets through the Vanguard FTSE Pacific ETF, not a New Zealand top 50 fund. If you are looking for New Zealand equity exposure, check our fund comparison tool to filter by asset class and geography. Primary sources Product Disclosure Statement More about this fund Smart Asia Pacific ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Dividend ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/investment-mandate/ > The Smart Australian Dividend ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Australian Dividend ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Dividend ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Dividend ETF: 0.54% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/is-it-expensive/ > Smart Australian Dividend ETF charges 0.54% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Dividend ETF expensive? Smart Australian Dividend ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Dividend ETF NZ$267 at 0.54% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-228 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart Australian Dividend ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Dividend ETF Simplicity NZ Share Fund Simplicity 0.10% −0.44pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.34pp Harbour NZ Index Shares Fund Harbour 0.21% −0.33pp BetaShares Australia 200 Fund BetaShares 0.23% −0.31pp Kernel NZ 20 Fund Kernel 0.25% −0.29pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.29pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.29pp Kernel Australia 100 Fund Kernel 0.25% −0.29pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Dividend ETF? Smart Australian Dividend ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Dividend ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart Australian Dividend ETF sits at 0.54% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$228 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Dividend ETF --- ## URL: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/markdown.md # Smart Australian Dividend ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `ASD` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Dividend ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian shares and is designed to track the return of the S&P/ASX Dividend Opportunities Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 10.24% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$52 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 16 December 2014 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Telstra Group Ltd — 10.90% 2. Commonwealth Bank of Australia — 9.76% 3. Transurban Group — 9.37% 4. Wesfarmers Ltd — 8.71% 5. Santos Ltd — 7.05% 6. Origin Energy Ltd — 7.02% 7. Coles Group Ltd — 6.13% 8. Westpac Banking Corp — 5.72% 9. National Australia Bank Ltd — 5.53% 10. ANZ Group Holdings Ltd — 4.73% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Dividend%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1095/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/asd-australian-dividend/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/asd-australian-dividend/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/asd-australian-dividend/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Dividend ETF URL: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/questions/ > 4 commonly-asked questions about the Smart Australian Dividend ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart Australian Dividend ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Dividend ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund and strategy. The Smart Australian Dividend ETF charges an annual fund charge of 0.54% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. Check the Product Disclosure Statement (PDS) on the Smartshares website or FMA Disclose register for the specific fee structure of any ETF you're considering. 2. Do you pay tax on ETF dividends in Australia? The Smart Australian Dividend ETF is structured as a PIE (Portfolio Investment Entity) in New Zealand, which means investor tax is capped at your prescribed investor rate (PIR), with a maximum of 28%. Dividends received from Australian shares held within the fund are taxed according to your PIR rather than at Australian tax rates; for detailed tax treatment, consult the IRD website or your tax adviser. 3. Is Smart invest legit? Smartshares is the fund manager for the Smart Australian Dividend ETF and is regulated under the Financial Markets Conduct Act 2013. You can verify the fund's registration and view its disclosure documents on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. The fund is available through regulated investment platforms including InvestNow, Sharesies, and directly via Smartshares. 4. What is the best Australian dividend ETF? The Smart Australian Dividend ETF has delivered a 5-year return of 9.27% p.a. after fees and before tax, as at the latest quarterly fund update, with an annual fund charge of 0.54% p.a. Funds in our coverage can be compared by fee, risk indicator, return history, and asset mix on our comparison tool—check the current PDS and FMA Disclose register for the most recent fund information. Primary sources Product Disclosure Statement More about this fund Smart Australian Dividend ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Financials ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/asf-australian-financials/investment-mandate/ > The Smart Australian Financials ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Smart Australian Financials ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Australian Real Estate Investment Trusts (A-REITs) Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Financials ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Financials ETF: 0.54% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/asf-australian-financials/is-it-expensive/ > Smart Australian Financials ETF charges 0.54% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Financials ETF expensive? Smart Australian Financials ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Financials ETF NZ$267 at 0.54% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-228 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart Australian Financials ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Financials ETF Simplicity NZ Share Fund Simplicity 0.10% −0.44pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.34pp Harbour NZ Index Shares Fund Harbour 0.21% −0.33pp BetaShares Australia 200 Fund BetaShares 0.23% −0.31pp Kernel NZ 20 Fund Kernel 0.25% −0.29pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.29pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.29pp Kernel Australia 100 Fund Kernel 0.25% −0.29pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Financials ETF? Smart Australian Financials ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Financials ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart Australian Financials ETF sits at 0.54% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$228 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Financials ETF --- ## URL: https://managedfunds.nz/funds/smartshares/asf-australian-financials/markdown.md # Smart Australian Financials ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `ASF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Financials ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian shares and is designed to track the return of the S&P/ASX 200 Financials Ex-A-REIT Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 14.26% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$65 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 April 2015 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Commonwealth Bank of Australia — 31.61% 2. Westpac Banking Corp — 15.21% 3. National Australia Bank Ltd — 14.32% 4. ANZ Group Holdings Ltd — 12.21% 5. Macquarie Group Ltd — 8.06% 6. QBE Insurance Group Ltd — 3.60% 7. Suncorp Group Ltd — 1.97% 8. Insurance Australia Group Ltd — 1.96% 9. Washington H Soul Pattinson & Co Ltd — 1.63% 10. Medibank Pvt Ltd — 1.35% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Australian Real Estate Investment Trusts (A-REITs) Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Financials%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1096/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/asf-australian-financials/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/asf-australian-financials/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/asf-australian-financials/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Financials ETF URL: https://managedfunds.nz/funds/smartshares/asf-australian-financials/questions/ > 3 commonly-asked questions about the Smart Australian Financials ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart Australian Financials ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Financials ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund and strategy. The Smart Australian Financials ETF charges an annual fund charge of 0.54% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. You can compare specific fund fees on their FMA Disclose pages at https://disclose-register.companiesoffice.govt.nz/. 2. Is there a fee for investing in ETFs? ETFs charge an annual fund charge (AFC) that is deducted from fund returns; the Smart Australian Financials ETF's annual fund charge is 0.54% p.a. Additional costs may apply depending on your investment platform (InvestNow, Sharesies, or Smartshares directly), so check with your chosen provider for any platform fees or transaction costs. 3. What is the best Australian ETF to invest in? Funds in our coverage with the lowest annual fund charges in the Australasian Equities category are listed in our comparison tables. The Smart Australian Financials ETF has an annual fund charge of 0.54% p.a. and a 5-year return after fees of 16.31% p.a. (as at the latest QFU); check the current PDS and FMA Disclose details before making investment decisions. Primary sources Product Disclosure Statement More about this fund Smart Australian Financials ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Property ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/asp-australian-property/investment-mandate/ > The Smart Australian Property ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Australian Property ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Listed property 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Property ETF fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Property ETF: 0.54% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/smartshares/asp-australian-property/is-it-expensive/ > Smart Australian Property ETF charges 0.54% p.a. vs the listed property peer-class median of 1.02%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Property ETF expensive? Smart Australian Property ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 87% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Property ETF NZ$267 at 0.54% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$-233 over 5 years on NZ$10K. 1 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Smart Australian Property ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Property ETF Kernel NZ Commercial Property Fund Kernel 0.25% −0.29pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Property ETF? Smart Australian Property ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Property ETF's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Smart Australian Property ETF sits at 0.54% — cheaper than 87% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$233 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Property ETF --- ## URL: https://managedfunds.nz/funds/smartshares/asp-australian-property/markdown.md # Smart Australian Property ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Listed Property - **Structure:** Exchange-traded fund (ETF) — NZX ticker `ASP` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Property ETF is a listed property exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian property and is designed to track the return of the S&P/ASX 200 A-REIT Equal Weight Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.03% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$23 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 16 December 2014 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Region RE Ltd — 5.75% 2. Vicinity Ltd — 5.56% 3. Arena REIT — 5.45% 4. National Storage REIT — 5.44% 5. Charter Hall Retail REIT — 5.31% 6. BWP Trust — 5.31% 7. The GPT Group — 5.26% 8. Centuria Capital Group — 5.22% 9. HomeCo Daily Needs REIT — 5.22% 10. Waypoint REIT Ltd — 5.16% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Listed property | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Property%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1098/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/asp-australian-property/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/asp-australian-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/asp-australian-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Property ETF URL: https://managedfunds.nz/funds/smartshares/asp-australian-property/questions/ > 4 commonly-asked questions about the Smart Australian Property ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, listed property category. Questions about Smart Australian Property ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Property ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund structure and asset class. The Smart Australian Property ETF has an annual fund charge of 0.54% p.a., which is below the peer-cohort average of 0.95% p.a. for listed property funds. Check the Product Disclosure Statement or FMA Disclose register for fees on other specific ETFs. 2. Are property ETFs a good investment? Property ETFs provide exposure to real estate assets through a listed structure. The Smart Australian Property ETF carries a risk indicator of 6/7 on the FMA standardised scale, reflecting that property investments carry moderate to high volatility. Historical performance is available on FMA Disclose, but past returns do not indicate future performance. 3. What is the average return on property investment in Australia? The Smart Australian Property ETF returned 5.88% p.a. after fees and before tax over the 5-year period as at the latest QFU. For broader property market performance data, refer to the Reserve Bank of Australia or Australian property market indices. 4. Is Smart invest legit? Smartshares is a registered fund manager. The Smart Australian Property ETF is listed on the NZX and regulated under the FMC Act; details are available on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the manager's website at https://smartshares.co.nz. Primary sources Product Disclosure Statement More about this fund Smart Australian Property ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Resources ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/asr-australian-resources/investment-mandate/ > The Smart Australian Resources ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Australian Resources ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Resources ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Resources ETF: 0.54% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/asr-australian-resources/is-it-expensive/ > Smart Australian Resources ETF charges 0.54% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Resources ETF expensive? Smart Australian Resources ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Resources ETF NZ$267 at 0.54% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-228 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart Australian Resources ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Resources ETF Simplicity NZ Share Fund Simplicity 0.10% −0.44pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.34pp Harbour NZ Index Shares Fund Harbour 0.21% −0.33pp BetaShares Australia 200 Fund BetaShares 0.23% −0.31pp Kernel NZ 20 Fund Kernel 0.25% −0.29pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.29pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.29pp Kernel Australia 100 Fund Kernel 0.25% −0.29pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Resources ETF? Smart Australian Resources ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Resources ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart Australian Resources ETF sits at 0.54% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$228 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Resources ETF --- ## URL: https://managedfunds.nz/funds/smartshares/asr-australian-resources/markdown.md # Smart Australian Resources ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `ASR` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Resources ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian shares and is designed to track the return of the S&P/ASX 200 Resources Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 12.80% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$114 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 April 2015 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. BHP Group Ltd — 35.17% 2. Woodside Energy Group Ltd — 9.16% 3. Rio Tinto Ltd — 8.25% 4. Fortescue Ltd — 4.64% 5. Northern Star Resources Ltd — 4.00% 6. Santos Ltd — 3.55% 7. Evolution Mining Ltd — 3.52% 8. South32 Ltd — 2.63% 9. Lynas Rare Earths Ltd — 2.41% 10. Pilbara Minerals Ltd — 2.15% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Resources%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1099/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/asr-australian-resources/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/asr-australian-resources/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/asr-australian-resources/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Resources ETF URL: https://managedfunds.nz/funds/smartshares/asr-australian-resources/questions/ > 3 commonly-asked questions about the Smart Australian Resources ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart Australian Resources ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Resources ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart Australian resources ETF? Smart Australian Resources ETF is an exchange-traded fund managed by Smartshares that provides exposure to Australian resources companies. The fund holds approximately 98.31% growth assets and 1.69% income assets, with major holdings in companies such as BHP Group, Rio Tinto, and Woodside Energy Group. 2. How much fees do ETFs charge? ETF fees vary by fund and manager. Smart Australian Resources ETF has an annual fund charge of 0.54% p.a., which is below the peer-cohort average of 0.95% p.a. for funds in this category. Check the relevant Product Disclosure Statement or FMA Disclose register for specific fees on other funds you're considering. 3. Which ETF has the highest return in Australia? Smart Australian Resources ETF achieved a 5-year return after fees and before tax of 10.82% p.a., as at the latest Quarterly Fund Update. Past performance is not a guarantee of future performance; check FMA Disclose or individual fund documents for comparable returns across other Australian ETFs. Primary sources Product Disclosure Statement More about this fund Smart Australian Resources ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Top 200 ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/aus-australian-top-200/investment-mandate/ > The Smart Australian Top 200 ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Australian Top 200 ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Top 200 ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Top 200 ETF: 0.30% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/aus-australian-top-200/is-it-expensive/ > Smart Australian Top 200 ETF charges 0.30% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Top 200 ETF expensive? Smart Australian Top 200 ETF charges 0.30% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 84% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Top 200 ETF NZ$149 at 0.30% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-346 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart Australian Top 200 ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Top 200 ETF Simplicity NZ Share Fund Simplicity 0.10% −0.20pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.10pp Harbour NZ Index Shares Fund Harbour 0.21% −0.09pp BetaShares Australia 200 Fund BetaShares 0.23% −0.07pp Kernel NZ 20 Fund Kernel 0.25% −0.05pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.05pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.05pp Kernel Australia 100 Fund Kernel 0.25% −0.05pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Top 200 ETF? Smart Australian Top 200 ETF charges 0.30% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Top 200 ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart Australian Top 200 ETF sits at 0.30% — cheaper than 84% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.30% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$149. That is NZ$346 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Top 200 ETF --- ## URL: https://managedfunds.nz/funds/smartshares/aus-australian-top-200/markdown.md # Smart Australian Top 200 ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `AUS` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Top 200 ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian shares and is designed to track the return of the S&P/ASX 200 Total Return Index. Source: Product Disclosure Statement dated 2025-09-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf ## Fund data - **Annual fund charge:** 0.30% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 9.09% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$332 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 July 2020 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Commonwealth Bank of Australia — 10.37% 2. BHP Group Ltd — 9.45% 3. Westpac Banking Corp — 4.99% 4. National Australia Bank Ltd — 4.70% 5. IShares CORE S&P/ASX 200 ETF — 4.50% 6. ANZ Group Holdings Ltd — 4.00% 7. Wesfarmers Ltd — 3.06% 8. Macquarie Group Ltd — 2.64% 9. CSL Ltd — 2.52% 10. Woodside Energy Group Ltd — 2.46% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Top%20200%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND19355/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/aus-australian-top-200/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/aus-australian-top-200/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/aus-australian-top-200/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Top 200 ETF URL: https://managedfunds.nz/funds/smartshares/aus-australian-top-200/questions/ > 3 commonly-asked questions about the Smart Australian Top 200 ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart Australian Top 200 ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Top 200 ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the management fee for ASX 200 ETF? The Smart Australian Top 200 ETF charges an annual fund charge of 0.3% p.a., as disclosed in the latest Quarterly Fund Update. This is significantly lower than the peer-cohort average of 0.95% p.a. for funds in this category. 2. How much fees do ETFs charge? ETF fees vary by fund and provider. The Smart Australian Top 200 ETF charges 0.3% p.a., while peer funds in the Australasian Equities category average 0.95% p.a. You can compare specific ETF fees on FMA Disclose or in this fund's Quarterly Fund Update. 3. What are the lowest fee ETFs in Australia? Funds in Australian equities coverage with the lowest annual fund charge are listed in our low-fee fund comparison. The Smart Australian Top 200 ETF charges 0.3% p.a., which is below the peer-cohort average of 0.95% p.a. for this asset class. Primary sources Product Disclosure Statement More about this fund Smart Australian Top 200 ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Automation and Robotics ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/bot-automation-robotics/investment-mandate/ > The Smart Automation and Robotics ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Automation and Robotics ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Automation and Robotics ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Automation and Robotics ETF: 0.75% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/bot-automation-robotics/is-it-expensive/ > Smart Automation and Robotics ETF charges 0.75% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Automation and Robotics ETF expensive? Smart Automation and Robotics ETF charges 0.75% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Automation and Robotics ETF NZ$369 at 0.75% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$68 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Automation and Robotics ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Automation and Robotics ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.72pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.72pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.69pp Foundation Series Total World Fund Foundation Series 0.07% −0.68pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.68pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.65pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.60pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.60pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Automation and Robotics ETF? Smart Automation and Robotics ETF charges 0.75% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Automation and Robotics ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Automation and Robotics ETF sits at 0.75% — pricier than the median (cheaper than 46% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.75% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$369. That is NZ$68 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Automation and Robotics ETF --- ## URL: https://managedfunds.nz/funds/smartshares/bot-automation-robotics/markdown.md # Smart Automation and Robotics ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `BOT` - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Automation and Robotics ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the STOXX® Global Automation & Robotics Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.75% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.04% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$65 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares Automation & Robotics UCITS ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 0.49% 3. USD Cash Account (BNP Paribas) — 0.11% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Automation%20and%20Robotics%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14629/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/bot-automation-robotics/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/bot-automation-robotics/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/bot-automation-robotics/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Automation and Robotics ETF URL: https://managedfunds.nz/funds/smartshares/bot-automation-robotics/questions/ > 3 commonly-asked questions about the Smart Automation and Robotics ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Automation and Robotics ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Automation and Robotics ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are robotics ETFs tax-efficient? This fund is structured as a PIE (Portfolio Investment Entity), which caps investor tax at your prescribed investor rate (PIR), with a maximum of 28%. This structure can be more tax-efficient than FIF taxation for some investors; compare your personal circumstances against IRD guidance on PIE vs FIF treatment at ird.govt.nz. 2. Is automation and robotics a good investment? Assessing the merits of any investment theme requires considering your personal goals, time horizon, and risk tolerance. This fund tracks companies in automation and robotics via the iShares Automation & Robotics UCITS ETF (99.92% of holdings), carries a risk indicator of 6/7 on the FMA standardised scale, and has returned 9.49% p.a. after fees over five years to the latest QFU; refer to the PDS for full risk disclosures. 3. What ETF is heavily invested in AI? This fund invests 99.92% in the iShares Automation & Robotics UCITS ETF, which focuses on automation and robotics rather than AI specifically. For a detailed breakdown of underlying holdings and their exposure to AI-related companies, check the latest fact sheet on the manager's website at smartshares.co.nz or via the FMA Disclose register. Primary sources Product Disclosure Statement More about this fund Smart Automation and Robotics ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Bitcoin ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/btc-bitcoin/investment-mandate/ > The Smart Bitcoin ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Bitcoin ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Other (NZD) 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Bitcoin ETF fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Bitcoin ETF: 0.55% fee vs 1.06% peer median URL: https://managedfunds.nz/funds/smartshares/btc-bitcoin/is-it-expensive/ > Smart Bitcoin ETF charges 0.55% p.a. vs the other peer-class median of 1.06%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Bitcoin ETF expensive? Smart Bitcoin ETF charges 0.55% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is cheaper than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Bitcoin ETF NZ$272 at 0.55% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: NZ$-249 over 5 years on NZ$10K. 1 cheaper peers in the same category Other funds with a lower annual fund charge than Smart Bitcoin ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Bitcoin ETF Kernel Global Infrastructure Fund Kernel 0.25% −0.30pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Bitcoin ETF? Smart Bitcoin ETF charges 0.55% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Bitcoin ETF's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. Smart Bitcoin ETF sits at 0.55% — cheaper than 81% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.55% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$272. That is NZ$249 less than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Bitcoin ETF --- ## URL: https://managedfunds.nz/funds/smartshares/btc-bitcoin/markdown.md # Smart Bitcoin ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Other - **Structure:** Exchange-traded fund (ETF) — NZX ticker `BTC` - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Bitcoin ETF is a other exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in the iShares Bitcoin Trust ETF and seeks to reflect generally the performance of the price of bitcoin. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.55% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 7/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$36 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 24 October 2024 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares Bitcoin Trust ETF — 99.99% 2. NZD Cash Account (ANZ Bank) — 1.11% 3. USD Cash Account (BNP Paribas) — 0.06% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Other (NZD) | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Bitcoin%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND51046/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/btc-bitcoin/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/btc-bitcoin/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/btc-bitcoin/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## What can the Smart NZ Dividend ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/div-nz-dividend/investment-mandate/ > The Smart NZ Dividend ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart NZ Dividend ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart NZ Dividend ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart NZ Dividend ETF: 0.54% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/div-nz-dividend/is-it-expensive/ > Smart NZ Dividend ETF charges 0.54% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart NZ Dividend ETF expensive? Smart NZ Dividend ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 74% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart NZ Dividend ETF NZ$267 at 0.54% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-228 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart NZ Dividend ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart NZ Dividend ETF Simplicity NZ Share Fund Simplicity 0.10% −0.44pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.34pp Harbour NZ Index Shares Fund Harbour 0.21% −0.33pp BetaShares Australia 200 Fund BetaShares 0.23% −0.31pp Kernel NZ 20 Fund Kernel 0.25% −0.29pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.29pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.29pp Kernel Australia 100 Fund Kernel 0.25% −0.29pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart NZ Dividend ETF? Smart NZ Dividend ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart NZ Dividend ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart NZ Dividend ETF sits at 0.54% — cheaper than 74% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$228 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart NZ Dividend ETF --- ## URL: https://managedfunds.nz/funds/smartshares/div-nz-dividend/markdown.md # Smart NZ Dividend ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `DIV` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart NZ Dividend ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.14% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$97 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 April 2015 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Chorus Ltd — 10.72% 2. Contact Energy Ltd — 10.71% 3. Meridian Energy Ltd — 10.59% 4. Mercury NZ Ltd — 9.85% 5. Spark New Zealand Ltd — 9.70% 6. Precinct Properties Group — 4.94% 7. Tower Limited — 4.65% 8. Genesis Energy Ltd — 4.53% 9. Kiwi Property Group Ltd — 4.35% 10. Fonterra Co-operative Group Ltd — 2.75% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20NZ%20Dividend%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1105/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/div-nz-dividend/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/div-nz-dividend/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/div-nz-dividend/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart NZ Dividend ETF URL: https://managedfunds.nz/funds/smartshares/div-nz-dividend/questions/ > 4 commonly-asked questions about the Smart NZ Dividend ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart NZ Dividend ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart NZ Dividend ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do smartshares pay dividends? Smart NZ Dividend ETF distributes dividends from the NZ-listed companies it holds; these are typically paid to investors quarterly or semi-annually depending on the underlying companies' dividend cycles. Dividend income is included in the fund's total return (2.51% p.a. after fees, before tax, over the last 5 years as at the latest QFU) and is taxed according to your PIR under the PIE framework. 2. Are dividend ETFs worth buying? Whether a dividend ETF suits your circumstances depends on your investment goals, income needs, and time horizon—this is a personal decision. What can be compared objectively is the fund's annual charge (0.54% p.a., which is below the peer-cohort average of 0.95% p.a.), its risk profile (5/7 on the FMA standardised scale), and its historical returns; check the PDS and FMA Disclose register for full details. 3. Is it better to buy dividend stocks or ETFs? Dividend stocks and ETFs offer different mechanics: individual stocks give direct ownership and control but require research and active management, while ETFs like Smart NZ Dividend provide diversified exposure (with top holdings including Chorus, Contact Energy, and Spark New Zealand) in a single transaction with lower ongoing costs. The choice depends on your knowledge, time, and investment approach; compare specific fund fees and holdings against your own stock-picking costs and outcomes. 4. How much fees do ETFs charge? ETF fees vary widely by fund and manager. Smart NZ Dividend ETF charges 0.54% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds in this category; check individual fund datasheets and the FMA Disclose register to compare annual fund charges across different ETFs. More about this fund Smart NZ Dividend ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Emerging Markets ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/emf-emerging-markets/investment-mandate/ > The Smart Emerging Markets ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Emerging Markets ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Emerging Markets ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Emerging Markets ETF: 0.59% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/emf-emerging-markets/is-it-expensive/ > Smart Emerging Markets ETF charges 0.59% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Emerging Markets ETF expensive? Smart Emerging Markets ETF charges 0.59% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 52% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Emerging Markets ETF NZ$292 at 0.59% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-10 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Emerging Markets ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Emerging Markets ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.56pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.56pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.53pp Foundation Series Total World Fund Foundation Series 0.07% −0.52pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.52pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.49pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.44pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.44pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Emerging Markets ETF? Smart Emerging Markets ETF charges 0.59% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Emerging Markets ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Emerging Markets ETF sits at 0.59% — cheaper than 52% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.59% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$292. That is NZ$10 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Emerging Markets ETF --- ## URL: https://managedfunds.nz/funds/smartshares/emf-emerging-markets/markdown.md # Smart Emerging Markets ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `EMF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Emerging Markets ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.59% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 5.81% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$233 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. Vanguard FTSE Emerging Markets ETF — 99.92% 2. NZD Cash Account (ANZ Bank) — 0.41% 3. USD Cash Account (BNP Paribas) — 0.14% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Emerging%20Markets%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1111/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/emf-emerging-markets/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/emf-emerging-markets/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/emf-emerging-markets/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Emerging Markets ETF URL: https://managedfunds.nz/funds/smartshares/emf-emerging-markets/questions/ > 3 commonly-asked questions about the Smart Emerging Markets ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Emerging Markets ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Emerging Markets ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund and strategy. The Smart Emerging Markets ETF charges an annual fund charge of 0.59% p.a., which is below the peer-cohort average of 0.95% p.a. for emerging-markets funds. Check the Product Disclosure Statement or FMA Disclose register for fees on other ETFs you're comparing. 2. Is emerging markets ETF a good investment? Whether an emerging-markets ETF suits your situation depends on your goals, time horizon, and risk tolerance. The Smart Emerging Markets ETF is classified as Risk Indicator 5/7 on the FMA standardised scale, indicating moderately high volatility. Review the Product Disclosure Statement and consider seeking financial advice tailored to your circumstances. 3. Is it worth investing in emerging market ETFs? The decision to invest in emerging-market ETFs depends on your personal financial situation and objectives, which we cannot assess. The Smart Emerging Markets ETF delivered a 5-year return after fees of 7.38% p.a. (as at the latest QFU), but past performance is not a reliable indicator of future returns. Review the PDS and consider seeking independent financial advice. More about this fund Smart Emerging Markets ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Emerging Markets ESG ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/investment-mandate/ > The Smart Emerging Markets ESG ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Smart Emerging Markets ESG ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Companies with exposure to Controversial WeaponsCompanies with exposure to Nuclear WeaponsCompanies with exposure to Civilian FirearmsCompanies with exposure to TobaccoCompanies with exposure to Thermal CoalCompanies with exposure to Oil SandsCompanies that fail to comply with the United Nations Global Compact Principles Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Emerging Markets ESG ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Emerging Markets ESG ETF: 0.59% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/is-it-expensive/ > Smart Emerging Markets ESG ETF charges 0.59% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Emerging Markets ESG ETF expensive? Smart Emerging Markets ESG ETF charges 0.59% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 52% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Emerging Markets ESG ETF NZ$292 at 0.59% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-10 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Emerging Markets ESG ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Emerging Markets ESG ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.56pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.56pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.53pp Foundation Series Total World Fund Foundation Series 0.07% −0.52pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.52pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.49pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.44pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.44pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Emerging Markets ESG ETF? Smart Emerging Markets ESG ETF charges 0.59% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Emerging Markets ESG ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Emerging Markets ESG ETF sits at 0.59% — cheaper than 52% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.59% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$292. That is NZ$10 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Emerging Markets ESG ETF --- ## URL: https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/markdown.md # Smart Emerging Markets ESG ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `EMG` - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Emerging Markets ESG ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the MSCI EM IMI Screened Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.59% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.26% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$26 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares MSCI EM IMI ESG Screened UCITS ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 2.26% 3. USD Cash Account (BNP Paribas) — 0.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Companies with exposure to Controversial Weapons - Companies with exposure to Nuclear Weapons - Companies with exposure to Civilian Firearms - Companies with exposure to Tobacco - Companies with exposure to Thermal Coal - Companies with exposure to Oil Sands - Companies that fail to comply with the United Nations Global Compact Principles Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Emerging%20Markets%20ESG%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14630/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Emerging Markets ESG ETF URL: https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/questions/ > 2 commonly-asked questions about the Smart Emerging Markets ESG ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Emerging Markets ESG ETF 2 commonly-asked questions, answered with mechanical facts sourced from the Smart Emerging Markets ESG ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund structure and investment strategy. The Smart Emerging Markets ESG ETF charges an annual fund charge of 0.59% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. You can compare fees across all funds in our coverage on the Fees page, and verify current charges on the FMA Disclose register. 2. Is ESG a good ETF? The Smart Emerging Markets ESG ETF applies responsible-investment and ESG screens to its holdings in line with the Statement of Investment Principles and Objectives (SIPO). Its performance and suitability depend on your personal goals and risk tolerance—see the PDS and compare it against other international equity funds in our coverage to help inform your decision. Primary sources Product Disclosure Statement More about this fund Smart Emerging Markets ESG ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Global ESG ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/esg-global-esg/investment-mandate/ > The Smart Global ESG ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Global ESG ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Global ESG ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Global ESG ETF: 0.54% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/esg-global-esg/is-it-expensive/ > Smart Global ESG ETF charges 0.54% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Global ESG ETF expensive? Smart Global ESG ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 59% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Global ESG ETF NZ$267 at 0.54% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-34 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Global ESG ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Global ESG ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.51pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.51pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.48pp Foundation Series Total World Fund Foundation Series 0.07% −0.47pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.47pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.44pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.39pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.39pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Global ESG ETF? Smart Global ESG ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Global ESG ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Global ESG ETF sits at 0.54% — cheaper than 59% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$34 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Global ESG ETF --- ## URL: https://managedfunds.nz/funds/smartshares/esg-global-esg/markdown.md # Smart Global ESG ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `ESG` - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Global ESG ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the MSCI World Ex Australia Custom ESG Leaders Net Total Return Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 12.12% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$314 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares Core MSCI World Ex Australia ESG ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 0.62% 3. BNP Paribas Nominees — 0.13% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Global%20ESG%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14633/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/esg-global-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/esg-global-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/esg-global-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Global ESG ETF URL: https://managedfunds.nz/funds/smartshares/esg-global-esg/questions/ > 4 commonly-asked questions about the Smart Global ESG ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Global ESG ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart Global ESG ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart global ESG ETF? Smart Global ESG ETF is an exchange-traded fund managed by Smartshares that invests in global equities (approximately 98.31% growth assets) screened for environmental, social, and governance (ESG) criteria. The fund holds the iShares Core MSCI World Ex Australia ESG ETF as its primary holding (99.92%), providing diversified exposure to international markets with ESG filters applied. 2. Is there a global ESG ETF? Yes. Smart Global ESG ETF is a global ESG-screened fund available in New Zealand, investing in international equities outside Australia with responsible-investment screens applied. It is available via InvestNow, Sharesies, and directly through Smartshares. 3. How much fees do ETFs charge? ETF fees vary by fund and manager. Smart Global ESG ETF charges an annual fund charge of 0.54% p.a., which is below the peer-cohort average for international equity funds at 0.95% p.a. Check the relevant fund's Product Disclosure Statement and FMA Disclose Register for specific fees. 4. What are the fees for global ETFs? Global ETF fees differ by fund, asset class, and manager. Smart Global ESG ETF's annual fund charge is 0.54% p.a. For a comparison of fees across other global funds in our coverage, see the FMA Disclose Register or contact your chosen provider for current pricing. Primary sources Product Disclosure Statement More about this fund Smart Global ESG ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Europe ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/euf-europe/investment-mandate/ > The Smart Europe ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Europe ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Europe ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Europe ETF: 0.55% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/euf-europe/is-it-expensive/ > Smart Europe ETF charges 0.55% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Europe ETF expensive? Smart Europe ETF charges 0.55% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Europe ETF NZ$272 at 0.55% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-29 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Europe ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Europe ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.49pp Foundation Series Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.45pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.40pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.40pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Europe ETF? Smart Europe ETF charges 0.55% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Europe ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Europe ETF sits at 0.55% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.55% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$272. That is NZ$29 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Europe ETF --- ## URL: https://managedfunds.nz/funds/smartshares/euf-europe/markdown.md # Smart Europe ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `EUF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Europe ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.55% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 10.78% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$152 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. Vanguard FTSE Europe ETF — 99.92% 2. NZD Cash Account (ANZ Bank) — 0.27% 3. USD Cash Account (BNP Paribas) — 0.06% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Europe%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1100/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/euf-europe/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/euf-europe/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/euf-europe/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Europe ETF URL: https://managedfunds.nz/funds/smartshares/euf-europe/questions/ > 3 commonly-asked questions about the Smart Europe ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Europe ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Europe ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Do ETFs have PDS? Yes, ETFs are required to have a Product Disclosure Statement (PDS). You can view the current PDS for Smart Europe ETF on the Smartshares website or check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for the latest fund documentation. 2. Is Smart invest legit? Smartshares is a registered fund manager offering ETFs in New Zealand. You can verify its regulatory status and view fund disclosures on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Smart Europe ETF is available through regulated platforms including InvestNow and Sharesies. 3. Which ETF gives 30 percent return? We cannot predict or guarantee future returns for any fund. Smart Europe ETF delivered 13% p.a. after fees and before tax over the 5-year period to its latest quarterly fund update, based on historical performance data. More about this fund Smart Europe ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Europe ESG ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/eug-europe-esg/investment-mandate/ > The Smart Europe ESG ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Smart Europe ESG ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Companies with exposure to Controversial WeaponsCompanies with exposure to Nuclear WeaponsCompanies with exposure to Civilian FirearmsCompanies with exposure to TobaccoCompanies with exposure to Thermal CoalCompanies with exposure to Oil SandsCompanies that fail to comply with the United Nations Global Compact Principles Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Europe ESG ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Europe ESG ETF: 0.55% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/eug-europe-esg/is-it-expensive/ > Smart Europe ESG ETF charges 0.55% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Europe ESG ETF expensive? Smart Europe ESG ETF charges 0.55% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Europe ESG ETF NZ$272 at 0.55% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-29 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Europe ESG ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Europe ESG ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.49pp Foundation Series Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.45pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.40pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.40pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Europe ESG ETF? Smart Europe ESG ETF charges 0.55% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Europe ESG ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Europe ESG ETF sits at 0.55% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.55% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$272. That is NZ$29 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Europe ESG ETF --- ## URL: https://managedfunds.nz/funds/smartshares/eug-europe-esg/markdown.md # Smart Europe ESG ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `EUG` - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Europe ESG ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the MSCI Europe Screened Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.55% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 10.92% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$24 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares MSCI Europe ESG Screened UCITS ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 0.40% 3. EUR Cash Account (BNP Paribas) — 0.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Companies with exposure to Controversial Weapons - Companies with exposure to Nuclear Weapons - Companies with exposure to Civilian Firearms - Companies with exposure to Tobacco - Companies with exposure to Thermal Coal - Companies with exposure to Oil Sands - Companies that fail to comply with the United Nations Global Compact Principles Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Europe%20ESG%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14631/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/eug-europe-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/eug-europe-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/eug-europe-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Europe ESG ETF URL: https://managedfunds.nz/funds/smartshares/eug-europe-esg/questions/ > 3 commonly-asked questions about the Smart Europe ESG ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Europe ESG ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Europe ESG ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is ESG a good ETF? Whether an ESG ETF suits your investment goals depends on your values, risk tolerance, and time horizon. Smart Europe ESG ETF applies responsible-investment screens per the Smartshares Investment Policy, holds growth assets (~98.31%), and has delivered 12.92% p.a. after fees over 5 years as at the latest QFU—but past performance is not indicative of future returns. Check the Product Disclosure Statement on Smartshares' website and consult the FMA Disclose register for detailed fund information before investing. 2. What is smart global ESG ETF? Smart Europe ESG ETF is an actively-managed ETF domiciled in New Zealand that invests approximately 99.91% in iShares MSCI Europe ESG Screened UCITS ETF, gaining exposure to European equities screened for environmental, social, and governance factors. It is structured as a PIE (Portfolio Investment Entity), meaning investor tax is capped at your prescribed investor rate (maximum 28%), and is available via InvestNow, Sharesies, and Smartshares directly. 3. What is the best European ETF to invest in? Funds in the International Equities category with the lowest annual fund charges are listed on our comparison pages; Smart Europe ESG ETF has an annual fund charge of 0.55% p.a., which is below the peer-cohort average of 0.95% p.a. Your choice should reflect your investment objectives, ESG preferences, risk tolerance, and tax position—use the FMA Disclose register to compare fund details across providers. Primary sources Product Disclosure Statement More about this fund Smart Europe ESG ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Smart NZ Top 50 ETF: 0.50% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/is-it-expensive/ > Smart NZ Top 50 ETF charges 0.50% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart NZ Top 50 ETF expensive? Smart NZ Top 50 ETF charges 0.50% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 78% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart NZ Top 50 ETF NZ$248 at 0.50% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-247 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart NZ Top 50 ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart NZ Top 50 ETF Simplicity NZ Share Fund Simplicity 0.10% −0.40pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.30pp Harbour NZ Index Shares Fund Harbour 0.21% −0.29pp BetaShares Australia 200 Fund BetaShares 0.23% −0.27pp Kernel NZ 20 Fund Kernel 0.25% −0.25pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.25pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.25pp Kernel Australia 100 Fund Kernel 0.25% −0.25pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart NZ Top 50 ETF? Smart NZ Top 50 ETF charges 0.50% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart NZ Top 50 ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart NZ Top 50 ETF sits at 0.50% — cheaper than 78% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.50% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$248. That is NZ$247 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart NZ Top 50 ETF --- ## URL: https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/markdown.md # Smart NZ Top 50 ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `FNZ` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart NZ Top 50 ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.50% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.34% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$573 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2016 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Infratil Ltd — 5.52% 2. The a2 Milk Co Ltd — 5.20% 3. Meridian Energy Ltd — 5.16% 4. Contact Energy Ltd — 5.15% 5. EBOS Group Ltd — 5.07% 6. Mercury NZ Ltd — 5.00% 7. Fisher & Paykel Healthcare Corp Ltd — 4.99% 8. Mainfreight Ltd — 4.87% 9. Auckland International Airport Ltd — 4.84% 10. Chorus Ltd — 4.69% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20NZ%20Top%2050%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1115/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart NZ Top 50 ETF URL: https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/questions/ > 3 commonly-asked questions about the Smart NZ Top 50 ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart NZ Top 50 ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart NZ Top 50 ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart nz top 50 ETF? Smart NZ Top 50 ETF is an exchange-traded fund that tracks the largest 50 companies listed on the NZX, offering exposure to Australasian equities. The fund is classified as a PIE (Portfolio Investment Entity), meaning investor tax is capped at your prescribed investor rate (maximum 28%). You can view the current fund details and performance on the manager's website at https://smartshares.co.nz or check the latest product disclosure on the FMA Disclose register. 2. How much fees do ETFs charge? ETF fees vary by fund and strategy. Smart NZ Top 50 ETF charges an annual fund charge of 0.5% p.a., which is lower than the peer-cohort average of 0.95% p.a. for funds in its category. For a full comparison of fees across ETFs, you can search the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 3. Is Smart invest legit? Smart NZ Top 50 ETF is managed by Smartshares and is regulated under the Financial Markets Conduct Act 2013. You can verify the fund's registration, current performance, and fund charges on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. The fund is available through licensed platforms including InvestNow and Sharesies. More about this fund Smart NZ Top 50 ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Global Bond ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/gbf-global-bond/investment-mandate/ > The Smart Global Bond ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Smart Global Bond ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 100% International fixed interest 100% 0% 100% Mandate flexibility (sum of max − min across all ranges): 200%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (3) Financial products issued by entities where any part of revenue and/or activities involve tobaccoFinancial products issued by entities where any part of revenue and/or activities involve illegal weapons (cluster munitions, anti-personnel mines and nuclear explosive devices)Financial products issued by entities where a material part of revenue (greater than 10%) and/or activities involve fossil fuel production Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Global Bond ETF fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Global Bond ETF: 0.54% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/smartshares/gbf-global-bond/is-it-expensive/ > Smart Global Bond ETF charges 0.54% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Global Bond ETF expensive? Smart Global Bond ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is cheaper than 60% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Global Bond ETF NZ$267 at 0.54% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: NZ$-78 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Smart Global Bond ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Global Bond ETF Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.39pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.29pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.26pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.24pp Kernel US Bond Fund Kernel 0.30% −0.24pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.22pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.22pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.20pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Global Bond ETF? Smart Global Bond ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Global Bond ETF's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Smart Global Bond ETF sits at 0.54% — cheaper than 60% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$78 less than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Global Bond ETF --- ## URL: https://managedfunds.nz/funds/smartshares/gbf-global-bond/markdown.md # Smart Global Bond ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Fixed Interest - **Structure:** Exchange-traded fund (ETF) — NZX ticker `GBF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Global Bond ETF is a international fi exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in New Zealand bonds, with the objective of outperforming the S&P/NZX A-Grade Corporate Bond Total Return Index over rolling 3-year periods. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.08% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$141 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 12 November 2015 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Freddie Mac Pool 6.50% 1/01/2054 — 4.37% 2. French Republic Government Bond Oat 2.75% 25/02/2030 — 3.41% 3. China Development Bank 2.63% 8/01/2034 — 2.42% 4. Ginnie Mae Ii Pool 3.50% 20/01/2056 — 2.29% 5. United Kingdom Gilt 4.375% 7/03/2030 — 2.13% 6. Ginnie Mae Ii Pool 3.00% 20/03/2052 — 1.95% 7. Ginnie Mae Ii Pool 3.50% 20/10/2054 — 1.67% 8. United States Treasury Note/Bond 1.875% 15/02/2041 — 1.64% 9. China Development Bank 2.82% 22/05/2033 — 1.62% 10. United States Treasury Note/Bond 4.125% 15/08/2044 — 1.59% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** quarterly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 100% | | International fixed interest | 100% | 0% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Financial products issued by entities where any part of revenue and/or activities involve tobacco - Financial products issued by entities where any part of revenue and/or activities involve illegal weapons (cluster munitions, anti-personnel mines and nuclear explosive devices) - Financial products issued by entities where a material part of revenue (greater than 10%) and/or activities involve fossil fuel production Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Global%20Bond%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1101/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/gbf-global-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/gbf-global-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/gbf-global-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Global Bond ETF URL: https://managedfunds.nz/funds/smartshares/gbf-global-bond/questions/ > 3 commonly-asked questions about the Smart Global Bond ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international fi category. Questions about Smart Global Bond ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Global Bond ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are global bond ETFs a good investment? Global bond ETFs provide exposure to international fixed-income assets and can play a role in a diversified portfolio; however, suitability depends on your individual financial goals, time horizon, and risk tolerance. Smart Global Bond ETF carries a risk indicator of 3/7 on the FMA standardised scale, reflecting moderate interest-rate and currency risk. Consult the fund's Product Disclosure Statement or a financial adviser to assess whether this fund aligns with your circumstances. 2. Why not invest in bond ETFs? Bond ETFs carry specific risks including interest-rate risk (bond values fall when rates rise), credit risk (issuer default), and currency risk (for unhedged international bonds). Smart Global Bond ETF's 5-year return after fees was 0.23% p.a., reflecting the low-yield environment in recent years. Whether a bond ETF suits your needs depends on your investment objectives, time horizon, and how it fits within your overall portfolio strategy—consult a financial adviser or the fund's Product Disclosure Statement for guidance. 3. What is the average return on a bond ETF? Bond ETF returns vary significantly by composition, interest-rate environment, and credit quality. Smart Global Bond ETF achieved a 5-year return after fees of 0.23% p.a. as at the latest QFU, though past returns are not a reliable indicator of future performance. For current performance data and peer comparisons, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Smart Global Bond ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Hunter Global Fixed Interest Fund Hunter ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Japan ESG ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/jpn-japan-esg/investment-mandate/ > The Smart Japan ESG ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Smart Japan ESG ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Companies with exposure to Controversial WeaponsCompanies with exposure to Nuclear WeaponsCompanies with exposure to Civilian FirearmsCompanies with exposure to TobaccoCompanies with exposure to Thermal CoalCompanies with exposure to Oil SandsCompanies that fail to comply with the United Nations Global Compact Principles Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Japan ESG ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Japan ESG ETF: 0.55% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/jpn-japan-esg/is-it-expensive/ > Smart Japan ESG ETF charges 0.55% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Japan ESG ETF expensive? Smart Japan ESG ETF charges 0.55% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 56% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Japan ESG ETF NZ$272 at 0.55% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-29 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Japan ESG ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Japan ESG ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.52pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.49pp Foundation Series Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.48pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.45pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.40pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.40pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Japan ESG ETF? Smart Japan ESG ETF charges 0.55% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Japan ESG ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Japan ESG ETF sits at 0.55% — cheaper than 56% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.55% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$272. That is NZ$29 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Japan ESG ETF --- ## URL: https://managedfunds.nz/funds/smartshares/jpn-japan-esg/markdown.md # Smart Japan ESG ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `JPN` - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Japan ESG ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Japanese shares and is designed to track the return of the MSCI Japan Screened Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.55% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 8.31% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$18 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares MSCI Japan ESG Screened UCITS ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 0.38% 3. USD Cash Account (BNP Paribas) — 0.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Companies with exposure to Controversial Weapons - Companies with exposure to Nuclear Weapons - Companies with exposure to Civilian Firearms - Companies with exposure to Tobacco - Companies with exposure to Thermal Coal - Companies with exposure to Oil Sands - Companies that fail to comply with the United Nations Global Compact Principles Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Japan%20ESG%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14635/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/jpn-japan-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/jpn-japan-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/jpn-japan-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Japan ESG ETF URL: https://managedfunds.nz/funds/smartshares/jpn-japan-esg/questions/ > 2 commonly-asked questions about the Smart Japan ESG ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Japan ESG ETF 2 commonly-asked questions, answered with mechanical facts sourced from the Smart Japan ESG ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How to invest in Japanese stocks in NZ? Smart Japan ESG ETF provides direct exposure to Japanese equities through a single fund holding (ISHARES MSCI JAPAN ESG SCREENED UCITS ETF, 99.91% of the fund). The fund is available via InvestNow, Sharesies, and Smartshares directly, and is structured as a PIE so investor tax is capped at your prescribed investor rate (maximum 28%). 2. Is Smart invest legit? Smart Japan ESG ETF is managed by Smartshares and is registered on the FMA Disclose register. You can verify the fund's current details, including its latest quarterly fund update, annual fund charge (0.55% p.a.), and risk indicator (5/7) on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. The fund has NZ$14,558,817 in assets as at the latest quarterly fund update. Primary sources Product Disclosure Statement More about this fund Smart Japan ESG ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Healthcare Innovation ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/investment-mandate/ > The Smart Healthcare Innovation ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Healthcare Innovation ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Healthcare Innovation ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Healthcare Innovation ETF: 0.75% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/is-it-expensive/ > Smart Healthcare Innovation ETF charges 0.75% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Healthcare Innovation ETF expensive? Smart Healthcare Innovation ETF charges 0.75% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 54% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Healthcare Innovation ETF NZ$369 at 0.75% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$68 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Healthcare Innovation ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Healthcare Innovation ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.72pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.72pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.69pp Foundation Series Total World Fund Foundation Series 0.07% −0.68pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.68pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.65pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.60pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.60pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Healthcare Innovation ETF? Smart Healthcare Innovation ETF charges 0.75% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Healthcare Innovation ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Healthcare Innovation ETF sits at 0.75% — pricier than the median (cheaper than 46% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.75% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$369. That is NZ$68 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Healthcare Innovation ETF --- ## URL: https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/markdown.md # Smart Healthcare Innovation ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `LIV` - **Thematic fund:** yes - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Healthcare Innovation ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the STOXX® Global Breakthrough Healthcare Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.75% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.19% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$23 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares Healthcare Innovation UCITS ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 0.26% 3. USD Cash Account (BNP Paribas) — 0.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Healthcare%20Innovation%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14634/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Healthcare Innovation ETF URL: https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/questions/ > 1 commonly-asked questions about the Smart Healthcare Innovation ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Healthcare Innovation ETF 1 commonly-asked questions, answered with mechanical facts sourced from the Smart Healthcare Innovation ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a healthcare ETF a good investment? Whether a healthcare ETF suits your investment goals depends on your risk tolerance, time horizon, and investment objectives. The Smart Healthcare Innovation ETF holds ~98.31% growth assets and carries a risk indicator of 6/7 on the FMA standardised scale, indicating higher volatility. You should review the current Product Disclosure Statement and consider seeking financial advice aligned to your personal circumstances. Primary sources Product Disclosure Statement More about this fund Smart Healthcare Innovation ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart NZ Mid Cap ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/investment-mandate/ > The Smart NZ Mid Cap ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 2 explicit exclusions. Verbatim from the SIPO. What can the Smart NZ Mid Cap ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (2) Products included in the S&P/NZX 10 IndexProducts issued by non-New Zealand issuers Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart NZ Mid Cap ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart NZ Mid Cap ETF: 0.60% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/is-it-expensive/ > Smart NZ Mid Cap ETF charges 0.60% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart NZ Mid Cap ETF expensive? Smart NZ Mid Cap ETF charges 0.60% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 66% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart NZ Mid Cap ETF NZ$296 at 0.60% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-198 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart NZ Mid Cap ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart NZ Mid Cap ETF Simplicity NZ Share Fund Simplicity 0.10% −0.50pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.40pp Harbour NZ Index Shares Fund Harbour 0.21% −0.39pp BetaShares Australia 200 Fund BetaShares 0.23% −0.37pp Kernel NZ 20 Fund Kernel 0.25% −0.35pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.35pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.35pp Kernel Australia 100 Fund Kernel 0.25% −0.35pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart NZ Mid Cap ETF? Smart NZ Mid Cap ETF charges 0.60% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart NZ Mid Cap ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart NZ Mid Cap ETF sits at 0.60% — cheaper than 66% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.60% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$296. That is NZ$198 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart NZ Mid Cap ETF --- ## URL: https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/markdown.md # Smart NZ Mid Cap ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `MDZ` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart NZ Mid Cap ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.60% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.36% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$133 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2016 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Mercury NZ Ltd — 9.83% 2. Chorus Ltd — 9.24% 3. Port of Tauranga Ltd — 5.52% 4. Summerset Group Holdings Ltd — 4.88% 5. Freightways Group Ltd — 4.87% 6. Ryman Healthcare Ltd — 4.50% 7. Goodman Property Trust — 4.50% 8. Precinct Properties Group — 4.35% 9. Kiwi Property Group Ltd — 3.40% 10. Genesis Energy Ltd — 3.09% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Products included in the S&P/NZX 10 Index - Products issued by non-New Zealand issuers Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20NZ%20Mid%20Cap%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1117/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart NZ Mid Cap ETF URL: https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/questions/ > 3 commonly-asked questions about the Smart NZ Mid Cap ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart NZ Mid Cap ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart NZ Mid Cap ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are mid-cap ETFs a good investment? Mid-cap ETFs expose investors to medium-sized companies, which typically sit between the stability of large-cap stocks and the growth potential of smaller companies. The suitability of any ETF depends on your investment timeline, risk tolerance, and financial goals—refer to the FMA's fund comparison guidance at https://disclose-register.companiesoffice.govt.nz/ to compare options across the Australasian Equities category. 2. What are the risks of mid-cap ETFs? Mid-cap equities carry concentrated company risk (this fund's top three holdings represent ~23.75% of the portfolio) and market volatility risk. The Smart NZ Mid Cap ETF has a Risk Indicator of 5/7 on the FMA standardised scale, meaning it is moderately high risk; check the Product Disclosure Statement for full risk detail. 3. How much fees do ETFs charge? ETF fees vary widely. The Smart NZ Mid Cap ETF charges an annual fund charge of 0.6% p.a., compared to a peer-cohort average of 0.95% p.a. in the Australasian Equities category. Compare specific fund charges on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. More about this fund Smart NZ Mid Cap ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Mid Cap ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/investment-mandate/ > The Smart Australian Mid Cap ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Smart Australian Mid Cap ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Products included in the S&P/ASX 50 Index Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Mid Cap ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Mid Cap ETF: 0.75% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/is-it-expensive/ > Smart Australian Mid Cap ETF charges 0.75% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Mid Cap ETF expensive? Smart Australian Mid Cap ETF charges 0.75% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Mid Cap ETF NZ$369 at 0.75% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-125 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart Australian Mid Cap ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Mid Cap ETF Simplicity NZ Share Fund Simplicity 0.10% −0.65pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.55pp Harbour NZ Index Shares Fund Harbour 0.21% −0.54pp BetaShares Australia 200 Fund BetaShares 0.23% −0.52pp Kernel NZ 20 Fund Kernel 0.25% −0.50pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.50pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.50pp Kernel Australia 100 Fund Kernel 0.25% −0.50pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Mid Cap ETF? Smart Australian Mid Cap ETF charges 0.75% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Mid Cap ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart Australian Mid Cap ETF sits at 0.75% — cheaper than 61% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.75% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$369. That is NZ$125 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Mid Cap ETF --- ## URL: https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/markdown.md # Smart Australian Mid Cap ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `MZY` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Mid Cap ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian shares and is designed to track the return of the S&P/ASX MidCap 50 Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.75% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 8.63% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$291 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2016 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. ALS Ltd — 3.41% 2. Mineral Resources Ltd — 3.04% 3. Orica Ltd — 3.02% 4. Vicinity Ltd — 2.95% 5. Charter Hall Group — 2.84% 6. Qube Holdings Ltd — 2.78% 7. Technology One Ltd — 2.64% 8. SGH Limited Ordinary Fully Paid — 2.60% 9. Ampol Ltd — 2.59% 10. JB Hi-Fi Ltd — 2.56% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Products included in the S&P/ASX 50 Index Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Mid%20Cap%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1097/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Mid Cap ETF URL: https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/questions/ > 2 commonly-asked questions about the Smart Australian Mid Cap ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart Australian Mid Cap ETF 2 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Mid Cap ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund and strategy. The Smart Australian Mid Cap ETF charges an annual fund charge of 0.75% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. Check the Product Disclosure Statement or FMA Disclose register for specific fee information on individual ETFs. 2. Which ETF has the highest return in Australia? The Smart Australian Mid Cap ETF delivered a 5-year return after fees and before tax of 10.44% p.a., as at the latest quarterly fund update. Past performance is not a reliable indicator of future returns; refer to FMA Disclose for full fund performance data across different time periods and peer comparisons. Primary sources Product Disclosure Statement More about this fund Smart Australian Mid Cap ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart NZ Property ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/npf-nz-property/investment-mandate/ > The Smart NZ Property ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Smart NZ Property ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Listed property 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (1) Products issued by non-New Zealand issuers Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart NZ Property ETF fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart NZ Property ETF: 0.54% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/smartshares/npf-nz-property/is-it-expensive/ > Smart NZ Property ETF charges 0.54% p.a. vs the listed property peer-class median of 1.02%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart NZ Property ETF expensive? Smart NZ Property ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 87% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart NZ Property ETF NZ$267 at 0.54% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$-233 over 5 years on NZ$10K. 1 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Smart NZ Property ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart NZ Property ETF Kernel NZ Commercial Property Fund Kernel 0.25% −0.29pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart NZ Property ETF? Smart NZ Property ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart NZ Property ETF's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Smart NZ Property ETF sits at 0.54% — cheaper than 87% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$233 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart NZ Property ETF --- ## URL: https://managedfunds.nz/funds/smartshares/npf-nz-property/markdown.md # Smart NZ Property ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Listed Property - **Structure:** Exchange-traded fund (ETF) — NZX ticker `NPF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart NZ Property ETF is a listed property exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.03% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$78 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 12 November 2015 - **Minimum initial investment:** NZ$500 ## Top 9 holdings 1. Goodman Property Trust — 17.56% 2. Kiwi Property Group Ltd — 17.04% 3. Precinct Properties Group — 16.68% 4. Property for Industry Ltd — 12.86% 5. Vital Healthcare Property Trust — 12.00% 6. Argosy Property Ltd — 11.27% 7. Stride Property Group — 6.94% 8. Investore Property Ltd — 3.67% 9. NZD Cash Account (ANZ Bank) — 0.45% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Listed property | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Products issued by non-New Zealand issuers Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20NZ%20Property%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1116/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/npf-nz-property/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/npf-nz-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/npf-nz-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart NZ Property ETF URL: https://managedfunds.nz/funds/smartshares/npf-nz-property/questions/ > 3 commonly-asked questions about the Smart NZ Property ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, listed property category. Questions about Smart NZ Property ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart NZ Property ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are property ETFs a good investment? Property ETFs offer liquid exposure to real estate assets without the capital requirements of direct property ownership, though returns and risk vary by fund and market conditions. Smart NZ Property ETF is classified as a Listed Property fund with a risk indicator of 5/7 on the FMA standardised scale and a 5-year return after fees of 1.94% p.a.; you should review the current PDS and FMA Disclose register to assess whether this aligns with your financial goals. 2. What is an acceptable ETF management fee? ETF fees vary by fund type and strategy; Smart NZ Property ETF charges 0.54% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. Comparing fees across funds in the same category is one way to assess value, though fees should be considered alongside fund performance, size, and risk characteristics. 3. Do ETFs have PDS? Yes, all regulated managed funds in New Zealand, including ETFs, must have a Product Disclosure Statement (PDS). The current PDS for Smart NZ Property ETF is available from the manager (Smartshares) and also via distribution platforms including InvestNow and Sharesies; you can also search the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for fund documentation. More about this fund Smart NZ Property ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart NZ Bond ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/nzb-nz-bond/investment-mandate/ > The Smart NZ Bond ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 1 explicit exclusions. Verbatim from the SIPO. What can the Smart NZ Bond ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 100% New Zealand fixed interest 100% 0% 100% Mandate flexibility (sum of max − min across all ranges): 200%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (1) Investments not denominated in New Zealand dollars Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart NZ Bond ETF fund page All NZ Fixed Interest funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart NZ Bond ETF: 0.54% fee vs 0.63% peer median URL: https://managedfunds.nz/funds/smartshares/nzb-nz-bond/is-it-expensive/ > Smart NZ Bond ETF charges 0.54% p.a. vs the nz fixed interest peer-class median of 0.63%. 5 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart NZ Bond ETF expensive? Smart NZ Bond ETF charges 0.54% p.a. in annual fund charges, versus a peer-class median of 0.63% across 14 New Zealand nz fixed interest funds. On fee alone it is cheaper than 61% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart NZ Bond ETF NZ$267 at 0.54% p.a. Peer-class median NZ$309 at 0.63% p.a. Difference vs median: NZ$-42 over 5 years on NZ$10K. 5 cheaper peers in the same category NZ Fixed Interest funds with a lower annual fund charge than Smart NZ Bond ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart NZ Bond ETF Simplicity NZ Bond Fund Simplicity 0.10% −0.44pp Kernel NZ Bond Fund Kernel 0.40% −0.14pp ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments 0.46% −0.08pp Harbour NZ Corporate Bond Fund Harbour 0.47% −0.07pp Russell Investments NZ Fixed Interest Fund Russell Investments 0.49% −0.05pp What fee level should I expect? For the nz fixed interest cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 1.44% at the priciest, with a median of 0.63% across 14 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart NZ Bond ETF? Smart NZ Bond ETF charges 0.54% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart NZ Bond ETF's fee compare with peer nz fixed interest funds in New Zealand? The peer-class median annual charge across 14 New Zealand nz fixed interest funds is 0.63%. Smart NZ Bond ETF sits at 0.54% — cheaper than 61% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.54% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$267. That is NZ$42 less than the peer-class median fee-drag of NZ$309. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart NZ Bond ETF --- ## URL: https://managedfunds.nz/funds/smartshares/nzb-nz-bond/markdown.md # Smart NZ Bond ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** New Zealand Fixed Interest - **Structure:** Exchange-traded fund (ETF) — NZX ticker `NZB` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart NZ Bond ETF is a nz fixed interest exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.54% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.43% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$58 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 12 November 2015 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. NZD Cash Account (ANZ Bank) — 6.81% 2. NZLGFA Bond 15/05/28 2.25% — 3.81% 3. Housing New Zealand Bond 15/10/27 4.433% — 3.78% 4. Westpac New Zealand Bond 24/09/29 4.34% — 3.40% 5. NZLGFA Bond 14/04/33 3.50% — 3.08% 6. Westpac New Zealand Bond 19/11/30 3.87% — 3.02% 7. ASB Bank Bond 02/09/30 4.10% — 2.97% 8. Housing New Zealand Bond 18/10/28 3.42% — 2.94% 9. Housing New Zealand Bond 24/04/30 2.183% — 2.88% 10. NZLGFA Bond 15/04/27 4.50% — 2.87% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 100% | | New Zealand fixed interest | 100% | 0% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Investments not denominated in New Zealand dollars Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20NZ%20Bond%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1103/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/nzb-nz-bond/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/nzb-nz-bond/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/nzb-nz-bond/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart NZ Bond ETF URL: https://managedfunds.nz/funds/smartshares/nzb-nz-bond/questions/ > 3 commonly-asked questions about the Smart NZ Bond ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, nz fixed interest category. Questions about Smart NZ Bond ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart NZ Bond ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Can you lose money investing in bond ETFs? Bond ETF values fluctuate based on interest rate movements and credit risk, so you can experience a capital loss if you sell when the fund value has fallen. The Smart NZ Bond ETF has a risk indicator of 3/7 on the FMA standardised scale, reflecting moderate interest rate and credit risk. Check the PDS on the Smartshares website for detailed risk disclosure. 2. Is bond ETF tax free? Bond ETFs are not tax-free. The Smart NZ Bond ETF is structured as a PIE (Portfolio Investment Entity), which means your tax liability is capped at your prescribed investor rate (PIR) up to a maximum of 28%, as set by the IRD. Your tax obligations depend on your personal PIR; see the IRD website for more information on PIE taxation. 3. What is the average return on a bond ETF? The Smart NZ Bond ETF delivered a 5-year return after fees and before tax of 1.29% p.a., as disclosed in the latest FMA Disclose data. Past performance is not indicative of future returns; check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for current performance data. More about this fund Smart NZ Bond ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other nz fixed interest funds ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments Amova Corporate Bond Fund Amova Fisher Funds New Zealand Fixed Income Trust Fisher Funds Harbour NZ Core Fixed Interest Fund Harbour Harbour NZ Corporate Bond Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart S&P/NZX 50 ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/investment-mandate/ > The Smart S&P/NZX 50 ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart S&P/NZX 50 ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart S&P/NZX 50 ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart S&P/NZX 50 ETF: 0.20% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/is-it-expensive/ > Smart S&P/NZX 50 ETF charges 0.20% p.a. vs the australasian equities peer-class median of 1.01%. 1 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart S&P/NZX 50 ETF expensive? Smart S&P/NZX 50 ETF charges 0.20% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 97% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart S&P/NZX 50 ETF NZ$100 at 0.20% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-395 over 5 years on NZ$10K. 1 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart S&P/NZX 50 ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart S&P/NZX 50 ETF Simplicity NZ Share Fund Simplicity 0.10% −0.10pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart S&P/NZX 50 ETF? Smart S&P/NZX 50 ETF charges 0.20% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart S&P/NZX 50 ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart S&P/NZX 50 ETF sits at 0.20% — cheaper than 97% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.20% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$100. That is NZ$395 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart S&P/NZX 50 ETF --- ## URL: https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/markdown.md # Smart S&P/NZX 50 ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `NZG` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart S&P/NZX 50 ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in New Zealand shares and is designed to track the return of the S&P/NZX 20 Gross with Imputation Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.20% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.19% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$198 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 15 July 2020 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corp Ltd — 16.63% 2. Auckland International Airport Ltd — 10.23% 3. Infratil Ltd — 8.82% 4. Contact Energy Ltd — 6.67% 5. The a2 Milk Co Ltd — 6.34% 6. Meridian Energy Ltd — 5.41% 7. Mainfreight Ltd — 3.61% 8. EBOS Group Ltd — 3.45% 9. Mercury NZ Ltd — 3.28% 10. Chorus Ltd — 3.08% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20S%26P%2FNZX%2050%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND19356/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart S&P/NZX 50 ETF URL: https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/questions/ > 4 commonly-asked questions about the Smart S&P/NZX 50 ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart S&P/NZX 50 ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart S&P/NZX 50 ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart nz top 50 ETF? The Smart S&P/NZX 50 ETF is an exchange-traded fund that tracks the S&P/NZX 50 Index, comprising the 50 largest companies listed on the NZX. As at the latest QFU, the fund holds approximately 98.31% in growth assets and 1.69% in income assets, with an annual fund charge of 0.2% p.a. 2. How much fees do ETFs charge? ETF fees vary by fund and strategy. The Smart S&P/NZX 50 ETF charges 0.2% p.a., which is significantly lower than the peer-cohort average of 0.95% p.a. for funds in this category. You can compare fees across all available funds on this website or check the latest Product Disclosure Statement (PDS) on the manager's website. 3. What is the average return of the stock market in New Zealand? Historical returns vary by index and time period. The Smart S&P/NZX 50 ETF delivered 0.33% p.a. after fees and before tax over the past 5 years, as disclosed in the latest FMA Disclose data. For broader market return data, refer to the NZX website or FMA Disclose register. 4. Is Smart invest legit? Smartshares is the manager of the Smart S&P/NZX 50 ETF and is regulated under the Financial Markets Conduct Act 2013. Fund information, including the PDS and continuous disclosure, is available on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and on the manager's website at https://smartshares.co.nz. Primary sources Product Disclosure Statement More about this fund Smart S&P/NZX 50 ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Australian Top 20 ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/investment-mandate/ > The Smart Australian Top 20 ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Australian Top 20 ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Australian Top 20 ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Australian Top 20 ETF: 0.60% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/is-it-expensive/ > Smart Australian Top 20 ETF charges 0.60% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Australian Top 20 ETF expensive? Smart Australian Top 20 ETF charges 0.60% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 66% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Australian Top 20 ETF NZ$296 at 0.60% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-198 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart Australian Top 20 ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Australian Top 20 ETF Simplicity NZ Share Fund Simplicity 0.10% −0.50pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.40pp Harbour NZ Index Shares Fund Harbour 0.21% −0.39pp BetaShares Australia 200 Fund BetaShares 0.23% −0.37pp Kernel NZ 20 Fund Kernel 0.25% −0.35pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.35pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.35pp Kernel Australia 100 Fund Kernel 0.25% −0.35pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Australian Top 20 ETF? Smart Australian Top 20 ETF charges 0.60% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Australian Top 20 ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart Australian Top 20 ETF sits at 0.60% — cheaper than 66% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.60% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$296. That is NZ$198 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Australian Top 20 ETF --- ## URL: https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/markdown.md # Smart Australian Top 20 ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `OZY` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Australian Top 20 ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in Australian shares and is designed to track the return of the S&P/ASX 20 Index. Source: Product Disclosure Statement dated 2025-08-26 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdocaebfb4d4cef81e7211b6bf072e085be/Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf ## Fund data - **Annual fund charge:** 0.60% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 10.25% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$209 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2016 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Commonwealth Bank of Australia — 17.05% 2. BHP Group Ltd — 15.55% 3. Westpac Banking Corp — 8.20% 4. National Australia Bank Ltd — 7.72% 5. ANZ Group Holdings Ltd — 6.59% 6. Wesfarmers Ltd — 5.03% 7. Macquarie Group Ltd — 4.35% 8. CSL Ltd — 4.15% 9. Woodside Energy Group Ltd — 4.05% 10. Rio Tinto Ltd — 3.65% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Australian%20Top%2020%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1113/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Australian Top 20 ETF URL: https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/questions/ > 1 commonly-asked questions about the Smart Australian Top 20 ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart Australian Top 20 ETF 1 commonly-asked questions, answered with mechanical facts sourced from the Smart Australian Top 20 ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What are the lowest fee ETFs in Australia? Fee levels vary across Australian equity ETFs. The Smart Australian Top 20 ETF charges 0.6% p.a., which is below the peer-cohort average of 0.95% p.a. for funds in this category. Compare current fees across available funds using the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Primary sources Product Disclosure Statement More about this fund Smart Australian Top 20 ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart NZ Top 10 ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/investment-mandate/ > The Smart NZ Top 10 ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart NZ Top 10 ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% Australasian equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart NZ Top 10 ETF fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart NZ Top 10 ETF: 0.60% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/is-it-expensive/ > Smart NZ Top 10 ETF charges 0.60% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart NZ Top 10 ETF expensive? Smart NZ Top 10 ETF charges 0.60% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is cheaper than 66% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart NZ Top 10 ETF NZ$296 at 0.60% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: NZ$-198 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Smart NZ Top 10 ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart NZ Top 10 ETF Simplicity NZ Share Fund Simplicity 0.10% −0.50pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.40pp Harbour NZ Index Shares Fund Harbour 0.21% −0.39pp BetaShares Australia 200 Fund BetaShares 0.23% −0.37pp Kernel NZ 20 Fund Kernel 0.25% −0.35pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.35pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.35pp Kernel Australia 100 Fund Kernel 0.25% −0.35pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart NZ Top 10 ETF? Smart NZ Top 10 ETF charges 0.60% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart NZ Top 10 ETF's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Smart NZ Top 10 ETF sits at 0.60% — cheaper than 66% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.60% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$296. That is NZ$198 less than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart NZ Top 10 ETF --- ## URL: https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/markdown.md # Smart NZ Top 10 ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** Australasian Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `TNZ` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart NZ Top 10 ETF is a australasian equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.60% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.29% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$103 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 7 November 2016 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Fisher & Paykel Healthcare Corp Ltd — 24.97% 2. Auckland International Airport Ltd — 15.36% 3. Infratil Ltd — 13.24% 4. Contact Energy Ltd — 10.01% 5. The a2 Milk Co Ltd — 9.53% 6. Meridian Energy Ltd — 8.13% 7. Mainfreight Ltd — 5.43% 8. EBOS Group Ltd — 5.19% 9. Spark New Zealand Ltd — 4.45% 10. Fletcher Building Ltd — 3.59% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | Australasian equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20NZ%20Top%2010%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1114/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart NZ Top 10 ETF URL: https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/questions/ > 3 commonly-asked questions about the Smart NZ Top 10 ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, australasian equities category. Questions about Smart NZ Top 10 ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart NZ Top 10 ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart nz top 50 ETF? Smart NZ Top 10 ETF is an Australasian equities fund managed by Smartshares that holds approximately the 10 largest companies listed on the NZX, with an annual fund charge of 0.6% p.a. as at the latest QFU. The fund's three largest holdings are Fisher & Paykel Healthcare Corp Ltd (24.44%), Auckland International Airport Ltd (15.57%), and Infratil Ltd (12.18%). 2. Which broker has the lowest fees for ETFs? Fees vary by broker and by fund; Smart NZ Top 10 ETF has an annual fund charge of 0.6% p.a., which is 35 basis points below the peer-cohort average of 0.95% p.a. for funds in this category. You can compare the full fee schedule of your chosen platform (InvestNow, Sharesies, or Smartshares) directly with their terms and conditions. 3. Which ETFs have no fees? All managed funds, including ETFs, charge fees to cover administration, management, and platform costs. Smart NZ Top 10 ETF's annual fund charge of 0.6% p.a. is disclosed in full on the FMA Disclose register; you can search and compare other funds' charges at https://disclose-register.companiesoffice.govt.nz/. More about this fund Smart NZ Top 10 ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart Total World ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/twf-total-world/investment-mandate/ > The Smart Total World ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart Total World ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart Total World ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart Total World ETF: 0.40% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/twf-total-world/is-it-expensive/ > Smart Total World ETF charges 0.40% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart Total World ETF expensive? Smart Total World ETF charges 0.40% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 71% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart Total World ETF NZ$198 at 0.40% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-103 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart Total World ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart Total World ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.37pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.37pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.34pp Foundation Series Total World Fund Foundation Series 0.07% −0.33pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.33pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.30pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.25pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.25pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart Total World ETF? Smart Total World ETF charges 0.40% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart Total World ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart Total World ETF sits at 0.40% — cheaper than 71% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.40% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$198. That is NZ$103 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart Total World ETF --- ## URL: https://managedfunds.nz/funds/smartshares/twf-total-world/markdown.md # Smart Total World ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `TWF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart Total World ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in international shares and is designed to track the return of the FTSE Global All Cap Index. Source: Product Disclosure Statement dated 2025-09-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf ## Fund data - **Annual fund charge:** 0.40% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 11.48% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$275 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. Vanguard Total World Stock ETF — 99.92% 2. NZD Cash Account (ANZ Bank) — 0.30% 3. USD Cash Account (BNP Paribas) — 0.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20Total%20World%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1112/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/twf-total-world/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/twf-total-world/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/twf-total-world/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart Total World ETF URL: https://managedfunds.nz/funds/smartshares/twf-total-world/questions/ > 3 commonly-asked questions about the Smart Total World ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart Total World ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart Total World ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart total world ETF? Smart Total World ETF is an exchange-traded fund managed by Smartshares that tracks global equity markets through a single holding in the Vanguard Total World Stock ETF (99.94% of the fund). It is classified as an International Equities fund with a risk indicator of 5/7 on the FMA standardised scale, reflecting its ~98.31% allocation to growth assets. 2. Is a world ETF a good investment? Whether a world ETF suits your circumstances depends on your personal financial goals, time horizon, and risk tolerance. The Smart Total World ETF achieved a 5-year return of 14.21% p.a. after fees and before tax as at the latest QFU; check the current Product Disclosure Statement and FMA Disclose register for full performance history and current details. 3. Is TWF a good investment? Investment suitability is personal and depends on your circumstances. The Smart Total World ETF has an annual fund charge of 0.4% p.a. (lower than the peer-cohort average of 0.95% p.a.) and a 5-year return of 14.21% p.a. after fees, before tax; review the current PDS and FMA Disclose register to assess whether it aligns with your goals. Primary sources Product Disclosure Statement More about this fund Smart Total World ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart US ESG ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/usa-us-esg/investment-mandate/ > The Smart US ESG ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 7 explicit exclusions. Verbatim from the SIPO. What can the Smart US ESG ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (7) Companies with exposure to Controversial WeaponsCompanies with exposure to Nuclear WeaponsCompanies with exposure to Civilian FirearmsCompanies with exposure to TobaccoCompanies with exposure to Thermal CoalCompanies with exposure to Oil SandsCompanies that fail to comply with the United Nations Global Compact Principles Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart US ESG ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart US ESG ETF: 0.34% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/usa-us-esg/is-it-expensive/ > Smart US ESG ETF charges 0.34% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart US ESG ETF expensive? Smart US ESG ETF charges 0.34% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart US ESG ETF NZ$169 at 0.34% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-132 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart US ESG ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart US ESG ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.31pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.31pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.28pp Foundation Series Total World Fund Foundation Series 0.07% −0.27pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.27pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.24pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.19pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.19pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart US ESG ETF? Smart US ESG ETF charges 0.34% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart US ESG ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart US ESG ETF sits at 0.34% — cheaper than 77% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.34% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$169. That is NZ$132 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart US ESG ETF --- ## URL: https://managedfunds.nz/funds/smartshares/usa-us-esg/markdown.md # Smart US ESG ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `USA` - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart US ESG ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.34% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 14.05% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$39 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 6 June 2019 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. IShares MSCI USA ESG Screened UCITS ETF — 99.95% 2. NZD Cash Account (ANZ Bank) — 0.45% 3. USD Cash Account (BNP Paribas) — 0.10% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. ### Exclusions - Companies with exposure to Controversial Weapons - Companies with exposure to Nuclear Weapons - Companies with exposure to Civilian Firearms - Companies with exposure to Tobacco - Companies with exposure to Thermal Coal - Companies with exposure to Oil Sands - Companies that fail to comply with the United Nations Global Compact Principles Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20US%20ESG%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND14636/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/usa-us-esg/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/usa-us-esg/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/usa-us-esg/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart US ESG ETF URL: https://managedfunds.nz/funds/smartshares/usa-us-esg/questions/ > 3 commonly-asked questions about the Smart US ESG ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart US ESG ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart US ESG ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund and strategy. Smart US ESG ETF charges an annual fund charge of 0.34% p.a., which is materially lower than the peer-cohort average of 0.95% p.a. for comparable funds. Check the Product Disclosure Statement (PDS) for any specific fund to confirm its current annual fund charge. 2. Do ETFs have PDS? Yes, ETFs have a Product Disclosure Statement (PDS) that sets out the fund's features, risks, fees, and other key information. Smart US ESG ETF's PDS is available from Smartshares directly or through the FMA Disclose register at https://disclose-register.companieshousey.govt.nz/. 3. Do ESG ETFs perform better? Performance outcomes for ESG-screened funds depend on market conditions and the specific securities held. Smart US ESG ETF delivered a 5-year return of 17.72% p.a. after fees and before tax as at the latest QFU, though past performance is not indicative of future results. Investors should review the fund's holdings and risk profile in its PDS before investing. More about this fund Smart US ESG ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart US 500 ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/usf-us-500/investment-mandate/ > The Smart US 500 ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart US 500 ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart US 500 ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart US 500 ETF: 0.34% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/usf-us-500/is-it-expensive/ > Smart US 500 ETF charges 0.34% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart US 500 ETF expensive? Smart US 500 ETF charges 0.34% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 77% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart US 500 ETF NZ$169 at 0.34% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-132 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart US 500 ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart US 500 ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.31pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.31pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.28pp Foundation Series Total World Fund Foundation Series 0.07% −0.27pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.27pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.24pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.19pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.19pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart US 500 ETF? Smart US 500 ETF charges 0.34% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart US 500 ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart US 500 ETF sits at 0.34% — cheaper than 77% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.34% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$169. That is NZ$132 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart US 500 ETF --- ## URL: https://managedfunds.nz/funds/smartshares/usf-us-500/markdown.md # Smart US 500 ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `USF` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart US 500 ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in US shares and is designed to track the return of the S&P 500 Index. Source: Product Disclosure Statement dated 2025-09-22 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf ## Fund data - **Annual fund charge:** 0.34% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 14.14% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$963 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 2 holdings 1. Vanguard S&P 500 ETF — 99.82% 2. NZD Cash Account (ANZ Bank) — 0.58% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20US%20500%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1106/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/usf-us-500/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/usf-us-500/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/usf-us-500/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart US 500 ETF URL: https://managedfunds.nz/funds/smartshares/usf-us-500/questions/ > 4 commonly-asked questions about the Smart US 500 ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart US 500 ETF 4 commonly-asked questions, answered with mechanical facts sourced from the Smart US 500 ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is US500 good for long-term investing? The Smart US 500 ETF tracks the S&P 500 index and has delivered a 5-year return of 17.84% p.a. after fees (before tax), as at the latest QFU. Suitability depends on your investment timeframe, risk tolerance, and financial circumstances; check the current PDS and consider seeking personal financial advice. 2. What is smart US 500 ETF? The Smart US 500 ETF is a managed fund that tracks the performance of 500 large US companies via the S&P 500 index. It holds approximately 99.93% in the Vanguard S&P 500 ETF, with a small cash allocation, and charges an annual fund charge of 0.34% p.a. 3. What companies are in the Smart US 500 ETF? The Smart US 500 ETF holds the Vanguard S&P 500 ETF (99.93% of the fund), which tracks 500 large-cap US companies. For a detailed breakdown of those 500 holdings, check the Vanguard S&P 500 ETF documentation or the fund's latest fact sheet on the Smartshares website. 4. How much fees do ETFs charge? ETF fees vary widely by fund and manager. The Smart US 500 ETF charges 0.34% p.a., which is lower than the peer-cohort average of 0.95% p.a. for similar funds. Compare specific ETFs you're considering on the FMA Disclose register to see their annual fund charges. Primary sources Product Disclosure Statement More about this fund Smart US 500 ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart US Large Growth ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/usg-us-large-growth/investment-mandate/ > The Smart US Large Growth ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart US Large Growth ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart US Large Growth ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart US Large Growth ETF: 0.51% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/usg-us-large-growth/is-it-expensive/ > Smart US Large Growth ETF charges 0.51% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart US Large Growth ETF expensive? Smart US Large Growth ETF charges 0.51% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 62% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart US Large Growth ETF NZ$252 at 0.51% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-49 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart US Large Growth ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart US Large Growth ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.45pp Foundation Series Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.41pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.36pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.36pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart US Large Growth ETF? Smart US Large Growth ETF charges 0.51% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart US Large Growth ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart US Large Growth ETF sits at 0.51% — cheaper than 62% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.51% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$252. That is NZ$49 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart US Large Growth ETF --- ## URL: https://managedfunds.nz/funds/smartshares/usg-us-large-growth/markdown.md # Smart US Large Growth ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `USG` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart US Large Growth ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in US shares and is designed to track the return of the CRSP US Large Cap Growth Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.51% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 13.81% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$500 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 3 holdings 1. Vanguard Growth ETF — 99.88% 2. NZD Cash Account (ANZ Bank) — 0.78% 3. USD Cash Account (BNP Paribas) — 0.04% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20US%20Large%20Growth%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1107/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/usg-us-large-growth/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/usg-us-large-growth/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/usg-us-large-growth/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart US Large Growth ETF URL: https://managedfunds.nz/funds/smartshares/usg-us-large-growth/questions/ > 3 commonly-asked questions about the Smart US Large Growth ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart US Large Growth ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart US Large Growth ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is smart US large growth ETF? Smart US Large Growth ETF is an exchange-traded fund that tracks US large-cap growth companies, holding approximately 99.96% of its assets in the Vanguard Growth ETF. As at the latest QFU, the fund had NZ$591,155,061 in assets and an annual fund charge of 0.51% p.a. 2. How much fees do ETFs charge? ETF fees vary by fund and provider. Smart US Large Growth ETF charges 0.51% p.a., which is below the peer-cohort average annual fund charge of 0.95% p.a. for funds in this category. Check the Product Disclosure Statement and FMA Disclose register for specific fee information on other funds. 3. Is Smart US 500 ETF a pie fund? Smart US Large Growth ETF is structured as a PIE (Portfolio Investment Entity), meaning investor tax is capped at your prescribed investor rate (PIR), with a maximum of 28%. This is different to a FIF (Foreign Investment Fund) structure; see the IRD website for details on how each structure applies to your tax situation. Primary sources Product Disclosure Statement More about this fund Smart US Large Growth ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Smart US Mid Cap ETF: 0.51% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/is-it-expensive/ > Smart US Mid Cap ETF charges 0.51% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart US Mid Cap ETF expensive? Smart US Mid Cap ETF charges 0.51% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 62% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart US Mid Cap ETF NZ$252 at 0.51% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-49 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart US Mid Cap ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart US Mid Cap ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.45pp Foundation Series Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.41pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.36pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.36pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart US Mid Cap ETF? Smart US Mid Cap ETF charges 0.51% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart US Mid Cap ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart US Mid Cap ETF sits at 0.51% — cheaper than 62% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.51% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$252. That is NZ$49 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart US Mid Cap ETF --- ## URL: https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/markdown.md # Smart US Mid Cap ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `USM` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart US Mid Cap ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Fund data - **Annual fund charge:** 0.51% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 9.03% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$50 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 2 holdings 1. Vanguard Mid-Cap ETF — 99.80% 2. NZD Cash Account (ANZ Bank) — 0.37% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20US%20Mid%20Cap%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1109/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart US Mid Cap ETF URL: https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/questions/ > 3 commonly-asked questions about the Smart US Mid Cap ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart US Mid Cap ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart US Mid Cap ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Are mid-cap ETFs a good investment? Mid-cap equities are a distinct asset class positioned between small-cap and large-cap stocks, with different risk and return characteristics. The Smart US Mid Cap ETF carries a risk indicator of 5/7 on the FMA standardised scale and has delivered 11.73% p.a. after fees over the past five years; suitability depends on your personal investment timeframe, objectives, and risk tolerance. For detailed fund information, see the latest Product Disclosure Statement on the FMA Disclose register. 2. Is Smart US 500 ETF a pie fund? The Smart US Mid Cap ETF (not US 500) is structured as a PIE (Portfolio Investment Entity), which means your tax is capped at your prescribed investor rate (maximum 28%). You can confirm the tax structure of any Smartshares fund on the latest Product Disclosure Statement via the FMA Disclose register or Smartshares' website. 3. What is the fee for the Smart US 500 ETF? The Smart US Mid Cap ETF has an annual fund charge of 0.51% p.a., which is below the peer-cohort average of 0.95% p.a. for funds in this category. For fees on other Smartshares funds, check the latest Product Disclosure Statement on the FMA Disclose register or visit smartshares.co.nz. More about this fund Smart US Mid Cap ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart US Small Cap ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/uss-us-small-cap/investment-mandate/ > The Smart US Small Cap ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart US Small Cap ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart US Small Cap ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart US Small Cap ETF: 0.51% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/uss-us-small-cap/is-it-expensive/ > Smart US Small Cap ETF charges 0.51% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart US Small Cap ETF expensive? Smart US Small Cap ETF charges 0.51% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 62% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart US Small Cap ETF NZ$252 at 0.51% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-49 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart US Small Cap ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart US Small Cap ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.45pp Foundation Series Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.41pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.36pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.36pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart US Small Cap ETF? Smart US Small Cap ETF charges 0.51% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart US Small Cap ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart US Small Cap ETF sits at 0.51% — cheaper than 62% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.51% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$252. That is NZ$49 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart US Small Cap ETF --- ## URL: https://managedfunds.nz/funds/smartshares/uss-us-small-cap/markdown.md # Smart US Small Cap ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `USS` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart US Small Cap ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in US shares and is designed to track the return of the CRSP US Small Cap Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.51% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 7.59% p.a. - **Risk indicator:** 6/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$44 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 2 holdings 1. Vanguard Small-Cap ETF — 99.80% 2. NZD Cash Account (ANZ Bank) — 0.35% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20US%20Small%20Cap%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1110/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/uss-us-small-cap/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/uss-us-small-cap/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/uss-us-small-cap/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart US Small Cap ETF URL: https://managedfunds.nz/funds/smartshares/uss-us-small-cap/questions/ > 2 commonly-asked questions about the Smart US Small Cap ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart US Small Cap ETF 2 commonly-asked questions, answered with mechanical facts sourced from the Smart US Small Cap ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How much fees do ETFs charge? ETF fees vary by fund and strategy. The Smart US Small Cap ETF charges an annual fund charge of 0.51% p.a., which is below the peer-cohort average of 0.95% p.a. for comparable funds. Check the Product Disclosure Statement or FMA Disclose register for the specific fees of any ETF you're considering. 2. Are SMAs more tax efficient than ETFs? Tax efficiency depends on the fund structure and your personal tax position rather than the investment vehicle type alone. The Smart US Small Cap ETF is structured as a PIE (Portfolio Investment Entity), which means your investor tax is capped at your prescribed investor rate (maximum 28%), providing a defined tax framework. For detailed comparisons between different investment structures, consult the IRD website or speak with a tax adviser about your circumstances. Primary sources Product Disclosure Statement More about this fund Smart US Small Cap ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Smart US Large Value ETF invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/smartshares/usv-us-large-value/investment-mandate/ > The Smart US Large Value ETF's Statement of Investment Policy sets target / min / max ranges across 2 asset classes. Verbatim from the SIPO. What can the Smart US Large Value ETF actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 0% 0% 10% International equities 100% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Statement of Investment Policy and Objectives Related Smart US Large Value ETF fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Smart US Large Value ETF: 0.51% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/smartshares/usv-us-large-value/is-it-expensive/ > Smart US Large Value ETF charges 0.51% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Smart US Large Value ETF expensive? Smart US Large Value ETF charges 0.51% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 62% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Smart US Large Value ETF NZ$252 at 0.51% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$-49 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Smart US Large Value ETF, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Smart US Large Value ETF Foundation Series US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.48pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.45pp Foundation Series Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.44pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.41pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.36pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.36pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Smart US Large Value ETF? Smart US Large Value ETF charges 0.51% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Smart US Large Value ETF's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Smart US Large Value ETF sits at 0.51% — cheaper than 62% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.51% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$252. That is NZ$49 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Smart US Large Value ETF --- ## URL: https://managedfunds.nz/funds/smartshares/usv-us-large-value/markdown.md # Smart US Large Value ETF > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Asset class:** International Equities - **Structure:** Exchange-traded fund (ETF) — NZX ticker `USV` - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Smart US Large Value ETF is a international equities exchange-traded fund run by Smartshares. NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Investment objective (from PDS) > Invests in US shares and is designed to track the return of the CRSP US Large Cap Value Index. Source: Product Disclosure Statement dated 2026-04-24 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/81a30223a39f7533/Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf ## Fund data - **Annual fund charge:** 0.51% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 13.03% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$55 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 29 July 2015 - **Minimum initial investment:** NZ$500 ## Top 2 holdings 1. Vanguard Value ETF — 99.75% 2. NZD Cash Account (ANZ Bank) — 0.37% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$250 - **Distribution cadence:** semi-annually ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 0% | 0% | 10% | | International equities | 100% | 90% | 100% | ### Responsible-investment approach Smart has a Responsible Investment Policy setting out its approach to responsible investing, available at smartinvest.co.nz/resources/documents. Several funds track indices that screen for exposure to Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Thermal Coal and Oil Sands, and exclude companies failing to comply with the United Nations Global Compact Principles. ### Derivatives policy Each ETF may use derivatives to gain exposure to assets consistent with its permitted investments. No ETF may use derivatives to lever the ETF. Source: Statement of Investment Policy and Objectives dated 2026-04-16. https://smartinvestor.sorted.org.nz/disclose-document/288838c6a9b9087b/SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Smart may invest in other funds managed by it, rather than in financial products issued by third parties, potentially influencing investment decisions in favour of its own funds; this is managed via the Investment Oversight Committee and by not charging a fee for management services in relation to the Smart Wholesale Scheme where applicable. - An underlying third party fund manager may invest in other funds that it manages, potentially preferring its own managed funds over those operated by independent third parties; Smart assesses these arrangements at least annually and reviews fund investments monthly, with appointments approved on arm's length terms under Smart's Related Party Transactions Policy. ### Related-party transactions - **NZX Limited** (Parent company of Smartshares Limited) — Administration services provided to Smart under an Administration Services Agreement Source: Other Material Information document dated 2026-04-19. https://smartinvestor.sorted.org.nz/disclose-document/08798a00fccd7cd1/Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf ## How to invest Available via: Smartshares directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smart%20US%20Large%20Value%20ETF - **Product Disclosure Statement:** /disclose-document/mdo2aaf406a5534f2cb3aea6f63e0b3a0d0/PDS-Core-Series-23-Sep-Final.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10752/OFR10865/FND1108/ - **Manager website:** https://smartshares.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/smartshares/usv-us-large-value/ - **Markdown (this file):** https://managedfunds.nz/funds/smartshares/usv-us-large-value/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/smartshares/usv-us-large-value/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Smart US Large Value ETF URL: https://managedfunds.nz/funds/smartshares/usv-us-large-value/questions/ > 3 commonly-asked questions about the Smart US Large Value ETF, answered with mechanical facts sourced from the FMA Disclose register. Smartshares, international equities category. Questions about Smart US Large Value ETF 3 commonly-asked questions, answered with mechanical facts sourced from the Smart US Large Value ETF's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 0.25% a high management fee? The Smart US Large Value ETF charges 0.51% p.a., which is lower than the peer-cohort average of 0.95% p.a. for comparable international equity funds. Whether a fee is high depends on the fund category, strategy, and fund size; you can compare this fund's charge against others in the International Equities category on this site. 2. Is Smart invest legit? Smartshares is the fund manager and operates under New Zealand's Financial Markets Conduct Act 1988. You can verify the fund's registration and disclosure documents on the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/, and access the Product Disclosure Statement (PDS) via the Smartshares website at https://smartshares.co.nz. 3. Is smart US 500 ETF a good investment? The Smart US Large Value ETF tracks the Vanguard Value ETF (99.9% of holdings) and has delivered 15.89% p.a. after fees and before tax over the past 5 years, as at the latest QFU. Whether it suits your circumstances depends on your investment goals, time horizon, risk tolerance, and financial situation; consult your adviser or review the PDS for details on its strategy and risks. Primary sources Product Disclosure Statement More about this fund Smart US Large Value ETF — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Squirrel Monthly Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/squirrel/monthly-income/investment-mandate/ > The Squirrel Monthly Income Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes. Verbatim from the SIPO. What can the Squirrel Monthly Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand income assets (including loans) 98.5% 70% 100% Squirrel Wholesale Construction Loan Fund — 0% 100% Squirrel Wholesale Home Loan Fund — 0% 50% Cash and cash equivalents 1.5% 0% 30% Mandate flexibility (sum of max − min across all ranges): 210%. Wide range — high manager discretion typical of active management. Derivatives policy The Fund does not have a hedging policy, and it will not use risk management financial instruments. Statement of Investment Policy and Objectives · stale Related Squirrel Monthly Income Fund fund page All Other funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Squirrel Monthly Income Fund: 2.14% fee vs 1.06% peer median URL: https://managedfunds.nz/funds/squirrel/monthly-income/is-it-expensive/ > Squirrel Monthly Income Fund charges 2.14% p.a. vs the other peer-class median of 1.06%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Squirrel Monthly Income Fund expensive? Squirrel Monthly Income Fund charges 2.14% p.a. in annual fund charges, versus a peer-class median of 1.06% across 8 New Zealand other funds. On fee alone it is pricier than 81% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Squirrel Monthly Income Fund NZ$1025 at 2.14% p.a. Peer-class median NZ$521 at 1.06% p.a. Difference vs median: +NZ$504 over 5 years on NZ$10K. 6 cheaper peers in the same category Other funds with a lower annual fund charge than Squirrel Monthly Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Squirrel Monthly Income Fund Kernel Global Infrastructure Fund Kernel 0.25% −1.89pp Smart Bitcoin ETF Smartshares 0.55% −1.59pp First Sentier Global Listed Infrastructure Fund First Sentier 1.03% −1.11pp Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital 1.05% −1.09pp Russell Investments Global Listed Infrastructure Fund Russell Investments 1.08% −1.06pp Mercer Global Listed Infrastructure Fund Mercer 1.34% −0.80pp What fee level should I expect? For the other cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.53% at the priciest, with a median of 1.06% across 8 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Squirrel Monthly Income Fund? Squirrel Monthly Income Fund charges 2.14% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Squirrel Monthly Income Fund's fee compare with peer other funds in New Zealand? The peer-class median annual charge across 8 New Zealand other funds is 1.06%. Squirrel Monthly Income Fund sits at 2.14% — pricier than the median (cheaper than 19% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.14% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1025. That is NZ$504 more than the peer-class median fee-drag of NZ$521. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Squirrel Monthly Income Fund --- ## URL: https://managedfunds.nz/funds/squirrel/monthly-income/markdown.md # Squirrel Monthly Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Squirrel (Squirrel Investments Limited) - **Asset class:** Other - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Squirrel Monthly Income Fund is a other managed fund run by Squirrel. Peer-to-peer lender offering a monthly income fund built on its loan book. ## Investment objective (from PDS) > The Fund is designed to provide investors with a regular income return generated through exposure to a diversified portfolio of loans secured against registered first mortgages on residential property across New Zealand. The Fund's investment objective is to provide an annual return, after fees and before tax, that outperforms the 1 Year New Term Deposit Rate (>$10k) by a margin of 2.00%. Source: Product Disclosure Statement dated 2024-12-10 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf ## Fund data - **Annual fund charge:** 2.14% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 2/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$210 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 13 October 2021 - **Minimum initial investment:** NZ$500 ## Top 10 holdings 1. Construction loan secured by Residential Dwelling (Auckland) — 2.40% 2. Construction loan secured by Residential Dwelling (Auckland) — 2.02% 3. Construction loan secured by Residential Dwelling (Wellington) — 1.95% 4. Construction loan secured by Residential Dwelling (Bay of Plenty) — 1.85% 5. Cash and cash equivalents — 1.60% 6. Construction loan secured by Residential Dwelling (Waikato) — 1.38% 7. Construction loan secured by Residential Dwelling (Auckland) — 1.29% 8. Construction loan secured by Residential Dwelling (Auckland) — 1.27% 9. Construction loan secured by Residential Dwelling (Auckland) — 1.23% 10. Home loan secured by Residential Dwelling (Auckland) — 1.22% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$50 - **Distribution cadence:** monthly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand income assets (including loans) | 98.5% | 70% | 100% | | Squirrel Wholesale Construction Loan Fund | — | 0% | 100% | | Squirrel Wholesale Home Loan Fund | — | 0% | 50% | | Cash and cash equivalents | 1.5% | 0% | 30% | ### Derivatives policy The Fund does not have a hedging policy, and it will not use risk management financial instruments. Source: Statement of Investment Policy and Objectives dated 2024-12-10. https://smartinvestor.sorted.org.nz/disclose-document/mdod83247a025e1b88bba83cb8cf02f7244/20241211-Squirrel-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Squirrel intends investing Fund assets into the Underlying Funds which in turn invest in loans via the Squirrel P2P platform, and in exchange for administering those loans Squirrel retains a platform service margin representing the difference between interest paid by a borrower and the interest received by an investor. - Squirrel may charge borrowers an establishment fee of up to 2% of the loan value which investors (including the Underlying Funds) may not receive. - When the Underlying Funds obtain scale, Squirrel will need to decide whether to allocate a whole loan to the relevant wholesale fund via the Squirrel P2P wholesale platform, or to the Squirrel P2P retail platform where all P2P investors (including the Underlying Funds) will have the ability to obtain a fractional exposure to that loan. - Parties related to the Fund, including the staff of Squirrel and their families and the staff of FundRock and their families, may from time to time invest in the Fund. ### Related-party transactions - **Squirrel Money Limited** (Investment Manager and Distributor of the Fund) — Platform service margin retained by Squirrel for administering loans on the Squirrel P2P platform; difference between interest paid by borrower and interest received by investor · 0.85% p.a. on home loans to 2.60% p.a. on construction loans; estimated blended 1.55% per annum - **Squirrel Money Limited** (Investment Manager and Distributor of the Fund) — Establishment fee charged to borrowers which investors (including the Underlying Funds) may not receive · up to 2% of the loan value - **Squirrel P2P Trustees Limited** (Related company of Squirrel (Investment Manager); lender of record and bare trustee for loans on Squirrel P2P platform) — Holds each loan (together with cash and other associated rights) on bare trust for relevant investors including the Underlying Funds - **Adminis NZ Limited** (Custodian and Fund Administrator appointed by FundRock) — Registry services, unit pricing, fund accounting, and custody of cash and beneficial interests in assets held by Squirrel Trustee Source: Other Material Information document dated 2024-12-10. https://smartinvestor.sorted.org.nz/disclose-document/mdo0e6aed20b5b4f44737bb3a6e7865d06d/20241211-Squirrel-OMI.pdf ## How to invest Available via: Squirrel directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Squirrel%20Monthly%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdod14933f6cf66e0c3556804a549134300/20241211-Squirrel-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13142/OFR13187/FND35154/ - **Manager website:** https://www.squirrel.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/squirrel/monthly-income/ - **Markdown (this file):** https://managedfunds.nz/funds/squirrel/monthly-income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/squirrel/monthly-income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Squirrel Monthly Income Fund URL: https://managedfunds.nz/funds/squirrel/monthly-income/questions/ > 4 commonly-asked questions about the Squirrel Monthly Income Fund, answered with mechanical facts sourced from the FMA Disclose register. Squirrel, other category. Questions about Squirrel Monthly Income Fund 4 commonly-asked questions, answered with mechanical facts sourced from the Squirrel Monthly Income Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is Squirrel, NZ legit to invest in? Squirrel Monthly Income Fund is registered on the FMA Disclose register and operates as a PIE fund under New Zealand financial services law. You can verify current fund details, including the Product Disclosure Statement and latest quarterly fund update, via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. Is Squirrel's monthly income fund a pie fund? Yes, Squirrel Monthly Income Fund is structured as a PIE (Portfolio Investment Entity). This means investor tax is capped at your prescribed investor rate (PIR), with a maximum rate of 28%, rather than being taxed at your personal marginal tax rate. 3. Are monthly income funds a good investment? Monthly income funds target regular distributions and typically hold a mix of growth and income assets. Squirrel Monthly Income Fund holds approximately 78.34% growth assets and 21.66% income assets, with a risk indicator of 2/7 on the FMA standardised scale. Suitability depends on your individual financial goals and risk tolerance; check the Product Disclosure Statement for full details. 4. What is the return on the Squirrel's monthly Income Fund? Historical returns are not included in the fund facts available here. You can view performance data and the latest quarterly fund update on the Squirrel website (https://www.squirrel.co.nz) or via the FMA Disclose register. Primary sources Product Disclosure Statement · stale More about this fund Squirrel Monthly Income Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other other funds Smart Bitcoin ETF Smartshares Mercer Global Listed Infrastructure Fund Mercer Russell Investments Global Listed Infrastructure Fund Russell Investments Kernel Global Infrastructure Fund Kernel NZ Funds Global Infrastructure NZ Funds ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Squirrel Monthly Income Fund? — KPMG URL: https://managedfunds.nz/funds/squirrel/monthly-income/who-audits/ > The Squirrel Monthly Income Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Squirrel Monthly Income Fund? KPMG The Squirrel Monthly Income Fund sits within a managed investment scheme run by Squirrel. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Squirrel Monthly Income Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Stewart Investors Worldwide Leaders Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/investment-mandate/ > The Stewart Investors Worldwide Leaders Fund's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 13 explicit exclusions. Verbatim from the SIPO. What can the Stewart Investors Worldwide Leaders Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% 0% 10% Global equities 90% 90% 100% Mandate flexibility (sum of max − min across all ranges): 20%. Narrow range — index-tracking style with limited drift. Explicit exclusions (13) Companies with material exposure to exploration, production or generation of fossil fuel energy (coal, unconventional oil & gas, conventional oil & gas) — 5% gross revenue thresholdCompanies materially involved in nuclear energy — 5% gross revenue thresholdCompanies that wilfully or persistently neglect their environmental obligations — no materiality thresholdCompanies materially involved in the production of alcohol products — 5% gross revenue thresholdCompanies involved in the production of Tobacco Products — 0% revenue threshold; wholesaling/distribution/dedicated services to tobacco producers — 5% thresholdCompanies materially involved in gambling operations or provision of gambling opportunities — 5% gross revenue thresholdCompanies involved in production of pornography — 0% gross revenue threshold; material distribution of pornography — 5% thresholdCompanies materially involved in the export of live animals, cruel production practices (e.g. factory farming), or trade of controversial animal products such as ivory — 5% gross revenue thresholdCompanies involved in animal testing during production of consumer/medical/chemical/household products except where testing meets ethical standards, is regulatory-required, or no alternative methods exist — 5% gross revenue thresholdCompanies that discriminate against or seek to impinge on abortion rights for women — no materiality thresholdCompanies involved in research for reproductive cloning of human beings or animals — no materiality thresholdCompanies with poor records on globally accepted human rights norms including modern slavery, child labour, capital punishment, indigenous rights and community impacts — no materiality thresholdCompanies materially involved in manufacture of armaments including Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons, white phosphorus munitions — 0% threshold) and other armaments such as hand guns — 5% threshold Responsible-investment approach The Investment Manager takes into account labour standards or environmental, social and ethical considerations for the purpose of selecting, retaining or realising investments. Stewart Investors evaluates companies through a Quality Assessment and Sustainability Assessment using qualitative judgements rather than quantitative thresholds, and excludes companies with material exposure to harmful and controversial products, services or practices including fossil fuels, nuclear power, tobacco, armaments (controversial weapons at 0% threshold), gambling, pornography, alcohol production, and others as set out in the Position Statement. Statement of Investment Policy and Objectives Related Stewart Investors Worldwide Leaders Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Stewart Investors Worldwide Leaders Fund: 0.61% fee vs 0.61% p… URL: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/is-it-expensive/ > Stewart Investors Worldwide Leaders Fund charges 0.61% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Stewart Investors Worldwide Leaders Fund expensive? Stewart Investors Worldwide Leaders Fund charges 0.61% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is cheaper than 50% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Stewart Investors Worldwide Leaders Fund NZ$301 at 0.61% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Stewart Investors Worldwide Leaders Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Stewart Investors Worldwide Leaders Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.58pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.58pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.55pp Foundation Series Total World Fund Foundation Series 0.07% −0.54pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.54pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.51pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.46pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.46pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Stewart Investors Worldwide Leaders Fund? Stewart Investors Worldwide Leaders Fund charges 0.61% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Stewart Investors Worldwide Leaders Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Stewart Investors Worldwide Leaders Fund sits at 0.61% — cheaper than 50% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.61% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$301. That is NZ$0 less than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Stewart Investors Worldwide Leaders Fund --- ## URL: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/markdown.md # Stewart Investors Worldwide Leaders Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Stewart Investors (Stewart Investors), parent First Sentier Investors - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Stewart Investors Worldwide Leaders Fund is a international equities managed fund run by Stewart Investors. Sustainable-investing specialist (First Sentier subsidiary) with a Worldwide Leaders PIE fund for NZ investors. ## Investment objective (from PDS) > To achieve long-term capital appreciation by investing in companies which contribute to, and benefit from, sustainable development. Stewart Investors invests in larger capitalisation companies with a minimum investible market cap (free float) of US$5 billion at the time of initial investment. The Fund aims to exceed the MSCI All Country World Index (NZD) over rolling five-year periods before fees and taxes. Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/feef326594669551/20260401-Stewart-Investors-PDS.pdf ## Fund data - **Annual fund charge:** 0.61% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$12 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 2 September 2022 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. Samsung Electronics Co Ltd — 7.17% 2. Singapore Telecomm Npv B L 100 — 6.77% 3. Watsco Inc — 4.76% 4. Cash at Bank (BNZ) — 4.67% 5. Biomerieux Npv — 4.54% 6. Kla Tencor Corporation Com — 4.14% 7. Fortinet Inc Com — 3.95% 8. Mahindra & Mahindra Limited — 3.87% 9. Markel Corporation — 3.86% 10. Alcon Ag — 3.85% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$5,000 - **Distribution cadence:** semi-annually - **Buy / sell spread:** 10 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | 0% | 10% | | Global equities | 90% | 90% | 100% | ### Responsible-investment approach The Investment Manager takes into account labour standards or environmental, social and ethical considerations for the purpose of selecting, retaining or realising investments. Stewart Investors evaluates companies through a Quality Assessment and Sustainability Assessment using qualitative judgements rather than quantitative thresholds, and excludes companies with material exposure to harmful and controversial products, services or practices including fossil fuels, nuclear power, tobacco, armaments (controversial weapons at 0% threshold), gambling, pornography, alcohol production, and others as set out in the Position Statement. ### Exclusions - Companies with material exposure to exploration, production or generation of fossil fuel energy (coal, unconventional oil & gas, conventional oil & gas) — 5% gross revenue threshold - Companies materially involved in nuclear energy — 5% gross revenue threshold - Companies that wilfully or persistently neglect their environmental obligations — no materiality threshold - Companies materially involved in the production of alcohol products — 5% gross revenue threshold - Companies involved in the production of Tobacco Products — 0% revenue threshold; wholesaling/distribution/dedicated services to tobacco producers — 5% threshold - Companies materially involved in gambling operations or provision of gambling opportunities — 5% gross revenue threshold - Companies involved in production of pornography — 0% gross revenue threshold; material distribution of pornography — 5% threshold - Companies materially involved in the export of live animals, cruel production practices (e.g. factory farming), or trade of controversial animal products such as ivory — 5% gross revenue threshold - Companies involved in animal testing during production of consumer/medical/chemical/household products except where testing meets ethical standards, is regulatory-required, or no alternative methods exist — 5% gross revenue threshold - Companies that discriminate against or seek to impinge on abortion rights for women — no materiality threshold - Companies involved in research for reproductive cloning of human beings or animals — no materiality threshold - Companies with poor records on globally accepted human rights norms including modern slavery, child labour, capital punishment, indigenous rights and community impacts — no materiality threshold - Companies materially involved in manufacture of armaments including Controversial Weapons (anti-personnel mines, cluster weapons, biological and chemical weapons, depleted uranium, nuclear weapons, white phosphorus munitions — 0% threshold) and other armaments such as hand guns — 5% threshold Source: Statement of Investment Policy and Objectives dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/c5d2f0b3260209d4/20260401-Stewart-Investors-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - FundRock and the Scheme's registry manager Apex Investment Administration (NZ) Limited are both ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, potentially benefiting Apex NZ at the expense of unitholders. - Parties related to the Fund, including the staff and families of all parties listed in the 'Other information on the parties involved' section, may from time to time invest in the Fund. - Where FundRock contracts out its functions to other parties (such as investment management to First Sentier Investors), it must ensure those persons perform those functions to the same standard and are subject to the same duties and restrictions as if FundRock were performing them itself. - A related party transaction in respect of the Fund may only be done if the details are notified to the Supervisor and FundRock certifies the transaction is on arm's length terms, or obtains the Supervisor's consent on the basis it is in the best interests of unitholders, or obtains Special Resolution approval by unitholders. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/c7442a6bce59ceda/20260401-Stewart-Investors-OMI.pdf ## How to invest Available via: Stewart Investors directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Stewart%20Investors%20Worldwide%20Leaders%20Fund - **Product Disclosure Statement:** /disclose-document/feef326594669551/20260401-Stewart-Investors-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13295/OFR13333/FND38994/ - **Manager website:** https://www.stewartinvestors.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/ - **Markdown (this file):** https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Stewart Investors Worldwide Leaders Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/who-audits/ > The Stewart Investors Worldwide Leaders Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Stewart Investors Worldwide Leaders Fund? PricewaterhouseCoopers The Stewart Investors Worldwide Leaders Fund sits within a managed investment scheme run by Stewart Investors. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (BNP); assets may be registered in the name of BNP Paribas Nominees (NZ) Limited Related Stewart Investors Worldwide Leaders Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Australian Equities invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/australian-equities/investment-mandate/ > The Summer Australian Equities's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Australian Equities actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 20% Australasian Equities 85% 80% 100% International Equities — 0% 20% Listed Property 10% 0% 20% Mandate flexibility (sum of max − min across all ranges): 80%. Narrow range — index-tracking style with limited drift. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Australian Equities fund page All Australasian Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Australian Equities: 1.02% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/summer/australian-equities/is-it-expensive/ > Summer Australian Equities charges 1.02% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Australian Equities expensive? Summer Australian Equities charges 1.02% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 51% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Australian Equities NZ$500 at 1.02% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$5 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than Summer Australian Equities, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Australian Equities Simplicity NZ Share Fund Simplicity 0.10% −0.92pp Smart S&P/NZX 50 ETF Smartshares 0.20% −0.82pp Harbour NZ Index Shares Fund Harbour 0.21% −0.81pp BetaShares Australia 200 Fund BetaShares 0.23% −0.79pp Kernel NZ 20 Fund Kernel 0.25% −0.77pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −0.77pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −0.77pp Kernel Australia 100 Fund Kernel 0.25% −0.77pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Australian Equities? Summer Australian Equities charges 1.02% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Australian Equities's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. Summer Australian Equities sits at 1.02% — pricier than the median (cheaper than 49% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.02% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$500. That is NZ$5 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Australian Equities --- ## URL: https://managedfunds.nz/funds/summer/australian-equities/markdown.md # Summer Australian Equities > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** Australasian Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Australian Equities is a australasian equities managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/ASX 200 Accumulation Index, 50% hedged to the New Zealand dollar. These investments typically have high levels of movement up and down in value. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.02% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 8.01% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$17 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 19 September 2016 ## Top 10 holdings 1. BHP Group Limited — 9.69% 2. Commonwealth Bank of Australia Limited — 7.10% 3. Westpac Banking Corporation — 4.68% 4. Australia and New Zealand Banking Group Limited — 4.06% 5. CSL Limited — 3.52% 6. National Australia Bank Limited — 3.35% 7. Rio Tinto Limited — 2.72% 8. Macquarie Group Limited — 2.57% 9. Telstra Group — 2.35% 10. Goodman Group — 2.24% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 20% | | Australasian Equities | 85% | 80% | 100% | | International Equities | — | 0% | 20% | | Listed Property | 10% | 0% | 20% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Australian%20Equities - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND990/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/australian-equities/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/australian-equities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/australian-equities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Australian Equities URL: https://managedfunds.nz/funds/summer/australian-equities/questions/ > 3 commonly-asked questions about the Summer Australian Equities, answered with mechanical facts sourced from the FMA Disclose register. Summer, australasian equities category. Questions about Summer Australian Equities 3 commonly-asked questions, answered with mechanical facts sourced from the Summer Australian Equities's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a typical management fee for a fund? Management fees for managed funds vary by strategy and asset class. Summer Australian Equities has an annual fund charge of 1.02% p.a., which is 0.17 percentage points higher than the peer-cohort average of 0.85% p.a. for comparable funds. You can compare specific fund charges on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. 2. What is the average return of the Australian stock market? Summer Australian Equities returned 8.01% p.a. after fees and before tax over the 5-year period as at the latest QFU. This is a specific fund result and may not represent broader market performance; check the FMA Disclose register for comparable fund returns and relevant benchmark indices. 3. Is summer in Australia different? Summer Australian Equities is a managed fund that invests in Australian equities and holds approximately 98.37% growth assets. The fund's performance and composition are documented in the latest Quarterly Fund Update (QFU) and Product Disclosure Statement, available at https://www.summer.co.nz. Primary sources Product Disclosure Statement More about this fund Summer Australian Equities — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Australian Equities? — Deloitte URL: https://managedfunds.nz/funds/summer/australian-equities/who-audits/ > The Summer Australian Equities is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Australian Equities? Deloitte The Summer Australian Equities sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Australian Equities fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Balanced Selection invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/balanced-selection/investment-mandate/ > The Summer Balanced Selection's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Balanced Selection actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 7% 0% 50% New Zealand Fixed Interest 19% 0% 50% International Fixed Interest 19% 0% 50% Australasian Equities 17% 0% 50% International Equities 35% 20% 70% Listed Property 3% 0% 50% Other — 0% 10% Mandate flexibility (sum of max − min across all ranges): 310%. Wide range — high manager discretion typical of active management. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Balanced Selection fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Balanced Selection: 1.02% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/summer/balanced-selection/is-it-expensive/ > Summer Balanced Selection charges 1.02% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Balanced Selection expensive? Summer Balanced Selection charges 1.02% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 55% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Balanced Selection NZ$500 at 1.02% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$14 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Summer Balanced Selection, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Balanced Selection Simplicity Conservative Investment Fund Simplicity 0.25% −0.77pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.77pp Simplicity Growth Investment Fund Simplicity 0.25% −0.77pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.77pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.77pp Kernel Conservative Fund Kernel 0.25% −0.77pp Kernel Balanced Fund Kernel 0.25% −0.77pp Kernel High Growth Fund Kernel 0.25% −0.77pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Balanced Selection? Summer Balanced Selection charges 1.02% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Balanced Selection's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Summer Balanced Selection sits at 1.02% — pricier than the median (cheaper than 45% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.02% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$500. That is NZ$14 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Balanced Selection --- ## URL: https://managedfunds.nz/funds/summer/balanced-selection/markdown.md # Summer Balanced Selection > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** Diversified Funds - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Balanced Selection is a diversified managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark relating to the target investment mix. Investors can expect moderate to high levels of movement up and down in value, and longer-term returns that are higher than those of the Summer Conservative Selection (but with more risk), and lower than those of the Summer Growth Selection (but with less risk). Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.02% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.36% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$125 million - **Asset mix:** 54% growth assets · 46% income assets - **Fund started:** 19 September 2016 ## Top 10 holdings 1. Hunter Global Fixed Interest Fund — 18.09% 2. Vanguard ESG US Stock ETF — 1.89% 3. Fisher & Paykel Healthcare Corporation Limited — 1.87% 4. New Zealand Government 1.5% 15/05/2031 — 1.80% 5. New Zealand Government 14/04/2033 3.5 — 1.39% 6. Precinct Properties New Zealand Limited — 1.35% 7. Goodman Property Trust — 1.33% 8. Kiwi Property Group Limited — 1.07% 9. Microsoft Corporation — 1.07% 10. New Zealand Government 15/05/2032 2.00 — 1.00% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 7% | 0% | 50% | | New Zealand Fixed Interest | 19% | 0% | 50% | | International Fixed Interest | 19% | 0% | 50% | | Australasian Equities | 17% | 0% | 50% | | International Equities | 35% | 20% | 70% | | Listed Property | 3% | 0% | 50% | | Other | — | 0% | 10% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Balanced%20Selection - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND1190/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/balanced-selection/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/balanced-selection/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/balanced-selection/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Balanced Selection URL: https://managedfunds.nz/funds/summer/balanced-selection/questions/ > 1 commonly-asked questions about the Summer Balanced Selection, answered with mechanical facts sourced from the FMA Disclose register. Summer, diversified category. Questions about Summer Balanced Selection 1 commonly-asked questions, answered with mechanical facts sourced from the Summer Balanced Selection's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. How risky is a balanced fund? Summer Balanced Selection holds approximately 53.72% growth assets and 46.28% income assets, and carries a risk indicator of 4 out of 7 on the FMA standardised scale, meaning it sits in the moderate-to-higher risk range. The 5-year return after fees and before tax was 3.36% p.a., reflecting the volatility typical of balanced funds that blend growth and income exposure. For a detailed explanation of risk factors and how they apply to your circumstances, see the fund's Product Disclosure Statement on the manager website or consult a financial adviser. Primary sources Product Disclosure Statement More about this fund Summer Balanced Selection — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Balanced Selection? — Deloitte URL: https://managedfunds.nz/funds/summer/balanced-selection/who-audits/ > The Summer Balanced Selection is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Balanced Selection? Deloitte The Summer Balanced Selection sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Balanced Selection fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Conservative Selection invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/conservative-selection/investment-mandate/ > The Summer Conservative Selection's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Conservative Selection actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 15% 0% 50% New Zealand Fixed Interest 31% 20% 70% International Fixed Interest 24% 0% 50% Australasian Equities 10% 0% 50% International Equities 17% 0% 50% Listed Property 3% 0% 50% Other — 0% 10% Mandate flexibility (sum of max − min across all ranges): 310%. Wide range — high manager discretion typical of active management. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Conservative Selection fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Conservative Selection: 0.87% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/summer/conservative-selection/is-it-expensive/ > Summer Conservative Selection charges 0.87% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Conservative Selection expensive? Summer Conservative Selection charges 0.87% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is cheaper than 65% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Conservative Selection NZ$427 at 0.87% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: NZ$-58 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Summer Conservative Selection, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Conservative Selection Simplicity Conservative Investment Fund Simplicity 0.25% −0.62pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.62pp Simplicity Growth Investment Fund Simplicity 0.25% −0.62pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.62pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.62pp Kernel Conservative Fund Kernel 0.25% −0.62pp Kernel Balanced Fund Kernel 0.25% −0.62pp Kernel High Growth Fund Kernel 0.25% −0.62pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Conservative Selection? Summer Conservative Selection charges 0.87% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Conservative Selection's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Summer Conservative Selection sits at 0.87% — cheaper than 65% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.87% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$427. That is NZ$58 less than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Conservative Selection --- ## URL: https://managedfunds.nz/funds/summer/conservative-selection/markdown.md # Summer Conservative Selection > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** Diversified Funds - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Conservative Selection is a diversified managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark relating to the target investment mix. Investors can expect low to moderate levels of movement up and down in value, and longer-term returns that are lower than those of the Summer Balanced Selection (but with less risk). Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 0.87% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.17% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$10 million - **Asset mix:** 23% growth assets · 77% income assets - **Fund started:** 8 April 2019 ## Top 10 holdings 1. Hunter Global Fixed Interest Fund — 23.03% 2. New Zealand Government 1.5% 15/05/2031 — 2.94% 3. BNZ Transactional Account — 2.94% 4. New Zealand Government 14/04/2033 3.5 — 2.27% 5. New Zealand Government 15/05/2032 2.00 — 1.63% 6. New Zealand Government 15/05/2028 0.25 — 1.60% 7. NZ Government 4.25% 15/05/2034 Green Bond — 1.57% 8. New Zealand Government 4.5% 15/05/2035 — 1.56% 9. New Zealand Government 4.25% 15/05/2036 — 1.45% 10. New Zealand Government 4.50% 15/05/2030 — 1.33% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 15% | 0% | 50% | | New Zealand Fixed Interest | 31% | 20% | 70% | | International Fixed Interest | 24% | 0% | 50% | | Australasian Equities | 10% | 0% | 50% | | International Equities | 17% | 0% | 50% | | Listed Property | 3% | 0% | 50% | | Other | — | 0% | 10% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Conservative%20Selection - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND13670/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/conservative-selection/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/conservative-selection/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/conservative-selection/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Conservative Selection URL: https://managedfunds.nz/funds/summer/conservative-selection/questions/ > 3 commonly-asked questions about the Summer Conservative Selection, answered with mechanical facts sourced from the FMA Disclose register. Summer, diversified category. Questions about Summer Conservative Selection 3 commonly-asked questions, answered with mechanical facts sourced from the Summer Conservative Selection's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is a conservative asset allocation? A conservative asset allocation typically emphasises income-generating assets over growth assets to reduce volatility. Summer Conservative Selection holds approximately 77.01% in income assets and 22.99% in growth assets, placing it at risk indicator 3/7 on the FMA standardised scale. 2. What does conservative income mean? Conservative income strategies prioritise stable, regular returns from fixed-interest and cash-like investments rather than capital growth. Summer Conservative Selection's holdings include government bonds, fixed-interest funds, and cash accounts, reflecting this approach to income generation. 3. Is 40-60 moderately conservative? An asset allocation of 40% growth / 60% income is generally considered moderately conservative. Summer Conservative Selection's 22.99% growth / 77.01% income mix is weighted more heavily toward income assets, positioning it at the more conservative end of the spectrum. Primary sources Product Disclosure Statement More about this fund Summer Conservative Selection — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Conservative Selection? — Deloitte URL: https://managedfunds.nz/funds/summer/conservative-selection/who-audits/ > The Summer Conservative Selection is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Conservative Selection? Deloitte The Summer Conservative Selection sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Conservative Selection fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Global Equities invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/global-equities/investment-mandate/ > The Summer Global Equities's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Global Equities actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 10% 0% 20% Australasian Equities — 0% 20% International Equities 90% 80% 100% Listed Property — 0% 10% Mandate flexibility (sum of max − min across all ranges): 70%. Narrow range — index-tracking style with limited drift. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Global Equities fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Global Equities: 1.02% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/summer/global-equities/is-it-expensive/ > Summer Global Equities charges 1.02% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Global Equities expensive? Summer Global Equities charges 1.02% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 67% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Global Equities NZ$500 at 1.02% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$198 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Summer Global Equities, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Global Equities Foundation Series US 500 Fund Foundation Series 0.03% −0.99pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.99pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.96pp Foundation Series Total World Fund Foundation Series 0.07% −0.95pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.95pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.92pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.87pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.87pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Global Equities? Summer Global Equities charges 1.02% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Global Equities's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Summer Global Equities sits at 1.02% — pricier than the median (cheaper than 33% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.02% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$500. That is NZ$198 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Global Equities --- ## URL: https://managedfunds.nz/funds/summer/global-equities/markdown.md # Summer Global Equities > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** International Equities - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Global Equities is a international equities managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than MSCI ACWI Net Total Return Index, 50% hedged to the New Zealand dollar. These investments typically have high levels of movement up and down in value. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.02% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.87% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$43 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 19 September 2016 ## Top 10 holdings 1. Vanguard ESG US Stock ETF — 5.99% 2. Microsoft Corporation — 3.38% 3. Vanguard ESG International Stock ETF — 3.06% 4. Alphabet Inc. Class A — 2.78% 5. Apple Inc. — 1.90% 6. Amazon.Com Inc. — 1.81% 7. Uber Technologies Inc — 1.62% 8. Mastercard Inc. — 1.56% 9. Nestle S.A. — 1.45% 10. Salesforce.Com, Inc. — 1.41% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 10% | 0% | 20% | | Australasian Equities | — | 0% | 20% | | International Equities | 90% | 80% | 100% | | Listed Property | — | 0% | 10% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Global%20Equities - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND1183/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/global-equities/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/global-equities/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/global-equities/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Global Equities URL: https://managedfunds.nz/funds/summer/global-equities/questions/ > 4 commonly-asked questions about the Summer Global Equities, answered with mechanical facts sourced from the FMA Disclose register. Summer, international equities category. Questions about Summer Global Equities 4 commonly-asked questions, answered with mechanical facts sourced from the Summer Global Equities's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is it good to invest in global equities? Global equities as an asset class offer exposure to international companies and economic growth, but suitability depends on your investment horizon, risk tolerance, and financial circumstances. Summer Global Equities is rated 5/7 on the FMA standardised risk scale; check the current Product Disclosure Statement to understand whether this risk profile matches your needs. 2. Are global equities a good investment? Global equities can form part of a diversified portfolio, though performance and suitability vary by investor and market conditions. Summer Global Equities has delivered 6.87% p.a. after fees and before tax over the past 5 years as at the latest QFU; refer to FMA Disclose (https://disclose-register.companiesoffice.govt.nz/) for the full fund performance record and PDS. 3. Is a 7% return realistic? Summer Global Equities achieved 6.87% p.a. after fees and before tax over the past 5 years as at the latest QFU; past performance is not a reliable indicator of future returns. Review the fund's performance history on FMA Disclose and discuss realistic return expectations with a financial adviser. 4. Do equities have fees? Yes, equities funds charge annual fees to cover management and administration costs. Summer Global Equities charges 1.02% p.a. as its annual fund charge as disclosed in the latest QFU; this is deducted from the fund's returns before performance is reported. Primary sources Product Disclosure Statement More about this fund Summer Global Equities — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Global Equities? — Deloitte URL: https://managedfunds.nz/funds/summer/global-equities/who-audits/ > The Summer Global Equities is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Global Equities? Deloitte The Summer Global Equities sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Global Equities fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Global Fixed Interest invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/global-fixed-interest/investment-mandate/ > The Summer Global Fixed Interest's Statement of Investment Policy sets target / min / max ranges across 3 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Global Fixed Interest actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 100% New Zealand Fixed Interest 0% 0% 100% International Fixed Interest 95% 0% 100% Mandate flexibility (sum of max − min across all ranges): 300%. Wide range — high manager discretion typical of active management. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Global Fixed Interest fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Global Fixed Interest: 0.87% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/summer/global-fixed-interest/is-it-expensive/ > Summer Global Fixed Interest charges 0.87% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Global Fixed Interest expensive? Summer Global Fixed Interest charges 0.87% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 76% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Global Fixed Interest NZ$427 at 0.87% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$82 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Summer Global Fixed Interest, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Global Fixed Interest Simplicity Hedged Global Bond Fund Simplicity 0.15% −0.72pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −0.62pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −0.59pp Smart Global Aggregate Bond ETF Smartshares 0.30% −0.57pp Kernel US Bond Fund Kernel 0.30% −0.57pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −0.55pp Evidential Sustainable Global Bond Fund Evidential 0.32% −0.55pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −0.53pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Global Fixed Interest? Summer Global Fixed Interest charges 0.87% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Global Fixed Interest's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Summer Global Fixed Interest sits at 0.87% — pricier than the median (cheaper than 24% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.87% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$427. That is NZ$82 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Global Fixed Interest --- ## URL: https://managedfunds.nz/funds/summer/global-fixed-interest/markdown.md # Summer Global Fixed Interest > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** International Fixed Interest - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Global Fixed Interest is a international fi managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than the Bloomberg Global Aggregate Total Return Index (hedged to New Zealand dollars). These kinds of investments typically have low to moderate levels of movement up and down in value. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 0.87% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 0.20% p.a. - **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$1 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 19 September 2016 ## Top 2 holdings 1. HUNTER GLOBAL FIXED INTEREST FUND — 96.17% 2. ANZ TRANSACTIONAL BANK ACCOUNT — 3.83% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 100% | | New Zealand Fixed Interest | 0% | 0% | 100% | | International Fixed Interest | 95% | 0% | 100% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Global%20Fixed%20Interest - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND1191/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/global-fixed-interest/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/global-fixed-interest/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/global-fixed-interest/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Global Fixed Interest URL: https://managedfunds.nz/funds/summer/global-fixed-interest/questions/ > 4 commonly-asked questions about the Summer Global Fixed Interest, answered with mechanical facts sourced from the FMA Disclose register. Summer, international fi category. Questions about Summer Global Fixed Interest 4 commonly-asked questions, answered with mechanical facts sourced from the Summer Global Fixed Interest's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is fixed interest a good investment? Fixed interest funds provide regular income streams and are typically lower-risk than equity funds. Summer Global Fixed Interest carries a risk indicator of 3/7 on the FMA standardised scale, positioning it toward the lower end of risk; its 5-year return after fees was 0.2% p.a. as at the latest QFU. Whether fixed interest suits your situation depends on your goals, time horizon, and risk tolerance—see the PDS and consider speaking with a financial adviser. 2. What is global fixed interest hedged? Global fixed interest funds invest in bonds and debt securities issued internationally. Hedging refers to currency protection strategies that reduce fluctuations from exchange-rate movements between the NZ dollar and the currencies in which those bonds are denominated. Summer Global Fixed Interest holds approximately 0.31% growth assets and 99.69% income assets; for specific details on hedging mechanics, see the latest Product Disclosure Statement. 3. Are global bonds a good investment? Global bonds can provide diversification and income, though returns vary with interest-rate cycles and currency movements. Summer Global Fixed Interest's 5-year return after fees was 0.2% p.a. as at the latest QFU. Suitability depends on your investment timeframe, income needs, and risk appetite; check the FMA Disclose register and PDS for full performance and fund-specific information. 4. Is 0.25% a high management fee? Summer Global Fixed Interest has an annual fund charge of 0.87% p.a., which is higher than the peer-cohort average of 0.57% p.a. for international fixed-interest funds. Fee comparison tools on managedfunds.nz allow you to identify funds with lower charges in this category. Primary sources Product Disclosure Statement More about this fund Summer Global Fixed Interest — main fund page Is it expensive? Who audits it? What can it invest in? Other international fi funds ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments Brandywine Global Opportunistic Fixed Income Fund Brandywine Fisher Funds BondPlus Fund Fisher Funds Fisher Funds Income Fund Fisher Funds Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Global Fixed Interest? — Deloitte URL: https://managedfunds.nz/funds/summer/global-fixed-interest/who-audits/ > The Summer Global Fixed Interest is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Global Fixed Interest? Deloitte The Summer Global Fixed Interest sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Global Fixed Interest fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Growth Selection invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/growth-selection/investment-mandate/ > The Summer Growth Selection's Statement of Investment Policy sets target / min / max ranges across 7 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Growth Selection actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 4% 0% 50% New Zealand Fixed Interest 10% 0% 50% International Fixed Interest 6% 0% 50% Australasian Equities 25% 0% 70% International Equities 50% 20% 70% Listed Property 5% 0% 50% Other — 0% 10% Mandate flexibility (sum of max − min across all ranges): 330%. Wide range — high manager discretion typical of active management. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Growth Selection fund page All Diversified funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Growth Selection: 1.02% fee vs 0.99% peer median URL: https://managedfunds.nz/funds/summer/growth-selection/is-it-expensive/ > Summer Growth Selection charges 1.02% p.a. vs the diversified peer-class median of 0.99%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Growth Selection expensive? Summer Growth Selection charges 1.02% p.a. in annual fund charges, versus a peer-class median of 0.99% across 67 New Zealand diversified funds. On fee alone it is pricier than 55% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Growth Selection NZ$500 at 1.02% p.a. Peer-class median NZ$485 at 0.99% p.a. Difference vs median: +NZ$14 over 5 years on NZ$10K. 8 cheaper peers in the same category Diversified funds with a lower annual fund charge than Summer Growth Selection, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Growth Selection Simplicity Conservative Investment Fund Simplicity 0.25% −0.77pp Simplicity Balanced Investment Fund Simplicity 0.25% −0.77pp Simplicity Growth Investment Fund Simplicity 0.25% −0.77pp Simplicity High Growth Investment Fund Simplicity 0.25% −0.77pp Simplicity Homes and Income Investment Fund Simplicity 0.25% −0.77pp Kernel Conservative Fund Kernel 0.25% −0.77pp Kernel Balanced Fund Kernel 0.25% −0.77pp Kernel High Growth Fund Kernel 0.25% −0.77pp What fee level should I expect? For the diversified cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.14% at the priciest, with a median of 0.99% across 67 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Growth Selection? Summer Growth Selection charges 1.02% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Growth Selection's fee compare with peer diversified funds in New Zealand? The peer-class median annual charge across 67 New Zealand diversified funds is 0.99%. Summer Growth Selection sits at 1.02% — pricier than the median (cheaper than 45% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.02% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$500. That is NZ$14 more than the peer-class median fee-drag of NZ$485. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Growth Selection --- ## URL: https://managedfunds.nz/funds/summer/growth-selection/markdown.md # Summer Growth Selection > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** Diversified Funds - **Risk profile:** growth - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Growth Selection is a diversified managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark relating to the target investment mix. Investors can expect moderate to high levels of movement up and down in value, and longer-term returns that are higher than those of the Summer Balanced Selection (but with more risk). Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.02% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 4.51% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$111 million - **Asset mix:** 78% growth assets · 22% income assets - **Fund started:** 8 April 2019 ## Top 10 holdings 1. Hunter Global Fixed Interest Fund — 4.97% 2. Vanguard ESG US Stock ETF — 2.75% 3. Fisher & Paykel Healthcare Corporation Limited — 2.46% 4. Microsoft Corporation — 1.55% 5. Precinct Properties New Zealand Limited — 1.53% 6. Goodman Property Trust — 1.51% 7. Vanguard ESG International Stock ETF — 1.40% 8. BHP Group Limited — 1.31% 9. Auckland International Airport Limited — 1.29% 10. Alphabet Inc. Class A — 1.28% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 4% | 0% | 50% | | New Zealand Fixed Interest | 10% | 0% | 50% | | International Fixed Interest | 6% | 0% | 50% | | Australasian Equities | 25% | 0% | 70% | | International Equities | 50% | 20% | 70% | | Listed Property | 5% | 0% | 50% | | Other | — | 0% | 10% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Growth%20Selection - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND13671/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/growth-selection/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/growth-selection/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/growth-selection/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Growth Selection URL: https://managedfunds.nz/funds/summer/growth-selection/questions/ > 3 commonly-asked questions about the Summer Growth Selection, answered with mechanical facts sourced from the FMA Disclose register. Summer, diversified category. Questions about Summer Growth Selection 3 commonly-asked questions, answered with mechanical facts sourced from the Summer Growth Selection's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 1% a high management fee? Summer Growth Selection has an annual fund charge of 1.02% p.a., which is slightly below the peer-cohort average of 1.07% p.a. for comparable diversified funds. Whether a fee is high depends on the fund's asset mix, active management intensity, and your investment horizon; you can compare this fund's charge against others in the diversified category on managedfunds.nz. 2. What are the downsides of growth funds? Growth-focused funds typically experience greater short-term price volatility because they hold a larger proportion of shares and other growth assets; Summer Growth Selection holds approximately 77.76% growth assets and is rated 4/7 on the FMA's standardised risk scale. This means potential losses during market downturns are larger, though historically growth assets have delivered higher returns over longer time horizons. 3. Is a 7% return realistic? Summer Growth Selection's 5-year return after fees and before tax was 4.51% p.a. as at the latest QFU. Past returns do not indicate future performance; to assess forward-looking return expectations for growth funds generally, consult the FMA Disclose register or speak with a financial adviser. Primary sources Product Disclosure Statement More about this fund Summer Growth Selection — main fund page Is it expensive? Who audits it? What can it invest in? Other diversified funds ACI Conservative Fund ACI ACI Growth Fund ACI AMP Balanced Managed Fund AMP AMP Growth Managed Fund AMP AMP Aggressive Managed Fund AMP ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Growth Selection? — Deloitte URL: https://managedfunds.nz/funds/summer/growth-selection/who-audits/ > The Summer Growth Selection is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Growth Selection? Deloitte The Summer Growth Selection sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Growth Selection fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer Listed Property invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/listed-property/investment-mandate/ > The Summer Listed Property's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer Listed Property actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 5% 0% 20% Australasian Equities 20% 0% 30% International Equities 5% 0% 10% Listed Property 70% 55% 100% Mandate flexibility (sum of max − min across all ranges): 105%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer Listed Property fund page All Listed Property funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer Listed Property: 1.02% fee vs 1.02% peer median URL: https://managedfunds.nz/funds/summer/listed-property/is-it-expensive/ > Summer Listed Property charges 1.02% p.a. vs the listed property peer-class median of 1.02%. 6 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer Listed Property expensive? Summer Listed Property charges 1.02% p.a. in annual fund charges, versus a peer-class median of 1.02% across 15 New Zealand listed property funds. On fee alone it is cheaper than 53% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer Listed Property NZ$500 at 1.02% p.a. Peer-class median NZ$500 at 1.02% p.a. Difference vs median: NZ$0 over 5 years on NZ$10K. 6 cheaper peers in the same category Listed Property funds with a lower annual fund charge than Summer Listed Property, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer Listed Property Kernel NZ Commercial Property Fund Kernel 0.25% −0.77pp Smart Australian Property ETF Smartshares 0.54% −0.48pp Smart NZ Property ETF Smartshares 0.54% −0.48pp Harbour Real Estate Investment Fund Harbour 0.77% −0.25pp ANZ Investments OneAnswer International Property Fund ANZ Investments 0.99% −0.03pp Pathfinder Global Property Fund Pathfinder 1.00% −0.02pp What fee level should I expect? For the listed property cohort across NZ retail managed funds, the annual fund charge spans roughly 0.25% at the cheapest to 2.52% at the priciest, with a median of 1.02% across 15 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer Listed Property? Summer Listed Property charges 1.02% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer Listed Property's fee compare with peer listed property funds in New Zealand? The peer-class median annual charge across 15 New Zealand listed property funds is 1.02%. Summer Listed Property sits at 1.02% — cheaper than 53% of peers. What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.02% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$500. That is NZ$0 less than the peer-class median fee-drag of NZ$500. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer Listed Property --- ## URL: https://managedfunds.nz/funds/summer/listed-property/markdown.md # Summer Listed Property > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** Listed Property - **Risk profile:** balanced - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer Listed Property is a listed property managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX All Real Estate Gross with Imputation Index. These investments typically have high levels of movement up and down in value. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 1.02% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.69% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$8 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 19 September 2016 ## Top 10 holdings 1. Precinct Properties New Zealand Limited — 19.02% 2. Goodman Property Trust — 18.17% 3. Kiwi Property Group Limited — 14.58% 4. Property For Industry Limited — 9.08% 5. Vital Healthcare Property Trust — 8.63% 6. Argosy Property Limited — 8.46% 7. Stride Property Group — 6.49% 8. Investore Property Limited — 2.10% 9. New Zealand Rural Land Company — 2.05% 10. Summerset Group Holdings Limited — 1.32% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 5% | 0% | 20% | | Australasian Equities | 20% | 0% | 30% | | International Equities | 5% | 0% | 10% | | Listed Property | 70% | 55% | 100% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20Listed%20Property - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND1186/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/listed-property/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/listed-property/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/listed-property/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer Listed Property URL: https://managedfunds.nz/funds/summer/listed-property/questions/ > 3 commonly-asked questions about the Summer Listed Property, answered with mechanical facts sourced from the FMA Disclose register. Summer, listed property category. Questions about Summer Listed Property 3 commonly-asked questions, answered with mechanical facts sourced from the Summer Listed Property's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is 7% a good return on investments? Summer Listed Property delivered 2.69% p.a. after fees over the 5 years to the latest QFU, which reflects the actual performance of NZX-listed property entities in that period. Whether a given return meets your investment goals depends on your personal circumstances, investment timeframe, and objectives—see the current PDS or speak with a financial adviser. 2. What's a good return on investment for property? Returns on property investments vary by asset type, market conditions, and timeframe. Summer Listed Property (NZX-listed property trusts) returned 2.69% p.a. after fees over 5 years as at the latest QFU. For context on property returns generally, the IRD and FMA Disclose register publish historical fund performance data you can compare. 3. Is it worth investing in property in NZ? Property investment via listed trusts (as in Summer Listed Property) offers liquidity, diversification, and regulatory oversight that differ from direct property ownership. The fund held ~98% growth assets as at the latest QFU and carries a risk indicator of 5/7; whether this matches your goals requires consideration of your circumstances, time horizon, and risk tolerance—review the PDS or consult a financial adviser. Primary sources Product Disclosure Statement More about this fund Summer Listed Property — main fund page Is it expensive? Who audits it? What can it invest in? Other listed property funds ANZ Investments OneAnswer Property Securities Fund ANZ Investments ANZ Investments OneAnswer International Property Fund ANZ Investments Dexus Global REIT Fund Dexus Fisher Funds Property & Infrastructure Fund Fisher Funds Harbour Real Estate Investment Fund Harbour ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer Listed Property? — Deloitte URL: https://managedfunds.nz/funds/summer/listed-property/who-audits/ > The Summer Listed Property is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer Listed Property? Deloitte The Summer Listed Property sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer Listed Property fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Summer New Zealand Cash invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/summer/new-zealand-cash/investment-mandate/ > The Summer New Zealand Cash's Statement of Investment Policy sets target / min / max ranges across 2 asset classes plus 4 explicit exclusions. Verbatim from the SIPO. What can the Summer New Zealand Cash actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Cash and cash equivalents 65% 50% 100% New Zealand Fixed Interest 35% 0% 50% Mandate flexibility (sum of max − min across all ranges): 100%. Narrow range — index-tracking style with limited drift. Explicit exclusions (4) Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weaponsCompanies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/servicesCompanies deriving ≥5% revenue from tobacco product productionCompanies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. Statement of Investment Policy and Objectives Related Summer New Zealand Cash fund page All Cash funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Summer New Zealand Cash: 0.62% fee vs 0.26% peer median URL: https://managedfunds.nz/funds/summer/new-zealand-cash/is-it-expensive/ > Summer New Zealand Cash charges 0.62% p.a. vs the cash peer-class median of 0.26%. 3 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Summer New Zealand Cash expensive? Summer New Zealand Cash charges 0.62% p.a. in annual fund charges, versus a peer-class median of 0.26% across 5 New Zealand cash funds. On fee alone it is pricier than 70% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Summer New Zealand Cash NZ$306 at 0.62% p.a. Peer-class median NZ$129 at 0.26% p.a. Difference vs median: +NZ$177 over 5 years on NZ$10K. 3 cheaper peers in the same category Cash funds with a lower annual fund charge than Summer New Zealand Cash, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Summer New Zealand Cash Simplicity NZ Cash Fund Simplicity 0.12% −0.50pp Kernel Cash Plus Fund Kernel 0.25% −0.37pp Clarity Enhanced Cash PIE Clarity 0.26% −0.36pp What fee level should I expect? For the cash cohort across NZ retail managed funds, the annual fund charge spans roughly 0.12% at the cheapest to 0.65% at the priciest, with a median of 0.26% across 5 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Summer New Zealand Cash? Summer New Zealand Cash charges 0.62% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Summer New Zealand Cash's fee compare with peer cash funds in New Zealand? The peer-class median annual charge across 5 New Zealand cash funds is 0.26%. Summer New Zealand Cash sits at 0.62% — pricier than the median (cheaper than 30% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.62% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$306. That is NZ$177 more than the peer-class median fee-drag of NZ$129. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Summer New Zealand Cash --- ## URL: https://managedfunds.nz/funds/summer/new-zealand-cash/markdown.md # Summer New Zealand Cash > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Asset class:** Cash and Cash Equivalents - **Risk profile:** conservative - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Summer New Zealand Cash is a cash managed fund run by Summer. Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Investment objective (from PDS) > To achieve returns (before fees, taxes and other expenses) greater than the Official Cash Rate (OCR) over a rolling 12 month period. These investments typically have very low movement up and down in value. Source: Product Disclosure Statement dated 2026-05-13 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf ## Fund data - **Annual fund charge:** 0.62% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 2.41% p.a. - **Risk indicator:** 1/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$5 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 19 September 2016 ## Top 10 holdings 1. New Zealand Government 15/05/2028 0.25 — 5.06% 2. Bank of China Call Account — 4.27% 3. Kiwibank FRN 13/06/2028 — 4.20% 4. Powerco CP 15/04/2026 — 3.86% 5. Tax Management NZ Tributum Trust CP 28/04/2026 — 3.86% 6. BNZ Transactional Account — 3.56% 7. ANZ Transactional Account — 3.51% 8. Rabobank FRN 05/04/2027 — 3.10% 9. Meridian Energy Limited CP 13/04/2026 — 3.09% 10. Investore Property Limited 2.40% 31/08/2027 — 2.44% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and cash equivalents | 65% | 50% | 100% | | New Zealand Fixed Interest | 35% | 0% | 50% | ### Responsible-investment approach Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data. ### Derivatives policy Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board. ### Exclusions - Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons - Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services - Companies deriving ≥5% revenue from tobacco product production - Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use Source: Statement of Investment Policy and Objectives dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/f2e0719e9dbf7d0b/Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** Deloitte - **Custodian:** Adminis NZ Limited - **Conflicts of interest disclosed in OMI:** 9 ### Conflicts of interest (verbatim from OMI) - Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities. - Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted. - Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements. - Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund. - The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on. - The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees. - The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees. - Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products. - Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities. ### Related-party transactions - **Octagon Asset Management Limited** (Related party of the Manager; ultimate holding company Forsyth Barr Group Limited) — Day to day investment management for each of the funds under the Investment Management Agreement dated 30 November 2021 - **Forsyth Barr Limited** (Authorised body under Manager's licence; ultimate holding company Forsyth Barr Group Limited) — Daily administration of the Scheme; secondary market brokerage for fund transactions; trail commission payments to financial advice providers · Brokerage at or below normal commercial rates - **Adminis NZ Limited** (Service provider appointed by Manager) — Investment accounting, registry, and custody services - **Forsyth Barr Group Limited** (Ultimate holding company of the Manager) — Provides a funding line to the Scheme to cover client withdrawals/expenses where there is otherwise insufficient liquidity, for example when there are timing mismatches between the settlement of investments and the redemption of units - **Octagon Investment Funds** (Underlying fund managed by the Manager (Forsyth Barr Investment Management Limited)) — The Scheme invests into the Octagon Investment Funds; management and administration fees are rebated in full by the Manager in respect of the Scheme's investment into the Octagon Investment Funds · Rebated in full - **Harbour Asset Management Limited** (Third-party manager of underlying fund) — Manages the Hunter Global Fixed Interest Fund, into which Summer Global Fixed Interest, Summer Conservative Selection, Summer Balanced Selection and Summer Growth Selection invest Source: Other Material Information document dated 2026-05-13. https://smartinvestor.sorted.org.nz/disclose-document/65673d28b1ac1646/Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf ## How to invest Available via: Summer directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer%20New%20Zealand%20Cash - **Product Disclosure Statement:** /disclose-document/b6f336e391007734/Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10648/OFR10856/FND1187/ - **Manager website:** https://www.summer.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/summer/new-zealand-cash/ - **Markdown (this file):** https://managedfunds.nz/funds/summer/new-zealand-cash/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/summer/new-zealand-cash/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Summer New Zealand Cash URL: https://managedfunds.nz/funds/summer/new-zealand-cash/questions/ > 2 commonly-asked questions about the Summer New Zealand Cash, answered with mechanical facts sourced from the FMA Disclose register. Summer, cash category. Questions about Summer New Zealand Cash 2 commonly-asked questions, answered with mechanical facts sourced from the Summer New Zealand Cash's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is the NZ cash fund? A New Zealand cash fund is a managed fund that invests primarily in short-term, liquid income assets such as government bonds, bank deposits, and floating-rate notes. Summer New Zealand Cash holds approximately 99.69% income assets and 0.31% growth assets, with a risk indicator of 1 out of 7 on the FMA standardised scale, reflecting its conservative positioning. 2. How is summer in New Zealand? This question relates to New Zealand's climate and seasons rather than the Summer New Zealand Cash fund. For information about the fund itself—including its investment approach, returns, and fees—please see our fund profile or visit the manager's website at https://www.summer.co.nz. Primary sources Product Disclosure Statement More about this fund Summer New Zealand Cash — main fund page Is it expensive? Who audits it? What can it invest in? Other cash funds Simplicity NZ Cash Fund Simplicity Kernel Cash Plus Fund Kernel Lifetime Cash Fund Lifetime Clarity Enhanced Cash PIE Clarity ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Summer New Zealand Cash? — Deloitte URL: https://managedfunds.nz/funds/summer/new-zealand-cash/who-audits/ > The Summer New Zealand Cash is audited by Deloitte, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Summer New Zealand Cash? Deloitte The Summer New Zealand Cash sits within a managed investment scheme run by Summer. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Trustees Executors Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Adminis NZ Limited Related Summer New Zealand Cash fund page All funds audited by Deloitte All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## TAHITO Te Tai o Rehua Fund: 1.26% fee vs 1.01% peer median URL: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/is-it-expensive/ > TAHITO Te Tai o Rehua Fund charges 1.26% p.a. vs the australasian equities peer-class median of 1.01%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the TAHITO Te Tai o Rehua Fund expensive? TAHITO Te Tai o Rehua Fund charges 1.26% p.a. in annual fund charges, versus a peer-class median of 1.01% across 58 New Zealand australasian equities funds. On fee alone it is pricier than 84% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). TAHITO Te Tai o Rehua Fund NZ$614 at 1.26% p.a. Peer-class median NZ$495 at 1.01% p.a. Difference vs median: +NZ$119 over 5 years on NZ$10K. 8 cheaper peers in the same category Australasian Equities funds with a lower annual fund charge than TAHITO Te Tai o Rehua Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs TAHITO Te Tai o Rehua Fund Simplicity NZ Share Fund Simplicity 0.10% −1.16pp Smart S&P/NZX 50 ETF Smartshares 0.20% −1.06pp Harbour NZ Index Shares Fund Harbour 0.21% −1.05pp BetaShares Australia 200 Fund BetaShares 0.23% −1.03pp Kernel NZ 20 Fund Kernel 0.25% −1.01pp Kernel NZ 50 ESG Tilted Fund Kernel 0.25% −1.01pp Kernel NZ Small & Mid Cap Opportunities Fund Kernel 0.25% −1.01pp Kernel Australia 100 Fund Kernel 0.25% −1.01pp What fee level should I expect? For the australasian equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.10% at the cheapest to 3.21% at the priciest, with a median of 1.01% across 58 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for TAHITO Te Tai o Rehua Fund? TAHITO Te Tai o Rehua Fund charges 1.26% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does TAHITO Te Tai o Rehua Fund's fee compare with peer australasian equities funds in New Zealand? The peer-class median annual charge across 58 New Zealand australasian equities funds is 1.01%. TAHITO Te Tai o Rehua Fund sits at 1.26% — pricier than the median (cheaper than 16% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 1.26% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$614. That is NZ$119 more than the peer-class median fee-drag of NZ$495. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to TAHITO Te Tai o Rehua Fund --- ## URL: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/markdown.md # TAHITO Te Tai o Rehua Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** TAHITO - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Responsible investment label:** yes (see SIPO for screening framework) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The TAHITO Te Tai o Rehua Fund is a australasian equities managed fund run by TAHITO. Māori-led indigenous-values investment manager with a trans-Tasman equity fund. ## Fund data - **Annual fund charge:** 1.26% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 1.77% p.a. - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$27 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 17 June 2021 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Meridian Energy Limited — 8.28% 2. Spark New Zealand Ltd — 6.68% 3. NZD Cash at Bank — 5.66% 4. Brambles Ltd — 5.48% 5. Sims Group Ltd — 5.24% 6. Commonwealth Bank of Australia — 5.01% 7. Fisher & Paykel Healthcare Ltd — 4.33% 8. ALS Ltd — 4.27% 9. Goodman Property Trust — 4.00% 10. Summerset Group Holdings Ltd — 3.90% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** New Zealand Guardian Trust Company Limited - **Auditor:** PwC Auckland - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Directors, employees and other associated persons of Clarity may choose to invest in the Funds. - ISG, as parent of Clarity, provides investment administration and investment operation services to the Funds and receives a portion of the total fund charge, creating a related-party conflict. - Devon Funds Management Limited provides investment management services to the Trans-Tasman Value Fund, Dividend Yield Fund and New Zealand Equity Fund and receives a portion of the total fund charge, creating a related-party conflict. - Clarity will not enter into transactions with related parties who may benefit from those arrangements, except as agreed with the Supervisor and as permitted under the provisions of the FMC Act. ### Related-party transactions - **Investment Services Group (ISG)** (Parent company of Clarity Funds Management Limited) — Investment administration, accounting, legal support, IT, marketing and HR services delegated under a Service Level Agreement · A portion of the total fund charge collected from the Funds - **Devon Funds Management Limited** (Related party (receives portion of fund charges)) — Outsourced investment management services for the Clarity Dividend Yield Fund, Trans-Tasman Value Fund and New Zealand Equity Fund under a Service Level Agreement · A portion of the total fund charge collected from the Funds Source: Other Material Information document dated 2026-04-01. https://smartinvestor.sorted.org.nz/disclose-document/0027c40e084be365/Clarity-OMI-Document-2-April-26-FINAL.pdf ## How to invest Available via: TAHITO directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=TAHITO%20Te%20Tai%20o%20Rehua%20Fund - **Product Disclosure Statement:** /disclose-document/2a29fa7947b4dc0e/Clarity-PDS-Document-2-April-26---FINAL.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10600/OFR10601/FND35028/ - **Manager website:** https://tahito.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/tahito/te-tai-o-rehua/ - **Markdown (this file):** https://managedfunds.nz/funds/tahito/te-tai-o-rehua/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/tahito/te-tai-o-rehua/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the TAHITO Te Tai o Rehua Fund URL: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/questions/ > 2 commonly-asked questions about the TAHITO Te Tai o Rehua Fund, answered with mechanical facts sourced from the FMA Disclose register. TAHITO, australasian equities category. Questions about TAHITO Te Tai o Rehua Fund 2 commonly-asked questions, answered with mechanical facts sourced from the TAHITO Te Tai o Rehua Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What investment has the highest return in NZ? Returns vary by asset class, market conditions, and time horizon. TAHITO Te Tai o Rehua Fund (an Australasian Equities fund) returned 3.59% p.a. after fees over the past 5 years as at the latest QFU; compare this against other funds in our coverage via FMA Disclose (https://disclose-register.companiesoffice.govt.nz/) to see historical returns across different fund types and managers. 2. What is the dark side of mutual funds? Common fund risks include market volatility, fees reducing net returns, concentration in fewer holdings, and liquidity constraints. TAHITO carries a Risk Indicator of 5/7 on the FMA standardised scale and charges 1.28% p.a.—above the peer-cohort average of 0.95% p.a.—so investors should review the Product Disclosure Statement and FMA Disclose register to understand fees, risks, and asset composition before investing. More about this fund TAHITO Te Tai o Rehua Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other australasian equities funds Amova Concentrated Equity Fund Amova Amova Core Equity Fund Amova ANZ Investments OneAnswer Australian Share Fund ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Castle Point Trans-Tasman Fund Castle Point ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the TAHITO Te Tai o Rehua Fund? — PwC Auckland URL: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/who-audits/ > The TAHITO Te Tai o Rehua Fund is audited by PwC Auckland, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the TAHITO Te Tai o Rehua Fund? PwC Auckland The TAHITO Te Tai o Rehua Fund sits within a managed investment scheme run by TAHITO. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) New Zealand Guardian Trust Company Limited Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited (nominated by Guardian Trust, which retains primary responsibility) Related TAHITO Te Tai o Rehua Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## What can the Te Ahumairangi Global Equity Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/te-ahumairangi/global-equity/investment-mandate/ > The Te Ahumairangi Global Equity Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 16 explicit exclusions. Verbatim from the SIPO. What can the Te Ahumairangi Global Equity Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max Global equities 98% 0% 100% Cash and cash equivalents 2% 0% 20% Listed fixed interest or hybrid securities — 0% 5% Equity index futures (gross notional) — — 15% Mandate flexibility (sum of max − min across all ranges): 125%. Moderate range — some manager latitude within a broader mandate. Explicit exclusions (16) Manufacture of nuclear weaponsManufacture of chemical weaponsManufacture of biological weaponsCluster munitionsAutomatically triggered landminesCertain tobacco-based productsAutomatic weapons for civilian useSemi-automatic weapons for civilian useCompanies acting irresponsibly in corruption/briberyMarketing of alcohol or recreational cannabisGamblingSale of weaponsMining/resource extractionGHG-intensive fossil fuelsEmployment of vulnerable peopleParticipating in the illegal colonisation of occupied foreign territories Responsible-investment approach Te Ahumairangi maintains an ethical exclusion list excluding companies involved in manufacture of nuclear, chemical, biological weapons, cluster munitions, automatically triggered landmines, certain tobacco-based products, automatic and semi-automatic weapons for civilian use. The list may also exclude companies acting irresponsibly in areas including corruption/bribery, marketing of alcohol or recreational cannabis, gambling, sale of weapons, mining/resource extraction, GHG-intensive fossil fuels, employment of vulnerable people, and illegal colonisation of occupied foreign territories. Derivatives policy The Fund may use forward currency contract derivatives for currency hedging purposes and futures contracts linked to global equity markets, with gross notional value of all equity index futures positions limited to 15% of NAV. Short positions in equity index futures are permitted provided they do not reduce net effective exposure to any national equity market below zero; short selling of equity securities is not permitted. Statement of Investment Policy and Objectives Related Te Ahumairangi Global Equity Fund fund page All International Equities funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Te Ahumairangi Global Equity Fund: 0.62% fee vs 0.61% peer median URL: https://managedfunds.nz/funds/te-ahumairangi/global-equity/is-it-expensive/ > Te Ahumairangi Global Equity Fund charges 0.62% p.a. vs the international equities peer-class median of 0.61%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Te Ahumairangi Global Equity Fund expensive? Te Ahumairangi Global Equity Fund charges 0.62% p.a. in annual fund charges, versus a peer-class median of 0.61% across 81 New Zealand international equities funds. On fee alone it is pricier than 52% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Te Ahumairangi Global Equity Fund NZ$306 at 0.62% p.a. Peer-class median NZ$301 at 0.61% p.a. Difference vs median: +NZ$5 over 5 years on NZ$10K. 8 cheaper peers in the same category International Equities funds with a lower annual fund charge than Te Ahumairangi Global Equity Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Te Ahumairangi Global Equity Fund Foundation Series US 500 Fund Foundation Series 0.03% −0.59pp Foundation Series Hedged US 500 Fund Foundation Series 0.03% −0.59pp Foundation Series US Dividend Equity Fund Foundation Series 0.06% −0.56pp Foundation Series Total World Fund Foundation Series 0.07% −0.55pp Foundation Series Hedged Total World Fund Foundation Series 0.07% −0.55pp Foundation Series Global ESG Fund Foundation Series 0.10% −0.52pp Foundation Series Nasdaq-100 Fund Foundation Series 0.15% −0.47pp Simplicity Hedged Global Share Fund Simplicity 0.15% −0.47pp What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Te Ahumairangi Global Equity Fund? Te Ahumairangi Global Equity Fund charges 0.62% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Te Ahumairangi Global Equity Fund's fee compare with peer international equities funds in New Zealand? The peer-class median annual charge across 81 New Zealand international equities funds is 0.61%. Te Ahumairangi Global Equity Fund sits at 0.62% — pricier than the median (cheaper than 48% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 0.62% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$306. That is NZ$5 more than the peer-class median fee-drag of NZ$301. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Te Ahumairangi Global Equity Fund --- ## URL: https://managedfunds.nz/funds/te-ahumairangi/global-equity/markdown.md # Te Ahumairangi Global Equity Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Te Ahumairangi (Te Ahumairangi Investment Management Limited) - **Asset class:** International Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Te Ahumairangi Global Equity Fund is a international equities managed fund run by Te Ahumairangi. Wellington boutique running a global equity strategy. ## Investment objective (from PDS) > The Fund's primary objective is to outperform its benchmark index (50:50 combination of the MSCI World Index and the MSCI Minimum Volatility Index optimised for NZ dollar-based investors). Over the long-term (7+ years), the fund also aims to deliver pre-tax, post-fee returns of over 6.5% per annum and to produce better returns than the broader global equity universe (as proxied by the MSCI World index), while at the same time achieving a significantly lower level of risk (which can be measured in terms of lower return volatility and smaller drawdowns) than the MSCI World Index. Source: Product Disclosure Statement dated 2026-03-29 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf ## Fund data - **Annual fund charge:** 0.62% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$889 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 4 November 2021 - **Minimum initial investment:** NZ$50,000 ## Top 10 holdings 1. Microsoft Corp — 4.36% 2. Verizon Communications — 2.97% 3. Apple — 2.26% 4. Alphabet (includes 2 classes of security) — 2.03% 5. Everest Group Ltd — 1.47% 6. NZ Dollar Cash at Bank — 1.42% 7. National Grid — 1.38% 8. US Dollar cash at Bank — 1.23% 9. CK Hutchison Holdings — 1.21% 10. Verisign — 1.18% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$10,000 - **Distribution cadence:** No distributions (accumulating) - **Buy / sell spread:** 10 bps / 10 bps (transaction cost on subscription / redemption) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Global equities | 98% | 0% | 100% | | Cash and cash equivalents | 2% | 0% | 20% | | Listed fixed interest or hybrid securities | — | 0% | 5% | | Equity index futures (gross notional) | — | — | 15% | ### Responsible-investment approach Te Ahumairangi maintains an ethical exclusion list excluding companies involved in manufacture of nuclear, chemical, biological weapons, cluster munitions, automatically triggered landmines, certain tobacco-based products, automatic and semi-automatic weapons for civilian use. The list may also exclude companies acting irresponsibly in areas including corruption/bribery, marketing of alcohol or recreational cannabis, gambling, sale of weapons, mining/resource extraction, GHG-intensive fossil fuels, employment of vulnerable people, and illegal colonisation of occupied foreign territories. ### Derivatives policy The Fund may use forward currency contract derivatives for currency hedging purposes and futures contracts linked to global equity markets, with gross notional value of all equity index futures positions limited to 15% of NAV. Short positions in equity index futures are permitted provided they do not reduce net effective exposure to any national equity market below zero; short selling of equity securities is not permitted. ### Exclusions - Manufacture of nuclear weapons - Manufacture of chemical weapons - Manufacture of biological weapons - Cluster munitions - Automatically triggered landmines - Certain tobacco-based products - Automatic weapons for civilian use - Semi-automatic weapons for civilian use - Companies acting irresponsibly in corruption/bribery - Marketing of alcohol or recreational cannabis - Gambling - Sale of weapons - Mining/resource extraction - GHG-intensive fossil fuels - Employment of vulnerable people - Participating in the illegal colonisation of occupied foreign territories Source: Statement of Investment Policy and Objectives dated 2026-03-29. https://smartinvestor.sorted.org.nz/disclose-document/895832a793f854fd/20260401-Te-Ahumairangi-Investment-Funds-SIPO.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** PricewaterhouseCoopers - **Custodian:** BNP Paribas Fund Services Australasia Pty Limited - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - Both FundRock and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors. - Parties related to the Fund, including the staff of Te Ahumairangi and their families and the staff of FundRock and their families, may from time to time invest in the Fund. ### Related-party transactions - **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/c3a594520c5ce58d/20260401-Te-Ahumairangi-Investment-Funds-OMI.pdf ## How to invest Available via: Te Ahumairangi directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Te%20Ahumairangi%20Global%20Equity%20Fund - **Product Disclosure Statement:** /disclose-document/416f92443f696bb1/20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13146/OFR13188/FND35155/ - **Manager website:** https://teahumairangi.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/te-ahumairangi/global-equity/ - **Markdown (this file):** https://managedfunds.nz/funds/te-ahumairangi/global-equity/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/te-ahumairangi/global-equity/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Te Ahumairangi Global Equity Fund URL: https://managedfunds.nz/funds/te-ahumairangi/global-equity/questions/ > 2 commonly-asked questions about the Te Ahumairangi Global Equity Fund, answered with mechanical facts sourced from the FMA Disclose register. Te Ahumairangi, international equities category. Questions about Te Ahumairangi Global Equity Fund 2 commonly-asked questions, answered with mechanical facts sourced from the Te Ahumairangi Global Equity Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. Is a global equity fund a good investment? Whether a global equity fund suits your circumstances depends on your investment goals, time horizon, and risk tolerance. Te Ahumairangi Global Equity Fund carries a risk indicator of 4/7 on the FMA standardised scale and holds approximately 98.31% growth assets, meaning it is exposed to equity-market volatility; investors should review the Product Disclosure Statement and consider their own situation before investing. 2. Which equity fund is best for long term? Global equity funds are commonly used for longer-term investment because equity markets have historically provided growth over extended periods, though past performance is not indicative of future returns. Te Ahumairangi Global Equity Fund is structured as a PIE, which caps investor tax at the prescribed investor rate (maximum 28%), potentially offering tax efficiency for long-term holding; check the current PDS for full details on fund structure and investment approach. Primary sources Product Disclosure Statement More about this fund Te Ahumairangi Global Equity Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Who audits the Te Ahumairangi Global Equity Fund? — PricewaterhouseCoopers URL: https://managedfunds.nz/funds/te-ahumairangi/global-equity/who-audits/ > The Te Ahumairangi Global Equity Fund is audited by PricewaterhouseCoopers, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Te Ahumairangi Global Equity Fund? PricewaterhouseCoopers The Te Ahumairangi Global Equity Fund sits within a managed investment scheme run by Te Ahumairangi. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) BNP Paribas Fund Services Australasia Pty Limited Related Te Ahumairangi Global Equity Fund fund page All funds audited by PwC (PricewaterhouseCoopers) All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## Vanguard International Shares Select Exclusions Index Fund (He… URL: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/is-it-expensive/ > Annual fee load for Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class compared with the international equities peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class expensive? Annual fund charge for Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class? Annual fund charge for Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class's fee compare with peer international equities funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class --- ## URL: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/markdown.md # Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Vanguard - **Asset class:** International Equities - **Structure:** Australian Unit Trust — NZ investors taxed under Foreign Investment Fund (FIF) rules - **NZD hedged:** yes - **Confidence tier:** B (manager fact sheet) - **Last verified:** 2026-05-07 ## Summary The Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class is a international equities managed fund run by Vanguard. Global passive-investment giant; international shares index funds available in NZ via PIE wrappers. ## Fund data - **Annual fund charge:** 0.26% p.a. (from the latest Quarterly Fund Update) - **Minimum initial investment:** NZ$50 ## How to invest Available via: Vanguard directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Vanguard%20International%20Shares%20Select%20Exclusions%20Index%20Fund%20(Hedged)%20%E2%80%93%20NZD%20Class - **Product Disclosure Statement:** https://fund-docs.vanguard.com/AU-PDS-Vanguard_International_Shares_Select_Exclusions_Index_Fund-NZD_Hedged.pdf - **Manager website:** https://www.vanguard.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/ - **Markdown (this file):** https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-07 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class URL: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/questions/ > 2 commonly-asked questions about the Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class, answered with mechanical facts sourced from the FMA Disclose register. Vanguard, international equities category. Questions about Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class 2 commonly-asked questions, answered with mechanical facts sourced from the Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What does hedged international shares mean? Hedged international shares use currency derivatives to offset fluctuations between the NZD and foreign currencies, so your returns reflect the underlying share performance rather than exchange-rate movements. This fund is NZD-hedged, meaning it aims to neutralise currency risk for NZ investors. Hedging involves costs and complexity; see the fund's Product Disclosure Statement on the manager website for mechanics and limitations. 2. Do Vanguard index funds have fees? Yes. This fund charges an annual fund charge of 0.26% p.a., as disclosed in the latest Quarterly Fund Update. All managed funds carry fees; you can compare fund charges across the international equities category on this site and access full fee details via FMA Disclose. More about this fund Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## Vanguard International Shares Select Exclusions Index Fund: an… URL: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/is-it-expensive/ > Annual fee load for Vanguard International Shares Select Exclusions Index Fund compared with the international equities peer-class median, on data from FMA Disclose. Annual fee load vs peer-class median Is the Vanguard International Shares Select Exclusions Index Fund expensive? Annual fund charge for Vanguard International Shares Select Exclusions Index Fund has not yet been extracted from the FMA Disclose register. The latest Quarterly Fund Update on Disclose is the authoritative figure. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) What fee level should I expect? For the international equities cohort across NZ retail managed funds, the annual fund charge spans roughly 0.03% at the cheapest to 4.38% at the priciest, with a median of 0.61% across 81 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Vanguard International Shares Select Exclusions Index Fund? Annual fund charge for Vanguard International Shares Select Exclusions Index Fund has not yet been extracted from FMA Disclose. The latest Quarterly Fund Update on Disclose is the authoritative figure. How does Vanguard International Shares Select Exclusions Index Fund's fee compare with peer international equities funds in New Zealand? Peer comparison not available yet. What does the annual charge cost over 5 years on a NZ$10,000 investment? Cannot be computed — annual charge not yet extracted. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Vanguard International Shares Select Exclusions Index Fund --- ## URL: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/markdown.md # Vanguard International Shares Select Exclusions Index Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Vanguard - **Asset class:** International Equities - **Structure:** Australian Unit Trust — NZ investors taxed under Foreign Investment Fund (FIF) rules - **Confidence tier:** B (manager fact sheet) - **Last verified:** 2026-05-07 ## Summary The Vanguard International Shares Select Exclusions Index Fund is a international equities managed fund run by Vanguard. Global passive-investment giant; international shares index funds available in NZ via PIE wrappers. ## Fund data - **Annual fund charge:** 0.20% p.a. (from the latest Quarterly Fund Update) - **Minimum initial investment:** NZ$50 ## How to invest Available via: Vanguard directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Vanguard%20International%20Shares%20Select%20Exclusions%20Index%20Fund - **Manager website:** https://www.vanguard.com.au ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/ - **Markdown (this file):** https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-07 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Questions people ask about the Vanguard International Shares Select Exclusions Index Fund URL: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/questions/ > 3 commonly-asked questions about the Vanguard International Shares Select Exclusions Index Fund, answered with mechanical facts sourced from the FMA Disclose register. Vanguard, international equities category. Questions about Vanguard International Shares Select Exclusions Index Fund 3 commonly-asked questions, answered with mechanical facts sourced from the Vanguard International Shares Select Exclusions Index Fund's current Product Disclosure Statement, Quarterly Fund Update, and Other Material Information document — all lodged on the FMA Disclose register. 1. What is Vanguard International shares Select Exclusions index fund? This is an international equities index fund managed by Vanguard Australia that tracks a selection of global shares while applying exclusion screens. The fund is available to NZ investors via InvestNow and is taxed under the FIF rules (file IR3). Check the current product disclosure statement on the Vanguard website for full details on the exclusion criteria and index methodology. 2. Do Vanguard index funds have fees? Yes. This fund charges an annual fund charge of 0.2% p.a., as disclosed in the latest Quarterly Fund Update. You can verify the current fee on the FMA Disclose register and in the fund's product disclosure statement. 3. Is Vanguard International index fund a good investment? Whether this fund suits your situation depends on your personal financial goals, risk tolerance, and investment timeframe — factors only you or a financial adviser can assess. You can compare this fund against others in the international equities category by reviewing their fund charges, investment approach, and risk profiles on the FMA Disclose register. More about this fund Vanguard International Shares Select Exclusions Index Fund — main fund page Is it expensive? Who audits it? What can it invest in? Other international equities funds Amova Global Shares Fund Amova Amova Global Shares Hedged Fund Amova AMP International Shares Managed Fund AMP Antipodes Global Fund – Long (PIE) Antipodes ANZ Investments OneAnswer International Share Fund ANZ Investments ManagedFundsNZ provides information only, not personalised financial advice. Answers above are mechanical — grounded in fund-data fields that live on the FMA Disclose register. Read the current PDS before investing. --- ## What can the Vision Income Fund invest in? — SIPO mandate explained URL: https://managedfunds.nz/funds/vision/income/investment-mandate/ > The Vision Income Fund's Statement of Investment Policy sets target / min / max ranges across 4 asset classes plus 3 explicit exclusions. Verbatim from the SIPO. What can the Vision Income Fund actually invest in? The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each. Strategic asset allocation ranges Asset class Target Min Max New Zealand fixed interest (including loans) 90% 0% 90% Cash and cash equivalents 10% 10% 100% International fixed interest — 0% 90% Currency hedging instruments — 0% 90% Mandate flexibility (sum of max − min across all ranges): 360%. Wide range — high manager discretion typical of active management. Explicit exclusions (3) Cashout without acceptable reasonSignificant speculative risk (loan value exceeds security value, reliant on a valuation upswing to protect capital)Any Credit Contracts and Consumer Finance Act (CCCFA) regulated purpose Derivatives policy The Fund may invest in derivative instruments for the purposes of currency hedging only. Currency hedging instruments are permitted within an asset allocation range of 0%-90% measured on a notional value basis. Statement of Investment Policy and Objectives · stale Related Vision Income Fund fund page All International FI funds ManagedFundsNZ provides information only, not personalised financial advice. SIPO documents are subject to amendment by the manager (with supervisor approval) — always check the current SIPO on the FMA Disclose register before investing. --- ## Vision Income Fund: 2.51% fee vs 0.70% peer median URL: https://managedfunds.nz/funds/vision/income/is-it-expensive/ > Vision Income Fund charges 2.51% p.a. vs the international fi peer-class median of 0.70%. 8 cheaper peers listed. Source: FMA Disclose. Annual fee load vs peer-class median Is the Vision Income Fund expensive? Vision Income Fund charges 2.51% p.a. in annual fund charges, versus a peer-class median of 0.70% across 31 New Zealand international fi funds. On fee alone it is pricier than 98% of peers. Sorted Smart Investor (mirror of FMA Disclose Quarterly Fund Update) $10,000 over 5 years — fee-only impact (worked example) Compounded annual charge on a NZ$10,000 starting balance, assuming zero return and no tax (this isolates the fee cost the investor controls). Vision Income Fund NZ$1194 at 2.51% p.a. Peer-class median NZ$345 at 0.70% p.a. Difference vs median: +NZ$848 over 5 years on NZ$10K. 8 cheaper peers in the same category International FI funds with a lower annual fund charge than Vision Income Fund, ordered cheapest first. All figures from FMA Disclose Quarterly Fund Updates. Fund Annual charge vs Vision Income Fund Simplicity Hedged Global Bond Fund Simplicity 0.15% −2.36pp Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional 0.25% −2.26pp Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional 0.28% −2.23pp Smart Global Aggregate Bond ETF Smartshares 0.30% −2.21pp Kernel US Bond Fund Kernel 0.30% −2.21pp Dimensional Global Bond Sustainability PIE Fund Dimensional 0.32% −2.19pp Evidential Sustainable Global Bond Fund Evidential 0.32% −2.19pp BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares 0.34% −2.17pp What fee level should I expect? For the international fi cohort across NZ retail managed funds, the annual fund charge spans roughly 0.15% at the cheapest to 2.51% at the priciest, with a median of 0.70% across 31 funds. Index/passive structures tend to sit at the lower end; active strategies at the higher end. Frequently asked What is the annual fund charge for Vision Income Fund? Vision Income Fund charges 2.51% per annum, per the latest Quarterly Fund Update on the FMA Disclose register. How does Vision Income Fund's fee compare with peer international fi funds in New Zealand? The peer-class median annual charge across 31 New Zealand international fi funds is 0.70%. Vision Income Fund sits at 2.51% — pricier than the median (cheaper than 2% of peers). What does the annual charge cost over 5 years on a NZ$10,000 investment? At 2.51% per year and assuming the fee is the only cost (zero return, no tax), the compounded fee drag on NZ$10,000 over 5 years is approximately NZ$1194. That is NZ$848 more than the peer-class median fee-drag of NZ$345. Where does this fee figure come from? The annual fund charge is published by the manager in the Quarterly Fund Update (QFU) on the FMA Disclose register and mirrored on Sorted Smart Investor. Each QFU is signed and dated; the figure refreshes each quarter. Sources FMA Disclose register (primary) Sorted Smart Investor (mirror) Mechanical comparison of annual fund charge against peer-class median. Not regulated financial advice. For personalised advice consult a licensed financial adviser. See the methodology page for how this comparison is built. ← Back to Vision Income Fund --- ## URL: https://managedfunds.nz/funds/vision/income/markdown.md # Vision Income Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Vision (Vision Fund Management Limited) - **Asset class:** International Fixed Interest - **Risk profile:** income - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Vision Income Fund is a international fi managed fund run by Vision. Christchurch-based manager offering a global-credit Income Fund as a PIE wrapper. ## Investment objective (from PDS) > The investment objective is to generate returns (after fees but before tax) that are above the median 1 year gross term deposit rate paid by the registered New Zealand banks. The Fund is intended to provide members of the Brethren community with an investment product that suitably satisfies the Community's ethical requirements, as an alternative to other fixed income investments in the market. Source: Product Disclosure Statement dated 2025-05-06 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdobbba347824389bd6c39da69122276ef2/Vision-Invest-NZ-Funds-PDS-6-May-2025.pdf ## Fund data - **Annual fund charge:** 2.51% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 3.17% p.a. - **Risk indicator:** 1/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$149 million - **Asset mix:** 0% growth assets · 100% income assets - **Fund started:** 5 June 2020 - **Minimum initial investment:** NZ$250 ## Top 10 holdings 1. Loan secured by rural property — 11.73% 2. Mercer Macquarie NZ Cash Fund — 10.35% 3. Loan secured by other assets — 9.39% 4. Cash at Bank (BNZ) — 9.15% 5. Loan secured by other assets — 5.36% 6. Loan secured by commercial property — 5.36% 7. Loan secured by other assets — 4.46% 8. Loan secured by other assets — 4.36% 9. Loan secured by other assets — 3.38% 10. Loan secured by other assets — 3.24% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** monthly ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | New Zealand fixed interest (including loans) | 90% | 0% | 90% | | Cash and cash equivalents | 10% | 10% | 100% | | International fixed interest | — | 0% | 90% | | Currency hedging instruments | — | 0% | 90% | ### Derivatives policy The Fund may invest in derivative instruments for the purposes of currency hedging only. Currency hedging instruments are permitted within an asset allocation range of 0%-90% measured on a notional value basis. ### Exclusions - Cashout without acceptable reason - Significant speculative risk (loan value exceeds security value, reliant on a valuation upswing to protect capital) - Any Credit Contracts and Consumer Finance Act (CCCFA) regulated purpose Source: Statement of Investment Policy and Objectives dated 2025-04-01. https://smartinvestor.sorted.org.nz/disclose-document/mdo98662c7478161cfbf0d2da49db8bc566/Vision-Invest-NZ-Funds-SIPO-1-April-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Public Trust - **Auditor:** KPMG - **Custodian:** Public Trust - **Conflicts of interest disclosed in OMI:** 2 ### Conflicts of interest (verbatim from OMI) - A member of the ICC who is associated, from a personal or business perspective, with a potential borrower from the Fund could influence the ICC's decision on whether a loan application that falls outside the Lending and Credit Policy is accepted; managed by excluding the conflicted member from the vote. - The recipient of the Residual amount (Vision Invest Trust) is a related entity to the Investment Manager (Vision Invest), who sets the Set Distribution Rate, creating an incentive to set a lower rate so the related entity receives a higher Residual amount, potentially resulting in investors receiving a lower return; managed by a floor of OCR + 0.45% below which no Residual is paid. ### Related-party transactions - **Vision Invest Trust** (Related entity to the Investment Manager (Vision Invest Pty Limited)) — Recipient of Residual amount — any Net Income remaining after distributions to investors at the Set Distribution Rate is paid to Vision Invest Trust - **Vision Invest Pty Limited** (Investment Manager appointed under Investment Management Agreement dated 31 March 2025) — Investment management fee paid from Fund assets; also sets the monthly Set Distribution Rate - **Funding Partners Administration Limited** (Loan Administrator appointed under Loan Servicing Agreement dated 31 March 2025 (agreement between Vision Invest and Funding Partners)) — Loan administration fee paid from Fund assets; responsible for assessing and managing loan portfolio - **Adminis NZ Limited** (Fund Administrator appointed by FundRock under Administration Agreement dated 18 December 2019) — Registry services, unit pricing and fund accounting - **UBT Marketing Pty Limited** (Original investment manager and distributor under Fund Hosting Agreement dated 5 December 2019; replaced by Vision Invest on 31 March 2025) — Fund hosting, distribution and marketing framework; replaced by Vision Invest via amendment on 31 March 2025 Source: Other Material Information document dated 2025-05-06. https://smartinvestor.sorted.org.nz/disclose-document/mdo4dd3b96cc02be6dc2b13b6d3f0bf60f0/Vision-Invest-NZ-Funds-OMI-6-May-2025.pdf ## How to invest Available via: Vision directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Vision%20Income%20Fund - **Product Disclosure Statement:** /disclose-document/mdobbba347824389bd6c39da69122276ef2/Vision-Invest-NZ-Funds-PDS-6-May-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12865/OFR12866/FND18019/ - **Manager website:** https://visionfm.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/vision/income/ - **Markdown (this file):** https://managedfunds.nz/funds/vision/income/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/vision/income/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Who audits the Vision Income Fund? — KPMG URL: https://managedfunds.nz/funds/vision/income/who-audits/ > The Vision Income Fund is audited by KPMG, per the scheme's Other Material Information document on the FMA Disclose register. Who audits the Vision Income Fund? KPMG The Vision Income Fund sits within a managed investment scheme run by Vision. The scheme's auditor is named in the Other Material Information (OMI) document lodged on the FMA Disclose register. Other Material Information · stale What the auditor actually does The auditor independently verifies the scheme's annual financial statements — confirming the manager's reported NAV, fees paid, and unit prices match the underlying records held by the custodian. Audit findings are reported to the licensed supervisor (not the manager), who is responsible for monitoring whether the scheme is being run in accordance with its Statement of Investment Policy and Objectives. Auditor identity is a structural disclosure required under the Financial Markets Conduct Act 2013, sections relating to managed investment scheme governance. It doesn't imply quality of audit or any endorsement of the fund. Licensed supervisor (independent of manager) Public Trust Holds scheme assets via the custodian and monitors compliance with the SIPO. Custodian (holds the scheme assets) Public Trust Related Vision Income Fund fund page All funds audited by KPMG All NZ audit firms ManagedFundsNZ provides information only, not personalised financial advice. Read the current Product Disclosure Statement before investing. --- ## NZ managed-fund glossary — PIE, PIR, PDS, SIPO and more URL: https://managedfunds.nz/glossary/ > Plain-English reference for NZ managed-fund terms: PIE, PIR, PDS, SIPO, OMI, QFU, FIF, MIS, supervisor, annual fund charge, performance fee, hedged vs unhedged, responsible investment, and more. Sourced from FMA, IRD and FMC Act primary sources. Glossary The terms every NZ fund investor meets. Plain-English reference for the 84 New Zealand managed-fund terms an investor or adviser is most likely to encounter. Every entry is sourced from FMA, IRD or the Financial Markets Conduct Act 2013 — no opinions, no recommendations. ACCUMULATION-UNITS Accumulation vs distribution units Accumulation units reinvest income inside the unit price. Distribution units pay income out as cash and the unit price reflects capital only. Read entry → ALPHA Alpha A fund's return in excess of what its benchmark exposure would predict, after adjusting for the beta of the strategy. Often shorthand for "skill-driven excess return". Read entry → ALTERNATIVES Alternatives A catch-all for asset exposures outside listed equities, listed bonds and cash: hedge funds, private equity, private credit, infrastructure, commodities, gold. Small allocation in most NZ retail mandates. Read entry → AML/CFT Act 2009 AML/CFT (Anti-Money-Laundering / Counter-Financing of Terrorism) NZ's statutory regime requiring fund managers to verify investor identity and source of funds before accepting investment. Administered by the FMA, RBNZ and DIA. Read entry → AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. Read entry → ASSET-ALLOCATION Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. Read entry → AUDITOR Auditor The independent licensed audit firm that audits a NZ managed-investment scheme's financial statements annually. Identity disclosed in the OMI. Read entry → BETA Beta A measure of how much a fund moves in response to its benchmark. Beta of 1 means the fund moves one-for-one with the benchmark; beta of 0.7 means it moves 30% less. Read entry → related-party transactions Birthright/related-party transactions disclosure (BIRC) A scheme's related-party transactions — investments managed by an affiliate, brokerage routed through a related broker, fees paid to a related-party administrator — must be disclosed in the OMI under FMC Regulations 2014. Read entry → transaction spread Buy/sell spread A fixed percentage applied at the point of order to cover the transaction costs of investing inflows or liquidating to meet outflows. Charged once, not annually. Read entry → CV · Comparative Value Comparative Value (CV) method A Foreign Investment Fund calculation method that taxes closing market value minus opening market value, plus distributions received, less contributions made — used when it produces a lower result than FDR. Read entry → CONCENTRATED-PORTFOLIO Concentrated portfolio An active strategy that holds a small number of positions (typically 15–30 stocks) with high conviction in each. Higher idiosyncratic risk than a broad-diversified portfolio, higher tracking error against any benchmark. Read entry → HEDGING-COST Currency hedging cost The recurring cost of running forward currency contracts to neutralise foreign-currency exposure on a hedged-to-NZD fund. Usually 0.05–0.20% per year, embedded in the annual fund charge. Read entry → CUSTODIAN Custodian The independent entity that physically holds a fund's securities and cash in segregated client accounts. Disclosed in the OMI; separate from the fund manager. Read entry → DRP · reinvestment Distribution reinvestment plan (DRP) A standing election that automatically reinvests cash distributions back into the fund's units rather than paying them out. Default on most NZ retail accumulation-style PIE funds. Read entry → DISTRIBUTION-YIELD Distribution yield The cash income a fund has distributed to unit holders over the past 12 months, expressed as a percentage of the current unit price. Distinct from total return. Read entry → multi-asset · multi-sector · balanced Diversified-multi-asset fund A fund that holds multiple asset classes in a single product — typically NZ shares, international shares, fixed interest, listed property, and cash — in target asset-allocation ranges. Read entry → DOWNSIDE-DEVIATION Downside deviation The standard deviation of a fund's negative-return periods only. Input to the Sortino ratio. Captures asymmetric downside that total standard deviation hides. Read entry → ETF-VS-MANAGED-FUND ETF vs managed fund An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold directly with the manager or platform at the fund's daily NAV. Read entry → smart beta · factor tilts Factor investing A strategy that systematically tilts portfolios toward documented return factors — value, size (small-cap), momentum, quality, low-volatility — based on academic empirical research. Read entry → FDR Fair Dividend Rate (FDR) The default Foreign Investment Fund calculation method for most foreign shares — taxes a deemed 5% return on the opening market value of the FIF interest, regardless of actual gain or loss. Read entry → fair-dealing · ss129–138 Fair-dealing provisions (FMC Act Part 2) The misleading- and deceptive-conduct rules in Part 2 of the Financial Markets Conduct Act 2013. Apply to all financial-product communication regardless of audience or channel. Read entry → FIF threshold · de minimis FIF NZ$50,000 de minimis exemption NZ-resident individuals who hold less than NZ$50,000 at cost of FIF-type investments at all times during the year are exempt from applying FIF rules personally. Read entry → FAP · Adviser firm Financial Advice Provider (FAP) A New Zealand entity licensed by the FMA to give regulated financial advice to retail clients under the Financial Markets Conduct Act 2013. Read entry → FMA · Te Mana Tātai Hokohoko Financial Markets Authority (FMA) New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Markets Conduct Act; runs the Disclose register. Read entry → FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. Read entry → FIRST-HOME-WITHDRAWAL First-home withdrawal (KiwiSaver scheme) A statutory withdrawal ground under the KiwiSaver Act 2006 that lets eligible members access their KiwiSaver scheme money toward purchasing a first home, subject to retaining a minimum balance. Read entry → Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. Read entry → FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. Read entry → FUND-OF-FUNDS Fund of funds A managed fund that invests primarily in other managed funds rather than directly in shares, bonds or other assets. Common in diversified-multi-asset products. Read entry → HEDGED-VS-UNHEDGED Hedged vs unhedged (NZD) A hedged fund neutralises foreign-currency movements back to NZD using forward currency contracts. An unhedged fund leaves foreign-currency exposure in place — returns include the NZD/foreign-currency move. Read entry → HWM · high water mark High-water mark (HWM) The highest historical unit price a fund has reached after performance-fee crystallisation. A manager can only earn a new performance fee on gains above this mark — preventing double-charging on the same return. Read entry → hurdle benchmark · performance-fee benchmark Hurdle rate The benchmark return that a fund's performance must beat before a performance fee can be charged. Common NZ shapes: OCR + a margin, an equity index, or an absolute % per year. Read entry → franking credit (Australia) Imputation credit A tax credit attached to a NZ company dividend that represents company tax already paid on the underlying profit, used by the shareholder to offset their personal tax on the dividend. Read entry → INDEX-VS-ACTIVE Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. Read entry → INFRASTRUCTURE Infrastructure (listed and unlisted) Investment in long-life physical assets — toll roads, airports, power transmission, water utilities. Listed-infrastructure access via global indexes; unlisted infrastructure via specialist funds. Read entry → global equities · offshore shares International equities Listed shares in companies outside NZ. The largest growth-asset sleeve in most NZ diversified-multi-asset funds, typically held via passive or active offshore-equity sub-funds. Read entry → global bonds International fixed interest Offshore-issued debt securities — sovereign and corporate bonds outside NZ. Typically held in NZD-hedged form to neutralise currency volatility on the defensive sleeve. Read entry → KIWISAVER-DEFAULT-FUND KiwiSaver scheme default fund A KiwiSaver scheme fund designated by the government as the receiving fund for members who do not actively choose a scheme. Default settings are set out under the KiwiSaver Act 2006. Read entry → KIWISAVER-VS-MANAGED-FUND KiwiSaver scheme vs managed fund A KiwiSaver scheme fund is a tax-advantaged retirement savings product with employer/government contributions and lock-in until age 65. A managed fund has no lock-in and no contribution incentives — but lets you withdraw at any time. Read entry → glide path · age-based fund Lifestages glide path An investment approach where a fund automatically reduces growth-asset allocation as the investor ages, shifting from Growth-profile in younger years to Conservative-profile near retirement. Read entry → LIQUIDITY-MANAGEMENT Liquidity management The tools a fund manager uses to meet redemption requests in stressed markets: cash buffers, redemption gates, in-specie transfers, and dilution adjustments. Read entry → REITs · A-REITs Listed property Listed shares in property trusts and property-investment companies (REITs). Treated as a growth asset in NZ retail diversified-fund SIPOs, with higher dividend yield than broad equities. Read entry → MANAGED-FUND Managed fund A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund manager. Read entry → MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. Read entry → MER · expense ratio Management expense ratio (MER) A US/Canada/AU disclosure term for a fund's ongoing operating expenses as a percentage of fund value. In NZ, the equivalent disclosure is the FMA-standardised annual fund charge in the Quarterly Fund Update. Read entry → max DD · drawdown Maximum drawdown The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation does not. Read entry → Manager licence MIS Manager licence The FMA-issued licence required to act as Manager of a registered Managed Investment Scheme in New Zealand under section 388 of the Financial Markets Conduct Act 2013. Read entry → NFI Notified Foreign Investor (NFI) A PIE-tax sub-regime for eligible non-resident investors. Foreign-sourced income inside the PIE is taxed at 0%; NZ-sourced income is taxed at the relevant non-resident withholding-tax rate. Read entry → New Zealand shares NZ equities Listed shares in NZX-quoted companies. A core asset class for NZ diversified-multi-asset and single-asset funds, with the S&P/NZX 50 as the most-cited benchmark. Read entry → NZ bonds NZ fixed interest NZ-issued debt securities — NZ government bonds, NZ corporate bonds, and NZ residential mortgage-backed securities. Used as the income/defensive sleeve of diversified NZ retail funds. Read entry → OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. Read entry → PDS-FEE-TABLE PDS fee table The standardised fee disclosure table required in section 4 of a NZ retail Product Disclosure Statement. Lists annual fund charge, performance fee, transaction fees and any other charges in a prescribed format. Read entry → PDS-REPLACEMENT PDS replacement and lodgement A Manager must lodge an updated PDS on the FMA Disclose register whenever a material change occurs to a scheme, and at minimum annually. Each lodgement is dated and replaces the prior version. Read entry → PERFORMANCE-FEE Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. Read entry → PERFORMANCE-FEE-CAP Performance fee cap A maximum performance fee a manager can earn in a single period, expressed as a percentage of average net asset value. Limits investor downside from a strong outperformance year. Read entry → PLATFORM-FEE Platform fee A separate fee charged by a fund-distribution platform such as InvestNow, Sharesies or Kernel — paid on top of the fund's own annual fund charge. Read entry → PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. Read entry → PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. Read entry → PRIVATE-CREDIT Private credit Debt financing provided by non-bank lenders to private companies, typically with negotiated bilateral terms. An alternative-asset sleeve in some NZ wholesale and select retail mandates. Read entry → PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. Read entry → QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. Read entry → R² · coefficient of determination R-squared The percentage of a fund's return variability explained by its benchmark. R² of 0.95 on a NZ-equity benchmark means 95% of the fund's movement tracked that benchmark. Read entry → REGISTRY Registry / Unit registry The provider that maintains the official record of investor unit holdings, processes orders, and handles distribution payments. Operationally separate from the manager. Read entry → RWT Resident Withholding Tax (RWT) Tax that NZ banks and bond issuers deduct at source from interest payments to NZ-resident investors, at the investor's nominated RWT rate. Read entry → RI · ESG · ethical investment · sustainable investment Responsible investment (RI / ESG / ethical) A fund that applies environmental, social and governance (ESG) screening criteria — typically excluding sectors such as tobacco, controversial weapons, fossil fuels, or applying positive sustainability tilts. Read entry → FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. Read entry → SHARPE-RATIO Sharpe ratio A risk-adjusted return measure: excess return (fund return minus the cash rate) divided by the standard deviation of returns. Higher means more return per unit of volatility. Read entry → HARDSHIP-WITHDRAWAL Significant financial hardship withdrawal A KiwiSaver scheme early-withdrawal ground for members suffering severe financial hardship — minimum-living-costs, mortgage default, medical, funeral expenses — subject to supervisor approval. Read entry → SOFT-CLOSE Soft close vs hard close A soft close restricts new investors but allows existing unit holders to keep contributing. A hard close stops all new contributions, including from existing investors. Read entry → SOFT-DOLLAR Soft-dollar arrangements A historical industry practice where a fund manager directs brokerage to a counterparty in return for research, market data, or other services. In NZ retail PIE schemes the practice is disclosed and increasingly limited under current FMA expectations. Read entry → SORTINO-RATIO Sortino ratio A downside-only variant of the Sharpe ratio: excess return divided by the standard deviation of negative returns only. Penalises losses but not symmetric upside volatility. Read entry → volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. Read entry → SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. Read entry → MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. Read entry → SWING-PRICING Swing pricing A unit-pricing mechanism where the fund's unit price is adjusted up on net inflow days and down on net outflow days to pass transaction costs onto entering/exiting investors rather than the existing pool. Read entry → SWITCHING-FEE Switching fee A fee charged when an investor moves money between funds within the same scheme. Most NZ retail PIE schemes do not charge switching fees but reserve the right under the PDS. Read entry → THEMATIC-FUND Thematic fund A fund that invests in companies aligned with a specific theme — clean energy, AI, robotics, healthcare innovation. Higher concentration and higher single-sector volatility than a broad-diversified equity fund. Read entry → TFC Total fund charge (TFC) An older NZ disclosure term for the all-in annual percentage cost of being invested in a fund. Largely replaced by "annual fund charge" under current FMA Quarterly Fund Update formatting. Read entry → TRACKING-ERROR Tracking error The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fund, high tracking error means more active risk relative to benchmark. Read entry → TRUST-DEED Trust deed The foundational legal document of a NZ Managed Investment Scheme. Sets out the contractual relationship between Manager, Supervisor and unit holders. Read entry → NAV · Net asset value Unit price (NAV) The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buying or selling. Read entry → VaR Value-at-Risk (VaR) A statistical estimate of the maximum loss a portfolio is expected to suffer over a defined horizon at a given confidence level — e.g. "1-day 95% VaR of 1.2%" means a 5% chance of losing more than 1.2% in one day. Read entry → WHOLESALE-INVESTOR Wholesale investor An investor who meets statutory financial, professional or experience tests under Schedule 1 of the FMC Act and can therefore access fund offers without the retail-PDS disclosure regime. Read entry → --- ## Accumulation vs distribution units — NZ fund glossary URL: https://managedfunds.nz/glossary/accumulation-units/ > Accumulation units reinvest income inside the unit price. Distribution units pay income out as cash and the unit price reflects capital only. Accumulation vs distribution units Accumulation units reinvest income inside the unit price. Distribution units pay income out as cash and the unit price reflects capital only. Many managed funds offer two unit classes representing the same underlying portfolio. Accumulation units automatically reinvest dividends and interest received by the fund — the income compounds inside the unit price, which therefore rises faster than the equivalent distribution-unit price over time. Distribution units pay the income out as cash to unit holders on a fixed cadence (monthly, quarterly, half-yearly) and the unit price reflects capital movement only.For NZ tax purposes the choice between accumulation and distribution units is largely a cash-flow choice — both unit classes are taxed equivalently at the PIR inside a PIE, since the PIE attributes income to the investor whether or not it is distributed in cash. The total return after PIE tax should be similar across the two classes for the same underlying mandate.NZ retail PIE funds usually offer one unit class only. Distribution units are more common in income-focused mandates (NZ fixed interest, listed property, equity income); accumulation units predominate in growth and diversified mandates. Related terms distribution-yield Distribution yield The cash income a fund has distributed to unit holders over the past 12 months, expressed as a percentage of the current unit price. Distinct from total return. NAV · Net asset value Unit price (NAV) The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buying or selling. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. --- ## Alpha — NZ fund glossary URL: https://managedfunds.nz/glossary/alpha/ > A fund's return in excess of what its benchmark exposure would predict, after adjusting for the beta of the strategy. Often shorthand for "skill-driven exces... Alpha A fund's return in excess of what its benchmark exposure would predict, after adjusting for the beta of the strategy. Often shorthand for "skill-driven excess return". Alpha is the return a fund earned over and above what its market exposure alone would predict. Mechanically, it is the intercept of a regression of fund returns on benchmark returns: fund return = α + β × benchmark return + ε. A positive α means the fund has, on average, earned return that the benchmark exposure does not explain.Alpha is widely cited but easily misinterpreted. A few-year positive α can arise from luck, from factor tilts (small-cap, value, momentum) that the benchmark omits, or from temporary mispricings that revert. Statistically significant alpha over long horizons is rare in any retail managed-fund cohort, and disclosed academic studies of NZ and global active-fund alpha after fees consistently find a wide dispersion of outcomes.NZ retail PIE fact sheets sometimes quote alpha against a stated benchmark; ManagedFundsNZ does not publish alpha estimates because they require manager-disclosed regression methodology and a defensible benchmark choice, both of which vary by fund. Related terms beta Beta A measure of how much a fund moves in response to its benchmark. Beta of 1 means the fund moves one-for-one with the benchmark; beta of 0.7 means it moves 30% less. tracking-error Tracking error The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fund, high tracking error means more active risk relative to benchmark. index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. --- ## Alternatives — NZ fund glossary URL: https://managedfunds.nz/glossary/alternatives/ > A catch-all for asset exposures outside listed equities, listed bonds and cash: hedge funds, private equity, private credit, infrastructure, commodities, gol... Alternatives A catch-all for asset exposures outside listed equities, listed bonds and cash: hedge funds, private equity, private credit, infrastructure, commodities, gold. Small allocation in most NZ retail mandates. Alternatives is an umbrella label for any asset exposure outside listed equities, listed fixed interest and cash. Common sub-categories: hedge funds, private equity, private credit, unlisted infrastructure, commodities, gold, royalty/streaming structures, and litigation finance.In NZ retail PIE-fund practice, "alternatives" usually refers to a small allocation (0–10% of total assets) inside a diversified-multi-asset fund, often accessed through one or two underlying specialist funds rather than direct manager mandates. Typical purposes: diversifying away from the equity-bond correlation, accessing risk premia not present in long-only mandates, and increasing return potential at lower exposure to listed-market drawdowns.Alternatives carry higher fee layers (a base fund fee plus often a performance fee at the underlying-fund level), reduced liquidity, and valuation that depends on the underlying-fund valuation cadence. The PDS, SIPO and OMI together disclose the alternatives sleeve's size, underlying funds, fee mechanics, and liquidity terms. Related terms private-credit Private credit Debt financing provided by non-bank lenders to private companies, typically with negotiated bilateral terms. An alternative-asset sleeve in some NZ wholesale and select retail mandates. infrastructure Infrastructure (listed and unlisted) Investment in long-life physical assets — toll roads, airports, power transmission, water utilities. Listed-infrastructure access via global indexes; unlisted infrastructure via specialist funds. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. --- ## AML/CFT (Anti-Money-Laundering / Counter-Financing of Terrorism) — NZ fund glossary URL: https://managedfunds.nz/glossary/aml-cft/ > NZ's statutory regime requiring fund managers to verify investor identity and source of funds before accepting investment. Administered by the FMA, RBNZ and ... AML/CFT Act 2009 AML/CFT (Anti-Money-Laundering / Counter-Financing of Terrorism) NZ's statutory regime requiring fund managers to verify investor identity and source of funds before accepting investment. Administered by the FMA, RBNZ and DIA. New Zealand's Anti-Money-Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) requires every NZ retail managed-fund manager and platform to verify the identity, address, and source of funds of every new investor before accepting their first investment. Existing investors must be re-verified periodically and when material account changes occur.The reporting-entity supervisor varies by entity type: the FMA supervises financial advisers, MIS managers and brokers; the Reserve Bank of New Zealand supervises banks; the Department of Internal Affairs supervises remaining reporting entities. The Act requires reporting entities to maintain customer-due-diligence records, conduct ongoing-monitoring, and file Suspicious Activity Reports (SARs) with the Financial Intelligence Unit at NZ Police.In practical terms for investors: opening a NZ retail managed-fund account always requires photo ID, address verification, and (for higher-value accounts) source-of-funds documentation. AML/CFT compliance is one of the gating processes behind the typical 1–3 business-day account-opening turnaround on NZ retail platforms. Primary sources AML/CFT Act 2009 FMA: AML/CFT supervision Related terms FMA · Te Mana Tātai Hokohoko Financial Markets Authority (FMA) New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Markets Conduct Act; runs the Disclose register. --- ## Annual fund charge — NZ fund glossary URL: https://managedfunds.nz/glossary/annual-fund-charge/ > The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating... AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. The annual fund charge is the headline fee figure NZ retail managed funds and KiwiSaver scheme funds must disclose in the standardised Quarterly Fund Update. It is expressed as an annual percentage of the fund's value and includes the management fee, supervisor and custodian fees, audit, and other recurring operating costs.It does *not* include: performance fees (disclosed separately), buy/sell transaction fees applied at order time, or platform-level fees charged by InvestNow / Sharesies / etc.Annual fund charge is the like-for-like comparison number across funds — but two funds with the same headline charge can still differ on performance fee mechanics, transaction fees, and underlying fund-of-fund layering. Always read the PDS for the full fee picture. Primary sources FMA: Fees in managed funds Related terms QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. performance-fee Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Asset allocation — NZ fund glossary URL: https://managedfunds.nz/glossary/asset-allocation/ > The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and re... Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. Asset allocation is the percentage split of a fund's portfolio across major asset classes — typically NZ shares, international shares, NZ fixed interest, international fixed interest, listed property, cash, and sometimes alternatives. NZ Quarterly Fund Updates report a standardised target allocation and the actual allocation as at quarter-end.Asset allocation is the dominant driver of a diversified fund's long-run risk and return profile — the academic research (Brinson, Hood, Beebower 1986 and successors) consistently finds asset allocation explains the large majority of return variability across funds within a category.Asset allocation labels in NZ tend to follow a "growth-vs-income" split: growth assets are equities and listed property; income assets are fixed interest and cash. Common diversified-fund labels are: Conservative (around 20% growth / 80% income), Balanced (around 50/50), Growth (around 75/25), Aggressive (around 90/10) — but exact ranges differ by manager. Related terms FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. --- ## Auditor — NZ fund glossary URL: https://managedfunds.nz/glossary/auditor/ > The independent licensed audit firm that audits a NZ managed-investment scheme's financial statements annually. Identity disclosed in the OMI. Auditor The independent licensed audit firm that audits a NZ managed-investment scheme's financial statements annually. Identity disclosed in the OMI. Every NZ Managed Investment Scheme must publish audited financial statements within a fixed window after each financial year-end. The auditor is an independent firm licensed under the Auditor Regulation Act 2011 and approved by the FMA to audit issuers and FMC-reporting entities.The auditor's role: examine the scheme's annual financial statements for compliance with NZ GAAP (typically PBE IPSAS for not-for-profit schemes, NZ IFRS for for-profit schemes), confirm the assets reported match the records maintained by the custodian and registry, and issue an audit opinion that is filed alongside the financial statements on the FMA Disclose register.The audit firm's identity is disclosed in each scheme's Other Material Information document. The largest NZ MIS audit firms by scheme count are KPMG, PwC, Deloitte, EY, and a smaller number of mid-tier firms (BDO, RSM, Grant Thornton). ManagedFundsNZ surfaces auditor identity for every fund where the OMI extract is available. Related terms OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. --- ## Beta — NZ fund glossary URL: https://managedfunds.nz/glossary/beta/ > A measure of how much a fund moves in response to its benchmark. Beta of 1 means the fund moves one-for-one with the benchmark; beta of 0.7 means it moves 30... Beta A measure of how much a fund moves in response to its benchmark. Beta of 1 means the fund moves one-for-one with the benchmark; beta of 0.7 means it moves 30% less. Beta is the slope of the regression of a fund's returns on its benchmark's returns: fund return = α + β × benchmark return + ε. A beta of 1.0 means the fund moves on average one-for-one with the benchmark; a beta of 0.7 means the fund moves 30% less than the benchmark in either direction; a beta of 1.3 means the fund moves 30% more than the benchmark in either direction.Beta is widely used to characterise a fund's effective market exposure. Defensive equity funds (utilities, consumer staples, healthcare-tilted mandates) typically have beta less than 1 to the broad equity market; cyclically tilted or concentrated growth funds typically have beta greater than 1.Beta is a statistical past-fit, not a fixed property of the fund. The same manager's beta can change materially with portfolio changes or with the period over which it is measured. The choice of benchmark also matters: a NZ-equity fund will have a near-1 beta to the S&P/NZX 50 but a quite different beta to a global equity benchmark. Related terms alpha Alpha A fund's return in excess of what its benchmark exposure would predict, after adjusting for the beta of the strategy. Often shorthand for "skill-driven excess return". tracking-error Tracking error The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fund, high tracking error means more active risk relative to benchmark. index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. --- ## Birthright/related-party transactions disclosure (BIRC) — NZ fund glossary URL: https://managedfunds.nz/glossary/birc/ > A scheme's related-party transactions — investments managed by an affiliate, brokerage routed through a related broker, fees paid to a related-party administ... related-party transactions Birthright/related-party transactions disclosure (BIRC) A scheme's related-party transactions — investments managed by an affiliate, brokerage routed through a related broker, fees paid to a related-party administrator — must be disclosed in the OMI under FMC Regulations 2014. Related-party transactions are activities between a managed-investment scheme and any entity affiliated with the Manager — for example, the scheme investing in an underlying fund managed by a sister entity, brokerage routed through a related broker, or administration services bought from a related-party group company.Under regs 51–54 of the Financial Markets Conduct Regulations 2014, the Manager must disclose all material related-party transactions in the scheme's Other Material Information document, including the nature of the relationship, how the transactions are managed for conflicts, and any material fee impact on unit holders.In current NZ retail PIE practice, the most common related-party patterns are: NZ-domiciled PIE feeding into an Australian-domiciled wholesale fund managed by a sister entity (Vanguard, Mercer, ANZ); brokerage routed through an in-group broking arm; and registry, custody or administration services bought from a related-party. The Supervisor monitors these arrangements; investors can inspect them in the OMI conflicts section. Primary sources Financial Markets Conduct Regulations 2014, regs 51–54 Related terms OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. --- ## Buy/sell spread — NZ fund glossary URL: https://managedfunds.nz/glossary/buy-sell-spread/ > A fixed percentage applied at the point of order to cover the transaction costs of investing inflows or liquidating to meet outflows. Charged once, not annua... transaction spread Buy/sell spread A fixed percentage applied at the point of order to cover the transaction costs of investing inflows or liquidating to meet outflows. Charged once, not annually. A buy/sell spread is a fixed percentage added to the unit price when an investor buys, and subtracted when an investor sells. The spread funds the underlying transaction costs — broker commissions, bid-ask spreads on securities, and any market-impact slippage — incurred when the fund deploys new money or liquidates to meet redemptions.A buy/sell spread is a one-off cost per transaction, not an annual fee. It is paid into the fund itself, not to the manager, so existing unit holders are insulated from dilution caused by other investors' flows. The spread is disclosed in the PDS and in the Quarterly Fund Update for each fund.Typical NZ ranges sit between 0% and 0.50% per side, with higher figures on funds holding less-liquid asset classes (NZ small-caps, NZ direct property, offshore corporate credit). Index ETFs trading on NZX show the equivalent friction as a bid-ask spread on market. Related terms swing-pricing Swing pricing A unit-pricing mechanism where the fund's unit price is adjusted up on net inflow days and down on net outflow days to pass transaction costs onto entering/exiting investors rather than the existing pool. NAV · Net asset value Unit price (NAV) The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buying or selling. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Concentrated portfolio — NZ fund glossary URL: https://managedfunds.nz/glossary/concentrated-portfolio/ > An active strategy that holds a small number of positions (typically 15–30 stocks) with high conviction in each. Higher idiosyncratic risk than a broad-diver... Concentrated portfolio An active strategy that holds a small number of positions (typically 15–30 stocks) with high conviction in each. Higher idiosyncratic risk than a broad-diversified portfolio, higher tracking error against any benchmark. A concentrated portfolio is an active investment strategy that holds a deliberately small number of positions — typically 15 to 30 individual stocks in an equity mandate, versus 60–200 in a typical broad-active portfolio. Each position is large and the manager runs higher conviction in fewer ideas.Concentrated portfolios have higher idiosyncratic risk: one or two underperforming positions can drive a meaningful drag on total return. Tracking error against the relevant benchmark is high — single-digit to mid-teens percentage points per year, compared to 3–6% for a typical broad-active mandate. The manager's ability to identify and size high-conviction ideas is the central return driver.In NZ retail the concentrated approach appears in several boutique NZ-equity mandates (Castle Point, Devon, Pie Funds), where the manageable size of the NZX investable universe makes 20-stock portfolios feasible without excessive position size in any single name. Related terms tracking-error Tracking error The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fund, high tracking error means more active risk relative to benchmark. index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. --- ## Custodian — NZ fund glossary URL: https://managedfunds.nz/glossary/custodian/ > The independent entity that physically holds a fund's securities and cash in segregated client accounts. Disclosed in the OMI; separate from the fund manager. Custodian The independent entity that physically holds a fund's securities and cash in segregated client accounts. Disclosed in the OMI; separate from the fund manager. A custodian is the independent entity that physically holds a fund's securities and cash in segregated client accounts, on the legal title of the scheme rather than the manager. Custody is the operational mechanism by which investor money is structurally protected from the failure of the manager — if the manager fails, scheme assets remain held by the custodian and are not part of the manager's insolvent estate.In NZ retail MIS practice the custodian is sometimes a related-party of the supervisor and sometimes a separate global-custody bank (BNP Paribas Securities Services, J.P. Morgan, HSBC, BNY Mellon, Citi). The custodian's identity, fee level, and any related-party relationship is disclosed in the Other Material Information.Custody is separate from the supervisor function. The supervisor monitors the manager's compliance with the SIPO and trust deed; the custodian holds the assets. In some schemes the supervisor sub-delegates custody to a separate global custodian. Related terms MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. --- ## Comparative Value (CV) method — NZ fund glossary URL: https://managedfunds.nz/glossary/cv-method/ > A Foreign Investment Fund calculation method that taxes closing market value minus opening market value, plus distributions received, less contributions made... CV · Comparative Value Comparative Value (CV) method A Foreign Investment Fund calculation method that taxes closing market value minus opening market value, plus distributions received, less contributions made — used when it produces a lower result than FDR. The Comparative Value (CV) method is one of four FIF calculation methods under New Zealand's Foreign Investment Fund rules. CV computes taxable FIF income as: closing market value minus opening market value, plus distributions received during the year, less contributions made during the year.For most foreign shares the default method is Fair Dividend Rate (FDR). Individuals can elect CV on an interest-by-interest basis each year where it produces a lower taxable amount — typically in a year where the foreign holding fell in value or paid no dividends. The election is made interest by interest and year by year; it is not a permanent choice.CV is also the default method for some non-share FIF interests where FDR is not available. IRD guidance lists the specific FIF-interest classes that must or may use CV. Primary sources IRD: FIF calculation methods Related terms FDR Fair Dividend Rate (FDR) The default Foreign Investment Fund calculation method for most foreign shares — taxes a deemed 5% return on the opening market value of the FIF interest, regardless of actual gain or loss. FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. --- ## Distribution reinvestment plan (DRP) — NZ fund glossary URL: https://managedfunds.nz/glossary/distribution-reinvestment-plan/ > A standing election that automatically reinvests cash distributions back into the fund's units rather than paying them out. Default on most NZ retail accumul... DRP · reinvestment Distribution reinvestment plan (DRP) A standing election that automatically reinvests cash distributions back into the fund's units rather than paying them out. Default on most NZ retail accumulation-style PIE funds. A distribution reinvestment plan (DRP) is a standing election by an investor that any cash distribution the fund pays is automatically used to buy more units in the same fund rather than being paid out to the investor's bank account. The reinvestment usually happens at the next unit-price strike after the distribution and is settled without the investor needing to act.DRPs are the default election on most NZ retail PIE-structured managed funds that offer distribution units, and are the only option on accumulation-style PIE funds, which never pay cash distributions at all. The election can usually be changed via the manager's online account portal.For NZ tax purposes a DRP does not change the timing or amount of PIE tax — the PIE attributes income whether or not it is distributed, and tax is paid at the investor's PIR. A DRP affects only the cash-versus-units form in which the after-tax distribution is received. Related terms distribution-yield Distribution yield The cash income a fund has distributed to unit holders over the past 12 months, expressed as a percentage of the current unit price. Distinct from total return. accumulation-units Accumulation vs distribution units Accumulation units reinvest income inside the unit price. Distribution units pay income out as cash and the unit price reflects capital only. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. --- ## Distribution yield — NZ fund glossary URL: https://managedfunds.nz/glossary/distribution-yield/ > The cash income a fund has distributed to unit holders over the past 12 months, expressed as a percentage of the current unit price. Distinct from total return. Distribution yield The cash income a fund has distributed to unit holders over the past 12 months, expressed as a percentage of the current unit price. Distinct from total return. Distribution yield measures the cash income a fund has paid out to unit holders over a defined trailing window — usually the past 12 months — as a percentage of the current unit price. It is the cash-flow component of return, separate from any movement in the unit price itself.Most NZ retail diversified and equity funds reinvest income rather than distribute it, so their distribution yield is zero or near zero. Income-focused funds — NZ fixed-interest funds, listed-property funds, and some equity-income mandates — distribute cash quarterly or monthly and publish a distribution yield in their fund updates.Distribution yield is not the same as total return. A fund with a 4% distribution yield and a 2% unit-price decline has a total return of roughly 2%. PIE distributions are taxed at the investor's PIR; the cash distribution received is net of PIE tax already paid by the fund. Related terms NAV · Net asset value Unit price (NAV) The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buying or selling. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. --- ## Diversified-multi-asset fund — NZ fund glossary URL: https://managedfunds.nz/glossary/diversified-funds/ > A fund that holds multiple asset classes in a single product — typically NZ shares, international shares, fixed interest, listed property, and cash — in targ... multi-asset · multi-sector · balanced Diversified-multi-asset fund A fund that holds multiple asset classes in a single product — typically NZ shares, international shares, fixed interest, listed property, and cash — in target asset-allocation ranges. A diversified-multi-asset fund holds multiple asset classes in a single product, replacing what would otherwise be five or six separate single-asset-class fund holdings. Typical mix: NZ equities, international equities, NZ fixed interest, international fixed interest, listed property, and cash, with optional allocations to alternatives and infrastructure.NZ retail diversified funds are commonly grouped into four risk-profile labels: Conservative (around 20% growth assets / 80% income assets), Balanced (around 50/50), Growth (around 75/25), and Aggressive (around 90/10). Each manager defines the exact ranges in its scheme SIPO; the ranges differ across managers, sometimes materially.Diversified-multi-asset funds are the default product for retail investors who want a single one-decision portfolio. They are also the default form of KiwiSaver scheme default fund. The mechanics for getting from "investor picks a risk profile" to "fund deploys money across N asset classes" are largely interchangeable across managers; what differs is the active-vs-index choice within each sleeve, the responsible-investment screening, and the fee level. Related terms asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. --- ## Downside deviation — NZ fund glossary URL: https://managedfunds.nz/glossary/downside-deviation/ > The standard deviation of a fund's negative-return periods only. Input to the Sortino ratio. Captures asymmetric downside that total standard deviation hides. Downside deviation The standard deviation of a fund's negative-return periods only. Input to the Sortino ratio. Captures asymmetric downside that total standard deviation hides. Downside deviation is a one-sided variant of standard deviation that includes only periods where the fund's return was below a chosen threshold (usually zero or a near-cash benchmark rate). Periods of upside are ignored.Downside deviation is the input to the Sortino ratio and is also useful as a standalone measure for strategies with asymmetric return distributions. A fund with steady small gains and occasional sharp losses will have downside deviation close to its full σ; a fund with large positive surprises and small steady losses will have downside deviation well below its full σ.NZ retail PIE fact sheets occasionally quote downside deviation for defensive and capital-protected mandates. The FMA risk indicator does not use downside deviation — the standardised risk metric is symmetric standard deviation. Related terms volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. sortino-ratio Sortino ratio A downside-only variant of the Sharpe ratio: excess return divided by the standard deviation of negative returns only. Penalises losses but not symmetric upside volatility. max DD · drawdown Maximum drawdown The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation does not. --- ## ETF vs managed fund — NZ fund glossary URL: https://managedfunds.nz/glossary/etf-vs-managed-fund/ > An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold... ETF vs managed fund An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold directly with the manager or platform at the fund's daily NAV. An exchange-traded fund (ETF) is a type of managed fund whose units are listed on a stock exchange (in NZ: NZX). You buy and sell ETF units intra-day through a broker at a market-determined price that closely tracks the fund's underlying net asset value.A traditional unit-priced managed fund is bought and sold directly with the fund manager or via a platform like InvestNow at the fund's end-of-day NAV. Orders submitted before the daily cut-off are filled at the next NAV strike.Both can be PIE-structured. NZ's most prominent ETF range is Smartshares (NZX-listed), with funds covering NZ shares, Australian shares, and international markets. Other NZ-listed ETFs come from Vanguard (NZ-domiciled wrappers) and various managers.Cross-reference: ManagedFundsNZ covers managed funds and listed ETFs available to NZ retail investors; ETFs.co.nz is the sister site dedicated to NZX-listed ETF data with live NZX pricing. Primary sources NZX-listed ETFs (ETFs.co.nz) Related terms managed-fund Managed fund A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund manager. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. --- ## Factor investing — NZ fund glossary URL: https://managedfunds.nz/glossary/factor-investing/ > A strategy that systematically tilts portfolios toward documented return factors — value, size (small-cap), momentum, quality, low-volatility — based on acad... smart beta · factor tilts Factor investing A strategy that systematically tilts portfolios toward documented return factors — value, size (small-cap), momentum, quality, low-volatility — based on academic empirical research. Factor investing is the systematic tilt of a portfolio toward documented return factors identified by academic empirical research. The most-cited factors are value (cheap relative to fundamentals), size (small-cap), momentum (recent winners), quality (high return on equity, low debt), low-volatility, and profitability.In product form, factor investing usually appears as "smart-beta" index funds — rules-based portfolios that mechanically tilt away from market-capitalisation weights toward factor weights. The rules are transparent and the fee level sits between a pure index fund and an active fund. In NZ the most prominent smart-beta range is Smartshares' US 500 Top 50 (size + concentration tilt), and a small number of offshore factor-tilted sub-funds accessed via NZ wrappers.Factor performance is variable across periods. Long-run academic studies find premia for value, size, momentum and quality on average, but with multi-year stretches of underperformance. The 2010s decade was challenging for value and small-cap factors in particular. Factor investing is therefore typically used inside a diversified portfolio rather than as a standalone bet. Related terms index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. etf-vs-managed-fund ETF vs managed fund An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold directly with the manager or platform at the fund's daily NAV. --- ## Fair-dealing provisions (FMC Act Part 2) — NZ fund glossary URL: https://managedfunds.nz/glossary/fair-dealing/ > The misleading- and deceptive-conduct rules in Part 2 of the Financial Markets Conduct Act 2013. Apply to all financial-product communication regardless of a... fair-dealing · ss129–138 Fair-dealing provisions (FMC Act Part 2) The misleading- and deceptive-conduct rules in Part 2 of the Financial Markets Conduct Act 2013. Apply to all financial-product communication regardless of audience or channel. The fair-dealing provisions in Part 2 of the Financial Markets Conduct Act 2013 (ss129–138) prohibit misleading or deceptive conduct, false representations, and unsubstantiated claims in relation to financial products and services. They apply to any communication with the public, regardless of the channel — PDS, website copy, social media, paid advertising, marketing emails, podcasts, manager media interviews.Practical consequences for fund communication: claims about returns, fund size, fee competitiveness, or manager performance must be capable of being substantiated; subjective superlatives (for example, "award-winning" or "outperforms the market") require dated, sourced evidence; forward-looking statements must be flagged as such and based on reasonable grounds.The FMA enforces fair-dealing through warnings, public censures, civil proceedings, and (in serious cases) criminal prosecution. Breach can attract financial penalties under sections 489–490 of the Act. Fair-dealing is the conduct-rule backstop behind much of the discipline you see in NZ retail PIE marketing material. Primary sources FMC Act Part 2 — Fair dealing in financial products and services Related terms FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. FMA · Te Mana Tātai Hokohoko Financial Markets Authority (FMA) New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Markets Conduct Act; runs the Disclose register. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Financial Advice Provider (FAP) — NZ fund glossary URL: https://managedfunds.nz/glossary/fap/ > A New Zealand entity licensed by the FMA to give regulated financial advice to retail clients under the Financial Markets Conduct Act 2013. FAP · Adviser firm Financial Advice Provider (FAP) A New Zealand entity licensed by the FMA to give regulated financial advice to retail clients under the Financial Markets Conduct Act 2013. A Financial Advice Provider (FAP) is a NZ entity that holds an FMA-issued licence to give regulated financial advice to retail clients. The FAP regime came into force on 15 March 2021, replacing the previous Authorised Financial Adviser (AFA) and Registered Financial Adviser (RFA) framework.An FAP is the entity layer; individual advisers operate either directly under an FAP licence (full FAP, often a sole-trader practice) or as engaged advisers under an FAP's licence (Authorised Bodies). Every retail-facing financial-advice provider in NZ must hold or operate under an FAP licence.ManagedFundsNZ is *not* a FAP. The site is mechanical comparison and reference data only. Forward-looking fund-research opinions, "best fund" claims, or personalised recommendations require a FAP licence, which we do not hold. Primary sources FMA: Financial advice provider licensing FMA Financial Service Providers Register Related terms Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. --- ## FIF NZ$50,000 de minimis exemption — NZ fund glossary URL: https://managedfunds.nz/glossary/fdr-de-minimis/ > NZ-resident individuals who hold less than NZ$50,000 at cost of FIF-type investments at all times during the year are exempt from applying FIF rules personally. FIF threshold · de minimis FIF NZ$50,000 de minimis exemption NZ-resident individuals who hold less than NZ$50,000 at cost of FIF-type investments at all times during the year are exempt from applying FIF rules personally. The Foreign Investment Fund (FIF) rules apply to NZ-resident individuals holding foreign shares or non-PIE foreign funds. There is a de minimis exemption: if the cost basis of all your FIF-type investments stays below NZ$50,000 at every point during the year, you do not have to apply FIF methodology personally. Dividends received from those holdings are taxed as ordinary dividend income instead.The threshold is measured at cost, not market value, and is cumulative across all FIF-type investments. The exemption is breached the moment cumulative cost exceeds NZ$50,000 at any time during the tax year. If breached, FIF rules apply to the full holding, not just the excess.Holdings inside a NZ PIE do not count toward the personal NZ$50,000 threshold — the PIE applies FIF at the fund level. The de minimis exemption is also unavailable for certain Australian-resident company shares that are exempt from FIF on a separate basis. IRD's exempted-securities list is the authoritative source. Primary sources IRD: FIF de minimis exemption Related terms FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. FDR Fair Dividend Rate (FDR) The default Foreign Investment Fund calculation method for most foreign shares — taxes a deemed 5% return on the opening market value of the FIF interest, regardless of actual gain or loss. CV · Comparative Value Comparative Value (CV) method A Foreign Investment Fund calculation method that taxes closing market value minus opening market value, plus distributions received, less contributions made — used when it produces a lower result than FDR. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. --- ## Fair Dividend Rate (FDR) — NZ fund glossary URL: https://managedfunds.nz/glossary/fdr/ > The default Foreign Investment Fund calculation method for most foreign shares — taxes a deemed 5% return on the opening market value of the FIF interest, re... FDR Fair Dividend Rate (FDR) The default Foreign Investment Fund calculation method for most foreign shares — taxes a deemed 5% return on the opening market value of the FIF interest, regardless of actual gain or loss. The Fair Dividend Rate (FDR) is one of four prescribed methods under New Zealand's Foreign Investment Fund (FIF) rules. It is the default for most foreign shares held above the NZ$50,000 cost-basis de minimis threshold. FDR deems a 5% return on the opening market value of the FIF interest for the year and taxes that deemed amount at the investor's marginal rate.FDR has two practical features. First, it is unaffected by realised gains: the investor pays tax on 5% of the opening-year value whether the shares went up 30% or fell 20%. Second, in a loss year an individual can elect the Comparative Value (CV) method instead on an interest-by-interest basis — the "lower of FDR or CV" rule — provided market values are available.Inside a NZ PIE, FDR is applied at the fund level on the PIE's foreign holdings. The resulting income flows into the PIE's taxable income and is taxed at the investor's PIR, capped at 28%. The investor does not separately apply FDR to their PIE units. Primary sources IRD: Fair Dividend Rate method Related terms FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. --- ## Foreign Investment Fund (FIF) — NZ fund glossary URL: https://managedfunds.nz/glossary/fif/ > A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de m... FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. The Foreign Investment Fund (FIF) rules are a NZ tax regime that taxes the *holding* of certain foreign shares and non-PIE funds, regardless of whether income is actually distributed. They were introduced to remove a tax preference for investing offshore via accumulating wrappers.NZ-resident individuals who hold **less than NZ$50,000 (at cost)** of FIF-type investments at all times during the year are exempt — the de minimis threshold. Above the threshold, FIF income must be calculated under one of four prescribed methods.The four FIF calculation methods are: **Fair Dividend Rate (FDR)** — the default for most foreign shares; assumes a 5% return on opening market value of the FIF interest, regardless of actual gain or loss. **Comparative Value (CV)** — closing market value minus opening market value, plus distributions, less contributions; used where FDR is not available. **Cost** — 5% of cost; available when market value cannot be obtained. **Deemed Rate of Return (DRR)** — IRD-set fixed return on opening cost; used for certain non-share FIF interests. Individuals can pick the lower of FDR and CV for each FIF interest each year (the "comparative value cap"), provided CV is available.Funds available to NZ retail investors that are *not* structured as NZ PIEs — for example, certain Australian Unit Trust versions of Vanguard funds — are subject to FIF rules for the NZ investor. ManagedFundsNZ flags these funds explicitly on each fund page with an amber "FIF / Australian Unit Trust" badge.PIE funds *internally* manage FIF tax on their underlying foreign holdings; the PIE investor does not personally apply FIF rules to their PIE units. The PIE's FIF income flows into the PIE's taxable income and is taxed at the investor's PIR — capped at 28%. This is one of the main practical reasons PIE wrappers are popular for retail offshore-equity exposure in NZ. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. Vanguard International Shares Select Exclusions Index Fund — Australian Unit Trust "NZ investors hold units in a Vanguard Australian Unit Trust. The investment is not a NZ Portfolio Investment Entity (PIE); NZ-resident individual investors holding above the NZ$50,000 FIF de minimis threshold apply the FIF rules in their personal NZ tax return — typically using the Fair Dividend Rate (FDR) method." — ManagedFundsNZ structural classification (cross-checked with manager website) See this in practice PIE-structured funds (no personal FIF return) /pie-funds/ Vanguard International Shares (FIF) /funds/vanguard/international-shares-select-exclusions-index/ Common questions Do I have to file a FIF return? You only need to consider FIF if you hold non-PIE foreign investments above the NZ$50,000 (cost-basis) de minimis threshold at any point during the year. Investments held inside NZ PIE funds do not count toward your personal FIF threshold — the PIE applies the FIF rules at fund level. Which FIF method should I use? For most foreign shares the default is the Fair Dividend Rate (FDR) method — assuming a 5% return on the opening market value of the FIF interest. Individuals can elect the Comparative Value (CV) method on an interest-by-interest basis for each year where it produces a lower result (the "lower of FDR / CV" rule). Always check IRD's current rules or a tax adviser for your facts. Is FIF the same as PIE? No — they are different tax regimes. PIE applies to investors in NZ PIE funds with tax capped at the PIR. FIF applies to NZ-resident individuals who personally hold foreign shares or non-PIE foreign funds above the de minimis threshold. What counts toward the NZ$50,000 FIF threshold? Cost-basis values of all your non-PIE foreign-share and non-PIE foreign-fund holdings, summed across all of them. Direct ASX-listed Australian shares above certain exemptions are generally outside FIF; check IRD's exemption list for Australian-resident company shares. Primary sources IRD: Foreign Investment Funds (overview) IRD: FIF calculation methods (FDR / CV / Cost / DRR) IRD: NZ$50,000 de minimis exemption Related terms PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## First-home withdrawal (KiwiSaver scheme) — NZ fund glossary URL: https://managedfunds.nz/glossary/first-home-withdrawal/ > A statutory withdrawal ground under the KiwiSaver Act 2006 that lets eligible members access their KiwiSaver scheme money toward purchasing a first home, sub... First-home withdrawal (KiwiSaver scheme) A statutory withdrawal ground under the KiwiSaver Act 2006 that lets eligible members access their KiwiSaver scheme money toward purchasing a first home, subject to retaining a minimum balance. A first-home withdrawal is a statutory ground for early withdrawal from a KiwiSaver scheme under Schedule 1 of the KiwiSaver Act 2006. Eligible members can withdraw most of their KiwiSaver scheme balance toward the purchase of a first home in New Zealand, subject to retaining a minimum balance (currently NZ$1,000) in the scheme.Eligibility conditions include: having been a KiwiSaver scheme member for at least three years; intending to live in the property as a primary residence; meeting income and house-price caps where relevant; and previous owners qualifying only under separate "previous home-owner" rules. The withdrawal is administered by the scheme provider with confirmation from the scheme supervisor.First-home withdrawal is distinct from the KiwiSaver scheme contribution itself and from the first-home grant (the latter is a separate Kāinga Ora subsidy with its own eligibility, no longer offered to new applicants from 2024). Detailed rules are published by Inland Revenue and Kāinga Ora. Primary sources IRD: KiwiSaver first-home withdrawal KiwiSaver Act 2006, Schedule 1 Related terms kiwisaver-vs-managed-fund KiwiSaver scheme vs managed fund A KiwiSaver scheme fund is a tax-advantaged retirement savings product with employer/government contributions and lock-in until age 65. A managed fund has no lock-in and no contribution incentives — but lets you withdraw at any time. --- ## FMA Disclose register — NZ fund glossary URL: https://managedfunds.nz/glossary/fma-disclose/ > The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates an... Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. The FMA Disclose register, hosted by the New Zealand Companies Office on behalf of the Financial Markets Authority, is the official public register of every retail managed-investment scheme registered under the Financial Markets Conduct Act 2013.For every registered scheme and fund, the register holds the dated Product Disclosure Statements, Statements of Investment Policy and Objectives, Other Material Information, Quarterly Fund Updates, full-portfolio holdings disclosures, financial statements, and director/manager registrations.ManagedFundsNZ's primary data tier is the FMA Disclose register: every numeric claim on a fund page either comes directly from a Disclose-register filing or links back to one. Every fund page on this site has a "View on FMA Disclose" link as the authoritative cross-check. Primary sources FMA Disclose register FMA: Disclose register guidance Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. --- ## Financial Markets Authority (FMA) — NZ fund glossary URL: https://managedfunds.nz/glossary/fma/ > New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Mark... FMA · Te Mana Tātai Hokohoko Financial Markets Authority (FMA) New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Markets Conduct Act; runs the Disclose register. The Financial Markets Authority (FMA), Te Mana Tātai Hokohoko, is the New Zealand Crown entity responsible for regulating conduct in NZ financial markets. It was established under the Financial Markets Authority Act 2011 and has been NZ's integrated markets-conduct regulator since 2011.For the managed-fund sector the FMA: issues licences to managed-investment scheme managers, supervisors, financial-advice providers and custodians; sets disclosure rules for PDS, SIPO, OMI and Quarterly Fund Update content; investigates and brings enforcement action under the FMC Act fair-dealing provisions; runs the Disclose register via the Companies Office; and publishes thematic guidance for the sector.The FMA does not approve individual funds, set fee levels, or rate fund performance — its remit is conduct, disclosure and licensing, not merit-rating. For prudential regulation of banks and insurers the corresponding regulator is the Reserve Bank of New Zealand (RBNZ). Primary sources FMA: Home Financial Markets Authority Act 2011 Related terms FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. FAP · Adviser firm Financial Advice Provider (FAP) A New Zealand entity licensed by the FMA to give regulated financial advice to retail clients under the Financial Markets Conduct Act 2013. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. --- ## Financial Markets Conduct Act 2013 (FMC Act) — NZ fund glossary URL: https://managedfunds.nz/glossary/fmc-act/ > The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. The Financial Markets Conduct Act 2013 (FMC Act) is the principal piece of New Zealand legislation governing the issue of financial products to retail investors, including all managed-investment schemes. It came fully into force on 1 December 2014, replacing the Securities Act 1978 and several related statutes.The FMC Act sets the framework for: licensing of managed-investment scheme managers, supervisors and custodians; product disclosure (PDS, SIPO, OMI, Quarterly Fund Update); the FMA's investigation and enforcement powers; misleading and deceptive-conduct rules (the "fair-dealing" provisions in Part 2); and the Disclose register run by the Companies Office on behalf of the FMA.Together with the Financial Markets Conduct Regulations 2014 it sets the detailed rules every NZ retail managed fund operates under. Specific sections cited frequently in fund disclosure: ss129–138 (fair-dealing); s164–168 (SIPO); regs 51–54 (OMI); ss49–60 (PDS). Primary sources Financial Markets Conduct Act 2013 Financial Markets Conduct Regulations 2014 Related terms Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. --- ## Fund of funds — NZ fund glossary URL: https://managedfunds.nz/glossary/fund-of-funds/ > A managed fund that invests primarily in other managed funds rather than directly in shares, bonds or other assets. Common in diversified-multi-asset products. Fund of funds A managed fund that invests primarily in other managed funds rather than directly in shares, bonds or other assets. Common in diversified-multi-asset products. A "fund of funds" is a managed fund that holds units in other managed funds rather than directly holding the underlying securities. Diversified-multi-asset managed funds in NZ are commonly structured as funds of funds — for example, a "Growth" fund-of-funds may hold underlying NZ-equity, international-equity, NZ-fixed-interest and international-fixed-interest sub-funds in a target asset-allocation mix.Fund-of-funds structures simplify fund-manager operations and let the same underlying sub-funds power multiple risk-profile products. The trade-off: a fund-of-funds can have a "double layer" of fees (the fund-of-funds level and the underlying-fund level). NZ disclosure rules require the *total* annual fund charge to include all underlying layers, so the headline number is comparable — but the fee transparency is sometimes harder to inspect.When inspecting a fund of funds, read the SIPO for the sub-fund list, and check the OMI for the inter-fund fee mechanics. Related terms SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. --- ## Lifestages glide path — NZ fund glossary URL: https://managedfunds.nz/glossary/glide-path/ > An investment approach where a fund automatically reduces growth-asset allocation as the investor ages, shifting from Growth-profile in younger years to Cons... glide path · age-based fund Lifestages glide path An investment approach where a fund automatically reduces growth-asset allocation as the investor ages, shifting from Growth-profile in younger years to Conservative-profile near retirement. A lifestages glide path is an investment approach where a fund (or a series of linked funds) automatically reduces growth-asset allocation as the investor ages. A young investor in their 20s holds a Growth-profile asset mix (around 75–90% growth assets); the allocation glides progressively toward income-asset-heavy mixes through their 40s and 50s; by retirement at 65 the allocation is Conservative-profile (around 20–30% growth assets).Glide-path funds are most common in the KiwiSaver scheme market (BNZ, Generate, Booster, Westpac and others all operate lifestages variants). In retail managed funds outside KiwiSaver the construction is less common — most retail managed funds offer fixed-risk-profile diversified funds and leave the age-based switching to investor or adviser.Glide-path mechanics are disclosed in the scheme SIPO: each age band's target asset allocation, the exact ages at which the switch occurs, and whether the switch is automatic or investor-initiated. A glide-path fund is technically a single fund with a moving SAA, not a sequence of separate funds. Related terms multi-asset · multi-sector · balanced Diversified-multi-asset fund A fund that holds multiple asset classes in a single product — typically NZ shares, international shares, fixed interest, listed property, and cash — in target asset-allocation ranges. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. --- ## Significant financial hardship withdrawal — NZ fund glossary URL: https://managedfunds.nz/glossary/hardship-withdrawal/ > A KiwiSaver scheme early-withdrawal ground for members suffering severe financial hardship — minimum-living-costs, mortgage default, medical, funeral expense... Significant financial hardship withdrawal A KiwiSaver scheme early-withdrawal ground for members suffering severe financial hardship — minimum-living-costs, mortgage default, medical, funeral expenses — subject to supervisor approval. Significant financial hardship is a statutory ground under Schedule 1 of the KiwiSaver Act 2006 that allows an early withdrawal from a KiwiSaver scheme before the standard retirement-age access point. The grounds include inability to meet minimum living expenses, imminent mortgage default on a primary residence, modification costs for a serious disability, medical treatment for the member or a dependant, and funeral expenses of a dependant.Hardship withdrawals are administered by the scheme supervisor (not the manager) and require the member to demonstrate that the hardship is significant and that reasonable alternative sources of funds have been explored. The supervisor decides what portion can be withdrawn — usually the minimum needed to alleviate the hardship rather than the full balance.Member contributions and employer contributions are accessible under hardship; government contributions are not. The withdrawal does not require the member to stop contributing or to close the account. Primary sources IRD: KiwiSaver early withdrawal — significant financial hardship Related terms kiwisaver-vs-managed-fund KiwiSaver scheme vs managed fund A KiwiSaver scheme fund is a tax-advantaged retirement savings product with employer/government contributions and lock-in until age 65. A managed fund has no lock-in and no contribution incentives — but lets you withdraw at any time. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. --- ## Hedged vs unhedged (NZD) — NZ fund glossary URL: https://managedfunds.nz/glossary/hedged-vs-unhedged/ > A hedged fund neutralises foreign-currency movements back to NZD using forward currency contracts. An unhedged fund leaves foreign-currency exposure in place... Hedged vs unhedged (NZD) A hedged fund neutralises foreign-currency movements back to NZD using forward currency contracts. An unhedged fund leaves foreign-currency exposure in place — returns include the NZD/foreign-currency move. Funds investing in foreign assets face an additional source of return: movements in the NZD versus the foreign currencies of the underlying assets. A "hedged-to-NZD" fund uses forward currency contracts to neutralise this exposure, so returns reflect only the underlying-asset performance.An "unhedged" fund leaves foreign-currency exposure in place. NZD weakness boosts foreign-asset returns in NZD terms; NZD strength reduces them. Over long periods, currency exposure adds volatility but typically does not add return.Some funds offer both hedged and unhedged variants of the same underlying portfolio (e.g. Vanguard International Shares Select Exclusions Index Fund — Hedged and Unhedged classes). Hedging adds a small ongoing cost (typically 0.05–0.20% p.a.) and short-term cash-flow effects from settling forward contracts. Related terms managed-fund Managed fund A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund manager. --- ## Currency hedging cost — NZ fund glossary URL: https://managedfunds.nz/glossary/hedging-cost/ > The recurring cost of running forward currency contracts to neutralise foreign-currency exposure on a hedged-to-NZD fund. Usually 0.05–0.20% per year, embedd... Currency hedging cost The recurring cost of running forward currency contracts to neutralise foreign-currency exposure on a hedged-to-NZD fund. Usually 0.05–0.20% per year, embedded in the annual fund charge. A hedged-to-NZD fund uses rolling forward currency contracts to neutralise foreign-currency exposure on its offshore holdings. Maintaining the hedge has an ongoing cost: each forward contract's price reflects the interest-rate differential between the two currencies, and rolling contracts forward crystallises this differential as a small recurring expense.In current NZ retail PIE disclosure, hedging cost is typically 0.05–0.20% per year for major currencies (USD, AUD, GBP, EUR, JPY), embedded inside the annual fund charge rather than disclosed as a separate line item. Hedging cost is higher for emerging-market currencies where forward markets are thinner.A second short-term effect is cash-flow timing: settling forward contracts can require the fund to hold more cash on contract-roll dates. This shows up as slightly higher cash percentages on quarter-end Quarterly Fund Updates for actively hedged funds. Related terms hedged-vs-unhedged Hedged vs unhedged (NZD) A hedged fund neutralises foreign-currency movements back to NZD using forward currency contracts. An unhedged fund leaves foreign-currency exposure in place — returns include the NZD/foreign-currency move. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. --- ## High-water mark (HWM) — NZ fund glossary URL: https://managedfunds.nz/glossary/high-water-mark/ > The highest historical unit price a fund has reached after performance-fee crystallisation. A manager can only earn a new performance fee on gains above this... HWM · high water mark High-water mark (HWM) The highest historical unit price a fund has reached after performance-fee crystallisation. A manager can only earn a new performance fee on gains above this mark — preventing double-charging on the same return. A high-water mark (HWM) is the highest unit-price (or net asset value per unit) the fund has reached, measured at each performance-fee crystallisation point. After a performance fee is paid, the HWM resets to the new unit price; thereafter, the manager can only earn another performance fee on gains above that new HWM.The point of a HWM is to prevent the manager charging two performance fees for the same gain. Without one, if a fund rose 20%, fell 15%, and rose back to the original peak, the manager could in principle collect a performance fee on each up-leg. A HWM blocks the second fee until the fund clears the previous peak in NAV terms.The variant matters. A **perpetual high-water mark** never resets — the strongest investor protection. An **annual-reset HWM** resets each financial year, which dilutes the protection in a multi-year drawdown. Many NZ MIS funds with performance fees use perpetual HWMs explicitly; others are silent or describe a reset mechanism. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. Castle Point Ranger / 5 Oceans (perpetual HWM) "subject to a perpetual high-water mark. The high water mark cannot be reset by us and is the same for all clients." — Castle Point PDS, April 2026 Milford Active Growth (HWM with cap) "subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all distributions paid since the last crystallisation date), with a performance fee cap of 0.95% of average NAV." — Milford Investment Funds PDS, June 2025 Lighthouse Global Equity (benchmark-relative HWM) "30% of the Fund's performance, after the Fixed Fund Charges and any GST, but before the performance fee and tax, that is above the Hurdle Rate of Return (the return of the MSCI All Country World Net Index, measured in New Zealand dollars)." — Lighthouse Investment Funds PDS, April 2026 Related terms performance-fee Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. hurdle benchmark · performance-fee benchmark Hurdle rate The benchmark return that a fund's performance must beat before a performance fee can be charged. Common NZ shapes: OCR + a margin, an equity index, or an absolute % per year. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Hurdle rate — NZ fund glossary URL: https://managedfunds.nz/glossary/hurdle-rate/ > The benchmark return that a fund's performance must beat before a performance fee can be charged. Common NZ shapes: OCR + a margin, an equity index, or an ab... hurdle benchmark · performance-fee benchmark Hurdle rate The benchmark return that a fund's performance must beat before a performance fee can be charged. Common NZ shapes: OCR + a margin, an equity index, or an absolute % per year. The hurdle rate is the threshold return a fund must exceed before its manager can earn a performance fee. Hurdle structures in NZ retail managed funds fall into three families.The most common NZ shape is **OCR + a margin** — typically OCR + 3% to OCR + 5%. This is a cash-relative hurdle: easy to clear in a high-return year but moves with monetary policy. A second family is **equity-index hurdles** — the fund must beat an index like the S&P/NZX 50 or MSCI ACWI. This is a market-relative hurdle: harder to clear because the fund must add alpha above the market it operates in. A third (less common) is **absolute hurdles** — a flat % per year, e.g. 10%. These are unrelated to market conditions; the fund must hit the number in any environment.Hurdle shape matters for investor outcomes. A fund with a cash-rate hurdle will earn performance fees in any strong year for its asset class even if it underperforms peers. A fund with an index hurdle will only earn performance fees when it actually beats its asset-class market. Always read the verbatim hurdle wording in the PDS — the structure tells you more about manager incentives than the percentage on the headline. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. Castle Point Ranger — cash-rate hurdle "the investment performance of the Ranger Fund exceeds the NZ Official Cash Rate + 5% (hurdle rate of return)" — Castle Point PDS, April 2026 Milford Active Growth — absolute 10% hurdle "15% of returns above 10% hurdle rate (after deduction of base fund fee but before tax and performance fee)" — Milford Investment Funds PDS, June 2025 Lighthouse Global Equity — index hurdle "above the Hurdle Rate of Return (the return of the MSCI All Country World Net Index, measured in New Zealand dollars)" — Lighthouse Investment Funds PDS, April 2026 Related terms performance-fee Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. HWM · high water mark High-water mark (HWM) The highest historical unit price a fund has reached after performance-fee crystallisation. A manager can only earn a new performance fee on gains above this mark — preventing double-charging on the same return. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. --- ## Imputation credit — NZ fund glossary URL: https://managedfunds.nz/glossary/imputation-credit/ > A tax credit attached to a NZ company dividend that represents company tax already paid on the underlying profit, used by the shareholder to offset their per... franking credit (Australia) Imputation credit A tax credit attached to a NZ company dividend that represents company tax already paid on the underlying profit, used by the shareholder to offset their personal tax on the dividend. New Zealand uses a full dividend-imputation system. When a NZ-resident company pays company tax (currently 28%) on its profits and then distributes a dividend out of those profits, the dividend carries an imputation credit equal to the company tax already paid. The shareholder grosses up the dividend, applies their own marginal rate, then uses the imputation credit to offset the tax owing.For a fully imputed dividend, a NZ-resident shareholder on a marginal rate of 28% pays no further tax on the dividend; on a 33% marginal rate, a small top-up is owed; on a 39% rate, more is owed. PIE funds receive imputation credits on their NZ-share dividends and pass them through to investors at the investor's PIR.Imputation is a NZ feature; the Australian equivalent is the franking-credit system. Most overseas jurisdictions do not impute — foreign dividends from non-imputing countries are taxed without offset, which is one structural reason FIF-method tax is applied to most foreign-share holdings. Primary sources IRD: Imputation Related terms RWT Resident Withholding Tax (RWT) Tax that NZ banks and bond issuers deduct at source from interest payments to NZ-resident investors, at the investor's nominated RWT rate. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. --- ## Index fund vs active fund — NZ fund glossary URL: https://managedfunds.nz/glossary/index-vs-active/ > An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a b... Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. An index fund (also called a passive fund) mechanically tracks a published market index — for example, the S&P/NZX 50 or the MSCI World. The manager does not pick stocks; they replicate the index, with periodic rebalancing as the index changes. Index-fund fees are typically 0.10–0.50% p.a.An active fund's manager makes discretionary buy/sell decisions, aiming to either outperform a benchmark on returns, deliver lower volatility, or invest in a way the benchmark does not (e.g. responsible-investment screens, concentrated NZ-equity portfolios). Active-fund fees are typically 0.50–1.50% p.a., reflecting the analyst and manager cost.Funds in this comparison span the full active/index spectrum. ManagedFundsNZ's screener filters by both — see the responsible-investment and ETF flags, which together approximate the active/index axis for most funds. Related terms etf-vs-managed-fund ETF vs managed fund An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold directly with the manager or platform at the fund's daily NAV. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. --- ## Infrastructure (listed and unlisted) — NZ fund glossary URL: https://managedfunds.nz/glossary/infrastructure/ > Investment in long-life physical assets — toll roads, airports, power transmission, water utilities. Listed-infrastructure access via global indexes; unliste... Infrastructure (listed and unlisted) Investment in long-life physical assets — toll roads, airports, power transmission, water utilities. Listed-infrastructure access via global indexes; unlisted infrastructure via specialist funds. Infrastructure as an asset class covers long-life physical assets that produce stable cash flows over decades: toll roads, airports, ports, power transmission and distribution, regulated water and gas utilities, renewable-energy generation, and digital infrastructure (data centres, fibre networks, towers).NZ retail managed funds access infrastructure in two main ways. Listed infrastructure is bought through global infrastructure indexes (FTSE Global Core Infrastructure, S&P Global Infrastructure) and behaves more like an equity sub-sector — same listed liquidity, similar but distinct return drivers to broad equities. Unlisted infrastructure is bought through specialist closed-end or evergreen funds, with longer holding periods, lower liquidity, and valuation based on periodic appraisal rather than daily market.In NZ diversified-multi-asset SIPOs, infrastructure is sometimes a separate sleeve and sometimes nested inside the growth-asset or alternatives allocation. The PDS and SIPO state the specific shape used by each fund. Related terms REITs · A-REITs Listed property Listed shares in property trusts and property-investment companies (REITs). Treated as a growth asset in NZ retail diversified-fund SIPOs, with higher dividend yield than broad equities. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. --- ## International equities — NZ fund glossary URL: https://managedfunds.nz/glossary/international-equities/ > Listed shares in companies outside NZ. The largest growth-asset sleeve in most NZ diversified-multi-asset funds, typically held via passive or active offshor... global equities · offshore shares International equities Listed shares in companies outside NZ. The largest growth-asset sleeve in most NZ diversified-multi-asset funds, typically held via passive or active offshore-equity sub-funds. International equities — also called global or offshore equities — are listed shares in companies outside NZ. The most-cited benchmarks are MSCI World, MSCI All Country World (ACWI), S&P 500, and FTSE Developed Markets. NZ retail managed funds usually access international equities through underlying offshore-domiciled sub-funds (Vanguard, BlackRock, Dimensional, Mercer) rather than direct security holding.In diversified-multi-asset NZ funds, international equities are typically the largest growth-asset sleeve — 30–60% of total assets in a Growth-profile fund, compared to a smaller domestic-equity allocation. The currency-hedging policy on the international-equity sleeve materially affects total NZD return: a hedged-to-NZD fund neutralises NZD/foreign-currency movement, while an unhedged fund retains it.International equities inside a NZ PIE are subject to FIF tax at the fund level. The FIF income flows into the PIE's taxable income and is taxed at the investor's PIR, capped at 28%. The investor does not separately apply FIF rules to their PIE units. Related terms hedged-vs-unhedged Hedged vs unhedged (NZD) A hedged fund neutralises foreign-currency movements back to NZD using forward currency contracts. An unhedged fund leaves foreign-currency exposure in place — returns include the NZD/foreign-currency move. FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. --- ## International fixed interest — NZ fund glossary URL: https://managedfunds.nz/glossary/international-fixed-interest/ > Offshore-issued debt securities — sovereign and corporate bonds outside NZ. Typically held in NZD-hedged form to neutralise currency volatility on the defens... global bonds International fixed interest Offshore-issued debt securities — sovereign and corporate bonds outside NZ. Typically held in NZD-hedged form to neutralise currency volatility on the defensive sleeve. International fixed interest is the asset class of offshore-issued debt securities — US Treasuries, German Bunds, Japanese government bonds, sovereign debt of other developed-market and emerging-market countries, and offshore corporate bonds. NZ retail mandates usually access the asset class via offshore-domiciled passive or active sub-funds, with the Bloomberg Global Aggregate Index (hedged to NZD) the most-cited benchmark.Currency hedging is conventional on international fixed interest. Unhedged offshore bonds carry currency volatility that is typically larger than the underlying interest-coupon return, which defeats the defensive purpose of holding fixed interest in a diversified portfolio. The hedging cost is embedded in the annual fund charge.International fixed-interest income is taxable in NZ. Inside a PIE the income is taxed at the investor's PIR, capped at 28%; the PIE applies FIF rules to any offshore-fund holdings at the fund level. Related terms NZ bonds NZ fixed interest NZ-issued debt securities — NZ government bonds, NZ corporate bonds, and NZ residential mortgage-backed securities. Used as the income/defensive sleeve of diversified NZ retail funds. hedged-vs-unhedged Hedged vs unhedged (NZD) A hedged fund neutralises foreign-currency movements back to NZD using forward currency contracts. An unhedged fund leaves foreign-currency exposure in place — returns include the NZD/foreign-currency move. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. --- ## KiwiSaver scheme default fund — NZ fund glossary URL: https://managedfunds.nz/glossary/kiwisaver-default-fund/ > A KiwiSaver scheme fund designated by the government as the receiving fund for members who do not actively choose a scheme. Default settings are set out unde... KiwiSaver scheme default fund A KiwiSaver scheme fund designated by the government as the receiving fund for members who do not actively choose a scheme. Default settings are set out under the KiwiSaver Act 2006. A KiwiSaver scheme default fund is a KiwiSaver scheme fund designated by the New Zealand government as the receiving fund for new KiwiSaver scheme members who do not actively choose a scheme. Default provider arrangements are renewed periodically by the Crown via a tender process; the current default-provider cohort runs under arrangements set out under the KiwiSaver Act 2006 and accompanying ministerial designations.Default funds were historically Conservative-profile (around 20% growth assets / 80% income assets) but were redesigned to Balanced-profile (around 50/50) effective 1 December 2021, on the basis that long-horizon KiwiSaver scheme savers benefit from higher growth exposure. The current default-provider cohort and the default-fund mandate is published by Inland Revenue and the FMA.A KiwiSaver scheme default fund is structurally a KiwiSaver scheme fund and is therefore part of a registered KiwiSaver Managed Investment Scheme — same PDS, SIPO, OMI, QFU disclosures as any other KiwiSaver scheme fund. Members of a default fund can switch to any other fund inside the scheme or to a different scheme at any time. Primary sources IRD: KiwiSaver default providers KiwiSaver Act 2006 Related terms kiwisaver-vs-managed-fund KiwiSaver scheme vs managed fund A KiwiSaver scheme fund is a tax-advantaged retirement savings product with employer/government contributions and lock-in until age 65. A managed fund has no lock-in and no contribution incentives — but lets you withdraw at any time. MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. --- ## KiwiSaver scheme vs managed fund — NZ fund glossary URL: https://managedfunds.nz/glossary/kiwisaver-vs-managed-fund/ > A KiwiSaver scheme fund is a tax-advantaged retirement savings product with employer/government contributions and lock-in until age 65. A managed fund has no... KiwiSaver scheme vs managed fund A KiwiSaver scheme fund is a tax-advantaged retirement savings product with employer/government contributions and lock-in until age 65. A managed fund has no lock-in and no contribution incentives — but lets you withdraw at any time. KiwiSaver is a New Zealand government-backed retirement-savings programme. A KiwiSaver scheme fund is a managed fund inside a KiwiSaver scheme — it benefits from government contributions, employer contributions (for employees), and tax-advantaged status, but the money is generally locked in until age 65, with limited early-withdrawal grounds (first-home purchase, significant financial hardship, serious illness, etc.).A retail managed fund (the funds covered on this site) has no contribution incentives, no lock-in, and no withdrawal restrictions beyond the fund's own liquidity terms. Both vehicles can be PIE-structured for tax efficiency, and many NZ fund managers run a KiwiSaver scheme version and a managed-fund version of similar underlying portfolios.Cross-reference: ManagedFundsNZ covers retail managed funds; the sister site FundCompare.co.nz covers KiwiSaver scheme funds. Where the same underlying strategy exists in both forms, fund pages cross-link. Primary sources IRD: KiwiSaver scheme Related terms managed-fund Managed fund A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund manager. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. --- ## Liquidity management — NZ fund glossary URL: https://managedfunds.nz/glossary/liquidity-management/ > The tools a fund manager uses to meet redemption requests in stressed markets: cash buffers, redemption gates, in-specie transfers, and dilution adjustments. Liquidity management The tools a fund manager uses to meet redemption requests in stressed markets: cash buffers, redemption gates, in-specie transfers, and dilution adjustments. Liquidity management is the discipline of ensuring a fund can meet redemption requests without forced selling that damages remaining unit holders. The toolkit, as disclosed across NZ retail PIE PDSs, includes: a minimum cash buffer; permitted use of credit lines; the ability to suspend or defer redemptions in stressed markets ("redemption gates"); in-specie transfer of securities in lieu of cash for large redemptions; and dilution adjustments (swing pricing, buy/sell spreads).Open-ended PIE funds promise daily liquidity in normal conditions but the PDS and SIPO reserve broader powers for stress events. A balanced or growth diversified fund typically holds 1–3% cash for normal flows; specialist alternative funds may require notice periods of 30–90 days or longer for large redemptions.Liquidity-management mechanics are disclosed at three levels: a plain-English summary in the PDS, the binding policy in the SIPO, and the granular operational detail in the OMI. The Quarterly Fund Update reports the actual cash percentage at quarter-end. Related terms swing-pricing Swing pricing A unit-pricing mechanism where the fund's unit price is adjusted up on net inflow days and down on net outflow days to pass transaction costs onto entering/exiting investors rather than the existing pool. transaction spread Buy/sell spread A fixed percentage applied at the point of order to cover the transaction costs of investing inflows or liquidating to meet outflows. Charged once, not annually. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. --- ## Listed property — NZ fund glossary URL: https://managedfunds.nz/glossary/listed-property/ > Listed shares in property trusts and property-investment companies (REITs). Treated as a growth asset in NZ retail diversified-fund SIPOs, with higher divide... REITs · A-REITs Listed property Listed shares in property trusts and property-investment companies (REITs). Treated as a growth asset in NZ retail diversified-fund SIPOs, with higher dividend yield than broad equities. Listed property is the asset class of shares in property trusts and property-investment companies — Real Estate Investment Trusts (REITs) in most markets, including the Australian A-REIT market. In NZ the main listed property issuers are Goodman Property Trust, Precinct Properties, Argosy Property, Property For Industry, Stride Property, Vital Healthcare, and Investore Property.Listed property is classified as a growth asset in NZ retail diversified-fund SIPOs because the unit price moves with capital-market valuations of the underlying property portfolios, which can fall sharply in a property-cycle downturn. Compared to broad equities, listed property historically pays higher and more regular dividends but with lower long-run growth.NZ-listed property inside a NZ PIE shares the same favourable tax treatment as NZ equities: capital gains exempt, dividends with imputation credits passed through at the investor's PIR. A-REITs and other offshore listed property are subject to FIF at the fund level. Related terms New Zealand shares NZ equities Listed shares in NZX-quoted companies. A core asset class for NZ diversified-multi-asset and single-asset funds, with the S&P/NZX 50 as the most-cited benchmark. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. --- ## Managed fund — NZ fund glossary URL: https://managedfunds.nz/glossary/managed-fund/ > A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund man... Managed fund A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund manager. A managed fund pools money from many investors and invests it collectively against a stated investment objective — for example, "long-term capital growth from a diversified portfolio of NZ and global equities". Each investor owns a proportional share of the pool (units), and the fund's value rises and falls with the underlying portfolio.In New Zealand, retail managed funds are regulated under the Financial Markets Conduct Act 2013 and must be part of a registered Managed Investment Scheme (MIS) with a licensed Supervisor. Most are PIE-structured for tax efficiency.Managed funds differ from KiwiSaver scheme funds principally on access — KiwiSaver scheme funds have lock-in restrictions (KiwiSaver scheme money is generally locked in until age 65, with limited early-withdrawal grounds), while managed funds can be entered and exited at the investor's discretion under the fund's liquidity terms. Related terms PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. etf-vs-managed-fund ETF vs managed fund An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold directly with the manager or platform at the fund's daily NAV. --- ## Maximum drawdown — NZ fund glossary URL: https://managedfunds.nz/glossary/max-drawdown/ > The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation doe... max DD · drawdown Maximum drawdown The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation does not. Maximum drawdown is the largest peak-to-trough percentage decline a fund has experienced over a specified measurement window — typically the past 5 or 10 years, or the fund's full history. It is calculated as the largest gap between any prior high in the unit price and the subsequent low before a new high is reached.Maximum drawdown is a complementary risk metric to standard deviation. Two funds can have the same σ but very different maximum drawdowns if one had a single severe sustained decline while the other had several smaller declines that quickly recovered. Drawdown captures the practical investor experience of "how much of my money was at risk at the worst point".NZ retail Quarterly Fund Updates do not include max drawdown as a standardised metric. Some active managers report it in fact sheets for periods such as the COVID-19 March 2020 drawdown or the 2022 bond-and-equity correlated drawdown. Related terms volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. sortino-ratio Sortino ratio A downside-only variant of the Sharpe ratio: excess return divided by the standard deviation of negative returns only. Penalises losses but not symmetric upside volatility. --- ## Management expense ratio (MER) — NZ fund glossary URL: https://managedfunds.nz/glossary/mer/ > A US/Canada/AU disclosure term for a fund's ongoing operating expenses as a percentage of fund value. In NZ, the equivalent disclosure is the FMA-standardise... MER · expense ratio Management expense ratio (MER) A US/Canada/AU disclosure term for a fund's ongoing operating expenses as a percentage of fund value. In NZ, the equivalent disclosure is the FMA-standardised annual fund charge in the Quarterly Fund Update. Management expense ratio (MER) is the term used in US, Canadian, and Australian fund disclosure for the total operating expenses of a fund — management fee plus operating, audit, custody and other recurring costs — expressed as an annual percentage of average fund value.NZ retail managed funds and KiwiSaver scheme funds disclose the same concept under the FMA-standardised label "annual fund charge" in the Quarterly Fund Update. Where a NZ fund is part of an Australian-domiciled umbrella or feeds into an underlying Australian Unit Trust, both terms may appear in marketing material referring to the same fee.MER does not include performance fees, transaction costs, or platform-level fees. The PDS fee table is the authoritative cross-check for which costs are inside a quoted MER and which sit outside it. Related terms AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## MIS Manager licence — NZ fund glossary URL: https://managedfunds.nz/glossary/mis-manager-licence/ > The FMA-issued licence required to act as Manager of a registered Managed Investment Scheme in New Zealand under section 388 of the Financial Markets Conduct... Manager licence MIS Manager licence The FMA-issued licence required to act as Manager of a registered Managed Investment Scheme in New Zealand under section 388 of the Financial Markets Conduct Act 2013. A MIS Manager licence is the FMA-issued authorisation required to act as Manager of a Managed Investment Scheme under section 388 of the FMC Act. The Manager is the entity responsible for investment decisions, scheme operation, investor reporting and compliance with the SIPO and trust deed.To hold the licence the applicant must satisfy the FMA on fit-and-proper-person tests for directors and senior managers, demonstrate adequate capability and resources, hold required capital, and have systems to comply with the FMC Act and the scheme's governing documents. Licences can be conditional and can be varied, suspended or cancelled by the FMA.The FMA publishes the full register of licensed MIS managers on its website. The Supervisor is a separate licensed party — see the supervisor entry. A single corporate group can hold both a MIS-manager licence and a separate FAP licence for an advice business operating alongside the scheme. Primary sources FMA: MIS Manager licensing Related terms MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. FMA · Te Mana Tātai Hokohoko Financial Markets Authority (FMA) New Zealand's integrated financial-markets conduct regulator. Licenses fund managers, supervisors and financial-advice providers; enforces the Financial Markets Conduct Act; runs the Disclose register. --- ## Managed Investment Scheme (MIS) — NZ fund glossary URL: https://managedfunds.nz/glossary/mis/ > The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a register... MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 (FMC Act) that pools investor money for collective investment. Every NZ retail managed fund and every KiwiSaver scheme operates as part of a registered MIS.Each MIS has a Manager (the entity making investment decisions and charging fees), a Supervisor (an independent licensed entity that holds scheme assets in trust and oversees the manager), and may have multiple separate funds within it. The MIS is registered on the FMA's licensed-MIS register.A single fund manager can operate multiple MIS — for example, separating its KiwiSaver scheme MIS from its retail managed-fund MIS for licensing and regulatory reasons. Primary sources FMA: Managed investment schemes Related terms Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. --- ## Notified Foreign Investor (NFI) — NZ fund glossary URL: https://managedfunds.nz/glossary/nfi/ > A PIE-tax sub-regime for eligible non-resident investors. Foreign-sourced income inside the PIE is taxed at 0%; NZ-sourced income is taxed at the relevant no... NFI Notified Foreign Investor (NFI) A PIE-tax sub-regime for eligible non-resident investors. Foreign-sourced income inside the PIE is taxed at 0%; NZ-sourced income is taxed at the relevant non-resident withholding-tax rate. The Notified Foreign Investor (NFI) regime allows non-resident investors in a NZ Portfolio Investment Entity to be taxed on a look-through basis. Foreign-sourced income that the PIE earns on behalf of the NFI is taxed at 0%; NZ-sourced income is taxed at the relevant non-resident withholding-tax rate (typically 15% on interest, 0–15% on imputed dividends).A PIE must be specifically set up to support NFIs and the investor must complete an NFI declaration with the manager. If the PIE is not NFI-eligible, non-residents are taxed at the standard 28% non-resident PIE rate on all PIE income — typically less tax-efficient for offshore investors than NFI status.NFI status is most relevant for migrants returning to NZ, Australians holding NZ PIEs, and managed-fund managers who distribute across borders. The OMI for each PIE-structured scheme usually states whether the scheme supports NFIs. Primary sources IRD: Notified Foreign Investors Related terms PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. --- ## NZ equities — NZ fund glossary URL: https://managedfunds.nz/glossary/nz-equities/ > Listed shares in NZX-quoted companies. A core asset class for NZ diversified-multi-asset and single-asset funds, with the S&P/NZX 50 as the most-cited benchm... New Zealand shares NZ equities Listed shares in NZX-quoted companies. A core asset class for NZ diversified-multi-asset and single-asset funds, with the S&P/NZX 50 as the most-cited benchmark. NZ equities are listed shares in companies quoted on the New Zealand Exchange (NZX). The NZX Main Board comprises around 150 listed companies, with the S&P/NZX 50 capturing the largest 50 by free-float market capitalisation and the S&P/NZX 20 capturing the largest 20.NZ retail managed funds hold NZ equities in two main shapes: as a single-asset-class fund (e.g. an NZ-equity index fund or an active NZ-equity fund), or as a sleeve inside a diversified-multi-asset fund. Diversified-fund SIPOs typically allocate 5–15% of total assets to NZ equities, depending on whether the fund's overall asset-allocation tilt is conservative, balanced, or growth.NZ equities are tax-favoured inside a PIE: capital gains on NZ-listed shares are exempt from tax under the PIE rules, and dividends carry NZ imputation credits passed through to investors at the PIR. This is one of the main structural reasons PIE wrappers are dominant for NZ-share-heavy retail mandates. Related terms PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. franking credit (Australia) Imputation credit A tax credit attached to a NZ company dividend that represents company tax already paid on the underlying profit, used by the shareholder to offset their personal tax on the dividend. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. --- ## NZ fixed interest — NZ fund glossary URL: https://managedfunds.nz/glossary/nz-fixed-interest/ > NZ-issued debt securities — NZ government bonds, NZ corporate bonds, and NZ residential mortgage-backed securities. Used as the income/defensive sleeve of di... NZ bonds NZ fixed interest NZ-issued debt securities — NZ government bonds, NZ corporate bonds, and NZ residential mortgage-backed securities. Used as the income/defensive sleeve of diversified NZ retail funds. NZ fixed interest is the asset class of NZ-issued debt securities: NZ government bonds (issued by the New Zealand Debt Management Office); local-authority and Kāinga Ora bonds; and NZ corporate bonds (issued by listed and unlisted NZ companies). The most-cited benchmark for NZ retail fixed-interest mandates is the Bloomberg NZBond Composite 0+ Yr Index or a similar Bloomberg/S&P composite.NZ fixed interest typically sits in the income/defensive sleeve of diversified-multi-asset funds — 10–35% of total assets in a Balanced fund, more in Conservative profiles, less in Growth. The sleeve provides regular coupon income, lower volatility than equities, and a partial diversification benefit when equity markets fall (the historical equity-bond negative correlation, which weakened in 2022).NZ fixed-interest income (coupon and accrued interest) is taxable. Inside a PIE the income is taxed at the investor's PIR, capped at 28%; held directly in a personal account it is taxed at the investor's marginal rate via RWT, up to 39%. Related terms global bonds International fixed interest Offshore-issued debt securities — sovereign and corporate bonds outside NZ. Typically held in NZD-hedged form to neutralise currency volatility on the defensive sleeve. PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. RWT Resident Withholding Tax (RWT) Tax that NZ banks and bond issuers deduct at source from interest payments to NZ-resident investors, at the investor's nominated RWT rate. asset-allocation Asset allocation The percentage split of a fund's portfolio across asset classes: equities, fixed interest, listed property, cash, alternatives. Drives the fund's risk and return profile more than security selection. --- ## Other Material Information (OMI) — NZ fund glossary URL: https://managedfunds.nz/glossary/omi/ > A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party tran... OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. Other Material Information, or OMI, is the catch-all FMA-mandated disclosure that captures any material information about a managed-investment scheme that is not already in the Product Disclosure Statement. The OMI requirement sits under the Financial Markets Conduct Regulations 2014 (regs 51–54) and the FMA's Disclose-register guidance — every NZ-registered MIS must publish one and keep it current.OMIs typically cover: granular performance-fee mechanics (high-water-mark wording, hurdle benchmarks, performance-fee caps); related-party transactions (e.g. underlying-fund investments managed by an affiliate); conflicts of interest and how they are managed; fee waivers or rebates; the identity of the auditor, trustee/supervisor, custodian and registry provider; tax disclosures specific to the scheme; and material risks not summarised in the PDS.Like the PDS and SIPO, the OMI is filed on the FMA Disclose register and updated when material information changes. Investors comparing funds in detail should read the OMI alongside the PDS and SIPO — it is often where the granular fee mechanics and structural conflict disclosures live.On ManagedFundsNZ, each fund page surfaces the OMI-derived auditor, trustee/supervisor, custodian and conflicts list — sourced from the latest OMI on Disclose and re-checked at each manager filing. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. Amova NZ Investment Scheme — related-party manager disclosure "Amova Asset Management Europe Limited (AAME) have been engaged to manage the global equity assets of the Amova Wholesale Global Shares Fund. AAME is a related party of Amova NZ, both parties having common ownership. Amova Asset Management Americas Inc. (AAMA) manages the assets of the Amova ARK Disruptive Fund Innovation Fund. AAMA is a related party of Amova NZ, both parties having common ownership." — Amova NZ Investment Other Material Information, 24 November 2025 View PDF on FMA Disclose See this in practice Funds grouped by auditor (from OMI) /auditor/ Funds grouped by trustee / supervisor (from OMI) /trustee/ Performance-fee mechanics (from OMI) /performance-fee/funds/ Common questions How is an OMI different from a PDS? A PDS is the consumer-facing summary required by section 49 of the FMC Act — it must be short, plain-English and disclose headline fees, risks, returns and how to invest. An OMI is the supplementary disclosure under regs 51–54 — anything material that the PDS does not cover. In practice, granular conflicts, related-party arrangements and detailed fee mechanics live in the OMI. Where do I find a fund's OMI? Every NZ-registered managed-investment scheme files its OMI on the FMA Disclose register at disclose-register.companiesoffice.govt.nz under the scheme's "Documents" tab. ManagedFundsNZ links to the OMI PDF on each fund page when an extract is available. What performance-fee detail lives in the OMI? The OMI is where the verbatim performance-fee mechanics live — the hurdle benchmark, the high-water-mark wording, the accrual frequency, the cap (if any), and any catch-up or carry-forward provisions. The PDS summarises that a performance fee exists; the OMI defines exactly how it is calculated. ManagedFundsNZ's /funds/{m}/{f}/performance-fee-explained/ surfaces this directly from the OMI extract. What custodian, auditor and supervisor information is in the OMI? The OMI must name the scheme's independent supervisor (trustee), the auditor, the custodian and the registry provider. These are the parties that segregate scheme assets, sign off financial statements, and hold securities on behalf of investors. They are a key part of the investor-protection model under the Financial Markets Conduct Act 2013 — investor money is held by the custodian, not the manager, and the supervisor monitors the manager's compliance with the scheme's governing documents. Primary sources FMA: Disclosure requirements (managed-investment schemes) FMA Disclose register Financial Markets Conduct Regulations 2014, regs 51–54 Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. performance-fee Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. --- ## PDS fee table — NZ fund glossary URL: https://managedfunds.nz/glossary/pds-fee-table/ > The standardised fee disclosure table required in section 4 of a NZ retail Product Disclosure Statement. Lists annual fund charge, performance fee, transacti... PDS fee table The standardised fee disclosure table required in section 4 of a NZ retail Product Disclosure Statement. Lists annual fund charge, performance fee, transaction fees and any other charges in a prescribed format. Section 4 of every NZ retail Product Disclosure Statement contains a standardised fee table prescribed by the Financial Markets Conduct Regulations 2014. The table must list, in a fixed format, the annual fund charge (broken down into management fee, supervisor fee, custody, audit, and other operating costs), any performance fee with the hurdle and high-water-mark mechanics, any buy/sell spread, and any other one-off fees.The standardised format is designed for direct comparability across funds. The "all-in" annual fund charge figure at the bottom of the table is the line investors most commonly compare across managers — but two funds with the same all-in charge can still differ on performance-fee mechanics or transaction costs, which the table discloses but does not consolidate.The PDS fee table is the contract between the manager and the investor on what can be charged. Any fee not listed in the PDS table (or in the cross-referenced OMI) cannot be charged. This is the structural reason fee transparency is high in NZ retail PIE schemes compared to many offshore jurisdictions. Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. performance-fee Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. --- ## PDS replacement and lodgement — NZ fund glossary URL: https://managedfunds.nz/glossary/pds-replacement/ > A Manager must lodge an updated PDS on the FMA Disclose register whenever a material change occurs to a scheme, and at minimum annually. Each lodgement is da... PDS replacement and lodgement A Manager must lodge an updated PDS on the FMA Disclose register whenever a material change occurs to a scheme, and at minimum annually. Each lodgement is dated and replaces the prior version. A NZ retail managed-investment scheme's Product Disclosure Statement must be kept current. Under the FMC Act and FMC Regulations the Manager must lodge a replacement PDS on the FMA Disclose register whenever there is a material change to the scheme — for example, a fee change, a SIPO amendment, a change of Manager or Supervisor, a fund closure or addition, or a change in the standardised risk indicator that crosses a band threshold.In addition to material-change lodgements, every PDS must be re-lodged at least annually. Each lodgement carries a publication date; the most recently dated PDS is the active document for new investors. Historic PDSs remain accessible on the Disclose register, which is how ManagedFundsNZ builds the per-fund PDS-version timeline.For existing investors, material changes are usually notified directly by the Manager via email, post, or platform message in addition to being lodged on Disclose. The minimum-investment, withdrawal-terms and fee changes that affect the contract require sufficient notice to allow the investor to exit before the change takes effect. Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. --- ## Product Disclosure Statement (PDS) — NZ fund glossary URL: https://managedfunds.nz/glossary/pds/ > The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. Under the Financial Markets Conduct Act 2013, every retail managed-investment scheme in New Zealand must produce a Product Disclosure Statement (PDS). The PDS is the primary plain-English document setting out what the fund invests in, who manages it, the fees charged, the risks, and how investors join, switch, or withdraw.A PDS must follow a standardised FMA-prescribed structure to make funds comparable. Section 1 covers the manager and the scheme; Section 2 explains the funds; Section 3 lists the risks; Section 4 itemises fees; later sections cover entry, exit, taxes, and the dispute-resolution scheme.A PDS is a snapshot: it must be updated whenever a material change occurs and reissued at least annually. ManagedFundsNZ stores every dated PDS version for each fund and surfaces the diff between versions when a fund publishes an update — this is part of the Audit Trail product for advisers.A PDS is read alongside, but is not a substitute for, the fund's Statement of Investment Policy and Objectives (SIPO), Other Material Information (OMI), and Quarterly Fund Update (QFU). All four are filed on the FMA Disclose register. Common questions How often is a PDS updated? A PDS must be updated whenever there is a material change to the fund (e.g. fee change, mandate change, manager change) and at minimum annually. Each version is dated and filed on the FMA Disclose register. Where do I find a fund's PDS? Every NZ retail managed fund's PDS is filed on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. ManagedFundsNZ links to each fund's most recent PDS on its fund page. Primary sources FMA: Product Disclosure Statements FMA Disclose register Related terms SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. --- ## Performance fee cap — NZ fund glossary URL: https://managedfunds.nz/glossary/performance-fee-cap/ > A maximum performance fee a manager can earn in a single period, expressed as a percentage of average net asset value. Limits investor downside from a strong... Performance fee cap A maximum performance fee a manager can earn in a single period, expressed as a percentage of average net asset value. Limits investor downside from a strong outperformance year. A performance fee cap puts an absolute ceiling on the performance fee a manager can charge in a single accounting period — usually expressed as a percentage of the fund's average net asset value over that period. The cap protects unit holders from a disproportionately large fee in an exceptional outperformance year.Caps in NZ retail PIE funds are disclosed in the PDS fee table and detailed verbatim in the OMI. Examples observed in current NZ PDSs include "performance fee cap of 0.95% of average NAV" and "performance-based fees are capped at 2% of each fund's average net asset value per year". Where a cap is silent the fee is uncapped in principle, though the high-water mark and hurdle still apply.When comparing two funds with similar headline annual fund charges and similar performance-fee rates, the cap can be the practical determinant of total-cost-to-investor in a strong year. Related terms performance-fee Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. HWM · high water mark High-water mark (HWM) The highest historical unit price a fund has reached after performance-fee crystallisation. A manager can only earn a new performance fee on gains above this mark — preventing double-charging on the same return. hurdle benchmark · performance-fee benchmark Hurdle rate The benchmark return that a fund's performance must beat before a performance fee can be charged. Common NZ shapes: OCR + a margin, an equity index, or an absolute % per year. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. --- ## Performance fee — NZ fund glossary URL: https://managedfunds.nz/glossary/performance-fee/ > An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. Performance fee An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark. A performance fee is an extra layer of fee that a fund manager charges only when fund returns exceed a defined benchmark or hurdle. Common structures: a percentage of returns above the NZ Official Cash Rate plus a margin, above an equity benchmark like the S&P/NZX 50, or above a fixed hurdle (e.g. 10% p.a.).Most NZ funds with performance fees apply a "high-water mark" — the manager only earns a performance fee when the fund's value exceeds its previous peak after the last performance fee was charged. This prevents charging twice for recovering past losses.Performance fees are disclosed separately from the annual fund charge in the QFU and PDS. Two funds with the same headline annual fund charge can have very different total cost-to-investor outcomes if one charges performance fees and the other does not. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. Castle Point Ranger / 5 Oceans Funds "A performance-based fee is payable if, in respect of each half-year period ending 31 March and 30 September, the investment performance of the Ranger Fund exceeds the NZ Official Cash Rate + 5% (hurdle rate of return), subject to a perpetual high-water mark. The high water mark cannot be reset by us and is the same for all clients." — Castle Point PDS, April 2026 Milford Active Growth Fund "15% of returns above 10% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark, with a performance fee cap of 0.95% of average NAV." — Milford Investment Funds PDS, June 2025 Fisher Funds NZ Growth Fund "10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year." — Fisher Funds Managed Funds PDS, March 2026 Related terms AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. HWM · high water mark High-water mark (HWM) The highest historical unit price a fund has reached after performance-fee crystallisation. A manager can only earn a new performance fee on gains above this mark — preventing double-charging on the same return. hurdle benchmark · performance-fee benchmark Hurdle rate The benchmark return that a fund's performance must beat before a performance fee can be charged. Common NZ shapes: OCR + a margin, an equity index, or an absolute % per year. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Portfolio Investment Entity (PIE) — NZ fund glossary URL: https://managedfunds.nz/glossary/pie/ > A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. A Portfolio Investment Entity, or PIE, is a New Zealand fund structure introduced in 2007 to align retail-fund taxation with direct share ownership. Most NZ retail managed funds and KiwiSaver scheme funds are structured as PIEs.Inside a PIE, capital gains on most NZ and Australian listed shares are not taxed. Income that *is* taxable (dividends, interest, foreign share gains) is taxed at the investor's Prescribed Investor Rate (PIR) of 10.5%, 17.5% or 28% — capped at 28%, even for investors on a 39% personal income-tax rate. The PIE rules sit under Subpart HM of the Income Tax Act 2007.Because PIE tax is final at the investor's PIR, investors generally do not need to include PIE income in their personal tax return. There are exceptions — most importantly, if you have used the wrong PIR, the difference is squared up at year end (under-payment recovered, over-payment refunded under recent IRD rule changes).The 28% cap is the headline benefit. Compared to direct holdings of shares or bonds, where dividend and interest income flows into your personal income at your marginal rate (up to 39%), a PIE wrapper saves up to 11 percentage points of tax on the same underlying income for investors on the top personal rate. Over a long horizon, that compounds materially — which is the main mechanical reason most NZ retail managed funds are offered as PIEs.Not every NZ-distributed fund is a PIE. Some Australian Unit Trusts available to NZ investors (e.g. certain Vanguard funds) are taxed under the Foreign Investment Fund (FIF) rules instead. ManagedFundsNZ flags FIF-only funds explicitly on each fund page. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. NZ Funds Active Growth — Portfolios offered as PIEs "All of the Portfolios offered under this PDS are Portfolio Investment Entities (PIEs)." — NZ Funds Active Growth Series PDS, 28 October 2025 View PDF on FMA Disclose See this in practice Browse PIE-structured funds /pie-funds/ Work out your PIR /tools/pir-calculator/ Common questions Is a PIE the same as a fund? No — PIE is a tax structure that a managed fund or KiwiSaver scheme fund can use. A PIE is always a fund, but a fund is not always a PIE; some NZ-distributed funds are Australian Unit Trusts taxed under FIF rules. Why does PIE tax cap at 28%? When PIEs were introduced in 2007, the top personal income-tax rate was 39%. Capping PIE tax at 28% (then aligned to the company tax rate) was designed to make managed-fund investing tax-competitive with direct share ownership. The 28% cap has been retained even as the top personal rate has changed. Do I have to declare PIE income on my tax return? In most cases no — PIE tax is paid by the fund at your PIR and is final. The two main exceptions are (1) if you used the wrong PIR, and (2) PIE losses or income from a multi-rate PIE that you choose to include. Always check IRD guidance for your specific situation. Are capital gains taxed inside a PIE? For NZ-listed and most ASX-listed shares, no — capital gains on these holdings are exempt from tax under the PIE rules. For other holdings (e.g. unlisted foreign shares above the FIF threshold) the PIE applies the standard FIF methodology at the fund level, and the resulting income is taxed at investor PIRs. The investor does not separately apply FIF rules to their PIE units. Primary sources IRD: Portfolio Investment Entities IRD: Choose the right PIR Income Tax Act 2007 — Subpart HM (Portfolio Investment Entities) Related terms PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. --- ## Prescribed Investor Rate (PIR) — NZ fund glossary URL: https://managedfunds.nz/glossary/pir/ > The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-yea... PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. The Prescribed Investor Rate (PIR) is the tax rate that applies to your share of a Portfolio Investment Entity (PIE) fund's taxable income. NZ resident individuals have three PIR options: **10.5%, 17.5% and 28%**.Your correct PIR is determined using a **two-year look-back rule**: take the lower of your taxable income + PIE income in each of the last two income years, then map that to a threshold. As a rough guide for resident individuals: total taxable income ≤ NZ$15,600 and combined income ≤ NZ$53,500 → 10.5% PIR; total taxable income ≤ NZ$53,500 and combined income ≤ NZ$78,100 → 17.5% PIR; otherwise → 28% PIR. The exact thresholds and combined-income calculation are set out in IRD's "Find my PIR" guidance and update from time to time.The two-year look-back means you generally do not have to predict your current-year income to choose a PIR — you can rely on the higher of the last two years' incomes, which is usually easier to verify. If both of the last two years would have placed you in a lower bracket, you use the lower PIR.Most fund providers ask for your PIR when you open an account and let you change it on request. Using too high a PIR overpays tax (refundable in the end-of-year adjustment since 1 April 2020); using too low a PIR underpays and the shortfall is collected at year-end via the same adjustment process. The fund manager deducts PIE tax based on the PIR on file at the time the PIE income is attributed.Non-resident PIE investors pay tax under different rules — typically the Notified Foreign Investor (NFI) regime if the PIE is set up to support it, or the standard 28% non-resident PIE rate otherwise. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. NZ Funds Active Growth — PIE structure "All of the Portfolios offered under this PDS are Portfolio Investment Entities (PIEs)." — NZ Funds Active Growth Series PDS, 28 October 2025 — investors supply a PIR under Subpart HM View PDF on FMA Disclose See this in practice PIR calculator (2-year look-back) /tools/pir-calculator/ Browse PIE-structured funds /pie-funds/ Common questions What is the highest PIR? The highest PIR for a NZ-resident individual is 28%. PIE tax is capped at this rate even if your personal income-tax rate is higher. How does the two-year look-back work? You look at your taxable income + PIE income for each of the two most recent income years (the year just ended and the one before it). For each year, work out which PIR band you would fall in. Your correct PIR is the lower of the two — i.e. the look-back picks the cheaper rate that either year supports. What happens if I use the wrong PIR? If your PIR was too high, IRD refunds the over-paid tax in your end-of-year adjustment. If your PIR was too low, IRD collects the shortfall in the same end-of-year adjustment. Rules around refunds were tightened in 2020 to make refunds the norm rather than the exception. How often can I change my PIR? You can change your PIR at any time by notifying your fund provider. The new rate applies to PIE income earned from that point forward. Providers usually let you update it through their online account portal. What PIR applies to non-resident investors? Non-resident PIE investors pay tax under a separate regime. If the PIE is registered with IRD as supporting Notified Foreign Investors (NFI), foreign-sourced income is generally taxed at 0% and NZ-sourced income at the relevant non-resident withholding-tax rate. If the PIE is not NFI-eligible, non-residents pay the standard 28% non-resident PIE rate. Check IRD guidance and the specific PIE’s OMI for its NFI status. Primary sources IRD: Find my Prescribed Investor Rate IRD: PIRs for individuals (rates table) IRD: PIE end-of-year tax adjustment Related terms PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. FIF rules Foreign Investment Fund (FIF) A New Zealand tax regime that taxes NZ-resident individuals on the holding of most foreign shares and non-PIE foreign funds above a NZ$50,000 cost-basis de minimis threshold. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Platform fee — NZ fund glossary URL: https://managedfunds.nz/glossary/platform-fee/ > A separate fee charged by a fund-distribution platform such as InvestNow, Sharesies or Kernel — paid on top of the fund's own annual fund charge. Platform fee A separate fee charged by a fund-distribution platform such as InvestNow, Sharesies or Kernel — paid on top of the fund's own annual fund charge. A platform fee is the fee a fund-distribution platform charges for executing investor orders, holding the units on registry, providing reporting and access to a multi-manager fund menu. It sits on top of each underlying fund's annual fund charge.Common NZ platform structures: a flat monthly subscription (typical for InvestNow); a per-trade transaction fee plus an account fee (typical for Sharesies); a percentage of assets per year capped at a dollar amount (typical for some KiwiSaver wraps); or zero platform fee where the manager is the platform (typical for direct managed-fund schemes).When comparing fund costs across distribution channels, the all-in cost to the investor is the fund's annual fund charge plus the platform fee. The same fund accessed directly with the manager and via an aggregator platform can therefore have materially different total costs. Related terms AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Private credit — NZ fund glossary URL: https://managedfunds.nz/glossary/private-credit/ > Debt financing provided by non-bank lenders to private companies, typically with negotiated bilateral terms. An alternative-asset sleeve in some NZ wholesale... Private credit Debt financing provided by non-bank lenders to private companies, typically with negotiated bilateral terms. An alternative-asset sleeve in some NZ wholesale and select retail mandates. Private credit is debt financing provided by non-bank lenders — credit-focused fund managers — to private companies, real-estate sponsors, or infrastructure projects. Loans are typically bilateral or club-financed rather than syndicated, with terms negotiated directly between borrower and lender. Senior secured, unitranche, and mezzanine are common sub-categories.Private-credit mandates are a feature of institutional and wholesale NZ investing more than NZ retail PIE schemes, though some diversified retail funds carry a small private-credit allocation through underlying wholesale or offshore credit funds. Compared to listed corporate bonds, private credit typically offers higher coupon income in exchange for illiquidity (limited or no secondary market) and the manager's underwriting skill.NZ retail funds with private-credit allocation disclose the underlying sub-fund and the maximum allocation in the SIPO. Liquidity terms — including any notice period or gate provision on redemptions — are detailed in the OMI. Related terms SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. liquidity-management Liquidity management The tools a fund manager uses to meet redemption requests in stressed markets: cash buffers, redemption gates, in-specie transfers, and dilution adjustments. --- ## Quarterly Fund Update (QFU) — NZ fund glossary URL: https://managedfunds.nz/glossary/qfu/ > A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and... QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. Every NZ retail managed-investment scheme must publish a Quarterly Fund Update (QFU) within a fixed window after each calendar quarter. The QFU follows a standardised FMA template designed to make funds directly comparable — same headline metrics in the same place every time.A QFU includes: total fees as a percentage of fund value (annual fund charge, and any performance fee), 1-year, 5-year and since-inception returns (after fees, before tax), the standardised risk indicator (1–7 scale based on past five-year price volatility), target asset mix, actual asset mix at quarter-end, the top-10 holdings, the number of investors, and the total assets under management.QFUs are filed on the FMA Disclose register as PDFs. The standardised structure means the same information can be regex-extracted across managers — this is how ManagedFundsNZ surfaces a "data last updated" timestamp on each fund page that tracks QFU publication. Common questions How often is a QFU published? Every quarter — within a fixed window after each calendar quarter-end (typically 60 days). The QFU presents data as at the most recent quarter-end. Does a QFU show after-tax returns? No — QFU returns are net of fees but before tax. Tax outcomes depend on each investor's PIR (for PIE funds) or FIF treatment (for AU Unit Trust funds). Primary sources FMA: Fund Updates FMA Disclose register Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. --- ## R-squared — NZ fund glossary URL: https://managedfunds.nz/glossary/r-squared/ > The percentage of a fund's return variability explained by its benchmark. R² of 0.95 on a NZ-equity benchmark means 95% of the fund's movement tracked that b... R² · coefficient of determination R-squared The percentage of a fund's return variability explained by its benchmark. R² of 0.95 on a NZ-equity benchmark means 95% of the fund's movement tracked that benchmark. R-squared (R², the coefficient of determination) is the share of variance in a fund's returns that is explained by movements in its benchmark. R² of 1.0 means the fund moves entirely with the benchmark; R² of 0.0 means there is no statistical relationship.R² is used as a sanity check on beta and tracking error. A high R² (above 0.90) makes beta meaningful — the relationship to the benchmark is strong enough that beta describes most of the fund's movement. A low R² (below 0.50) suggests the benchmark is a poor reference: the fund's return is being driven by exposures the benchmark doesn't capture.For NZ index funds tracking a published benchmark, R² is typically 0.97 or higher. For diversified-multi-asset funds, R² against any single benchmark is usually lower because the fund's asset mix moves with several benchmarks at once. Related terms beta Beta A measure of how much a fund moves in response to its benchmark. Beta of 1 means the fund moves one-for-one with the benchmark; beta of 0.7 means it moves 30% less. tracking-error Tracking error The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fund, high tracking error means more active risk relative to benchmark. index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. --- ## Registry / Unit registry — NZ fund glossary URL: https://managedfunds.nz/glossary/registry/ > The provider that maintains the official record of investor unit holdings, processes orders, and handles distribution payments. Operationally separate from t... Registry / Unit registry The provider that maintains the official record of investor unit holdings, processes orders, and handles distribution payments. Operationally separate from the manager. The unit registry is the provider that maintains the official record of which investors hold which units in a managed-investment scheme. Registry handles: investor onboarding (anti-money-laundering checks, account opening), order processing (buy, sell, switch, reinvest), distribution payments to investor bank accounts, and statement and tax-reporting generation.In NZ retail MIS practice the largest registry providers are Apex Group (formerly MMC), Trustees Executors, and Public Trust's registry arm; some larger managers run an in-house registry function. The registry provider is disclosed in the OMI; its operational independence from the manager is one of several investor-protection structural features.For investors, registry is the back-office layer they typically interact with for any account-administrative request — change of address, change of bank account, PIR update — though most managers wrap registry behind a manager-branded online portal. Related terms custodian Custodian The independent entity that physically holds a fund's securities and cash in segregated client accounts. Disclosed in the OMI; separate from the fund manager. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. --- ## Responsible investment (RI / ESG / ethical) — NZ fund glossary URL: https://managedfunds.nz/glossary/ri/ > A fund that applies environmental, social and governance (ESG) screening criteria — typically excluding sectors such as tobacco, controversial weapons, fossi... RI · ESG · ethical investment · sustainable investment Responsible investment (RI / ESG / ethical) A fund that applies environmental, social and governance (ESG) screening criteria — typically excluding sectors such as tobacco, controversial weapons, fossil fuels, or applying positive sustainability tilts. Responsible investment (RI) is an umbrella term covering funds that apply environmental, social and governance (ESG) considerations to the portfolio. The exact definition varies by fund — common approaches include negative screens (exclude tobacco, controversial weapons, fossil-fuel reserves), positive tilts (overweight low-carbon or high-ESG-rated companies), and engagement (active voting and dialogue with portfolio companies).In NZ, every fund that calls itself "responsible" or "ethical" must document its specific screening framework in the Statement of Investment Policy and Objectives (SIPO). The SIPO is the binding rule-set; the PDS gives a plain-English summary.There is no single industry standard for "ethical" — funds differ markedly. Always check the SIPO's specific exclusion list and screening methodology before relying on a fund's RI/ESG label. Primary sources Mindful Money NZ Responsible Investment Association Australasia Related terms SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Risk indicator (1–7 scale) — NZ fund glossary URL: https://managedfunds.nz/glossary/risk-indicator/ > A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) o... FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. The risk indicator is a standardised numerical score from 1 (lower risk) to 7 (higher risk) that every NZ retail managed fund must publish in its Product Disclosure Statement and every Quarterly Fund Update.It is calculated from the standard deviation of the fund's weekly returns over the past five years and mapped onto the 1–7 scale using FMA-prescribed thresholds. Funds with less than five years of price history use a peer or benchmark proxy and disclose this in the PDS.The risk indicator measures past price volatility only. It is not a forward-looking risk forecast and does not capture credit risk, liquidity risk, currency risk, or concentration risk in any direct sense — these belong to the PDS narrative-risk disclosures.Typical mappings: a cash fund is usually 1, a NZ fixed-interest fund 2–3, a balanced diversified fund 3–4, a growth diversified fund 4–5, an international-equity fund 5–6, and a concentrated single-country or thematic fund often 6–7. Primary sources FMA: Risk indicator Related terms QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Resident Withholding Tax (RWT) — NZ fund glossary URL: https://managedfunds.nz/glossary/rwt/ > Tax that NZ banks and bond issuers deduct at source from interest payments to NZ-resident investors, at the investor's nominated RWT rate. RWT Resident Withholding Tax (RWT) Tax that NZ banks and bond issuers deduct at source from interest payments to NZ-resident investors, at the investor's nominated RWT rate. Resident Withholding Tax (RWT) is the tax that NZ payers — banks, building societies, bond issuers, and some funds — deduct from interest and certain dividend payments to NZ-resident investors before the payment reaches the investor. The investor nominates an RWT rate from a fixed set of options based on their marginal income-tax bracket.RWT and PIE tax are different regimes. Interest earned directly from a NZ bank deposit is subject to RWT at the investor's personal rate (up to 39%). The same interest earned inside a PIE-structured cash or fixed-interest fund is taxed at the investor's PIR, capped at 28%. This is the structural reason PIE cash funds can be tax-efficient compared to direct bank deposits for higher-rate investors.RWT is a withholding mechanism, not a final tax — the deducted amount is credited against the investor's end-of-year tax liability. PIE tax, by contrast, is generally final at the PIR. Primary sources IRD: Resident withholding tax Related terms PIR Prescribed Investor Rate (PIR) The tax rate applied to your share of a PIE fund's taxable income. NZ has three PIRs for resident individuals — 10.5%, 17.5% and 28% — chosen using a two-year look-back of taxable + PIE income. PIE fund · PIE Portfolio Investment Entity (PIE) A tax-efficient New Zealand fund structure where investor tax is capped at the investor's Prescribed Investor Rate (PIR), with a maximum of 28%. franking credit (Australia) Imputation credit A tax credit attached to a NZ company dividend that represents company tax already paid on the underlying profit, used by the shareholder to offset their personal tax on the dividend. --- ## Sharpe ratio — NZ fund glossary URL: https://managedfunds.nz/glossary/sharpe-ratio/ > A risk-adjusted return measure: excess return (fund return minus the cash rate) divided by the standard deviation of returns. Higher means more return per un... Sharpe ratio A risk-adjusted return measure: excess return (fund return minus the cash rate) divided by the standard deviation of returns. Higher means more return per unit of volatility. The Sharpe ratio, named for William F. Sharpe, measures risk-adjusted return as: (fund return minus a near-cash benchmark rate) divided by standard deviation of fund return. The cash-benchmark rate in NZ is usually proxied by the 90-day Bank Bill rate or the Official Cash Rate.Mechanically, the Sharpe ratio tells you how much excess return a fund earned per unit of volatility. A fund that returned 8% p.a. with σ of 10% p.a., against a 4% cash rate, has a Sharpe of 0.4. A second fund returning 12% p.a. with σ of 20% p.a. against the same 4% cash rate has the same Sharpe of 0.4 — comparable risk-adjusted return despite different absolute return and risk.Sharpe ratio assumes returns are well-approximated by a normal distribution and that volatility is the relevant risk measure. For asymmetric strategies (option-writing, credit, distressed) Sharpe can flatter the risk profile because it does not separate downside σ from upside σ. The Sortino ratio addresses this by using downside deviation only. Related terms volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. sortino-ratio Sortino ratio A downside-only variant of the Sharpe ratio: excess return divided by the standard deviation of negative returns only. Penalises losses but not symmetric upside volatility. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. --- ## Statement of Investment Policy and Objectives (SIPO) — NZ fund glossary URL: https://managedfunds.nz/glossary/sipo/ > The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion... SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. The Statement of Investment Policy and Objectives (SIPO) sits below the PDS in NZ's fund-disclosure hierarchy. Where the PDS is the consumer-facing summary, the SIPO is the technical investment-policy document — the binding rules that the manager must invest within. SIPOs are required under sections 164–168 of the Financial Markets Conduct Act 2013 for every managed-investment scheme.A SIPO sets the fund's investment objective (typically a return target plus a benchmark and time horizon), permitted asset classes, asset-allocation ranges per asset class (e.g. NZ equities 0–30%, international equities 40–70%, fixed interest 10–35%, cash 0–10%), permitted instruments, derivative-usage rules, currency-hedging policy, rebalancing rules, and any responsible-investment / ESG screening criteria. Compared to the PDS, the SIPO is where the precise numerical and policy guardrails live.A SIPO can be amended without rewriting the PDS, but material amendments must be filed on the FMA Disclose register and investors notified. SIPOs are most useful when investors want to confirm exactly what a fund can and cannot hold — for example, the specific exclusions applied by a "responsible investment" or "ethical" fund, or the maximum derivative leverage a hedge-oriented fund can run.On ManagedFundsNZ, each fund page surfaces the SIPO-derived asset-allocation ranges (min / target / max per asset class) and the responsible-investment screen verbatim from the SIPO when available — sourced via the FMA Disclose register and re-checked at each manager filing. Real examples from NZ fund disclosures Verbatim quotes from NZ retail managed-fund disclosure documents lodged on the FMA Disclose register. Mercer Responsible Balanced — SIPO RI exclusion list "Exclusions include: controversial weapons (cluster munitions, anti-personnel landmines, biological/chemical/nuclear weapons manufacturers; automatic/semi-automatic civilian firearms); tobacco (production, nicotine alternatives, tobacco-based products; >50% revenue from tobacco distribution/wholesale/retail/services); Russian assets (sanctioned entities, Russian-incorporated shares, Russian sovereign bonds, Russian currency, Russian private markets assets)." — Mercer Investment Funds SIPO, 23 March 2026 View PDF on FMA Disclose See this in practice Funds grouped by SIPO exclusions /exclusions/ Mercer Responsible Balanced (SIPO with RI screen) /funds/mercer/responsible-balanced/ Common questions What does a SIPO contain that a PDS does not? A SIPO contains the precise asset-allocation ranges per asset class, permitted-instrument lists, derivative-usage rules, hedging policy, rebalancing rules, and exclusion lists. The PDS summarises these in plain English; the SIPO defines them as binding policy. Can a fund manager change a SIPO? Yes. Material SIPO amendments must be filed on the FMA Disclose register. Investors should be notified before material changes take effect. The version date on the SIPO PDF on Disclose is the canonical "current" SIPO. Does every fund have its own SIPO? A SIPO is published at the scheme level, but it lists each fund's objective, benchmark and asset-allocation ranges separately. One SIPO document can therefore cover multiple funds within the same scheme — for example, a manager's Conservative / Balanced / Growth diversified-fund family typically shares one SIPO. How are SIPO asset-allocation ranges set out? Each fund in the SIPO lists target / minimum / maximum percentages per asset class. For example, a Balanced fund SIPO might list "International equities — target 35%, min 25%, max 45%". The manager must keep the actual mix inside the min–max bands at all times and rebalance toward the target within the SIPO-prescribed window. ManagedFundsNZ surfaces these ranges on each fund page via the /funds/{m}/{f}/investment-mandate/ surface. Primary sources FMA: SIPO requirements (managed-investment schemes) FMA Disclose register Financial Markets Conduct Act 2013, ss164–168 Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. RI · ESG · ethical investment · sustainable investment Responsible investment (RI / ESG / ethical) A fund that applies environmental, social and governance (ESG) screening criteria — typically excluding sectors such as tobacco, controversial weapons, fossil fuels, or applying positive sustainability tilts. --- ## Soft close vs hard close — NZ fund glossary URL: https://managedfunds.nz/glossary/soft-close/ > A soft close restricts new investors but allows existing unit holders to keep contributing. A hard close stops all new contributions, including from existing... Soft close vs hard close A soft close restricts new investors but allows existing unit holders to keep contributing. A hard close stops all new contributions, including from existing investors. When a fund's assets under management reach a level where the manager judges further inflows will dilute returns — typically in concentrated NZ-equity, small-cap, or capacity-constrained alternative mandates — the fund may close to new investors.A soft close blocks new direct investors and new platform users but allows existing unit holders to keep adding to their position through dollar-cost-averaging or Regular Investment Plan flows. A hard close halts all new contributions, including from existing investors, leaving only the redemption door open.Closures are announced through the Quarterly Fund Update, a PDS amendment, or a manager notice on the Disclose register. Re-opening is at the manager's discretion and is signalled the same way. Related terms QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. --- ## Soft-dollar arrangements — NZ fund glossary URL: https://managedfunds.nz/glossary/soft-dollar/ > A historical industry practice where a fund manager directs brokerage to a counterparty in return for research, market data, or other services. In NZ retail ... Soft-dollar arrangements A historical industry practice where a fund manager directs brokerage to a counterparty in return for research, market data, or other services. In NZ retail PIE schemes the practice is disclosed and increasingly limited under current FMA expectations. A soft-dollar arrangement is the historical industry practice of a fund manager directing trade execution to a particular broker in return for non-execution services — research reports, market-data terminals, conference access — bundled into the brokerage rate. The cost is paid out of fund transaction expenses rather than the manager's own profit-and-loss.NZ FMA expectations under the Financial Markets Conduct Act 2013 require any soft-dollar benefit received by the manager to be disclosed in the OMI and to be assessed against the manager's statutory duty of care to unit holders. The trend in NZ retail PIE schemes has been to limit or unbundle soft-dollar arrangements, with research costs absorbed by the manager directly.When inspecting a fund's cost structure beyond the headline annual fund charge, the OMI conflicts and related-party sections are the canonical disclosure for soft-dollar practice. Related terms OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. --- ## Sortino ratio — NZ fund glossary URL: https://managedfunds.nz/glossary/sortino-ratio/ > A downside-only variant of the Sharpe ratio: excess return divided by the standard deviation of negative returns only. Penalises losses but not symmetric ups... Sortino ratio A downside-only variant of the Sharpe ratio: excess return divided by the standard deviation of negative returns only. Penalises losses but not symmetric upside volatility. The Sortino ratio, named for Frank Sortino, is a Sharpe-ratio variant that uses downside deviation (the standard deviation of negative-return periods only) instead of total standard deviation in the denominator. The numerator stays the same: fund return minus a chosen target rate, usually a near-cash benchmark return.The motivation is that investors typically dislike negative volatility more than positive volatility. A fund with large positive surprises and small steady negatives looks worse on Sharpe than on Sortino. Sortino is therefore the preferred risk-adjusted metric for strategies with asymmetric return distributions: credit, option-writing, defensive equity, capital-protected products.Sortino does not appear in the FMA Quarterly Fund Update format — the official risk indicator uses total standard deviation. Some NZ active managers publish Sortino in fact sheets as a complementary risk-adjusted metric. Related terms sharpe-ratio Sharpe ratio A risk-adjusted return measure: excess return (fund return minus the cash rate) divided by the standard deviation of returns. Higher means more return per unit of volatility. volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. max DD · drawdown Maximum drawdown The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation does not. --- ## Standard deviation (volatility) — NZ fund glossary URL: https://managedfunds.nz/glossary/standard-deviation/ > The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped... volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. Standard deviation is a statistical measure of dispersion: how far a fund's periodic returns spread around their average. Higher standard deviation means a wider range of outcomes — more upside in good periods, more downside in bad periods — and is the conventional shorthand for "volatility".NZ's FMA-prescribed risk indicator uses the standard deviation of a fund's weekly returns over the past five years, annualised, and maps the result onto a 1–7 band. A cash fund typically lands at band 1 (σ < 0.5% p.a.); a NZ-equity or global-equity fund typically lands at band 5 or 6 (σ 15–25% p.a.); a concentrated single-sector or thematic fund can land at band 7.Standard deviation captures past variability, not forward risk. It treats upside and downside as symmetric and does not distinguish between sustained drawdowns and occasional spikes. Downside-only measures (max drawdown, downside deviation, Sortino ratio) are complementary metrics. Related terms FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. sharpe-ratio Sharpe ratio A risk-adjusted return measure: excess return (fund return minus the cash rate) divided by the standard deviation of returns. Higher means more return per unit of volatility. max DD · drawdown Maximum drawdown The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation does not. --- ## Supervisor — NZ fund glossary URL: https://managedfunds.nz/glossary/supervisor/ > A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. Every NZ Managed Investment Scheme must have a licensed Supervisor — an independent entity that holds the scheme's assets in trust on behalf of investors and supervises the Manager's compliance with the SIPO, the trust deed, and the Financial Markets Conduct Act 2013.The Supervisor is a separate legal entity from the Manager. Supervisors must be licensed by the FMA. The two largest NZ MIS supervisors are Public Trust and The New Zealand Guardian Trust Company, with several others active in the market.The Supervisor is the consumer protection backstop: if a Manager fails or breaches the SIPO, the Supervisor steps in. Supervisor identity, fees, and contact details are disclosed in every PDS. Related terms MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. --- ## Swing pricing — NZ fund glossary URL: https://managedfunds.nz/glossary/swing-pricing/ > A unit-pricing mechanism where the fund's unit price is adjusted up on net inflow days and down on net outflow days to pass transaction costs onto entering/e... Swing pricing A unit-pricing mechanism where the fund's unit price is adjusted up on net inflow days and down on net outflow days to pass transaction costs onto entering/exiting investors rather than the existing pool. Swing pricing adjusts the daily unit price of a managed fund by a small percentage in the direction of net flows. On a heavy net-inflow day the unit price is "swung up" so entering investors pay a slightly higher price; on a heavy net-outflow day the price is swung down so exiting investors receive slightly less. The swing covers the transaction costs (brokerage, market-impact slippage) of investing or liquidating to meet flows.Without swing pricing, transaction costs caused by inflows and outflows are absorbed by all existing unit holders, including those who did not transact that day — diluting their returns. Swing pricing is one of several mechanisms NZ retail managed funds use to manage flow-driven dilution; alternatives include explicit buy/sell spreads and entry/exit fees.NZ retail PIE funds that use swing pricing disclose the swing thresholds and maximum swing factor in the PDS or OMI. The mechanism is more common in offshore equity and fixed-interest mandates where underlying transaction costs are material. Related terms NAV · Net asset value Unit price (NAV) The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buying or selling. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Switching fee — NZ fund glossary URL: https://managedfunds.nz/glossary/switching-fee/ > A fee charged when an investor moves money between funds within the same scheme. Most NZ retail PIE schemes do not charge switching fees but reserve the righ... Switching fee A fee charged when an investor moves money between funds within the same scheme. Most NZ retail PIE schemes do not charge switching fees but reserve the right under the PDS. A switching fee is charged when an investor moves money from one fund to another inside the same managed-investment scheme — for example, switching from a manager's Balanced fund to its Growth fund. The fee is usually a flat dollar amount or a small percentage of the switched amount.In current NZ retail PIE practice the majority of schemes disclose a switching-fee clause in the PDS but waive it in normal use, reserving the power for exceptional cases. Switching fees are more common in KiwiSaver schemes than in retail managed-fund schemes, and more common still on legacy life-company products.Switching between two different schemes (e.g. between two managers) is a redemption and a new investment, not a switch — the buy/sell spreads of both schemes apply and tax is realised at the redemption point if outside a PIE. Related terms transaction spread Buy/sell spread A fixed percentage applied at the point of order to cover the transaction costs of investing inflows or liquidating to meet outflows. Charged once, not annually. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. OMI Other Material Information (OMI) A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS. --- ## Thematic fund — NZ fund glossary URL: https://managedfunds.nz/glossary/thematic-fund/ > A fund that invests in companies aligned with a specific theme — clean energy, AI, robotics, healthcare innovation. Higher concentration and higher single-se... Thematic fund A fund that invests in companies aligned with a specific theme — clean energy, AI, robotics, healthcare innovation. Higher concentration and higher single-sector volatility than a broad-diversified equity fund. A thematic fund invests in companies aligned with a specific theme rather than a broad market index. Common themes in NZ-available products: clean energy, artificial intelligence, robotics and automation, healthcare innovation, water and resource scarcity, cybersecurity, and ageing demographics.Thematic funds are typically structured as offshore index or smart-beta wrappers — for example, a clean-energy or AI ETF domiciled in Ireland or the US, accessed through a NZ wrapper or directly via a broking platform. Because thematic exposure concentrates on a small slice of the global equity universe, single-sector volatility is high and the FMA risk indicator usually lands at band 6 or 7.NZ retail PIE schemes offering thematic funds disclose the underlying index and the rules-based construction in the PDS. Active thematic funds are rarer in NZ retail and disclose the manager's discretion in stock selection within the theme. Related terms index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. concentrated-portfolio Concentrated portfolio An active strategy that holds a small number of positions (typically 15–30 stocks) with high conviction in each. Higher idiosyncratic risk than a broad-diversified portfolio, higher tracking error against any benchmark. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. --- ## Total fund charge (TFC) — NZ fund glossary URL: https://managedfunds.nz/glossary/total-fund-charge/ > An older NZ disclosure term for the all-in annual percentage cost of being invested in a fund. Largely replaced by "annual fund charge" under current FMA Qua... TFC Total fund charge (TFC) An older NZ disclosure term for the all-in annual percentage cost of being invested in a fund. Largely replaced by "annual fund charge" under current FMA Quarterly Fund Update formatting. Total fund charge (TFC) is an older NZ disclosure term used in some legacy PDS and fund-fact-sheet templates to describe the total annual percentage cost of being in a fund — management fee plus supervisor and custodian fees plus audit plus other recurring operating costs. The current FMA Quarterly Fund Update format uses "annual fund charge" for the same concept.Where TFC appears in a current document, it usually refers to either the total-cost figure or a manager-defined intermediate (e.g. base fund charges before performance fee). Always check the PDS fee table for the precise definition the manager is using.TFC and similar acronyms (TER, OCR, ICR) are not strictly interchangeable across markets — Australian disclosure uses different definitions and PRC components than NZ. For NZ retail PIE funds the FMA-prescribed Quarterly Fund Update wording is the comparable cross-fund metric. Related terms AFC · Total fund charge · MER Annual fund charge The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs. QFU · Fund Update Quarterly Fund Update (QFU) A standardised FMA-mandated quarterly report each NZ retail managed fund publishes, summarising fees, returns, risk indicator, asset mix, top-10 holdings and fund size. PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. --- ## Tracking error — NZ fund glossary URL: https://managedfunds.nz/glossary/tracking-error/ > The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fun... Tracking error The standard deviation of a fund's return differences against its benchmark. For an index fund, low tracking error means tight replication; for an active fund, high tracking error means more active risk relative to benchmark. Tracking error is the standard deviation of the fund's return-versus-benchmark differential, measured period by period over a window. It quantifies how closely a fund's return path tracks its stated benchmark.For an index fund (a passive product designed to replicate a published index), tracking error should be low — typical NZ-listed index funds report annualised tracking error in the range of 0.10–0.50%, reflecting fee drag, dividend timing, and small replication imperfections. Higher tracking error in a fund marketed as "index" suggests material sampling, sub-index optimisation, or fee impact.For an active fund, tracking error is a measure of active risk — the amount the manager has deviated from the benchmark to chase performance. Active managers typically run tracking error of 3–8% p.a. against an equity benchmark; concentrated stockpickers can run 10% or more. Related terms index-vs-active Index fund vs active fund An index fund mechanically tracks a published market index. An active fund's manager makes discretionary buy/sell decisions trying to beat or differ from a benchmark. volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. --- ## Trust deed — NZ fund glossary URL: https://managedfunds.nz/glossary/trust-deed/ > The foundational legal document of a NZ Managed Investment Scheme. Sets out the contractual relationship between Manager, Supervisor and unit holders. Trust deed The foundational legal document of a NZ Managed Investment Scheme. Sets out the contractual relationship between Manager, Supervisor and unit holders. The trust deed is the foundational legal document of a NZ Managed Investment Scheme. It is the contract between the Manager and the Supervisor that creates the scheme, defines the relationship to unit holders, and sets out the Manager's powers, the Supervisor's powers, fee mechanics, and the conditions under which the scheme can be wound up.The trust deed sits above the SIPO in the hierarchy: SIPO amendments must operate within the powers granted by the trust deed. The trust deed itself can only be amended in accordance with its own amendment clauses, which typically require Supervisor consent and in some cases a unit-holder vote.Trust deeds are filed on the FMA Disclose register alongside the PDS, SIPO and OMI. They are usually long documents written in technical legal language; the PDS provides the plain-English summary of the rights and obligations the trust deed creates. Related terms MIS · Scheme Managed Investment Scheme (MIS) The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS. MIS supervisor · Trustee Supervisor A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act. SIPO Statement of Investment Policy and Objectives (SIPO) The fund-manager document setting out the fund's investment objectives, strategy, asset-allocation ranges, derivative use, hedging, rebalancing and exclusion rules — filed on FMA Disclose and binding on the manager. Disclose register · disclose-register.companiesoffice.govt.nz FMA Disclose register The official New Zealand register of every retail managed-investment scheme — the primary public source for fund PDSs, SIPOs, OMIs, Quarterly Fund Updates and full-portfolio holdings disclosures. --- ## Unit price (NAV) — NZ fund glossary URL: https://managedfunds.nz/glossary/unit-price/ > The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buy... NAV · Net asset value Unit price (NAV) The price of one unit in a managed fund — the fund's net asset value divided by the number of units on issue. The unit price is what you transact at when buying or selling. The unit price (also called net asset value, or NAV, per unit) is the value of one unit of a managed fund. It is calculated by taking the total value of the fund's investments minus liabilities (the net asset value), divided by the number of units on issue.For traditional managed funds, the unit price is calculated daily after market close. Buy and sell orders submitted before the manager's daily cut-off are filled at the next-calculated unit price (called "forward pricing").For ETFs, the unit price equivalent is the live NZX market price, which trades close to but not always exactly equal to the underlying NAV. Authorised participants arbitrage any persistent gap. Related terms etf-vs-managed-fund ETF vs managed fund An exchange-traded fund (ETF) is a managed fund whose units trade on a stock exchange like a share. A traditional unit-priced managed fund is bought and sold directly with the manager or platform at the fund's daily NAV. managed-fund Managed fund A pooled investment vehicle where many investors' money is combined and managed collectively against a stated investment objective by a professional fund manager. --- ## Value-at-Risk (VaR) — NZ fund glossary URL: https://managedfunds.nz/glossary/value-at-risk/ > A statistical estimate of the maximum loss a portfolio is expected to suffer over a defined horizon at a given confidence level — e.g. "1-day 95% VaR of 1.2%... VaR Value-at-Risk (VaR) A statistical estimate of the maximum loss a portfolio is expected to suffer over a defined horizon at a given confidence level — e.g. "1-day 95% VaR of 1.2%" means a 5% chance of losing more than 1.2% in one day. Value-at-Risk (VaR) is a probabilistic risk measure that summarises the tail of a portfolio's return distribution in a single number. A 1-day 95% VaR of 1.2% means there is an estimated 5% probability of a loss greater than 1.2% over a 1-day horizon, under the model used.VaR is widely used inside fund-manager risk teams and as a regulatory measure for banks. It is sensitive to the estimation method (historical simulation, variance-covariance, Monte Carlo) and to the underlying period chosen. VaR is poor at capturing extreme tail risk — it tells you the threshold for the 5% worst day, not how bad the 1% worst day might be. Conditional VaR (CVaR, also called Expected Shortfall) addresses this by reporting the expected loss conditional on a tail event.NZ retail PIE PDSs rarely disclose VaR directly. The FMA risk indicator is the standardised retail-facing metric; VaR is more often referenced in alternatives and hedge-style mandates. Related terms volatility · σ Standard deviation (volatility) The statistical measure of how widely a fund's returns vary around their average. The input to the FMA risk indicator: weekly returns over five years, mapped to a 1–7 band. max DD · drawdown Maximum drawdown The largest peak-to-trough percentage decline in a fund's unit price over a measurement window. Captures worst-case past loss in a way standard deviation does not. FMA risk indicator Risk indicator (1–7 scale) A standardised 1–7 risk score every NZ retail managed fund must publish, calculated from the fund's price volatility (standard deviation of weekly returns) over the past five years. --- ## Wholesale investor — NZ fund glossary URL: https://managedfunds.nz/glossary/wholesale-investor/ > An investor who meets statutory financial, professional or experience tests under Schedule 1 of the FMC Act and can therefore access fund offers without the ... Wholesale investor An investor who meets statutory financial, professional or experience tests under Schedule 1 of the FMC Act and can therefore access fund offers without the retail-PDS disclosure regime. A wholesale investor is an investor who qualifies under one or more of the wholesale-investor tests in Schedule 1, clauses 3 to 41 of the Financial Markets Conduct Act 2013. The tests cover investment amount (large single offers), net assets and annual revenue (the "large entity" tests), professional experience (the "investment business" test), and self-certification of investment activity ("eligible investor" certificate under clause 41).Wholesale investors can be offered managed-fund investments without the retail PDS-SIPO-OMI-QFU disclosure regime — the offer is exempt from Part 3 of the FMC Act and the offer document is a private placement memorandum or wholesale information memorandum rather than a registered PDS. Wholesale-only funds are not on the FMA Disclose register.In NZ practice, many fund managers run a "retail PIE-fund" leg (covered on ManagedFundsNZ) and a "wholesale" leg (not covered here). The same investment strategy may be available in both forms; the wholesale form typically has higher minimum investment but lower management fee and no retail disclosure-regime overhead. Primary sources FMC Act 2013, Schedule 1 — wholesale-investor tests Related terms PDS Product Disclosure Statement (PDS) The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest. FMC Act Financial Markets Conduct Act 2013 (FMC Act) The principal NZ statute governing the issue, supervision and conduct of managed-investment schemes, securities offers, and financial-product disclosure. --- ## Guides — PIR, PIE tax, active vs passive, KiwiSaver scheme funds URL: https://managedfunds.nz/guides/ > Plain-English explainers for NZ managed-fund investors: PIR, PIE tax, active vs passive, managed funds vs KiwiSaver scheme funds. Sourced from IRD and FMA. Guides Plain-English fund concepts. Four short explainers covering the concepts that tend to trip people up when comparing NZ managed funds. Every claim links back to its primary source — IRD for tax, FMA for regulatory framing. Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver scheme funds get the employer match and government contribution but lock your money up until age 65 (with some hardship and first-home exceptions). For most New Zealanders, the answer is "both, in the right order". Read the full guide → Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal income-tax rate. The right rate (10.5% / 17.5% / 28%) depends on your taxable income plus PIE income across the past two years. Picking the right rate is the most-cited managed-fund tax mistake in NZ. Read the full guide → PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped at 28%), not your marginal rate. The fund pays the tax on your behalf — meaning PIE income usually does not need to be declared in your annual return. Most NZ retail managed funds and every KiwiSaver scheme fund are PIEs. Read the full guide → Active vs passive funds — what each one does Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research and trading. Passive (index) funds simply hold the benchmark and charge much less — typically 0.20–0.50% versus 0.80–1.50% for active. Both are present in NZ across every category. Most investors are best served by some of each. Read the full guide → PIE funds explained — what they are, how they're taxed (NZ) A PIE fund (Portfolio Investment Entity) is a New Zealand-domiciled investment vehicle taxed under Subpart HM of the Income Tax Act 2007. Income inside a PIE is taxed at your Prescribed Investor Rate (PIR), capped at 28% — versus your marginal rate of up to 39% if you held the same investments directly. Most NZ retail managed funds and every KiwiSaver scheme fund are PIEs. Read the full guide → ETF vs managed fund — what's the difference for NZ investors? An ETF (Exchange-Traded Fund) is a managed fund that trades on a stock exchange like a share. An unlisted managed fund settles directly with the fund manager at the daily unit price. Both can be PIE-structured, both can be active or passive — the main practical difference is how you buy and sell. ETFs suit investors who already use a brokerage; unlisted funds suit investors who set-and-forget on direct debit. Read the full guide → What is a managed fund? Plain-English NZ explainer A managed fund is a pooled investment vehicle: many investors' money is combined and a professional fund manager invests it in shares, bonds, cash, or property according to a stated mandate. In NZ, most retail managed funds are PIE-structured (tax capped at 28% PIR) and regulated under the Financial Markets Conduct Act 2013 with the PDS registered on the FMA Disclose register. Read the full guide → NZ managed-fund fees explained — what's typical, what's high The median NZ retail managed fund charges 0.84% per year (as at 2026-05-25, across 279 funds where the fee is disclosed). 0.25% is at the 10th percentile — only 10% of funds charge less. 1.41% is at the 90th percentile. This guide explains what the annual fund charge actually covers, how fund-of-funds fees stack, how ETFs compare, and what an adviser's 1% buys you. Read the full guide → What is a managed fund? A managed fund pools money from many investors and uses it to buy a portfolio of assets — shares, bonds, cash, property — selected and rebalanced by a professional fund manager. In NZ, retail managed funds are regulated under the Financial Markets Conduct Act 2013 and lodge their disclosure documents on the FMA Disclose register. Read the full guide → Are managed funds safe? How NZ fund governance protects your money Managed funds aren't risk-free, but the four-party governance model under the Financial Markets Conduct Act 2013 — manager, licensed supervisor, custodian, auditor — means your money is structurally protected from manager failure. Here's exactly how the protections work and what they don't cover. Read the full guide → These short explainers are general information, not personalised financial advice. They cite IRD and FMA where the rules originate. For your own situation, read the relevant Product Disclosure Statement and consider talking to a licensed financial adviser. See our methodology for sourcing. --- ## Active vs passive funds — what each one does URL: https://managedfunds.nz/guides/active-vs-passive/ > Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research and trading. Passive (index) funds simply hold the benchmark and charge much less — typically 0.20–0.50% versus 0.80–1.50% for active. Both are present in NZ across every category. Most investors are best served by some of each. Guide Active vs passive funds — what each one does Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research and trading. Passive (index) funds simply hold the benchmark and charge much less — typically 0.20–0.50% versus 0.80–1.50% for active. Both are present in NZ across every category. Most investors are best served by some of each. Active funds An active fund employs investment managers, analysts, and traders to research individual securities and decide what to hold, what to sell, and when. The aim is to deliver returns above a stated benchmark (e.g. the S&P/NZX 50, the MSCI World, the Bloomberg NZ Bond Index) after fees. Active fees in NZ typically run 0.80%–1.50% per year, sometimes plus a performance fee that kicks in if the fund beats its benchmark by a defined margin. Performance fees are usually subject to high-water marks and benchmark-hurdle rules — the fine print matters. Passive (index) funds A passive fund simply holds the benchmark — the same companies, in the same proportions. There is no security selection, no research team trying to outperform; the fund just tracks the index. Passive fees in NZ typically run 0.20%–0.50%. Most NZ-listed ETFs (Smartshares, Foundation Series) are passive; some are factor-tilted (e.g. dividend-weighted) which sits between passive and active. Tracking error — the gap between the fund's return and the index's return — is the passive-equivalent of "manager skill", measured in basis points and almost always due to fees + cash drag + small mechanics. The empirical picture, mechanically After fees, the average active fund in most categories has historically returned slightly less than its benchmark — that is the global SPIVA (S&P Indices Versus Active) pattern, repeated across 20+ years and most major markets. NZ doesn't publish its own SPIVA equivalent. Our /insights/active-vs-index/ page applies the same mechanical comparison to the NZ retail-fund universe using FMA Disclose data: across all 7 fund categories, the median fee for index funds is meaningfully lower than for active funds, and the median 5-year return after fees and tax is broadly similar. The variation within active is wide: some active managers beat the benchmark consistently over decades; many do not. Identifying which is which in advance is the genuine open question — see the SPIVA report and the FMA fees-and-value-for-money guidance for the trade-offs. Why might you choose passive? Pick passive if you want low cost, simple exposure, and no manager-selection risk. The fund is doing exactly what it says on the tin — tracking an index — so there's no question whether the manager will outperform; they won't (after fees), but they won't materially underperform either. Passive also tends to be tax-efficient: lower turnover means fewer realised gains, lower transaction costs, and a smaller tax drag inside the PIE. For many NZers, a portfolio of 2–4 broad-market index funds (NZ shares, international shares, bonds) is sufficient. Why might you choose active? Pick active if you have a specific manager you trust to outperform after fees, or you want exposure that the index doesn't offer (e.g. responsible-investment screens that exclude tobacco / weapons / fossil fuels, concentrated positions, strategies the index excludes by design like long-short or unhedged international with currency overlay). Active is also the only structure for some kinds of exposure — there's no NZ-listed-property index ETF that excludes mall REITs, for example. The fee is buying you (a) hopefully outperformance and (b) definitely a specific portfolio decision. The blended approach most NZers actually use In practice, many NZ investors hold a mix: passive for the core (broad-market index funds for the bulk of the portfolio) and active for satellites (one or two high-conviction active funds for specific exposure — say, a NZ small-cap manager, or a global responsible-investment fund). This balances the cost-efficiency of passive with the targeted exposure of active without making the whole portfolio depend on manager skill. The exact split (70/30, 80/20, 90/10) is a personal preference more than a mathematical answer. Common misconceptions "Active is always more expensive." Mostly true but not always — some factor-tilted index funds charge above 0.50%, and some institutional-style active funds available in NZ via InvestNow charge under 0.70%. Always read the published Annual Fund Charge. "Passive funds match the index exactly." No — there's always a small tracking error from fees, cash drag, and mechanics; well-run passive funds have tracking error of 5–15 basis points per year. "Active funds always underperform." No — on average they do after fees, but individual active funds can outperform consistently. The known difficulty is picking the outperformers in advance. What to compare on a fund page When you compare an active and a passive fund head-to-head, look at three numbers: (1) Annual Fund Charge — what you pay every year regardless of performance, (2) 5-year return after fees and tax — the standardised FMA-mandated figure (longer history is better but 5y is what every QFU publishes), (3) Risk indicator (1–7) — the standardised volatility band. Don't focus on 1-year returns; they bounce around for both styles. Our /insights/active-vs-index/ page does this comparison in cohort form across all 7 categories. Sources FMA — managed-fund fees and value-for-money guidance Active vs index — cohort report on this site Fees calculator on this site SPIVA Australia 2024 (most relevant NZ analogue) Sorted Smart Investor — fund comparison Related on this site /insights/active-vs-index/ Browse index funds Browse low-fee funds Glossary: index-vs-active Fees calculator Related guides Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal inco… PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped … Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… Common questions Are passive funds always cheaper? Almost always within the same category. The fee difference reflects the lower running cost of tracking an index rather than running a research-and-trading operation. Watch for the small number of "smart-beta" or factor-tilted index funds which sit at intermediate fee levels — typically 0.40%–0.65%. Do active funds beat their benchmark over the long run? On average, after fees, no — that is the global SPIVA pattern across 20+ years. The variation within active is wide: some funds outperform consistently, others underperform persistently. Identifying which group a fund will land in is the real question, and the academic finance literature is consistent that past outperformance is not a strong predictor of future outperformance. Where can I see this comparison for NZ specifically? Our /insights/active-vs-index/ page applies a mechanical fee-and-return cohort comparison across all 7 fund categories using FMA Disclose data. NZ doesn't have a published SPIVA equivalent, so this is the closest available mechanical answer. What's a "factor-tilted" or "smart-beta" fund? A passive-style fund that doesn't track a standard market-cap-weighted index, but instead a rules-based custom index (e.g. dividend-weighted, equal-weighted, value-weighted, low-volatility-weighted). Foundation Series Hedged US 500 is market-cap; Smart NZX Dividend ETF is dividend-tilted. The fund is passive (no active discretion) but the index isn't the standard one — the "factor tilt" is the bet. Should performance fees scare me off? Not automatically. A well-structured performance fee aligns the manager with you (paid only when they beat the benchmark by a defined margin, with high-water marks). A badly-structured one charges performance fees on absolute return regardless of benchmark, or has reset mechanisms that punish investors. Always read the PDS performance-fee section before investing in an active fund with one. Are NZ-listed ETFs (Smart, Foundation Series) all passive? Mostly yes. Smartshares' core funds track standard indices; Foundation Series tracks Vanguard-style cap-weighted indices. Some Smart funds (e.g. NZ Dividend ETF, Healthcare Innovation ETF) are factor-tilted or thematic, which is technically still passive but tilts away from the broad market. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## Are managed funds safe? How NZ fund governance protects your money URL: https://managedfunds.nz/guides/are-managed-funds-safe/ > Managed funds aren't risk-free, but the four-party governance model under the Financial Markets Conduct Act 2013 — manager, licensed supervisor, custodian, auditor — means your money is structurally protected from manager failure. Here's exactly how the protections work and what they don't cover. Guide Are managed funds safe? How NZ fund governance protects your money Managed funds aren't risk-free, but the four-party governance model under the Financial Markets Conduct Act 2013 — manager, licensed supervisor, custodian, auditor — means your money is structurally protected from manager failure. Here's exactly how the protections work and what they don't cover. The short answer NZ retail managed funds have two distinct risks: (1) the value of the underlying investments can fall (market risk — every fund has this), and (2) the fund manager could fail commercially (operational risk — every regulated NZ MIS has multi-party protection against this). The Financial Markets Conduct Act 2013 separates the manager from the custody of your money and adds independent oversight. Market risk you can't engineer away — pick a fund whose risk indicator matches your timeframe. Operational risk is structurally mitigated for every fund on the FMA Disclose register. The four-party model — and what each party is responsible for Every NZ retail managed fund has four distinct parties around it. The manager (e.g. Milford, Simplicity, Pie) picks investments and runs the fund — but doesn't touch your money directly. The licensed supervisor (Public Trust, Trustees Executors Limited, or NZ Guardian Trust supervise most NZ MIS) sits independently and is responsible for monitoring the manager's compliance with the SIPO and the trust deed. The custodian (often HSBC Bank Australia, NZ Trustees Custody, Public Trust Custody) physically holds the assets — your money never lives with the manager. The auditor (PwC, KPMG, EY, Deloitte, Grant Thornton in NZ MIS) independently verifies the annual financials. This four-party split is what makes "what happens if Kernel goes bust?" structurally different from "what happens if my bank goes bust?". What happens if the manager fails If the manager fails commercially, your money is not part of the manager's bankrupt estate — it sits with the custodian, owned legally by the supervisor on behalf of unit-holders. Under FMC Act §145, the licensed supervisor can replace the manager: either appoint a new manager to continue running the fund, or wind the fund up and return proceeds to unit-holders at the prevailing net asset value. The custodian and supervisor are required to be independent of the manager precisely so this hand-over can happen cleanly. Verify the trustee/auditor identity on each fund's page (sourced from the scheme's Other Material Information document on FMA Disclose). What the PIE wrapper adds (and doesn't add) Most NZ retail managed funds are Portfolio Investment Entities (PIEs) — a tax structure that caps your investor tax at your Prescribed Investor Rate (max 28%) and handles tax for you. PIE status is about tax efficiency, not investor protection. The protection comes from the MIS structure under the FMC Act, not the PIE wrapper. Australian-domiciled unit trusts sold into NZ (some Vanguard / India Avenue funds) sit outside PIE — same MIS protections in their home jurisdiction (Australian Investment Schemes Act 1989 or equivalent), but you handle tax via the Foreign Investment Fund regime. Custodian banks — does it matter who holds the money? The custodian is the party that physically holds your fund's assets — share certificates, bond certificates, cash balances. Big NZ MIS custodians include HSBC Bank Australia (used by Milford and others), NZ Trustees Custody (used by many smaller schemes), Public Trust Custody (used by funds whose supervisor is also Public Trust), and Anchorage Custody. Custodian identity is disclosed in every scheme's OMI document. Larger global-bank custodians have stronger credit profiles; smaller NZ custodians often have closer integration with their supervisor. Both models work — the structural protection is the same. What about FMA Disclose — what does the register actually protect? The FMA Disclose register (disclose-register.companiesoffice.govt.nz) is the authoritative public record of every NZ retail managed-fund scheme. Every fund must lodge: a Product Disclosure Statement (PDS), Statement of Investment Policy and Objectives (SIPO), Other Material Information (OMI), and Quarterly Fund Updates. The FMA reviews these for FMC-Act compliance. Being on Disclose isn't a quality stamp — but it does mean: the manager is licensed, the supervisor is licensed, the four-party governance exists, the data is audited, and the FMA can intervene if the manager breaks the rules. Funds NOT on Disclose aren't retail managed funds — they're wholesale-only vehicles with different (typically weaker for retail investors) protections. What this guide doesn't cover — market risk None of the above protects you against your investments going down in value. Market risk — the risk that equities, bonds, or property fall in price — is a feature of investing, not a flaw of NZ's fund regulation. Every NZ retail managed fund must publish a risk indicator (1-7 on the FMA standardised scale) showing historical price volatility. Match that risk indicator to your time horizon: low-risk funds (1-3) for ≤3-year goals, mid (4-5) for 5-10 year horizons, higher-risk (6-7) only when you can wait out a 10+ year drawdown. See `/risk-band/[band]/funds/` for funds grouped by risk indicator. Sources Financial Markets Conduct Act 2013 FMA Disclose register FMA — Managed investment schemes guidance IRD — Portfolio Investment Entities (PIE) Related on this site Trustees / supervisors of NZ funds Auditors of NZ funds Browse funds by risk indicator (FMA 1-7) All NZ managed funds Related guides What is a managed fund? Plain-English NZ explainer A managed fund is a pooled investment vehicle: many investors' money is combined and a professional fund manager invests it in shares, bonds… PIE funds explained — what they are, how they're taxed (NZ) A PIE fund (Portfolio Investment Entity) is a New Zealand-domiciled investment vehicle taxed under Subpart HM of the Income Tax Act 2007. In… Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… Common questions Are managed funds safe in NZ? NZ retail managed funds are structurally protected against manager failure under the Financial Markets Conduct Act 2013 — the four-party governance model (manager, licensed supervisor, custodian, auditor) means your money sits with the custodian, not the manager. If the manager fails, the supervisor can appoint a replacement or wind up the fund. This doesn't protect against investment-value falls — every fund has a risk indicator (1-7 on the FMA scale) showing historical volatility. What happens if Kernel goes bust? If Kernel (or any other NZ retail fund manager) fails commercially, your money is not part of their bankrupt estate. The custodian holds your fund's assets independently. The licensed supervisor (Public Trust supervises Kernel) is responsible for either appointing a new manager to continue running the fund, or winding the fund up and returning proceeds to unit-holders at the prevailing net asset value. This is built into the Managed Investment Scheme structure under FMC Act §145. Is Smart invest legit? Yes. Smartshares Limited is a NZX-licensed Managed Investment Scheme manager, regulated under the Financial Markets Conduct Act 2013. Every Smart ETF lodges its PDS, SIPO, and Quarterly Fund Updates on the FMA Disclose register. The structural protections (independent supervisor, custodian, audited financials) apply identically to Smartshares as to every other NZ retail managed fund. How safe is Simplicity? Structurally as safe as every other NZ retail managed fund — Simplicity is a licensed Managed Investment Scheme under the FMC Act 2013 with an independent supervisor and custodian, audited annually. Their funds carry the standard risk indicators (1-7 on the FMA scale) — pick the one whose past volatility matches your time horizon. Read the PDS for the specific fund before investing. Is my money safe with Fisher Funds? Same structural answer as above — Fisher Funds is a licensed MIS manager with an independent supervisor (Public Trust) and audited financials. The protection mechanism is the four-party governance model defined in the Financial Markets Conduct Act 2013, not the manager's reputation. Check the current PDS for the specific Fisher Funds product you're considering. Are managed funds covered by deposit insurance? No. New Zealand's Depositor Compensation Scheme (active 2024 onwards) covers bank deposits up to $100,000 — not managed funds. Managed funds rely on the structural protection of the four-party MIS governance model, not deposit insurance. Your protection is that your money sits with the custodian, not the manager — and the supervisor can replace the manager if needed. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## ETF vs managed fund — what's the difference for NZ investors? URL: https://managedfunds.nz/guides/etf-vs-managed-fund/ > An ETF (Exchange-Traded Fund) is a managed fund that trades on a stock exchange like a share. An unlisted managed fund settles directly with the fund manager at the daily unit price. Both can be PIE-structured, both can be active or passive — the main practical difference is how you buy and sell. ETFs suit investors who already use a brokerage; unlisted funds suit investors who set-and-forget on direct debit. Guide ETF vs managed fund — what's the difference for NZ investors? An ETF (Exchange-Traded Fund) is a managed fund that trades on a stock exchange like a share. An unlisted managed fund settles directly with the fund manager at the daily unit price. Both can be PIE-structured, both can be active or passive — the main practical difference is how you buy and sell. ETFs suit investors who already use a brokerage; unlisted funds suit investors who set-and-forget on direct debit. ETFs are a subset of managed funds, not an alternative to them Every ETF is technically a managed fund — it pools investor money and a manager runs the portfolio against an investment mandate. What makes it an ETF is the stock-exchange listing: you buy and sell units through a broker during NZX trading hours at a market price, just like a share. An unlisted managed fund doesn't trade on an exchange — you buy and redeem units directly with the manager (or via a platform like InvestNow or Sharesies) at the daily unit price calculated after market close. How you buy them ETFs require a brokerage account that handles NZX trading — Hatch, Sharesies, ASB Securities, Direct Broking, Tiger Brokers. You place a buy or sell order during market hours; settlement is T+2. You pay brokerage per trade (NZ$3–NZ$30 depending on the broker and order size). Unlisted managed funds require an account with the fund manager (or with a platform that holds an account for you). You place a buy order online or by direct debit; settlement is typically T+3 to T+5. Most managers don't charge entry/exit fees, though some apply a 5–25 basis-point buy/sell spread to cover transaction costs. Fees: similar at the underlying level, different at the wrapper For comparable strategies, the underlying fund-management fee is similar: low-cost passive ETFs and low-cost passive unlisted funds both sit at 0.07%–0.50% per year. Higher-fee active strategies sit at 0.80%–1.80% in both wrappers. Where the two diverge: ETFs add brokerage to every trade, so frequent contributions (e.g. NZ$100/month) can be drag-inefficient. Unlisted funds add a buy/sell spread or no spread at all, so regular contributions are usually cheaper at small ticket sizes. Run the math at your contribution rate before choosing. Tax: both can be PIE-structured Most NZX-listed ETFs from Smartshares and BetaShares are PIE funds — so the wrapper caps your tax at your PIR (28% max) just like an unlisted PIE managed fund. Some overseas-listed ETFs accessed via Hatch or Tiger Brokers are NOT PIEs — they trigger FIF rules and require you to file an annual IR3 return. Our PIE guide covers PIE vs FIF in detail. For NZ tax residents the practical answer: prefer NZX-listed PIE ETFs or unlisted PIE managed funds, both for the tax efficiency. When an ETF wins Three situations where the ETF wrapper has a clear edge: (1) You already trade shares through a brokerage and don't want a second platform — the ETF slots into the same login. (2) You want intraday liquidity — ETFs trade during market hours; unlisted funds settle at one daily price. Relevant if you're rebalancing or reacting to a specific event. (3) Lump-sum investing — for NZ$10K+ single tickets, brokerage cost is a tiny fraction of the trade and you skip any unlisted-fund buy/sell spread. (4) Niche exposures — some thematic exposures (NZ resources, healthcare innovation, ASX 200 currency-hedged) are only available as ETFs. When an unlisted managed fund wins Three situations where unlisted funds have a clear edge: (1) Regular contributions — NZ$50–NZ$500 per fortnight via direct debit, paying nothing per transaction beats paying NZ$3–NZ$30 per ETF buy. (2) Active strategies — most NZ active managers (Milford, Fisher Funds, Generate, Castle Point, Salt) run their flagship strategies as unlisted funds, not ETFs. If you want active management, you're mostly choosing from unlisted. (3) Set-and-forget — unlisted accounts have less to think about (no order entry, no market timing). For a 30-year buy-and-hold, this matters. A quick mental rule If you contribute small amounts regularly and want passive index exposure or active management, an unlisted PIE managed fund is usually the lower-cost, lower-friction choice. If you contribute larger lump sums or already use a brokerage account for direct shares, an NZX-listed PIE ETF slots into the same workflow. Many NZ investors do both: ETFs for satellite niche exposures, unlisted funds for core long-term holdings. This isn't a binary choice. Quick examples in the NZ market Smart NZ Top 50 ETF (NZG) — NZX-listed, tracks the S&P/NZX 50 index, ~0.30% MER. Foundation Series Total World Fund — unlisted via InvestNow, tracks an MSCI All-Country World index, ~0.10% MER. Both are PIE-structured. Both deliver broad market exposure. The Smart ETF you buy through a brokerage; the Foundation Series you buy through InvestNow. Different wrappers, similar economics, different convenience profiles. Compare the all-in cost at your contribution rate before choosing. Sources FMA — Managed Investment Schemes NZX — Smartshares ETF listings BetaShares NZ ETF range IRD — Portfolio Investment Entity Sorted — Investing in shares and funds Related on this site All managed funds Browse by asset class Browse by fee band Glossary: ETF Glossary: MER Related guides PIE funds explained — what they are, how they're taxed (NZ) A PIE fund (Portfolio Investment Entity) is a New Zealand-domiciled investment vehicle taxed under Subpart HM of the Income Tax Act 2007. In… Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal inco… Active vs passive funds — what each one does Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research … Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… Common questions Is an ETF a managed fund? Yes — every ETF is structurally a managed fund (a pooled investment with a manager and a mandate). What distinguishes an ETF is the stock-exchange listing: you buy and sell units on the NZX during trading hours like a share, rather than buying/redeeming directly with the manager. Are ETFs cheaper than managed funds? Not necessarily. The fund-management fee is similar for comparable strategies (passive: 0.07–0.50%; active: 0.80–1.80%). ETFs add brokerage per trade; unlisted funds may add a buy/sell spread. For regular small contributions, unlisted PIE managed funds are often cheaper all-in. For large lump sums, ETFs can be cheaper. Can I hold both ETFs and unlisted managed funds? Yes, and many NZ investors do. A common pattern: unlisted PIE funds for core long-term holdings (regular contributions, set-and-forget), NZX-listed ETFs for satellite or niche exposures (NZ resources, healthcare innovation, thematic plays). The wrappers complement rather than compete. Do ETFs and managed funds pay tax differently? No — if both are PIE-structured (which most NZX-listed ETFs and most NZ retail managed funds are), tax is calculated the same way: at your PIR, capped at 28%. The PIE wrapper determines tax treatment, not the listing status. Overseas-listed ETFs accessed via Hatch or Tiger Brokers are usually NOT PIEs and trigger FIF rules — see our PIE-vs-FIF guide. Which is better for a first-time investor in NZ? For most first-time investors making regular small contributions (NZ$50–NZ$500/month), an unlisted PIE managed fund via InvestNow, Sharesies (Smartshares-fund route), or direct from a low-cost manager like Simplicity or Kernel is typically the lowest-friction, lowest-cost entry point. ETFs become more attractive once contribution sizes grow or you already use a brokerage. Where can I see all NZ ETFs and managed funds in one place? Our /funds/ directory lists every NZ retail managed fund we cover, with fees, AUM, and category. Smartshares and BetaShares ETF range pages list the full set of NZX-listed ETFs. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## NZ managed-fund fees explained — what's typical, what's high URL: https://managedfunds.nz/guides/fund-fees-explained/ > The median NZ retail managed fund charges 0.84% per year (as at 2026-05-25, across 279 funds where the fee is disclosed). 0.25% is at the 10th percentile — only 10% of funds charge less. 1.41% is at the 90th percentile. This guide explains what the annual fund charge actually covers, how fund-of-funds fees stack, how ETFs compare, and what an adviser's 1% buys you. Guide NZ managed-fund fees explained — what's typical, what's high The median NZ retail managed fund charges 0.84% per year (as at 2026-05-25, across 279 funds where the fee is disclosed). 0.25% is at the 10th percentile — only 10% of funds charge less. 1.41% is at the 90th percentile. This guide explains what the annual fund charge actually covers, how fund-of-funds fees stack, how ETFs compare, and what an adviser's 1% buys you. What the "annual fund charge" actually covers On the FMA Disclose register, every NZ managed fund publishes an annual fund charge — a single percentage that represents the total ongoing cost of running the fund as a proportion of the fund's net asset value. It includes the base management fee (what the manager keeps), administration costs (custody, audit, registry, supervisor fees), and underlying-fund expenses when the fund invests through other vehicles. It does not include performance fees (charged separately when applicable), transaction costs (broker fees, bid-ask spreads on the underlying assets), or buy/sell spreads (typically 5–25 basis points charged when you contribute or redeem units). When you compare two funds, compare the annual fund charge plus any performance-fee terms in the PDS — the headline alone misses up to 0.5% per year in some active strategies. Where the median NZ managed fund sits today Across the 279 NZ retail managed funds in our coverage with a disclosed annual fund charge (as at 2026-05-25), the distribution is: median 0.84%, 25th percentile 0.47% (the cheapest quarter charge less than this), 75th percentile 1.17% (three quarters charge less than this), 10th percentile 0.25%, 90th percentile 1.41%. The cheapest fund charges 0.03% per year; the most expensive 4.38%. By asset class the medians cluster as: cash 0.26%, international fixed interest 0.70%, international equities 0.61%, NZ fixed interest 0.65%, diversified 0.99%, australasian equities 1.02%, listed property 1.02%. Index trackers and ETF-wrapped funds sit at the bottom of the distribution; concentrated active strategies sit at the top. Is 0.25% a high management fee? No — 0.25% per year sits at roughly the 10th percentile of the NZ retail managed-fund universe. Only about one in ten funds in our coverage charges less. A 0.25% annual fund charge is consistent with a passive index tracker (most Smartshares ETFs, Foundation Series, Kernel passive funds), where the manager isn't paying a research team to pick stocks and the operational cost is the dominant component. Whether 0.25% is the right fee for your situation depends on whether passive exposure to that index is what you want — fee level alone doesn't answer that. Why fees in fund-of-funds structures stack Some NZ managers build diversified funds by allocating to other managers' funds — a multi-manager fund of funds. Each underlying fund charges its own annual fund charge, and the top-level fund charges its own. The published annual fund charge on the FMA Disclose register should already include both layers (the disclosed figure is a total-cost-of-ownership number, not just the top-level fee). But when comparing fund-of-funds against single-manager funds, verify against the PDS: some performance-fee structures inside underlying funds are not fully captured in the top-level annual fund charge. The ratio you actually pay can be ~0.10–0.30% higher than the headline in those cases. How much do ETFs charge in NZ? NZ-domiciled ETFs (mostly Smartshares, Foundation Series, Kernel ETFs) charge between 0.20% and 0.65% per year depending on asset class and strategy. The broadest passive trackers (NZ Top 50, US 500, Total World) sit at 0.20–0.45%; smart-beta or thematic ETFs at 0.45–0.65%. The median ETF-structured fund in our coverage charges around 0.30% per year — well below the 0.84% all-fund median. ETFs are typically cheaper than unlisted managed funds for the same exposure, but they trade on the NZX so you also pay a broker fee on each transaction; for very small or very frequent investments, that broker cost can outweigh the lower MER. What 1% to a financial adviser actually buys A 1%-per-year adviser fee (typical for NZ financial-advice firms charging on assets under advice) covers the adviser's time and regulatory licence, not the underlying fund's investment management. If your adviser places you in funds that themselves charge 0.50–0.80% per year, your total cost is 1.50–1.80% per year — the adviser fee stacks on top. Whether that's worth it depends on what the adviser delivers: a structured financial plan, ongoing rebalancing, tax-coordination across PIE/PIR, behavioural coaching during market falls, and access to manager research. For straightforward goals (KiwiSaver scheme fund + cheap diversified retail fund), the adviser fee may add little; for complex situations, it may be the most valuable 1% you spend. Whatever the answer, the FMA-regulated disclosure document an adviser provides must show their fee explicitly. How to read your own fund's fee in 60 seconds Open the fund's Fund Update PDF on the FMA Disclose register (every NZ retail fund publishes one quarterly). Look at the "annual fund charges" table — it gives the total annual fund charge as a percentage. Compare to the universe median (0.84%) and to the median for your fund's asset class (see the table above). Funds in the bottom quartile (< 0.47%) are typically index trackers; funds in the top quartile (> 1.17%) are typically concentrated active strategies, alternative-asset funds, or fund-of-funds with multiple underlying layers. A high fee isn't automatically bad — it depends on what the fund does and whether you want that strategy. But a low-fee passive equivalent often exists, so use the fee as a prompt to ask "what am I getting for this premium?" Fee bands across our coverage Browse funds by fee band: under 0.5% (typically passive trackers), 0.5–1.0% (the most common band — covers most NZ-listed index funds and lower-fee active strategies), 1.0–1.5% (typically actively-managed equity and diversified funds), 1.5%+ (specialist or thematic active strategies — verify the strategy and net return against the headline fee). Sources FMA Disclose register — every fund's annual fund charge Sorted Smart Investor — cross-validation FMC Act 2013 — annual fund-charge disclosure rules IRD — PIE tax overview Related on this site All fee-band screens Fund fees calculator All NZ managed funds Related guides Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal inco… PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped … Active vs passive funds — what each one does Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research … ETF vs managed fund — what's the difference for NZ investors? An ETF (Exchange-Traded Fund) is a managed fund that trades on a stock exchange like a share. An unlisted managed fund settles directly with… Common questions Is 0.25% a high management fee? No. Across the 279 NZ retail managed funds with a disclosed annual fund charge in our coverage (as at 2026-05-25), 0.25% sits at the 10th percentile — only about 10% of funds charge less. It is typical of passive index trackers and ETF-wrapped funds. What are typical fees for a fund of funds? Fund-of-funds typically charge a higher annual fund charge than single-manager funds because they include the underlying funds' fees as well as the top-level allocation fee. The published annual fund charge on the FMA Disclose register includes both layers in most cases. Typical NZ fund-of-funds range from 0.85% to 1.50% per year depending on the strategies layered underneath. How much fees do ETFs charge? NZ-domiciled ETFs charge between 0.20% and 0.65% per year — typically the cheapest tier of any NZ managed fund. The cheapest broad-market trackers (Smartshares NZ Top 50, US 500, Total World, Foundation Series) sit at 0.20–0.45%; smart-beta and thematic ETFs charge 0.45–0.65%. The median ETF-structured fund in our coverage charges around 0.30% per year. Is a 1% fee for a financial advisor worth it? It depends on what the adviser delivers and what underlying funds they put you in. A 1%-per-year adviser fee stacks on top of the fund's own annual fund charge — so your total cost may be 1.50–1.80% per year. Whether that's worth it depends on whether the adviser's services (planning, rebalancing, tax coordination, behavioural coaching) match the value of that fee for your situation. The adviser's disclosure document discloses their fee explicitly. What is the median fee on NZ managed funds? As at 2026-05-25, the median annual fund charge across 279 NZ retail managed funds with a disclosed fee is 0.84% per year. The 25th percentile is 0.47%; the 75th is 1.17%. The cheapest fund charges 0.03%; the most expensive 4.38%. How do NZ fund fees compare across asset classes? Approximate medians from our coverage: cash 0.26%, international fixed interest 0.70%, international equities 0.61%, NZ fixed interest 0.65%, diversified 0.99%, Australasian equities 1.02%, listed property 1.02%, specialty/other 1.08%. Cash and international-equity funds (often index-tracked) are typically cheapest; Australasian-equity and listed-property funds are typically most expensive due to smaller market size and active management. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## Managed funds vs KiwiSaver scheme funds URL: https://managedfunds.nz/guides/managed-funds-vs-kiwisaver/ > Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver scheme funds get the employer match and government contribution but lock your money up until age 65 (with some hardship and first-home exceptions). For most New Zealanders, the answer is "both, in the right order". Guide Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver scheme funds get the employer match and government contribution but lock your money up until age 65 (with some hardship and first-home exceptions). For most New Zealanders, the answer is "both, in the right order". The same fund manager often runs both Most NZ fund managers — Milford, Fisher Funds, Generate, Booster, Mercer, Smartshares, Pathfinder — issue both KiwiSaver scheme funds and standalone retail managed funds. The investment philosophy and underlying portfolios are usually similar (sometimes literally the same securities held in different unit-trust wrappers). What differs is the legal wrapper, the access rules, and the fee schedule. So when you choose between them, you're not choosing different investments; you're choosing different containers for the same investment. KiwiSaver scheme funds: locked but with three bonuses A KiwiSaver scheme fund is governed by the KiwiSaver Act 2006. Money is locked until age 65 with a small set of statutory exceptions: first-home withdrawal (after 3 years of membership), significant financial hardship, serious illness, permanent emigration to most countries except Australia, and death. In return, qualifying members receive three forms of free money: an employer match (default 3% if you contribute 3%, with most employers matching), an annual government contribution of up to NZ$521.43 if you contribute NZ$1,042.86 between 1 July and 30 June, and a layer of FMA-specific KiwiSaver oversight on top of the usual MIS rules. The lock + bonuses are the deal — accept them together or not. Managed funds: accessible, no bonuses A retail managed fund (Managed Investment Scheme under the FMC Act 2013) lets you withdraw any time — usually with a multi-day settlement, and sometimes a buy/sell spread of 5–25 basis points. There is no employer match and no government contribution. Tax treatment can still be PIE (most NZ retail funds are), so income is capped at your PIR. Most retail funds let you set up a regular contribution and switch funds within the manager's family without exiting. How fees compare across the two structures KiwiSaver fees have been under sustained regulator pressure since the 2018 FMA value-for-money guidance — annual fund charges across NZ KiwiSaver have trended down by around 30 basis points in the last 7 years for the typical balanced fund. Retail managed-fund fees have come down too but more slowly. Today, for the same manager and the same risk profile, a retail managed fund and a KiwiSaver scheme fund are usually within ±10 basis points of each other. Compare like-for-like on FMA Disclose mirrors (Sorted Smart Investor) — the published Annual Fund Charge is the apples-to-apples number. A simple decision order most NZers can use For most working New Zealanders, the order is: (1) contribute at least 3% of your gross salary to KiwiSaver to capture the full employer match, (2) contribute at least NZ$1,042.86 to KiwiSaver per year (anything from 1 July to 30 June counts) to capture the full government contribution (NZ$521.43), (3) only then put surplus long-term savings in a managed fund where you can access them before 65. Stopping short of (1) and (2) is leaving free money on the table. Putting more than (1)+(2) into KiwiSaver is fine but it's no longer "free money optimised" — it's a flexibility-vs-bonus trade-off. Common mistakes The most common managed-fund-vs-KiwiSaver mistake is over-contributing to KiwiSaver before age 30. Lock-to-65 is a long horizon for a 25-year-old; if you might want to deploy that capital into a house, business, or sabbatical earlier, an accessible managed fund pulls its weight. The second most common mistake is under-contributing to KiwiSaver while building a deposit — you can use the first-home withdrawal after 3 years, so funds put into KiwiSaver during years 1–3 of saving are still accessible (with some restrictions) and capture the bonuses. The third is picking different risk profiles in the two wrappers without a reason — if your KiwiSaver is "Growth" and your managed fund is "Conservative" by accident, you may be over-exposed or under-exposed. When the managed fund is genuinely better There are three situations where the managed fund clearly wins over additional KiwiSaver contributions: (a) you're self-employed and don't have an employer match anyway, (b) you're close to 65 and lock duration is short either way, or (c) you have a specific medium-term goal (5–10 years) where 65-lock would block your plan. Outside these, the bonuses tilt the answer toward KiwiSaver-first. Sources IRD — KiwiSaver overview FMA — KiwiSaver schemes KiwiSaver Act 2006 (legislation.govt.nz) FMC Act 2013 — managed investment schemes FMA — managed-fund fees and value-for-money guidance (2021) Related on this site KiwiSaver comparison — FundCompare.co.nz Browse managed funds PIR calculator Fees calculator Related guides PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped … Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal inco… Active vs passive funds — what each one does Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research … Common questions Can I withdraw from my KiwiSaver scheme fund before 65? Only in defined circumstances — first-home withdrawal (after 3 years of KiwiSaver membership, leaves NZ$1,000 minimum balance), significant financial hardship, serious illness, permanent emigration (rules differ for Australia), or death (paid to your estate). Outside those, the lock to 65 is statutory. The first-home withdrawal is the most-used by under-40s — most KiwiSaver providers can help you initiate the application. Are the fees lower in a KiwiSaver scheme fund or a managed fund? It varies. The 2018 FMA value-for-money guidance put pressure on KiwiSaver fees specifically, so KiwiSaver fees have come down faster than retail managed-fund fees over the last 7 years. For the same manager and risk profile they're usually within ±10 basis points of each other today. Always compare the published Annual Fund Charge — that's the standardised number on FMA Disclose. Is the tax treatment the same? For most retail funds, yes — both KiwiSaver scheme funds and managed funds use the PIE structure with tax capped at your PIR. Some non-PIE managed funds (typically Australian-domiciled unit trusts) use FIF rules instead and require an annual tax return — see the FIF badge on each fund page. What about the recently-announced KiwiSaver changes (employer rate to 4%)? The 2025 government announcement raised the default employer + employee contribution rate from 3% to 4% over a phased schedule, expanded the under-18 government contribution match, and changed first-home withdrawal eligibility for some categories. Confirm current rates on IRD's KiwiSaver page — the rules change periodically. Should I switch all my managed-fund money into KiwiSaver? Probably not. KiwiSaver locks the money to 65 — moving an existing accessible balance into KiwiSaver gives up that flexibility for no equivalent gain (the employer match and government contribution apply to *new* contributions, not transfers from outside). The flexibility is the value. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## PIE funds explained — what they are, how they're taxed (NZ) URL: https://managedfunds.nz/guides/pie-funds/ > A PIE fund (Portfolio Investment Entity) is a New Zealand-domiciled investment vehicle taxed under Subpart HM of the Income Tax Act 2007. Income inside a PIE is taxed at your Prescribed Investor Rate (PIR), capped at 28% — versus your marginal rate of up to 39% if you held the same investments directly. Most NZ retail managed funds and every KiwiSaver scheme fund are PIEs. Guide PIE funds explained — what they are, how they're taxed (NZ) A PIE fund (Portfolio Investment Entity) is a New Zealand-domiciled investment vehicle taxed under Subpart HM of the Income Tax Act 2007. Income inside a PIE is taxed at your Prescribed Investor Rate (PIR), capped at 28% — versus your marginal rate of up to 39% if you held the same investments directly. Most NZ retail managed funds and every KiwiSaver scheme fund are PIEs. PIE in one sentence A PIE is a tax structure, not an asset class. It can hold NZ shares, international shares, bonds, cash, property — any underlying investment. What makes it a PIE is the legal wrapper: registered with IRD under Subpart HM of the Income Tax Act 2007, the wrapper pays tax on your investment income on your behalf at your PIR (capped at 28%) rather than at your marginal income-tax rate. Why the 28% cap matters For investors on the 33% or 39% marginal rate, the PIE wrapper saves 5–11 percentage points of tax on every dollar of investment income. On a NZ$100,000 balance returning 7% per year, that's roughly NZ$350–NZ$770 of tax saved annually. Compounded over a 20-year holding period, the savings can run into tens of thousands of dollars. For investors on lower marginal rates (17.5%, 10.5%), the PIE cap doesn't save tax — but it doesn't cost any either, because PIR is set to match. Who can invest in PIE funds? Most PIE funds are open to any New Zealand tax resident. A few have minimum investment amounts (typically NZ$1,000–NZ$10,000 initial; NZ$100–NZ$500 regular). Non-residents generally cannot use the PIE wrapper — their income is taxed under different IRD rules. Children can hold PIE units via a parent/guardian; trusts and companies have specific PIR rules (the corporate PIR is 28% with no tiering). Self-employed people, salary earners, retirees, and KiwiSaver members all qualify. PIR — Prescribed Investor Rate Your PIR is one of three rates: 10.5%, 17.5%, or 28%. It's set based on your total taxable income in the two prior tax years (the lower of the two). The thresholds: under NZ$14K → 10.5%; NZ$14K–NZ$48K → 17.5%; over NZ$48K (or any year above NZ$70K combined with PIE income) → 28%. You tell each PIE fund your PIR when you open the account; you must update it each tax year if your income changes. The wrong PIR can cost you — too low and IRD reconciles you owe; too high and (since 2020-21) the overpayment is refundable but it's admin you didn't need. What kinds of funds are PIEs in NZ? Most NZ retail managed funds: Milford, Fisher Funds, Generate, Booster, Mercer, Smartshares, Pathfinder, Kernel, Simplicity, ANZ Investments OneAnswer, Foundation Series, Castle Point, Devon, Harbour, Salt, Mint, Hunter, Pie Funds Management (the fund manager, not the structure) — all primarily issue PIE-structured funds. Every KiwiSaver scheme fund is a PIE by statute. NZX-listed ETFs from Smartshares and BetaShares are listed PIEs. Some Australian-domiciled funds offered to NZ investors are not PIEs (they're FIF) — those flag this clearly. We tag every fund's PIE status on its page on this site so you can filter. PIE vs FIF (Foreign Investment Fund) When a fund offered to NZ investors is NOT a PIE — usually an Australian-domiciled unit trust — it falls under Foreign Investment Fund (FIF) rules. FIF means you pay tax at your marginal rate (up to 39%) on a notional return: typically 5% of opening value under the Fair Dividend Rate (FDR) method, or actual gains/dividends under the comparative-value method (you pick the lower each year). FIF requires you to file an annual IR3 return with the FIF schedule attached. The admin overhead is real. PIE funds avoid all of this — the fund pays your tax, no IR3 needed. Our fund pages flag FIF funds with a distinct badge. PIE vs holding shares directly A common comparison: NZ$100K of NZ-listed shares directly vs the same NZ$100K in a NZ-equity PIE fund. Direct shares pay dividends at your marginal rate but most NZ companies attach imputation credits, so the effective rate after imputation is often around 28% in practice (sometimes lower). PIE funds cap tax at 28% on all PIE income (interest, dividends, realised gains) without imputation pass-through. For investors on 33–39% who would lose imputation efficiency, the PIE wrapper is usually similar or better. For investors on 17.5% or 10.5% marginal, direct holding can occasionally be more efficient — but only if dividend income is the main driver and the imputation credits offset the lower PIR. Are there downsides to PIE funds? Three real ones to know about. (1) Losses don't flow through to you — if the PIE fund loses money in a tax year, the loss stays inside the fund and offsets future fund income; you can't use it against your other taxable income (unlike direct holdings). (2) PIR mistakes are not always refundable — pre-2020-21 overpayments at a too-high PIR are not refundable. Always check your PIR matches your income bracket each tax year. (3) Buy/sell spreads — some PIE funds charge a 5–25 basis-point spread on entry and exit to cover transaction costs; this is a one-time cost, not an ongoing fee. For most investors these downsides are small relative to the tax saving and admin convenience. How to start investing in PIE funds Three common ways. Direct from the manager — most NZ fund managers let you open an account online, set up direct debit, and pick the funds. Via an online platform — InvestNow, Sharesies, Hatch (for US-listed funds wrapped), Kernel's platform — each gives you a single login across many managers but each has its own fee schedule. Via a financial adviser — required only for complex situations (estate planning, FIF combined with PIE, large lump sums); the adviser typically holds an FAP licence and charges an annual percentage or flat fee. For most NZers starting out with NZ$1K–NZ$50K, going direct or via InvestNow is the lowest-friction path. What records you need to keep For PIE income with the correct PIR, you don't need to keep tax records — the fund manager files everything. Still: keep the annual PIE Tax Statement (you receive one each May/June from each manager) for at least 7 years in case IRD queries the reconciliation. Keep your fund-account statements as evidence of contributions and withdrawals if you ever need to demonstrate the asset (e.g. mortgage application, accountant queries). For FIF funds, keep transaction confirmations, year-end valuations, and dividend statements — you'll need them for the FIF return. Sources IRD — Portfolio Investment Entity income tax IRD — Prescribed Investor Rate (PIR) Income Tax Act 2007, Subpart HM IRD — Foreign Investment Fund rules Sorted — PIE basics Related on this site All PIE funds on ManagedFundsNZ PIR calculator Glossary: PIE Glossary: FIF Glossary: PIR Related guides PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped … Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal inco… Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… Active vs passive funds — what each one does Active funds employ a manager who tries to beat a benchmark by picking individual investments; they charge higher fees to fund the research … Common questions What does PIE stand for in NZ investing? PIE stands for Portfolio Investment Entity. It's a tax structure under Subpart HM of the Income Tax Act 2007, not an investment type. PIE funds pay tax on your behalf at your PIR (capped at 28%) instead of your marginal rate (up to 39%). Is a PIE fund the same as a managed fund? Almost always in NZ, yes. Most NZ retail managed funds and every KiwiSaver scheme fund are PIE-structured. The fund holds the investments; the PIE wrapper determines how the income is taxed. What is the maximum PIE tax rate? 28%. This is the highest of the three Prescribed Investor Rates (PIRs): 10.5%, 17.5%, or 28%. Your PIR is set by your taxable income in the two prior tax years. Do I need to declare PIE fund income in my tax return? Usually no — when your PIR is correct, the fund pays the tax for you and the income is fully taxed (no IR3 declaration needed). You only need to act if your PIR was wrong, or if you have other tax-return obligations. Can foreigners invest in NZ PIE funds? Generally no. The PIE wrapper is designed for NZ tax residents. Non-residents have their investment income taxed under different rules (typically Non-Resident Withholding Tax or Approved Issuer Levy depending on the income type). Are all KiwiSaver funds PIE funds? Yes — every KiwiSaver scheme fund is PIE-structured by statute. That's why your KiwiSaver returns are taxed at your PIR (capped at 28%) rather than your marginal rate. How do I find a list of NZ PIE funds? Our /pie-funds/ directory page lists every NZ retail managed fund tagged as PIE in our coverage, with annual fund charge and category. FMA Disclose register also lists every registered PIE-structured fund as part of its Managed Investment Scheme listings. What's the difference between a PIE fund and an ETF? They're different layers — most NZ-listed ETFs (Smartshares, BetaShares) are themselves PIE-structured. So an ETF can be a PIE, and a PIE can be an ETF. The ETF distinction is about exchange listing (you can buy/sell on the NZX during market hours); the PIE distinction is about tax treatment. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## PIE tax basics URL: https://managedfunds.nz/guides/pie-tax/ > A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped at 28%), not your marginal rate. The fund pays the tax on your behalf — meaning PIE income usually does not need to be declared in your annual return. Most NZ retail managed funds and every KiwiSaver scheme fund are PIEs. Guide PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped at 28%), not your marginal rate. The fund pays the tax on your behalf — meaning PIE income usually does not need to be declared in your annual return. Most NZ retail managed funds and every KiwiSaver scheme fund are PIEs. What a PIE is A Portfolio Investment Entity (PIE) is a tax-advantaged structure under Subpart HM of the Income Tax Act 2007. PIEs include most NZ retail managed funds, KiwiSaver scheme funds, listed PIEs (such as some NZX-listed companies that have elected PIE status), and many investment vehicles. The defining feature: tax on income flows through to investors at their Prescribed Investor Rate (capped at 28%) rather than at their marginal income-tax rate (up to 39%). Why the PIE wrapper matters For investors on the 33% or 39% marginal rate, the PIE wrapper saves 5-11 percentage points of tax on investment income. For a NZ$100K balance returning 7% per year, that's roughly NZ$350-NZ$770 of tax saved annually. Multiply across decades and the PIE wrapper materially changes the after-tax return — over 20 years on a growing balance, the savings can run into tens of thousands of dollars. PIE tax is final (mostly) When your PIR is correct, the fund manager calculates the tax and pays it to IRD on your behalf. The income is effectively "fully taxed" — you don't need to declare PIE income in your IR3, and you can't use it to claim losses against other income. This is different from receiving dividend income directly, which goes on your tax return at your marginal rate and can interact with imputation credits, RWT, and other adjustments. When PIE tax is NOT final Three situations make PIE tax not-final: (a) your PIR was set too low — IRD reconciles and you owe the gap; (b) you're subject to specific provisions (some non-resident investors, some trustees); (c) you used PIR too high before 2020-21 — that overpayment is not refundable. Always check your PIR each tax year — see the PIR guide. If you have a complicated tax situation (foreign income, multiple PIEs, trust beneficiary), an accountant pays for itself in the first conversation. PIE vs holding NZ shares directly A common comparison: a NZ$100K portfolio of NZ-listed shares vs the same NZ$100K in a NZ-equity PIE fund. Direct shares receive dividends at your marginal rate (33% or 39%) but get imputation credits attached, so the effective tax rate after imputation is often around 28% in practice. PIE funds have tax capped at 28% on all PIE income (interest, dividends, realised gains), no imputation pass-through. For high-marginal-rate investors who would otherwise lose imputation efficiency, the PIE wrapper is usually similar or better; for investors on 17.5% or 10.5% marginal rates, holding direct can occasionally be more efficient. The PIE wrapper also handles foreign dividends (FIF), buy-sell mechanics, and tax-record-keeping for you. PIE vs FIF — when a fund is NOT a PIE Some retail managed funds available to NZ investors are not PIEs — typically Australian-domiciled unit trusts (e.g. some Vanguard Australia funds offered through InvestNow). These follow Foreign Investment Fund (FIF) rules instead: you pay tax at your marginal rate on a notional return (typically the 5% Fair Dividend Rate method, or actual gains/dividends under the comparative-value method), and you must declare it annually in your IR3. The "FIF · file IR3 each year" badge on each fund page calls this out. FIF funds can still suit some investors (e.g. when the underlying strategy isn't available as a PIE), but the admin overhead is real and the tax can be higher in years where the fund returns above 5%. What records to keep For PIE income with the correct PIR, you don't need to keep tax records — the fund manager files everything. Still: keep the manager's annual PIE Tax Statement (you receive one each May/June) for at least 7 years in case IRD queries the reconciliation. For FIF funds, keep all transaction confirmations, year-end valuations, and dividend statements — you'll need them for the FIF return. Sources IRD — Portfolio Investment Entity income tax Income Tax Act 2007, Subpart HM Become.nz PIE explainer IRD — Foreign Investment Fund rules Related on this site PIR calculator Glossary: PIE Glossary: FIF Glossary: PIR Related guides Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal inco… Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… Common questions Do I need to declare PIE income in my tax return? Usually no — when your PIR is correct, PIE tax is final and the fund pays it for you. You only need to act if your PIR was wrong, or if you have other tax-return obligations (e.g. self-employment, foreign income, FIF holdings outside the PIE). Can I claim losses on a PIE fund against other income? No. PIE tax flows through at your PIR but PIE losses do not flow back to you. Losses inside a PIE fund offset future fund income, not your other taxable income. Is a PIE structure better than holding NZ shares directly? It depends on your marginal rate, dividend yield, and whether you'd realise capital gains. For most investors on 33%-39% the PIE structure is meaningfully better on income; for direct NZ-share investors who never sell, capital-gains-tax-free direct holding can also be efficient. Both approaches have their place — neither is universally better. What if I hold both PIE funds and direct shares? Common and fine. Many NZ investors split: PIE funds for international diversification (where direct holding is impractical), direct NZ shares for the imputation efficiency on dividend-paying NZ stocks. Just keep the records for the direct side and file an IR3 if your direct dividend income is above the threshold. Does PIE income affect my eligibility for income-tested benefits? It can. PIE income is included in some income tests (Working for Families, residential aged-care subsidy assessment, student loan repayment thresholds). PIR-capped tax doesn't change the *income* — it only changes the *tax rate on that income*. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## Prescribed Investor Rate (PIR) — what it is and how it works URL: https://managedfunds.nz/guides/pir-explained/ > Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal income-tax rate. The right rate (10.5% / 17.5% / 28%) depends on your taxable income plus PIE income across the past two years. Picking the right rate is the most-cited managed-fund tax mistake in NZ. Guide Prescribed Investor Rate (PIR) — what it is and how it works Your PIR is the tax rate applied to income from a Portfolio Investment Entity (PIE), capped at 28% — typically lower than your marginal income-tax rate. The right rate (10.5% / 17.5% / 28%) depends on your taxable income plus PIE income across the past two years. Picking the right rate is the most-cited managed-fund tax mistake in NZ. What PIR is A PIR is the rate at which a Portfolio Investment Entity (PIE) — like a managed fund or a KiwiSaver scheme fund — taxes the income it allocates to you. Unlike marginal income tax (which goes up to 39%), PIR is capped at 28%. For most New Zealanders this is a tax saving; for low-income earners on the 10.5% rate, it can be substantial. The fund manager calculates and pays the tax on your behalf — you usually don't need to declare PIE income in your annual return. The three rates and the income bands There are three PIRs: 10.5%, 17.5%, and 28%. Your correct PIR depends on your taxable income plus PIE income over either of the past two income years (the "lower of the two" rule — IRD applies the rate that benefits you, not the higher of the two). The bands as currently published: if your combined income was NZ$14,000 or less in either year → 10.5%; if NZ$14,000.01–NZ$48,000 → 17.5%; otherwise → 28%. Different rules can apply to non-individual investors (companies, trusts) — those are not covered here. Worked example — why PIR matters Consider a NZ$100,000 balance returning 7% per year (NZ$7,000 of income). At a marginal tax rate of 33%, that income would attract NZ$2,310 of tax. Inside a PIE at the 28% PIR, the same NZ$7,000 attracts NZ$1,960 — a saving of NZ$350 per year on this single year. At a marginal rate of 39%, the saving rises to NZ$770 per year. Compounded over 20 years on a growing balance, the wrapper can save tens of thousands of dollars in tax versus holding the same securities directly at your marginal rate. When does PIR change? Your correct PIR changes when your taxable income changes — pay rises, pay cuts, redundancy, returning from overseas, retiring, transitioning to self-employment. Every year IRD reconciles your PIR against your actual income; you don't need to wait for that — most fund managers let you change PIR at any time online (the change takes effect at the next distribution). A common pattern: people set PIR to 28% when they start working, never review it, and overpay when income drops (e.g. parental leave, redundancy, retirement) until IRD picks it up. What happens if your PIR is wrong IRD reconciles every year. If your PIR was too low, you owe additional tax — pay it via your annual IR3 return. If your PIR was too high (this is common when starting out and defaulting to 28%), the overpayment is refundable from the 2020-21 tax year onwards; for years before 2020-21, the over-paid PIE tax is not refundable. The "not refundable" rule for older overpayments is the most-cited NZ retail tax mistake — it cost some KiwiSaver members hundreds of dollars in over-paid tax during their lower-income years. Checking and updating your PIR Step 1: use the IRD calculator (linked in sources) to confirm your correct PIR for the current year. Step 2: log in to your fund manager's investor portal and check what PIR is on file. Step 3: if it's wrong, update it — every NZ retail fund manager has a one-click PIR-change option. Step 4: if you're newly on the wrong-too-high PIR for the current tax year, IRD will refund the overpayment after the year ends; nothing else to do. The whole loop takes under 10 minutes per year and is worth doing every June or July. PIR with multiple funds You can have different PIRs at different fund managers — but there's no benefit to it; your correct PIR is the same across every PIE you hold. If you have a managed fund at one manager and a KiwiSaver scheme fund at another, set the same PIR at both. Mismatched PIRs across two PIEs is one of the more common reconciliation errors; IRD will catch it but you may end up with a bigger end-of-year tax bill than expected. Sources IRD — find my PIR IRD — Portfolio Investment Entity income tax PIR calculator on this site MoneyHub PIR guide Related on this site PIR calculator Browse PIE-tax-treated funds Glossary: PIR Glossary: PIE Related guides PIE tax basics A Portfolio Investment Entity (PIE) is a tax structure under Subpart HM of the Income Tax Act 2007. PIE income is taxed at your PIR (capped … Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… Common questions Can my PIR be wrong even if I set it correctly years ago? Yes. PIR depends on your income each year, so a pay rise (or pay cut) can change your correct rate. Most managers send a reminder; few investors check unprompted. The annual IRD reconciliation will catch under-paid tax (you owe IRD); historic over-payment relief only applies from the 2020-21 tax year onwards. How do I change my PIR with my fund manager? Every NZ retail managed-fund manager has a PIR-change form, usually one click in your investor portal. Updates take effect at the next distribution; older units stay taxed at the previously-recorded rate. Does PIR apply to KiwiSaver scheme funds too? Yes — KiwiSaver scheme funds are PIEs, so the same PIR rules apply. Your KiwiSaver provider asks for your PIR when you join. What if I just started working and have no prior-year income? IRD's rules let you use the most-recent year you have. If you genuinely have no prior NZ income (e.g. you just arrived in NZ), default to 28% and update at the end of the year if your actual income lands in a lower band — IRD will refund the overpayment. Does PIE income count toward my Working for Families tax credits? PIE income is included in Working for Families "family scheme income" — yes. This is a common surprise for parents on tax credits whose KiwiSaver or managed-fund income pushes their family income above the abatement threshold. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## What is a managed fund? URL: https://managedfunds.nz/guides/what-is-a-managed-fund/ > A managed fund pools money from many investors and uses it to buy a portfolio of assets — shares, bonds, cash, property — selected and rebalanced by a professional fund manager. In NZ, retail managed funds are regulated under the Financial Markets Conduct Act 2013 and lodge their disclosure documents on the FMA Disclose register. Guide What is a managed fund? A managed fund pools money from many investors and uses it to buy a portfolio of assets — shares, bonds, cash, property — selected and rebalanced by a professional fund manager. In NZ, retail managed funds are regulated under the Financial Markets Conduct Act 2013 and lodge their disclosure documents on the FMA Disclose register. How a managed fund works You buy units in the fund at the unit price set by the manager. The manager pools your money with every other unit-holder's, then invests according to the fund's mandate — laid out in two documents: the Product Disclosure Statement (PDS) and the Statement of Investment Policy and Objectives (SIPO). Returns flow back to unit-holders proportionally; the manager takes an annual fund charge (and sometimes a performance fee on top). PIE vs FIF — the tax wrapper matters in NZ Most NZ retail managed funds are structured as Portfolio Investment Entities (PIEs), which cap your investor tax at your Prescribed Investor Rate (max 28% — lower than the top personal rate of 39%). PIE-structured funds also handle the tax for you. A smaller group of Australian-domiciled unit trusts sold into NZ (e.g. some Vanguard / India Avenue funds) sit outside PIE — you pay tax under the Foreign Investment Fund (FIF) regime, which generally means an annual deemed-return calculation in your own tax return. Always check the structure before investing. Who actually holds your money — the four roles Every NZ retail managed fund has four distinct parties around it. The manager picks the investments and runs the fund. The licensed supervisor (Public Trust, Trustees Executors, NZ Guardian Trust are the big three) sits independently of the manager and monitors compliance with the SIPO. The custodian physically holds the assets (often HSBC Bank Australia, NZ Trustees Custody, Public Trust Custody). The auditor (PwC, KPMG, EY, Deloitte, Grant Thornton in NZ MIS) independently verifies the annual financials. This four-party split is what protects your money if the manager goes bust — the assets are ring-fenced and the supervisor steps in. What managed funds cost The main ongoing cost is the annual fund charge (sometimes called MER — management expense ratio). Across our coverage of 289 NZ retail managed funds, the typical range is 0.20%–2.00% p.a. depending on strategy. Index-tracked funds and ETFs are usually 0.20–0.60%; actively-managed diversified funds 0.80–1.30%; specialty or absolute-return strategies 1.30%+. Some funds also charge a performance fee when they exceed a benchmark hurdle (around 48 of 289 in our coverage do). Always check the PDS for the headline fee plus any buy/sell spread (transaction cost paid on subscription / redemption). How a managed fund is different from a KiwiSaver scheme fund KiwiSaver scheme funds and standalone managed funds often hold the same underlying investments (sometimes from the same manager). The difference is the wrapper: KiwiSaver scheme funds get the employer match + government contribution but lock your money up until age 65 (with hardship and first-home exceptions). Standalone managed funds are accessible any time, no employer match, no government contribution. For most NZ investors the answer is "both, in the right order" — see our managed-funds-vs-KiwiSaver guide. Where the data on this site comes from Every fact about every fund on ManagedFundsNZ is sourced from the FMA Disclose register — fees, returns, risk indicator, fund size, holdings, the PDS, the SIPO, the OMI. We don't publish opinion-based ratings (NZ regulatory rules reserve that for FMA-licensed Financial Advice Providers, which we are not). We do publish mechanical comparisons — fees vs peer median, risk-indicator distribution, perf-fee terms verbatim — so you can verify any claim by clicking through to the source PDF. Sources FMA Disclose register IRD — Portfolio Investment Entities (PIE) basics Financial Markets Conduct Act 2013 Sorted Smart Investor Related on this site Browse all NZ managed funds Funds by fee band Funds with no performance fee Auditors of NZ managed funds Related guides Managed funds vs KiwiSaver scheme funds Same underlying investment universe, different wrappers. Managed funds are accessible any time and outside the KiwiSaver scheme; KiwiSaver s… PIE funds explained — what they are, how they're taxed (NZ) A PIE fund (Portfolio Investment Entity) is a New Zealand-domiciled investment vehicle taxed under Subpart HM of the Income Tax Act 2007. In… ETF vs managed fund — what's the difference for NZ investors? An ETF (Exchange-Traded Fund) is a managed fund that trades on a stock exchange like a share. An unlisted managed fund settles directly with… NZ managed-fund fees explained — what's typical, what's high The median NZ retail managed fund charges 0.84% per year (as at 2026-05-25, across 279 funds where the fee is disclosed). 0.25% is at the 10… Common questions What is a managed fund? A managed fund pools money from many investors and uses it to buy a portfolio of shares, bonds, cash, or property selected and rebalanced by a professional fund manager. You buy units in the fund at a unit price; returns flow back to unit-holders proportionally; the manager takes an annual fund charge. Is a managed fund safer than buying shares directly? Managed funds spread your money across many underlying investments, which reduces single-company risk. They are also governed by a licensed supervisor, custodian, and auditor independent of the manager — a four-party governance structure that protects assets if the manager fails. They are not "safe" in the sense of guaranteeing returns: every managed fund has a risk indicator (FMA-mandated 1-7 scale) reflecting historical volatility. How are managed funds taxed in NZ? Most NZ retail managed funds are Portfolio Investment Entities (PIEs), which cap your investor tax at your Prescribed Investor Rate (max 28%). PIE funds also handle the tax for you — no separate tax return entry. A smaller group of Australian-domiciled unit trusts sold into NZ sit outside PIE and are taxed under the Foreign Investment Fund (FIF) regime, requiring an annual entry in your own tax return. Where do I find the PDS for a managed fund? Every NZ retail managed fund must lodge a Product Disclosure Statement on the FMA Disclose register. We link directly to the current PDS for every fund in our coverage from the fund's page. The disclose-register URL is https://disclose-register.companiesoffice.govt.nz/. What is the difference between a managed fund and a KiwiSaver scheme fund? KiwiSaver scheme funds and standalone managed funds often hold the same underlying investments. The difference is the wrapper: KiwiSaver scheme funds get the employer match plus government contribution but lock your money up until age 65 (with hardship and first-home withdrawal exceptions). Standalone managed funds are accessible any time, no employer match, no government contribution. Most NZ investors hold both for different purposes. Important: This guide is general information, not personalised financial advice. Tax rules change and individual circumstances differ. For your situation, read the relevant Product Disclosure Statement and consider speaking to a licensed financial adviser. ManagedFundsNZ is not a Financial Advice Provider. --- ## NZ managed-fund insights — fees, AUM, trends URL: https://managedfunds.nz/insights/ > Mechanical fund analysis recomputed from FMA Disclose data. Manager-claim verification, peer-cohort comparisons, fee and return analysis. No opinion, no advice. Insights Mechanical fund analysis, recomputed from FMA Disclose data Cohort comparisons, manager-claim verifications, fee and return analysis — mechanical numbers, transparent methodology, no opinion. Read each piece, draw your own conclusion. Manager claims verified Series A series. Each issue takes a publicly published fund claim — a manager objective, magazine article or regulator notice — and recomputes mechanically against FMA Disclose data. Read → Active vs index funds — fee and return cohorts Cohort report Side-by-side cohorts across all 7 fund categories. Mechanical numbers from FMA Disclose-mirrored Sorted Smart Investor data. Reader draws their own conclusion. Read → --- ## Active vs index managed funds — fees and 5-year returns URL: https://managedfunds.nz/insights/active-vs-index/ > 284 retail managed funds with reported fees: 226 active, 58 index. Median active fund charge 1.00% vs 0.42% for index. Per-category gaps in fees and 5-year returns. Sourced from FMA Disclose via Sorted Smart Investor. Insight Active vs index NZ managed funds — what they cost, what they returned We classified 284 NZ retail managed funds with reported fees into active (226) and index (58) using a manager-list + name-token rule. Fees and 5-year returns are taken from each fund's most recent FMA Quarterly Fund Update. No opinion, no forward-looking view — just the numbers. Median active fund charge 1.00% across 226 active funds Median index fund charge 0.42% across 58 index funds Fee gap (median) 0.58% active − index, percentage points p.a. What this means in dollars On a NZ$100,000 balance, the median fee gap costs an active-fund investor about NZ$585 p.a. in fund charges before compounding. Over 10 years, mechanically compounding the gap (assuming flat returns) widens it to about NZ$6006. The active fund still wins if its net-of-fees performance beats the index by more than the gap. Per-category breakdown Median values across all funds we matched in each category. — means we don't have enough funds of that style in that category to show a median (or the fund hasn't reported the metric). Category Active funds Index funds Fee gap 5y return gap # med fee # med fee act − idx act − idx Diversified Funds 59 1.02% 8 0.25% +0.77% -1.59% Australasian Equities 44 1.07% 14 0.54% +0.53% -0.07% International Equities 55 0.96% 26 0.47% +0.49% -3.03% New Zealand Fixed Interest 12 0.66% 2 0.32% +0.34% +0.15% International Fixed Interest 27 0.76% 4 0.36% +0.40% -0.04% Listed Property 13 1.05% 2 0.54% +0.51% -0.43% Cash and Cash Equivalents 4 0.44% 1 0.12% +0.32% — Other 7 1.08% 1 0.55% +0.53% — Read the gap columns carefully. A positive fee gap means active funds in this category typically charge more than index funds. A positive return gap means active funds have also outperformed over 5 years (after fees, before tax) — sometimes the case in less-efficient categories. A negative number means the opposite. Past performance is not a reliable indicator of future returns. All index funds we tracked Sorted by lowest annual fund charge. Each row links through to the fund's own page. Foundation Series Foundation Series US 500 Fund 0.03% p.a. fund charge Foundation Series Foundation Series Hedged US 500 Fund 0.03% p.a. fund charge Foundation Series Foundation Series US Dividend Equity Fund 0.06% p.a. fund charge Foundation Series Foundation Series Total World Fund 0.07% p.a. fund charge Foundation Series Foundation Series Hedged Total World Fund 0.07% p.a. fund charge Foundation Series Foundation Series Global ESG Fund 0.10% p.a. fund charge Simplicity Simplicity NZ Bond Fund 0.10% p.a. fund charge Simplicity Simplicity NZ Share Fund 0.10% p.a. fund charge Simplicity Simplicity NZ Cash Fund 0.12% p.a. fund charge Foundation Series Foundation Series Nasdaq-100 Fund 0.15% p.a. fund charge Simplicity Simplicity Hedged Global Bond Fund 0.15% p.a. fund charge Simplicity Simplicity Hedged Global Share Fund 0.15% p.a. fund charge Simplicity Simplicity Unhedged Global Share Fund 0.15% p.a. fund charge Smartshares Smart S&P/NZX 50 ETF 0.20% p.a. fund charge Harbour Harbour NZ Index Shares Fund 0.21% p.a. fund charge Simplicity Simplicity Conservative Investment Fund 0.25% p.a. fund charge Simplicity Simplicity Balanced Investment Fund 0.25% p.a. fund charge Simplicity Simplicity Growth Investment Fund 0.25% p.a. fund charge Simplicity Simplicity High Growth Investment Fund 0.25% p.a. fund charge Simplicity Simplicity Homes and Income Investment Fund 0.25% p.a. fund charge Smartshares Smart Australian Top 200 ETF 0.30% p.a. fund charge Smartshares Smart Global Aggregate Bond ETF 0.30% p.a. fund charge Smartshares Smart US 500 ETF 0.34% p.a. fund charge Smartshares Smart US ESG ETF 0.34% p.a. fund charge Foundation Series Foundation Series Balanced Fund 0.36% p.a. fund charge Mercer Mercer NZ Shares Passive Fund 0.36% p.a. fund charge Foundation Series Foundation Series High Growth Fund 0.37% p.a. fund charge Foundation Series Foundation Series Growth Fund 0.38% p.a. fund charge Smartshares Smart Total World ETF 0.40% p.a. fund charge Mercer Mercer All Country Global Shares Index Fund 0.43% p.a. fund charge Mercer Mercer Responsible Hedged Global Fixed Interest Index Fund 0.43% p.a. fund charge Smartshares Smart NZ Top 50 ETF 0.50% p.a. fund charge Smartshares Smart US Large Growth ETF 0.51% p.a. fund charge Smartshares Smart US Large Value ETF 0.51% p.a. fund charge Smartshares Smart US Mid Cap ETF 0.51% p.a. fund charge Smartshares Smart US Small Cap ETF 0.51% p.a. fund charge Smartshares Smart Australian Dividend ETF 0.54% p.a. fund charge Smartshares Smart Australian Financials ETF 0.54% p.a. fund charge Smartshares Smart Australian Resources ETF 0.54% p.a. fund charge Smartshares Smart NZ Dividend ETF 0.54% p.a. fund charge Smartshares Smart Global ESG ETF 0.54% p.a. fund charge Smartshares Smart Global Bond ETF 0.54% p.a. fund charge Smartshares Smart Australian Property ETF 0.54% p.a. fund charge Smartshares Smart NZ Property ETF 0.54% p.a. fund charge Smartshares Smart NZ Bond ETF 0.54% p.a. fund charge Smartshares Smart Asia Pacific ETF 0.55% p.a. fund charge Smartshares Smart Europe ESG ETF 0.55% p.a. fund charge Smartshares Smart Europe ETF 0.55% p.a. fund charge Smartshares Smart Japan ESG ETF 0.55% p.a. fund charge Smartshares Smart Bitcoin ETF 0.55% p.a. fund charge Smartshares Smart Emerging Markets ESG ETF 0.59% p.a. fund charge Smartshares Smart Emerging Markets ETF 0.59% p.a. fund charge Smartshares Smart Australian Top 20 ETF 0.60% p.a. fund charge Smartshares Smart NZ Mid Cap ETF 0.60% p.a. fund charge Smartshares Smart NZ Top 10 ETF 0.60% p.a. fund charge Smartshares Smart Australian Mid Cap ETF 0.75% p.a. fund charge Smartshares Smart Automation and Robotics ETF 0.75% p.a. fund charge Smartshares Smart Healthcare Innovation ETF 0.75% p.a. fund charge Methodology Classification. A fund is "index" if its manager is Vanguard, Smartshares, Foundation Series or Simplicity (entirely passive in NZ retail), or its fund name contains "Index", "Passive" or "Tracker". Everything else is "active". Smart-beta and enhanced-indexing funds default to active. Fee field. "Annual fund charge" is the standardised total cost ratio used in FMA Quarterly Fund Updates — a like-for-like number across all NZ retail funds. It includes management fees, admin costs and indirect fund expenses, but excludes performance fees from prior years. Return field. "5-year return p.a." is the after-fees-after-tax annualised return at the highest PIR (28%), as published in the Quarterly Fund Update. Source: FMA Disclose register, mirrored on Sorted Smart Investor. Sample. Of the 289 retail funds tracked on this site, 284 have reported fees we could match. Funds in `pending-ingestion` status are excluded until their first QFU is parsed. What this is not. Not a recommendation. Not a forecast. The 5-year window is a backward-looking observation that depends on the specific market regime — it will look different in 12 months. Read each fund's current PDS before investing. Sources FMA Disclose register Sorted Smart Investor · 2026-05-08 Frequently asked questions What counts as an "index" fund in this analysis? A fund is classified as index if (a) its manager runs a wholly passive NZ retail offering — Vanguard, Smartshares, Foundation Series, Simplicity — or (b) the fund name contains "Index", "Passive" or "Tracker". Everything else is treated as active. Edge cases (smart-beta, enhanced indexing) default to active until manually overridden. Where do the fee and return numbers come from? Each fund's "annual fund charge" and 5-year-after-fees-after-tax return are mirrored from the FMA Disclose register via Sorted Smart Investor. We do not republish numbers we cannot trace to a primary source. The Quarterly Fund Update (QFU) on Disclose is the canonical document. Does a lower index-fund fee mean it always outperforms an active fund? No. Net 5-year returns depend on market conditions, manager skill (or its absence), tracking error, currency exposure and tax structure. The 5-year return median in this table is what happened over a specific window, not a forecast. Past performance is not a reliable indicator of future returns. Can I see the underlying holdings of the funds in this comparison? Yes — every fund's top-10 holdings are shown on its individual page (linked from each row), pulled from the most recent FMA-mandated Quarterly Fund Update where available. Is this financial advice? No. ManagedFundsNZ is not licensed to provide financial advice. This page reports mechanical numbers from public disclosure data so you can do your own comparison. For personalised guidance, talk to a licensed financial adviser. ManagedFundsNZ is not a licensed financial adviser. This page reports mechanical comparisons of public disclosure data; it is not personalised advice. Past performance is not a reliable indicator of future returns. Always read each fund's current Product Disclosure Statement and consider speaking to a licensed financial adviser before investing. --- ## Fisher Funds Australian Growth — claim verified URL: https://managedfunds.nz/insights/fisher-funds-australian-growth-claim-verified/ > BusinessDesk reported Fisher Funds' Australian Growth Fund delivered 3.9% over 5 years on a 1.46% management fee. We recomputed from FMA Disclose: annual fund charge 0.87%, 5y return 5.32%, peer average 6.03%. $1M invested 5 years ago. Manager claims verified · 2026 Q2 Fisher Funds Australian Growth — we recomputed the BusinessDesk claim BusinessDesk's article We need to talk about Fisher Funds reported the Australian Growth Fund as a "$500k mistake" on a $1M investment, citing a 1.46% management fee and 3.9% 5-year return. We pulled the FMA Disclose-mirrored numbers from Sorted Smart Investor and recomputed the math. This is mechanical comparison, not financial advice. The published claim "Paying for Underperformance: Fisher Funds' Australian Growth Fund charges a 1.46% management fee (plus performance fees) only to deliver a measly 3.9% annualised return over five years. The $500k Mistake: If you had invested $1,000,000 in this fund five years ago, you'd have…" — BusinessDesk, "We need to talk about Fisher Funds", as quoted in r/PersonalFinanceNZ thread (109↑) The numbers, recomputed from FMA Disclose Metric Fisher Funds Australian Growth Peer-average (same category) Source Annual fund charge 0.87% 0.91% Sorted Smart Investor 5-year return p.a. (after fees + tax) 1.31% 4.91% Sorted Smart Investor Risk indicator (1–7) 5 — Sorted Smart Investor Fund size NZ$76.73M — Sorted Smart Investor Peer-average = same FMA-defined category (Australasian equity active). Fisher Funds Australian Growth had a return ~3.60% per year below the peer average over the period reported. $1,000,000 invested for 5 years — what compounding the published returns gives us Starting value $1,000,000 Fisher Funds Australian Growth — final NZ$1,067,239 Compounded at 1.31% p.a. over 5 years Peer average — final NZ$1,270,821 Compounded at 4.91% p.a. over 5 years Gap vs peer average: NZ$203,582 over 5 years on a $1M investment. BusinessDesk reported $500K — the difference is which benchmark each comparison uses (peer-average active fund vs a passive index). The direction is the same. Methodology — why our numbers differ from BusinessDesk's BusinessDesk cited "1.46% management fee plus performance fees". The FMA-mandated annual fund charge on Sorted is 0.87% — this is the standardised total cost ratio that goes in every Quarterly Fund Update, gross of investor-platform rebates and net of any fee-cap mechanism. BusinessDesk's 3.9% 5-year return is likely before tax. The Sorted-reported 1.31% is after fees and after tax at the highest PIR (28%). The peer-average in our table is the FMA-defined cohort of Australasian active-equity managed funds, mirrored on Sorted. BusinessDesk may have compared to a different benchmark (an index, a low-cost passive AU fund, etc.) — both are valid; they just measure different things. "$1M for 5 years" is a mechanical compounding calculation, not a guarantee of future performance. Important: This is a mechanical recompute of published numbers, presented for transparency. ManagedFundsNZ is not a Financial Advice Provider (FAP) and does not give personalised advice. Past performance is not a reliable indicator of future returns. Read the current Product Disclosure Statement on the FMA Disclose register and consider speaking to a licensed financial adviser before deciding what to do. Full Fisher Funds Australian Growth profile → FMA Disclose register entry → Common questions What did the BusinessDesk article claim? The BusinessDesk article "We need to talk about Fisher Funds" stated the Fisher Funds Australian Growth Fund charges a 1.46% management fee plus performance fees and delivered a 3.9% annualised return over five years. It framed this as a "$500k mistake" on a $1M invested 5 years ago. What does FMA Disclose data say? As mirrored on Sorted Smart Investor (which sources from the FMA Disclose register), the Fisher Funds Australian Growth Fund's annual fund charge is 0.87% p.a. and its 5-year return after fees and tax is 1.31%. The peer-average annual fund charge is 0.91% and peer 5-year return is 4.91%. Why do the BusinessDesk numbers differ from the FMA Disclose numbers? They measure different things. The BusinessDesk 1.46% likely includes performance fees and base management charges before any rebates. The FMA Disclose-mirrored 0.87% is the "annual fund charge" — the standardised total cost ratio used in Quarterly Fund Updates. Returns: BusinessDesk's 3.9% may be a before-tax pre-fee figure; Sorted reports after-fees and after-tax at the highest PIR. Always read each headline number with its methodology footnote. What would $1M have grown to in this fund vs the peer average over 5 years? Compounding the FMA Disclose-mirrored 5-year returns: $1,000,000 in the Fisher Funds Australian Growth Fund grew to NZ$1,067,239, vs the peer-average growth to NZ$1,270,821. That's a gap of NZ$203,582 — roughly 204K over 5 years on a $1M investment. (This is mechanical math against published returns, not advice.) Is this a recommendation to avoid the fund? No. ManagedFundsNZ does not provide financial advice and is not licensed to make recommendations. Past performance is not a reliable indicator of future returns. The fund's strategy may suit different investor goals than its peer average. Read the current Product Disclosure Statement and consider speaking to a licensed financial adviser. --- ## Manager claims verified URL: https://managedfunds.nz/insights/manager-claims-verified/ > A series of mechanical fact-checks of publicly published fund claims. Each issue takes a manager objective, magazine article or regulator notice and recomputes from FMA Disclose data. Neutral framing — no opinion, no advice. Insights series Manager claims, recomputed from FMA Disclose data Each issue takes a publicly published fund claim — a manager's PDS objective, a magazine article, a regulator notice — and recomputes the math from FMA Disclose-mirrored data. We show both numbers and the methodology gap. We do not draw a conclusion. Milford Active Growth Fund Methodology gap — target and FMA figure are not directly comparable Claim source: Milford Investment Funds PDS (June 2025) Published return objective: 10% p.a. before tax and performance fee, over 7+ years. Published 8 May 2026 · Milford · Read the recompute → Fisher Funds Australian Growth Fund FMA Disclose returns sit below the peer-cohort average over the period reported Claim source: BusinessDesk article ("We need to talk about Fisher Funds") Published claim: 1.46% management fee, 3.9% 5-year return, "$500K mistake" on $1M. Published 7 May 2026 · Fisher Funds · Read the recompute → How this series works We start from a publicly published claim — a manager's PDS objective, a media article, or a regulator notice. We pull the FMA Disclose-mirrored numbers (annual fund charge, 5-year return after fees and tax, peer-cohort averages) from Sorted Smart Investor. We present both side by side, explain methodology gaps, and compute mechanical $-amount illustrations. We do not give an opinion or recommendation. ManagedFundsNZ is not a Financial Advice Provider. We accept no payment from fund managers for inclusion or exclusion. Common questions What does "claim verified" mean here? For each issue, we take a publicly published claim about a fund — a published return objective in the manager's PDS, a fee or return cited in a media article, or a regulator notice — and recompute the relevant numbers from FMA Disclose-mirrored data on Sorted Smart Investor. We present both numbers, explain methodology gaps, and let the reader draw their own conclusion. We do not give an opinion or a recommendation. Why is this useful? Published fund claims often use different methodology to the FMA-mandated standardised figures (annual fund charge and 5-year return after fees and tax). The numbers can look very different even when both are correct, because they measure different things. We show the gap explicitly so investors can compare apples to apples. Is this financial advice? No. ManagedFundsNZ is not a Financial Advice Provider (FAP) and does not give personalised advice. The "claim verified" series is mechanical comparison only — it does not tell you which fund to choose. Past performance is not a reliable indicator of future returns. Read the current Product Disclosure Statement and consider speaking to a licensed financial adviser before deciding. How do you choose which claims to verify? We prioritise claims that are widely cited (large-circulation media, manager flagship funds, regulator notices) and where we can recompute against FMA Disclose data. We do not accept payment from fund managers for inclusion or exclusion. If you have a published claim you would like us to check, email hello@managedfunds.nz with a link to the source. Important: Past performance is not a reliable indicator of future returns. The mechanical comparisons in this series do not constitute financial advice. Read the current Product Disclosure Statement on the FMA Disclose register and consider speaking to a licensed financial adviser before deciding what to do. --- ## Milford Active Growth — claim verified URL: https://managedfunds.nz/insights/milford-active-growth-claim-verified/ > Milford's Active Growth Fund publishes a return objective of 10% p.a. before tax and performance fee over 7+ years. We pulled the FMA Disclose-mirrored numbers: annual fund charge 1.05%, 5y return 6.79% after fees and tax, peer average 4.31%. Mechanical comparison only. Manager claims verified · 2026 Q2 Milford Active Growth — we recomputed the fund's published objective Milford's Investment Funds PDS publishes an explicit return objective for the Active Growth Fund. We pulled the FMA Disclose-mirrored numbers from Sorted Smart Investor and put them side by side. This is mechanical comparison, not financial advice. The published objective "The Fund's objective is to provide annual returns of 10% after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of 7 years." — Milford Investment Funds Product Disclosure Statement (18 June 2025), as mirrored on Sorted Smart Investor The numbers, recomputed from FMA Disclose Metric Milford Active Growth Peer-average (same category) Source Annual fund charge 1.05% 1.29% Sorted Smart Investor 5-year return p.a. (after fees + tax) 6.79% 4.31% Sorted Smart Investor Risk indicator (1–7) 4 — Sorted Smart Investor Fund size NZ$5.98B — Sorted Smart Investor Peer-average = same FMA-defined category (diversified-growth managed funds, ~78% growth assets). Over the period reported, the Milford Active Growth Fund's 5-year return was 2.48 percentage points above peer average and its annual fund charge was 0.24 percentage points below. $100,000 invested for 5 years — what compounding the published returns gives us Starting value $100,000 Milford Active Growth — final NZ$138,884 Compounded at 6.79% p.a. over 5 years Peer average — final NZ$123,489 Compounded at 4.31% p.a. over 5 years Difference vs peer average: NZ$15,395 over 5 years on a $100K investment. This is mechanical compounding against published 5-year returns — past performance is not a reliable indicator of future returns and the fund's performance fee, which is not deducted from the published 5-year return figure used here in only some periods, can change the gap on a forward-looking basis. Methodology — why the published 10% target and the FMA 6.79% are not directly comparable The Milford-published 10% p.a. target is before tax and before the performance fee. It assumes only the base fund fee has been deducted. The FMA-reported 6.79% 5-year return is after all fees (including performance fees) and after tax at the highest PIR (28%). This is the standardised figure published in every Quarterly Fund Update across every retail managed fund in NZ. The two numbers can only be compared after grossing the FMA figure up for tax and adding back the performance-fee drag — both of which vary by period. We do not perform that adjustment here because it would require assumptions about the period's effective tax rate and performance-fee accrual that are not in the published data. The peer-cohort comparison (6.79% vs 4.31% peer-average; 1.05% fee vs 1.29% peer-average fee) is apples-to-apples because both numbers are FMA-standardised on the same basis. The minimum recommended investment timeframe in the published objective is 7 years. The Sorted-mirrored 5-year return is shorter than that horizon — Milford does not publish a 7-year return on the FMA-mandated dashboard, which only requires up to 5 years. Important: This is a mechanical recompute of published numbers, presented for transparency. ManagedFundsNZ is not a Financial Advice Provider (FAP) and does not give personalised advice. Past performance is not a reliable indicator of future returns. Read the current Product Disclosure Statement on the FMA Disclose register and consider speaking to a licensed financial adviser before deciding what to do. Full Milford Active Growth profile → Milford Investment Funds PDS (PDF) → FMA Disclose register entry → Common questions What does Milford publish as its return objective for this fund? Milford's Investment Funds Product Disclosure Statement (June 2025), mirrored on Sorted Smart Investor, states the Active Growth Fund's objective is to provide annual returns of 10% after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of 7 years. What does FMA Disclose data say about actual returns? As mirrored on Sorted Smart Investor, the Milford Active Growth Fund's annual fund charge is 1.05% p.a. and its 5-year return after fees and tax (at the highest PIR) is 6.79%. The peer-average annual fund charge is 1.29% and peer 5-year return is 4.31%. Can I compare the published 10% target directly to the FMA-reported 6.79%? Not directly — they measure different things. The Milford-published 10% target is before tax and before performance fees (after only the base fund fee). The FMA-reported 6.79% is after all fees (including performance fees) and after tax at the highest PIR (28%). Adjusting for those two drag layers changes the comparison materially. The FMA-required figure is the standardised one used across every retail managed fund, which is why we present it here without adjustment. What about the peer-cohort comparison? On the FMA-defined diversified-growth peer cohort, the Active Growth Fund's annual fund charge of 1.05% sits 0.24 percentage points below the peer-average 1.29%, and its 5-year return of 6.79% sits 2.48 percentage points above the peer-average 4.31% (after fees and tax). This is mechanical peer-cohort positioning over a single 5-year window — it is not predictive of future periods. What would $100,000 have grown to in this fund vs the peer average over 5 years? Compounding the FMA Disclose-mirrored 5-year returns: $100,000 in the Milford Active Growth Fund grew to NZ$138,884, vs the peer-average growth to NZ$123,489. The difference is NZ$15,395 over 5 years on a $100K starting investment. This is mechanical math against published returns, not a guarantee of future performance. Is this an endorsement of the fund? No. ManagedFundsNZ does not provide financial advice and is not licensed to make recommendations. Past performance is not a reliable indicator of future returns. Different funds suit different investor goals, time horizons, and risk tolerances. Read the current Product Disclosure Statement and consider speaking to a licensed financial adviser before deciding what to do. --- ## Managed funds NZ — independent reference on every retail fund | 2026 URL: https://managedfunds.nz/managed-funds/ > Independent guide to NZ managed funds. 289 funds across 57 licensed managers, sourced from the FMA Disclose register. Fees, structure, tax, and how to compare. Managed funds NZ Independent reference on every retail managed fund offered to New Zealanders. 289 funds across 57 FMA-licensed managers, sourced from the FMA Disclose register. Fees, structure, tax, mandate — and the questions to ask before you invest. Last reviewed 2026-05-31. We don't accept fees from fund managers for placement. Every fact links back to its source filing. What is a managed fund? A managed fund is a pooled investment vehicle. Investors buy units in the fund; the manager invests the combined money under a single mandate disclosed in the fund's Product Disclosure Statement (PDS) and Statement of Investment Policy and Objectives (SIPO). Returns and costs are allocated to unit-holders pro-rata. The structure exists because most individual investors don't have the time, expertise, or capital to build a diversified portfolio of securities directly — a managed fund delegates that work to a licensed manager in exchange for an annual fund charge. In New Zealand, every retail managed fund offered to the public must be registered under the Financial Markets Conduct Act 2013 (FMCA), licensed by the Financial Markets Authority (FMA), and supervised by an independent licensed supervisor. Scheme assets are held by an independent custodian — not the manager — and audited financial statements are filed annually. This site covers the 289 retail funds on the FMA Disclose register; wholesale-only funds (offered to high-net-worth investors under different rules) are not in scope here. The eight categories we use We group every fund into one of eight categories, mirroring the FMA Disclose taxonomy. The category is the manager's stated mandate — not a guarantee of underlying holdings, which drift between QFUs. Diversified (67 funds) — Aggressive, growth, balanced and conservative one-stop funds. Australasian Equities (58 funds) — NZ and Trans-Tasman shares — active, index and ETF wrappers. International Equities (87 funds) — Global, US, Europe, Asia, emerging markets and thematic. NZ Fixed Interest (14 funds) — NZ government and corporate bonds. International FI (34 funds) — Global aggregate, corporate and sovereign bonds. Listed Property (16 funds) — NZ, Australian and global REITs. Cash (5 funds) — On-call and short-duration cash funds. Other (8 funds) — Infrastructure, Bitcoin and specialty income funds. How to compare managed funds Most "top-picks" articles in NZ are sponsored, FAP-licensed financial advice, or marketing copy from a manager. We are none of those. The right approach is mechanical: Match the mandate to your need. A 30-year-old saving for retirement and a 70-year-old drawing down have different risk and liquidity needs. The PDS describes the mandate; the SIPO sets the rules around how the manager can stray from it. Compare annual fund charges within the same category. Fees compound. A 1.5% fund and a 0.5% fund in the same category have a structural ~1.0% per-year disadvantage that the higher-fee fund must overcome with security selection. Over multi-decade investing horizons, even small annual differences accumulate into meaningful gaps in end-balance. Every fund page on this site surfaces the annual fund charge from the latest QFU. Read the SIPO sections on derivatives, currency hedging, and rebalancing. These describe how the manager actually runs the money, beyond the headline category. Check returns over multiple periods. 1-year returns are noise; 5-year returns are weakly informative; since-inception returns matter more when the fund has weathered a full cycle. Past returns do not predict future returns — but they reveal whether the manager has delivered against their stated benchmark. Verify the manager and supervisor. Both must hold an FMA licence. The PDS lists the parent company and any related-party transactions. Conflicts of interest are disclosed — read that section. Side-by-side comparisons are at /compare/. Per-category league tables (sorted by annual fund charge, by since-inception return, by FUM) are at /categories/. To filter by goal — low fee, monthly income, ESG mandate, etc. — use /best/. Annual fund charges, explained The annual fund charge is the FMA-prescribed disclosure of all costs paid by investors, expressed as an annual percentage of assets under management. It rolls up the management fee (to the manager), the supervisor fee, custody and audit fees, and other recurring expenses. It does not typically include transaction costs (brokerage, settlement spread) or performance fees, which are disclosed separately. Two funds in the same category can have annual fund charges from 0.20% (passive index funds) up to 1.50%+ (active boutique managers). The fee difference compounds over decades. There is no universal "right" fee — whether an active manager delivers enough excess return after fees to justify a higher charge is an empirical question that only multi-cycle, before-fee return data can answer. The conservative default is to favour lower-fee funds in efficient asset classes (US large-cap, NZ aggregate bonds, global investment-grade) and accept higher fees only where active management has a defensible thesis (small-cap, illiquid, frontier). PIE tax, PIR, and your effective rate Most NZ retail managed funds elect Portfolio Investment Entity (PIE) status under the Income Tax Act 2007. PIE funds tax investor income at the investor's Prescribed Investor Rate (PIR), capped at 28%. The PIR depends on the investor's prior-two-years' total taxable income: 10.5% — taxable income up to $14,000 in each of the prior two years AND total income up to $48,000 17.5% — taxable income up to $48,000 in each of the prior two years AND total income up to $70,000 28% — everyone else (including most full-time workers) The PIR cap matters: an investor on the 39% marginal rate pays only 28% on PIE fund income, a structural saving versus the 39% they'd pay on bank interest. IRD reconciles wrong PIRs on the year-end tax return — supplying too low a PIR creates a square-up liability; too high overpays and may not be refundable. Funds also benefit from internal handling of Foreign Investment Fund (FIF) rules when holding offshore equities, which simplifies the investor's own tax position. The IRD's PIE guidance is the authoritative reference. If your income changes meaningfully, update your PIR with the fund manager directly. Risk — what the disclosure framework does and doesn't cover The NZ regulatory framework reduces operational and disclosure risk. Every retail manager is licensed; every scheme has an independent supervisor; assets sit with an independent custodian; financial statements are audited. The PDS is required to describe the most material risks plainly. The FMA can investigate and act if disclosure is misleading. The framework does not insulate investors from investment risk: unit prices fall as well as rise, there is no government guarantee, and past returns do not predict future returns. Diversified retail funds spread risk across hundreds of securities and multiple asset classes, but single-asset-class funds (pure international equities, listed property) have historically had 40-50% drawdowns in severe bear markets — and recovered over 3-7 years if the investor held through. The RBNZ Financial Stability Report covers system-level risks; individual fund PDSs cover scheme-specific risks. Managed funds vs KiwiSaver funds A KiwiSaver scheme fund is a managed fund wrapped inside the KiwiSaver scheme structure. Many managers offer the same underlying portfolio in both wrappers — e.g. a "Growth" fund as both a KiwiSaver fund and a retail managed fund. The differences are not in the investment strategy but in the wrapper: KiwiSaver includes a $521 annual government contribution (when you contribute $1,043+), an employer contribution (typically 3% of salary), and is locked until age 65 (with first-home and hardship exceptions). Retail managed funds have none of these. Retail managed funds are fully accessible at any time, with no withdrawal lock and no minimum contribution. Tax treatment is identical: most funds in both wrappers are PIEs, with PIR capped at 28%. For most New Zealanders, the question is not either/or but the mix — KiwiSaver to capture the employer + government top-up, plus an optional retail managed fund for the portion of savings that needs to be accessible before 65. Per Sorted Smart Investor for KiwiSaver-specific comparisons. Who runs NZ managed funds The 57 licensed managers in our coverage range from large bank-owned platforms (ANZ Investments, ASB, BNZ, Westpac) through specialist active managers (Milford, Fisher Funds, Harbour, Mint, Pie Funds), platform aggregators (InvestNow, Sharesies, Booster), to passive index providers (Smartshares, Kernel, Simplicity). Each has a different fee structure, distribution model, and investment philosophy. Manager profiles at /providers/ link to the manager's FMA Disclose page, FSP number, and parent company. How this site is built Every fund fact on this site is sourced from the FMA Disclose register, the manager's own PDS / SIPO / QFU, the IRD PIE rules, or the FMA Frequently Asked Questions. We do not paraphrase or interpret; where the source uses specific language, we quote it verbatim with a citation. Where the source is silent or ambiguous, we say so — we do not infer numbers that aren't disclosed. Methodology page documents the ingest pipeline, refresh cadence, and the rules we follow for what we will and will not publish. We don't accept fees from managers for placement, ranking, or commentary. There are no sponsored funds; there is no "promoted" tier; the order in any league table is mechanical. We do plan to offer paid insights tooling to advisers and B2B users — that pricing is separate from the public directory, which is and will remain free. Frequently asked questions What is a managed fund in New Zealand? A managed fund is a pooled investment vehicle where investor money is combined and managed under a single mandate by a licensed manager. In NZ, retail managed funds offered to the public must be registered under the Financial Markets Conduct Act 2013 (FMCA), regulated by the Financial Markets Authority (FMA), and supervised by a licensed supervisor. Each scheme files a Product Disclosure Statement (PDS), a Statement of Investment Policy and Objectives (SIPO), and quarterly Fund Updates (QFUs) to the FMA Disclose register. Managed funds cover diversified one-stop portfolios, asset-class specialists (equities, bonds, listed property), and cash funds. How many managed funds are there in NZ? Our coverage tracks 289 retail managed funds across 57 licensed managers — the population disclosed on the FMA Disclose register and active for public investment as at the most recent QFU. The total NZ fund universe is larger when wholesale-only funds and KiwiSaver-only schemes are included; for KiwiSaver, see /schemes/ and Sorted Smart Investor. How do managed fund fees work? Most NZ retail managed funds charge a total annual fund charge as a percentage of assets under management. Disclose categorises this into the management fee (paid to the manager), the supervisor fee, and other expenses. Some funds also charge a performance fee when returns exceed a benchmark. Fees compound over decades — meaningful differences in annual fund charges within the same category have a structural impact on long-term outcomes that the higher-fee fund must overcome with security selection. Every fund page on this site shows the disclosed annual fund charge and links to the source QFU. What is the difference between a managed fund and a KiwiSaver fund? A KiwiSaver scheme fund is a managed fund wrapped inside the KiwiSaver scheme structure with specific tax and withdrawal rules. Retail managed funds outside KiwiSaver have no government contribution, no employer contribution, and no withdrawal lock until age 65 — but they are also fully accessible at any time. Many managers offer the same underlying portfolio in both wrappers (e.g. "Growth" as both a KiwiSaver fund and a managed fund). Tax treatment differs: most funds in both wrappers use Portfolio Investment Entity (PIE) tax, capped at a 28% Prescribed Investor Rate (PIR) — usually advantageous for higher-bracket taxpayers. How are managed funds taxed in New Zealand? Most NZ managed funds elect Portfolio Investment Entity (PIE) status under the Income Tax Act 2007. PIE funds pay tax at the investor's Prescribed Investor Rate (PIR), capped at 28%. The PIR depends on the investor's prior-two-years' total taxable income (10.5% / 17.5% / 28% bands). If the wrong PIR is supplied, IRD reconciles the difference on the year-end tax return. Non-PIE funds (a minority) tax all income at the investor's marginal rate. Foreign Investment Fund (FIF) rules typically do not apply when the manager holds offshore assets inside a PIE — the PIE handles foreign tax internally. Are managed funds safe? Managed funds carry investment risk — the unit price can fall as well as rise, and there is no government guarantee. The regulatory framework reduces operational and disclosure risk: every retail manager must hold a Manager licence (MIS Manager) from the FMA, every scheme must have an independent licensed supervisor, scheme assets are held by an independent custodian, and the PDS + QFUs are publicly auditable on the Disclose register. What the framework cannot prevent is poor investment outcomes from a fund's mandate, market falls, or sequence-of-returns risk. Past performance does not predict future returns. How do I compare managed funds? Compare on five dimensions: (1) mandate and category — does the asset allocation match your risk tolerance and time horizon; (2) annual fund charge — lower fees compound to a larger result over decades, all else equal; (3) PDS and SIPO substance — how the manager describes risk, derivatives use, currency hedging, and rebalancing; (4) historical returns over multiple periods (1yr / 5yr / since-inception), recognising that past returns do not predict future returns; (5) manager and supervisor — both must be FMA-licensed, and the manager's parent company and any conflicts of interest are disclosed in the PDS. This site provides side-by-side comparisons at /compare/ and per-category league tables at /categories/. What is the FMA Disclose register? The FMA Disclose register (disclose-register.companiesoffice.govt.nz) is the official New Zealand database of every registered managed investment scheme, KiwiSaver scheme, and superannuation scheme. It holds PDSs, SIPOs, QFUs, audited financial statements, and scheme-level updates. Every fund covered on this site links to its source Disclose page. Investors should verify any third-party data — including ours — against the latest Disclose filing before relying on it for a decision. What does "annual fund charge" mean? The annual fund charge is the FMA-prescribed disclosure of all costs paid by investors in a fund, expressed as an annual percentage of assets under management. It includes the management fee, supervisor fee, custody and audit fees, and other recurring costs. It does NOT typically include transaction costs (brokerage, settlement) or performance fees, which are disclosed separately. The annual fund charge appears on every QFU and is the single most comparable cost number across funds in the same category. Can I lose all my money in a managed fund? In principle yes — there is no government guarantee on managed-fund investments, and the unit price reflects the market value of underlying assets. In practice, diversified retail funds spread risk across hundreds of securities and multiple asset classes, so a total loss would require a market event severe enough that no diversified portfolio survives. Single-asset-class funds (e.g. pure international equities) have historically had drawdowns of 40-50% in severe bear markets and recovered over 3-7 years. Single-name security funds and concentrated specialty funds carry materially higher risk. Always read the PDS section "What are the risks?" — it is required to describe the most material risks plainly. Where to from here Browse every fund: /funds/ (289 funds) By category: /categories/ (8 categories) By manager: /providers/ (57 managers) Side-by-side: /compare/ By goal (low fee, monthly income, ESG): /best/ For advisers + B2B: /insights/ Information only — not financial advice (FMCA s23 / Schedule 1). Past returns do not predict future returns. Before investing, read the fund's PDS and SIPO. If you need personal financial advice, talk to an FMA-licensed Financial Advice Provider. --- ## PDS publication timeline — 51 NZ fund managers URL: https://managedfunds.nz/managers/pds-timeline/ > Refresh cadence for 51 NZ retail managed-fund managers. Shows newest PDS date per manager; median age 2.3 months. PDS publication timeline How recently each NZ retail managed-fund manager has lodged a fresh Product Disclosure Statement on the FMA Disclose register. 51 managers across our coverage, with a median newest-PDS age of 2.3 months. Sorted by oldest-newest-PDS first (stalest at the top — these are the managers whose latest PDS is the longest overdue for a refresh). Source: every fund's current PDS lodged on the FMA Disclose register. Cross-Pangaea data-freshness rule excludes any PDF older than 36 months from extraction — a manager whose newest PDS is approaching that threshold is unlikely to be refreshing on a routine schedule. 5 stalest newest-PDS dates Squirrel 2024-12-10 Pella 2025-03-26 Vision 2025-05-06 AMP 2025-05-19 Salt 2025-06-12 5 freshest newest-PDS dates Mint 2026-05-21 Summer 2026-05-13 Octagon 2026-05-13 Harbour 2026-05-12 Plato 2026-05-08 All managers — newest PDS date Manager Funds Oldest PDS Newest PDS Age (mo) Squirrel 1 2024-12-10 2024-12-10 17.7 Pella 1 2025-03-26 2025-03-26 14.2 Vision 1 2025-05-06 2025-05-06 12.8 AMP 4 2025-05-19 2025-05-19 12.4 Salt 3 2025-06-12 2025-06-12 11.6 Milford 10 2025-06-17 2025-06-17 11.4 Kernel 19 2025-08-06 2025-08-06 9.8 Simplicity 6 2025-08-14 2025-08-14 9.5 Amova 5 2025-08-21 2025-08-28 9.1 Antipodes 1 2025-09-02 2025-09-02 8.9 Resolution Capital 2 2025-09-17 2025-09-17 8.4 Dimensional 6 2025-09-29 2025-09-29 8.0 ANZ Investments 13 2025-10-21 2025-10-21 7.3 SBS Wealth 4 2025-11-06 2025-11-06 6.8 Evidential 2 2025-11-18 2025-11-18 6.4 Generate 1 2025-11-25 2025-11-25 6.2 ACI 2 2025-11-27 2025-11-27 6.1 Schroders 2 2026-01-20 2026-01-20 4.3 Booster 9 2025-04-29 2026-01-21 4.3 Foundation Series 10 2026-01-29 2026-01-29 4.0 Fisher Funds 11 2025-09-23 2026-03-05 2.9 Lifetime 5 2026-03-08 2026-03-08 2.8 NZ Funds 11 2025-10-20 2026-03-12 2.6 Hunter 2 2026-03-11 2026-03-18 2.4 Pie Funds 2 2026-03-20 2026-03-20 2.4 Mercer 14 2026-03-19 2026-03-22 2.3 Hyperion 2 2026-03-26 2026-03-26 2.2 Bentham 2 2026-03-26 2026-03-26 2.2 Aurellan 2 2026-03-26 2026-03-26 2.2 Brandywine 2 2026-03-27 2026-03-27 2.2 JPMorgan 1 2026-03-27 2026-03-27 2.2 Te Ahumairangi 1 2026-03-29 2026-03-29 2.1 Pathfinder 4 2026-03-30 2026-03-30 2.1 First Sentier 1 2026-03-30 2026-03-30 2.1 Stewart Investors 1 2026-03-30 2026-03-30 2.1 BetaShares 6 2026-03-30 2026-03-30 2.1 Castle Point 2 2026-03-31 2026-03-31 2.0 Clarity 9 2026-04-01 2026-04-02 2.0 Devon 4 2026-04-02 2026-04-02 2.0 Lighthouse 1 2026-04-02 2026-04-02 2.0 Daintree 2 2026-04-02 2026-04-02 2.0 Artesian 2 2026-04-07 2026-04-07 1.8 Coolabah 4 2026-04-09 2026-04-09 1.7 Russell Investments 8 2026-04-14 2026-04-14 1.6 Smartshares 25 2025-08-26 2026-04-24 1.2 Elevation Capital 1 2026-05-07 2026-05-07 0.8 Plato 1 2026-05-08 2026-05-08 0.8 Harbour 13 2026-03-23 2026-05-12 0.6 Octagon 3 2026-05-13 2026-05-13 0.6 Summer 8 2026-05-13 2026-05-13 0.6 Mint 5 2026-05-21 2026-05-21 0.3 How to read this Most NZ MIS managers refresh their PDS annually as required by the Financial Markets Conduct Act 2013 — typical age between PDS reissue is 6-18 months. A "newest PDS" age above 24 months is unusual and suggests the manager may have changed its publication cadence or is at the edge of needing a refresh. Anything above 36 months falls outside our cross-Pangaea data-freshness extraction gate and would not appear on this site as a primary-source citation. PDS dates are sourced from the document metadata of each PDF lodged on the FMA Disclose register. Some managers publish multiple PDSes per scheme (e.g. Harbour, Mercer, Booster) — we show the newest across the whole manager. --- ## NZ managed funds ranked by mandate flexibility (251) URL: https://managedfunds.nz/mandate-flexibility/funds/ > 251 NZ retail managed funds ranked by SAA range width. 68 funds have high-discretion mandates (>200%); 112 are index-tracking style (<50%). Primary source: each fund's Statement of Investment Policy. NZ managed funds ranked by mandate flexibility 251 NZ retail managed funds ranked by the sum of (max% – min%) across all asset classes in their Statement of Investment Policy. Wider ranges mean the manager has more discretion to move between asset classes; narrower ranges mean the fund tracks closer to its target strategic asset allocation (index-style). Median mandate flexibility: 75%. Source: each fund's current SIPO lodged on the FMA Disclose register. High-discretion active 68/251 funds with flexibility > 200% Moderate-discretion 71/251 funds with flexibility 50–200% Index-tracking style 112/251 funds with flexibility < 50% #1 Castle Point 5 Oceans Fund Castle Point · Diversified 10 asset-class ranges · high-discretion active 610% flexibility 1.18% annual SIPO 2026-03-25 #2 Salt Long Short Fund Salt · Australasian Equities 4 asset-class ranges · high-discretion active 595% flexibility 3.21% annual SIPO 2025-06-12 #3 Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI 9 asset-class ranges · high-discretion active 589% flexibility SIPO 2026-04-02 #4 Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI 10 asset-class ranges · high-discretion active 498% flexibility SIPO 2026-04-02 #5 Milford Active Growth Fund Milford · Diversified 9 asset-class ranges · high-discretion active 455% flexibility 1.05% annual SIPO 2025-06-17 #6 Pathfinder Ethical Growth Fund Pathfinder · Diversified 7 asset-class ranges · high-discretion active 455% flexibility 1.31% annual SIPO 2026-04-13 #7 Milford Conservative Fund Milford · Diversified 9 asset-class ranges · high-discretion active 439% flexibility 0.85% annual SIPO 2025-06-17 #8 Milford Australian Absolute Growth Fund Milford · Australasian Equities 9 asset-class ranges · high-discretion active 410% flexibility 1.05% annual SIPO 2025-06-17 #9 ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments · Diversified 15 asset-class ranges · high-discretion active 378% flexibility 0.95% annual SIPO 2025-10-21 #10 Milford Diversified Income Fund Milford · Diversified 9 asset-class ranges · high-discretion active 374% flexibility 0.65% annual SIPO 2025-06-17 #11 QuayStreet Income Fund QuayStreet · Diversified 9 asset-class ranges · high-discretion active 370% flexibility 0.77% annual SIPO 2026-03-30 #12 Vision Income Fund Vision · International FI 4 asset-class ranges · high-discretion active 360% flexibility 2.51% annual SIPO 2025-04-01 #13 Milford Balanced Fund Milford · Diversified 9 asset-class ranges · high-discretion active 347% flexibility 1.05% annual SIPO 2025-06-17 #14 Pathfinder Global Property Fund Pathfinder · Listed Property 7 asset-class ranges · high-discretion active 340% flexibility 1.00% annual SIPO 2026-04-13 #15 ANZ Investments OneAnswer Balanced Fund ANZ Investments · Diversified 15 asset-class ranges · high-discretion active 337% flexibility 0.90% annual SIPO 2025-10-21 #16 ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments · Diversified 15 asset-class ranges · high-discretion active 333% flexibility 0.75% annual SIPO 2025-10-21 #17 Summer Growth Selection Summer · Diversified 9 asset-class ranges · high-discretion active 330% flexibility 1.02% annual SIPO 2026-05-13 #18 Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property 6 asset-class ranges · high-discretion active 325% flexibility 1.53% annual SIPO 2026-03-08 #19 ANZ Investments OneAnswer Conservative Fund ANZ Investments · Diversified 15 asset-class ranges · high-discretion active 321% flexibility 0.63% annual SIPO 2025-10-21 #20 Milford Aggressive Fund Milford · Diversified 9 asset-class ranges · high-discretion active 320% flexibility 1.15% annual SIPO 2025-06-17 #21 Harbour Balanced Growth Fund Harbour · Diversified 10 asset-class ranges · high-discretion active 315% flexibility 1.04% annual SIPO 2026-05-14 #22 Octagon Balanced Fund Octagon · Diversified 9 asset-class ranges · high-discretion active 310% flexibility 1.17% annual SIPO 2026-05-12 #23 Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities 7 asset-class ranges · high-discretion active 310% flexibility 1.00% annual SIPO 2026-04-13 #24 Summer Balanced Selection Summer · Diversified 9 asset-class ranges · high-discretion active 310% flexibility 1.02% annual SIPO 2026-05-13 #25 Summer Conservative Selection Summer · Diversified 9 asset-class ranges · high-discretion active 310% flexibility 0.87% annual SIPO 2026-05-13 #26 Mercer Macquarie NZ Short Duration Fund Mercer · NZ Fixed Interest 6 asset-class ranges · high-discretion active 305% flexibility 0.68% annual SIPO 2026-03-22 #27 Devon Alpha Fund Devon · Australasian Equities 3 asset-class ranges · high-discretion active 300% flexibility 1.30% annual SIPO 2026-04-02 #28 Mint Australasian Equity Fund Mint · Australasian Equities 3 asset-class ranges · high-discretion active 300% flexibility 1.18% annual SIPO 2026-05-20 #29 NZ Funds Global Shares NZ Funds · International Equities 8 asset-class ranges · high-discretion active 300% flexibility 3.12% annual SIPO 2025-10-20 #30 Summer Global Fixed Interest Summer · International FI 9 asset-class ranges · high-discretion active 300% flexibility 0.87% annual SIPO 2026-05-13 #31 Fisher Funds Conservative Fund Fisher Funds · Diversified 11 asset-class ranges · high-discretion active 295% flexibility 1.35% annual SIPO 2026-03-08 #32 QuayStreet NZ Equity Fund QuayStreet · Australasian Equities 9 asset-class ranges · high-discretion active 290% flexibility 1.27% annual SIPO 2026-03-30 #33 ANZ Investments OneAnswer High Growth Fund ANZ Investments · Diversified 16 asset-class ranges · high-discretion active 282% flexibility 0.95% annual SIPO 2026-02-15 #34 Simplicity Homes and Income Investment Fund Simplicity · Diversified 5 asset-class ranges · high-discretion active 280% flexibility 0.25% annual SIPO 2026-05-01 #35 Booster Wealth Geared Growth Fund Booster · Diversified 11 asset-class ranges · high-discretion active 279% flexibility 1.35% annual SIPO 2026-03-30 #36 Harbour Income Fund Harbour · Diversified 7 asset-class ranges · high-discretion active 275% flexibility 0.66% annual SIPO 2026-05-14 #37 ACI Conservative Fund ACI · Diversified 7 asset-class ranges · high-discretion active 270% flexibility 1.50% annual SIPO 2025-11-26 #38 Booster Shielded Growth Fund Booster · Diversified 10 asset-class ranges · high-discretion active 269% flexibility 1.41% annual SIPO 2026-03-30 #39 Fisher Funds Growth Fund Fisher Funds · Diversified 11 asset-class ranges · high-discretion active 265% flexibility 1.46% annual SIPO 2026-03-08 #40 Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest 9 asset-class ranges · high-discretion active 260% flexibility 0.65% annual SIPO 2025-06-17 #41 Devon Trans-Tasman Fund Devon · Australasian Equities 3 asset-class ranges · high-discretion active 250% flexibility 1.36% annual SIPO 2026-04-02 #42 Harbour Long Short Fund Harbour · Australasian Equities 3 asset-class ranges · high-discretion active 250% flexibility 1.23% annual SIPO 2026-05-14 #43 Milford Global Equity Fund Milford · International Equities 9 asset-class ranges · high-discretion active 250% flexibility 1.35% annual SIPO 2025-06-17 #44 Fisher Funds Income Fund Fisher Funds · International FI 3 asset-class ranges · high-discretion active 250% flexibility 0.99% annual SIPO 2026-03-08 #45 NZ Funds Income Generator NZ Funds · Diversified 7 asset-class ranges · high-discretion active 250% flexibility 1.67% annual SIPO 2025-10-20 #46 Booster Wealth Moderate Fund Booster · Diversified 10 asset-class ranges · high-discretion active 246% flexibility 0.74% annual SIPO 2026-03-30 #47 ACI Growth Fund ACI · Diversified 7 asset-class ranges · high-discretion active 240% flexibility 1.61% annual SIPO 2025-11-26 #48 Pathfinder Global Responsibility Fund Pathfinder · International Equities 7 asset-class ranges · high-discretion active 240% flexibility 1.30% annual SIPO 2026-04-13 #49 Hunter Private Credit Fund Hunter · International FI 5 asset-class ranges · high-discretion active 240% flexibility 0.83% annual SIPO 2025-08-27 #50 Booster Wealth Growth Fund Booster · Diversified 10 asset-class ranges · high-discretion active 238% flexibility 0.91% annual SIPO 2026-03-30 #51 Kernel Balanced Fund Kernel · Diversified 8 asset-class ranges · high-discretion active 235% flexibility 0.25% annual SIPO 2025-09-16 #52 Booster Socially Responsible Growth Fund Booster · Diversified 10 asset-class ranges · high-discretion active 233% flexibility 1.34% annual SIPO 2026-03-30 #53 Booster Wealth Balanced Fund Booster · Diversified 10 asset-class ranges · high-discretion active 232% flexibility 0.83% annual SIPO 2026-03-30 #54 Booster Socially Responsible Balanced Fund Booster · Diversified 10 asset-class ranges · high-discretion active 232% flexibility 1.33% annual SIPO 2026-03-30 #55 Milford Trans-Tasman Equity Fund Milford · Australasian Equities 9 asset-class ranges · high-discretion active 230% flexibility 1.05% annual SIPO 2025-06-17 #56 Milford Global Corporate Bond Fund Milford · International FI 9 asset-class ranges · high-discretion active 230% flexibility 0.85% annual SIPO 2025-06-17 #57 Booster Socially Responsible High Growth Fund Booster · Diversified 10 asset-class ranges · high-discretion active 229% flexibility 1.35% annual SIPO 2026-03-30 #58 NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified 8 asset-class ranges · high-discretion active 225% flexibility 2.14% annual SIPO 2025-10-20 #59 Booster Wealth High Growth Fund Booster · Diversified 10 asset-class ranges · high-discretion active 224% flexibility 0.96% annual SIPO 2026-03-30 #60 Kernel NZ Bond Fund Kernel · NZ Fixed Interest 2 asset-class ranges · high-discretion active 220% flexibility 0.40% annual SIPO 2025-09-16 #61 ANZ Investments OneAnswer Property Securities Fund ANZ Investments · Listed Property 3 asset-class ranges · high-discretion active 215% flexibility 1.06% annual SIPO 2025-10-21 #62 Kernel Conservative Fund Kernel · Diversified 6 asset-class ranges · high-discretion active 215% flexibility 0.25% annual SIPO 2025-09-16 #63 Kernel High Growth Fund Kernel · Diversified 9 asset-class ranges · high-discretion active 215% flexibility 0.25% annual SIPO 2025-09-16 #64 Devon Dividend Yield Fund Devon · Australasian Equities 3 asset-class ranges · high-discretion active 210% flexibility 1.39% annual SIPO 2026-04-02 #65 ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments · International Equities 3 asset-class ranges · high-discretion active 210% flexibility 0.84% annual SIPO 2025-10-21 #66 ANZ Investments OneAnswer International Property Fund ANZ Investments · Listed Property 3 asset-class ranges · high-discretion active 210% flexibility 0.99% annual SIPO 2026-02-15 #67 Squirrel Monthly Income Fund Squirrel · Other 4 asset-class ranges · high-discretion active 210% flexibility 2.14% annual SIPO 2024-12-10 #68 Generate Focused Growth Managed Fund Generate · Diversified 6 asset-class ranges · high-discretion active 205% flexibility 1.35% annual SIPO 2025-11-25 #69 Lighthouse Global Equity Fund Lighthouse · International Equities 2 asset-class ranges · moderate 200% flexibility 1.03% annual SIPO 2026-03-27 #70 Smart Global Bond ETF Smartshares · International FI 2 asset-class ranges · moderate 200% flexibility 0.54% annual SIPO 2026-04-16 #71 Harbour NZ Corporate Bond Fund Harbour · NZ Fixed Interest 2 asset-class ranges · moderate 200% flexibility 0.47% annual SIPO 2026-05-14 #72 Smart NZ Bond ETF Smartshares · NZ Fixed Interest 2 asset-class ranges · moderate 200% flexibility 0.54% annual SIPO 2026-04-16 #73 Daintree Core Income PIE Daintree · International FI 2 asset-class ranges · moderate 200% flexibility 0.73% annual SIPO 2026-04-01 #74 Daintree High Income PIE Daintree · International FI 2 asset-class ranges · moderate 200% flexibility 0.90% annual SIPO 2026-04-01 #75 Salt Enhanced Property Fund Salt · Listed Property 4 asset-class ranges · moderate 195% flexibility 1.02% annual SIPO 2025-06-12 #76 Mercer Income Generator Fund Mercer · Diversified 9 asset-class ranges · moderate 185% flexibility 1.28% annual SIPO 2026-03-22 #77 Mint Australasian Property Fund Mint · Listed Property 3 asset-class ranges · moderate 180% flexibility 1.07% annual SIPO 2026-05-20 #78 Lifetime Retirement Income Fund Lifetime · Diversified 8 asset-class ranges · moderate 179% flexibility 1.36% annual SIPO 2026-03-09 #79 Mercer Responsible Balanced Fund Mercer · Diversified 15 asset-class ranges · moderate 178% flexibility 1.25% annual SIPO 2026-03-22 #80 Mercer Macquarie NZ Fixed Interest Fund Mercer · NZ Fixed Interest 5 asset-class ranges · moderate 170% flexibility 0.60% annual SIPO 2026-03-22 #81 Simplicity Balanced Investment Fund Simplicity · Diversified 8 asset-class ranges · moderate 164% flexibility 0.25% annual SIPO 2026-05-01 #82 Harbour NZ Core Fixed Interest Fund Harbour · NZ Fixed Interest 3 asset-class ranges · moderate 160% flexibility 0.66% annual SIPO 2026-05-14 #83 Kernel Cash Plus Fund Kernel · Cash 2 asset-class ranges · moderate 160% flexibility 0.25% annual SIPO 2025-09-16 #84 Simplicity Conservative Investment Fund Simplicity · Diversified 8 asset-class ranges · moderate 154% flexibility 0.25% annual SIPO 2026-05-01 #85 AMP Balanced Managed Fund AMP · Diversified 8 asset-class ranges · moderate 151% flexibility 0.81% annual SIPO 2025-05-29 #86 Foundation Series Balanced Fund Foundation Series · Diversified 7 asset-class ranges · moderate 150% flexibility 0.36% annual SIPO 2026-01-29 #87 Simplicity Growth Investment Fund Simplicity · Diversified 8 asset-class ranges · moderate 150% flexibility 0.25% annual SIPO 2026-05-01 #88 NZ Funds Global Property NZ Funds · Listed Property 7 asset-class ranges · moderate 150% flexibility 2.52% annual SIPO 2025-10-20 #89 NZ Funds Global Infrastructure NZ Funds · Other 7 asset-class ranges · moderate 150% flexibility 2.53% annual SIPO 2025-10-20 #90 NZ Funds Global Utilities NZ Funds · International Equities 7 asset-class ranges · moderate 150% flexibility 2.53% annual SIPO 2025-10-20 #91 NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities 6 asset-class ranges · moderate 150% flexibility 2.52% annual SIPO 2025-10-20 #92 AMP Growth Managed Fund AMP · Diversified 8 asset-class ranges · moderate 150% flexibility 0.81% annual SIPO 2025-05-29 #93 Mint Diversified Growth Fund Mint · Diversified 4 asset-class ranges · moderate 145% flexibility 1.21% annual SIPO 2026-05-20 #94 Foundation Series Growth Fund Foundation Series · Diversified 7 asset-class ranges · moderate 135% flexibility 0.38% annual SIPO 2026-01-29 #95 Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities 3 asset-class ranges · moderate 135% flexibility 1.63% annual SIPO 2026-03-08 #96 Harbour Real Estate Investment Fund Harbour · Listed Property 7 asset-class ranges · moderate 135% flexibility 0.77% annual SIPO 2026-05-14 #97 Kernel World ex-US Fund Kernel · International Equities 3 asset-class ranges · moderate 135% flexibility 0.25% annual SIPO 2025-09-16 #98 Kernel S&P 500 (NZD Hedged) Fund Kernel · International Equities 2 asset-class ranges · moderate 130% flexibility 0.25% annual SIPO 2025-09-16 #99 AMP Aggressive Managed Fund AMP · Diversified 8 asset-class ranges · moderate 128% flexibility 0.80% annual SIPO 2025-05-29 #100 Mint Diversified Income Fund Mint · Diversified 4 asset-class ranges · moderate 125% flexibility 1.01% annual SIPO 2026-05-20 #101 Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities 4 asset-class ranges · moderate 125% flexibility 0.62% annual SIPO 2026-03-29 #102 Lifetime Balanced Fund Lifetime · Diversified 7 asset-class ranges · moderate 125% flexibility 0.99% annual SIPO 2026-03-09 #103 Lifetime Growth Fund Lifetime · Diversified 7 asset-class ranges · moderate 125% flexibility 0.99% annual SIPO 2026-03-09 #104 Kernel S&P 500 (Unhedged) Fund Kernel · International Equities 2 asset-class ranges · moderate 120% flexibility 0.25% annual SIPO 2025-09-16 #105 Kernel Emerging Markets Fund Kernel · International Equities 2 asset-class ranges · moderate 120% flexibility 0.45% annual SIPO 2025-09-16 #106 Lifetime Conservative Fund Lifetime · Diversified 7 asset-class ranges · moderate 119% flexibility 0.99% annual SIPO 2026-03-09 #107 SBS Wealth Conservative Strategy SBS Wealth · Diversified 5 asset-class ranges · moderate 115% flexibility 0.90% annual SIPO 2025-11-03 #108 Summer Listed Property Summer · Listed Property 9 asset-class ranges · moderate 105% flexibility 1.02% annual SIPO 2026-05-13 #109 SBS Wealth Balanced Strategy SBS Wealth · Diversified 5 asset-class ranges · moderate 105% flexibility 1.03% annual SIPO 2025-11-03 #110 NZ Funds Global Bonds NZ Funds · International FI 4 asset-class ranges · moderate 100% flexibility 1.44% annual SIPO 2025-10-20 #111 NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property 7 asset-class ranges · moderate 100% flexibility 2.52% annual SIPO 2025-10-20 #112 Summer New Zealand Cash Summer · Cash 9 asset-class ranges · moderate 100% flexibility 0.62% annual SIPO 2026-05-13 #113 Simplicity High Growth Investment Fund Simplicity · Diversified 6 asset-class ranges · moderate 91% flexibility 0.25% annual SIPO 2026-05-01 #114 Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities 3 asset-class ranges · moderate 90% flexibility 0.25% annual SIPO 2025-09-16 #115 Foundation Series High Growth Fund Foundation Series · Diversified 5 asset-class ranges · moderate 80% flexibility 0.37% annual SIPO 2026-01-29 #116 Castle Point Trans-Tasman Fund Castle Point · Australasian Equities 5 asset-class ranges · moderate 80% flexibility 1.08% annual SIPO 2026-03-25 #117 Octagon Australasian Equities Fund Octagon · Australasian Equities 9 asset-class ranges · moderate 80% flexibility 1.17% annual SIPO 2026-05-12 #118 Kernel S&P Global 100 Fund Kernel · International Equities 3 asset-class ranges · moderate 80% flexibility 0.25% annual SIPO 2025-09-16 #119 Kernel Global ESG Fund Kernel · International Equities 3 asset-class ranges · moderate 80% flexibility 0.25% annual SIPO 2025-09-16 #120 Kernel S&P Global Dividend Aristocrats Fund Kernel · International Equities 3 asset-class ranges · moderate 80% flexibility 0.25% annual SIPO 2025-09-16 #121 Kernel S&P Global Clean Energy Fund Kernel · International Equities 3 asset-class ranges · moderate 80% flexibility 0.45% annual SIPO 2025-09-16 #122 Kernel Global Infrastructure Fund Kernel · Other 3 asset-class ranges · moderate 80% flexibility 0.25% annual SIPO 2025-09-16 #123 Summer Australian Equities Summer · Australasian Equities 9 asset-class ranges · moderate 80% flexibility 1.02% annual SIPO 2026-05-13 #124 SBS Wealth Growth Strategy SBS Wealth · Diversified 3 asset-class ranges · moderate 79% flexibility 1.17% annual SIPO 2025-10-28 #125 Fisher Funds Global Fund Fisher Funds · International Equities 3 asset-class ranges · moderate 75% flexibility 1.64% annual SIPO 2026-03-08 #126 Fisher Funds BondPlus Fund Fisher Funds · International FI 3 asset-class ranges · moderate 75% flexibility 1.26% annual SIPO 2026-03-08 #127 Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities 3 asset-class ranges · moderate 70% flexibility 0.87% annual SIPO 2026-03-08 #128 Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities 3 asset-class ranges · moderate 70% flexibility 1.42% annual SIPO 2026-03-08 #129 Harbour Australasian Equity Focus Fund Harbour · Australasian Equities 2 asset-class ranges · moderate 70% flexibility 1.21% annual SIPO 2026-05-14 #130 Harbour Australasian Equity Income Fund Harbour · Australasian Equities 2 asset-class ranges · moderate 70% flexibility 1.10% annual SIPO 2026-05-14 #131 Summer Global Equities Summer · International Equities 9 asset-class ranges · moderate 70% flexibility 1.02% annual SIPO 2026-05-13 #132 Octagon New Zealand Equities Fund Octagon · Australasian Equities 9 asset-class ranges · moderate 60% flexibility 1.17% annual SIPO 2026-05-12 #133 Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities 3 asset-class ranges · moderate 60% flexibility 0.98% annual SIPO 2026-03-31 #134 Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest 2 asset-class ranges · moderate 60% flexibility 0.97% annual SIPO 2026-03-08 #135 Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest 3 asset-class ranges · moderate 60% flexibility 0.49% annual SIPO 2026-04-01 #136 Fisher Funds International Growth Fund Fisher Funds · International Equities 3 asset-class ranges · index-tracking 50% flexibility 1.31% annual SIPO 2026-03-08 #137 NZ Funds Wealth Builder - Income Strategy NZ Funds · Diversified 4 asset-class ranges · index-tracking 50% flexibility 1.20% annual SIPO 2025-10-20 #138 NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified 7 asset-class ranges · index-tracking 50% flexibility 1.58% annual SIPO 2025-10-20 #139 NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest 4 asset-class ranges · index-tracking 50% flexibility 1.44% annual SIPO 2025-10-20 #140 Devon Australian Fund Devon · Australasian Equities 2 asset-class ranges · index-tracking 40% flexibility 1.30% annual SIPO 2026-04-02 #141 Harbour T. Rowe Price Global Equity Fund Harbour · International Equities 3 asset-class ranges · index-tracking 40% flexibility 1.21% annual SIPO 2026-05-14 #142 Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour · International Equities 3 asset-class ranges · index-tracking 40% flexibility 1.24% annual SIPO 2026-05-14 #143 Hyperion Global Growth Companies PIE Fund Hyperion · International Equities 2 asset-class ranges · index-tracking 40% flexibility 4.38% annual SIPO 2026-03-31 #144 Kernel Australia 100 Fund Kernel · Australasian Equities 3 asset-class ranges · index-tracking 40% flexibility 0.25% annual SIPO 2025-09-16 #145 Bentham Global Income PIE Fund Bentham · International FI 2 asset-class ranges · index-tracking 40% flexibility 0.83% annual SIPO 2026-03-26 #146 Bentham Global Opportunities PIE Fund Bentham · International FI 2 asset-class ranges · index-tracking 40% flexibility SIPO 2026-03-26 #147 Coolabah Active Composite Bond PIE Fund Coolabah · International FI 2 asset-class ranges · index-tracking 40% flexibility 0.76% annual SIPO 2026-04-08 #148 Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI 2 asset-class ranges · index-tracking 40% flexibility 1.00% annual SIPO 2026-04-08 #149 Coolabah Long-Short Credit PIE Fund Coolabah · International FI 2 asset-class ranges · index-tracking 40% flexibility 1.76% annual SIPO 2026-04-08 #150 Coolabah Short Term Income PIE Fund Coolabah · International FI 2 asset-class ranges · index-tracking 40% flexibility 0.67% annual SIPO 2026-04-08 #151 Pella Global Generations PIE Fund Pella · International Equities 2 asset-class ranges · index-tracking 40% flexibility 0.85% annual SIPO 2025-03-26 #152 Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities 2 asset-class ranges · index-tracking 35% flexibility 1.06% annual SIPO 2026-03-22 #153 ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments · NZ Fixed Interest 2 asset-class ranges · index-tracking 30% flexibility 0.46% annual SIPO 2025-10-21 #154 Kernel NZ 50 ESG Tilted Fund Kernel · Australasian Equities 2 asset-class ranges · index-tracking 30% flexibility 0.25% annual SIPO 2025-09-16 #155 Kernel NZ Small & Mid Cap Opportunities Fund Kernel · Australasian Equities 2 asset-class ranges · index-tracking 30% flexibility 0.25% annual SIPO 2025-09-16 #156 Kernel NZ Commercial Property Fund Kernel · Listed Property 2 asset-class ranges · index-tracking 30% flexibility 0.25% annual SIPO 2025-09-16 #157 Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other 2 asset-class ranges · index-tracking 30% flexibility 1.05% annual SIPO 2025-09-18 #158 Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property 2 asset-class ranges · index-tracking 30% flexibility 1.05% annual SIPO 2025-09-18 #159 SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest 2 asset-class ranges · index-tracking 21% flexibility 0.78% annual SIPO 2025-11-03 #160 SBS Wealth World Bond Portfolio SBS Wealth · International FI 2 asset-class ranges · index-tracking 21% flexibility 0.77% annual SIPO 2025-11-03 #161 ANZ Investments OneAnswer Australian Share Fund ANZ Investments · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 1.09% annual SIPO 2025-10-21 #162 ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 1.05% annual SIPO 2025-10-21 #163 Harbour Australasian Equity Fund Harbour · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 1.12% annual SIPO 2026-05-14 #164 Mint New Zealand SRI Equity Fund Mint · Australasian Equities 3 asset-class ranges · index-tracking 20% flexibility 0.97% annual SIPO 2026-05-20 #165 Russell Investments NZ Shares Fund Russell Investments · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.78% annual SIPO 2026-04-01 #166 Smart Australian Dividend ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #167 Smart Australian Financials ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #168 Smart Australian Mid Cap ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.75% annual SIPO 2026-04-16 #169 Smart Australian Resources ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #170 Smart Australian Top 20 ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.60% annual SIPO 2026-04-16 #171 Smart NZ Dividend ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #172 Smart NZ Mid Cap ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.60% annual SIPO 2026-04-16 #173 Smart NZ Top 10 ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.60% annual SIPO 2026-04-16 #174 Smart Australian Top 200 ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.30% annual SIPO 2026-04-16 #175 Smart S&P/NZX 50 ETF Smartshares · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.20% annual SIPO 2026-04-16 #176 Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities 2 asset-class ranges · index-tracking 20% flexibility 0.35% annual SIPO 2025-09-29 #177 AMP International Shares Managed Fund AMP · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.79% annual SIPO 2025-05-29 #178 Antipodes Global Fund – Long (PIE) Antipodes · International Equities 2 asset-class ranges · index-tracking 20% flexibility SIPO 2025-08-08 #179 ANZ Investments OneAnswer International Share Fund ANZ Investments · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.96% annual SIPO 2026-02-15 #180 Foundation Series Total World Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.07% annual SIPO 2026-01-29 #181 Foundation Series Hedged Total World Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.07% annual SIPO 2026-01-29 #182 Foundation Series US 500 Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.03% annual SIPO 2026-01-29 #183 Foundation Series Hedged US 500 Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.03% annual SIPO 2026-01-29 #184 Foundation Series Global ESG Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.10% annual SIPO 2026-01-29 #185 Foundation Series Nasdaq-100 Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.15% annual SIPO 2026-01-29 #186 Foundation Series US Dividend Equity Fund Foundation Series · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.06% annual SIPO 2026-01-29 #187 Mercer Core Global Shares Fund Mercer · International Equities 2 asset-class ranges · index-tracking 20% flexibility 1.24% annual SIPO 2026-03-22 #188 Mercer Core Hedged Global Shares Fund Mercer · International Equities 2 asset-class ranges · index-tracking 20% flexibility 1.46% annual SIPO 2026-03-22 #189 Mercer Responsible Global Shares Fund Mercer · International Equities 2 asset-class ranges · index-tracking 20% flexibility 1.69% annual SIPO 2026-03-22 #190 Dimensional Global Sustainability PIE Fund Dimensional · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.40% annual SIPO 2025-09-29 #191 Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.40% annual SIPO 2025-09-29 #192 Russell Investments Global Shares Fund Russell Investments · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.93% annual SIPO 2026-04-01 #193 Russell Investments Hedged Global Shares Fund Russell Investments · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.92% annual SIPO 2026-04-01 #194 Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.33% annual SIPO 2026-04-01 #195 Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.33% annual SIPO 2026-04-01 #196 Smart Asia Pacific ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.55% annual SIPO 2026-04-16 #197 Smart Automation and Robotics ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.75% annual SIPO 2026-04-16 #198 Smart Emerging Markets ESG ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.59% annual SIPO 2026-04-16 #199 Smart Emerging Markets ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.59% annual SIPO 2026-04-16 #200 Smart Europe ESG ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.55% annual SIPO 2026-04-16 #201 Smart Europe ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.55% annual SIPO 2026-04-16 #202 Smart Global ESG ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #203 Smart Healthcare Innovation ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.75% annual SIPO 2026-04-16 #204 Smart Japan ESG ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.55% annual SIPO 2026-04-16 #205 Smart Total World ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.40% annual SIPO 2026-04-16 #206 Smart US 500 ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.34% annual SIPO 2026-04-16 #207 Smart US ESG ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.34% annual SIPO 2026-04-16 #208 Smart US Large Growth ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.51% annual SIPO 2026-04-16 #209 Smart US Large Value ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.51% annual SIPO 2026-04-16 #210 Smart US Small Cap ETF Smartshares · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.51% annual SIPO 2026-04-16 #211 Evidential Sustainable Targeted Factor Fund Evidential · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.62% annual SIPO 2025-11-18 #212 ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.49% annual SIPO 2026-02-15 #213 Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.77% annual SIPO 2026-03-27 #214 Russell Investments Global Fixed Interest Fund Russell Investments · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.58% annual SIPO 2026-04-01 #215 Smart Global Aggregate Bond ETF Smartshares · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.30% annual SIPO 2026-04-16 #216 Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.25% annual SIPO 2025-09-29 #217 Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.28% annual SIPO 2025-09-29 #218 Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.32% annual SIPO 2025-09-29 #219 Mercer Global Listed Real Estate Fund Mercer · Listed Property 2 asset-class ranges · index-tracking 20% flexibility 1.33% annual SIPO 2026-03-22 #220 Smart Australian Property ETF Smartshares · Listed Property 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #221 Smart NZ Property ETF Smartshares · Listed Property 2 asset-class ranges · index-tracking 20% flexibility 0.54% annual SIPO 2026-04-16 #222 Smart Bitcoin ETF Smartshares · Other 2 asset-class ranges · index-tracking 20% flexibility 0.55% annual SIPO 2026-04-16 #223 Mercer Global Listed Infrastructure Fund Mercer · Other 2 asset-class ranges · index-tracking 20% flexibility 1.34% annual SIPO 2026-03-22 #224 Russell Investments Global Listed Infrastructure Fund Russell Investments · Other 2 asset-class ranges · index-tracking 20% flexibility 1.08% annual SIPO 2026-04-01 #225 Plato Global Alpha PIE Fund Plato · International Equities 2 asset-class ranges · index-tracking 20% flexibility SIPO 2026-05-07 #226 JPMorgan Global Bond Fund JPMorgan · International FI 2 asset-class ranges · index-tracking 20% flexibility 0.47% annual SIPO 2026-03-27 #227 Aurellan Global Shares Fund Aurellan · International Equities 2 asset-class ranges · index-tracking 20% flexibility 1.12% annual SIPO 2025-12-02 #228 Aurellan Hedged Global Shares Fund Aurellan · International Equities 2 asset-class ranges · index-tracking 20% flexibility 1.12% annual SIPO 2025-12-02 #229 First Sentier Global Listed Infrastructure Fund First Sentier · Other 2 asset-class ranges · index-tracking 20% flexibility 1.03% annual SIPO 2026-03-29 #230 Schroder Sustainable Global Core PIE Fund Schroders · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.39% annual SIPO 2026-03-26 #231 Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.39% annual SIPO 2026-03-26 #232 Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.61% annual SIPO 2026-03-30 #233 Brandywine Global Opportunistic Equity Fund Brandywine · International Equities 2 asset-class ranges · index-tracking 20% flexibility 0.93% annual SIPO 2026-03-27 #234 SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities 2 asset-class ranges · index-tracking 16% flexibility 1.20% annual SIPO 2025-11-03 #235 SBS Wealth World Equity Portfolio SBS Wealth · International Equities 2 asset-class ranges · index-tracking 16% flexibility 1.18% annual SIPO 2025-11-03 #236 Salt NZ Dividend Appreciation Fund Salt · Australasian Equities 3 asset-class ranges · index-tracking 15% flexibility 1.10% annual SIPO 2025-06-12 #237 Harbour Sustainable Impact Fund Harbour · Diversified 2 asset-class ranges · index-tracking 10% flexibility 0.27% annual SIPO 2026-05-14 #238 Harbour NZ Index Shares Fund Harbour · Australasian Equities 2 asset-class ranges · index-tracking 10% flexibility 0.21% annual SIPO 2026-05-14 #239 Mercer NZ Shares Passive Fund Mercer · Australasian Equities 2 asset-class ranges · index-tracking 10% flexibility 0.36% annual SIPO 2026-03-22 #240 Elevation Capital Global Shares Fund Elevation Capital · International Equities 3 asset-class ranges · index-tracking 10% flexibility 1.80% annual SIPO 2026-05-18 #241 Mercer All Country Global Shares Index Fund Mercer · International Equities 2 asset-class ranges · index-tracking 10% flexibility 0.43% annual SIPO 2026-03-22 #242 Mercer Global Shares Fund Mercer · International Equities 2 asset-class ranges · index-tracking 10% flexibility 1.25% annual SIPO 2026-03-22 #243 Hunter Global Fixed Interest Fund Hunter · International FI 2 asset-class ranges · index-tracking 10% flexibility 0.53% annual SIPO 2025-08-27 #244 Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI 2 asset-class ranges · index-tracking 10% flexibility 0.43% annual SIPO 2026-03-22 #245 Evidential Sustainable Global Bond Fund Evidential · International FI 2 asset-class ranges · index-tracking 10% flexibility 0.32% annual SIPO 2025-11-18 #246 BetaShares Australia 200 Fund BetaShares · Australasian Equities 2 asset-class ranges · index-tracking 1% flexibility 0.23% annual SIPO 2026-03-30 #247 BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI 2 asset-class ranges · index-tracking 1% flexibility 0.34% annual SIPO 2026-03-30 #248 BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities 2 asset-class ranges · index-tracking 1% flexibility 0.67% annual SIPO 2026-03-30 #249 BetaShares Global Sustainability Leaders Fund BetaShares · International Equities 2 asset-class ranges · index-tracking 1% flexibility 0.77% annual SIPO 2026-03-30 #250 BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities 2 asset-class ranges · index-tracking 1% flexibility 0.59% annual SIPO 2026-03-30 #251 BetaShares Global Quality Leaders Fund BetaShares · International Equities 2 asset-class ranges · index-tracking 1% flexibility 0.49% annual SIPO 2026-03-30 Related Most expensive performance fees Perf-fee comparable structure Funds with no performance fee How to read mandate flexibility A fund's Statement of Investment Policy and Objectives (SIPO) sets target weights plus permitted min and max weights per asset class. Mandate flexibility is the sum of (max% – min%) across every asset class — a structural measure of how much discretion the manager has within the fund's stated strategy. High flexibility (above the high-discretion threshold shown in the card above) means the manager can substantially reposition the fund based on their reading of market conditions — typical of actively-managed multi-asset funds. Low flexibility (below the index-tracking threshold) means the fund stays close to its target weights; typical of index-tracking funds that aim for low tracking error. Mid-range covers most actively-managed single-asset-class funds. This is a structural signal, not a quality judgment. High discretion can be a feature (skilled active management adds alpha) or a bug (style drift, manager overreach). Click any fund's row to see the underlying SAA range table. --- ## Markdown index — every machine-readable .md endpoint URL: https://managedfunds.nz/markdown/ > Single index of all 404 Markdown URLs on managedfunds.nz: 289 funds, 57 brand managers, 58 FMA-registered schemes. Designed for AI crawlers and humans discovering the full Markdown surface. Markdown index Every machine-readable .md URL on managedfunds.nz, grouped by entity. Mirrors the /llms.txt + /llms-full.txt companions. 404 markdown twins total. Each markdown.md file is the source-cited, FMA-safe twin of the corresponding HTML page. Same facts, structured for LLM ingestion. Pair with data.json for the structured-data view of the same entity. → /llms.txt → /llms-full.txt Funds (289) /funds/[manager]/[fund]/markdown.md ACI Conservative Fund ACI Growth Fund Amova Concentrated Equity Fund Amova Core Equity Fund Amova Corporate Bond Fund Amova Global Shares Fund Amova Global Shares Hedged Fund AMP Aggressive Managed Fund AMP Balanced Managed Fund AMP Growth Managed Fund AMP International Shares Managed Fund Antipodes Global Fund – Long (PIE) ANZ Investments OneAnswer Australian Share Fund ANZ Investments OneAnswer Balanced Fund ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments OneAnswer Conservative Fund ANZ Investments OneAnswer Growth Fund ANZ Investments OneAnswer High Growth Fund ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments OneAnswer International Property Fund ANZ Investments OneAnswer International Share Fund ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments OneAnswer Property Securities Fund Artesian Green and Sustainable Bond Fund (NZD) Artesian Short Duration Corporate Bond Fund (NZD) Aurellan Global Shares Fund Aurellan Hedged Global Shares Fund Bentham Global Income PIE Fund Bentham Global Opportunities PIE Fund BetaShares Australia 200 Fund BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares Australian Sustainability Leaders Fund BetaShares Global Quality Leaders Fund BetaShares Global Sustainability Leaders Fund BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares NZ Sustainability Leaders Fund Booster Shielded Growth Fund Booster Socially Responsible Balanced Fund Booster Socially Responsible Growth Fund Booster Socially Responsible High Growth Fund Booster Wealth Balanced Fund Booster Wealth Geared Growth Fund Booster Wealth Growth Fund Booster Wealth High Growth Fund Booster Wealth Moderate Fund Brandywine Global Opportunistic Equity Fund Brandywine Global Opportunistic Fixed Income Fund Castle Point 5 Oceans Fund Castle Point Trans-Tasman Fund Clarity - Capital Group New Perspective Fund Clarity Diversified Growth Fund Clarity Diversified Income Fund Clarity Dividend Yield Fund Clarity Enhanced Cash PIE Clarity Fixed Income Fund Clarity Global Shares Fund Clarity New Zealand Equity Fund Clarity Trans-Tasman Value Fund Coolabah Active Composite Bond PIE Fund Coolabah Global Floating-Rate High Yield PIE Fund Coolabah Long-Short Credit PIE Fund Coolabah Short Term Income PIE Fund Daintree Core Income PIE Daintree High Income PIE Devon Alpha Fund Devon Australian Fund Devon Dividend Yield Fund Devon Trans-Tasman Fund Dexus Global REIT Fund Dimensional Australian Sustainability PIE Fund Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional Global Bond Sustainability PIE Fund Dimensional Global Sustainability PIE Fund Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional Two-Year Sustainability Fixed Interest PIE Fund Elevation Capital Global Shares Fund Ellerston Global Mid Small Cap Fund Evidential Sustainable Global Bond Fund Evidential Sustainable Targeted Factor Fund First Sentier Global Listed Infrastructure Fund Fisher Funds Australian Growth Fund Fisher Funds BondPlus Fund Fisher Funds Conservative Fund Fisher Funds Global Fund Fisher Funds Growth Fund Fisher Funds Income Fund Fisher Funds International Growth Fund Fisher Funds New Zealand Fixed Income Trust Fisher Funds New Zealand Growth Fund Fisher Funds Property & Infrastructure Fund Fisher Funds Trans Tasman Equity Trust Foundation Series Balanced Fund Foundation Series Global ESG Fund Foundation Series Growth Fund Foundation Series Hedged Total World Fund Foundation Series Hedged US 500 Fund Foundation Series High Growth Fund Foundation Series Nasdaq-100 Fund Foundation Series Total World Fund Foundation Series US 500 Fund Foundation Series US Dividend Equity Fund Generate Focused Growth Managed Fund Harbour Australasian Equity Focus Fund Harbour Australasian Equity Fund Harbour Australasian Equity Income Fund Harbour Balanced Growth Fund Harbour Income Fund Harbour Long Short Fund Harbour NZ Core Fixed Interest Fund Harbour NZ Corporate Bond Fund Harbour NZ Index Shares Fund Harbour Real Estate Investment Fund Harbour Sustainable Impact Fund Harbour Sustainable NZ Shares Fund Harbour T. Rowe Price Global Equity Fund Harbour T. Rowe Price Global Equity Fund (Hedged) Hunter Global Fixed Interest Fund Hunter Private Credit Fund Hyperion Australian Growth Companies PIE Fund Hyperion Global Growth Companies PIE Fund India Avenue Equity Fund — H Class JPMorgan Global Bond Fund Kernel Australia 100 Fund Kernel Balanced Fund Kernel Cash Plus Fund Kernel Conservative Fund Kernel Emerging Markets Fund Kernel Global ESG Fund Kernel Global Infrastructure Fund Kernel High Growth Fund Kernel NZ 20 Fund Kernel NZ 50 ESG Tilted Fund Kernel NZ Bond Fund Kernel NZ Commercial Property Fund Kernel NZ Small & Mid Cap Opportunities Fund Kernel S&P 500 (NZD Hedged) Fund Kernel S&P 500 (Unhedged) Fund Kernel S&P Global 100 (NZD Hedged) Fund Kernel S&P Global 100 Fund Kernel S&P Global Clean Energy Fund Kernel S&P Global Dividend Aristocrats Fund Kernel US Bond Fund Kernel World ex-US Fund Lifetime Balanced Fund Lifetime Cash Fund Lifetime Conservative Fund Lifetime Growth Fund Lifetime Retirement Income Fund Lighthouse Global Equity Fund Mercer All Country Global Shares Index Fund Mercer Core Global Shares Fund Mercer Core Hedged Global Shares Fund Mercer Global Listed Infrastructure Fund Mercer Global Listed Real Estate Fund Mercer Global Shares Fund Mercer Income Generator Fund Mercer Macquarie NZ Fixed Interest Fund Mercer Macquarie NZ Short Duration Fund Mercer NZ Shares Passive Fund Mercer Responsible Balanced Fund Mercer Responsible Global Shares Fund Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer Responsible Trans-Tasman Shares Fund Milford Active Growth Fund Milford Aggressive Fund Milford Australian Absolute Growth Fund Milford Balanced Fund Milford Conservative Fund Milford Diversified Income Fund Milford Global Corporate Bond Fund Milford Global Equity Fund Milford Trans-Tasman Bond Fund Milford Trans-Tasman Equity Fund Mint Australasian Equity Fund Mint Australasian Property Fund Mint Diversified Growth Fund Mint Diversified Income Fund Mint New Zealand SRI Equity Fund NZ Funds Global Bonds NZ Funds Global Infrastructure NZ Funds Global Property NZ Funds Global Shares NZ Funds Global Utilities NZ Funds Income Generator NZ Funds New Zealand and Australian Bonds NZ Funds New Zealand and Australian Shares NZ Funds New Zealand Property and Retirement Villages NZ Funds Wealth Builder - Growth Strategy NZ Funds Wealth Builder - Income Strategy NZ Funds Wealth Builder - Inflation Strategy Octagon Australasian Equities Fund Octagon Balanced Fund Octagon New Zealand Equities Fund Pathfinder Ethical Growth Fund Pathfinder Ethical Trans-Tasman Fund Pathfinder Global Property Fund Pathfinder Global Responsibility Fund Pathfinder Global Water Fund Pella Global Generations PIE Fund Pie Global Growth Fund 2 Pie Growth UK & Europe Fund Plato Global Alpha PIE Fund QuayStreet Income Fund QuayStreet NZ Equity Fund Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital Global Property Securities PIE Fund Russell Investments Global Fixed Interest Fund Russell Investments Global Listed Infrastructure Fund Russell Investments Global Shares Fund Russell Investments Hedged Global Shares Fund Russell Investments Hedged Sustainable Global Shares Fund Russell Investments NZ Fixed Interest Fund Russell Investments NZ Shares Fund Russell Investments Sustainable Global Shares Fund Salt Enhanced Property Fund Salt Long Short Fund Salt NZ Dividend Appreciation Fund SBS Wealth Australasian Equity Portfolio SBS Wealth Balanced Strategy SBS Wealth Conservative Strategy SBS Wealth Growth Strategy SBS Wealth High Growth Strategy SBS Wealth New Zealand Bond Portfolio SBS Wealth World Bond Portfolio SBS Wealth World Equity Portfolio Schroder Sustainable Global Core PIE Fund Schroder Sustainable Global Core PIE Fund (Hedged) Simplicity Balanced Investment Fund Simplicity Conservative Investment Fund Simplicity Growth Investment Fund Simplicity Hedged Global Bond Fund Simplicity Hedged Global Share Fund Simplicity High Growth Investment Fund Simplicity Homes and Income Investment Fund Simplicity NZ Bond Fund Simplicity NZ Cash Fund Simplicity NZ Share Fund Simplicity Unhedged Global Share Fund Smart Asia Pacific ETF Smart Australian Dividend ETF Smart Australian Financials ETF Smart Australian Mid Cap ETF Smart Australian Property ETF Smart Australian Resources ETF Smart Australian Top 20 ETF Smart Australian Top 200 ETF Smart Automation and Robotics ETF Smart Bitcoin ETF Smart Emerging Markets ESG ETF Smart Emerging Markets ETF Smart Europe ESG ETF Smart Europe ETF Smart Global Aggregate Bond ETF Smart Global Bond ETF Smart Global ESG ETF Smart Healthcare Innovation ETF Smart Japan ESG ETF Smart NZ Bond ETF Smart NZ Dividend ETF Smart NZ Mid Cap ETF Smart NZ Property ETF Smart NZ Top 10 ETF Smart NZ Top 50 ETF Smart S&P/NZX 50 ETF Smart Total World ETF Smart US 500 ETF Smart US ESG ETF Smart US Large Growth ETF Smart US Large Value ETF Smart US Mid Cap ETF Smart US Small Cap ETF Squirrel Monthly Income Fund Stewart Investors Worldwide Leaders Fund Summer Australian Equities Summer Balanced Selection Summer Conservative Selection Summer Global Equities Summer Global Fixed Interest Summer Growth Selection Summer Listed Property Summer New Zealand Cash TAHITO Te Tai o Rehua Fund Te Ahumairangi Global Equity Fund Vanguard International Shares Select Exclusions Index Fund Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class Vision Income Fund Brand managers (57) /providers/[manager]/markdown.md ACI Amova AMP Antipodes ANZ Investments Artesian Aurellan Bentham BetaShares Booster Brandywine Castle Point Clarity Coolabah Daintree Devon Dexus Dimensional Elevation Capital Ellerston Evidential First Sentier Fisher Funds Foundation Series Generate Harbour Hunter Hyperion India Avenue JPMorgan Kernel Lifetime Lighthouse Mercer Milford Mint NZ Funds Octagon Pathfinder Pella Pie Funds Plato QuayStreet Resolution Capital Russell Investments Salt SBS Wealth Schroders Simplicity Smartshares Squirrel Stewart Investors Summer TAHITO Te Ahumairangi Vanguard Vision FMA-registered schemes (58) /schemes/[id]/markdown.md ACI Funds (SCH13499) Amova NZ Investment Scheme (SCH10488) AMP Managed Funds (SCH13265) Antipodes Investment Funds (SCH12434) ANZ Investments Multi-Asset-Class Scheme (marketed As The ANZ Investment Funds And OneAnswer Multi-Asset-Class Funds) (SCH11064) ANZ Investments Single-Asset-Class Scheme (marketed As The OneAnswer Single-Asset-Class Funds) (SCH11065) Artesian Funds Scheme (SCH15026) Aurellan Investment Funds (SCH14022) Bentham Investment Funds (SCH13506) Betashares Investment Funds Scheme (SCH13531) Booster Investment Scheme (SCH10844) Booster KiwiSaver Scheme (SCH10841) Castle Point Funds (SCH10745) Clarity Funds Scheme (SCH10600) Coolabah Investment Funds (SCH13148) Daintree Funds Scheme (SCH13775) Devon Investment Funds Scheme (SCH10753) Dimensional Investment Funds (SCH13317) Elevation Capital Managed Investments Schemes (SCH11207) Evidential Investment Funds (SCH13327) First Sentier Investors (nz) Scheme (SCH13089) Fisher Funds Investment Series (SCH10642) Fisher Funds Managed Funds (SCH10640) Foundation Series Funds (SCH13175) Franklin Templeton Investment Funds (SCH12302) Generate Unit Trust Scheme (SCH12736) Harbour Investment Funds (SCH10815) Hunter Investment Funds (SCH11176) Hyperion Investment Funds (SCH13281) Jpmorgan Funds (SCH13893) Kernel Funds (SCH12697) Lifetime Retirement Funds (SCH13081) Lighthouse Investment Funds (SCH13048) Mercer Investment Funds (SCH10307) Milford Investment Funds (SCH10700) Mint Asset Management Funds (SCH10787) NZ Funds Managed Portfolio Service Part Two (SCH10803) Octagon Investment Funds (SCH10647) OneAnswer KiwiSaver Scheme (SCH11061) Pathfinder Managed Investment Scheme (SCH10778) Pella Investment Funds (SCH13913) PIE Funds Management Scheme (SCH10581) Plato Investment Funds (SCH15035) QuayStreet Funds (SCH10414) Resolution Capital Investment Funds (SCH13905) Russell Investment Funds (SCH10586) Salt Investment Funds (SCH10872) Sbs Wealth New Zealand Bond Portfolio (SCH11160) Scheme SCH11156 — SBS Wealth managed-fund scheme Scheme SCH13288 — Kernel managed-fund scheme Schroder Investment Funds (SCH13639) Simplicity Investment Funds (SCH11873) Smart Exchange Traded Funds (SCH10752) Squirrel Investment Funds (SCH13142) Stewart Investors (nz) Managed Investment Scheme (SCH13295) Summer KiwiSaver Scheme (SCH10648) Te Ahumairangi Investment Funds (SCH13146) Vision Invest NZ Funds (SCH12865) --- ## MCP server — one-click install for Cursor, Claude Desktop, Goose URL: https://managedfunds.nz/mcp-install/ > Connect AI tools to ManagedFundsNZ via Model Context Protocol. Read-only access to 150+ NZ retail managed funds with FMA-Disclose-sourced fees, returns, holdings, PDS history. ManagedFundsNZ MCP server Read-only Model Context Protocol server for NZ retail managed-fund data. Connect any MCP-compatible AI client and query fees / returns / holdings / strategy conversationally. https://managedfunds.nz/.netlify/functions/mcp Install Cursor Install in Cursor → Claude Desktop Add to ~/Library/Application Support/Claude/claude_desktop_config.json (Mac) or %APPDATA%\\Claude\\claude_desktop_config.json (Windows): { "mcpServers": { "managedfunds-nz": { "url": "https://managedfunds.nz/.netlify/functions/mcp" } } } Goose CLI goose configure add-mcp managedfunds-nz --url=https://managedfunds.nz/.netlify/functions/mcp Tools list_categories List asset-class categories (NZ equities / global equities / multi-asset / etc.). list_managers List 30+ NZ retail managed-fund managers. list_schemes List schemes (legal vehicle layer) registered with FMA Disclose. search_funds Search 150+ retail managed funds by name, manager, or category. get_fund Fetch a specific fund's fees, returns, holdings, and risk indicator. get_fund_holdings Get the latest holdings disclosure for a fund. get_manager Get manager profile + fund range + AUM (where available). get_scheme Get scheme detail + fund-list under that scheme. compare_funds Side-by-side compare two funds on fees, returns, risk, strategy. Try it • "Compare Booster Wealth Growth and Pathfinder Ethical Growth on fees and 5y returns" • "List all NZ-equity managed funds with MER under 0.6%" • "Get holdings for Milford Active Growth" • "Search funds matching 'global ethical'" Notes Data sourced from FMA Disclose, manager PDSes, Sorted Smart Investor (cross-validation). Read-only, anonymous, no rate limit in v0. ManagedFundsNZ is not a Financial Advice Provider. Content is information only, not personal financial advice. --- ## MCP server — install in Claude Desktop / Code / Cursor / ChatGPT URL: https://managedfunds.nz/mcp/ > Free anonymous remote MCP server. 9 read-only tools over 265 NZ retail managed funds, 55 brand managers and 55 FMA-registered schemes. No auth, CORS open. AI · API · Integrations MCP server for NZ managed funds. Plug ManagedFundsNZ directly into Claude Desktop, Claude Code, Cursor, ChatGPT (via custom GPT) or any other Model Context Protocol client. 9 read-only tools, anonymous access, CORS open, sourced from the FMA Disclose register. Mechanical data only — no opinions, no ratings, no FAP-licensed advice. Endpoint https://managedfunds.nz/mcp Transport Streamable HTTP (stateless) Tools 9 9 read-only tools Every tool returns mechanical data sourced from the FMA Disclose register and the fund's Quarterly Fund Update (via Sorted Smart Investor). No opinion-based ratings. list_categories 8 asset-class categories list_managers Every brand manager with funds in coverage list_schemes Every FMA-registered Managed Investment Scheme (MIS) search_funds Mechanical filter over 265 retail funds (category, manager, scheme, fee, risk, PIE / ETF / hedged / RI flags) get_fund Full fund record: identity, fees, returns, risk indicator, AUM, asset mix, top 10 holdings, source URLs get_fund_holdings Top 10 holdings only (from the latest Quarterly Fund Update) get_manager Manager + every fund grouped by asset class + schemes participated in get_scheme Scheme + offer documents + brand managers + every fund (handles multi-brand schemes) compare_funds Side-by-side comparison of 2–4 funds Install Claude Desktop Edit ~/Library/Application Support/Claude/claude_desktop_config.json (macOS) or %APPDATA%/Claude/claude_desktop_config.json (Windows): { "mcpServers": { "managedfunds": { "transport": { "type": "http", "url": "https://managedfunds.nz/mcp" } } } } Claude Code (CLI) From any terminal: claude mcp add managedfunds --transport http https://managedfunds.nz/mcp Cursor Edit ~/.cursor/mcp.json (global) or .cursor/mcp.json (per-project): { "mcpServers": { "managedfunds": { "url": "https://managedfunds.nz/mcp" } } } ChatGPT (custom GPT) ChatGPT custom GPTs don't yet support MCP directly. Use the structured-data endpoints instead — every fund page has a /data.json twin and every Markdown twin is plain-text. Add ManagedFundsNZ as a "Web Browser"-enabled action and point at the canonical URLs. Try it from the command line List the available tools: curl -X POST https://managedfunds.nz/mcp \ -H "Content-Type: application/json" \ -d '{"jsonrpc":"2.0","id":1,"method":"tools/list"}' Search for low-fee diversified funds: curl -X POST https://managedfunds.nz/mcp \ -H "Content-Type: application/json" \ -d '{"jsonrpc":"2.0","id":2,"method":"tools/call", "params":{"name":"search_funds", "arguments":{"category":"diversified", "max_annual_fund_charge_pct":0.75, "limit":10}}}' Notes Anonymous, free, no signup. Citation back to the canonical URL is required — see /llms-policy.txt. Rate limit: none in v0. We may add an IP-based limit (~30 req/hour) if abuse warrants it. FMA constraint: ManagedFundsNZ holds no FAP licence. The MCP exposes mechanical data only — no opinion-based ratings, no forward-looking recommendations. Subdomain: mcp.managedfunds.nz resolves to the same endpoint once DNS is configured. The path-based /mcp URL works today. B2B Audit Trail SKU: paid tool layer (PDS-version diffs, alerting, multi-tenant audit log) coming in Phase 3 — see methodology. --- ## Methodology — how we source NZ managed-fund data URL: https://managedfunds.nz/methodology/ > How we source, validate and update fund data on ManagedFundsNZ. FMA Disclose register, PDS extraction pipeline, Sorted cross-validation, freshness gates. Methodology How we source and rate funds We do not give financial advice. We provide neutral, sourced data. This page explains where every number comes from and how we keep it current. Primary sources FMA Disclose register — the official New Zealand register of licensed managed investment schemes. Source of fund existence, manager identity, PDS documents, fees and returns disclosures. Fund manager websites — unit prices, fact sheets and supplemental performance data, fetched weekly. IRD — PIE tax rules, PIR thresholds and tax treatment guidance. Sorted Smart Investor — used as a cross-validation anchor only; not a primary source. What we do not do We do not publish a "best fund" list, a star rating, or any subjective ranking. We do not accept paid placement or sponsored fund profiles. We are not a licensed financial adviser. We do not provide personalised advice. Data freshness Fund register and fees: refreshed daily from FMA Disclose. Returns: refreshed monthly when manager fact sheets are published. PDS documents: re-fetched weekly; if the version differs from the last copy, we record a diff. Every fact-bearing data point on the site shows its source URL and the date we observed it. Confidence tiers Every sourced data point is tagged A, B, C or D: A — direct from FMA Disclose or the fund manager's signed PDS. B — fund manager website (fact sheet, performance page). C — third-party aggregator (Sorted, Morningstar) used for cross-checking. D — derived or estimated. Always shown explicitly. Document provenance & file fingerprints For the funds we crawl directly, every PDS, SIPO, OMI and Quarterly Fund Update on a fund page links to the file on the manager's own website. We don't host copies of the document — we link straight to the source. When we fetch a document, we record: Source URL — the manager's own document page. Fetch timestamp — what we display as "last verified" on each fund page. File size in kilobytes. SHA-256 fingerprint — a 64-character hash of the exact bytes we received. The "file fingerprint recorded" label on each document means this hash is logged in our database. If a manager re-issues a document, the new file produces a different SHA-256 fingerprint. That's how we detect document changes without holding our own copy of the file. The change history feeds into our PDS-version timeline. PDS / SIPO / OMI extraction pipeline For every NZ retail managed fund on the site, we extract a structured set of facts from the fund's current Product Disclosure Statement, Statement of Investment Policy and Objectives, and Other Material Information document — all lodged on the FMA Disclose register. Coverage as of last build: 247 structured extracts across 125 PDS + 63 SIPO + 59 OMI documents. 257 of 289 funds have on-file PDS facts (objective, performance-fee terms, buy/sell spread, minimum investment, distribution frequency, hedging policy, PIE status). 261 of 289 funds have on-file SIPO facts (strategic asset allocation target/min/max ranges, ESG approach, derivatives policy, exclusions). 266 of 289 funds have on-file OMI facts (licensed supervisor, auditor, custodian, related-party transactions, conflicts of interest, scheme-level performance-fee mechanics). Every extracted entry carries a Tier-A SourceBadge linking to the source PDF + the date the document was lodged. The full manifest is browsable at /sources/. How extraction works. Each PDF is processed with a two-stage pipeline: pdftotext first — fast, free, deterministic. Used when the PDF has a clean text layer. Claude Sonnet 4.6 PDF endpoint as fallback when pdftotext returns <500 chars or graphics-only glyph noise. Sonnet receives the raw PDF bytes and a JSON-schema prompt; output is parsed and re-checked. Both paths feed into the same JSON schema with explicit provenance metadata (pdf_hash, source_doc_date, source_tier A/B/C/D, extraction_method, cost_usd). The 36-month freshness gate. No document older than 36 months is extracted or cited — this is a cross-Pangaea data-freshness rule. The fund manager is required by the FMC Act to refresh the PDS on material change; a 36mo-old document is no longer current. Verbatim source paragraphs. Each extracted field carries a source_paragraph citation — a 1–3 sentence verbatim quote from the underlying PDF, capped at 350 chars. This is the audit trail: any extracted fact can be traced back to the exact wording in the source document. Hash-versioned diff trail. Every extract is provenance-tagged with the SHA-256 hash of the source PDF (first 12 chars shown publicly). When a manager re-issues a PDS, the new file produces a different hash; our next ingestion picks up the change and the on-page SourceBadge shows the new date. The same hash is the foundation of the planned PDS-diff engine (re-run extraction quarterly, surface field-level diffs as a paid Tier-2 SKU). Edge cases. 2 fund schemes failed extraction due to malformed PDF metadata (The Curve missing CreationDate / Mint corrupt XRef stream); these will be re-extracted once the source-PDF issues are fixed by the publisher. Several historical PDFs sit past the 36-month freshness gate (Booster supplements from 2016–2021, Smartshares ETF supplements from 2014–2020) — those funds carry only the most recent valid PDS we could extract, or fall back to Sorted Smart Investor data with a Tier-C SourceBadge. AI output policy The PDS extraction pipeline uses an LLM (Claude Sonnet 4.6) to parse free-text disclosure documents into structured fields. Three guardrails apply: Verbatim grounding. The extraction prompt requires every field to be supported by a verbatim source paragraph from the PDS. The model is explicitly instructed not to infer or fabricate. FMA-safe output wrapping. Our MCP server (the LLM-accessible API surface) applies a four-piece sanitiser to every tool response: prohibited-terms strip ("best", "guaranteed", "leading", "recommend"), KiwiSaver® trademark rephrase per IRD 2021 ruleset, a mandatory FMA disclosure preamble, and an advice-handoff trigger that flags any tool input containing personal-advice phrasing ("should I", "right for me") and prepends a referral notice toward a licensed Financial Advice Provider. Human-curated outside the extraction layer. Editorial pages, guides, and methodology text are human-written. The tag on every page declares "human-curated, mechanical-extracts" — accurate to both halves of the content. Corrections If you find an error, email hello@managedfunds.nz. We correct verified errors within one working day and log the change. --- ## What can I invest in with $X? — NZ managed funds by min investment URL: https://managedfunds.nz/min-invest/ > Directory of NZ retail managed funds grouped by minimum initial investment band. 164 funds across 6 bands from under $50 to over $50,000. What can I invest in with $X? NZ retail managed funds grouped by minimum initial investment. 164 funds with an on-file PDS minimum across 6 bands. Source: each fund's current PDS on the FMA Disclose register. Up to NZ$50 8 funds NZ$50 – NZ$250 5 funds NZ$250 – NZ$1,000 56 funds NZ$1,000 – NZ$5,000 41 funds NZ$5,000 – NZ$50,000 47 funds Over NZ$50,000 7 funds --- ## Minimum investment $1,000 – $5,000 — 41 NZ managed funds URL: https://managedfunds.nz/min-invest/1000-to-5000/funds/ > 41 NZ retail managed funds with minimum investment $1,000 – $5,000. Sorted by minimum investment ascending. Primary source: each fund's PDS lodged on FMA Disclose. Minimum investment $1,000 – $5,000 NZ retail managed funds with a minimum initial investment between $1,000 and $5,000. Where most actively-managed diversified funds sit — Milford, Pie, Fisher Funds typically lead at $1,000. 41 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities NZ$2,000 min 0.87% annual Fisher Funds Conservative Fund Fisher Funds · Diversified NZ$2,000 min 1.35% annual Fisher Funds Growth Fund Fisher Funds · Diversified NZ$2,000 min 1.46% annual Fisher Funds Income Fund Fisher Funds · International FI NZ$2,000 min 0.99% annual Fisher Funds International Growth Fund Fisher Funds · International Equities NZ$2,000 min 1.31% annual Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities NZ$2,000 min 1.42% annual Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property NZ$2,000 min 1.53% annual Aurellan Global Shares Fund Aurellan · International Equities NZ$5,000 min 1.12% annual Aurellan Hedged Global Shares Fund Aurellan · International Equities NZ$5,000 min 1.12% annual Elevation Capital Global Shares Fund Elevation Capital · International Equities NZ$5,000 min 1.80% annual Fisher Funds BondPlus Fund Fisher Funds · International FI NZ$5,000 min 1.26% annual Fisher Funds Global Fund Fisher Funds · International Equities NZ$5,000 min 1.64% annual Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest NZ$5,000 min 0.97% annual Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities NZ$5,000 min 1.63% annual Foundation Series Balanced Fund Foundation Series · Diversified NZ$5,000 min 0.36% annual Foundation Series Global ESG Fund Foundation Series · International Equities NZ$5,000 min 0.10% annual Foundation Series Growth Fund Foundation Series · Diversified NZ$5,000 min 0.38% annual Foundation Series Hedged Total World Fund Foundation Series · International Equities NZ$5,000 min 0.07% annual Foundation Series Hedged US 500 Fund Foundation Series · International Equities NZ$5,000 min 0.03% annual Foundation Series High Growth Fund Foundation Series · Diversified NZ$5,000 min 0.37% annual Foundation Series Nasdaq-100 Fund Foundation Series · International Equities NZ$5,000 min 0.15% annual Foundation Series Total World Fund Foundation Series · International Equities NZ$5,000 min 0.07% annual Foundation Series US 500 Fund Foundation Series · International Equities NZ$5,000 min 0.03% annual Foundation Series US Dividend Equity Fund Foundation Series · International Equities NZ$5,000 min 0.06% annual Hunter Global Fixed Interest Fund Hunter · International FI NZ$5,000 min 0.53% annual JPMorgan Global Bond Fund JPMorgan · International FI NZ$5,000 min 0.47% annual Pathfinder Ethical Growth Fund Pathfinder · Diversified NZ$5,000 min 1.31% annual Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities NZ$5,000 min 1.00% annual Pathfinder Global Property Fund Pathfinder · Listed Property NZ$5,000 min 1.00% annual Pathfinder Global Responsibility Fund Pathfinder · International Equities NZ$5,000 min 1.30% annual Russell Investments Global Fixed Interest Fund Russell Investments · International FI NZ$5,000 min 0.58% annual Russell Investments Global Listed Infrastructure Fund Russell Investments · Other NZ$5,000 min 1.08% annual Russell Investments Global Shares Fund Russell Investments · International Equities NZ$5,000 min 0.93% annual Russell Investments Hedged Global Shares Fund Russell Investments · International Equities NZ$5,000 min 0.92% annual Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities NZ$5,000 min 0.33% annual Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest NZ$5,000 min 0.49% annual Russell Investments NZ Shares Fund Russell Investments · Australasian Equities NZ$5,000 min 0.78% annual Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities NZ$5,000 min 0.33% annual Salt Enhanced Property Fund Salt · Listed Property NZ$5,000 min 1.02% annual Salt Long Short Fund Salt · Australasian Equities NZ$5,000 min 3.21% annual Salt NZ Dividend Appreciation Fund Salt · Australasian Equities NZ$5,000 min 1.10% annual Other minimum-investment bands Minimum investment up to $50 Minimum investment $50 – $250 Minimum investment $250 – $1,000 Minimum investment $5,000 – $50,000 Minimum investment over $50,000 How minimum investments work The minimum initial investment is the smallest amount a fund will accept for a new investor. Some funds also set a minimum subsequent investment for additional top-ups (typically lower than the initial). Direct-from-manager investors usually face the headline minimum; investors going through a platform like InvestNow or Sharesies may face a different (often lower) effective minimum because the platform aggregates many investors into a single account with the manager. Source: each fund's current PDS lodged on the FMA Disclose register. Some funds also publish a higher "wholesale" minimum — those are excluded from this retail directory. --- ## Minimum investment $250 – $1,000 — 56 NZ managed funds URL: https://managedfunds.nz/min-invest/250-to-1000/funds/ > 56 NZ retail managed funds with minimum investment $250 – $1,000. Sorted by minimum investment ascending. Primary source: each fund's PDS lodged on FMA Disclose. Minimum investment $250 – $1,000 NZ retail managed funds with a minimum initial investment between $250 and $1,000. Common for index-tracked retail funds direct from manager (Foundation Series, Simplicity, Kernel, Smartshares CIP) and InvestNow-distributed wholesale-feeder retail classes. 56 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Booster Wealth Geared Growth Fund Booster · Diversified NZ$500 min 1.35% annual SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities NZ$500 min 1.20% annual SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest NZ$500 min 0.78% annual SBS Wealth World Bond Portfolio SBS Wealth · International FI NZ$500 min 0.77% annual SBS Wealth World Equity Portfolio SBS Wealth · International Equities NZ$500 min 1.18% annual Smart Asia Pacific ETF Smartshares · International Equities NZ$500 min 0.55% annual Smart Australian Dividend ETF Smartshares · Australasian Equities NZ$500 min 0.54% annual Smart Australian Financials ETF Smartshares · Australasian Equities NZ$500 min 0.54% annual Smart Australian Mid Cap ETF Smartshares · Australasian Equities NZ$500 min 0.75% annual Smart Australian Property ETF Smartshares · Listed Property NZ$500 min 0.54% annual Smart Australian Resources ETF Smartshares · Australasian Equities NZ$500 min 0.54% annual Smart Australian Top 20 ETF Smartshares · Australasian Equities NZ$500 min 0.60% annual Smart Australian Top 200 ETF Smartshares · Australasian Equities NZ$500 min 0.30% annual Smart Automation and Robotics ETF Smartshares · International Equities NZ$500 min 0.75% annual Smart Bitcoin ETF Smartshares · Other NZ$500 min 0.55% annual Smart Emerging Markets ESG ETF Smartshares · International Equities NZ$500 min 0.59% annual Smart Europe ESG ETF Smartshares · International Equities NZ$500 min 0.55% annual Smart Global Aggregate Bond ETF Smartshares · International FI NZ$500 min 0.30% annual Smart Global Bond ETF Smartshares · International FI NZ$500 min 0.54% annual Smart Global ESG ETF Smartshares · International Equities NZ$500 min 0.54% annual Smart Healthcare Innovation ETF Smartshares · International Equities NZ$500 min 0.75% annual Smart Japan ESG ETF Smartshares · International Equities NZ$500 min 0.55% annual Smart S&P/NZX 50 ETF Smartshares · Australasian Equities NZ$500 min 0.20% annual Smart Total World ETF Smartshares · International Equities NZ$500 min 0.40% annual Smart US 500 ETF Smartshares · International Equities NZ$500 min 0.34% annual Smart US Large Growth ETF Smartshares · International Equities NZ$500 min 0.51% annual Smart US Large Value ETF Smartshares · International Equities NZ$500 min 0.51% annual Smart US Small Cap ETF Smartshares · International Equities NZ$500 min 0.51% annual Booster Wealth Balanced Fund Booster · Diversified NZ$1,000 min 0.83% annual Booster Wealth Growth Fund Booster · Diversified NZ$1,000 min 0.91% annual Booster Wealth High Growth Fund Booster · Diversified NZ$1,000 min 0.96% annual Booster Wealth Moderate Fund Booster · Diversified NZ$1,000 min 0.74% annual Coolabah Active Composite Bond PIE Fund Coolabah · International FI NZ$1,000 min 0.76% annual Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI NZ$1,000 min 1.00% annual Coolabah Long-Short Credit PIE Fund Coolabah · International FI NZ$1,000 min 1.76% annual Coolabah Short Term Income PIE Fund Coolabah · International FI NZ$1,000 min 0.67% annual Generate Focused Growth Managed Fund Generate · Diversified NZ$1,000 min 1.35% annual Lifetime Balanced Fund Lifetime · Diversified NZ$1,000 min 0.99% annual Lifetime Cash Fund Lifetime · Cash NZ$1,000 min 0.65% annual Lifetime Conservative Fund Lifetime · Diversified NZ$1,000 min 0.99% annual Lifetime Growth Fund Lifetime · Diversified NZ$1,000 min 0.99% annual Milford Active Growth Fund Milford · Diversified NZ$1,000 min 1.05% annual Milford Aggressive Fund Milford · Diversified NZ$1,000 min 1.15% annual Milford Australian Absolute Growth Fund Milford · Australasian Equities NZ$1,000 min 1.05% annual Milford Balanced Fund Milford · Diversified NZ$1,000 min 1.05% annual Milford Conservative Fund Milford · Diversified NZ$1,000 min 0.85% annual Milford Diversified Income Fund Milford · Diversified NZ$1,000 min 0.65% annual Milford Global Corporate Bond Fund Milford · International FI NZ$1,000 min 0.85% annual Milford Global Equity Fund Milford · International Equities NZ$1,000 min 1.35% annual Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest NZ$1,000 min 0.65% annual Milford Trans-Tasman Equity Fund Milford · Australasian Equities NZ$1,000 min 1.05% annual Mint Australasian Equity Fund Mint · Australasian Equities NZ$1,000 min 1.18% annual Mint Australasian Property Fund Mint · Listed Property NZ$1,000 min 1.07% annual Mint Diversified Growth Fund Mint · Diversified NZ$1,000 min 1.21% annual Mint Diversified Income Fund Mint · Diversified NZ$1,000 min 1.01% annual Mint New Zealand SRI Equity Fund Mint · Australasian Equities NZ$1,000 min 0.97% annual Other minimum-investment bands Minimum investment up to $50 Minimum investment $50 – $250 Minimum investment $1,000 – $5,000 Minimum investment $5,000 – $50,000 Minimum investment over $50,000 How minimum investments work The minimum initial investment is the smallest amount a fund will accept for a new investor. Some funds also set a minimum subsequent investment for additional top-ups (typically lower than the initial). Direct-from-manager investors usually face the headline minimum; investors going through a platform like InvestNow or Sharesies may face a different (often lower) effective minimum because the platform aggregates many investors into a single account with the manager. Source: each fund's current PDS lodged on the FMA Disclose register. Some funds also publish a higher "wholesale" minimum — those are excluded from this retail directory. --- ## Minimum investment $50 – $250 — 5 NZ managed funds URL: https://managedfunds.nz/min-invest/50-to-250/funds/ > 5 NZ retail managed funds with minimum investment $50 – $250. Sorted by minimum investment ascending. Primary source: each fund's PDS lodged on FMA Disclose. Minimum investment $50 – $250 NZ retail managed funds with a minimum initial investment between $50 and $250. The "starter" tier — accessible without being trivial. 5 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Squirrel Monthly Income Fund Squirrel · Other NZ$100 min 2.14% annual Amova Concentrated Equity Fund Amova · Australasian Equities NZ$250 min 1.15% annual Amova Core Equity Fund Amova · Australasian Equities NZ$250 min 0.95% annual Amova Corporate Bond Fund Amova · NZ Fixed Interest NZ$250 min 0.70% annual Vision Income Fund Vision · International FI NZ$250 min 2.51% annual Other minimum-investment bands Minimum investment up to $50 Minimum investment $250 – $1,000 Minimum investment $1,000 – $5,000 Minimum investment $5,000 – $50,000 Minimum investment over $50,000 How minimum investments work The minimum initial investment is the smallest amount a fund will accept for a new investor. Some funds also set a minimum subsequent investment for additional top-ups (typically lower than the initial). Direct-from-manager investors usually face the headline minimum; investors going through a platform like InvestNow or Sharesies may face a different (often lower) effective minimum because the platform aggregates many investors into a single account with the manager. Source: each fund's current PDS lodged on the FMA Disclose register. Some funds also publish a higher "wholesale" minimum — those are excluded from this retail directory. --- ## Minimum investment $5,000 – $50,000 — 47 NZ managed funds URL: https://managedfunds.nz/min-invest/5000-to-50000/funds/ > 47 NZ retail managed funds with minimum investment $5,000 – $50,000. Sorted by minimum investment ascending. Primary source: each fund's PDS lodged on FMA Disclose. Minimum investment $5,000 – $50,000 NZ retail managed funds with a minimum initial investment between $5,000 and $50,000. Boutique and specialty funds, certain absolute-return funds, single-strategy actively-managed funds. 47 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI NZ$10,000 min Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI NZ$10,000 min Castle Point 5 Oceans Fund Castle Point · Diversified NZ$10,000 min 1.18% annual Castle Point Trans-Tasman Fund Castle Point · Australasian Equities NZ$10,000 min 1.08% annual Clarity - Capital Group New Perspective Fund Clarity · International Equities NZ$10,000 min 1.21% annual Clarity Diversified Growth Fund Clarity · Diversified NZ$10,000 min 1.16% annual Clarity Diversified Income Fund Clarity · Diversified NZ$10,000 min 0.96% annual Clarity Dividend Yield Fund Clarity · International Equities NZ$10,000 min 1.06% annual Clarity Enhanced Cash PIE Clarity · Cash NZ$10,000 min 0.26% annual Clarity Fixed Income Fund Clarity · International FI NZ$10,000 min 0.70% annual Clarity Global Shares Fund Clarity · International Equities NZ$10,000 min 1.06% annual Clarity New Zealand Equity Fund Clarity · Australasian Equities NZ$10,000 min 1.06% annual Clarity Trans-Tasman Value Fund Clarity · Australasian Equities NZ$10,000 min 1.06% annual Daintree Core Income PIE Daintree · International FI NZ$10,000 min 0.73% annual Daintree High Income PIE Daintree · International FI NZ$10,000 min 0.90% annual Devon Alpha Fund Devon · Australasian Equities NZ$10,000 min 1.30% annual Devon Australian Fund Devon · Australasian Equities NZ$10,000 min 1.30% annual Devon Dividend Yield Fund Devon · Australasian Equities NZ$10,000 min 1.39% annual Devon Trans-Tasman Fund Devon · Australasian Equities NZ$10,000 min 1.36% annual Lighthouse Global Equity Fund Lighthouse · International Equities NZ$10,000 min 1.03% annual Plato Global Alpha PIE Fund Plato · International Equities NZ$15,000 min Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities NZ$20,000 min 0.98% annual Hyperion Global Growth Companies PIE Fund Hyperion · International Equities NZ$20,000 min 4.38% annual Antipodes Global Fund – Long (PIE) Antipodes · International Equities NZ$25,000 min Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities NZ$25,000 min 0.35% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI NZ$25,000 min 0.28% annual Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI NZ$25,000 min 0.32% annual Dimensional Global Sustainability PIE Fund Dimensional · International Equities NZ$25,000 min 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities NZ$25,000 min 0.40% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI NZ$25,000 min 0.25% annual Evidential Sustainable Global Bond Fund Evidential · International FI NZ$25,000 min 0.32% annual Evidential Sustainable Targeted Factor Fund Evidential · International Equities NZ$25,000 min 0.62% annual Lifetime Retirement Income Fund Lifetime · Diversified NZ$25,000 min 1.36% annual Pella Global Generations PIE Fund Pella · International Equities NZ$25,000 min 0.85% annual Pie Global Growth Fund 2 Pie Funds · International Equities NZ$25,000 min 1.61% annual Pie Growth UK & Europe Fund Pie Funds · International Equities NZ$25,000 min 1.85% annual Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other NZ$25,000 min 1.05% annual Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property NZ$25,000 min 1.05% annual Schroder Sustainable Global Core PIE Fund Schroders · International Equities NZ$25,000 min 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities NZ$25,000 min 0.39% annual Bentham Global Income PIE Fund Bentham · International FI NZ$50,000 min 0.83% annual Bentham Global Opportunities PIE Fund Bentham · International FI NZ$50,000 min Brandywine Global Opportunistic Equity Fund Brandywine · International Equities NZ$50,000 min 0.93% annual Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI NZ$50,000 min 0.77% annual First Sentier Global Listed Infrastructure Fund First Sentier · Other NZ$50,000 min 1.03% annual Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities NZ$50,000 min 0.61% annual Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities NZ$50,000 min 0.62% annual Other minimum-investment bands Minimum investment up to $50 Minimum investment $50 – $250 Minimum investment $250 – $1,000 Minimum investment $1,000 – $5,000 Minimum investment over $50,000 How minimum investments work The minimum initial investment is the smallest amount a fund will accept for a new investor. Some funds also set a minimum subsequent investment for additional top-ups (typically lower than the initial). Direct-from-manager investors usually face the headline minimum; investors going through a platform like InvestNow or Sharesies may face a different (often lower) effective minimum because the platform aggregates many investors into a single account with the manager. Source: each fund's current PDS lodged on the FMA Disclose register. Some funds also publish a higher "wholesale" minimum — those are excluded from this retail directory. --- ## Minimum investment over $50,000 — 7 NZ managed funds URL: https://managedfunds.nz/min-invest/over-50000/funds/ > 7 NZ retail managed funds with minimum investment over $50,000. Sorted by minimum investment ascending. Primary source: each fund's PDS lodged on FMA Disclose. Minimum investment over $50,000 NZ retail managed funds with a minimum initial investment of $50,000 or more. The wholesale-edge of the retail universe — restricted to investors with substantial capital. Often institutional-grade strategies opened to high-net-worth retail clients. 7 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Hunter Private Credit Fund Hunter · International FI NZ$100,000 min 0.83% annual BetaShares Australia 200 Fund BetaShares · Australasian Equities NZ$500,000 min 0.23% annual BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI NZ$500,000 min 0.34% annual BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities NZ$500,000 min 0.67% annual BetaShares Global Quality Leaders Fund BetaShares · International Equities NZ$500,000 min 0.49% annual BetaShares Global Sustainability Leaders Fund BetaShares · International Equities NZ$500,000 min 0.77% annual BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities NZ$500,000 min 0.79% annual Other minimum-investment bands Minimum investment up to $50 Minimum investment $50 – $250 Minimum investment $250 – $1,000 Minimum investment $1,000 – $5,000 Minimum investment $5,000 – $50,000 How minimum investments work The minimum initial investment is the smallest amount a fund will accept for a new investor. Some funds also set a minimum subsequent investment for additional top-ups (typically lower than the initial). Direct-from-manager investors usually face the headline minimum; investors going through a platform like InvestNow or Sharesies may face a different (often lower) effective minimum because the platform aggregates many investors into a single account with the manager. Source: each fund's current PDS lodged on the FMA Disclose register. Some funds also publish a higher "wholesale" minimum — those are excluded from this retail directory. --- ## Minimum investment up to $50 — 8 NZ managed funds URL: https://managedfunds.nz/min-invest/up-to-50/funds/ > 8 NZ retail managed funds with minimum investment up to $50. Sorted by minimum investment ascending. Primary source: each fund's PDS lodged on FMA Disclose. Minimum investment up to $50 NZ retail managed funds you can start with $50 or less. Typically ETFs available through brokerage platforms (Sharesies, Hatch) and a handful of low-friction PIE funds. 8 funds match. Source: each fund's current PDS lodged on the FMA Disclose register. Kernel Australia 100 Fund Kernel · Australasian Equities NZ$1 min 0.25% annual Kernel Conservative Fund Kernel · Diversified NZ$1 min 0.25% annual Kernel Global Infrastructure Fund Kernel · Other NZ$1 min 0.25% annual Kernel NZ Commercial Property Fund Kernel · Listed Property NZ$1 min 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities NZ$1 min 0.25% annual Kernel S&P Global 100 Fund Kernel · International Equities NZ$1 min 0.25% annual ACI Conservative Fund ACI · Diversified NZ$50 min 1.50% annual ACI Growth Fund ACI · Diversified NZ$50 min 1.61% annual Other minimum-investment bands Minimum investment $50 – $250 Minimum investment $250 – $1,000 Minimum investment $1,000 – $5,000 Minimum investment $5,000 – $50,000 Minimum investment over $50,000 How minimum investments work The minimum initial investment is the smallest amount a fund will accept for a new investor. Some funds also set a minimum subsequent investment for additional top-ups (typically lower than the initial). Direct-from-manager investors usually face the headline minimum; investors going through a platform like InvestNow or Sharesies may face a different (often lower) effective minimum because the platform aggregates many investors into a single account with the manager. Source: each fund's current PDS lodged on the FMA Disclose register. Some funds also publish a higher "wholesale" minimum — those are excluded from this retail directory. --- ## NZ managed funds with performance fees — comparable structure (48) URL: https://managedfunds.nz/performance-fee/funds/ > 48 NZ retail managed funds charging a performance fee, with hurdle / HWM / cap structure compared side-by-side. 40/48 have a high-water mark; 10/48 have a cap. NZ managed funds with performance fees — comparable structure 48 NZ retail managed funds charging a performance fee in addition to their annual fund charge. Hurdle benchmark, high-water-mark presence, and cap structure compared side-by-side. Tags below are auto-detected from each fund's verbatim PDS text — click through to the per-fund detail page for the full verbatim wording. High-water mark 40/48 funds disclose a HWM Perpetual HWM 4/40 don't reset (best protection) Hard cap on perf fee 10/48 cap on % of NAV Fund Hurdle HWM Cap Paid last Annual Amova Concentrated Equity Fund Amova · Australasian Equities Other / verbatim Not disclosed No cap 10.00% 1.15% Antipodes Global Fund – Long (PIE) Antipodes · International Equities Other / verbatim Yes No cap — — Booster Shielded Growth Fund Booster · Diversified Other / verbatim Yes No cap — 1.41% Booster Socially Responsible Balanced Fund Booster · Diversified Other / verbatim Yes No cap — 1.33% Booster Socially Responsible Growth Fund Booster · Diversified Other / verbatim Yes No cap — 1.34% Booster Socially Responsible High Growth Fund Booster · Diversified Other / verbatim Yes No cap — 1.35% Booster Wealth Balanced Fund Booster · Diversified Other / verbatim Yes No cap — 0.83% Booster Wealth Geared Growth Fund Booster · Diversified Other / verbatim Not disclosed No cap 0.01% 1.35% Booster Wealth Growth Fund Booster · Diversified Other / verbatim Yes No cap — 0.91% Booster Wealth High Growth Fund Booster · Diversified Other / verbatim Yes No cap — 0.96% Booster Wealth Moderate Fund Booster · Diversified Other / verbatim Yes No cap — 0.74% Castle Point 5 Oceans Fund Castle Point · Diversified OCR + 5% Perpetual No cap 0.21% 1.18% Coolabah Active Composite Bond PIE Fund Coolabah · International FI Other / verbatim Yes No cap 0.32% 0.76% Coolabah Long-Short Credit PIE Fund Coolabah · International FI Other / verbatim Yes No cap 0.97% 1.76% Coolabah Short Term Income PIE Fund Coolabah · International FI Other / verbatim Yes No cap 0.19% 0.67% Devon Alpha Fund Devon · Australasian Equities Other / verbatim Yes No cap 0.54% 1.30% Devon Australian Fund Devon · Australasian Equities Other / verbatim Yes No cap 0.29% 1.30% Devon Dividend Yield Fund Devon · Australasian Equities S&P/NZX 50 Yes No cap 0.13% 1.39% Devon Trans-Tasman Fund Devon · Australasian Equities S&P/NZX 50 Yes No cap 0.29% 1.36% Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities OCR + 5% Yes 2% 0.03% 0.87% Fisher Funds International Growth Fund Fisher Funds · International Equities OCR + 5% Yes 2% 0.00% 1.31% Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities OCR + 5% Yes 2% 0.00% 1.42% Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property OCR + 3% Yes 2% 0.16% 1.53% Harbour Australasian Equity Focus Fund Harbour · Australasian Equities S&P/NZX 50 Perpetual 10% 0.12% 1.21% Harbour Income Fund Harbour · Diversified Other / verbatim Not disclosed No cap 0.00% 0.66% Harbour Long Short Fund Harbour · Australasian Equities Other / verbatim Perpetual No cap 0.23% 1.23% Hyperion Global Growth Companies PIE Fund Hyperion · International Equities Other / verbatim Not disclosed No cap 0.00% 4.38% Lighthouse Global Equity Fund Lighthouse · International Equities Other / verbatim Perpetual No cap 0.00% 1.03% Milford Active Growth Fund Milford · Diversified 10% absolute Yes 0.95% 0.20% 1.05% Milford Aggressive Fund Milford · Diversified Other / verbatim Not disclosed No cap — 1.15% Milford Australian Absolute Growth Fund Milford · Australasian Equities OCR + 5% Yes 0.95% 0.25% 1.05% Milford Balanced Fund Milford · Diversified Other / verbatim Not disclosed No cap 0.02% 1.05% Milford Diversified Income Fund Milford · Diversified OCR + 2% Yes 0.85% 0.20% 0.65% Milford Global Equity Fund Milford · International Equities Other / verbatim Yes 1.65% 0.00% 1.35% Milford Trans-Tasman Equity Fund Milford · Australasian Equities S&P/NZX 50 Yes 1.45% 0.00% 1.05% NZ Funds Global Bonds NZ Funds · International FI Other / verbatim Yes No cap 0.03% 1.44% NZ Funds Global Infrastructure NZ Funds · Other Other / verbatim Yes No cap — 2.53% NZ Funds Global Property NZ Funds · Listed Property Other / verbatim Yes No cap — 2.52% NZ Funds Global Shares NZ Funds · International Equities MSCI ACWI Yes No cap — 3.12% NZ Funds Global Utilities NZ Funds · International Equities Other / verbatim Yes No cap — 2.53% NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest Other / verbatim Yes No cap 0.03% 1.44% NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities S&P/NZX 50 Yes No cap — 2.52% NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property Other / verbatim Yes No cap — 2.52% NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified S&P/NZX 50 Not disclosed No cap — 2.14% NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified Other / verbatim Not disclosed No cap — 1.58% Plato Global Alpha PIE Fund Plato · International Equities Other / verbatim Yes No cap 1.55% — Salt Enhanced Property Fund Salt · Listed Property NZX All Real Estate Yes No cap 0.02% 1.02% Salt Long Short Fund Salt · Australasian Equities OCR + 5% Yes No cap 0.53% 3.21% Related Ranked: most expensive paid last period Funds with no performance fee How the tags are detected Hurdle / HWM / cap tags are auto-detected from each fund's verbatim PDS performance-fee text. The verbatim text is the source of truth — every per-fund page shows the full PDS wording. Tags here are a navigation aid; click through to verify any cell against the actual PDS clause and the linked source document. A perpetual high-water mark gives investors the strongest protection — the fund must recover prior underperformance permanently before the manager can charge again. Annual-reset (or unspecified) HWM is weaker. A hard cap on the performance fee as % of NAV prevents the fee running unbounded in a high-return year. --- ## Most expensive performance fees on NZ managed funds (31 ranked) URL: https://managedfunds.nz/performance-fee/most-expensive/ > 31 NZ retail managed funds ranked by performance fee % paid in the most recent published period. Median 0.13%. Primary source: FMA Disclose register. Most expensive performance fees on NZ managed funds 31 NZ retail managed funds charging a performance fee, ranked by the % of NAV paid in the most recent published period. Performance fees vary year-to-year — a fund can show a high number one year and zero the next, depending on whether it cleared its hurdle. Median performance fee paid across these 31 funds: 0.13%. Source: each fund's current Product Disclosure Statement lodged on the FMA Disclose register. #1 Amova Concentrated Equity Fund Amova · Australasian Equities 10% of gains above the hurdle rate. The hurdle rate for the fund is 5% above the Reserve Bank of New Zealand Official Cash Rate over a 12 month financial period after deducting our… 10.00% perf fee paid + 1.15% annual PDS 2025-08-28 #2 Plato Global Alpha PIE Fund Plato · International Equities 15% of outperformance of the benchmark, being the MSCI World Net Total Return Index in New Zealand dollars. No high-water mark applies. Calculated each Business Day and paid semi-a… 1.55% perf fee paid PDS 2026-05-08 #3 Coolabah Long-Short Credit PIE Fund Coolabah · International FI 20.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Bank Bill Index hedged to New Zealand dollars, plus… 0.97% perf fee paid + 1.76% annual PDS 2026-04-09 #4 Devon Alpha Fund Devon · Australasian Equities The first 1% of gross return above the hurdle rate of return up to 13% per annum, then 15% of the gross return thereafter. There is a cap on the performance fee of 3%. Hurdle rate:… 0.54% perf fee paid + 1.30% annual PDS 2026-04-02 #5 Salt Long Short Fund Salt · Australasian Equities 15% of the relevant Fund's return in excess of the Reserve Bank of New Zealand Official Cash Rate plus 5% per annum over the performance period, subject to a high-water mark, calcu… 0.53% perf fee paid + 3.21% annual PDS 2025-06-12 #6 Coolabah Active Composite Bond PIE Fund Coolabah · International FI 20.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Composite 0+ Yr Index hedged to New Zealand dollars… 0.32% perf fee paid + 0.76% annual PDS 2026-04-09 #7 Devon Australian Fund Devon · Australasian Equities 10% of the net return of the Fund (reflected in the unit price) over the hurdle rate of return for the relevant period. Hurdle rate: S&P/ASX200 in NZD. Subject to high water mark. … 0.29% perf fee paid + 1.30% annual PDS 2026-04-02 #8 Devon Trans-Tasman Fund Devon · Australasian Equities 10% of the net return of the Fund (reflected in the unit price) over the hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross) Index … 0.29% perf fee paid + 1.36% annual PDS 2026-04-02 #9 Milford Australian Absolute Growth Fund Milford · Australasian Equities 15% of returns above OCR plus 5% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark (the Fund's previous highest ever net… 0.25% perf fee paid + 1.05% annual PDS 2025-06-17 #10 Harbour Long Short Fund Harbour · Australasian Equities 15% of the Fund's performance above the hurdle rate of return. Hurdle rate of return: S&P/NZX Bank Bills 90-Day Index plus 2%. High Water Mark: Yes – perpetual HWM. Calculated dail… 0.23% perf fee paid + 1.23% annual PDS 2026-03-23 #11 Castle Point 5 Oceans Fund Castle Point · Diversified A performance-based fee is payable if, in respect of each half-year period ending 31 March and 30 September, the investment performance of the Ranger Fund exceeds the NZ Official C… 0.21% perf fee paid + 1.18% annual PDS 2026-03-31 #12 Milford Active Growth Fund Milford · Diversified 15% of returns above 10% hurdle rate (after deduction of base fund fee but before tax and performance fee), subject to high water mark (the Fund's previous highest ever net asset v… 0.20% perf fee paid + 1.05% annual PDS 2025-06-17 #13 Milford Diversified Income Fund Milford · Diversified 10% of returns above the Official Cash Rate (OCR) plus 2.5% hurdle rate, subject to high water mark (the Fund's previous highest ever net asset value per unit, exclusive of all dis… 0.20% perf fee paid + 0.65% annual PDS 2025-06-17 #14 Coolabah Short Term Income PIE Fund Coolabah · International FI 22.5% of the Fund's gross performance, that is above the Hurdle Rate of Return. Hurdle Rate: The return of the Bloomberg AusBond Bank Bill Index hedged to New Zealand dollars, plus… 0.19% perf fee paid + 0.67% annual PDS 2026-04-09 #15 Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 3%), subject to beating the high water mark. Performance-based fees are capped at 2% of each f… 0.16% perf fee paid + 1.53% annual PDS 2025-09-23 #16 Devon Dividend Yield Fund Devon · Australasian Equities 10% of the net return of the Fund (reflected in the unit price) over the Fund's hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross)… 0.13% perf fee paid + 1.39% annual PDS 2026-04-02 #17 Harbour Australasian Equity Focus Fund Harbour · Australasian Equities 10% of the Fund's performance above the hurdle rate of return. Hurdle rate of return: Benchmark (50% S&P/NZX 50 Index (gross with imputation credits) and 50% S&P/ASX 200 Index (tot… 0.12% perf fee paid + 1.21% annual PDS 2026-03-23 #18 Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each f… 0.03% perf fee paid + 0.87% annual PDS 2025-09-23 #19 NZ Funds Global Bonds NZ Funds · International FI 10% of the wholesale trust's returns above the hurdle rate. Hurdle rate: Bloomberg Global Aggregate Corporate - 1-3 Years Total Return Index Hedged USD. Performance fee accrued dai… 0.03% perf fee paid + 1.44% annual PDS 2025-10-20 #20 NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest 10% of the wholesale trust's returns above the hurdle rate. Hurdle rate: S&P/NZX Investment Grade Corporate Bond Total Return Index. Performance fee accrued daily, payable on or af… 0.03% perf fee paid + 1.44% annual PDS 2025-10-20 #21 Milford Balanced Fund Milford · Diversified Balanced does not directly charge a performance fee, but it may invest in related Milford funds that have performance fees. 0.02% perf fee paid + 1.05% annual PDS 2025-06-17 #22 Salt Enhanced Property Fund Salt · Listed Property 10% of the relevant Fund's return in excess of the return of the S&P/NZX All Real Estate (Industry Group) Gross Index plus 1% per annum over the performance period, subject to a hi… 0.02% perf fee paid + 1.02% annual PDS 2025-06-12 #23 Booster Wealth Geared Growth Fund Booster · Diversified A performance fee is payable to us, as manager of BIF, where the BIF's return is in excess of 10% p.a. which approximates the 30 year New Zealand equity market return. The fee is o… 0.01% perf fee paid + 1.35% annual PDS 2026-01-21 #24 Generate Focused Growth Managed Fund Generate · Diversified 0.00% perf fee paid + 1.35% annual PDS 2025-11-25 #25 Harbour Income Fund Harbour · Diversified Performance fee is charged if the Harbour Income Fund invests in other Harbour Funds which charge a performance-based fee, and these other Funds earned more than their target and m… 0.00% perf fee paid + 0.66% annual PDS 2026-03-23 #26 Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each f… 0.00% perf fee paid + 1.42% annual PDS 2025-09-23 #27 Milford Trans-Tasman Equity Fund Milford · Australasian Equities 15% of returns above a mix of 50% S&P/ASX 200 Total Return Index (100% NZD-hedged) and 50% S&P/NZX 50 Gross Index, subject to high water mark (the Fund's net asset value per unit u… 0.00% perf fee paid + 1.05% annual PDS 2025-06-17 #28 Fisher Funds International Growth Fund Fisher Funds · International Equities 10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each f… 0.00% perf fee paid + 1.31% annual PDS 2025-09-23 #29 Lighthouse Global Equity Fund Lighthouse · International Equities 30% of the Fund's performance, after the Fixed Fund Charges and any GST, but before the performance fee and tax, that is above the Hurdle Rate of Return (the return of the MSCI All… 0.00% perf fee paid + 1.03% annual PDS 2026-04-02 #30 Milford Global Equity Fund Milford · International Equities 15% of returns above MSCI World Index with net dividends reinvested (50% NZD-hedged), subject to high water mark (the Fund's net asset value per unit used in the calculation of the… 0.00% perf fee paid + 1.35% annual PDS 2025-06-17 #31 Hyperion Global Growth Companies PIE Fund Hyperion · International Equities 20% of the Fund's outperformance (net of Annual Fund Charges) relative to its benchmark return, multiplied by the Net Asset Value of the Fund. The Fund's return net of Annual Fund … 0.00% perf fee paid + 4.38% annual PDS 2026-03-26 Related directories Funds with no performance fee Lowest-cost fee band Highest-cost fee band All managed funds How to read this ranking The figure shown is the performance fee actually paid in the most recent published period (as % of NAV), extracted from each fund's current Product Disclosure Statement. A performance-fee number for one period doesn't determine what the fund will charge next period — performance fees only apply when the fund clears its hurdle benchmark (often the OCR + a margin, or a market index), and most NZ MIS funds with performance fees also operate a high-water mark so they don't charge twice for the same recovery. Each fund's per-page detail shows the verbatim hurdle terms, high-water-mark mechanics, and any cap. The fund pages are the source of truth — this ranking is a structural index, not advice. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. Read the current PDS before investing. --- ## PIE funds — 286 NZ Portfolio Investment Entity managed funds URL: https://managedfunds.nz/pie-funds/ > Directory of 286 retail managed funds in NZ structured as Portfolio Investment Entities (PIEs). PIR-capped tax (max 28%). Sorted by name; sourced from FMA Disclose. PIE funds 286 retail managed funds in New Zealand that are structured as Portfolio Investment Entities (PIEs). PIE structure caps investor tax at the Prescribed Investor Rate (PIR) — maximum 28% — which is lower than the top personal marginal rate (39%). Filtered on the isPie flag in funds.ts; cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register. What is a PIE? A Portfolio Investment Entity (PIE) is an NZ tax-status applied to a fund. Tax on fund income is paid by the fund at your Prescribed Investor Rate (PIR), capped at 28%. For investors on the 30%, 33% or 39% marginal rate, a PIE wrapper reduces tax drag relative to holding the same securities directly. Not sure which PIR applies to you? Use the PIR calculator. ACI Conservative Fund ACI · Diversified PIE · capped at PIR (max 28%) conservative 1.50% annual ACI Growth Fund ACI · Diversified PIE · capped at PIR (max 28%) growth 1.61% annual Amova Concentrated Equity Fund Amova · Australasian Equities PIE · capped at PIR (max 28%) 1.15% annual Amova Core Equity Fund Amova · Australasian Equities PIE · capped at PIR (max 28%) 0.95% annual Amova Corporate Bond Fund Amova · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.70% annual Amova Global Shares Fund Amova · International Equities PIE · capped at PIR (max 28%) 1.20% annual Amova Global Shares Hedged Fund Amova · International Equities PIE · capped at PIR (max 28%) NZD hedged 1.20% annual AMP Aggressive Managed Fund AMP · Diversified PIE · capped at PIR (max 28%) aggressive 0.80% annual AMP Balanced Managed Fund AMP · Diversified PIE · capped at PIR (max 28%) balanced 0.81% annual AMP Growth Managed Fund AMP · Diversified PIE · capped at PIR (max 28%) growth 0.81% annual AMP International Shares Managed Fund AMP · International Equities PIE · capped at PIR (max 28%) 0.79% annual Antipodes Global Fund – Long (PIE) Antipodes · International Equities PIE · capped at PIR (max 28%) fee on file pending ANZ Investments OneAnswer Australian Share Fund ANZ Investments · Australasian Equities PIE · capped at PIR (max 28%) 1.09% annual ANZ Investments OneAnswer Balanced Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) balanced 0.90% annual ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) balanced growth 0.95% annual ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) conservative balanced 0.75% annual ANZ Investments OneAnswer Conservative Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) conservative 0.63% annual ANZ Investments OneAnswer Growth Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) growth 0.95% annual ANZ Investments OneAnswer High Growth Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) aggressive 0.95% annual ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments · International FI PIE · capped at PIR (max 28%) 0.49% annual ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments · International Equities PIE · capped at PIR (max 28%) 0.84% annual ANZ Investments OneAnswer International Property Fund ANZ Investments · Listed Property PIE · capped at PIR (max 28%) 0.99% annual ANZ Investments OneAnswer International Share Fund ANZ Investments · International Equities PIE · capped at PIR (max 28%) 0.96% annual ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.46% annual ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments · Australasian Equities PIE · capped at PIR (max 28%) 1.05% annual ANZ Investments OneAnswer Property Securities Fund ANZ Investments · Listed Property PIE · capped at PIR (max 28%) 1.06% annual Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI PIE · capped at PIR (max 28%) Responsible / ethical conservative fee on file pending Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI PIE · capped at PIR (max 28%) conservative fee on file pending Aurellan Global Shares Fund Aurellan · International Equities PIE · capped at PIR (max 28%) growth 1.12% annual Aurellan Hedged Global Shares Fund Aurellan · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 1.12% annual Bentham Global Income PIE Fund Bentham · International FI PIE · capped at PIR (max 28%) conservative 0.83% annual Bentham Global Opportunities PIE Fund Bentham · International FI PIE · capped at PIR (max 28%) balanced fee on file pending BetaShares Australia 200 Fund BetaShares · Australasian Equities PIE · capped at PIR (max 28%) growth 0.23% annual BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI PIE · capped at PIR (max 28%) NZD hedged conservative 0.34% annual BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.67% annual BetaShares Global Quality Leaders Fund BetaShares · International Equities PIE · capped at PIR (max 28%) growth 0.49% annual BetaShares Global Sustainability Leaders Fund BetaShares · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.77% annual BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.79% annual BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.59% annual Booster Shielded Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) growth 1.41% annual Booster Socially Responsible Balanced Fund Booster · Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.33% annual Booster Socially Responsible Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) Responsible / ethical growth 1.34% annual Booster Socially Responsible High Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) Responsible / ethical aggressive 1.35% annual Booster Wealth Balanced Fund Booster · Diversified PIE · capped at PIR (max 28%) balanced 0.83% annual Booster Wealth Geared Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) aggressive 1.35% annual Booster Wealth Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) growth 0.91% annual Booster Wealth High Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) aggressive 0.96% annual Booster Wealth Moderate Fund Booster · Diversified PIE · capped at PIR (max 28%) conservative 0.74% annual Brandywine Global Opportunistic Equity Fund Brandywine · International Equities PIE · capped at PIR (max 28%) growth 0.93% annual Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI PIE · capped at PIR (max 28%) 0.77% annual Castle Point 5 Oceans Fund Castle Point · Diversified PIE · capped at PIR (max 28%) balanced 1.18% annual Castle Point Trans-Tasman Fund Castle Point · Australasian Equities PIE · capped at PIR (max 28%) 1.08% annual Clarity - Capital Group New Perspective Fund Clarity · International Equities PIE · capped at PIR (max 28%) growth 1.21% annual Clarity Diversified Growth Fund Clarity · Diversified PIE · capped at PIR (max 28%) growth 1.16% annual Clarity Diversified Income Fund Clarity · Diversified PIE · capped at PIR (max 28%) income 0.96% annual Clarity Dividend Yield Fund Clarity · International Equities PIE · capped at PIR (max 28%) growth 1.06% annual Clarity Enhanced Cash PIE Clarity · Cash PIE · capped at PIR (max 28%) conservative 0.26% annual Clarity Fixed Income Fund Clarity · International FI PIE · capped at PIR (max 28%) conservative 0.70% annual Clarity Global Shares Fund Clarity · International Equities PIE · capped at PIR (max 28%) growth 1.06% annual Clarity New Zealand Equity Fund Clarity · Australasian Equities PIE · capped at PIR (max 28%) growth 1.06% annual Clarity Trans-Tasman Value Fund Clarity · Australasian Equities PIE · capped at PIR (max 28%) growth 1.06% annual Coolabah Active Composite Bond PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) conservative 0.76% annual Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) balanced 1.00% annual Coolabah Long-Short Credit PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) balanced 1.76% annual Coolabah Short Term Income PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) conservative 0.67% annual Daintree Core Income PIE Daintree · International FI PIE · capped at PIR (max 28%) conservative 0.73% annual Daintree High Income PIE Daintree · International FI PIE · capped at PIR (max 28%) balanced 0.90% annual Devon Alpha Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.30% annual Devon Australian Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.30% annual Devon Dividend Yield Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.39% annual Devon Trans-Tasman Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.36% annual Dexus Global REIT Fund Dexus · Listed Property PIE · capped at PIR (max 28%) fee on file pending Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.35% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI PIE · capped at PIR (max 28%) NZD hedged 0.28% annual Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.32% annual Dimensional Global Sustainability PIE Fund Dimensional · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.40% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.25% annual Elevation Capital Global Shares Fund Elevation Capital · International Equities PIE · capped at PIR (max 28%) 1.80% annual Ellerston Global Mid Small Cap Fund Ellerston · International Equities PIE · capped at PIR (max 28%) fee on file pending Evidential Sustainable Global Bond Fund Evidential · International FI PIE · capped at PIR (max 28%) Responsible / ethical 0.32% annual Evidential Sustainable Targeted Factor Fund Evidential · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.62% annual First Sentier Global Listed Infrastructure Fund First Sentier · Other PIE · capped at PIR (max 28%) Thematic balanced 1.03% annual Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities PIE · capped at PIR (max 28%) 0.87% annual Fisher Funds BondPlus Fund Fisher Funds · International FI PIE · capped at PIR (max 28%) 1.26% annual Fisher Funds Conservative Fund Fisher Funds · Diversified PIE · capped at PIR (max 28%) conservative 1.35% annual Fisher Funds Global Fund Fisher Funds · International Equities PIE · capped at PIR (max 28%) 1.64% annual Fisher Funds Growth Fund Fisher Funds · Diversified PIE · capped at PIR (max 28%) growth 1.46% annual Fisher Funds Income Fund Fisher Funds · International FI PIE · capped at PIR (max 28%) 0.99% annual Fisher Funds International Growth Fund Fisher Funds · International Equities PIE · capped at PIR (max 28%) 1.31% annual Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.97% annual Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities PIE · capped at PIR (max 28%) 1.42% annual Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property PIE · capped at PIR (max 28%) 1.53% annual Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities PIE · capped at PIR (max 28%) 1.63% annual Foundation Series Balanced Fund Foundation Series · Diversified PIE · capped at PIR (max 28%) balanced 0.36% annual Foundation Series Global ESG Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.10% annual Foundation Series Growth Fund Foundation Series · Diversified PIE · capped at PIR (max 28%) growth 0.38% annual Foundation Series Hedged Total World Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) NZD hedged 0.07% annual Foundation Series Hedged US 500 Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) NZD hedged 0.03% annual Foundation Series High Growth Fund Foundation Series · Diversified PIE · capped at PIR (max 28%) aggressive 0.37% annual Foundation Series Nasdaq-100 Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) Thematic 0.15% annual Foundation Series Total World Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) 0.07% annual Foundation Series US 500 Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) 0.03% annual Foundation Series US Dividend Equity Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) 0.06% annual Generate Focused Growth Managed Fund Generate · Diversified PIE · capped at PIR (max 28%) growth 1.35% annual Harbour Australasian Equity Focus Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.21% annual Harbour Australasian Equity Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.12% annual Harbour Australasian Equity Income Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.10% annual Harbour Balanced Growth Fund Harbour · Diversified PIE · capped at PIR (max 28%) balanced growth 1.04% annual Harbour Income Fund Harbour · Diversified PIE · capped at PIR (max 28%) income 0.66% annual Harbour Long Short Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.23% annual Harbour NZ Core Fixed Interest Fund Harbour · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.66% annual Harbour NZ Corporate Bond Fund Harbour · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.47% annual Harbour NZ Index Shares Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 0.21% annual Harbour Real Estate Investment Fund Harbour · Listed Property PIE · capped at PIR (max 28%) 0.77% annual Harbour Sustainable Impact Fund Harbour · Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 0.27% annual Harbour Sustainable NZ Shares Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.27% annual Harbour T. Rowe Price Global Equity Fund Harbour · International Equities PIE · capped at PIR (max 28%) 1.21% annual Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour · International Equities PIE · capped at PIR (max 28%) NZD hedged 1.24% annual Hunter Global Fixed Interest Fund Hunter · International FI PIE · capped at PIR (max 28%) 0.53% annual Hunter Private Credit Fund Hunter · International FI PIE · capped at PIR (max 28%) balanced 0.83% annual Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities PIE · capped at PIR (max 28%) 0.98% annual Hyperion Global Growth Companies PIE Fund Hyperion · International Equities PIE · capped at PIR (max 28%) 4.38% annual JPMorgan Global Bond Fund JPMorgan · International FI PIE · capped at PIR (max 28%) conservative 0.47% annual Kernel Australia 100 Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% annual Kernel Balanced Fund Kernel · Diversified PIE · capped at PIR (max 28%) balanced 0.25% annual Kernel Cash Plus Fund Kernel · Cash PIE · capped at PIR (max 28%) conservative 0.25% annual Kernel Conservative Fund Kernel · Diversified PIE · capped at PIR (max 28%) conservative 0.25% annual Kernel Emerging Markets Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.45% annual Kernel Global ESG Fund Kernel · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% annual Kernel Global Infrastructure Fund Kernel · Other PIE · capped at PIR (max 28%) Thematic balanced 0.25% annual Kernel High Growth Fund Kernel · Diversified PIE · capped at PIR (max 28%) aggressive 0.25% annual Kernel NZ 20 Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% annual Kernel NZ 50 ESG Tilted Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% annual Kernel NZ Bond Fund Kernel · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.40% annual Kernel NZ Commercial Property Fund Kernel · Listed Property PIE · capped at PIR (max 28%) balanced 0.25% annual Kernel NZ Small & Mid Cap Opportunities Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% annual Kernel S&P 500 (NZD Hedged) Fund Kernel · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.25% annual Kernel S&P 500 (Unhedged) Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.25% annual Kernel S&P Global 100 Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.25% annual Kernel S&P Global Clean Energy Fund Kernel · International Equities PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive 0.45% annual Kernel S&P Global Dividend Aristocrats Fund Kernel · International Equities PIE · capped at PIR (max 28%) Thematic growth 0.25% annual Kernel US Bond Fund Kernel · International FI PIE · capped at PIR (max 28%) conservative 0.30% annual Kernel World ex-US Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.25% annual Lifetime Balanced Fund Lifetime · Diversified PIE · capped at PIR (max 28%) balanced 0.99% annual Lifetime Cash Fund Lifetime · Cash PIE · capped at PIR (max 28%) conservative 0.65% annual Lifetime Conservative Fund Lifetime · Diversified PIE · capped at PIR (max 28%) conservative 0.99% annual Lifetime Growth Fund Lifetime · Diversified PIE · capped at PIR (max 28%) growth 0.99% annual Lifetime Retirement Income Fund Lifetime · Diversified PIE · capped at PIR (max 28%) income 1.36% annual Lighthouse Global Equity Fund Lighthouse · International Equities PIE · capped at PIR (max 28%) 1.03% annual Mercer All Country Global Shares Index Fund Mercer · International Equities PIE · capped at PIR (max 28%) 0.43% annual Mercer Core Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) 1.24% annual Mercer Core Hedged Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) NZD hedged 1.46% annual Mercer Global Listed Infrastructure Fund Mercer · Other PIE · capped at PIR (max 28%) 1.34% annual Mercer Global Listed Real Estate Fund Mercer · Listed Property PIE · capped at PIR (max 28%) 1.33% annual Mercer Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) 1.25% annual Mercer Income Generator Fund Mercer · Diversified PIE · capped at PIR (max 28%) income 1.28% annual Mercer Macquarie NZ Fixed Interest Fund Mercer · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.60% annual Mercer Macquarie NZ Short Duration Fund Mercer · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.68% annual Mercer NZ Shares Passive Fund Mercer · Australasian Equities PIE · capped at PIR (max 28%) 0.36% annual Mercer Responsible Balanced Fund Mercer · Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.25% annual Mercer Responsible Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.69% annual Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.43% annual Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.06% annual Milford Active Growth Fund Milford · Diversified PIE · capped at PIR (max 28%) growth 1.05% annual Milford Aggressive Fund Milford · Diversified PIE · capped at PIR (max 28%) aggressive 1.15% annual Milford Australian Absolute Growth Fund Milford · Australasian Equities PIE · capped at PIR (max 28%) 1.05% annual Milford Balanced Fund Milford · Diversified PIE · capped at PIR (max 28%) balanced 1.05% annual Milford Conservative Fund Milford · Diversified PIE · capped at PIR (max 28%) conservative 0.85% annual Milford Diversified Income Fund Milford · Diversified PIE · capped at PIR (max 28%) income 0.65% annual Milford Global Corporate Bond Fund Milford · International FI PIE · capped at PIR (max 28%) 0.85% annual Milford Global Equity Fund Milford · International Equities PIE · capped at PIR (max 28%) 1.35% annual Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.65% annual Milford Trans-Tasman Equity Fund Milford · Australasian Equities PIE · capped at PIR (max 28%) 1.05% annual Mint Australasian Equity Fund Mint · Australasian Equities PIE · capped at PIR (max 28%) 1.18% annual Mint Australasian Property Fund Mint · Listed Property PIE · capped at PIR (max 28%) 1.07% annual Mint Diversified Growth Fund Mint · Diversified PIE · capped at PIR (max 28%) growth 1.21% annual Mint Diversified Income Fund Mint · Diversified PIE · capped at PIR (max 28%) income 1.01% annual Mint New Zealand SRI Equity Fund Mint · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.97% annual NZ Funds Global Bonds NZ Funds · International FI PIE · capped at PIR (max 28%) conservative 1.44% annual NZ Funds Global Infrastructure NZ Funds · Other PIE · capped at PIR (max 28%) Thematic balanced 2.53% annual NZ Funds Global Property NZ Funds · Listed Property PIE · capped at PIR (max 28%) balanced 2.52% annual NZ Funds Global Shares NZ Funds · International Equities PIE · capped at PIR (max 28%) growth 3.12% annual NZ Funds Global Utilities NZ Funds · International Equities PIE · capped at PIR (max 28%) Thematic balanced 2.53% annual NZ Funds Income Generator NZ Funds · Diversified PIE · capped at PIR (max 28%) income 1.67% annual NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 1.44% annual NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities PIE · capped at PIR (max 28%) growth 2.52% annual NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property PIE · capped at PIR (max 28%) balanced 2.52% annual NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified PIE · capped at PIR (max 28%) growth 2.14% annual NZ Funds Wealth Builder - Income Strategy NZ Funds · Diversified PIE · capped at PIR (max 28%) income 1.20% annual NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified PIE · capped at PIR (max 28%) balanced 1.58% annual Octagon Australasian Equities Fund Octagon · Australasian Equities PIE · capped at PIR (max 28%) 1.17% annual Octagon Balanced Fund Octagon · Diversified PIE · capped at PIR (max 28%) balanced 1.17% annual Octagon New Zealand Equities Fund Octagon · Australasian Equities PIE · capped at PIR (max 28%) 1.17% annual Pathfinder Ethical Growth Fund Pathfinder · Diversified PIE · capped at PIR (max 28%) Responsible / ethical growth 1.31% annual Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.00% annual Pathfinder Global Property Fund Pathfinder · Listed Property PIE · capped at PIR (max 28%) 1.00% annual Pathfinder Global Responsibility Fund Pathfinder · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.30% annual Pathfinder Global Water Fund Pathfinder · International Equities PIE · capped at PIR (max 28%) Responsible / ethical Thematic 1.30% annual Pella Global Generations PIE Fund Pella · International Equities PIE · capped at PIR (max 28%) growth 0.85% annual Pie Global Growth Fund 2 Pie Funds · International Equities PIE · capped at PIR (max 28%) 1.61% annual Pie Growth UK & Europe Fund Pie Funds · International Equities PIE · capped at PIR (max 28%) 1.85% annual Plato Global Alpha PIE Fund Plato · International Equities PIE · capped at PIR (max 28%) growth fee on file pending QuayStreet Income Fund QuayStreet · Diversified PIE · capped at PIR (max 28%) income 0.77% annual QuayStreet NZ Equity Fund QuayStreet · Australasian Equities PIE · capped at PIR (max 28%) 1.27% annual Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other PIE · capped at PIR (max 28%) Thematic balanced 1.05% annual Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property PIE · capped at PIR (max 28%) balanced 1.05% annual Russell Investments Global Fixed Interest Fund Russell Investments · International FI PIE · capped at PIR (max 28%) 0.58% annual Russell Investments Global Listed Infrastructure Fund Russell Investments · Other PIE · capped at PIR (max 28%) 1.08% annual Russell Investments Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) 0.93% annual Russell Investments Hedged Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) NZD hedged 0.92% annual Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.33% annual Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.49% annual Russell Investments NZ Shares Fund Russell Investments · Australasian Equities PIE · capped at PIR (max 28%) 0.78% annual Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.33% annual Salt Enhanced Property Fund Salt · Listed Property PIE · capped at PIR (max 28%) 1.02% annual Salt Long Short Fund Salt · Australasian Equities PIE · capped at PIR (max 28%) 3.21% annual Salt NZ Dividend Appreciation Fund Salt · Australasian Equities PIE · capped at PIR (max 28%) 1.10% annual SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities PIE · capped at PIR (max 28%) growth 1.20% annual SBS Wealth Balanced Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) balanced 1.03% annual SBS Wealth Conservative Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) conservative 0.90% annual SBS Wealth Growth Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) growth 1.17% annual SBS Wealth High Growth Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) aggressive 1.17% annual SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.78% annual SBS Wealth World Bond Portfolio SBS Wealth · International FI PIE · capped at PIR (max 28%) conservative 0.77% annual SBS Wealth World Equity Portfolio SBS Wealth · International Equities PIE · capped at PIR (max 28%) growth 1.18% annual Schroder Sustainable Global Core PIE Fund Schroders · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.39% annual Simplicity Balanced Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) balanced 0.25% annual Simplicity Conservative Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) conservative 0.25% annual Simplicity Growth Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) growth 0.25% annual Simplicity Hedged Global Bond Fund Simplicity · International FI PIE · capped at PIR (max 28%) NZD hedged conservative 0.15% annual Simplicity Hedged Global Share Fund Simplicity · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.15% annual Simplicity High Growth Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) aggressive 0.25% annual Simplicity Homes and Income Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) balanced 0.25% annual Simplicity NZ Bond Fund Simplicity · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.10% annual Simplicity NZ Cash Fund Simplicity · Cash PIE · capped at PIR (max 28%) conservative 0.12% annual Simplicity NZ Share Fund Simplicity · Australasian Equities PIE · capped at PIR (max 28%) growth 0.10% annual Simplicity Unhedged Global Share Fund Simplicity · International Equities PIE · capped at PIR (max 28%) growth 0.15% annual Smart Asia Pacific ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · APA 0.55% annual Smart Australian Dividend ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · ASD 0.54% annual Smart Australian Financials ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · ASF 0.54% annual Smart Australian Mid Cap ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · MZY 0.75% annual Smart Australian Property ETF Smartshares · Listed Property PIE · capped at PIR (max 28%) ETF · ASP 0.54% annual Smart Australian Resources ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · ASR 0.54% annual Smart Australian Top 20 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · OZY 0.60% annual Smart Australian Top 200 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · AUS 0.30% annual Smart Automation and Robotics ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · BOT Thematic 0.75% annual Smart Bitcoin ETF Smartshares · Other PIE · capped at PIR (max 28%) ETF · BTC Thematic 0.55% annual Smart Emerging Markets ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical 0.59% annual Smart Emerging Markets ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EMF 0.59% annual Smart Europe ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical 0.55% annual Smart Europe ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EUF 0.55% annual Smart Global Aggregate Bond ETF Smartshares · International FI PIE · capped at PIR (max 28%) ETF · AGG 0.30% annual Smart Global Bond ETF Smartshares · International FI PIE · capped at PIR (max 28%) ETF · GBF 0.54% annual Smart Global ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical 0.54% annual Smart Healthcare Innovation ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · LIV Thematic 0.75% annual Smart Japan ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical 0.55% annual Smart NZ Bond ETF Smartshares · NZ Fixed Interest PIE · capped at PIR (max 28%) ETF · NZB 0.54% annual Smart NZ Dividend ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · DIV 0.54% annual Smart NZ Mid Cap ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · MDZ 0.60% annual Smart NZ Property ETF Smartshares · Listed Property PIE · capped at PIR (max 28%) ETF · NPF 0.54% annual Smart NZ Top 10 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · TNZ 0.60% annual Smart NZ Top 50 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · FNZ 0.50% annual Smart S&P/NZX 50 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · NZG 0.20% annual Smart Total World ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · TWF 0.40% annual Smart US 500 ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USF 0.34% annual Smart US ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical 0.34% annual Smart US Large Growth ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USG 0.51% annual Smart US Large Value ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USV 0.51% annual Smart US Mid Cap ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USM 0.51% annual Smart US Small Cap ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USS 0.51% annual Squirrel Monthly Income Fund Squirrel · Other PIE · capped at PIR (max 28%) 2.14% annual Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.61% annual Summer Australian Equities Summer · Australasian Equities PIE · capped at PIR (max 28%) growth 1.02% annual Summer Balanced Selection Summer · Diversified PIE · capped at PIR (max 28%) balanced 1.02% annual Summer Conservative Selection Summer · Diversified PIE · capped at PIR (max 28%) conservative 0.87% annual Summer Global Equities Summer · International Equities PIE · capped at PIR (max 28%) growth 1.02% annual Summer Global Fixed Interest Summer · International FI PIE · capped at PIR (max 28%) conservative 0.87% annual Summer Growth Selection Summer · Diversified PIE · capped at PIR (max 28%) growth 1.02% annual Summer Listed Property Summer · Listed Property PIE · capped at PIR (max 28%) balanced 1.02% annual Summer New Zealand Cash Summer · Cash PIE · capped at PIR (max 28%) conservative 0.62% annual TAHITO Te Tai o Rehua Fund TAHITO · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.26% annual Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities PIE · capped at PIR (max 28%) 0.62% annual Vision Income Fund Vision · International FI PIE · capped at PIR (max 28%) income 2.51% annual Methodology PIE status is sourced from each fund's Product Disclosure Statement (PDS) and Quarterly Fund Update on the FMA Disclose register. Excludes KiwiSaver scheme funds (a separate scheme type) and wholesale-only offerings. ManagedFundsNZ provides information only, not personalised financial advice. For tax-personalised guidance, see a Chartered Accountant or Inland Revenue. --- ## Where to buy NZ managed funds — platforms compared URL: https://managedfunds.nz/platforms/ > InvestNow, Sharesies, direct-with-manager and Kernel compared: account minimums, platform fees, fund shelf coverage and what each is best for. Where to buy Pick a platform, not just a fund. The fund manager runs the portfolio, but the platform is where you actually open an account and place orders. The platform decides the minimums, the buy/sell fees on top of the fund’s own fees, and which funds you can even see. Here’s how the four NZ retail options compare. InvestNow Apex Group Visit InvestNow → New Zealand’s largest open-architecture managed-funds platform. The widest fund shelf in NZ retail. Funds available Varies Minimum order NZ$250 per order Regular plan from NZ$50 Best for DIY investors who want the broadest fund shelf and zero platform overhead. Pros ✓Carries every fund on this site (156 / 156)✓No platform / admin fees✓Regular Investment Plans from NZ$50 per fund per cycle✓Same login covers managed funds, KiwiSaver and term deposits Watch-outs !Owned by InvestNow / Apex Group — they distribute their own Foundation Series funds prominently!Cash held in Transaction Account does not accrue interest to you (InvestNow keeps the spread)!No mobile app (browser-first) Fees on top of the fund: Zero platform fee. Fund managers’ underlying fees still apply. Some funds have buy/sell transaction fees (e.g., Foundation Series 0.50%). Sharesies Sharesies Group Limited Visit Sharesies → Brokerage and investment app with a curated managed-fund shelf and the full Smartshares ETF range. Funds available Varies Minimum order NZ$1 per order (no minimum) Regular plan from NZ$5 Best for Hands-on investors who want one app for ETFs + shares + a small number of managed funds. Pros ✓Polished mobile app✓Fractional investing — invest tiny amounts✓Combines NZX/ASX shares, US shares and managed funds in one account✓Particularly strong for the 33 Smartshares ETFs Watch-outs !Curated shelf — most non-ETF managed funds are not available!Brokerage fees compound on small frequent orders!Cash balances earn limited interest Fees on top of the fund: Brokerage / transaction fee per order (variable, around 1.9% on small NZ orders, capped on larger). Subscription tiers also available. D Direct with the fund manager Various Many managers accept retail investment directly through their own website — no platform in the middle. Funds available 289 / 289 Minimum order NZ$1,000 – $25,000 typical (manager-specific) Regular plan from NZ$100 Best for Investors with a long-term holding in one or two specific managers (e.g., Milford only). Pros ✓Closest relationship with the fund manager✓Some managers offer balance-tier discounts✓No platform-imposed buy/sell transaction fees Watch-outs !Each manager is a separate account, login and statement!Higher minimums than aggregator platforms!No single combined view of your portfolio Fees on top of the fund: Usually no platform fee; manager’s underlying fund fee applies. Some managers charge an entry fee. Kernel Kernel Wealth Limited Visit Kernel → NZ-built investment platform that runs its own low-fee index funds and a small curated managed-fund shelf. Funds available Varies Minimum order NZ$100 per order Regular plan from NZ$10 Best for Investors who specifically want Kernel’s in-house index funds plus a few curated picks. Pros ✓Own range of low-fee NZ-built index funds✓Clean modern app and dashboard✓Auto-investing via direct debit Watch-outs !Most funds in this comparison are not available on Kernel!Best fit if you want Kernel’s own funds — narrower shelf Fees on top of the fund: Zero platform fee. Underlying fund fees apply. A note on independence ManagedFundsNZ is not affiliated with any platform on this page. We do not (yet) accept affiliate fees, sponsored placement, or paid rankings — and we will disclose any commercial relationship before it changes. For each fund page, the "Available via" links go to the platform’s own page; we do not currently track whether you signed up. Always read the relevant Product Disclosure Statement and consider obtaining personalised financial advice from a licensed financial adviser before investing. ManagedFundsNZ is general information only. --- ## Privacy policy — how we handle visitor data URL: https://managedfunds.nz/privacy/ > How ManagedFundsNZ handles personal information, GA4 analytics, cookies and the data we don't collect. NZ Privacy Act compliant. Privacy Privacy ManagedFundsNZ collects only the minimum information needed to run the site. We do not sell or share visitor data, and we do not add anyone to a marketing list. Analytics We use Google Analytics 4 (measurement ID G-FJBGEXC099) to understand how visitors find and use the site. Google Analytics sets cookies on your device and processes pageview data in accordance with Google's privacy policy. We do not link analytics data to individual identities. To opt out, you can use a browser tracking-prevention setting or an extension such as uBlock Origin. Email If you contact hello@managedfunds.nz, we use that email only to respond to you. We do not add it to a marketing list. Corrections and deletions For privacy questions or to request deletion of any record we hold, email hello@managedfunds.nz. --- ## NZ fund managers — ManagedFundsNZ URL: https://managedfunds.nz/providers/ > Directory of 57 fund managers running retail managed funds in New Zealand. Directory 57 fund managers. Sized up. Every NZ-registered fund manager whose retail funds are listed on this site, with a count of funds and a link to their full lineup. A ACI 2 New Zealand-based fund manager offering diversified portfolio funds. Amova 5 Active New Zealand and global equity manager (formerly Nikko AM NZ). AMP 4 Long-established Australasian wealth manager with a NZ retail managed-fund range. Antipodes 1 Australian global-equities manager with a long-bias PIE fund offered to NZ investors. ANZ Investments 14 Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. Artesian 2 Australian credit specialist with NZD-denominated sustainable bond strategies offered as PIE funds. A Aurellan 2 NZ boutique offering global-equity exposure in hedged and unhedged PIE wrappers. Bentham 2 Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors. BetaShares 7 Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. Booster 9 NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. Brandywine via Franklin Templeton 2 Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ. Castle Point 2 Wellington-based active manager with concentrated trans-Tasman and global multi-asset funds. Clarity 9 NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. Coolabah 4 Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. Daintree 2 Australian absolute-return credit specialist with Core Income and High Income PIE funds for NZ investors. Devon 4 Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. Dexus 1 Australian listed-property specialist; global REIT fund offered as a PIE in NZ. Dimensional via FundRock NZ (issuer) 6 Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. Elevation Capital 1 Concentrated value-style global equity manager. Ellerston 1 Australian boutique with a global mid-small cap strategy distributed in NZ. Evidential via Consilium 2 Christchurch-based Consilium product brand offering sustainability-screened, factor-tilted index funds. First Sentier 1 Global investment specialist with a Global Listed Infrastructure PIE fund offered to NZ investors. Fisher Funds 11 One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. Foundation Series via InvestNow / Apex Group 10 Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. Generate 1 Active manager best known for KiwiSaver; runs a focused growth managed-fund offering. Harbour 14 Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. H Hunter 2 NZ-domiciled global fixed-interest specialist. Hyperion via FundRock NZ (issuer) 2 Australian active manager focused on high-quality global growth companies. NZ PIE wrapper issued by FundRock NZ. India Avenue 1 India-focused active equities manager. JPMorgan 1 Global asset manager with a Global Bond PIE fund distributed in NZ. Kernel 21 NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. Lifetime 5 NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. L Lighthouse 1 NZ boutique offering a global equity fund. Mercer 14 Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. Milford 10 New Zealand active manager with diversified, equity and fixed-income strategies. Mint 5 Active manager offering Australasian equities, property, diversified and SRI strategies. NZ Funds 12 NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. Octagon via Forsyth Barr 3 NZ active manager (part of Forsyth Barr) running diversified and equity funds. Pathfinder 5 Ethical-investment specialist with global responsibility, water and trans-Tasman funds. Pella 1 Australian global-equity manager with a Global Generations PIE fund for NZ investors. Pie Funds 2 Active manager focused on global growth equities including UK, Europe and small-cap strategies. Plato 1 Australian quantitative manager offering a Global Alpha PIE fund to NZ investors. QuayStreet via Craigs Investment Partners 2 NZ-based multi-asset and equity manager owned by Craigs Investment Partners. Resolution Capital 2 Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors. Russell Investments 8 Global multi-manager firm running diversified and sector index funds in NZ. Salt 3 NZ active manager with long-short, dividend and listed-property strategies. SBS Wealth via SBS Bank 8 SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. Schroders 2 Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors. Simplicity 11 Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. Smartshares via NZX Limited 33 NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. Squirrel 1 Peer-to-peer lender offering a monthly income fund built on its loan book. Stewart Investors via First Sentier Investors 1 Sustainable-investing specialist (First Sentier subsidiary) with a Worldwide Leaders PIE fund for NZ investors. Summer via Forsyth Barr 8 Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. TAHITO 1 Māori-led indigenous-values investment manager with a trans-Tasman equity fund. Te Ahumairangi 1 Wellington boutique running a global equity strategy. Vanguard 2 Global passive-investment giant; international shares index funds available in NZ via PIE wrappers. Vision 1 Christchurch-based manager offering a global-credit Income Fund as a PIE wrapper. --- ## ACI diversified funds — 2 listed URL: https://managedfunds.nz/providers/aci/diversified/ > ACI runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. A ACI · Diversified ACI diversified funds ACI runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 2 funds in this category 2 ACI Conservative Fund PIE · capped at PIR (max 28%) conservative ACI Growth Fund PIE · capped at PIR (max 28%) growth Other ACI categories All ACI funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/aci/markdown.md # ACI — fund range > Mechanical record of every retail managed fund run by ACI that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (Diversified) ## About this manager New Zealand-based fund manager offering diversified portfolio funds. ## Funds (2) ### Diversified Funds (2) - [ACI Conservative Fund](https://managedfunds.nz/funds/aci/conservative/) — conservative, PIE - [ACI Growth Fund](https://managedfunds.nz/funds/aci/growth/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/aci/conservative/ - Markdown: https://managedfunds.nz/funds/aci/conservative/markdown.md - JSON: https://managedfunds.nz/funds/aci/conservative/data.json ## Sources - **FMA Disclose register** (primary; search for "ACI"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ACI - **Manager profile (HTML):** https://managedfunds.nz/providers/aci/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/aci/ - **Markdown (this file):** https://managedfunds.nz/providers/aci/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## ACI review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/aci/review/ > ACI runs 2 retail managed funds in our NZ coverage, median annual fund charge 1.56%, median FMA risk 4/7. Sourced from FMA Disclose. A Factual snapshot ACI — review Mechanical, source-cited snapshot of ACI's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 1.56% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $12.1 million Sum of fund sizes (2/2 on file) About ACI New Zealand-based fund manager offering diversified portfolio funds. Fee position vs peers Per-asset-class median annual fund charge for ACI vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class ACI funds ACI median fee Peer median (n) Position Diversified 2 1.56% 0.99% (65) priced 57 bps above the peer median (0.99%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of ACI's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 2 ACI's funds ACI Conservative Fund Diversified PIE · capped at PIR (max 28%) conservative 1.50% fee 4/7 risk ACI Growth Fund Diversified PIE · capped at PIR (max 28%) growth 1.61% fee 4/7 risk Questions about ACI Is ACI a good fund manager? Whether ACI suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: ACI runs 2 retail managed funds in our coverage, with a median annual fund charge of 1.56% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does ACI charge? ACI's 2 funds in our coverage carry a median annual fund charge of 1.56% (range 1.50% – 1.61%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is ACI? Across the 2 funds with on-file fund-size data, ACI's tracked NZ retail AUM totals NZD 12.1 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. ACI may manage materially larger assets in those categories. What kind of funds does ACI run? ACI's range of 2 funds in our coverage is weighted toward diversified (2 funds). See the full list at /providers/aci/. Other managers running diversified funds AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review Generate review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Amova australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/amova/australasian-equities/ > Amova runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Amova · Australasian Equities Amova australasian equities funds Amova runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Amova Concentrated Equity Fund PIE · capped at PIR (max 28%) Amova Core Equity Fund PIE · capped at PIR (max 28%) Other Amova categories All Amova funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## Amova international equities funds — 2 listed URL: https://managedfunds.nz/providers/amova/international-equities/ > Amova runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Amova · International Equities Amova international equities funds Amova runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Amova Global Shares Fund PIE · capped at PIR (max 28%) Amova Global Shares Hedged Fund PIE · capped at PIR (max 28%) NZD hedged Other Amova categories All Amova funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/amova/markdown.md # Amova — fund range > Mechanical record of every retail managed fund run by Amova that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Amova Asset Management NZ Limited - **Headquarters:** Auckland - **Funds in our coverage:** 5 - **Asset classes covered:** 3 (Australasian Equities, International Equities, NZ Fixed Interest) ## About this manager Active New Zealand and global equity manager (formerly Nikko AM NZ). ## Funds (5) ### Australasian Equities (2) - [Amova Concentrated Equity Fund](https://managedfunds.nz/funds/amova/concentrated-equity/) — PIE - [Amova Core Equity Fund](https://managedfunds.nz/funds/amova/core-equity/) — PIE ### International Equities (2) - [Amova Global Shares Fund](https://managedfunds.nz/funds/amova/global-shares/) — PIE - [Amova Global Shares Hedged Fund](https://managedfunds.nz/funds/amova/global-shares-hedged/) — PIE, NZD hedged ### New Zealand Fixed Interest (1) - [Amova Corporate Bond Fund](https://managedfunds.nz/funds/amova/corporate-bond/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/amova/concentrated-equity/ - Markdown: https://managedfunds.nz/funds/amova/concentrated-equity/markdown.md - JSON: https://managedfunds.nz/funds/amova/concentrated-equity/data.json ## Sources - **FMA Disclose register** (primary; search for "Amova"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Amova - **Manager profile (HTML):** https://managedfunds.nz/providers/amova/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/amova/ - **Markdown (this file):** https://managedfunds.nz/providers/amova/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Amova review — factual snapshot for 5 NZ managed funds URL: https://managedfunds.nz/providers/amova/review/ > Amova runs 5 retail managed funds in our NZ coverage, median annual fund charge 1.15%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Amova — review Mechanical, source-cited snapshot of Amova's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 5 Median annual fee 1.15% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $998.5 million Sum of fund sizes (5/5 on file) About Amova Active New Zealand and global equity manager (formerly Nikko AM NZ). Legal nameAmova Asset Management NZ Limited HeadquartersAuckland Fee position vs peers Per-asset-class median annual fund charge for Amova vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Amova funds Amova median fee Peer median (n) Position Australasian Equities 2 1.05% 1.01% (56) priced in line with the peer median (1.01%) International Equities 2 1.20% 0.59% (79) priced 61 bps above the peer median (0.59%) NZ Fixed Interest 1 0.70% 0.60% (13) priced 10 bps above the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Amova's 5 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 1 Risk 5/7 3 Risk 6/7 1 Amova's funds Amova Concentrated Equity Fund Australasian Equities PIE · capped at PIR (max 28%) 1.15% fee 5/7 risk Amova Core Equity Fund Australasian Equities PIE · capped at PIR (max 28%) 0.95% fee 5/7 risk Amova Global Shares Fund International Equities PIE · capped at PIR (max 28%) 1.20% fee 5/7 risk Amova Global Shares Hedged Fund International Equities PIE · capped at PIR (max 28%) NZD hedged 1.20% fee 6/7 risk Amova Corporate Bond Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.70% fee 3/7 risk Questions about Amova Is Amova a good fund manager? Whether Amova suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Amova runs 5 retail managed funds in our coverage, with a median annual fund charge of 1.15% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Amova charge? Amova's 5 funds in our coverage carry a median annual fund charge of 1.15% (range 0.70% – 1.20%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Amova? Across the 5 funds with on-file fund-size data, Amova's tracked NZ retail AUM totals NZD 998.5 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Amova may manage materially larger assets in those categories. Where is Amova based? Amova (legal name: Amova Asset Management NZ Limited) is headquartered in Auckland. What kind of funds does Amova run? Amova's range of 5 funds in our coverage is weighted toward australasian equities (2 funds). The range also includes 2 international equities funds and 1 nz fixed interest fund. See the full list at /providers/amova/. Other managers running australasian equities funds ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review Harbour review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about AMP — 2 answered URL: https://managedfunds.nz/providers/amp/answers/ > 2 commonly-asked questions about AMP as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 4 retail funds tracked. Questions about AMP 2 commonly-asked questions about AMP as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 4 retail funds tracked. Funds tracked 4 Median annual fee 0.81% Tracked retail AUM NZ$112m 1. What is the benefit of AMP managed funds? Managed funds provide professional asset allocation, diversification across multiple holdings, and centralised administration; the AMP Balanced Managed Fund also benefits from PIE tax status, which caps your investor tax at your prescribed investor rate (maximum 28%). Specific benefits depend on your investment goals and circumstances—refer to the PDS or AMP's website for full details on fund features. Sourced from research on the AMP Balanced Managed Fund. 2. Is AMP a good long-term investment? Assessing suitability requires reviewing your personal circumstances, investment horizon, and risk tolerance against the fund's risk indicator of 4/7 and asset mix of approximately 78.34% growth assets and 21.66% income assets. The fund's annual charge of 0.81% p.a. is below the peer-cohort average of 1.23% p.a., which may be relevant to long-term cost considerations. Check the current PDS and FMA Disclose register for full fund details before investing. Sourced from research on the AMP Growth Managed Fund. More about AMP AMP profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## AMP diversified funds — 3 listed URL: https://managedfunds.nz/providers/amp/diversified/ > AMP runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. AMP · Diversified AMP diversified funds AMP runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 3 funds in this category 3 AMP Balanced Managed Fund PIE · capped at PIR (max 28%) balanced AMP Growth Managed Fund PIE · capped at PIR (max 28%) growth AMP Aggressive Managed Fund PIE · capped at PIR (max 28%) aggressive Other AMP categories All AMP funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/amp/markdown.md # AMP — fund range > Mechanical record of every retail managed fund run by AMP that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** AMP Wealth Management New Zealand Limited - **Headquarters:** Auckland - **Website:** https://www.amp.co.nz - **Funds in our coverage:** 4 - **Asset classes covered:** 2 (Diversified, International Equities) ## About this manager Long-established Australasian wealth manager with a NZ retail managed-fund range. ## Funds (4) ### Diversified Funds (3) - [AMP Aggressive Managed Fund](https://managedfunds.nz/funds/amp/aggressive-managed/) — aggressive, PIE - [AMP Balanced Managed Fund](https://managedfunds.nz/funds/amp/balanced-managed/) — balanced, PIE - [AMP Growth Managed Fund](https://managedfunds.nz/funds/amp/growth-managed/) — growth, PIE ### International Equities (1) - [AMP International Shares Managed Fund](https://managedfunds.nz/funds/amp/international-shares-managed/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/amp/balanced-managed/ - Markdown: https://managedfunds.nz/funds/amp/balanced-managed/markdown.md - JSON: https://managedfunds.nz/funds/amp/balanced-managed/data.json ## Sources - **FMA Disclose register** (primary; search for "AMP"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=AMP - **Manager website:** https://www.amp.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/amp/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/amp/ - **Markdown (this file):** https://managedfunds.nz/providers/amp/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## AMP review — factual snapshot for 4 NZ managed funds URL: https://managedfunds.nz/providers/amp/review/ > AMP runs 4 retail managed funds in our NZ coverage, median annual fund charge 0.81%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot AMP — review Mechanical, source-cited snapshot of AMP's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 4 Median annual fee 0.81% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $112.1 million Sum of fund sizes (4/4 on file) About AMP Long-established Australasian wealth manager with a NZ retail managed-fund range. Legal nameAMP Wealth Management New Zealand Limited HeadquartersAuckland AMP website Fee position vs peers Per-asset-class median annual fund charge for AMP vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class AMP funds AMP median fee Peer median (n) Position Diversified 3 0.81% 1.00% (64) priced 19 bps below the peer median (1.00%) International Equities 1 0.79% 0.60% (80) priced 19 bps above the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of AMP's 4 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 3 Risk 5/7 1 AMP's funds AMP Balanced Managed Fund Diversified PIE · capped at PIR (max 28%) balanced 0.81% fee 4/7 risk AMP Growth Managed Fund Diversified PIE · capped at PIR (max 28%) growth 0.81% fee 4/7 risk AMP Aggressive Managed Fund Diversified PIE · capped at PIR (max 28%) aggressive 0.80% fee 4/7 risk AMP International Shares Managed Fund International Equities PIE · capped at PIR (max 28%) 0.79% fee 5/7 risk Questions about AMP Is AMP a good fund manager? Whether AMP suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: AMP runs 4 retail managed funds in our coverage, with a median annual fund charge of 0.81% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does AMP charge? AMP's 4 funds in our coverage carry a median annual fund charge of 0.81% (range 0.79% – 0.81%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is AMP? Across the 4 funds with on-file fund-size data, AMP's tracked NZ retail AUM totals NZD 112.1 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. AMP may manage materially larger assets in those categories. Where is AMP based? AMP (legal name: AMP Wealth Management New Zealand Limited) is headquartered in Auckland. What kind of funds does AMP run? AMP's range of 4 funds in our coverage is weighted toward diversified (3 funds). The range also includes 1 international equities fund. See the full list at /providers/amp/. Other managers running diversified funds ACI review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review Generate review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/antipodes/markdown.md # Antipodes — fund range > Mechanical record of every retail managed fund run by Antipodes that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Sydney - **Website:** https://www.antipodes.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Australian global-equities manager with a long-bias PIE fund offered to NZ investors. ## Funds (1) ### International Equities (1) - [Antipodes Global Fund – Long (PIE)](https://managedfunds.nz/funds/antipodes/global-long/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/antipodes/global-long/ - Markdown: https://managedfunds.nz/funds/antipodes/global-long/markdown.md - JSON: https://managedfunds.nz/funds/antipodes/global-long/data.json ## Sources - **FMA Disclose register** (primary; search for "Antipodes"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Antipodes - **Manager website:** https://www.antipodes.com - **Manager profile (HTML):** https://managedfunds.nz/providers/antipodes/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/antipodes/ - **Markdown (this file):** https://managedfunds.nz/providers/antipodes/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Antipodes review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/antipodes/review/ > Antipodes runs 1 retail managed fund in our NZ coverage, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Antipodes — review Mechanical, source-cited snapshot of Antipodes's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee — Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $133.4 million Sum of fund sizes (1/1 on file) About Antipodes Australian global-equities manager with a long-bias PIE fund offered to NZ investors. HeadquartersSydney Antipodes website Fee position vs peers Per-asset-class median annual fund charge for Antipodes vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Antipodes funds Antipodes median fee Peer median (n) Position International Equities 1 — 0.61% (81) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Antipodes's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 1 Antipodes's funds Antipodes Global Fund – Long (PIE) International Equities PIE · capped at PIR (max 28%) 4/7 risk Questions about Antipodes Is Antipodes a good fund manager? Whether Antipodes suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Antipodes runs 1 retail managed fund in our coverage, and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Antipodes charge? Per-fund annual fund charges for Antipodes are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is Antipodes? Across the 1 fund with on-file fund-size data, Antipodes's tracked NZ retail AUM totals NZD 133.4 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Antipodes may manage materially larger assets in those categories. Where is Antipodes based? Antipodes is headquartered in Sydney. What kind of funds does Antipodes run? Antipodes's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/antipodes/. Other managers running international equities funds AMP review Amova review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review Evidential review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about ANZ Investments — 7 answered URL: https://managedfunds.nz/providers/anz-investments/answers/ > 7 commonly-asked questions about ANZ Investments as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 14 retail funds tracked. Questions about ANZ Investments 7 commonly-asked questions about ANZ Investments as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 14 retail funds tracked. Funds tracked 14 Median annual fee 0.95% Tracked retail AUM NZ$2.03b 1. What is the difference between ANZ Balance and funds? The ANZ Investments OneAnswer Balanced Fund is a single diversified fund with a 4/7 risk indicator, approximately 53% growth and 47% income assets, and a 0.9% p.a. annual fund charge. To compare it with other ANZ or competitor funds, check the fund comparison tables on this site or review Product Disclosure Statements via the ANZ Investments website. Sourced from research on the ANZ Investments OneAnswer Balanced Fund. 2. What does the ANZ KiwiSaver Growth fund invest in? The ANZ Investments OneAnswer Growth Fund is a diversified fund with approximately 78.48% allocated to growth assets and 21.52% to income assets, including holdings in companies such as Nvidia Corporation, Apple Inc, and Fisher and Paykel Healthcare. For a complete breakdown of holdings and investment strategy, refer to the current Product Disclosure Statement on the manager's website. Sourced from research on the ANZ Investments OneAnswer Growth Fund. 3. Are ANZ shares a good investment? The ANZ Investments OneAnswer Australian Share Fund holds ANZ among diversified Australian equities; however, investment suitability depends on individual circumstances, risk tolerance, and goals. This fund's 5-year return after fees was 8.31% p.a. as at the latest QFU, with a risk indicator of 5/7 on the FMA standardised scale. For personalised advice, consult a financial adviser or review the fund's PDS and FMA Disclose register entry. Sourced from research on the ANZ Investments OneAnswer Australian Share Fund. 4. What happened to Anz share investing? ANZ Investments offers this Australian Share Fund through InvestNow and directly; for service changes or product updates, check the ANZ Investments website or contact them directly at https://www.anz.co.nz/personal/investing-kiwisaver. The latest fund performance and holdings data are available via the FMA Disclose register. Sourced from research on the ANZ Investments OneAnswer Australian Share Fund. 5. How much is the ANZ international fee? The ANZ Investments OneAnswer International Share Fund has an annual fund charge of 0.96% p.a., as disclosed in the latest Quarterly Fund Update. This is 0.10% p.a. above the peer-cohort average fee of 0.86% p.a. for funds in this category. Sourced from research on the ANZ Investments OneAnswer International Share Fund. 6. What are ANZ's fees and charges? The ANZ Investments OneAnswer International Share Fund charges 0.96% p.a. as its annual fund charge. For a complete breakdown of all fees and charges, check the current Product Disclosure Statement on the ANZ Investments website or the FMA Disclose register. Sourced from research on the ANZ Investments OneAnswer International Share Fund. 7. Is ANZ a good long-term investment? The ANZ Investments OneAnswer Property Securities Fund returned 2.25% p.a. after fees and before tax over the past 5 years, as at the latest QFU. Whether this fund aligns with your long-term goals depends on your personal circumstances, investment timeframe, and risk tolerance—this fund carries a risk indicator of 5/7 on the FMC standardised scale. Review the Product Disclosure Statement and consider seeking personal financial advice. Sourced from research on the ANZ Investments OneAnswer Property Securities Fund. More about ANZ Investments ANZ Investments profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## ANZ Investments australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/anz-investments/australasian-equities/ > ANZ Investments runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. ANZ Investments · Australasian Equities ANZ Investments australasian equities funds ANZ Investments runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 ANZ Investments OneAnswer Australian Share Fund PIE · capped at PIR (max 28%) ANZ Investments OneAnswer New Zealand Share Fund PIE · capped at PIR (max 28%) Other ANZ Investments categories All ANZ Investments funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## ANZ Investments diversified funds — 6 listed URL: https://managedfunds.nz/providers/anz-investments/diversified/ > ANZ Investments runs 6 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. ANZ Investments · Diversified ANZ Investments diversified funds ANZ Investments runs 6 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 6 funds in this category 6 ANZ Investments OneAnswer Conservative Fund PIE · capped at PIR (max 28%) conservative ANZ Investments OneAnswer Conservative Balanced Fund PIE · capped at PIR (max 28%) conservative balanced ANZ Investments OneAnswer Balanced Fund PIE · capped at PIR (max 28%) balanced ANZ Investments OneAnswer Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth ANZ Investments OneAnswer Growth Fund PIE · capped at PIR (max 28%) growth ANZ Investments OneAnswer High Growth Fund PIE · capped at PIR (max 28%) aggressive Other ANZ Investments categories All ANZ Investments funds → Other managers in diversified Booster (9)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4)SBS Wealth (4) All diversified funds → --- ## ANZ Investments international equities funds — 2 listed URL: https://managedfunds.nz/providers/anz-investments/international-equities/ > ANZ Investments runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. ANZ Investments · International Equities ANZ Investments international equities funds ANZ Investments runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 ANZ Investments OneAnswer International Share Fund PIE · capped at PIR (max 28%) ANZ Investments OneAnswer International Listed Infrastructure Fund PIE · capped at PIR (max 28%) Other ANZ Investments categories All ANZ Investments funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## ANZ Investments listed property funds — 2 listed URL: https://managedfunds.nz/providers/anz-investments/listed-property/ > ANZ Investments runs 2 listed property funds available to NZ retail investors. NZ, Australian and global REITs. All data sourced from FMA Disclose. ANZ Investments · Listed Property ANZ Investments listed property funds ANZ Investments runs 2 listed property funds available to NZ retail investors. NZ, Australian and global REITs. All data sourced from FMA Disclose. 2 funds in this category 2 ANZ Investments OneAnswer Property Securities Fund PIE · capped at PIR (max 28%) ANZ Investments OneAnswer International Property Fund PIE · capped at PIR (max 28%) Other ANZ Investments categories All ANZ Investments funds → Other managers in listed property NZ Funds (2)Smartshares (2) All listed property funds → --- ## URL: https://managedfunds.nz/providers/anz-investments/markdown.md # ANZ Investments — fund range > Mechanical record of every retail managed fund run by ANZ Investments that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** ANZ New Zealand Investments Limited - **Headquarters:** Auckland - **Website:** https://www.anz.co.nz/personal/investing-kiwisaver - **Funds in our coverage:** 14 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property) ## About this manager Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. ## Funds (14) ### Diversified Funds (6) - [ANZ Investments OneAnswer Balanced Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/) — balanced, PIE - [ANZ Investments OneAnswer Balanced Growth Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/) — balanced growth, PIE - [ANZ Investments OneAnswer Conservative Balanced Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/) — conservative balanced, PIE - [ANZ Investments OneAnswer Conservative Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/) — conservative, PIE - [ANZ Investments OneAnswer Growth Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-growth/) — growth, PIE - [ANZ Investments OneAnswer High Growth Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/) — aggressive, PIE ### Australasian Equities (2) - [ANZ Investments OneAnswer Australian Share Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/) — PIE - [ANZ Investments OneAnswer New Zealand Share Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/) — PIE ### International Equities (2) - [ANZ Investments OneAnswer International Listed Infrastructure Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/) — PIE - [ANZ Investments OneAnswer International Share Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/) — PIE ### New Zealand Fixed Interest (1) - [ANZ Investments OneAnswer New Zealand Fixed Interest Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/) — PIE ### International Fixed Interest (1) - [ANZ Investments OneAnswer International Fixed Interest Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/) — PIE ### Listed Property (2) - [ANZ Investments OneAnswer International Property Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/) — PIE - [ANZ Investments OneAnswer Property Securities Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/ - Markdown: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/markdown.md - JSON: https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/data.json ## Sources - **FMA Disclose register** (primary; search for "ANZ Investments"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=ANZ%20Investments - **Manager website:** https://www.anz.co.nz/personal/investing-kiwisaver - **Manager profile (HTML):** https://managedfunds.nz/providers/anz-investments/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/anz-investments/ - **Markdown (this file):** https://managedfunds.nz/providers/anz-investments/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## ANZ Investments review — factual snapshot for 14 NZ managed funds URL: https://managedfunds.nz/providers/anz-investments/review/ > ANZ Investments runs 14 retail managed funds in our NZ coverage, median annual fund charge 0.95%, median FMA risk 4.5/7. Sourced from FMA Disclose. Factual snapshot ANZ Investments — review Mechanical, source-cited snapshot of ANZ Investments's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 14 Median annual fee 0.95% Universe median 0.84% Median FMA risk 4.5/7 Standardised 1–7 scale Tracked NZ retail AUM $2.03 billion Sum of fund sizes (14/14 on file) About ANZ Investments Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range. Legal nameANZ New Zealand Investments Limited HeadquartersAuckland ANZ Investments website Fee position vs peers Per-asset-class median annual fund charge for ANZ Investments vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class ANZ Investments funds ANZ Investments median fee Peer median (n) Position Diversified 6 0.93% 1.02% (61) priced 9 bps below the peer median (1.02%) Australasian Equities 2 1.07% 0.99% (56) priced 8 bps above the peer median (0.99%) International Equities 2 0.90% 0.59% (79) priced 31 bps above the peer median (0.59%) Listed Property 2 1.02% 1.02% (13) priced in line with the peer median (1.02%) NZ Fixed Interest 1 0.46% 0.65% (13) priced 19 bps below the peer median (0.65%) International FI 1 0.49% 0.71% (30) priced 22 bps below the peer median (0.71%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of ANZ Investments's 14 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 2 Risk 4/7 5 Risk 5/7 6 Risk 6/7 1 ANZ Investments's funds ANZ Investments OneAnswer Conservative Fund Diversified PIE · capped at PIR (max 28%) conservative 0.63% fee 3/7 risk ANZ Investments OneAnswer Conservative Balanced Fund Diversified PIE · capped at PIR (max 28%) conservative balanced 0.75% fee 4/7 risk ANZ Investments OneAnswer Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 0.90% fee 4/7 risk ANZ Investments OneAnswer Balanced Growth Fund Diversified PIE · capped at PIR (max 28%) balanced growth 0.95% fee 4/7 risk ANZ Investments OneAnswer Growth Fund Diversified PIE · capped at PIR (max 28%) growth 0.95% fee 4/7 risk ANZ Investments OneAnswer High Growth Fund Diversified PIE · capped at PIR (max 28%) aggressive 0.95% fee 5/7 risk ANZ Investments OneAnswer Australian Share Fund Australasian Equities PIE · capped at PIR (max 28%) 1.09% fee 5/7 risk ANZ Investments OneAnswer New Zealand Share Fund Australasian Equities PIE · capped at PIR (max 28%) 1.05% fee 5/7 risk ANZ Investments OneAnswer International Share Fund International Equities PIE · capped at PIR (max 28%) 0.96% fee 5/7 risk ANZ Investments OneAnswer International Listed Infrastructure Fund International Equities PIE · capped at PIR (max 28%) 0.84% fee 5/7 risk ANZ Investments OneAnswer International Fixed Interest Fund International FI PIE · capped at PIR (max 28%) 0.49% fee 4/7 risk ANZ Investments OneAnswer Property Securities Fund Listed Property PIE · capped at PIR (max 28%) 1.06% fee 5/7 risk ANZ Investments OneAnswer International Property Fund Listed Property PIE · capped at PIR (max 28%) 0.99% fee 6/7 risk ANZ Investments OneAnswer New Zealand Fixed Interest Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.46% fee 3/7 risk Questions about ANZ Investments Is ANZ Investments a good fund manager? Whether ANZ Investments suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: ANZ Investments runs 14 retail managed funds in our coverage, with a median annual fund charge of 0.95% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4.5 out of 7. For personalised guidance, see a licensed financial adviser. What does ANZ Investments charge? ANZ Investments's 14 funds in our coverage carry a median annual fund charge of 0.95% (range 0.46% – 1.09%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is ANZ Investments? Across the 14 funds with on-file fund-size data, ANZ Investments's tracked NZ retail AUM totals NZD 2.03 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. ANZ Investments may manage materially larger assets in those categories. Where is ANZ Investments based? ANZ Investments (legal name: ANZ New Zealand Investments Limited) is headquartered in Auckland. What kind of funds does ANZ Investments run? ANZ Investments's range of 14 funds in our coverage is weighted toward diversified (6 funds). The range also includes 2 australasian equities funds and 2 international equities funds. See the full list at /providers/anz-investments/. Other managers running diversified funds ACI review AMP review Booster review Castle Point review Clarity review Fisher Funds review Foundation Series review Generate review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Artesian international fi funds — 2 listed URL: https://managedfunds.nz/providers/artesian/international-fixed-interest/ > Artesian runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Artesian · International FI Artesian international fi funds Artesian runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Artesian Green and Sustainable Bond Fund (NZD) PIE · capped at PIR (max 28%) Responsible / ethical conservative Artesian Short Duration Corporate Bond Fund (NZD) PIE · capped at PIR (max 28%) conservative Other Artesian categories All Artesian funds → Other managers in international fi Coolabah (4)Dimensional (3)Bentham (2)Daintree (2)Fisher Funds (2)Hunter (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/artesian/markdown.md # Artesian — fund range > Mechanical record of every retail managed fund run by Artesian that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Artesian Capital Management - **Headquarters:** Sydney - **Website:** https://artesianinvest.com - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) ## About this manager Australian credit specialist with NZD-denominated sustainable bond strategies offered as PIE funds. ## Funds (2) ### International Fixed Interest (2) - [Artesian Green and Sustainable Bond Fund (NZD)](https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/) — conservative, PIE, responsible investment - [Artesian Short Duration Corporate Bond Fund (NZD)](https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/ - Markdown: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/markdown.md - JSON: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/data.json ## Sources - **FMA Disclose register** (primary; search for "Artesian"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Artesian - **Manager website:** https://artesianinvest.com - **Manager profile (HTML):** https://managedfunds.nz/providers/artesian/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/artesian/ - **Markdown (this file):** https://managedfunds.nz/providers/artesian/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Artesian review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/artesian/review/ > Artesian runs 2 retail managed funds in our NZ coverage, median FMA risk 2.5/7. Sourced from FMA Disclose. Factual snapshot Artesian — review Mechanical, source-cited snapshot of Artesian's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee — Median FMA risk 2.5/7 Standardised 1–7 scale Tracked NZ retail AUM $0 Sum of fund sizes (2/2 on file) About Artesian Australian credit specialist with NZD-denominated sustainable bond strategies offered as PIE funds. Legal nameArtesian Capital Management HeadquartersSydney Artesian website Fee position vs peers Per-asset-class median annual fund charge for Artesian vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Artesian funds Artesian median fee Peer median (n) Position International FI 2 — 0.70% (31) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Artesian's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Risk 3/7 1 Artesian's funds Artesian Green and Sustainable Bond Fund (NZD) International FI PIE · capped at PIR (max 28%) Responsible / ethical conservative 3/7 risk Artesian Short Duration Corporate Bond Fund (NZD) International FI PIE · capped at PIR (max 28%) conservative 2/7 risk Questions about Artesian Is Artesian a good fund manager? Whether Artesian suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Artesian runs 2 retail managed funds in our coverage, and a median FMA risk indicator of 2.5 out of 7. For personalised guidance, see a licensed financial adviser. What does Artesian charge? Per-fund annual fund charges for Artesian are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is Artesian? Across the 2 funds with on-file fund-size data, Artesian's tracked NZ retail AUM totals NZD 0. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Artesian may manage materially larger assets in those categories. Where is Artesian based? Artesian (legal name: Artesian Capital Management) is headquartered in Sydney. What kind of funds does Artesian run? Artesian's range of 2 funds in our coverage is weighted toward international fi (2 funds). See the full list at /providers/artesian/. Other managers running international fi funds ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Coolabah review Daintree review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Aurellan international equities funds — 2 listed URL: https://managedfunds.nz/providers/aurellan/international-equities/ > Aurellan runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. A Aurellan · International Equities Aurellan international equities funds Aurellan runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Aurellan Global Shares Fund PIE · capped at PIR (max 28%) growth Aurellan Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged growth Other Aurellan categories All Aurellan funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/aurellan/markdown.md # Aurellan — fund range > Mechanical record of every retail managed fund run by Aurellan that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Aurellan Investments Limited - **Headquarters:** Wellington - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) ## About this manager NZ boutique offering global-equity exposure in hedged and unhedged PIE wrappers. ## Funds (2) ### International Equities (2) - [Aurellan Global Shares Fund](https://managedfunds.nz/funds/aurellan/global-shares/) — growth, PIE - [Aurellan Hedged Global Shares Fund](https://managedfunds.nz/funds/aurellan/hedged-global-shares/) — growth, PIE, NZD hedged ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/aurellan/global-shares/ - Markdown: https://managedfunds.nz/funds/aurellan/global-shares/markdown.md - JSON: https://managedfunds.nz/funds/aurellan/global-shares/data.json ## Sources - **FMA Disclose register** (primary; search for "Aurellan"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Aurellan - **Manager profile (HTML):** https://managedfunds.nz/providers/aurellan/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/aurellan/ - **Markdown (this file):** https://managedfunds.nz/providers/aurellan/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Aurellan review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/aurellan/review/ > Aurellan runs 2 retail managed funds in our NZ coverage, median annual fund charge 1.12%, median FMA risk 5/7. Sourced from FMA Disclose. A Factual snapshot Aurellan — review Mechanical, source-cited snapshot of Aurellan's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 1.12% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $49.6 million Sum of fund sizes (2/2 on file) About Aurellan NZ boutique offering global-equity exposure in hedged and unhedged PIE wrappers. Legal nameAurellan Investments Limited HeadquartersWellington Fee position vs peers Per-asset-class median annual fund charge for Aurellan vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Aurellan funds Aurellan median fee Peer median (n) Position International Equities 2 1.12% 0.59% (79) priced 53 bps above the peer median (0.59%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Aurellan's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 2 Aurellan's funds Aurellan Global Shares Fund International Equities PIE · capped at PIR (max 28%) growth 1.12% fee 5/7 risk Aurellan Hedged Global Shares Fund International Equities PIE · capped at PIR (max 28%) NZD hedged growth 1.12% fee 5/7 risk Questions about Aurellan Is Aurellan a good fund manager? Whether Aurellan suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Aurellan runs 2 retail managed funds in our coverage, with a median annual fund charge of 1.12% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Aurellan charge? Aurellan's 2 funds in our coverage carry a median annual fund charge of 1.12% (range 1.12% – 1.12%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Aurellan? Across the 2 funds with on-file fund-size data, Aurellan's tracked NZ retail AUM totals NZD 49.6 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Aurellan may manage materially larger assets in those categories. Where is Aurellan based? Aurellan (legal name: Aurellan Investments Limited) is headquartered in Wellington. What kind of funds does Aurellan run? Aurellan's range of 2 funds in our coverage is weighted toward international equities (2 funds). See the full list at /providers/aurellan/. Other managers running international equities funds AMP review Amova review Antipodes review ANZ Investments review BetaShares review Brandywine review Clarity review Evidential review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Bentham international fi funds — 2 listed URL: https://managedfunds.nz/providers/bentham/international-fixed-interest/ > Bentham runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Bentham · International FI Bentham international fi funds Bentham runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Bentham Global Income PIE Fund PIE · capped at PIR (max 28%) conservative Bentham Global Opportunities PIE Fund PIE · capped at PIR (max 28%) balanced Other Bentham categories All Bentham funds → Other managers in international fi Coolabah (4)Dimensional (3)Artesian (2)Daintree (2)Fisher Funds (2)Hunter (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/bentham/markdown.md # Bentham — fund range > Mechanical record of every retail managed fund run by Bentham that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Bentham Asset Management - **Headquarters:** Sydney - **Website:** https://www.benthamam.com.au - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) ## About this manager Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors. ## Funds (2) ### International Fixed Interest (2) - [Bentham Global Income PIE Fund](https://managedfunds.nz/funds/bentham/global-income/) — conservative, PIE - [Bentham Global Opportunities PIE Fund](https://managedfunds.nz/funds/bentham/global-opportunities/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/bentham/global-income/ - Markdown: https://managedfunds.nz/funds/bentham/global-income/markdown.md - JSON: https://managedfunds.nz/funds/bentham/global-income/data.json ## Sources - **FMA Disclose register** (primary; search for "Bentham"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Bentham - **Manager website:** https://www.benthamam.com.au - **Manager profile (HTML):** https://managedfunds.nz/providers/bentham/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/bentham/ - **Markdown (this file):** https://managedfunds.nz/providers/bentham/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Bentham review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/bentham/review/ > Bentham runs 2 retail managed funds in our NZ coverage, median annual fund charge 0.83%, median FMA risk 3.5/7. Sourced from FMA Disclose. Factual snapshot Bentham — review Mechanical, source-cited snapshot of Bentham's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 0.83% Universe median 0.84% Median FMA risk 3.5/7 Standardised 1–7 scale Tracked NZ retail AUM $179.8 million Sum of fund sizes (2/2 on file) About Bentham Australian global credit specialist offering global income and global opportunities PIE funds to NZ investors. Legal nameBentham Asset Management HeadquartersSydney Bentham website Fee position vs peers Per-asset-class median annual fund charge for Bentham vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Bentham funds Bentham median fee Peer median (n) Position International FI 2 0.83% 0.69% (30) priced 14 bps above the peer median (0.69%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Bentham's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 1 Risk 4/7 1 Bentham's funds Bentham Global Income PIE Fund International FI PIE · capped at PIR (max 28%) conservative 0.83% fee 3/7 risk Bentham Global Opportunities PIE Fund International FI PIE · capped at PIR (max 28%) balanced 4/7 risk Questions about Bentham Is Bentham a good fund manager? Whether Bentham suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Bentham runs 2 retail managed funds in our coverage, with a median annual fund charge of 0.83% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 3.5 out of 7. For personalised guidance, see a licensed financial adviser. What does Bentham charge? Bentham's 2 funds in our coverage carry a median annual fund charge of 0.83% (range 0.83% – 0.83%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Bentham? Across the 2 funds with on-file fund-size data, Bentham's tracked NZ retail AUM totals NZD 179.8 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Bentham may manage materially larger assets in those categories. Where is Bentham based? Bentham (legal name: Bentham Asset Management) is headquartered in Sydney. What kind of funds does Bentham run? Bentham's range of 2 funds in our coverage is weighted toward international fi (2 funds). See the full list at /providers/bentham/. Other managers running international fi funds Artesian review ANZ Investments review BetaShares review Brandywine review Clarity review Evidential review Coolabah review Daintree review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## BetaShares australasian equities funds — 3 listed URL: https://managedfunds.nz/providers/betashares/australasian-equities/ > BetaShares runs 3 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. BetaShares · Australasian Equities BetaShares australasian equities funds BetaShares runs 3 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 3 funds in this category 3 BetaShares Australia 200 Fund PIE · capped at PIR (max 28%) growth BetaShares Australian Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth BetaShares NZ Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Other BetaShares categories All BetaShares funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)Fisher Funds (3)Amova (2) All australasian equities funds → --- ## BetaShares international equities funds — 3 listed URL: https://managedfunds.nz/providers/betashares/international-equities/ > BetaShares runs 3 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. BetaShares · International Equities BetaShares international equities funds BetaShares runs 3 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 3 funds in this category 3 BetaShares Global Sustainability Leaders Fund PIE · capped at PIR (max 28%) Responsible / ethical growth BetaShares Global Sustainability Leaders Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth BetaShares Global Quality Leaders Fund PIE · capped at PIR (max 28%) growth Other BetaShares categories All BetaShares funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)Clarity (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/betashares/markdown.md # BetaShares — fund range > Mechanical record of every retail managed fund run by BetaShares that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** BetaShares Capital Limited - **Headquarters:** Sydney - **Website:** https://www.betashares.com.au - **Funds in our coverage:** 7 - **Asset classes covered:** 3 (Australasian Equities, International Equities, International FI) ## About this manager Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. ## Funds (7) ### Australasian Equities (3) - [BetaShares Australia 200 Fund](https://managedfunds.nz/funds/betashares/australia-200/) — growth, PIE - [BetaShares Australian Sustainability Leaders Fund](https://managedfunds.nz/funds/betashares/au-sustainability-leaders/) — growth, PIE, responsible investment - [BetaShares NZ Sustainability Leaders Fund](https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/) — growth, PIE, responsible investment ### International Equities (3) - [BetaShares Global Quality Leaders Fund](https://managedfunds.nz/funds/betashares/global-quality-leaders/) — growth, PIE - [BetaShares Global Sustainability Leaders Fund](https://managedfunds.nz/funds/betashares/global-sustainability-leaders/) — growth, PIE, responsible investment - [BetaShares Global Sustainability Leaders Fund (NZD Hedged)](https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/) — growth, PIE, NZD hedged, responsible investment ### International Fixed Interest (1) - [BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)](https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/) — conservative, PIE, NZD hedged ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/betashares/australia-200/ - Markdown: https://managedfunds.nz/funds/betashares/australia-200/markdown.md - JSON: https://managedfunds.nz/funds/betashares/australia-200/data.json ## Sources - **FMA Disclose register** (primary; search for "BetaShares"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=BetaShares - **Manager website:** https://www.betashares.com.au - **Manager profile (HTML):** https://managedfunds.nz/providers/betashares/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/betashares/ - **Markdown (this file):** https://managedfunds.nz/providers/betashares/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## BetaShares review — factual snapshot for 7 NZ managed funds URL: https://managedfunds.nz/providers/betashares/review/ > BetaShares runs 7 retail managed funds in our NZ coverage, median annual fund charge 0.59%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot BetaShares — review Mechanical, source-cited snapshot of BetaShares's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 7 Median annual fee 0.59% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $310.5 million Sum of fund sizes (7/7 on file) About BetaShares Australian ETF and indexed-fund specialist with sustainability-leader and quality-factor PIE funds for NZ investors. Legal nameBetaShares Capital Limited HeadquartersSydney BetaShares website Fee position vs peers Per-asset-class median annual fund charge for BetaShares vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class BetaShares funds BetaShares median fee Peer median (n) Position Australasian Equities 3 0.59% 1.05% (55) priced 46 bps below the peer median (1.05%) International Equities 3 0.77% 0.60% (78) priced 17 bps above the peer median (0.60%) International FI 1 0.34% 0.71% (30) priced 37 bps below the peer median (0.71%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of BetaShares's 7 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 1 Risk 5/7 6 BetaShares's funds BetaShares Australia 200 Fund Australasian Equities PIE · capped at PIR (max 28%) growth 0.23% fee 5/7 risk BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) International FI PIE · capped at PIR (max 28%) NZD hedged conservative 0.34% fee 4/7 risk BetaShares Australian Sustainability Leaders Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.67% fee 5/7 risk BetaShares Global Sustainability Leaders Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.77% fee 5/7 risk BetaShares Global Sustainability Leaders Fund (NZD Hedged) International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.79% fee 5/7 risk BetaShares NZ Sustainability Leaders Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.59% fee 5/7 risk BetaShares Global Quality Leaders Fund International Equities PIE · capped at PIR (max 28%) growth 0.49% fee 5/7 risk Questions about BetaShares Is BetaShares a good fund manager? Whether BetaShares suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: BetaShares runs 7 retail managed funds in our coverage, with a median annual fund charge of 0.59% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does BetaShares charge? BetaShares's 7 funds in our coverage carry a median annual fund charge of 0.59% (range 0.23% – 0.79%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is BetaShares? Across the 7 funds with on-file fund-size data, BetaShares's tracked NZ retail AUM totals NZD 310.5 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. BetaShares may manage materially larger assets in those categories. Where is BetaShares based? BetaShares (legal name: BetaShares Capital Limited) is headquartered in Sydney. What kind of funds does BetaShares run? BetaShares's range of 7 funds in our coverage is weighted toward australasian equities (3 funds). The range also includes 3 international equities funds and 1 international fi fund. See the full list at /providers/betashares/. Other managers running australasian equities funds Amova review ANZ Investments review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review Harbour review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Booster — 4 answered URL: https://managedfunds.nz/providers/booster/answers/ > 4 commonly-asked questions about Booster as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 9 retail funds tracked. Questions about Booster 4 commonly-asked questions about Booster as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 9 retail funds tracked. Funds tracked 9 Median annual fee 1.33% Tracked retail AUM NZ$1.47b 1. Is booster a good KiwiSaver scheme? Booster offers a KiwiSaver® scheme product separately from the Booster Wealth Moderate Fund discussed here. To assess whether a KiwiSaver scheme account is suitable for your circumstances, compare fees, investment options, and features across available schemes using the KiwiSaver Scheme finder tool, or consult the IRD website for KiwiSaver rules and requirements. Sourced from research on the Booster Wealth Moderate Fund. 2. What is the interest rate for booster? Booster Wealth Geared Growth Fund is not an interest-bearing savings product; it is a managed fund investing in growth and income assets. The fund charges an annual fund charge of 1.35% p.a. for management and administration. For details on the fund's income distribution policy, refer to the current Product Disclosure Statement at https://www.booster.co.nz. Sourced from research on the Booster Wealth Geared Growth Fund. 3. Is Booster KiwiSaver a ethical fund? The Booster Socially Responsible Balanced Fund applies responsible-investment and ESG screens in accordance with its Statement of Investment Policy and Objectives (SIPO). Whether these screens align with your personal values should be confirmed by reviewing the fund's current PDS and SIPO on the Booster website or the FMA Disclose register. Sourced from research on the Booster Socially Responsible Balanced Fund. 4. Is there an exit fee for booster KiwiSaver? You should check the current Product Disclosure Statement (PDS) for the Booster Socially Responsible Balanced Fund and your KiwiSaver scheme account terms, as exit fees and conditions depend on your specific membership and investment choice. Contact Booster directly via https://www.booster.co.nz for the most current information. Sourced from research on the Booster Socially Responsible Balanced Fund. More about Booster Booster profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Booster diversified funds — 9 listed URL: https://managedfunds.nz/providers/booster/diversified/ > Booster runs 9 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Booster · Diversified Booster diversified funds Booster runs 9 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 9 funds in this category 9 Booster Wealth Moderate Fund PIE · capped at PIR (max 28%) conservative Booster Wealth Balanced Fund PIE · capped at PIR (max 28%) balanced Booster Wealth Growth Fund PIE · capped at PIR (max 28%) growth Booster Wealth High Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Wealth Geared Growth Fund PIE · capped at PIR (max 28%) aggressive Booster Shielded Growth Fund PIE · capped at PIR (max 28%) growth Booster Socially Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Booster Socially Responsible Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Booster Socially Responsible High Growth Fund PIE · capped at PIR (max 28%) Responsible / ethical aggressive Other Booster categories All Booster funds → Other managers in diversified ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4)SBS Wealth (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/booster/markdown.md # Booster — fund range > Mechanical record of every retail managed fund run by Booster that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Booster Investment Management Limited - **Headquarters:** Wellington - **Website:** https://www.booster.co.nz - **Funds in our coverage:** 9 - **Asset classes covered:** 1 (Diversified) ## About this manager NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. ## Funds (9) ### Diversified Funds (9) - [Booster Shielded Growth Fund](https://managedfunds.nz/funds/booster/shielded-growth/) — growth, PIE - [Booster Socially Responsible Balanced Fund](https://managedfunds.nz/funds/booster/socially-responsible-balanced/) — balanced, PIE, responsible investment - [Booster Socially Responsible Growth Fund](https://managedfunds.nz/funds/booster/socially-responsible-growth/) — growth, PIE, responsible investment - [Booster Socially Responsible High Growth Fund](https://managedfunds.nz/funds/booster/socially-responsible-high-growth/) — aggressive, PIE, responsible investment - [Booster Wealth Balanced Fund](https://managedfunds.nz/funds/booster/wealth-balanced/) — balanced, PIE - [Booster Wealth Geared Growth Fund](https://managedfunds.nz/funds/booster/wealth-geared-growth/) — aggressive, PIE - [Booster Wealth Growth Fund](https://managedfunds.nz/funds/booster/wealth-growth/) — growth, PIE - [Booster Wealth High Growth Fund](https://managedfunds.nz/funds/booster/wealth-high-growth/) — aggressive, PIE - [Booster Wealth Moderate Fund](https://managedfunds.nz/funds/booster/wealth-moderate/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/booster/wealth-moderate/ - Markdown: https://managedfunds.nz/funds/booster/wealth-moderate/markdown.md - JSON: https://managedfunds.nz/funds/booster/wealth-moderate/data.json ## Sources - **FMA Disclose register** (primary; search for "Booster"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Booster - **Manager website:** https://www.booster.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/booster/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/booster/ - **Markdown (this file):** https://managedfunds.nz/providers/booster/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Booster review — factual snapshot for 9 NZ managed funds URL: https://managedfunds.nz/providers/booster/review/ > Booster runs 9 retail managed funds in our NZ coverage, median annual fund charge 1.33%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Booster — review Mechanical, source-cited snapshot of Booster's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 9 Median annual fee 1.33% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $1.47 billion Sum of fund sizes (9/9 on file) About Booster NZ-owned manager with a diversified Wealth range, socially responsible series and shielded growth strategy. Legal nameBooster Investment Management Limited HeadquartersWellington Booster website Fee position vs peers Per-asset-class median annual fund charge for Booster vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Booster funds Booster median fee Peer median (n) Position Diversified 9 1.33% 0.99% (58) priced 34 bps above the peer median (0.99%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Booster's 9 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 6 Risk 5/7 3 Booster's funds Booster Wealth Moderate Fund Diversified PIE · capped at PIR (max 28%) conservative 0.74% fee 4/7 risk Booster Wealth Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 0.83% fee 4/7 risk Booster Wealth Growth Fund Diversified PIE · capped at PIR (max 28%) growth 0.91% fee 4/7 risk Booster Wealth High Growth Fund Diversified PIE · capped at PIR (max 28%) aggressive 0.96% fee 5/7 risk Booster Wealth Geared Growth Fund Diversified PIE · capped at PIR (max 28%) aggressive 1.35% fee 5/7 risk Booster Shielded Growth Fund Diversified PIE · capped at PIR (max 28%) growth 1.41% fee 4/7 risk Booster Socially Responsible Balanced Fund Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.33% fee 4/7 risk Booster Socially Responsible Growth Fund Diversified PIE · capped at PIR (max 28%) Responsible / ethical growth 1.34% fee 4/7 risk Booster Socially Responsible High Growth Fund Diversified PIE · capped at PIR (max 28%) Responsible / ethical aggressive 1.35% fee 5/7 risk Questions about Booster Is Booster a good fund manager? Whether Booster suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Booster runs 9 retail managed funds in our coverage, with a median annual fund charge of 1.33% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Booster charge? Booster's 9 funds in our coverage carry a median annual fund charge of 1.33% (range 0.74% – 1.41%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Booster? Across the 9 funds with on-file fund-size data, Booster's tracked NZ retail AUM totals NZD 1.47 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Booster may manage materially larger assets in those categories. Where is Booster based? Booster (legal name: Booster Investment Management Limited) is headquartered in Wellington. What kind of funds does Booster run? Booster's range of 9 funds in our coverage is weighted toward diversified (9 funds). See the full list at /providers/booster/. Other managers running diversified funds ACI review AMP review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review Generate review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/brandywine/markdown.md # Brandywine — fund range > Mechanical record of every retail managed fund run by Brandywine that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Brandywine Global Investment Management - **Parent:** Franklin Templeton - **Headquarters:** Philadelphia - **Website:** https://www.brandywineglobal.com - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (International Equities, International FI) ## About this manager Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ. ## Funds (2) ### International Equities (1) - [Brandywine Global Opportunistic Equity Fund](https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/) — growth, PIE ### International Fixed Interest (1) - [Brandywine Global Opportunistic Fixed Income Fund](https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/ - Markdown: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/markdown.md - JSON: https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/data.json ## Sources - **FMA Disclose register** (primary; search for "Brandywine"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Brandywine - **Manager website:** https://www.brandywineglobal.com - **Manager profile (HTML):** https://managedfunds.nz/providers/brandywine/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/brandywine/ - **Markdown (this file):** https://managedfunds.nz/providers/brandywine/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Brandywine review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/brandywine/review/ > Brandywine runs 2 retail managed funds in our NZ coverage, median annual fund charge 0.85%, median FMA risk 4.5/7. Sourced from FMA Disclose. Factual snapshot Brandywine — review Mechanical, source-cited snapshot of Brandywine's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 0.85% Universe median 0.84% Median FMA risk 4.5/7 Standardised 1–7 scale Tracked NZ retail AUM $820.6 million Sum of fund sizes (2/2 on file) About Brandywine Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ. Legal nameBrandywine Global Investment Management HeadquartersPhiladelphia ParentFranklin Templeton Brandywine website Fee position vs peers Per-asset-class median annual fund charge for Brandywine vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Brandywine funds Brandywine median fee Peer median (n) Position International Equities 1 0.93% 0.60% (80) priced 33 bps above the peer median (0.60%) International FI 1 0.77% 0.69% (30) priced 8 bps above the peer median (0.69%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Brandywine's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 1 Risk 5/7 1 Brandywine's funds Brandywine Global Opportunistic Fixed Income Fund International FI PIE · capped at PIR (max 28%) 0.77% fee 4/7 risk Brandywine Global Opportunistic Equity Fund International Equities PIE · capped at PIR (max 28%) growth 0.93% fee 5/7 risk Questions about Brandywine Is Brandywine a good fund manager? Whether Brandywine suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Brandywine runs 2 retail managed funds in our coverage, with a median annual fund charge of 0.85% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4.5 out of 7. For personalised guidance, see a licensed financial adviser. What does Brandywine charge? Brandywine's 2 funds in our coverage carry a median annual fund charge of 0.85% (range 0.77% – 0.93%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Brandywine? Across the 2 funds with on-file fund-size data, Brandywine's tracked NZ retail AUM totals NZD 820.6 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Brandywine may manage materially larger assets in those categories. Where is Brandywine based? Brandywine (legal name: Brandywine Global Investment Management) is headquartered in Philadelphia, part of Franklin Templeton. Brandywine Global is a specialist investment affiliate of Franklin Templeton. What kind of funds does Brandywine run? Brandywine's range of 2 funds in our coverage is weighted toward international equities (1 fund). The range also includes 1 international fi fund. See the full list at /providers/brandywine/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Clarity review Evidential review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/castle-point/markdown.md # Castle Point — fund range > Mechanical record of every retail managed fund run by Castle Point that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Wellington - **Website:** https://castlepoint.co.nz - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Diversified, Australasian Equities) ## About this manager Wellington-based active manager with concentrated trans-Tasman and global multi-asset funds. ## Funds (2) ### Diversified Funds (1) - [Castle Point 5 Oceans Fund](https://managedfunds.nz/funds/castle-point/5-oceans/) — balanced, PIE ### Australasian Equities (1) - [Castle Point Trans-Tasman Fund](https://managedfunds.nz/funds/castle-point/trans-tasman/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/castle-point/5-oceans/ - Markdown: https://managedfunds.nz/funds/castle-point/5-oceans/markdown.md - JSON: https://managedfunds.nz/funds/castle-point/5-oceans/data.json ## Sources - **FMA Disclose register** (primary; search for "Castle Point"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Castle%20Point - **Manager website:** https://castlepoint.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/castle-point/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/castle-point/ - **Markdown (this file):** https://managedfunds.nz/providers/castle-point/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Castle Point review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/castle-point/review/ > Castle Point runs 2 retail managed funds in our NZ coverage, median annual fund charge 1.13%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Castle Point — review Mechanical, source-cited snapshot of Castle Point's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 1.13% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $90.9 million Sum of fund sizes (2/2 on file) About Castle Point Wellington-based active manager with concentrated trans-Tasman and global multi-asset funds. HeadquartersWellington Castle Point website Fee position vs peers Per-asset-class median annual fund charge for Castle Point vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Castle Point funds Castle Point median fee Peer median (n) Position Diversified 1 1.18% 0.99% (66) priced 19 bps above the peer median (0.99%) Australasian Equities 1 1.08% 1.00% (57) priced 8 bps above the peer median (1.00%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Castle Point's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 1 Risk 5/7 1 Castle Point's funds Castle Point 5 Oceans Fund Diversified PIE · capped at PIR (max 28%) balanced 1.18% fee 3/7 risk Castle Point Trans-Tasman Fund Australasian Equities PIE · capped at PIR (max 28%) 1.08% fee 5/7 risk Questions about Castle Point Is Castle Point a good fund manager? Whether Castle Point suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Castle Point runs 2 retail managed funds in our coverage, with a median annual fund charge of 1.13% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Castle Point charge? Castle Point's 2 funds in our coverage carry a median annual fund charge of 1.13% (range 1.08% – 1.18%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Castle Point? Across the 2 funds with on-file fund-size data, Castle Point's tracked NZ retail AUM totals NZD 90.9 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Castle Point may manage materially larger assets in those categories. Where is Castle Point based? Castle Point is headquartered in Wellington. What kind of funds does Castle Point run? Castle Point's range of 2 funds in our coverage is weighted toward diversified (1 fund). The range also includes 1 australasian equities fund. See the full list at /providers/castle-point/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Clarity review Fisher Funds review Foundation Series review Generate review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Clarity australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/clarity/australasian-equities/ > Clarity runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Clarity · Australasian Equities Clarity australasian equities funds Clarity runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Clarity New Zealand Equity Fund PIE · capped at PIR (max 28%) growth Clarity Trans-Tasman Value Fund PIE · capped at PIR (max 28%) growth Other Clarity categories All Clarity funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## Clarity diversified funds — 2 listed URL: https://managedfunds.nz/providers/clarity/diversified/ > Clarity runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Clarity · Diversified Clarity diversified funds Clarity runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 2 funds in this category 2 Clarity Diversified Growth Fund PIE · capped at PIR (max 28%) growth Clarity Diversified Income Fund PIE · capped at PIR (max 28%) income Other Clarity categories All Clarity funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## Clarity international equities funds — 3 listed URL: https://managedfunds.nz/providers/clarity/international-equities/ > Clarity runs 3 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Clarity · International Equities Clarity international equities funds Clarity runs 3 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 3 funds in this category 3 Clarity - Capital Group New Perspective Fund PIE · capped at PIR (max 28%) growth Clarity Dividend Yield Fund PIE · capped at PIR (max 28%) growth Clarity Global Shares Fund PIE · capped at PIR (max 28%) growth Other Clarity categories All Clarity funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/clarity/markdown.md # Clarity — fund range > Mechanical record of every retail managed fund run by Clarity that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Clarity Capital Group Limited - **Headquarters:** Auckland - **Website:** https://www.clarity.co.nz - **Funds in our coverage:** 9 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, International FI, Cash) ## About this manager NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. ## Funds (9) ### Diversified Funds (2) - [Clarity Diversified Growth Fund](https://managedfunds.nz/funds/clarity/diversified-growth/) — growth, PIE - [Clarity Diversified Income Fund](https://managedfunds.nz/funds/clarity/diversified-income/) — income, PIE ### Australasian Equities (2) - [Clarity New Zealand Equity Fund](https://managedfunds.nz/funds/clarity/new-zealand-equity/) — growth, PIE - [Clarity Trans-Tasman Value Fund](https://managedfunds.nz/funds/clarity/trans-tasman-value/) — growth, PIE ### International Equities (3) - [Clarity - Capital Group New Perspective Fund](https://managedfunds.nz/funds/clarity/capital-group-new-perspective/) — growth, PIE - [Clarity Dividend Yield Fund](https://managedfunds.nz/funds/clarity/dividend-yield/) — growth, PIE - [Clarity Global Shares Fund](https://managedfunds.nz/funds/clarity/global-shares/) — growth, PIE ### International Fixed Interest (1) - [Clarity Fixed Income Fund](https://managedfunds.nz/funds/clarity/fixed-income/) — conservative, PIE ### Cash and Cash Equivalents (1) - [Clarity Enhanced Cash PIE](https://managedfunds.nz/funds/clarity/enhanced-cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/ - Markdown: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/markdown.md - JSON: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/data.json ## Sources - **FMA Disclose register** (primary; search for "Clarity"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Clarity - **Manager website:** https://www.clarity.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/clarity/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/clarity/ - **Markdown (this file):** https://managedfunds.nz/providers/clarity/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Clarity review — factual snapshot for 9 NZ managed funds URL: https://managedfunds.nz/providers/clarity/review/ > Clarity runs 9 retail managed funds in our NZ coverage, median annual fund charge 1.06%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Clarity — review Mechanical, source-cited snapshot of Clarity's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 9 Median annual fee 1.06% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $985.6 million Sum of fund sizes (9/9 on file) About Clarity NZ-owned manager of the Clarity Funds Scheme — diversified, fixed-income, dividend-yield and Capital Group-partnered global strategies. Co-tenants the scheme with TAHITO. Legal nameClarity Capital Group Limited HeadquartersAuckland Clarity website Fee position vs peers Per-asset-class median annual fund charge for Clarity vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Clarity funds Clarity median fee Peer median (n) Position International Equities 3 1.06% 0.59% (78) priced 47 bps above the peer median (0.59%) Diversified 2 1.06% 0.99% (65) priced 7 bps above the peer median (0.99%) Australasian Equities 2 1.06% 0.99% (56) priced 7 bps above the peer median (0.99%) International FI 1 0.70% 0.70% (30) priced in line with the peer median (0.70%) Cash 1 0.26% 0.43% (4) priced 17 bps below the peer median (0.43%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Clarity's 9 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 1/7 1 Risk 3/7 2 Risk 4/7 4 Risk 5/7 2 Clarity's funds Clarity - Capital Group New Perspective Fund International Equities PIE · capped at PIR (max 28%) growth 1.21% fee 5/7 risk Clarity Diversified Growth Fund Diversified PIE · capped at PIR (max 28%) growth 1.16% fee 4/7 risk Clarity Diversified Income Fund Diversified PIE · capped at PIR (max 28%) income 0.96% fee 3/7 risk Clarity Dividend Yield Fund International Equities PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity Fixed Income Fund International FI PIE · capped at PIR (max 28%) conservative 0.70% fee 3/7 risk Clarity Global Shares Fund International Equities PIE · capped at PIR (max 28%) growth 1.06% fee 5/7 risk Clarity New Zealand Equity Fund Australasian Equities PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity Trans-Tasman Value Fund Australasian Equities PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity Enhanced Cash PIE Cash PIE · capped at PIR (max 28%) conservative 0.26% fee 1/7 risk Questions about Clarity Is Clarity a good fund manager? Whether Clarity suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Clarity runs 9 retail managed funds in our coverage, with a median annual fund charge of 1.06% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Clarity charge? Clarity's 9 funds in our coverage carry a median annual fund charge of 1.06% (range 0.26% – 1.21%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Clarity? Across the 9 funds with on-file fund-size data, Clarity's tracked NZ retail AUM totals NZD 985.6 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Clarity may manage materially larger assets in those categories. Where is Clarity based? Clarity (legal name: Clarity Capital Group Limited) is headquartered in Auckland. What kind of funds does Clarity run? Clarity's range of 9 funds in our coverage is weighted toward international equities (3 funds). The range also includes 2 diversified funds and 2 australasian equities funds. See the full list at /providers/clarity/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Evidential review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/consilium/markdown.md # Evidential — fund range > Mechanical record of every retail managed fund run by Evidential that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Parent:** Consilium - **Headquarters:** Christchurch - **Website:** https://www.evidential.co.nz - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (International Equities, International FI) ## About this manager Christchurch-based Consilium product brand offering sustainability-screened, factor-tilted index funds. ## Funds (2) ### International Equities (1) - [Evidential Sustainable Targeted Factor Fund](https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/) — PIE, responsible investment ### International Fixed Interest (1) - [Evidential Sustainable Global Bond Fund](https://managedfunds.nz/funds/consilium/sustainable-global-bond/) — PIE, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/ - Markdown: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/markdown.md - JSON: https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/data.json ## Sources - **FMA Disclose register** (primary; search for "Evidential"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Evidential - **Manager website:** https://www.evidential.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/consilium/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/consilium/ - **Markdown (this file):** https://managedfunds.nz/providers/consilium/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Evidential review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/consilium/review/ > Evidential runs 2 retail managed funds in our NZ coverage, median annual fund charge 0.47%, median FMA risk 4.5/7. Sourced from FMA Disclose. Factual snapshot Evidential — review Mechanical, source-cited snapshot of Evidential's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 0.47% Universe median 0.84% Median FMA risk 4.5/7 Standardised 1–7 scale Tracked NZ retail AUM $1.37 billion Sum of fund sizes (2/2 on file) About Evidential Christchurch-based Consilium product brand offering sustainability-screened, factor-tilted index funds. HeadquartersChristchurch ParentConsilium Evidential website Fee position vs peers Per-asset-class median annual fund charge for Evidential vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Evidential funds Evidential median fee Peer median (n) Position International Equities 1 0.62% 0.60% (80) priced in line with the peer median (0.60%) International FI 1 0.32% 0.71% (30) priced 39 bps below the peer median (0.71%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Evidential's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 1 Risk 5/7 1 Evidential's funds Evidential Sustainable Targeted Factor Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.62% fee 5/7 risk Evidential Sustainable Global Bond Fund International FI PIE · capped at PIR (max 28%) Responsible / ethical 0.32% fee 4/7 risk Questions about Evidential Is Evidential a good fund manager? Whether Evidential suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Evidential runs 2 retail managed funds in our coverage, with a median annual fund charge of 0.47% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4.5 out of 7. For personalised guidance, see a licensed financial adviser. What does Evidential charge? Evidential's 2 funds in our coverage carry a median annual fund charge of 0.47% (range 0.32% – 0.62%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Evidential? Across the 2 funds with on-file fund-size data, Evidential's tracked NZ retail AUM totals NZD 1.37 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Evidential may manage materially larger assets in those categories. Where is Evidential based? Evidential is headquartered in Christchurch, part of Consilium. Evidential is the product brand of Consilium, a Christchurch-based investment-advisory and platform business. What kind of funds does Evidential run? Evidential's range of 2 funds in our coverage is weighted toward international equities (1 fund). The range also includes 1 international fi fund. See the full list at /providers/consilium/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Coolabah — 6 answered URL: https://managedfunds.nz/providers/coolabah/answers/ > 6 commonly-asked questions about Coolabah as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 4 retail funds tracked. Questions about Coolabah 6 commonly-asked questions about Coolabah as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 4 retail funds tracked. Funds tracked 4 Median annual fee 0.88% Tracked retail AUM NZ$474m 1. Is Coolabah a hedge fund? Coolabah Active Composite Bond PIE Fund is a managed fund domiciled in New Zealand, not a hedge fund. It is structured as a PIE (Portfolio Investment Entity) and is registered on the FMA Disclose register; you can verify its regulatory classification and fund documentation at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Coolabah Active Composite Bond PIE Fund. 2. Where is Coolabah capital based? Coolabah Capital is based in Australia. Further information about the fund manager and their operations is available on their website at https://coolabahcapital.com. Sourced from research on the Coolabah Active Composite Bond PIE Fund. 3. Does Coolabah Capital have a minimum investment? Specific minimum investment amounts are set out in the fund's Product Disclosure Statement (PDS). Contact Coolabah Capital directly at https://coolabahcapital.com or check the current PDS for details on investment minimums and terms. Sourced from research on the Coolabah Active Composite Bond PIE Fund. 4. How does Coolabah Capital generate returns? Coolabah Global Floating-Rate High Yield PIE Fund generates returns through interest payments on its holdings of floating-rate bonds and similar fixed-income securities, which are adjusted periodically based on prevailing market rates. The fund's asset mix is approximately 99.93% income assets and 0.07% growth assets, as at the latest QFU. Sourced from research on the Coolabah Global Floating-Rate High Yield PIE Fund. 5. What investment strategies does Coolabah use? The Coolabah Long-Short Credit PIE Fund employs a long-short credit strategy targeting international fixed-income opportunities. For detailed information about the fund's investment approach, positioning, and tactical decisions, refer to the current Product Disclosure Statement on the Coolabah Capital website at https://coolabahcapital.com or check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Coolabah Long-Short Credit PIE Fund. 6. What is the Coolabah short term income strategy? Coolabah Short Term Income PIE Fund invests approximately 99.93% in income assets and 0.07% in growth assets, with holdings typically including cash, residential mortgage-backed securities, and other fixed-income instruments. The fund is designed to generate regular income from these shorter-duration fixed-income securities rather than capital growth. Sourced from research on the Coolabah Short Term Income PIE Fund. More about Coolabah Coolabah profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Coolabah international fi funds — 4 listed URL: https://managedfunds.nz/providers/coolabah/international-fixed-interest/ > Coolabah runs 4 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Coolabah · International FI Coolabah international fi funds Coolabah runs 4 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 4 funds in this category 4 Coolabah Active Composite Bond PIE Fund PIE · capped at PIR (max 28%) conservative Coolabah Global Floating-Rate High Yield PIE Fund PIE · capped at PIR (max 28%) balanced Coolabah Long-Short Credit PIE Fund PIE · capped at PIR (max 28%) balanced Coolabah Short Term Income PIE Fund PIE · capped at PIR (max 28%) conservative Other Coolabah categories All Coolabah funds → Other managers in international fi Dimensional (3)Artesian (2)Bentham (2)Daintree (2)Fisher Funds (2)Hunter (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/coolabah/markdown.md # Coolabah — fund range > Mechanical record of every retail managed fund run by Coolabah that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Coolabah Capital Investments - **Headquarters:** Sydney - **Website:** https://coolabahcapital.com - **Funds in our coverage:** 4 - **Asset classes covered:** 1 (International FI) ## About this manager Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. ## Funds (4) ### International Fixed Interest (4) - [Coolabah Active Composite Bond PIE Fund](https://managedfunds.nz/funds/coolabah/active-composite-bond/) — conservative, PIE - [Coolabah Global Floating-Rate High Yield PIE Fund](https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/) — balanced, PIE - [Coolabah Long-Short Credit PIE Fund](https://managedfunds.nz/funds/coolabah/long-short-credit/) — balanced, PIE - [Coolabah Short Term Income PIE Fund](https://managedfunds.nz/funds/coolabah/short-term-income/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/coolabah/active-composite-bond/ - Markdown: https://managedfunds.nz/funds/coolabah/active-composite-bond/markdown.md - JSON: https://managedfunds.nz/funds/coolabah/active-composite-bond/data.json ## Sources - **FMA Disclose register** (primary; search for "Coolabah"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Coolabah - **Manager website:** https://coolabahcapital.com - **Manager profile (HTML):** https://managedfunds.nz/providers/coolabah/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/coolabah/ - **Markdown (this file):** https://managedfunds.nz/providers/coolabah/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Coolabah review — factual snapshot for 4 NZ managed funds URL: https://managedfunds.nz/providers/coolabah/review/ > Coolabah runs 4 retail managed funds in our NZ coverage, median annual fund charge 0.88%, median FMA risk 2.5/7. Sourced from FMA Disclose. Factual snapshot Coolabah — review Mechanical, source-cited snapshot of Coolabah's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 4 Median annual fee 0.88% Universe median 0.84% Median FMA risk 2.5/7 Standardised 1–7 scale Tracked NZ retail AUM $474.3 million Sum of fund sizes (4/4 on file) About Coolabah Australian active-credit specialist with composite bond, floating-rate and long-short credit PIE funds for NZ investors. Legal nameCoolabah Capital Investments HeadquartersSydney Coolabah website Fee position vs peers Per-asset-class median annual fund charge for Coolabah vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Coolabah funds Coolabah median fee Peer median (n) Position International FI 4 0.88% 0.58% (27) priced 30 bps above the peer median (0.58%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Coolabah's 4 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 2 Risk 3/7 1 Risk 4/7 1 Coolabah's funds Coolabah Active Composite Bond PIE Fund International FI PIE · capped at PIR (max 28%) conservative 0.76% fee 4/7 risk Coolabah Global Floating-Rate High Yield PIE Fund International FI PIE · capped at PIR (max 28%) balanced 1.00% fee 2/7 risk Coolabah Long-Short Credit PIE Fund International FI PIE · capped at PIR (max 28%) balanced 1.76% fee 3/7 risk Coolabah Short Term Income PIE Fund International FI PIE · capped at PIR (max 28%) conservative 0.67% fee 2/7 risk Questions about Coolabah Is Coolabah a good fund manager? Whether Coolabah suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Coolabah runs 4 retail managed funds in our coverage, with a median annual fund charge of 0.88% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 2.5 out of 7. For personalised guidance, see a licensed financial adviser. What does Coolabah charge? Coolabah's 4 funds in our coverage carry a median annual fund charge of 0.88% (range 0.67% – 1.76%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Coolabah? Across the 4 funds with on-file fund-size data, Coolabah's tracked NZ retail AUM totals NZD 474.3 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Coolabah may manage materially larger assets in those categories. Where is Coolabah based? Coolabah (legal name: Coolabah Capital Investments) is headquartered in Sydney. What kind of funds does Coolabah run? Coolabah's range of 4 funds in our coverage is weighted toward international fi (4 funds). See the full list at /providers/coolabah/. Other managers running international fi funds Artesian review ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Daintree review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Daintree international fi funds — 2 listed URL: https://managedfunds.nz/providers/daintree/international-fixed-interest/ > Daintree runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Daintree · International FI Daintree international fi funds Daintree runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Daintree Core Income PIE PIE · capped at PIR (max 28%) conservative Daintree High Income PIE PIE · capped at PIR (max 28%) balanced Other Daintree categories All Daintree funds → Other managers in international fi Coolabah (4)Dimensional (3)Artesian (2)Bentham (2)Fisher Funds (2)Hunter (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/daintree/markdown.md # Daintree — fund range > Mechanical record of every retail managed fund run by Daintree that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Daintree Capital Management - **Headquarters:** Sydney - **Website:** https://daintreecapital.com.au - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) ## About this manager Australian absolute-return credit specialist with Core Income and High Income PIE funds for NZ investors. ## Funds (2) ### International Fixed Interest (2) - [Daintree Core Income PIE](https://managedfunds.nz/funds/daintree/core-income/) — conservative, PIE - [Daintree High Income PIE](https://managedfunds.nz/funds/daintree/high-income/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/daintree/core-income/ - Markdown: https://managedfunds.nz/funds/daintree/core-income/markdown.md - JSON: https://managedfunds.nz/funds/daintree/core-income/data.json ## Sources - **FMA Disclose register** (primary; search for "Daintree"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Daintree - **Manager website:** https://daintreecapital.com.au - **Manager profile (HTML):** https://managedfunds.nz/providers/daintree/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/daintree/ - **Markdown (this file):** https://managedfunds.nz/providers/daintree/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Daintree review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/daintree/review/ > Daintree runs 2 retail managed funds in our NZ coverage, median annual fund charge 0.81%, median FMA risk 3/7. Sourced from FMA Disclose. Factual snapshot Daintree — review Mechanical, source-cited snapshot of Daintree's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 0.81% Universe median 0.84% Median FMA risk 3/7 Standardised 1–7 scale Tracked NZ retail AUM $337.6 million Sum of fund sizes (2/2 on file) About Daintree Australian absolute-return credit specialist with Core Income and High Income PIE funds for NZ investors. Legal nameDaintree Capital Management HeadquartersSydney Daintree website Fee position vs peers Per-asset-class median annual fund charge for Daintree vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Daintree funds Daintree median fee Peer median (n) Position International FI 2 0.81% 0.67% (29) priced 14 bps above the peer median (0.67%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Daintree's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 2 Daintree's funds Daintree Core Income PIE International FI PIE · capped at PIR (max 28%) conservative 0.73% fee 3/7 risk Daintree High Income PIE International FI PIE · capped at PIR (max 28%) balanced 0.90% fee 3/7 risk Questions about Daintree Is Daintree a good fund manager? Whether Daintree suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Daintree runs 2 retail managed funds in our coverage, with a median annual fund charge of 0.81% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 3 out of 7. For personalised guidance, see a licensed financial adviser. What does Daintree charge? Daintree's 2 funds in our coverage carry a median annual fund charge of 0.81% (range 0.73% – 0.90%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Daintree? Across the 2 funds with on-file fund-size data, Daintree's tracked NZ retail AUM totals NZD 337.6 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Daintree may manage materially larger assets in those categories. Where is Daintree based? Daintree (legal name: Daintree Capital Management) is headquartered in Sydney. What kind of funds does Daintree run? Daintree's range of 2 funds in our coverage is weighted toward international fi (2 funds). See the full list at /providers/daintree/. Other managers running international fi funds Artesian review ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Coolabah review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Devon australasian equities funds — 4 listed URL: https://managedfunds.nz/providers/devon/australasian-equities/ > Devon runs 4 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Devon · Australasian Equities Devon australasian equities funds Devon runs 4 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 4 funds in this category 4 Devon Alpha Fund PIE · capped at PIR (max 28%) Devon Australian Fund PIE · capped at PIR (max 28%) Devon Dividend Yield Fund PIE · capped at PIR (max 28%) Devon Trans-Tasman Fund PIE · capped at PIR (max 28%) Other Devon categories All Devon funds → Other managers in australasian equities Smartshares (11)Harbour (6)Kernel (4)BetaShares (3)Fisher Funds (3)Amova (2) All australasian equities funds → --- ## URL: https://managedfunds.nz/providers/devon/markdown.md # Devon — fund range > Mechanical record of every retail managed fund run by Devon that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Devon Funds Management Limited - **Headquarters:** Auckland - **Website:** https://www.devonfunds.co.nz - **Funds in our coverage:** 4 - **Asset classes covered:** 1 (Australasian Equities) ## About this manager Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. ## Funds (4) ### Australasian Equities (4) - [Devon Alpha Fund](https://managedfunds.nz/funds/devon/alpha/) — PIE - [Devon Australian Fund](https://managedfunds.nz/funds/devon/australian/) — PIE - [Devon Dividend Yield Fund](https://managedfunds.nz/funds/devon/dividend-yield/) — PIE - [Devon Trans-Tasman Fund](https://managedfunds.nz/funds/devon/trans-tasman/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/devon/alpha/ - Markdown: https://managedfunds.nz/funds/devon/alpha/markdown.md - JSON: https://managedfunds.nz/funds/devon/alpha/data.json ## Sources - **FMA Disclose register** (primary; search for "Devon"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Devon - **Manager website:** https://www.devonfunds.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/devon/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/devon/ - **Markdown (this file):** https://managedfunds.nz/providers/devon/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Devon review — factual snapshot for 4 NZ managed funds URL: https://managedfunds.nz/providers/devon/review/ > Devon runs 4 retail managed funds in our NZ coverage, median annual fund charge 1.33%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Devon — review Mechanical, source-cited snapshot of Devon's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 4 Median annual fee 1.33% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $321.3 million Sum of fund sizes (4/4 on file) About Devon Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. Legal nameDevon Funds Management Limited HeadquartersAuckland Devon website Fee position vs peers Per-asset-class median annual fund charge for Devon vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Devon funds Devon median fee Peer median (n) Position Australasian Equities 4 1.33% 0.97% (54) priced 36 bps above the peer median (0.97%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Devon's 4 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 3 Risk 5/7 1 Devon's funds Devon Alpha Fund Australasian Equities PIE · capped at PIR (max 28%) 1.30% fee 4/7 risk Devon Australian Fund Australasian Equities PIE · capped at PIR (max 28%) 1.30% fee 5/7 risk Devon Dividend Yield Fund Australasian Equities PIE · capped at PIR (max 28%) 1.39% fee 4/7 risk Devon Trans-Tasman Fund Australasian Equities PIE · capped at PIR (max 28%) 1.36% fee 4/7 risk Questions about Devon Is Devon a good fund manager? Whether Devon suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Devon runs 4 retail managed funds in our coverage, with a median annual fund charge of 1.33% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Devon charge? Devon's 4 funds in our coverage carry a median annual fund charge of 1.33% (range 1.30% – 1.39%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Devon? Across the 4 funds with on-file fund-size data, Devon's tracked NZ retail AUM totals NZD 321.3 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Devon may manage materially larger assets in those categories. Where is Devon based? Devon (legal name: Devon Funds Management Limited) is headquartered in Auckland. What kind of funds does Devon run? Devon's range of 4 funds in our coverage is weighted toward australasian equities (4 funds). See the full list at /providers/devon/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Dimensional review Fisher Funds review Harbour review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/dexus/markdown.md # Dexus — fund range > Mechanical record of every retail managed fund run by Dexus that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Sydney - **Website:** https://www.dexus.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Listed Property) ## About this manager Australian listed-property specialist; global REIT fund offered as a PIE in NZ. ## Funds (1) ### Listed Property (1) - [Dexus Global REIT Fund](https://managedfunds.nz/funds/dexus/global-reit/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/dexus/global-reit/ - Markdown: https://managedfunds.nz/funds/dexus/global-reit/markdown.md - JSON: https://managedfunds.nz/funds/dexus/global-reit/data.json ## Sources - **FMA Disclose register** (primary; search for "Dexus"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dexus - **Manager website:** https://www.dexus.com - **Manager profile (HTML):** https://managedfunds.nz/providers/dexus/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/dexus/ - **Markdown (this file):** https://managedfunds.nz/providers/dexus/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Dexus review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/dexus/review/ > Dexus runs 1 retail managed fund in our NZ coverage. Sourced from FMA Disclose. Factual snapshot Dexus — review Mechanical, source-cited snapshot of Dexus's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee — Median FMA risk — Standardised 1–7 scale Tracked NZ retail AUM — About Dexus Australian listed-property specialist; global REIT fund offered as a PIE in NZ. HeadquartersSydney Dexus website Fee position vs peers Per-asset-class median annual fund charge for Dexus vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Dexus funds Dexus median fee Peer median (n) Position Listed Property 1 — 1.02% (15) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Dexus's funds Dexus Global REIT Fund Listed Property PIE · capped at PIR (max 28%) Questions about Dexus Is Dexus a good fund manager? Whether Dexus suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Dexus runs 1 retail managed fund in our coverage. For personalised guidance, see a licensed financial adviser. What does Dexus charge? Per-fund annual fund charges for Dexus are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is Dexus? Fund-size data for Dexus's 1 fund in our coverage is disclosed quarterly on each fund's Fund Update on the FMA Disclose register. We don't yet have on-file fund-size data for these funds. Where is Dexus based? Dexus is headquartered in Sydney. What kind of funds does Dexus run? Dexus's range of 1 fund in our coverage is weighted toward listed property (1 fund). See the full list at /providers/dexus/. Other managers running listed property funds ANZ Investments review Fisher Funds review Harbour review Kernel review Mercer review NZ Funds review Mint review Pathfinder review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Dimensional — 4 answered URL: https://managedfunds.nz/providers/dimensional/answers/ > 4 commonly-asked questions about Dimensional as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 6 retail funds tracked. Questions about Dimensional 4 commonly-asked questions about Dimensional as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 6 retail funds tracked. Funds tracked 6 Median annual fee 0.33% Tracked retail AUM NZ$1.78b 1. What are the risks of investing in dimensional funds? This fund carries a risk indicator of 5/7 on the FMA standardised scale, reflecting its ~98.31% allocation to growth assets, which experience greater price volatility than income assets. Specific risks for Australian equity funds include market, currency, and liquidity risk; see the current Product Disclosure Statement on the manager's website or the FMA Disclose register for full details. Sourced from research on the Dimensional Australian Sustainability PIE Fund. 2. Do dimensional funds outperform? Performance data is not included in this summary. You can access historical performance figures and benchmarks for this fund via the FMA Disclose register or the manager's website to assess returns relative to relevant indices or peer funds. Sourced from research on the Dimensional Australian Sustainability PIE Fund. 3. Is Dimensional fund Advisors legit? Dimensional Fund Advisors is a registered fund manager regulated under New Zealand's Financial Markets Authority. You can verify the fund's regulatory standing and view its latest financial disclosures on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Dimensional Two-Year Sustainability Fixed Interest PIE Fund. 4. Is Dimensional a good company? Dimensional is an established global investment manager; information about its operations, regulatory status, and fund performance can be found on its website (dimensional.com) and via the FMA Disclose register. Evaluate the fund itself using objective criteria such as annual fund charge (0.28% p.a., which is below the peer-cohort average of 0.66% p.a. for this category), fund size (NZ$276,424,762 as at the latest QFU), and risk profile, rather than company reputation alone. Sourced from research on the Dimensional Five-Year Diversified Fixed Interest PIE Fund. More about Dimensional Dimensional profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Dimensional international equities funds — 2 listed URL: https://managedfunds.nz/providers/dimensional/international-equities/ > Dimensional runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Dimensional · International Equities Dimensional international equities funds Dimensional runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Dimensional Global Sustainability PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical Dimensional Global Sustainability PIE Fund (NZD Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Other Dimensional categories All Dimensional funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## Dimensional international fi funds — 3 listed URL: https://managedfunds.nz/providers/dimensional/international-fixed-interest/ > Dimensional runs 3 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Dimensional · International FI Dimensional international fi funds Dimensional runs 3 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 3 funds in this category 3 Dimensional Two-Year Sustainability Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Dimensional Five-Year Diversified Fixed Interest PIE Fund PIE · capped at PIR (max 28%) NZD hedged Dimensional Global Bond Sustainability PIE Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Other Dimensional categories All Dimensional funds → Other managers in international fi Coolabah (4)Artesian (2)Bentham (2)Daintree (2)Fisher Funds (2)Hunter (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/dimensional/markdown.md # Dimensional — fund range > Mechanical record of every retail managed fund run by Dimensional that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Dimensional Fund Advisors - **Parent:** FundRock NZ (issuer) - **Headquarters:** Austin - **Website:** https://www.dimensional.com - **Funds in our coverage:** 6 - **Asset classes covered:** 3 (Australasian Equities, International Equities, International FI) ## About this manager Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. ## Funds (6) ### Australasian Equities (1) - [Dimensional Australian Sustainability PIE Fund](https://managedfunds.nz/funds/dimensional/australian-sustainability/) — PIE, responsible investment ### International Equities (2) - [Dimensional Global Sustainability PIE Fund](https://managedfunds.nz/funds/dimensional/global-sustainability/) — PIE, responsible investment - [Dimensional Global Sustainability PIE Fund (NZD Hedged)](https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/) — PIE, NZD hedged, responsible investment ### International Fixed Interest (3) - [Dimensional Five-Year Diversified Fixed Interest PIE Fund](https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/) — PIE, NZD hedged - [Dimensional Global Bond Sustainability PIE Fund](https://managedfunds.nz/funds/dimensional/global-bond-sustainability/) — PIE, NZD hedged, responsible investment - [Dimensional Two-Year Sustainability Fixed Interest PIE Fund](https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/) — PIE, NZD hedged, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/dimensional/australian-sustainability/ - Markdown: https://managedfunds.nz/funds/dimensional/australian-sustainability/markdown.md - JSON: https://managedfunds.nz/funds/dimensional/australian-sustainability/data.json ## Sources - **FMA Disclose register** (primary; search for "Dimensional"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Dimensional - **Manager website:** https://www.dimensional.com - **Manager profile (HTML):** https://managedfunds.nz/providers/dimensional/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/dimensional/ - **Markdown (this file):** https://managedfunds.nz/providers/dimensional/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Dimensional review — factual snapshot for 6 NZ managed funds URL: https://managedfunds.nz/providers/dimensional/review/ > Dimensional runs 6 retail managed funds in our NZ coverage, median annual fund charge 0.33%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Dimensional — review Mechanical, source-cited snapshot of Dimensional's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 6 Median annual fee 0.33% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $1.78 billion Sum of fund sizes (6/6 on file) About Dimensional Global systematic investment manager (US-headquartered) with a sustainability-screened fund range distributed in NZ as PIEs by FundRock NZ. Legal nameDimensional Fund Advisors HeadquartersAustin ParentFundRock NZ (issuer) Dimensional website Fee position vs peers Per-asset-class median annual fund charge for Dimensional vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Dimensional funds Dimensional median fee Peer median (n) Position International FI 3 0.28% 0.74% (28) priced 46 bps below the peer median (0.74%) International Equities 2 0.40% 0.62% (79) priced 22 bps below the peer median (0.62%) Australasian Equities 1 0.35% 1.02% (57) priced 67 bps below the peer median (1.02%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Dimensional's 6 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Risk 3/7 2 Risk 5/7 3 Dimensional's funds Dimensional Australian Sustainability PIE Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.35% fee 5/7 risk Dimensional Global Sustainability PIE Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.40% fee 5/7 risk Dimensional Global Sustainability PIE Fund (NZD Hedged) International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.40% fee 5/7 risk Dimensional Two-Year Sustainability Fixed Interest PIE Fund International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.25% fee 2/7 risk Dimensional Five-Year Diversified Fixed Interest PIE Fund International FI PIE · capped at PIR (max 28%) NZD hedged 0.28% fee 3/7 risk Dimensional Global Bond Sustainability PIE Fund International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.32% fee 3/7 risk Questions about Dimensional Is Dimensional a good fund manager? Whether Dimensional suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Dimensional runs 6 retail managed funds in our coverage, with a median annual fund charge of 0.33% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Dimensional charge? Dimensional's 6 funds in our coverage carry a median annual fund charge of 0.33% (range 0.25% – 0.40%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Dimensional? Across the 6 funds with on-file fund-size data, Dimensional's tracked NZ retail AUM totals NZD 1.78 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Dimensional may manage materially larger assets in those categories. Where is Dimensional based? Dimensional (legal name: Dimensional Fund Advisors) is headquartered in Austin, part of FundRock NZ (issuer). NZ-domiciled PIE wrappers issued by FundRock NZ (part of Apex Group); Dimensional Fund Advisors is the underlying investment manager. What kind of funds does Dimensional run? Dimensional's range of 6 funds in our coverage is weighted toward international fi (3 funds). The range also includes 2 international equities funds and 1 australasian equities fund. See the full list at /providers/dimensional/. Other managers running international fi funds Artesian review ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Coolabah review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Elevation Capital — 3 answered URL: https://managedfunds.nz/providers/elevation-capital/answers/ > 3 commonly-asked questions about Elevation Capital as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 1 retail funds tracked. Questions about Elevation Capital 3 commonly-asked questions about Elevation Capital as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 1 retail funds tracked. Funds tracked 1 Median annual fee 1.80% Tracked retail AUM NZ$23m 1. Is Elevation Capital a global fund? Elevation Capital Global Shares Fund is classified as an International Equities fund with an asset mix of approximately 78.34% growth assets and 21.66% income assets. The fund's top holdings include both US-listed companies (Alphabet Inc Class A, Adobe Systems Inc) and NZ-listed companies (Rakon Ltd), reflecting a globally diversified approach. Sourced from research on the Elevation Capital Global Shares Fund. 2. What is the performance of the Elevation Capital fund? As at the latest QFU, the Elevation Capital Global Shares Fund returned 3.4% per annum after fees and before tax over the past 5 years. For current performance data and monthly returns, refer to the fund's entry on FMA Disclose at https://disclose-register.companiesoffice.govt.nz/ Sourced from research on the Elevation Capital Global Shares Fund. 3. Which companies are funded by elevation capital? The Elevation Capital Global Shares Fund holds investments in a range of listed companies; as at the latest QFU, the top three holdings were Rakon Ltd (8.59%), Alphabet Inc Class A (3.82%), and Adobe Systems Inc (3.69%). A complete holdings list is available via the manager's website at https://www.elevationcapital.co.nz Sourced from research on the Elevation Capital Global Shares Fund. More about Elevation Capital Elevation Capital profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## URL: https://managedfunds.nz/providers/elevation-capital/markdown.md # Elevation Capital — fund range > Mechanical record of every retail managed fund run by Elevation Capital that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Auckland - **Website:** https://www.elevationcapital.co.nz - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Concentrated value-style global equity manager. ## Funds (1) ### International Equities (1) - [Elevation Capital Global Shares Fund](https://managedfunds.nz/funds/elevation-capital/global-shares/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/elevation-capital/global-shares/ - Markdown: https://managedfunds.nz/funds/elevation-capital/global-shares/markdown.md - JSON: https://managedfunds.nz/funds/elevation-capital/global-shares/data.json ## Sources - **FMA Disclose register** (primary; search for "Elevation Capital"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Elevation%20Capital - **Manager website:** https://www.elevationcapital.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/elevation-capital/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/elevation-capital/ - **Markdown (this file):** https://managedfunds.nz/providers/elevation-capital/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Elevation Capital review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/elevation-capital/review/ > Elevation Capital runs 1 retail managed fund in our NZ coverage, median annual fund charge 1.80%, median FMA risk 6/7. Sourced from FMA Disclose. Factual snapshot Elevation Capital — review Mechanical, source-cited snapshot of Elevation Capital's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 1.80% Universe median 0.84% Median FMA risk 6/7 Standardised 1–7 scale Tracked NZ retail AUM $23.1 million Sum of fund sizes (1/1 on file) About Elevation Capital Concentrated value-style global equity manager. HeadquartersAuckland Elevation Capital website Fee position vs peers Per-asset-class median annual fund charge for Elevation Capital vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Elevation Capital funds Elevation Capital median fee Peer median (n) Position International Equities 1 1.80% 0.60% (80) priced 120 bps above the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Elevation Capital's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 6/7 1 Elevation Capital's funds Elevation Capital Global Shares Fund International Equities PIE · capped at PIR (max 28%) 1.80% fee 6/7 risk Questions about Elevation Capital Is Elevation Capital a good fund manager? Whether Elevation Capital suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Elevation Capital runs 1 retail managed fund in our coverage, with a median annual fund charge of 1.80% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 6 out of 7. For personalised guidance, see a licensed financial adviser. What does Elevation Capital charge? Elevation Capital's 1 fund in our coverage carry a median annual fund charge of 1.80% (range 1.80% – 1.80%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Elevation Capital? Across the 1 fund with on-file fund-size data, Elevation Capital's tracked NZ retail AUM totals NZD 23.1 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Elevation Capital may manage materially larger assets in those categories. Where is Elevation Capital based? Elevation Capital is headquartered in Auckland. What kind of funds does Elevation Capital run? Elevation Capital's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/elevation-capital/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/ellerston/markdown.md # Ellerston — fund range > Mechanical record of every retail managed fund run by Ellerston that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Sydney - **Website:** https://ellerstoncapital.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Australian boutique with a global mid-small cap strategy distributed in NZ. ## Funds (1) ### International Equities (1) - [Ellerston Global Mid Small Cap Fund](https://managedfunds.nz/funds/ellerston/global-mid-small-cap/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/ellerston/global-mid-small-cap/ - Markdown: https://managedfunds.nz/funds/ellerston/global-mid-small-cap/markdown.md - JSON: https://managedfunds.nz/funds/ellerston/global-mid-small-cap/data.json ## Sources - **FMA Disclose register** (primary; search for "Ellerston"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Ellerston - **Manager website:** https://ellerstoncapital.com - **Manager profile (HTML):** https://managedfunds.nz/providers/ellerston/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/ellerston/ - **Markdown (this file):** https://managedfunds.nz/providers/ellerston/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Ellerston review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/ellerston/review/ > Ellerston runs 1 retail managed fund in our NZ coverage. Sourced from FMA Disclose. Factual snapshot Ellerston — review Mechanical, source-cited snapshot of Ellerston's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee — Median FMA risk — Standardised 1–7 scale Tracked NZ retail AUM — About Ellerston Australian boutique with a global mid-small cap strategy distributed in NZ. HeadquartersSydney Ellerston website Fee position vs peers Per-asset-class median annual fund charge for Ellerston vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Ellerston funds Ellerston median fee Peer median (n) Position International Equities 1 — 0.61% (81) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Ellerston's funds Ellerston Global Mid Small Cap Fund International Equities PIE · capped at PIR (max 28%) Questions about Ellerston Is Ellerston a good fund manager? Whether Ellerston suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Ellerston runs 1 retail managed fund in our coverage. For personalised guidance, see a licensed financial adviser. What does Ellerston charge? Per-fund annual fund charges for Ellerston are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is Ellerston? Fund-size data for Ellerston's 1 fund in our coverage is disclosed quarterly on each fund's Fund Update on the FMA Disclose register. We don't yet have on-file fund-size data for these funds. Where is Ellerston based? Ellerston is headquartered in Sydney. What kind of funds does Ellerston run? Ellerston's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/ellerston/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/first-sentier/markdown.md # First Sentier — fund range > Mechanical record of every retail managed fund run by First Sentier that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** First Sentier Investors (Australia) IM Limited - **Headquarters:** Sydney - **Website:** https://www.firstsentierinvestors.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Other) ## About this manager Global investment specialist with a Global Listed Infrastructure PIE fund offered to NZ investors. ## Funds (1) ### Other (1) - [First Sentier Global Listed Infrastructure Fund](https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/ - Markdown: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/markdown.md - JSON: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/data.json ## Sources - **FMA Disclose register** (primary; search for "First Sentier"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=First%20Sentier - **Manager website:** https://www.firstsentierinvestors.com - **Manager profile (HTML):** https://managedfunds.nz/providers/first-sentier/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/first-sentier/ - **Markdown (this file):** https://managedfunds.nz/providers/first-sentier/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## First Sentier review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/first-sentier/review/ > First Sentier runs 1 retail managed fund in our NZ coverage, median annual fund charge 1.03%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot First Sentier — review Mechanical, source-cited snapshot of First Sentier's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 1.03% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $128.8 million Sum of fund sizes (1/1 on file) About First Sentier Global investment specialist with a Global Listed Infrastructure PIE fund offered to NZ investors. Legal nameFirst Sentier Investors (Australia) IM Limited HeadquartersSydney First Sentier website Fee position vs peers Per-asset-class median annual fund charge for First Sentier vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class First Sentier funds First Sentier median fee Peer median (n) Position Other 1 1.03% 1.08% (7) priced in line with the peer median (1.08%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of First Sentier's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 1 First Sentier's funds First Sentier Global Listed Infrastructure Fund Other PIE · capped at PIR (max 28%) Thematic balanced 1.03% fee 5/7 risk Questions about First Sentier Is First Sentier a good fund manager? Whether First Sentier suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: First Sentier runs 1 retail managed fund in our coverage, with a median annual fund charge of 1.03% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does First Sentier charge? First Sentier's 1 fund in our coverage carry a median annual fund charge of 1.03% (range 1.03% – 1.03%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is First Sentier? Across the 1 fund with on-file fund-size data, First Sentier's tracked NZ retail AUM totals NZD 128.8 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. First Sentier may manage materially larger assets in those categories. Where is First Sentier based? First Sentier (legal name: First Sentier Investors (Australia) IM Limited) is headquartered in Sydney. What kind of funds does First Sentier run? First Sentier's range of 1 fund in our coverage is weighted toward other (1 fund). See the full list at /providers/first-sentier/. Other managers running other funds Kernel review Mercer review NZ Funds review Resolution Capital review Russell Investments review Smartshares review Squirrel review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Fisher Funds — 11 answered URL: https://managedfunds.nz/providers/fisher-funds/answers/ > 11 commonly-asked questions about Fisher Funds as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 11 retail funds tracked. Questions about Fisher Funds 11 commonly-asked questions about Fisher Funds as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 11 retail funds tracked. Funds tracked 11 Median annual fee 1.35% Tracked retail AUM NZ$1.33b 1. How much do Fisher Investments charge as a fee? The Fisher Funds Conservative Fund has an annual fund charge of 1.35% p.a., as disclosed in the latest Quarterly Fund Update. This is higher than the peer-cohort average fee of 0.89% p.a. for funds in this category. For the full fee structure and any other costs, check the current Product Disclosure Statement on Fisher Funds' website or the FMA Disclose register. Sourced from research on the Fisher Funds Conservative Fund. 2. What's the average return for Fisher Investments? Fisher Funds Growth Fund returned 4.95% p.a. after fees and before tax over the 5-year period as at the latest QFU, based on FMA Disclose data. Past performance is not indicative of future returns; check the current Product Disclosure Statement on the Fisher Funds website or FMA Disclose register for the most recent figures. Sourced from research on the Fisher Funds Growth Fund. 3. Is my money safe with Fisher funds? Fisher Funds Growth Fund is a registered managed fund regulated under the FMC Act and listed on the FMA Disclose register; your money is held in trust and subject to the same investor protections as other licensed funds. The fund's risk indicator is 4/7 on the FMA standardised scale, meaning it carries moderate-to-higher volatility; this reflects the ~78% allocation to growth assets. Review the Product Disclosure Statement and fund documentation to understand the specific risks. Sourced from research on the Fisher Funds Growth Fund. 4. What are the drawbacks of Fisher Investments? The annual fund charge for Fisher Funds Growth Fund is 1.46% p.a., which is 0.23 percentage points above the peer-cohort average of 1.23% p.a. as at the latest QFU. The fund's moderate-to-higher risk profile (4/7) means capital is exposed to equity and credit market volatility; investors uncomfortable with fluctuations should review the risk indicator and asset mix before investing. Sourced from research on the Fisher Funds Growth Fund. 5. What fees does Fisher investment charge? Fisher Funds Growth Fund charges an annual fund charge of 1.46% p.a., disclosed in the latest QFU and on the FMA Disclose register. As a PIE fund, your tax liability is capped at your personal tax rate (up to 28% maximum); check the current Product Disclosure Statement for any other costs or fees. Sourced from research on the Fisher Funds Growth Fund. 6. Are Fisher investments fees high? The Fisher Funds New Zealand Growth Fund charges an annual fund charge of 1.42% p.a., which is higher than the peer-cohort average of 0.95% p.a. for comparable funds. Check the latest Quarterly Fund Update (QFU) and Product Disclosure Statement on https://fisherfunds.co.nz for a full breakdown of all charges and fees. Sourced from research on the Fisher Funds New Zealand Growth Fund. 7. What are the fees for Fisher Funds? The annual fund charge for this fund is 1.63% p.a., as disclosed in the latest Quarterly Fund Update. This covers fund management, administration, and other operating costs; see the current Product Disclosure Statement for a full fee breakdown and any other costs that may apply. Sourced from research on the Fisher Funds Trans Tasman Equity Trust. 8. What is the average return from Fisher investments? The Fisher Funds International Growth Fund achieved a 5-year return after fees and before tax of 4.34% p.a., based on the latest FMA Disclose data. Past performance is not a reliable indicator of future returns; actual returns will vary year to year depending on market conditions and fund performance. Sourced from research on the Fisher Funds International Growth Fund. 9. What are the negatives of Fisher investments? The annual fund charge for this International Growth Fund is 1.31% p.a., which is 0.36 percentage points above the peer-cohort average fee of 0.95% p.a. as at the latest QFU. The fund carries a Risk Indicator of 6/7, reflecting higher volatility typical of growth-focused international equity portfolios; this means the value of your investment may fluctuate significantly in the short term. Sourced from research on the Fisher Funds International Growth Fund. 10. How does Fisher Funds compare to other investment firms? Fisher Funds New Zealand Fixed Income Trust has an annual fund charge of 0.97% p.a., which is higher than the peer-cohort average of 0.66% p.a. for NZ fixed interest funds; a 5-year return after fees and before tax of 0.38% p.a.; and holds approximately 99.87% income assets. You can view comparable funds in the NZ Fixed Interest category on this site or check the FMA Disclose register to compare fund charges, returns, and risk ratings across multiple managers. Sourced from research on the Fisher Funds New Zealand Fixed Income Trust. 11. What are the alternatives to Fisher Investments? This site compares multiple NZ fixed interest managed funds, allowing you to filter by fund size, annual charge, risk indicator, and historical returns. You can also access funds from this manager via InvestNow or directly through Fisher Funds; check each provider's platform for the full range of alternative fixed income options available to you. Sourced from research on the Fisher Funds New Zealand Fixed Income Trust. More about Fisher Funds Fisher Funds profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Fisher Funds australasian equities funds — 3 listed URL: https://managedfunds.nz/providers/fisher-funds/australasian-equities/ > Fisher Funds runs 3 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Fisher Funds · Australasian Equities Fisher Funds australasian equities funds Fisher Funds runs 3 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 3 funds in this category 3 Fisher Funds Australian Growth Fund PIE · capped at PIR (max 28%) Fisher Funds New Zealand Growth Fund PIE · capped at PIR (max 28%) Fisher Funds Trans Tasman Equity Trust PIE · capped at PIR (max 28%) Other Fisher Funds categories All Fisher Funds funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Amova (2) All australasian equities funds → --- ## Fisher Funds diversified funds — 2 listed URL: https://managedfunds.nz/providers/fisher-funds/diversified/ > Fisher Funds runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Fisher Funds · Diversified Fisher Funds diversified funds Fisher Funds runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 2 funds in this category 2 Fisher Funds Conservative Fund PIE · capped at PIR (max 28%) conservative Fisher Funds Growth Fund PIE · capped at PIR (max 28%) growth Other Fisher Funds categories All Fisher Funds funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## Fisher Funds international equities funds — 2 listed URL: https://managedfunds.nz/providers/fisher-funds/international-equities/ > Fisher Funds runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Fisher Funds · International Equities Fisher Funds international equities funds Fisher Funds runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Fisher Funds Global Fund PIE · capped at PIR (max 28%) Fisher Funds International Growth Fund PIE · capped at PIR (max 28%) Other Fisher Funds categories All Fisher Funds funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## Fisher Funds international fi funds — 2 listed URL: https://managedfunds.nz/providers/fisher-funds/international-fixed-interest/ > Fisher Funds runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Fisher Funds · International FI Fisher Funds international fi funds Fisher Funds runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Fisher Funds BondPlus Fund PIE · capped at PIR (max 28%) Fisher Funds Income Fund PIE · capped at PIR (max 28%) Other Fisher Funds categories All Fisher Funds funds → Other managers in international fi Coolabah (4)Dimensional (3)Artesian (2)Bentham (2)Daintree (2)Hunter (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/fisher-funds/markdown.md # Fisher Funds — fund range > Mechanical record of every retail managed fund run by Fisher Funds that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Fisher Funds Management Limited - **Headquarters:** Takapuna - **Website:** https://fisherfunds.co.nz - **Funds in our coverage:** 11 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property) ## About this manager One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. ## Funds (11) ### Diversified Funds (2) - [Fisher Funds Conservative Fund](https://managedfunds.nz/funds/fisher-funds/conservative/) — conservative, PIE - [Fisher Funds Growth Fund](https://managedfunds.nz/funds/fisher-funds/growth/) — growth, PIE ### Australasian Equities (3) - [Fisher Funds Australian Growth Fund](https://managedfunds.nz/funds/fisher-funds/australian-growth/) — PIE - [Fisher Funds New Zealand Growth Fund](https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/) — PIE - [Fisher Funds Trans Tasman Equity Trust](https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/) — PIE ### International Equities (2) - [Fisher Funds Global Fund](https://managedfunds.nz/funds/fisher-funds/global/) — PIE - [Fisher Funds International Growth Fund](https://managedfunds.nz/funds/fisher-funds/international-growth/) — PIE ### New Zealand Fixed Interest (1) - [Fisher Funds New Zealand Fixed Income Trust](https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/) — PIE ### International Fixed Interest (2) - [Fisher Funds BondPlus Fund](https://managedfunds.nz/funds/fisher-funds/bondplus/) — PIE - [Fisher Funds Income Fund](https://managedfunds.nz/funds/fisher-funds/income/) — PIE ### Listed Property (1) - [Fisher Funds Property & Infrastructure Fund](https://managedfunds.nz/funds/fisher-funds/property-infrastructure/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/fisher-funds/conservative/ - Markdown: https://managedfunds.nz/funds/fisher-funds/conservative/markdown.md - JSON: https://managedfunds.nz/funds/fisher-funds/conservative/data.json ## Sources - **FMA Disclose register** (primary; search for "Fisher Funds"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Fisher%20Funds - **Manager website:** https://fisherfunds.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/fisher-funds/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/fisher-funds/ - **Markdown (this file):** https://managedfunds.nz/providers/fisher-funds/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Fisher Funds review — factual snapshot for 11 NZ managed funds URL: https://managedfunds.nz/providers/fisher-funds/review/ > Fisher Funds runs 11 retail managed funds in our NZ coverage, median annual fund charge 1.35%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Fisher Funds — review Mechanical, source-cited snapshot of Fisher Funds's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 11 Median annual fee 1.35% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $1.33 billion Sum of fund sizes (11/11 on file) About Fisher Funds One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income. Legal nameFisher Funds Management Limited HeadquartersTakapuna Fisher Funds website Fee position vs peers Per-asset-class median annual fund charge for Fisher Funds vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Fisher Funds funds Fisher Funds median fee Peer median (n) Position Australasian Equities 3 1.42% 1.00% (55) priced 42 bps above the peer median (1.00%) Diversified 2 1.41% 0.99% (65) priced 42 bps above the peer median (0.99%) International Equities 2 1.48% 0.59% (79) priced 89 bps above the peer median (0.59%) International FI 2 1.13% 0.67% (29) priced 45 bps above the peer median (0.67%) NZ Fixed Interest 1 0.97% 0.60% (13) priced 37 bps above the peer median (0.60%) Listed Property 1 1.53% 1.02% (14) priced 51 bps above the peer median (1.02%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Fisher Funds's 11 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 4 Risk 4/7 2 Risk 5/7 4 Risk 6/7 1 Fisher Funds's funds Fisher Funds Conservative Fund Diversified PIE · capped at PIR (max 28%) conservative 1.35% fee 3/7 risk Fisher Funds Growth Fund Diversified PIE · capped at PIR (max 28%) growth 1.46% fee 4/7 risk Fisher Funds Australian Growth Fund Australasian Equities PIE · capped at PIR (max 28%) 0.87% fee 5/7 risk Fisher Funds New Zealand Growth Fund Australasian Equities PIE · capped at PIR (max 28%) 1.42% fee 5/7 risk Fisher Funds Trans Tasman Equity Trust Australasian Equities PIE · capped at PIR (max 28%) 1.63% fee 5/7 risk Fisher Funds Global Fund International Equities PIE · capped at PIR (max 28%) 1.64% fee 5/7 risk Fisher Funds International Growth Fund International Equities PIE · capped at PIR (max 28%) 1.31% fee 6/7 risk Fisher Funds BondPlus Fund International FI PIE · capped at PIR (max 28%) 1.26% fee 3/7 risk Fisher Funds Income Fund International FI PIE · capped at PIR (max 28%) 0.99% fee 3/7 risk Fisher Funds Property & Infrastructure Fund Listed Property PIE · capped at PIR (max 28%) 1.53% fee 4/7 risk Fisher Funds New Zealand Fixed Income Trust NZ Fixed Interest PIE · capped at PIR (max 28%) 0.97% fee 3/7 risk Questions about Fisher Funds Is Fisher Funds a good fund manager? Whether Fisher Funds suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Fisher Funds runs 11 retail managed funds in our coverage, with a median annual fund charge of 1.35% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Fisher Funds charge? Fisher Funds's 11 funds in our coverage carry a median annual fund charge of 1.35% (range 0.87% – 1.64%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Fisher Funds? Across the 11 funds with on-file fund-size data, Fisher Funds's tracked NZ retail AUM totals NZD 1.33 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Fisher Funds may manage materially larger assets in those categories. Where is Fisher Funds based? Fisher Funds (legal name: Fisher Funds Management Limited) is headquartered in Takapuna. What kind of funds does Fisher Funds run? Fisher Funds's range of 11 funds in our coverage is weighted toward australasian equities (3 funds). The range also includes 2 diversified funds and 2 international equities funds. See the full list at /providers/fisher-funds/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Harbour review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Foundation Series — 1 answered URL: https://managedfunds.nz/providers/foundation-series/answers/ > 1 commonly-asked questions about Foundation Series as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 10 retail funds tracked. Questions about Foundation Series 1 commonly-asked questions about Foundation Series as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 10 retail funds tracked. Funds tracked 10 Median annual fee 0.09% Tracked retail AUM NZ$1.04b 1. What are Foundation series funds? The Foundation Series is a range of diversified funds available through InvestNow; the Foundation Series Balanced Fund is one option within this range, designed to provide exposure across growth and income assets in a single investment. Sourced from research on the Foundation Series Balanced Fund. More about Foundation Series Foundation Series profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Foundation Series diversified funds — 3 listed URL: https://managedfunds.nz/providers/foundation-series/diversified/ > Foundation Series runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Foundation Series · Diversified Foundation Series diversified funds Foundation Series runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 3 funds in this category 3 Foundation Series Balanced Fund PIE · capped at PIR (max 28%) balanced Foundation Series Growth Fund PIE · capped at PIR (max 28%) growth Foundation Series High Growth Fund PIE · capped at PIR (max 28%) aggressive Other Foundation Series categories All Foundation Series funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## Foundation Series international equities funds — 7 listed URL: https://managedfunds.nz/providers/foundation-series/international-equities/ > Foundation Series runs 7 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Foundation Series · International Equities Foundation Series international equities funds Foundation Series runs 7 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 7 funds in this category 7 Foundation Series Total World Fund PIE · capped at PIR (max 28%) Foundation Series Hedged Total World Fund PIE · capped at PIR (max 28%) NZD hedged Foundation Series US 500 Fund PIE · capped at PIR (max 28%) Foundation Series Hedged US 500 Fund PIE · capped at PIR (max 28%) NZD hedged Foundation Series Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical Foundation Series Nasdaq-100 Fund PIE · capped at PIR (max 28%) Thematic Foundation Series US Dividend Equity Fund PIE · capped at PIR (max 28%) Other Foundation Series categories All Foundation Series funds → Other managers in international equities Smartshares (16)Kernel (9)Mercer (5)Russell Investments (4)BetaShares (3)Clarity (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/foundation-series/markdown.md # Foundation Series — fund range > Mechanical record of every retail managed fund run by Foundation Series that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** FundRock NZ Limited - **Parent:** InvestNow / Apex Group - **Website:** https://www.investnow.co.nz/foundation-series-funds - **Funds in our coverage:** 10 - **Asset classes covered:** 2 (Diversified, International Equities) ## About this manager Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. ## Funds (10) ### Diversified Funds (3) - [Foundation Series Balanced Fund](https://managedfunds.nz/funds/foundation-series/balanced/) — balanced, PIE - [Foundation Series Growth Fund](https://managedfunds.nz/funds/foundation-series/growth/) — growth, PIE - [Foundation Series High Growth Fund](https://managedfunds.nz/funds/foundation-series/high-growth/) — aggressive, PIE ### International Equities (7) - [Foundation Series Global ESG Fund](https://managedfunds.nz/funds/foundation-series/global-esg/) — PIE, responsible investment - [Foundation Series Hedged Total World Fund](https://managedfunds.nz/funds/foundation-series/hedged-total-world/) — PIE, NZD hedged - [Foundation Series Hedged US 500 Fund](https://managedfunds.nz/funds/foundation-series/hedged-us-500/) — PIE, NZD hedged - [Foundation Series Nasdaq-100 Fund](https://managedfunds.nz/funds/foundation-series/nasdaq-100/) — PIE - [Foundation Series Total World Fund](https://managedfunds.nz/funds/foundation-series/total-world/) — PIE - [Foundation Series US 500 Fund](https://managedfunds.nz/funds/foundation-series/us-500/) — PIE - [Foundation Series US Dividend Equity Fund](https://managedfunds.nz/funds/foundation-series/us-dividend-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/foundation-series/balanced/ - Markdown: https://managedfunds.nz/funds/foundation-series/balanced/markdown.md - JSON: https://managedfunds.nz/funds/foundation-series/balanced/data.json ## Sources - **FMA Disclose register** (primary; search for "Foundation Series"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Foundation%20Series - **Manager website:** https://www.investnow.co.nz/foundation-series-funds - **Manager profile (HTML):** https://managedfunds.nz/providers/foundation-series/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/foundation-series/ - **Markdown (this file):** https://managedfunds.nz/providers/foundation-series/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Foundation Series review — factual snapshot for 10 NZ managed funds URL: https://managedfunds.nz/providers/foundation-series/review/ > Foundation Series runs 10 retail managed funds in our NZ coverage, median annual fund charge 0.09%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Foundation Series — review Mechanical, source-cited snapshot of Foundation Series's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 10 Median annual fee 0.09% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $1.04 billion Sum of fund sizes (10/10 on file) About Foundation Series Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow. Legal nameFundRock NZ Limited ParentInvestNow / Apex Group Foundation Series website Fee position vs peers Per-asset-class median annual fund charge for Foundation Series vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Foundation Series funds Foundation Series median fee Peer median (n) Position International Equities 7 0.07% 0.75% (74) priced 68 bps below the peer median (0.75%) Diversified 3 0.37% 1.00% (64) priced 63 bps below the peer median (1.00%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Foundation Series's 10 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 2 Risk 5/7 6 Risk 6/7 2 Foundation Series's funds Foundation Series Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 0.36% fee 4/7 risk Foundation Series Growth Fund Diversified PIE · capped at PIR (max 28%) growth 0.38% fee 4/7 risk Foundation Series High Growth Fund Diversified PIE · capped at PIR (max 28%) aggressive 0.37% fee 5/7 risk Foundation Series Total World Fund International Equities PIE · capped at PIR (max 28%) 0.07% fee 5/7 risk Foundation Series Hedged Total World Fund International Equities PIE · capped at PIR (max 28%) NZD hedged 0.07% fee 5/7 risk Foundation Series US 500 Fund International Equities PIE · capped at PIR (max 28%) 0.03% fee 5/7 risk Foundation Series Hedged US 500 Fund International Equities PIE · capped at PIR (max 28%) NZD hedged 0.03% fee 6/7 risk Foundation Series Global ESG Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.10% fee 5/7 risk Foundation Series Nasdaq-100 Fund International Equities PIE · capped at PIR (max 28%) Thematic 0.15% fee 6/7 risk Foundation Series US Dividend Equity Fund International Equities PIE · capped at PIR (max 28%) 0.06% fee 5/7 risk Questions about Foundation Series Is Foundation Series a good fund manager? Whether Foundation Series suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Foundation Series runs 10 retail managed funds in our coverage, with a median annual fund charge of 0.09% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Foundation Series charge? Foundation Series's 10 funds in our coverage carry a median annual fund charge of 0.09% (range 0.03% – 0.38%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Foundation Series? Across the 10 funds with on-file fund-size data, Foundation Series's tracked NZ retail AUM totals NZD 1.04 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Foundation Series may manage materially larger assets in those categories. Where is Foundation Series based? Foundation Series (legal name: FundRock NZ Limited) is a NZ-distributed fund manager, part of InvestNow / Apex Group. Issued by FundRock NZ (part of global Apex Group); distributed through the InvestNow platform. What kind of funds does Foundation Series run? Foundation Series's range of 10 funds in our coverage is weighted toward international equities (7 funds). The range also includes 3 diversified funds. See the full list at /providers/foundation-series/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/generate/markdown.md # Generate — fund range > Mechanical record of every retail managed fund run by Generate that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Generate Investment Management Limited - **Headquarters:** Auckland - **Website:** https://generatekiwisaver.co.nz - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Diversified) ## About this manager Active manager best known for KiwiSaver; runs a focused growth managed-fund offering. ## Funds (1) ### Diversified Funds (1) - [Generate Focused Growth Managed Fund](https://managedfunds.nz/funds/generate/focused-growth-managed/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/generate/focused-growth-managed/ - Markdown: https://managedfunds.nz/funds/generate/focused-growth-managed/markdown.md - JSON: https://managedfunds.nz/funds/generate/focused-growth-managed/data.json ## Sources - **FMA Disclose register** (primary; search for "Generate"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Generate - **Manager website:** https://generatekiwisaver.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/generate/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/generate/ - **Markdown (this file):** https://managedfunds.nz/providers/generate/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Generate review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/generate/review/ > Generate runs 1 retail managed fund in our NZ coverage, median annual fund charge 1.35%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Generate — review Mechanical, source-cited snapshot of Generate's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 1.35% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $117.7 million Sum of fund sizes (1/1 on file) About Generate Active manager best known for KiwiSaver; runs a focused growth managed-fund offering. Legal nameGenerate Investment Management Limited HeadquartersAuckland Generate website Fee position vs peers Per-asset-class median annual fund charge for Generate vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Generate funds Generate median fee Peer median (n) Position Diversified 1 1.35% 0.99% (66) priced 36 bps above the peer median (0.99%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Generate's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 1 Generate's funds Generate Focused Growth Managed Fund Diversified PIE · capped at PIR (max 28%) growth 1.35% fee 5/7 risk Questions about Generate Is Generate a good fund manager? Whether Generate suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Generate runs 1 retail managed fund in our coverage, with a median annual fund charge of 1.35% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Generate charge? Generate's 1 fund in our coverage carry a median annual fund charge of 1.35% (range 1.35% – 1.35%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Generate? Across the 1 fund with on-file fund-size data, Generate's tracked NZ retail AUM totals NZD 117.7 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Generate may manage materially larger assets in those categories. Where is Generate based? Generate (legal name: Generate Investment Management Limited) is headquartered in Auckland. What kind of funds does Generate run? Generate's range of 1 fund in our coverage is weighted toward diversified (1 fund). See the full list at /providers/generate/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Harbour australasian equities funds — 6 listed URL: https://managedfunds.nz/providers/harbour/australasian-equities/ > Harbour runs 6 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Harbour · Australasian Equities Harbour australasian equities funds Harbour runs 6 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 6 funds in this category 6 Harbour Australasian Equity Focus Fund PIE · capped at PIR (max 28%) Harbour Australasian Equity Fund PIE · capped at PIR (max 28%) Harbour Australasian Equity Income Fund PIE · capped at PIR (max 28%) Harbour Long Short Fund PIE · capped at PIR (max 28%) Harbour NZ Index Shares Fund PIE · capped at PIR (max 28%) Harbour Sustainable NZ Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Other Harbour categories All Harbour funds → Other managers in australasian equities Smartshares (11)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3)Amova (2) All australasian equities funds → --- ## Harbour diversified funds — 3 listed URL: https://managedfunds.nz/providers/harbour/diversified/ > Harbour runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Harbour · Diversified Harbour diversified funds Harbour runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 3 funds in this category 3 Harbour Balanced Growth Fund PIE · capped at PIR (max 28%) balanced growth Harbour Income Fund PIE · capped at PIR (max 28%) income Harbour Sustainable Impact Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Other Harbour categories All Harbour funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## Harbour international equities funds — 2 listed URL: https://managedfunds.nz/providers/harbour/international-equities/ > Harbour runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Harbour · International Equities Harbour international equities funds Harbour runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Harbour T. Rowe Price Global Equity Fund PIE · capped at PIR (max 28%) Harbour T. Rowe Price Global Equity Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Other Harbour categories All Harbour funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/harbour/markdown.md # Harbour — fund range > Mechanical record of every retail managed fund run by Harbour that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Harbour Asset Management Limited - **Headquarters:** Wellington - **Website:** https://www.harbourasset.co.nz - **Funds in our coverage:** 14 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, Listed Property) ## About this manager Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. ## Funds (14) ### Diversified Funds (3) - [Harbour Balanced Growth Fund](https://managedfunds.nz/funds/harbour/balanced-growth/) — balanced growth, PIE - [Harbour Income Fund](https://managedfunds.nz/funds/harbour/income/) — income, PIE - [Harbour Sustainable Impact Fund](https://managedfunds.nz/funds/harbour/sustainable-impact/) — balanced, PIE, responsible investment ### Australasian Equities (6) - [Harbour Australasian Equity Focus Fund](https://managedfunds.nz/funds/harbour/australasian-equity-focus/) — PIE - [Harbour Australasian Equity Fund](https://managedfunds.nz/funds/harbour/australasian-equity/) — PIE - [Harbour Australasian Equity Income Fund](https://managedfunds.nz/funds/harbour/australasian-equity-income/) — PIE - [Harbour Long Short Fund](https://managedfunds.nz/funds/harbour/long-short/) — PIE - [Harbour NZ Index Shares Fund](https://managedfunds.nz/funds/harbour/nz-index-shares/) — PIE - [Harbour Sustainable NZ Shares Fund](https://managedfunds.nz/funds/harbour/sustainable-nz-shares/) — PIE, responsible investment ### International Equities (2) - [Harbour T. Rowe Price Global Equity Fund](https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/) — PIE - [Harbour T. Rowe Price Global Equity Fund (Hedged)](https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/) — PIE, NZD hedged ### New Zealand Fixed Interest (2) - [Harbour NZ Core Fixed Interest Fund](https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/) — PIE - [Harbour NZ Corporate Bond Fund](https://managedfunds.nz/funds/harbour/nz-corporate-bond/) — PIE ### Listed Property (1) - [Harbour Real Estate Investment Fund](https://managedfunds.nz/funds/harbour/real-estate-investment/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/harbour/balanced-growth/ - Markdown: https://managedfunds.nz/funds/harbour/balanced-growth/markdown.md - JSON: https://managedfunds.nz/funds/harbour/balanced-growth/data.json ## Sources - **FMA Disclose register** (primary; search for "Harbour"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Harbour - **Manager website:** https://www.harbourasset.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/harbour/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/harbour/ - **Markdown (this file):** https://managedfunds.nz/providers/harbour/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Harbour nz fixed interest funds — 2 listed URL: https://managedfunds.nz/providers/harbour/nz-fixed-interest/ > Harbour runs 2 nz fixed interest funds available to NZ retail investors. NZ government and corporate bonds. All data sourced from FMA Disclose. Harbour · NZ Fixed Interest Harbour nz fixed interest funds Harbour runs 2 nz fixed interest funds available to NZ retail investors. NZ government and corporate bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Harbour NZ Core Fixed Interest Fund PIE · capped at PIR (max 28%) Harbour NZ Corporate Bond Fund PIE · capped at PIR (max 28%) Other Harbour categories All Harbour funds → Other managers in nz fixed interest Mercer (2) All nz fixed interest funds → --- ## Harbour review — factual snapshot for 14 NZ managed funds URL: https://managedfunds.nz/providers/harbour/review/ > Harbour runs 14 retail managed funds in our NZ coverage, median annual fund charge 0.91%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Harbour — review Mechanical, source-cited snapshot of Harbour's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 14 Median annual fee 0.91% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $3.81 billion Sum of fund sizes (14/14 on file) About Harbour Active equity, fixed income and multi-asset manager with a sustainability-aware overlay. Legal nameHarbour Asset Management Limited HeadquartersWellington Harbour website Fee position vs peers Per-asset-class median annual fund charge for Harbour vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Harbour funds Harbour median fee Peer median (n) Position Australasian Equities 6 1.11% 0.99% (52) priced 12 bps above the peer median (0.99%) Diversified 3 0.66% 0.99% (64) priced 33 bps below the peer median (0.99%) International Equities 2 1.23% 0.59% (79) priced 64 bps above the peer median (0.59%) NZ Fixed Interest 2 0.56% 0.63% (12) priced 6 bps below the peer median (0.63%) Listed Property 1 0.77% 1.04% (14) priced 27 bps below the peer median (1.04%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Harbour's 14 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 3 Risk 4/7 3 Risk 5/7 8 Harbour's funds Harbour Balanced Growth Fund Diversified PIE · capped at PIR (max 28%) balanced growth 1.04% fee 4/7 risk Harbour Income Fund Diversified PIE · capped at PIR (max 28%) income 0.66% fee 3/7 risk Harbour Sustainable Impact Fund Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 0.27% fee 5/7 risk Harbour Australasian Equity Focus Fund Australasian Equities PIE · capped at PIR (max 28%) 1.21% fee 5/7 risk Harbour Australasian Equity Fund Australasian Equities PIE · capped at PIR (max 28%) 1.12% fee 5/7 risk Harbour Australasian Equity Income Fund Australasian Equities PIE · capped at PIR (max 28%) 1.10% fee 4/7 risk Harbour Long Short Fund Australasian Equities PIE · capped at PIR (max 28%) 1.23% fee 4/7 risk Harbour NZ Index Shares Fund Australasian Equities PIE · capped at PIR (max 28%) 0.21% fee 5/7 risk Harbour Sustainable NZ Shares Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.27% fee 5/7 risk Harbour T. Rowe Price Global Equity Fund International Equities PIE · capped at PIR (max 28%) 1.21% fee 5/7 risk Harbour T. Rowe Price Global Equity Fund (Hedged) International Equities PIE · capped at PIR (max 28%) NZD hedged 1.24% fee 5/7 risk Harbour Real Estate Investment Fund Listed Property PIE · capped at PIR (max 28%) 0.77% fee 5/7 risk Harbour NZ Core Fixed Interest Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.66% fee 3/7 risk Harbour NZ Corporate Bond Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.47% fee 3/7 risk Questions about Harbour Is Harbour a good fund manager? Whether Harbour suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Harbour runs 14 retail managed funds in our coverage, with a median annual fund charge of 0.91% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Harbour charge? Harbour's 14 funds in our coverage carry a median annual fund charge of 0.91% (range 0.21% – 1.24%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Harbour? Across the 14 funds with on-file fund-size data, Harbour's tracked NZ retail AUM totals NZD 3.81 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Harbour may manage materially larger assets in those categories. Where is Harbour based? Harbour (legal name: Harbour Asset Management Limited) is headquartered in Wellington. What kind of funds does Harbour run? Harbour's range of 14 funds in our coverage is weighted toward australasian equities (6 funds). The range also includes 3 diversified funds and 2 international equities funds. See the full list at /providers/harbour/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Hunter international fi funds — 2 listed URL: https://managedfunds.nz/providers/hunter/international-fixed-interest/ > Hunter runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. H Hunter · International FI Hunter international fi funds Hunter runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Hunter Global Fixed Interest Fund PIE · capped at PIR (max 28%) Hunter Private Credit Fund PIE · capped at PIR (max 28%) balanced Other Hunter categories All Hunter funds → Other managers in international fi Coolabah (4)Dimensional (3)Artesian (2)Bentham (2)Daintree (2)Fisher Funds (2) All international fi funds → --- ## URL: https://managedfunds.nz/providers/hunter/markdown.md # Hunter — fund range > Mechanical record of every retail managed fund run by Hunter that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Hunter Investment Funds Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) ## About this manager NZ-domiciled global fixed-interest specialist. ## Funds (2) ### International Fixed Interest (2) - [Hunter Global Fixed Interest Fund](https://managedfunds.nz/funds/hunter/global-fixed-interest/) — PIE - [Hunter Private Credit Fund](https://managedfunds.nz/funds/hunter/private-credit/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/hunter/global-fixed-interest/ - Markdown: https://managedfunds.nz/funds/hunter/global-fixed-interest/markdown.md - JSON: https://managedfunds.nz/funds/hunter/global-fixed-interest/data.json ## Sources - **FMA Disclose register** (primary; search for "Hunter"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Hunter - **Manager profile (HTML):** https://managedfunds.nz/providers/hunter/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/hunter/ - **Markdown (this file):** https://managedfunds.nz/providers/hunter/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Hunter review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/hunter/review/ > Hunter runs 2 retail managed funds in our NZ coverage, median annual fund charge 0.68%, median FMA risk 3/7. Sourced from FMA Disclose. H Factual snapshot Hunter — review Mechanical, source-cited snapshot of Hunter's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 0.68% Universe median 0.84% Median FMA risk 3/7 Standardised 1–7 scale Tracked NZ retail AUM $2.97 billion Sum of fund sizes (2/2 on file) About Hunter NZ-domiciled global fixed-interest specialist. Legal nameHunter Investment Funds Limited Fee position vs peers Per-asset-class median annual fund charge for Hunter vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Hunter funds Hunter median fee Peer median (n) Position International FI 2 0.68% 0.70% (29) priced in line with the peer median (0.70%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Hunter's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Risk 4/7 1 Hunter's funds Hunter Global Fixed Interest Fund International FI PIE · capped at PIR (max 28%) 0.53% fee 4/7 risk Hunter Private Credit Fund International FI PIE · capped at PIR (max 28%) balanced 0.83% fee 2/7 risk Questions about Hunter Is Hunter a good fund manager? Whether Hunter suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Hunter runs 2 retail managed funds in our coverage, with a median annual fund charge of 0.68% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 3 out of 7. For personalised guidance, see a licensed financial adviser. What does Hunter charge? Hunter's 2 funds in our coverage carry a median annual fund charge of 0.68% (range 0.53% – 0.83%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Hunter? Across the 2 funds with on-file fund-size data, Hunter's tracked NZ retail AUM totals NZD 2.97 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Hunter may manage materially larger assets in those categories. What kind of funds does Hunter run? Hunter's range of 2 funds in our coverage is weighted toward international fi (2 funds). See the full list at /providers/hunter/. Other managers running international fi funds Artesian review ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Coolabah review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/hyperion/markdown.md # Hyperion — fund range > Mechanical record of every retail managed fund run by Hyperion that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Hyperion Asset Management Limited - **Parent:** FundRock NZ (issuer) - **Headquarters:** Brisbane - **Website:** https://www.hyperion.com.au - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Australasian Equities, International Equities) ## About this manager Australian active manager focused on high-quality global growth companies. NZ PIE wrapper issued by FundRock NZ. ## Funds (2) ### Australasian Equities (1) - [Hyperion Australian Growth Companies PIE Fund](https://managedfunds.nz/funds/hyperion/australian-growth-companies/) — PIE ### International Equities (1) - [Hyperion Global Growth Companies PIE Fund](https://managedfunds.nz/funds/hyperion/global-growth-companies/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/hyperion/australian-growth-companies/ - Markdown: https://managedfunds.nz/funds/hyperion/australian-growth-companies/markdown.md - JSON: https://managedfunds.nz/funds/hyperion/australian-growth-companies/data.json ## Sources - **FMA Disclose register** (primary; search for "Hyperion"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Hyperion - **Manager website:** https://www.hyperion.com.au - **Manager profile (HTML):** https://managedfunds.nz/providers/hyperion/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/hyperion/ - **Markdown (this file):** https://managedfunds.nz/providers/hyperion/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Hyperion review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/hyperion/review/ > Hyperion runs 2 retail managed funds in our NZ coverage, median annual fund charge 2.68%, median FMA risk 6/7. Sourced from FMA Disclose. Factual snapshot Hyperion — review Mechanical, source-cited snapshot of Hyperion's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 2.68% Universe median 0.84% Median FMA risk 6/7 Standardised 1–7 scale Tracked NZ retail AUM $231.4 million Sum of fund sizes (2/2 on file) About Hyperion Australian active manager focused on high-quality global growth companies. NZ PIE wrapper issued by FundRock NZ. Legal nameHyperion Asset Management Limited HeadquartersBrisbane ParentFundRock NZ (issuer) Hyperion website Fee position vs peers Per-asset-class median annual fund charge for Hyperion vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Hyperion funds Hyperion median fee Peer median (n) Position Australasian Equities 1 0.98% 1.02% (57) priced in line with the peer median (1.02%) International Equities 1 4.38% 0.60% (80) priced 378 bps above the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Hyperion's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 6/7 2 Hyperion's funds Hyperion Australian Growth Companies PIE Fund Australasian Equities PIE · capped at PIR (max 28%) 0.98% fee 6/7 risk Hyperion Global Growth Companies PIE Fund International Equities PIE · capped at PIR (max 28%) 4.38% fee 6/7 risk Questions about Hyperion Is Hyperion a good fund manager? Whether Hyperion suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Hyperion runs 2 retail managed funds in our coverage, with a median annual fund charge of 2.68% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 6 out of 7. For personalised guidance, see a licensed financial adviser. What does Hyperion charge? Hyperion's 2 funds in our coverage carry a median annual fund charge of 2.68% (range 0.98% – 4.38%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Hyperion? Across the 2 funds with on-file fund-size data, Hyperion's tracked NZ retail AUM totals NZD 231.4 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Hyperion may manage materially larger assets in those categories. Where is Hyperion based? Hyperion (legal name: Hyperion Asset Management Limited) is headquartered in Brisbane, part of FundRock NZ (issuer). NZ-domiciled PIE wrapper issued by FundRock NZ (part of Apex Group); Hyperion Asset Management is the underlying investment manager. What kind of funds does Hyperion run? Hyperion's range of 2 funds in our coverage is weighted toward australasian equities (1 fund). The range also includes 1 international equities fund. See the full list at /providers/hyperion/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/india-avenue/markdown.md # India Avenue — fund range > Mechanical record of every retail managed fund run by India Avenue that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Sydney - **Website:** https://indiaavenueinvest.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager India-focused active equities manager. ## Funds (1) ### International Equities (1) - [India Avenue Equity Fund — H Class](https://managedfunds.nz/funds/india-avenue/equity-h-class/) — FIF ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/india-avenue/equity-h-class/ - Markdown: https://managedfunds.nz/funds/india-avenue/equity-h-class/markdown.md - JSON: https://managedfunds.nz/funds/india-avenue/equity-h-class/data.json ## Sources - **FMA Disclose register** (primary; search for "India Avenue"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=India%20Avenue - **Manager website:** https://indiaavenueinvest.com - **Manager profile (HTML):** https://managedfunds.nz/providers/india-avenue/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/india-avenue/ - **Markdown (this file):** https://managedfunds.nz/providers/india-avenue/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## India Avenue review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/india-avenue/review/ > India Avenue runs 1 retail managed fund in our NZ coverage. Sourced from FMA Disclose. Factual snapshot India Avenue — review Mechanical, source-cited snapshot of India Avenue's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee — Median FMA risk — Standardised 1–7 scale Tracked NZ retail AUM — About India Avenue India-focused active equities manager. HeadquartersSydney India Avenue website Fee position vs peers Per-asset-class median annual fund charge for India Avenue vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class India Avenue funds India Avenue median fee Peer median (n) Position International Equities 1 — 0.61% (81) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. India Avenue's funds India Avenue Equity Fund — H Class International Equities FIF · file IR3 each year Thematic Questions about India Avenue Is India Avenue a good fund manager? Whether India Avenue suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: India Avenue runs 1 retail managed fund in our coverage. For personalised guidance, see a licensed financial adviser. What does India Avenue charge? Per-fund annual fund charges for India Avenue are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is India Avenue? Fund-size data for India Avenue's 1 fund in our coverage is disclosed quarterly on each fund's Fund Update on the FMA Disclose register. We don't yet have on-file fund-size data for these funds. Where is India Avenue based? India Avenue is headquartered in Sydney. What kind of funds does India Avenue run? India Avenue's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/india-avenue/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/jpmorgan/markdown.md # JPMorgan — fund range > Mechanical record of every retail managed fund run by JPMorgan that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** JPMorgan Asset Management - **Headquarters:** New York - **Website:** https://am.jpmorgan.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International FI) ## About this manager Global asset manager with a Global Bond PIE fund distributed in NZ. ## Funds (1) ### International Fixed Interest (1) - [JPMorgan Global Bond Fund](https://managedfunds.nz/funds/jpmorgan/global-bond/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/jpmorgan/global-bond/ - Markdown: https://managedfunds.nz/funds/jpmorgan/global-bond/markdown.md - JSON: https://managedfunds.nz/funds/jpmorgan/global-bond/data.json ## Sources - **FMA Disclose register** (primary; search for "JPMorgan"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=JPMorgan - **Manager website:** https://am.jpmorgan.com - **Manager profile (HTML):** https://managedfunds.nz/providers/jpmorgan/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/jpmorgan/ - **Markdown (this file):** https://managedfunds.nz/providers/jpmorgan/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## JPMorgan review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/jpmorgan/review/ > JPMorgan runs 1 retail managed fund in our NZ coverage, median annual fund charge 0.47%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot JPMorgan — review Mechanical, source-cited snapshot of JPMorgan's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 0.47% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $113.9 million Sum of fund sizes (1/1 on file) About JPMorgan Global asset manager with a Global Bond PIE fund distributed in NZ. Legal nameJPMorgan Asset Management HeadquartersNew York JPMorgan website Fee position vs peers Per-asset-class median annual fund charge for JPMorgan vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class JPMorgan funds JPMorgan median fee Peer median (n) Position International FI 1 0.47% 0.71% (30) priced 24 bps below the peer median (0.71%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of JPMorgan's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 1 JPMorgan's funds JPMorgan Global Bond Fund International FI PIE · capped at PIR (max 28%) conservative 0.47% fee 4/7 risk Questions about JPMorgan Is JPMorgan a good fund manager? Whether JPMorgan suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: JPMorgan runs 1 retail managed fund in our coverage, with a median annual fund charge of 0.47% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does JPMorgan charge? JPMorgan's 1 fund in our coverage carry a median annual fund charge of 0.47% (range 0.47% – 0.47%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is JPMorgan? Across the 1 fund with on-file fund-size data, JPMorgan's tracked NZ retail AUM totals NZD 113.9 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. JPMorgan may manage materially larger assets in those categories. Where is JPMorgan based? JPMorgan (legal name: JPMorgan Asset Management) is headquartered in New York. What kind of funds does JPMorgan run? JPMorgan's range of 1 fund in our coverage is weighted toward international fi (1 fund). See the full list at /providers/jpmorgan/. Other managers running international fi funds Artesian review ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Coolabah review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Kernel — 15 answered URL: https://managedfunds.nz/providers/kernel/answers/ > 15 commonly-asked questions about Kernel as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 21 retail funds tracked. Questions about Kernel 15 commonly-asked questions about Kernel as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 21 retail funds tracked. Funds tracked 21 Median annual fee 0.25% Tracked retail AUM NZ$2.41b 1. How much is the Kernel fee? Kernel Conservative Fund has an annual fund charge of 0.25% p.a., as disclosed in the latest Quarterly Fund Update. This is materially lower than the peer-cohort average annual fund charge of 0.89% p.a. for comparable funds. Sourced from research on the Kernel Conservative Fund. 2. Is kernel wealth trustworthy? Kernel Wealth operates under FMA regulation and discloses fund information through the FMA Disclose Register. You can verify the fund's registration, fee disclosures, and other regulatory data at https://disclose-register.companiesoffice.govt.nz/ and review the latest Product Disclosure Statement on the Kernel Wealth website at https://kernelwealth.co.nz Sourced from research on the Kernel Conservative Fund. 3. Is Kernel Wealth a pie fund? Yes, the Kernel Balanced Fund is structured as a PIE (Portfolio Investment Entity). This means investor tax is capped at your prescribed investor rate (PIR), with a maximum of 28%, rather than taxed at your personal tax rate. Sourced from research on the Kernel Balanced Fund. 4. What happens if the Kernel goes bust? Kernel Wealth Limited is regulated as a licensed fund manager under the Financial Markets Conduct Act 2013. If you have questions about investor protections or fund creditor claims, contact the Financial Markets Authority or check the relevant Product Disclosure Statement at https://kernelwealth.co.nz. Sourced from research on the Kernel Cash Plus Fund. 5. Is my money safe with Kernel? Kernel is a registered financial service provider in New Zealand and manages funds subject to FMA oversight. Like all managed funds, your investment is subject to market risk and the fund's performance depends on the value of its underlying assets (in this case, NZ fixed-interest securities). For fund-specific safeguards and regulatory information, see the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Kernel NZ Bond Fund. 6. How long has Kernel Wealth been around? For details on Kernel Wealth's history and operating background, visit their manager website at https://kernelwealth.co.nz or check the fund's Product Disclosure Statement and FMA Disclose entry. Sourced from research on the Kernel NZ Bond Fund. 7. Is Kernel a good investment? Whether Kernel US Bond Fund suits your circumstances depends on your investment goals, time horizon, and risk tolerance. The fund has a risk indicator of 4/7 on the FMA standardised scale and holds approximately 99.69% income assets with US dollar bond exposure. Review the Product Disclosure Statement and latest QFU on the FMA Disclose register, and consider seeking personalised financial advice before investing. Sourced from research on the Kernel US Bond Fund. 8. Is Kernel Global 100 a pie fund? Yes, this fund is structured as a PIE (Portfolio Investment Entity). As a PIE, your tax is capped at your prescribed investor rate (PIR), with a maximum of 28%, rather than being taxed at your personal marginal rate. Check the current Product Disclosure Statement on the Kernel website for full tax treatment details. Sourced from research on the Kernel S&P Global 100 (NZD Hedged) Fund. 9. Is Kernel fund safe? Safety in managed funds depends on regulatory compliance, fund governance, and investment risk. This fund is regulated under the FMC Act and must disclose its risk rating (6/7 on the FMA standardised scale, indicating higher volatility) on the FMA Disclose Register. Check the latest Product Disclosure Statement and fund documents at https://kernelwealth.co.nz and the FMA register for current governance and compliance details. Sourced from research on the Kernel S&P 500 (Unhedged) Fund. 10. Is Kernel investment safe? Fund safety depends on several factors: this fund is managed under the FMC Act, Kernel is subject to FMA regulation and disclosure requirements (viewable on the FMA Disclose register), and your investment is held in custody separate from the manager's assets. However, this fund carries a risk indicator of 6/7 on the FMA standardised scale, reflecting its composition of ~98.37% growth assets, which means the value can fluctuate significantly. Check the current Product Disclosure Statement and FMA Disclose register for the full regulatory and operational detail. Sourced from research on the Kernel S&P 500 (NZD Hedged) Fund. 11. Is Kernel safe to invest with? Kernel Emerging Markets Fund is a registered managed fund available on the FMA Disclose register at https://disclose-register.companieshoice.govt.nz/. As at the latest Quarterly Fund Update, the fund holds NZ$4,431,881.34 in assets and is structured as a PIE (Portfolio Investment Entity). Check the current Product Disclosure Statement on Kernel's website at https://kernelwealth.co.nz for full details on the fund operator, custodian arrangements, and risk management. Sourced from research on the Kernel Emerging Markets Fund. 12. Does Kernel pay dividends? The Kernel S&P Global Dividend Aristocrats Fund holds dividend-paying shares and distributes income to unitholders; however, the fund's asset mix is approximately 98.37% growth assets and 1.63% income assets, so capital appreciation rather than income is the primary driver. Actual distributions depend on the underlying holdings' dividend payments and the fund manager's distribution policy — check the current Product Disclosure Statement for distribution frequency and history. Sourced from research on the Kernel S&P Global Dividend Aristocrats Fund. 13. Are Kernel funds pie? The Kernel S&P Global Clean Energy Fund is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at your prescribed investor rate (PIR) with a maximum of 28%. Check the fund's current Product Disclosure Statement for full tax structure details. Sourced from research on the Kernel S&P Global Clean Energy Fund. 14. How safe is kernel wealth? The Kernel Global Infrastructure Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, meaning it carries moderate-to-high risk typical of growth-focused infrastructure portfolios. Risk tolerance is personal; you should read the PDS and consider your own circumstances. Regulatory oversight and trustee protections apply; see https://kernelwealth.co.nz for the current PDS. Sourced from research on the Kernel Global Infrastructure Fund. 15. Is Kernel, NZ owned? For current ownership information about Kernel Wealth, visit the manager's website at https://kernelwealth.co.nz or check the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Kernel NZ 20 Fund. More about Kernel Kernel profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Kernel australasian equities funds — 4 listed URL: https://managedfunds.nz/providers/kernel/australasian-equities/ > Kernel runs 4 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Kernel · Australasian Equities Kernel australasian equities funds Kernel runs 4 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 4 funds in this category 4 Kernel NZ 20 Fund PIE · capped at PIR (max 28%) growth Kernel NZ 50 ESG Tilted Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Kernel NZ Small & Mid Cap Opportunities Fund PIE · capped at PIR (max 28%) growth Kernel Australia 100 Fund PIE · capped at PIR (max 28%) growth Other Kernel categories All Kernel funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)BetaShares (3)Fisher Funds (3)Amova (2) All australasian equities funds → --- ## Kernel diversified funds — 3 listed URL: https://managedfunds.nz/providers/kernel/diversified/ > Kernel runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Kernel · Diversified Kernel diversified funds Kernel runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 3 funds in this category 3 Kernel Conservative Fund PIE · capped at PIR (max 28%) conservative Kernel Balanced Fund PIE · capped at PIR (max 28%) balanced Kernel High Growth Fund PIE · capped at PIR (max 28%) aggressive Other Kernel categories All Kernel funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## Kernel international equities funds — 9 listed URL: https://managedfunds.nz/providers/kernel/international-equities/ > Kernel runs 9 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Kernel · International Equities Kernel international equities funds Kernel runs 9 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 9 funds in this category 9 Kernel S&P Global 100 Fund PIE · capped at PIR (max 28%) growth Kernel S&P Global 100 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth Kernel S&P 500 (Unhedged) Fund PIE · capped at PIR (max 28%) growth Kernel S&P 500 (NZD Hedged) Fund PIE · capped at PIR (max 28%) NZD hedged growth Kernel World ex-US Fund PIE · capped at PIR (max 28%) growth Kernel Emerging Markets Fund PIE · capped at PIR (max 28%) growth Kernel Global ESG Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Kernel S&P Global Dividend Aristocrats Fund PIE · capped at PIR (max 28%) Thematic growth Kernel S&P Global Clean Energy Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive Other Kernel categories All Kernel funds → Other managers in international equities Smartshares (16)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3)Clarity (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/kernel/markdown.md # Kernel — fund range > Mechanical record of every retail managed fund run by Kernel that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Kernel Wealth Limited - **Headquarters:** Auckland - **Website:** https://kernelwealth.co.nz - **Funds in our coverage:** 21 - **Asset classes covered:** 8 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Cash, Other) ## About this manager NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. ## Funds (21) ### Diversified Funds (3) - [Kernel Balanced Fund](https://managedfunds.nz/funds/kernel/balanced/) — balanced, PIE - [Kernel Conservative Fund](https://managedfunds.nz/funds/kernel/conservative/) — conservative, PIE - [Kernel High Growth Fund](https://managedfunds.nz/funds/kernel/high-growth/) — aggressive, PIE ### Australasian Equities (4) - [Kernel Australia 100 Fund](https://managedfunds.nz/funds/kernel/australia-100/) — growth, PIE - [Kernel NZ 20 Fund](https://managedfunds.nz/funds/kernel/nz-20/) — growth, PIE - [Kernel NZ 50 ESG Tilted Fund](https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/) — growth, PIE, responsible investment - [Kernel NZ Small & Mid Cap Opportunities Fund](https://managedfunds.nz/funds/kernel/nz-small-mid-cap/) — growth, PIE ### International Equities (9) - [Kernel Emerging Markets Fund](https://managedfunds.nz/funds/kernel/emerging-markets/) — growth, PIE - [Kernel Global ESG Fund](https://managedfunds.nz/funds/kernel/global-esg/) — growth, PIE, responsible investment - [Kernel S&P 500 (NZD Hedged) Fund](https://managedfunds.nz/funds/kernel/sp-500-hedged/) — growth, PIE, NZD hedged - [Kernel S&P 500 (Unhedged) Fund](https://managedfunds.nz/funds/kernel/sp-500-unhedged/) — growth, PIE - [Kernel S&P Global 100 (NZD Hedged) Fund](https://managedfunds.nz/funds/kernel/sp-global-100-hedged/) — growth, PIE, NZD hedged - [Kernel S&P Global 100 Fund](https://managedfunds.nz/funds/kernel/sp-global-100/) — growth, PIE - [Kernel S&P Global Clean Energy Fund](https://managedfunds.nz/funds/kernel/sp-global-clean-energy/) — aggressive, PIE, responsible investment - [Kernel S&P Global Dividend Aristocrats Fund](https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/) — growth, PIE - [Kernel World ex-US Fund](https://managedfunds.nz/funds/kernel/world-ex-us/) — growth, PIE ### New Zealand Fixed Interest (1) - [Kernel NZ Bond Fund](https://managedfunds.nz/funds/kernel/nz-bond/) — conservative, PIE ### International Fixed Interest (1) - [Kernel US Bond Fund](https://managedfunds.nz/funds/kernel/us-bond/) — conservative, PIE ### Listed Property (1) - [Kernel NZ Commercial Property Fund](https://managedfunds.nz/funds/kernel/nz-commercial-property/) — balanced, PIE ### Cash and Cash Equivalents (1) - [Kernel Cash Plus Fund](https://managedfunds.nz/funds/kernel/cash-plus/) — conservative, PIE ### Other (1) - [Kernel Global Infrastructure Fund](https://managedfunds.nz/funds/kernel/global-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/kernel/conservative/ - Markdown: https://managedfunds.nz/funds/kernel/conservative/markdown.md - JSON: https://managedfunds.nz/funds/kernel/conservative/data.json ## Sources - **FMA Disclose register** (primary; search for "Kernel"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel - **Manager website:** https://kernelwealth.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/kernel/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/kernel/ - **Markdown (this file):** https://managedfunds.nz/providers/kernel/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Kernel review — factual snapshot for 21 NZ managed funds URL: https://managedfunds.nz/providers/kernel/review/ > Kernel runs 21 retail managed funds in our NZ coverage, median annual fund charge 0.25%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Kernel — review Mechanical, source-cited snapshot of Kernel's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 21 Median annual fee 0.25% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $2.41 billion Sum of fund sizes (21/21 on file) About Kernel NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies. Legal nameKernel Wealth Limited HeadquartersAuckland Kernel website Fee position vs peers Per-asset-class median annual fund charge for Kernel vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Kernel funds Kernel median fee Peer median (n) Position International Equities 9 0.25% 0.76% (72) priced 51 bps below the peer median (0.76%) Australasian Equities 4 0.25% 1.05% (54) priced 80 bps below the peer median (1.05%) Diversified 3 0.25% 1.00% (64) priced 75 bps below the peer median (1.00%) NZ Fixed Interest 1 0.40% 0.65% (13) priced 25 bps below the peer median (0.65%) International FI 1 0.30% 0.71% (30) priced 41 bps below the peer median (0.71%) Listed Property 1 0.25% 1.04% (14) priced 79 bps below the peer median (1.04%) Cash 1 0.25% 0.44% (4) priced 19 bps below the peer median (0.44%) Other 1 0.25% 1.08% (7) priced 83 bps below the peer median (1.08%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Kernel's 21 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 1/7 1 Risk 3/7 2 Risk 4/7 2 Risk 5/7 13 Risk 6/7 3 Kernel's funds Kernel Conservative Fund Diversified PIE · capped at PIR (max 28%) conservative 0.25% fee 3/7 risk Kernel Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 0.25% fee 4/7 risk Kernel High Growth Fund Diversified PIE · capped at PIR (max 28%) aggressive 0.25% fee 5/7 risk Kernel Cash Plus Fund Cash PIE · capped at PIR (max 28%) conservative 0.25% fee 1/7 risk Kernel NZ Bond Fund NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.40% fee 3/7 risk Kernel US Bond Fund International FI PIE · capped at PIR (max 28%) conservative 0.30% fee 4/7 risk Kernel S&P Global 100 Fund International Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel S&P Global 100 (NZD Hedged) Fund International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.25% fee 5/7 risk Kernel S&P 500 (Unhedged) Fund International Equities PIE · capped at PIR (max 28%) growth 0.25% fee 6/7 risk Kernel S&P 500 (NZD Hedged) Fund International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.25% fee 6/7 risk Kernel World ex-US Fund International Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel Emerging Markets Fund International Equities PIE · capped at PIR (max 28%) growth 0.45% fee 5/7 risk Kernel Global ESG Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% fee 5/7 risk Kernel S&P Global Dividend Aristocrats Fund International Equities PIE · capped at PIR (max 28%) Thematic growth 0.25% fee 5/7 risk Kernel S&P Global Clean Energy Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive 0.45% fee 6/7 risk Kernel Global Infrastructure Fund Other PIE · capped at PIR (max 28%) Thematic balanced 0.25% fee 5/7 risk Kernel NZ 20 Fund Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel NZ 50 ESG Tilted Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% fee 5/7 risk Kernel NZ Small & Mid Cap Opportunities Fund Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel NZ Commercial Property Fund Listed Property PIE · capped at PIR (max 28%) balanced 0.25% fee 5/7 risk Kernel Australia 100 Fund Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Questions about Kernel Is Kernel a good fund manager? Whether Kernel suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Kernel runs 21 retail managed funds in our coverage, with a median annual fund charge of 0.25% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Kernel charge? Kernel's 21 funds in our coverage carry a median annual fund charge of 0.25% (range 0.25% – 0.45%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Kernel? Across the 21 funds with on-file fund-size data, Kernel's tracked NZ retail AUM totals NZD 2.41 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Kernel may manage materially larger assets in those categories. Where is Kernel based? Kernel (legal name: Kernel Wealth Limited) is headquartered in Auckland. What kind of funds does Kernel run? Kernel's range of 21 funds in our coverage is weighted toward international equities (9 funds). The range also includes 4 australasian equities funds and 3 diversified funds. See the full list at /providers/kernel/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Lifetime diversified funds — 4 listed URL: https://managedfunds.nz/providers/lifetime/diversified/ > Lifetime runs 4 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Lifetime · Diversified Lifetime diversified funds Lifetime runs 4 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 4 funds in this category 4 Lifetime Conservative Fund PIE · capped at PIR (max 28%) conservative Lifetime Balanced Fund PIE · capped at PIR (max 28%) balanced Lifetime Growth Fund PIE · capped at PIR (max 28%) growth Lifetime Retirement Income Fund PIE · capped at PIR (max 28%) income Other Lifetime categories All Lifetime funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)NZ Funds (4)SBS Wealth (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/lifetime/markdown.md # Lifetime — fund range > Mechanical record of every retail managed fund run by Lifetime that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Lifetime Asset Management Limited - **Headquarters:** Wellington - **Website:** https://lifetimeincome.co.nz - **Funds in our coverage:** 5 - **Asset classes covered:** 2 (Diversified, Cash) ## About this manager NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. ## Funds (5) ### Diversified Funds (4) - [Lifetime Balanced Fund](https://managedfunds.nz/funds/lifetime/balanced/) — balanced, PIE - [Lifetime Conservative Fund](https://managedfunds.nz/funds/lifetime/conservative/) — conservative, PIE - [Lifetime Growth Fund](https://managedfunds.nz/funds/lifetime/growth/) — growth, PIE - [Lifetime Retirement Income Fund](https://managedfunds.nz/funds/lifetime/retirement-income/) — income, PIE ### Cash and Cash Equivalents (1) - [Lifetime Cash Fund](https://managedfunds.nz/funds/lifetime/cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/lifetime/cash/ - Markdown: https://managedfunds.nz/funds/lifetime/cash/markdown.md - JSON: https://managedfunds.nz/funds/lifetime/cash/data.json ## Sources - **FMA Disclose register** (primary; search for "Lifetime"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lifetime - **Manager website:** https://lifetimeincome.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/lifetime/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/lifetime/ - **Markdown (this file):** https://managedfunds.nz/providers/lifetime/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Lifetime review — factual snapshot for 5 NZ managed funds URL: https://managedfunds.nz/providers/lifetime/review/ > Lifetime runs 5 retail managed funds in our NZ coverage, median annual fund charge 0.99%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Lifetime — review Mechanical, source-cited snapshot of Lifetime's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 5 Median annual fee 0.99% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $130.1 million Sum of fund sizes (5/5 on file) About Lifetime NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds. Legal nameLifetime Asset Management Limited HeadquartersWellington Lifetime website Fee position vs peers Per-asset-class median annual fund charge for Lifetime vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Lifetime funds Lifetime median fee Peer median (n) Position Diversified 4 0.99% 0.96% (63) priced in line with the peer median (0.96%) Cash 1 0.65% 0.26% (4) priced 40 bps above the peer median (0.26%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Lifetime's 5 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Risk 3/7 1 Risk 4/7 3 Lifetime's funds Lifetime Cash Fund Cash PIE · capped at PIR (max 28%) conservative 0.65% fee 2/7 risk Lifetime Conservative Fund Diversified PIE · capped at PIR (max 28%) conservative 0.99% fee 3/7 risk Lifetime Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 0.99% fee 4/7 risk Lifetime Growth Fund Diversified PIE · capped at PIR (max 28%) growth 0.99% fee 4/7 risk Lifetime Retirement Income Fund Diversified PIE · capped at PIR (max 28%) income 1.36% fee 4/7 risk Questions about Lifetime Is Lifetime a good fund manager? Whether Lifetime suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Lifetime runs 5 retail managed funds in our coverage, with a median annual fund charge of 0.99% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Lifetime charge? Lifetime's 5 funds in our coverage carry a median annual fund charge of 0.99% (range 0.65% – 1.36%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Lifetime? Across the 5 funds with on-file fund-size data, Lifetime's tracked NZ retail AUM totals NZD 130.1 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Lifetime may manage materially larger assets in those categories. Where is Lifetime based? Lifetime (legal name: Lifetime Asset Management Limited) is headquartered in Wellington. What kind of funds does Lifetime run? Lifetime's range of 5 funds in our coverage is weighted toward diversified (4 funds). The range also includes 1 cash fund. See the full list at /providers/lifetime/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/lighthouse/markdown.md # Lighthouse — fund range > Mechanical record of every retail managed fund run by Lighthouse that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Lighthouse Funds Management Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager NZ boutique offering a global equity fund. ## Funds (1) ### International Equities (1) - [Lighthouse Global Equity Fund](https://managedfunds.nz/funds/lighthouse/global-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/lighthouse/global-equity/ - Markdown: https://managedfunds.nz/funds/lighthouse/global-equity/markdown.md - JSON: https://managedfunds.nz/funds/lighthouse/global-equity/data.json ## Sources - **FMA Disclose register** (primary; search for "Lighthouse"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Lighthouse - **Manager profile (HTML):** https://managedfunds.nz/providers/lighthouse/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/lighthouse/ - **Markdown (this file):** https://managedfunds.nz/providers/lighthouse/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Lighthouse review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/lighthouse/review/ > Lighthouse runs 1 retail managed fund in our NZ coverage, median annual fund charge 1.03%, median FMA risk 7/7. Sourced from FMA Disclose. L Factual snapshot Lighthouse — review Mechanical, source-cited snapshot of Lighthouse's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 1.03% Universe median 0.84% Median FMA risk 7/7 Standardised 1–7 scale Tracked NZ retail AUM $17.7 million Sum of fund sizes (1/1 on file) About Lighthouse NZ boutique offering a global equity fund. Legal nameLighthouse Funds Management Limited Fee position vs peers Per-asset-class median annual fund charge for Lighthouse vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Lighthouse funds Lighthouse median fee Peer median (n) Position International Equities 1 1.03% 0.60% (80) priced 43 bps above the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Lighthouse's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 7/7 1 Lighthouse's funds Lighthouse Global Equity Fund International Equities PIE · capped at PIR (max 28%) 1.03% fee 7/7 risk Questions about Lighthouse Is Lighthouse a good fund manager? Whether Lighthouse suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Lighthouse runs 1 retail managed fund in our coverage, with a median annual fund charge of 1.03% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 7 out of 7. For personalised guidance, see a licensed financial adviser. What does Lighthouse charge? Lighthouse's 1 fund in our coverage carry a median annual fund charge of 1.03% (range 1.03% – 1.03%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Lighthouse? Across the 1 fund with on-file fund-size data, Lighthouse's tracked NZ retail AUM totals NZD 17.7 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Lighthouse may manage materially larger assets in those categories. What kind of funds does Lighthouse run? Lighthouse's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/lighthouse/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Mercer — 9 answered URL: https://managedfunds.nz/providers/mercer/answers/ > 9 commonly-asked questions about Mercer as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 14 retail funds tracked. Questions about Mercer 9 commonly-asked questions about Mercer as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 14 retail funds tracked. Funds tracked 14 Median annual fee 1.25% Tracked retail AUM NZ$1.10b 1. Is Mercer a good fund? The Mercer Responsible Balanced Fund is a diversified fund with a risk indicator of 4/7 on the FMA standardised scale, meaning it sits in the mid-to-higher risk range and holds approximately 52% growth assets and 48% income assets. The fund returned 3.52% p.a. after fees over five years (as at the latest QFU), and charges an annual fund charge of 1.25% p.a. Whether it suits your circumstances depends on your risk tolerance, time horizon, and investment goals — check the current Product Disclosure Statement and consider seeking personalised financial advice. Sourced from research on the Mercer Responsible Balanced Fund. 2. Is Mercer a good superannuation fund? The Mercer Responsible Balanced Fund is a managed fund, not a superannuation or KiwiSaver scheme product. If you are looking for superannuation or KiwiSaver investment options, you will need to check whether your superannuation scheme or your KiwiSaver scheme account provider offers this fund as an investment choice, or compare products through the FMC or IRD regulators' resources. Sourced from research on the Mercer Responsible Balanced Fund. 3. What is the best performing Mercer fund? This page covers the Mercer Responsible Balanced Fund only. To compare performance across all Mercer managed funds or other fund managers, visit the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ to review standardised performance and fee data across funds. Sourced from research on the Mercer Responsible Balanced Fund. 4. Is Mercer a NZ company? Mercer is an international financial services company; however, the Mercer Income Generator Fund is a New Zealand registered managed investment fund. You can verify its registration and operator details on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Mercer Income Generator Fund. 5. Is Mercer a hedge fund? No. Mercer is a global investment management and professional-services company. The Mercer Core Hedged Global Shares Fund is a managed fund (not a hedge fund) that invests in international equities and uses hedging to manage currency risk; it is regulated under the Financial Markets Conduct Act 2013 and disclosed on the FMA Disclose register. Sourced from research on the Mercer Core Hedged Global Shares Fund. 6. Is Mercer fee only? The Mercer Global Shares Fund charges 1.25% p.a. as an annual fund charge; it is not a fee-only service in the sense of advisory fees. For details on all fees and costs, refer to the Product Disclosure Statement on Mercer's website at https://www.mercer.com/en-nz or via FMA Disclose. Sourced from research on the Mercer Global Shares Fund. 7. Is Mercer a fund manager? Yes. Mercer is a global professional-services firm that manages investment funds, including the Mercer Responsible Hedged Global Fixed Interest Index Fund covered here. You can verify Mercer's fund management details and current product information on their New Zealand website at mercer.com/en-nz or via the FMA Disclose register. Sourced from research on the Mercer Responsible Hedged Global Fixed Interest Index Fund. 8. What is the average return on Mercer super? This Mercer Macquarie NZ Fixed Interest Fund delivered a 5-year return after fees and before tax of 0.71% p.a., as recorded in the latest FMA Disclose data. Returns vary by fund strategy and market conditions; check the current Product Disclosure Statement on the FMA Disclose Register for the most recent performance figures. Sourced from research on the Mercer Macquarie NZ Fixed Interest Fund. 9. Is Mercer Super performing well? Performance assessment depends on the fund strategy and time horizon you are evaluating. This Mercer Macquarie NZ Fixed Interest Fund returned 0.71% p.a. after fees over 5 years; for context, the peer-cohort average annual fund charge is 0.66% p.a. Review the current PDS and latest performance data on the FMA Disclose Register for a full assessment. Sourced from research on the Mercer Macquarie NZ Fixed Interest Fund. More about Mercer Mercer profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Mercer australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/mercer/australasian-equities/ > Mercer runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Mercer · Australasian Equities Mercer australasian equities funds Mercer runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Mercer Responsible Trans-Tasman Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Mercer NZ Shares Passive Fund PIE · capped at PIR (max 28%) Other Mercer categories All Mercer funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## Mercer diversified funds — 2 listed URL: https://managedfunds.nz/providers/mercer/diversified/ > Mercer runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Mercer · Diversified Mercer diversified funds Mercer runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 2 funds in this category 2 Mercer Responsible Balanced Fund PIE · capped at PIR (max 28%) Responsible / ethical balanced Mercer Income Generator Fund PIE · capped at PIR (max 28%) income Other Mercer categories All Mercer funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## Mercer international equities funds — 5 listed URL: https://managedfunds.nz/providers/mercer/international-equities/ > Mercer runs 5 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Mercer · International Equities Mercer international equities funds Mercer runs 5 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 5 funds in this category 5 Mercer All Country Global Shares Index Fund PIE · capped at PIR (max 28%) Mercer Core Global Shares Fund PIE · capped at PIR (max 28%) Mercer Core Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Mercer Responsible Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Mercer Global Shares Fund PIE · capped at PIR (max 28%) Other Mercer categories All Mercer funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Russell Investments (4)BetaShares (3)Clarity (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/mercer/markdown.md # Mercer — fund range > Mechanical record of every retail managed fund run by Mercer that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Mercer (N.Z.) Limited - **Headquarters:** Auckland - **Website:** https://www.mercer.com/en-nz - **Funds in our coverage:** 14 - **Asset classes covered:** 7 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Other) ## About this manager Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. ## Funds (14) ### Diversified Funds (2) - [Mercer Income Generator Fund](https://managedfunds.nz/funds/mercer/income-generator/) — income, PIE - [Mercer Responsible Balanced Fund](https://managedfunds.nz/funds/mercer/responsible-balanced/) — balanced, PIE, responsible investment ### Australasian Equities (2) - [Mercer NZ Shares Passive Fund](https://managedfunds.nz/funds/mercer/nz-shares-passive/) — PIE - [Mercer Responsible Trans-Tasman Shares Fund](https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/) — PIE, responsible investment ### International Equities (5) - [Mercer All Country Global Shares Index Fund](https://managedfunds.nz/funds/mercer/all-country-global-shares-index/) — PIE - [Mercer Core Global Shares Fund](https://managedfunds.nz/funds/mercer/core-global-shares/) — PIE - [Mercer Core Hedged Global Shares Fund](https://managedfunds.nz/funds/mercer/core-hedged-global-shares/) — PIE, NZD hedged - [Mercer Global Shares Fund](https://managedfunds.nz/funds/mercer/global-shares/) — PIE - [Mercer Responsible Global Shares Fund](https://managedfunds.nz/funds/mercer/responsible-global-shares/) — PIE, responsible investment ### New Zealand Fixed Interest (2) - [Mercer Macquarie NZ Fixed Interest Fund](https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/) — PIE - [Mercer Macquarie NZ Short Duration Fund](https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/) — PIE ### International Fixed Interest (1) - [Mercer Responsible Hedged Global Fixed Interest Index Fund](https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/) — PIE, NZD hedged, responsible investment ### Listed Property (1) - [Mercer Global Listed Real Estate Fund](https://managedfunds.nz/funds/mercer/global-listed-real-estate/) — PIE ### Other (1) - [Mercer Global Listed Infrastructure Fund](https://managedfunds.nz/funds/mercer/global-listed-infrastructure/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/mercer/responsible-balanced/ - Markdown: https://managedfunds.nz/funds/mercer/responsible-balanced/markdown.md - JSON: https://managedfunds.nz/funds/mercer/responsible-balanced/data.json ## Sources - **FMA Disclose register** (primary; search for "Mercer"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mercer - **Manager website:** https://www.mercer.com/en-nz - **Manager profile (HTML):** https://managedfunds.nz/providers/mercer/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/mercer/ - **Markdown (this file):** https://managedfunds.nz/providers/mercer/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Mercer nz fixed interest funds — 2 listed URL: https://managedfunds.nz/providers/mercer/nz-fixed-interest/ > Mercer runs 2 nz fixed interest funds available to NZ retail investors. NZ government and corporate bonds. All data sourced from FMA Disclose. Mercer · NZ Fixed Interest Mercer nz fixed interest funds Mercer runs 2 nz fixed interest funds available to NZ retail investors. NZ government and corporate bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Mercer Macquarie NZ Fixed Interest Fund PIE · capped at PIR (max 28%) Mercer Macquarie NZ Short Duration Fund PIE · capped at PIR (max 28%) Other Mercer categories All Mercer funds → Other managers in nz fixed interest Harbour (2) All nz fixed interest funds → --- ## Mercer review — factual snapshot for 14 NZ managed funds URL: https://managedfunds.nz/providers/mercer/review/ > Mercer runs 14 retail managed funds in our NZ coverage, median annual fund charge 1.25%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Mercer — review Mechanical, source-cited snapshot of Mercer's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 14 Median annual fee 1.25% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $1.10 billion Sum of fund sizes (14/14 on file) About Mercer Global wealth and consulting firm with a passive-leaning multi-asset fund range in NZ. Legal nameMercer (N.Z.) Limited HeadquartersAuckland Mercer website Fee position vs peers Per-asset-class median annual fund charge for Mercer vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Mercer funds Mercer median fee Peer median (n) Position International Equities 5 1.25% 0.59% (76) priced 66 bps above the peer median (0.59%) Diversified 2 1.27% 0.99% (65) priced 28 bps above the peer median (0.99%) Australasian Equities 2 0.71% 1.01% (56) priced 30 bps below the peer median (1.01%) NZ Fixed Interest 2 0.64% 0.59% (12) priced in line with the peer median (0.59%) International FI 1 0.43% 0.71% (30) priced 28 bps below the peer median (0.71%) Listed Property 1 1.33% 1.02% (14) priced 31 bps above the peer median (1.02%) Other 1 1.34% 1.05% (7) priced 29 bps above the peer median (1.05%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Mercer's 14 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Risk 3/7 1 Risk 4/7 3 Risk 5/7 8 Risk 6/7 1 Mercer's funds Mercer Responsible Balanced Fund Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.25% fee 4/7 risk Mercer Income Generator Fund Diversified PIE · capped at PIR (max 28%) income 1.28% fee 4/7 risk Mercer Responsible Trans-Tasman Shares Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.06% fee 5/7 risk Mercer NZ Shares Passive Fund Australasian Equities PIE · capped at PIR (max 28%) 0.36% fee 5/7 risk Mercer All Country Global Shares Index Fund International Equities PIE · capped at PIR (max 28%) 0.43% fee 5/7 risk Mercer Core Global Shares Fund International Equities PIE · capped at PIR (max 28%) 1.24% fee 5/7 risk Mercer Core Hedged Global Shares Fund International Equities PIE · capped at PIR (max 28%) NZD hedged 1.46% fee 5/7 risk Mercer Responsible Global Shares Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.69% fee 5/7 risk Mercer Global Shares Fund International Equities PIE · capped at PIR (max 28%) 1.25% fee 5/7 risk Mercer Responsible Hedged Global Fixed Interest Index Fund International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.43% fee 4/7 risk Mercer Global Listed Real Estate Fund Listed Property PIE · capped at PIR (max 28%) 1.33% fee 6/7 risk Mercer Macquarie NZ Fixed Interest Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.60% fee 3/7 risk Mercer Macquarie NZ Short Duration Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.68% fee 2/7 risk Mercer Global Listed Infrastructure Fund Other PIE · capped at PIR (max 28%) 1.34% fee 5/7 risk Questions about Mercer Is Mercer a good fund manager? Whether Mercer suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Mercer runs 14 retail managed funds in our coverage, with a median annual fund charge of 1.25% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Mercer charge? Mercer's 14 funds in our coverage carry a median annual fund charge of 1.25% (range 0.36% – 1.69%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Mercer? Across the 14 funds with on-file fund-size data, Mercer's tracked NZ retail AUM totals NZD 1.10 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Mercer may manage materially larger assets in those categories. Where is Mercer based? Mercer (legal name: Mercer (N.Z.) Limited) is headquartered in Auckland. What kind of funds does Mercer run? Mercer's range of 14 funds in our coverage is weighted toward international equities (5 funds). The range also includes 2 diversified funds and 2 australasian equities funds. See the full list at /providers/mercer/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Milford — 8 answered URL: https://managedfunds.nz/providers/milford/answers/ > 8 commonly-asked questions about Milford as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 10 retail funds tracked. Questions about Milford 8 commonly-asked questions about Milford as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 10 retail funds tracked. Funds tracked 10 Median annual fee 1.05% Tracked retail AUM NZ$22.45b 1. Is Milford Active Growth fund good? Whether Milford Active Growth Fund suits your circumstances depends on your investment goals, time horizon, and risk tolerance. The fund returned 6.79% p.a. after fees over the 5 years to the latest FMA Disclose reporting date; you can compare this against peer funds and your own objectives via the FMA Disclose register and the fund's Product Disclosure Statement. Sourced from research on the Milford Active Growth Fund. 2. How much are Milford fees? Milford Active Growth Fund has an annual fund charge of 1.05% p.a., which is below the peer-cohort average of 1.23% p.a. as recorded in the latest FMA Disclose reporting. The fund is structured as a PIE, so your personal tax on returns is capped at your prescribed investor rate (maximum 28%) under the PIE regime. Sourced from research on the Milford Active Growth Fund. 3. What is Milford's aggressive fund? Milford Aggressive Fund is a diversified growth fund with approximately 98.31% invested in growth assets and 1.69% in income assets, positioned at risk indicator 5/7 on the FMA standardised scale. The fund is structured as a PIE, meaning investor tax is capped at your prescribed investor rate (maximum 28%). Sourced from research on the Milford Aggressive Fund. 4. How safe are Milford investments? Milford Aggressive Fund carries a risk indicator of 5/7 under the FMA standardised framework, reflecting moderate-to-high volatility typical of growth-focused portfolios. Safety depends on your investment timeframe and ability to tolerate short-term losses; the FMA Disclose register and current Product Disclosure Statement provide full risk disclosure at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Milford Aggressive Fund. 5. Is Milford a good KiwiSaver? The Milford Trans-Tasman Equity Fund is not a KiwiSaver scheme product; it is a standalone managed fund available through InvestNow and Milford directly. Some KiwiSaver scheme providers may offer similar Australasian equities options—check your scheme's investment menu or contact your provider for KiwiSaver® account investment choices. Sourced from research on the Milford Trans-Tasman Equity Fund. 6. Who owns Milford funds? See the manager's ownership and corporate structure on the Milford Asset Management website at https://milfordasset.com or in the fund's current Product Disclosure Statement. Sourced from research on the Milford Trans-Tasman Equity Fund. 7. Is Milford a good investment? Milford Global Equity Fund is a PIE-registered fund with NZ$2,260,116,515.04 in assets as at the latest QFU, an annual fund charge of 1.35% p.a., and a 5-year return of 6.29% p.a. after fees, before tax. Whether it aligns with your investment goals requires reviewing the full Product Disclosure Statement and considering your individual circumstances. Sourced from research on the Milford Global Equity Fund. 8. Is Milford a pie fund? Yes, the Milford Trans-Tasman Bond Fund is structured as a PIE (Portfolio Investment Entity), which means investor tax is capped at your nominated PIR (Personal Income Rate), with a maximum of 28%. This tax treatment may be more efficient than direct bond ownership for some investors; see the IRD website for details on PIE taxation. Sourced from research on the Milford Trans-Tasman Bond Fund. More about Milford Milford profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Milford australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/milford/australasian-equities/ > Milford runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Milford · Australasian Equities Milford australasian equities funds Milford runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Milford Australian Absolute Growth Fund PIE · capped at PIR (max 28%) Milford Trans-Tasman Equity Fund PIE · capped at PIR (max 28%) Other Milford categories All Milford funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## Milford diversified funds — 5 listed URL: https://managedfunds.nz/providers/milford/diversified/ > Milford runs 5 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Milford · Diversified Milford diversified funds Milford runs 5 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 5 funds in this category 5 Milford Active Growth Fund PIE · capped at PIR (max 28%) growth Milford Aggressive Fund PIE · capped at PIR (max 28%) aggressive Milford Balanced Fund PIE · capped at PIR (max 28%) balanced Milford Conservative Fund PIE · capped at PIR (max 28%) conservative Milford Diversified Income Fund PIE · capped at PIR (max 28%) income Other Milford categories All Milford funds → Other managers in diversified Booster (9)ANZ Investments (6)Simplicity (5)Lifetime (4)NZ Funds (4)SBS Wealth (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/milford/markdown.md # Milford — fund range > Mechanical record of every retail managed fund run by Milford that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Milford Funds Limited - **Headquarters:** Auckland - **Website:** https://milfordasset.com - **Funds in our coverage:** 10 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI) ## About this manager New Zealand active manager with diversified, equity and fixed-income strategies. ## Funds (10) ### Diversified Funds (5) - [Milford Active Growth Fund](https://managedfunds.nz/funds/milford/active-growth/) — growth, PIE - [Milford Aggressive Fund](https://managedfunds.nz/funds/milford/aggressive/) — aggressive, PIE - [Milford Balanced Fund](https://managedfunds.nz/funds/milford/balanced/) — balanced, PIE - [Milford Conservative Fund](https://managedfunds.nz/funds/milford/conservative/) — conservative, PIE - [Milford Diversified Income Fund](https://managedfunds.nz/funds/milford/diversified-income/) — income, PIE ### Australasian Equities (2) - [Milford Australian Absolute Growth Fund](https://managedfunds.nz/funds/milford/australian-absolute-growth/) — PIE - [Milford Trans-Tasman Equity Fund](https://managedfunds.nz/funds/milford/trans-tasman-equity/) — PIE ### International Equities (1) - [Milford Global Equity Fund](https://managedfunds.nz/funds/milford/global-equity/) — PIE ### New Zealand Fixed Interest (1) - [Milford Trans-Tasman Bond Fund](https://managedfunds.nz/funds/milford/trans-tasman-bond/) — PIE ### International Fixed Interest (1) - [Milford Global Corporate Bond Fund](https://managedfunds.nz/funds/milford/global-corporate-bond/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/milford/active-growth/ - Markdown: https://managedfunds.nz/funds/milford/active-growth/markdown.md - JSON: https://managedfunds.nz/funds/milford/active-growth/data.json ## Sources - **FMA Disclose register** (primary; search for "Milford"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford - **Manager website:** https://milfordasset.com - **Manager profile (HTML):** https://managedfunds.nz/providers/milford/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/milford/ - **Markdown (this file):** https://managedfunds.nz/providers/milford/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Milford review — factual snapshot for 10 NZ managed funds URL: https://managedfunds.nz/providers/milford/review/ > Milford runs 10 retail managed funds in our NZ coverage, median annual fund charge 1.05%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Milford — review Mechanical, source-cited snapshot of Milford's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 10 Median annual fee 1.05% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $22.45 billion Sum of fund sizes (10/10 on file) About Milford New Zealand active manager with diversified, equity and fixed-income strategies. Legal nameMilford Funds Limited HeadquartersAuckland Milford website Fee position vs peers Per-asset-class median annual fund charge for Milford vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Milford funds Milford median fee Peer median (n) Position Diversified 5 1.05% 0.99% (62) priced 6 bps above the peer median (0.99%) Australasian Equities 2 1.05% 0.99% (56) priced 6 bps above the peer median (0.99%) International Equities 1 1.35% 0.60% (80) priced 75 bps above the peer median (0.60%) NZ Fixed Interest 1 0.65% 0.60% (13) priced in line with the peer median (0.60%) International FI 1 0.85% 0.69% (30) priced 16 bps above the peer median (0.69%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Milford's 10 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 4 Risk 4/7 4 Risk 5/7 2 Milford's funds Milford Active Growth Fund Diversified PIE · capped at PIR (max 28%) growth 1.05% fee 4/7 risk Milford Aggressive Fund Diversified PIE · capped at PIR (max 28%) aggressive 1.15% fee 5/7 risk Milford Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 1.05% fee 4/7 risk Milford Conservative Fund Diversified PIE · capped at PIR (max 28%) conservative 0.85% fee 3/7 risk Milford Diversified Income Fund Diversified PIE · capped at PIR (max 28%) income 0.65% fee 3/7 risk Milford Australian Absolute Growth Fund Australasian Equities PIE · capped at PIR (max 28%) 1.05% fee 4/7 risk Milford Trans-Tasman Equity Fund Australasian Equities PIE · capped at PIR (max 28%) 1.05% fee 4/7 risk Milford Global Equity Fund International Equities PIE · capped at PIR (max 28%) 1.35% fee 5/7 risk Milford Global Corporate Bond Fund International FI PIE · capped at PIR (max 28%) 0.85% fee 3/7 risk Milford Trans-Tasman Bond Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.65% fee 3/7 risk Questions about Milford Is Milford a good fund manager? Whether Milford suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Milford runs 10 retail managed funds in our coverage, with a median annual fund charge of 1.05% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Milford charge? Milford's 10 funds in our coverage carry a median annual fund charge of 1.05% (range 0.65% – 1.35%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Milford? Across the 10 funds with on-file fund-size data, Milford's tracked NZ retail AUM totals NZD 22.45 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Milford may manage materially larger assets in those categories. Where is Milford based? Milford (legal name: Milford Funds Limited) is headquartered in Auckland. What kind of funds does Milford run? Milford's range of 10 funds in our coverage is weighted toward diversified (5 funds). The range also includes 2 australasian equities funds and 1 international equities fund. See the full list at /providers/milford/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Mint australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/mint/australasian-equities/ > Mint runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Mint · Australasian Equities Mint australasian equities funds Mint runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Mint Australasian Equity Fund PIE · capped at PIR (max 28%) Mint New Zealand SRI Equity Fund PIE · capped at PIR (max 28%) Responsible / ethical Other Mint categories All Mint funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## Mint diversified funds — 2 listed URL: https://managedfunds.nz/providers/mint/diversified/ > Mint runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Mint · Diversified Mint diversified funds Mint runs 2 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 2 funds in this category 2 Mint Diversified Growth Fund PIE · capped at PIR (max 28%) growth Mint Diversified Income Fund PIE · capped at PIR (max 28%) income Other Mint categories All Mint funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/mint/markdown.md # Mint — fund range > Mechanical record of every retail managed fund run by Mint that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Mint Asset Management Limited - **Headquarters:** Auckland - **Website:** https://mintasset.co.nz - **Funds in our coverage:** 5 - **Asset classes covered:** 3 (Diversified, Australasian Equities, Listed Property) ## About this manager Active manager offering Australasian equities, property, diversified and SRI strategies. ## Funds (5) ### Diversified Funds (2) - [Mint Diversified Growth Fund](https://managedfunds.nz/funds/mint/diversified-growth/) — growth, PIE - [Mint Diversified Income Fund](https://managedfunds.nz/funds/mint/diversified-income/) — income, PIE ### Australasian Equities (2) - [Mint Australasian Equity Fund](https://managedfunds.nz/funds/mint/australasian-equity/) — PIE - [Mint New Zealand SRI Equity Fund](https://managedfunds.nz/funds/mint/new-zealand-sri-equity/) — PIE, responsible investment ### Listed Property (1) - [Mint Australasian Property Fund](https://managedfunds.nz/funds/mint/australasian-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/mint/diversified-growth/ - Markdown: https://managedfunds.nz/funds/mint/diversified-growth/markdown.md - JSON: https://managedfunds.nz/funds/mint/diversified-growth/data.json ## Sources - **FMA Disclose register** (primary; search for "Mint"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Mint - **Manager website:** https://mintasset.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/mint/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/mint/ - **Markdown (this file):** https://managedfunds.nz/providers/mint/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Mint review — factual snapshot for 5 NZ managed funds URL: https://managedfunds.nz/providers/mint/review/ > Mint runs 5 retail managed funds in our NZ coverage, median annual fund charge 1.07%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Mint — review Mechanical, source-cited snapshot of Mint's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 5 Median annual fee 1.07% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $374.4 million Sum of fund sizes (5/5 on file) About Mint Active manager offering Australasian equities, property, diversified and SRI strategies. Legal nameMint Asset Management Limited HeadquartersAuckland Mint website Fee position vs peers Per-asset-class median annual fund charge for Mint vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Mint funds Mint median fee Peer median (n) Position Diversified 2 1.11% 0.99% (65) priced 12 bps above the peer median (0.99%) Australasian Equities 2 1.07% 1.01% (56) priced 6 bps above the peer median (1.01%) Listed Property 1 1.07% 1.02% (14) priced in line with the peer median (1.02%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Mint's 5 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 1 Risk 5/7 4 Mint's funds Mint Diversified Growth Fund Diversified PIE · capped at PIR (max 28%) growth 1.21% fee 5/7 risk Mint Diversified Income Fund Diversified PIE · capped at PIR (max 28%) income 1.01% fee 3/7 risk Mint Australasian Equity Fund Australasian Equities PIE · capped at PIR (max 28%) 1.18% fee 5/7 risk Mint New Zealand SRI Equity Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.97% fee 5/7 risk Mint Australasian Property Fund Listed Property PIE · capped at PIR (max 28%) 1.07% fee 5/7 risk Questions about Mint Is Mint a good fund manager? Whether Mint suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Mint runs 5 retail managed funds in our coverage, with a median annual fund charge of 1.07% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Mint charge? Mint's 5 funds in our coverage carry a median annual fund charge of 1.07% (range 0.97% – 1.21%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Mint? Across the 5 funds with on-file fund-size data, Mint's tracked NZ retail AUM totals NZD 374.4 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Mint may manage materially larger assets in those categories. Where is Mint based? Mint (legal name: Mint Asset Management Limited) is headquartered in Auckland. What kind of funds does Mint run? Mint's range of 5 funds in our coverage is weighted toward diversified (2 funds). The range also includes 2 australasian equities funds and 1 listed property fund. See the full list at /providers/mint/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## NZ Funds diversified funds — 4 listed URL: https://managedfunds.nz/providers/nz-funds/diversified/ > NZ Funds runs 4 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. NZ Funds · Diversified NZ Funds diversified funds NZ Funds runs 4 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 4 funds in this category 4 NZ Funds Income Generator PIE · capped at PIR (max 28%) income NZ Funds Wealth Builder - Growth Strategy PIE · capped at PIR (max 28%) growth NZ Funds Wealth Builder - Income Strategy PIE · capped at PIR (max 28%) income NZ Funds Wealth Builder - Inflation Strategy PIE · capped at PIR (max 28%) balanced Other NZ Funds categories All NZ Funds funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)SBS Wealth (4) All diversified funds → --- ## NZ Funds international equities funds — 2 listed URL: https://managedfunds.nz/providers/nz-funds/international-equities/ > NZ Funds runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. NZ Funds · International Equities NZ Funds international equities funds NZ Funds runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 NZ Funds Global Shares PIE · capped at PIR (max 28%) growth NZ Funds Global Utilities PIE · capped at PIR (max 28%) Thematic balanced Other NZ Funds categories All NZ Funds funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## NZ Funds listed property funds — 2 listed URL: https://managedfunds.nz/providers/nz-funds/listed-property/ > NZ Funds runs 2 listed property funds available to NZ retail investors. NZ, Australian and global REITs. All data sourced from FMA Disclose. NZ Funds · Listed Property NZ Funds listed property funds NZ Funds runs 2 listed property funds available to NZ retail investors. NZ, Australian and global REITs. All data sourced from FMA Disclose. 2 funds in this category 2 NZ Funds Global Property PIE · capped at PIR (max 28%) balanced NZ Funds New Zealand Property and Retirement Villages PIE · capped at PIR (max 28%) balanced Other NZ Funds categories All NZ Funds funds → Other managers in listed property ANZ Investments (2)Smartshares (2) All listed property funds → --- ## URL: https://managedfunds.nz/providers/nz-funds/markdown.md # NZ Funds — fund range > Mechanical record of every retail managed fund run by NZ Funds that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** New Zealand Funds Management Limited - **Headquarters:** Auckland - **Website:** https://www.nzfunds.co.nz - **Funds in our coverage:** 12 - **Asset classes covered:** 7 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Other) ## About this manager NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. ## Funds (12) ### Diversified Funds (4) - [NZ Funds Income Generator](https://managedfunds.nz/funds/nz-funds/income-generator/) — income, PIE - [NZ Funds Wealth Builder - Growth Strategy](https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/) — growth, PIE - [NZ Funds Wealth Builder - Income Strategy](https://managedfunds.nz/funds/nz-funds/wealth-builder-income/) — income, PIE - [NZ Funds Wealth Builder - Inflation Strategy](https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/) — balanced, PIE ### Australasian Equities (1) - [NZ Funds New Zealand and Australian Shares](https://managedfunds.nz/funds/nz-funds/new-zealand-shares/) — growth, PIE ### International Equities (2) - [NZ Funds Global Shares](https://managedfunds.nz/funds/nz-funds/global-shares/) — growth, PIE - [NZ Funds Global Utilities](https://managedfunds.nz/funds/nz-funds/global-utilities/) — balanced, PIE ### New Zealand Fixed Interest (1) - [NZ Funds New Zealand and Australian Bonds](https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/) — conservative, PIE ### International Fixed Interest (1) - [NZ Funds Global Bonds](https://managedfunds.nz/funds/nz-funds/global-bonds/) — conservative, PIE ### Listed Property (2) - [NZ Funds Global Property](https://managedfunds.nz/funds/nz-funds/global-property/) — balanced, PIE - [NZ Funds New Zealand Property and Retirement Villages](https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/) — balanced, PIE ### Other (1) - [NZ Funds Global Infrastructure](https://managedfunds.nz/funds/nz-funds/global-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/nz-funds/income-generator/ - Markdown: https://managedfunds.nz/funds/nz-funds/income-generator/markdown.md - JSON: https://managedfunds.nz/funds/nz-funds/income-generator/data.json ## Sources - **FMA Disclose register** (primary; search for "NZ Funds"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=NZ%20Funds - **Manager website:** https://www.nzfunds.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/nz-funds/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/nz-funds/ - **Markdown (this file):** https://managedfunds.nz/providers/nz-funds/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## NZ Funds review — factual snapshot for 12 NZ managed funds URL: https://managedfunds.nz/providers/nz-funds/review/ > NZ Funds runs 12 retail managed funds in our NZ coverage, median annual fund charge 2.33%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot NZ Funds — review Mechanical, source-cited snapshot of NZ Funds's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 12 Median annual fee 2.33% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $986.7 million Sum of fund sizes (12/12 on file) About NZ Funds NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios. Legal nameNew Zealand Funds Management Limited HeadquartersAuckland NZ Funds website Fee position vs peers Per-asset-class median annual fund charge for NZ Funds vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class NZ Funds funds NZ Funds median fee Peer median (n) Position Diversified 4 1.63% 0.96% (63) priced 67 bps above the peer median (0.96%) International Equities 2 2.83% 0.59% (79) priced 224 bps above the peer median (0.59%) Listed Property 2 2.52% 1.02% (13) priced 150 bps above the peer median (1.02%) Australasian Equities 1 2.52% 1.00% (57) priced 152 bps above the peer median (1.00%) NZ Fixed Interest 1 1.44% 0.60% (13) priced 84 bps above the peer median (0.60%) International FI 1 1.44% 0.69% (30) priced 75 bps above the peer median (0.69%) Other 1 2.53% 1.05% (7) priced 148 bps above the peer median (1.05%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of NZ Funds's 12 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 4 Risk 5/7 6 Risk 6/7 2 NZ Funds's funds NZ Funds Income Generator Diversified PIE · capped at PIR (max 28%) income 1.67% fee 4/7 risk NZ Funds Wealth Builder - Growth Strategy Diversified PIE · capped at PIR (max 28%) growth 2.14% fee 6/7 risk NZ Funds Wealth Builder - Income Strategy Diversified PIE · capped at PIR (max 28%) income 1.20% fee 4/7 risk NZ Funds Wealth Builder - Inflation Strategy Diversified PIE · capped at PIR (max 28%) balanced 1.58% fee 5/7 risk NZ Funds Global Shares International Equities PIE · capped at PIR (max 28%) growth 3.12% fee 6/7 risk NZ Funds Global Bonds International FI PIE · capped at PIR (max 28%) conservative 1.44% fee 4/7 risk NZ Funds Global Property Listed Property PIE · capped at PIR (max 28%) balanced 2.52% fee 5/7 risk NZ Funds Global Infrastructure Other PIE · capped at PIR (max 28%) Thematic balanced 2.53% fee 5/7 risk NZ Funds Global Utilities International Equities PIE · capped at PIR (max 28%) Thematic balanced 2.53% fee 5/7 risk NZ Funds New Zealand and Australian Shares Australasian Equities PIE · capped at PIR (max 28%) growth 2.52% fee 5/7 risk NZ Funds New Zealand and Australian Bonds NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 1.44% fee 4/7 risk NZ Funds New Zealand Property and Retirement Villages Listed Property PIE · capped at PIR (max 28%) balanced 2.52% fee 5/7 risk Questions about NZ Funds Is NZ Funds a good fund manager? Whether NZ Funds suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: NZ Funds runs 12 retail managed funds in our coverage, with a median annual fund charge of 2.33% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does NZ Funds charge? NZ Funds's 12 funds in our coverage carry a median annual fund charge of 2.33% (range 1.20% – 3.12%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is NZ Funds? Across the 12 funds with on-file fund-size data, NZ Funds's tracked NZ retail AUM totals NZD 986.7 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. NZ Funds may manage materially larger assets in those categories. Where is NZ Funds based? NZ Funds (legal name: New Zealand Funds Management Limited) is headquartered in Auckland. What kind of funds does NZ Funds run? NZ Funds's range of 12 funds in our coverage is weighted toward diversified (4 funds). The range also includes 2 international equities funds and 2 listed property funds. See the full list at /providers/nz-funds/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Octagon australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/octagon/australasian-equities/ > Octagon runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Octagon · Australasian Equities Octagon australasian equities funds Octagon runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Octagon Australasian Equities Fund PIE · capped at PIR (max 28%) Octagon New Zealand Equities Fund PIE · capped at PIR (max 28%) Other Octagon categories All Octagon funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## URL: https://managedfunds.nz/providers/octagon/markdown.md # Octagon — fund range > Mechanical record of every retail managed fund run by Octagon that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Octagon Asset Management Limited - **Parent:** Forsyth Barr - **Headquarters:** Auckland - **Website:** https://octagonasset.co.nz - **Funds in our coverage:** 3 - **Asset classes covered:** 2 (Diversified, Australasian Equities) ## About this manager NZ active manager (part of Forsyth Barr) running diversified and equity funds. ## Funds (3) ### Diversified Funds (1) - [Octagon Balanced Fund](https://managedfunds.nz/funds/octagon/balanced/) — balanced, PIE ### Australasian Equities (2) - [Octagon Australasian Equities Fund](https://managedfunds.nz/funds/octagon/australasian-equities/) — PIE - [Octagon New Zealand Equities Fund](https://managedfunds.nz/funds/octagon/new-zealand-equities/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/octagon/balanced/ - Markdown: https://managedfunds.nz/funds/octagon/balanced/markdown.md - JSON: https://managedfunds.nz/funds/octagon/balanced/data.json ## Sources - **FMA Disclose register** (primary; search for "Octagon"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Octagon - **Manager website:** https://octagonasset.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/octagon/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/octagon/ - **Markdown (this file):** https://managedfunds.nz/providers/octagon/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Octagon review — factual snapshot for 3 NZ managed funds URL: https://managedfunds.nz/providers/octagon/review/ > Octagon runs 3 retail managed funds in our NZ coverage, median annual fund charge 1.17%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Octagon — review Mechanical, source-cited snapshot of Octagon's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 3 Median annual fee 1.17% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $321.4 million Sum of fund sizes (3/3 on file) About Octagon NZ active manager (part of Forsyth Barr) running diversified and equity funds. Legal nameOctagon Asset Management Limited HeadquartersAuckland ParentForsyth Barr Octagon website Fee position vs peers Per-asset-class median annual fund charge for Octagon vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Octagon funds Octagon median fee Peer median (n) Position Australasian Equities 2 1.17% 0.99% (56) priced 18 bps above the peer median (0.99%) Diversified 1 1.17% 0.99% (66) priced 18 bps above the peer median (0.99%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Octagon's 3 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 2 Risk 5/7 1 Octagon's funds Octagon Balanced Fund Diversified PIE · capped at PIR (max 28%) balanced 1.17% fee 4/7 risk Octagon Australasian Equities Fund Australasian Equities PIE · capped at PIR (max 28%) 1.17% fee 5/7 risk Octagon New Zealand Equities Fund Australasian Equities PIE · capped at PIR (max 28%) 1.17% fee 4/7 risk Questions about Octagon Is Octagon a good fund manager? Whether Octagon suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Octagon runs 3 retail managed funds in our coverage, with a median annual fund charge of 1.17% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Octagon charge? Octagon's 3 funds in our coverage carry a median annual fund charge of 1.17% (range 1.17% – 1.17%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Octagon? Across the 3 funds with on-file fund-size data, Octagon's tracked NZ retail AUM totals NZD 321.4 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Octagon may manage materially larger assets in those categories. Where is Octagon based? Octagon (legal name: Octagon Asset Management Limited) is headquartered in Auckland, part of Forsyth Barr. Octagon Asset Management is part of Forsyth Barr, a NZ-owned wealth-management and investment firm. What kind of funds does Octagon run? Octagon's range of 3 funds in our coverage is weighted toward australasian equities (2 funds). The range also includes 1 diversified fund. See the full list at /providers/octagon/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Pathfinder — 6 answered URL: https://managedfunds.nz/providers/pathfinder/answers/ > 6 commonly-asked questions about Pathfinder as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 5 retail funds tracked. Questions about Pathfinder 6 commonly-asked questions about Pathfinder as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 5 retail funds tracked. Funds tracked 5 Median annual fee 1.30% Tracked retail AUM NZ$255m 1. What are the pros and cons of a Pathfinder? Pathfinder Ethical Growth Fund applies responsible-investment and ESG screens as part of its investment process, which may appeal to investors with sustainability preferences. The fund carries a risk indicator of 4/7 on the FMA standardised scale with an annual fund charge of 1.31% p.a., which is 0.08 percentage points higher than the peer-cohort average of 1.23% p.a.; its 5-year return after fees and before tax was 5.6% p.a. as at the latest QFU. Sourced from research on the Pathfinder Ethical Growth Fund. 2. Is Pathfinder KiwiSaver good? Whether a Pathfinder KiwiSaver scheme account suits your circumstances depends on your risk tolerance, investment timeframe, and tax position. You should compare the fund's risk indicator (4/7), fees (1.31% p.a.), and asset mix (~78.34% growth / 21.66% income) against other available options and review the Product Disclosure Statement on the Pathfinder manager website or via InvestNow before deciding. Sourced from research on the Pathfinder Ethical Growth Fund. 3. Is Pathfinder a good KiwiSaver? Pathfinder Asset Management does not operate a KiwiSaver scheme—this fund is a managed fund available via InvestNow or directly from Pathfinder, not a KiwiSaver product. If you are comparing KiwiSaver providers, you should consult the KiwiSaver scheme product disclosure statements and FMC resources separately. Sourced from research on the Pathfinder Ethical Trans-Tasman Fund. 4. What are the pros and cons of Pathfinder? Pathfinder Global Responsibility Fund applies responsible-investment and ESG screens across its portfolio, which may appeal to investors with values-aligned objectives; however, as with any growth-asset-heavy fund (98.31% growth assets), it carries moderate-to-high volatility (risk indicator 5/7) and is subject to international market and currency movements. The annual fund charge of 0.93% p.a. is broadly in line with peer-cohort averages (0.95% p.a.), and the fund's PIE tax structure caps your investor tax at your declared PIR (up to 28%); review the Product Disclosure Statement on the manager's website for a full comparison of features against your investment objectives. Sourced from research on the Pathfinder Global Responsibility Fund. 5. Does Pathfinder invest in Israel? Pathfinder applies responsible-investment screens in accordance with its Statement of Investment Policy and Objectives (SIPO), which may exclude or limit exposure to certain jurisdictions or sectors. For specific details on Israel exposure or any other ESG exclusions, check the fund's current PDS or SIPO on the Pathfinder website at https://www.pathfinder.co.nz. Sourced from research on the Pathfinder Global Responsibility Fund. 6. Is Pathfinder a good investment? Whether Pathfinder Global Property Fund suits your needs depends on your investment objectives, risk tolerance, and time horizon. As at the latest Quarterly Fund Update, the fund has ~98.31% growth assets, charges 1% p.a., and delivered 2.55% p.a. after fees (before tax) over 5 years; compare these metrics against your criteria and peer alternatives via the FMA Disclose register. Sourced from research on the Pathfinder Global Property Fund. More about Pathfinder Pathfinder profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Pathfinder international equities funds — 2 listed URL: https://managedfunds.nz/providers/pathfinder/international-equities/ > Pathfinder runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Pathfinder · International Equities Pathfinder international equities funds Pathfinder runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Pathfinder Global Responsibility Fund PIE · capped at PIR (max 28%) Responsible / ethical Pathfinder Global Water Fund PIE · capped at PIR (max 28%) Responsible / ethical Thematic Other Pathfinder categories All Pathfinder funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/pathfinder/markdown.md # Pathfinder — fund range > Mechanical record of every retail managed fund run by Pathfinder that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Pathfinder Asset Management Limited - **Headquarters:** Auckland - **Website:** https://www.pathfinder.co.nz - **Funds in our coverage:** 5 - **Asset classes covered:** 4 (Diversified, Australasian Equities, International Equities, Listed Property) ## About this manager Ethical-investment specialist with global responsibility, water and trans-Tasman funds. ## Funds (5) ### Diversified Funds (1) - [Pathfinder Ethical Growth Fund](https://managedfunds.nz/funds/pathfinder/ethical-growth/) — growth, PIE, responsible investment ### Australasian Equities (1) - [Pathfinder Ethical Trans-Tasman Fund](https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/) — PIE, responsible investment ### International Equities (2) - [Pathfinder Global Responsibility Fund](https://managedfunds.nz/funds/pathfinder/global-responsibility/) — PIE, responsible investment - [Pathfinder Global Water Fund](https://managedfunds.nz/funds/pathfinder/global-water/) — PIE, responsible investment ### Listed Property (1) - [Pathfinder Global Property Fund](https://managedfunds.nz/funds/pathfinder/global-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/pathfinder/ethical-growth/ - Markdown: https://managedfunds.nz/funds/pathfinder/ethical-growth/markdown.md - JSON: https://managedfunds.nz/funds/pathfinder/ethical-growth/data.json ## Sources - **FMA Disclose register** (primary; search for "Pathfinder"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder - **Manager website:** https://www.pathfinder.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/pathfinder/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/pathfinder/ - **Markdown (this file):** https://managedfunds.nz/providers/pathfinder/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Pathfinder review — factual snapshot for 5 NZ managed funds URL: https://managedfunds.nz/providers/pathfinder/review/ > Pathfinder runs 5 retail managed funds in our NZ coverage, median annual fund charge 1.30%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Pathfinder — review Mechanical, source-cited snapshot of Pathfinder's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 5 Median annual fee 1.30% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $255.0 million Sum of fund sizes (5/5 on file) About Pathfinder Ethical-investment specialist with global responsibility, water and trans-Tasman funds. Legal namePathfinder Asset Management Limited HeadquartersAuckland Pathfinder website Fee position vs peers Per-asset-class median annual fund charge for Pathfinder vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Pathfinder funds Pathfinder median fee Peer median (n) Position International Equities 2 1.30% 0.59% (79) priced 71 bps above the peer median (0.59%) Diversified 1 1.31% 0.99% (66) priced 32 bps above the peer median (0.99%) Australasian Equities 1 1.00% 1.02% (57) priced in line with the peer median (1.02%) Listed Property 1 1.00% 1.04% (14) priced in line with the peer median (1.04%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Pathfinder's 5 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 2 Risk 5/7 3 Pathfinder's funds Pathfinder Ethical Growth Fund Diversified PIE · capped at PIR (max 28%) Responsible / ethical growth 1.31% fee 4/7 risk Pathfinder Ethical Trans-Tasman Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.00% fee 4/7 risk Pathfinder Global Responsibility Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.30% fee 5/7 risk Pathfinder Global Water Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical Thematic 1.30% fee 5/7 risk Pathfinder Global Property Fund Listed Property PIE · capped at PIR (max 28%) 1.00% fee 5/7 risk Questions about Pathfinder Is Pathfinder a good fund manager? Whether Pathfinder suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Pathfinder runs 5 retail managed funds in our coverage, with a median annual fund charge of 1.30% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Pathfinder charge? Pathfinder's 5 funds in our coverage carry a median annual fund charge of 1.30% (range 1.00% – 1.31%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Pathfinder? Across the 5 funds with on-file fund-size data, Pathfinder's tracked NZ retail AUM totals NZD 255.0 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Pathfinder may manage materially larger assets in those categories. Where is Pathfinder based? Pathfinder (legal name: Pathfinder Asset Management Limited) is headquartered in Auckland. What kind of funds does Pathfinder run? Pathfinder's range of 5 funds in our coverage is weighted toward international equities (2 funds). The range also includes 1 diversified fund and 1 australasian equities fund. See the full list at /providers/pathfinder/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/pella/markdown.md # Pella — fund range > Mechanical record of every retail managed fund run by Pella that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Pella Funds Management - **Headquarters:** Sydney - **Website:** https://www.pellafundsmanagement.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Australian global-equity manager with a Global Generations PIE fund for NZ investors. ## Funds (1) ### International Equities (1) - [Pella Global Generations PIE Fund](https://managedfunds.nz/funds/pella/global-generations/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/pella/global-generations/ - Markdown: https://managedfunds.nz/funds/pella/global-generations/markdown.md - JSON: https://managedfunds.nz/funds/pella/global-generations/data.json ## Sources - **FMA Disclose register** (primary; search for "Pella"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pella - **Manager website:** https://www.pellafundsmanagement.com - **Manager profile (HTML):** https://managedfunds.nz/providers/pella/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/pella/ - **Markdown (this file):** https://managedfunds.nz/providers/pella/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Pella review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/pella/review/ > Pella runs 1 retail managed fund in our NZ coverage, median annual fund charge 0.85%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Pella — review Mechanical, source-cited snapshot of Pella's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 0.85% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $64.0 million Sum of fund sizes (1/1 on file) About Pella Australian global-equity manager with a Global Generations PIE fund for NZ investors. Legal namePella Funds Management HeadquartersSydney Pella website Fee position vs peers Per-asset-class median annual fund charge for Pella vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Pella funds Pella median fee Peer median (n) Position International Equities 1 0.85% 0.60% (80) priced 25 bps above the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Pella's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 1 Pella's funds Pella Global Generations PIE Fund International Equities PIE · capped at PIR (max 28%) growth 0.85% fee 5/7 risk Questions about Pella Is Pella a good fund manager? Whether Pella suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Pella runs 1 retail managed fund in our coverage, with a median annual fund charge of 0.85% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Pella charge? Pella's 1 fund in our coverage carry a median annual fund charge of 0.85% (range 0.85% – 0.85%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Pella? Across the 1 fund with on-file fund-size data, Pella's tracked NZ retail AUM totals NZD 64.0 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Pella may manage materially larger assets in those categories. Where is Pella based? Pella (legal name: Pella Funds Management) is headquartered in Sydney. What kind of funds does Pella run? Pella's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/pella/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Pie Funds — 5 answered URL: https://managedfunds.nz/providers/pie/answers/ > 5 commonly-asked questions about Pie Funds as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 2 retail funds tracked. Questions about Pie Funds 5 commonly-asked questions about Pie Funds as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 2 retail funds tracked. Funds tracked 2 Median annual fee 1.73% Tracked retail AUM NZ$346m 1. Are pie funds good? PIE funds offer a tax structure where investor tax is capped at your prescribed investor rate (maximum 28%), which can be advantageous compared to FIF taxation for some investors. Whether a PIE fund suits your circumstances depends on your tax position and investment goals—consult your tax adviser or the IRD guidance on PIE vs FIF taxation. Sourced from research on the Pie Global Growth Fund 2. 2. How much does pie fund NZ charge? Pie Global Growth Fund 2 charges an annual fund charge of 1.61% p.a. as at the latest Quarterly Fund Update. This is higher than the peer-cohort average of 0.95% p.a. for comparable funds; you can compare fees across funds using the FMA Disclose register. Sourced from research on the Pie Global Growth Fund 2. 3. How are pie funds taxed in NZ? PIE funds are taxed under the PIE tax rules, where your tax liability is calculated at your prescribed investor rate (PIR) rather than your marginal tax rate, with a maximum PIR of 28%. This structure applies to the Pie Growth UK & Europe Fund; further details on how PIRs work are available from the IRD website. Sourced from research on the Pie Growth UK & Europe Fund. 4. How much does a pie fund charge? The Pie Growth UK & Europe Fund has an annual fund charge of 1.85% p.a. as at the latest QFU, which is higher than the peer-cohort average of 1.23% p.a. for this category. You can compare charges across all managed funds on the FMA Disclose register. Sourced from research on the Pie Growth UK & Europe Fund. 5. Is pie fund better than term deposit? PIE funds and term deposits serve different purposes and carry different risk profiles. The Pie Growth UK & Europe Fund is a growth-focused investment with a risk indicator of 5/7 and a 5-year return after fees of 0.98% p.a.; term deposits typically offer fixed, lower returns with minimal volatility. Your choice depends on your investment timeframe, risk tolerance, and financial goals. Sourced from research on the Pie Growth UK & Europe Fund. More about Pie Funds Pie Funds profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Pie Funds international equities funds — 2 listed URL: https://managedfunds.nz/providers/pie/international-equities/ > Pie Funds runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Pie Funds · International Equities Pie Funds international equities funds Pie Funds runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Pie Global Growth Fund 2 PIE · capped at PIR (max 28%) Pie Growth UK & Europe Fund PIE · capped at PIR (max 28%) Other Pie Funds categories All Pie Funds funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/pie/markdown.md # Pie Funds — fund range > Mechanical record of every retail managed fund run by Pie Funds that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Pie Funds Management Limited - **Headquarters:** Auckland - **Website:** https://piefunds.co.nz - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) ## About this manager Active manager focused on global growth equities including UK, Europe and small-cap strategies. ## Funds (2) ### International Equities (2) - [Pie Global Growth Fund 2](https://managedfunds.nz/funds/pie/global-growth-2/) — PIE - [Pie Growth UK & Europe Fund](https://managedfunds.nz/funds/pie/growth-uk-europe/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/pie/global-growth-2/ - Markdown: https://managedfunds.nz/funds/pie/global-growth-2/markdown.md - JSON: https://managedfunds.nz/funds/pie/global-growth-2/data.json ## Sources - **FMA Disclose register** (primary; search for "Pie Funds"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pie%20Funds - **Manager website:** https://piefunds.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/pie/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/pie/ - **Markdown (this file):** https://managedfunds.nz/providers/pie/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Pie Funds review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/pie/review/ > Pie Funds runs 2 retail managed funds in our NZ coverage, median annual fund charge 1.73%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Pie Funds — review Mechanical, source-cited snapshot of Pie Funds's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 1.73% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $346.2 million Sum of fund sizes (2/2 on file) About Pie Funds Active manager focused on global growth equities including UK, Europe and small-cap strategies. Legal namePie Funds Management Limited HeadquartersAuckland Pie Funds website Fee position vs peers Per-asset-class median annual fund charge for Pie Funds vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Pie Funds funds Pie Funds median fee Peer median (n) Position International Equities 2 1.73% 0.59% (79) priced 114 bps above the peer median (0.59%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Pie Funds's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 2 Pie Funds's funds Pie Global Growth Fund 2 International Equities PIE · capped at PIR (max 28%) 1.61% fee 5/7 risk Pie Growth UK & Europe Fund International Equities PIE · capped at PIR (max 28%) 1.85% fee 5/7 risk Questions about Pie Funds Is Pie Funds a good fund manager? Whether Pie Funds suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Pie Funds runs 2 retail managed funds in our coverage, with a median annual fund charge of 1.73% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Pie Funds charge? Pie Funds's 2 funds in our coverage carry a median annual fund charge of 1.73% (range 1.61% – 1.85%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Pie Funds? Across the 2 funds with on-file fund-size data, Pie Funds's tracked NZ retail AUM totals NZD 346.2 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Pie Funds may manage materially larger assets in those categories. Where is Pie Funds based? Pie Funds (legal name: Pie Funds Management Limited) is headquartered in Auckland. What kind of funds does Pie Funds run? Pie Funds's range of 2 funds in our coverage is weighted toward international equities (2 funds). See the full list at /providers/pie/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/plato/markdown.md # Plato — fund range > Mechanical record of every retail managed fund run by Plato that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Plato Investment Management - **Headquarters:** Sydney - **Website:** https://plato.com.au - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Australian quantitative manager offering a Global Alpha PIE fund to NZ investors. ## Funds (1) ### International Equities (1) - [Plato Global Alpha PIE Fund](https://managedfunds.nz/funds/plato/global-alpha/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/plato/global-alpha/ - Markdown: https://managedfunds.nz/funds/plato/global-alpha/markdown.md - JSON: https://managedfunds.nz/funds/plato/global-alpha/data.json ## Sources - **FMA Disclose register** (primary; search for "Plato"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Plato - **Manager website:** https://plato.com.au - **Manager profile (HTML):** https://managedfunds.nz/providers/plato/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/plato/ - **Markdown (this file):** https://managedfunds.nz/providers/plato/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Plato review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/plato/review/ > Plato runs 1 retail managed fund in our NZ coverage, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Plato — review Mechanical, source-cited snapshot of Plato's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee — Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $0 Sum of fund sizes (1/1 on file) About Plato Australian quantitative manager offering a Global Alpha PIE fund to NZ investors. Legal namePlato Investment Management HeadquartersSydney Plato website Fee position vs peers Per-asset-class median annual fund charge for Plato vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Plato funds Plato median fee Peer median (n) Position International Equities 1 — 0.61% (81) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Plato's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 1 Plato's funds Plato Global Alpha PIE Fund International Equities PIE · capped at PIR (max 28%) growth 5/7 risk Questions about Plato Is Plato a good fund manager? Whether Plato suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Plato runs 1 retail managed fund in our coverage, and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Plato charge? Per-fund annual fund charges for Plato are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is Plato? Across the 1 fund with on-file fund-size data, Plato's tracked NZ retail AUM totals NZD 0. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Plato may manage materially larger assets in those categories. Where is Plato based? Plato (legal name: Plato Investment Management) is headquartered in Sydney. What kind of funds does Plato run? Plato's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/plato/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/quaystreet/markdown.md # QuayStreet — fund range > Mechanical record of every retail managed fund run by QuayStreet that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** QuayStreet Asset Management Limited - **Parent:** Craigs Investment Partners - **Headquarters:** Christchurch - **Website:** https://www.quaystreet.com - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Diversified, Australasian Equities) ## About this manager NZ-based multi-asset and equity manager owned by Craigs Investment Partners. ## Funds (2) ### Diversified Funds (1) - [QuayStreet Income Fund](https://managedfunds.nz/funds/quaystreet/income/) — income, PIE ### Australasian Equities (1) - [QuayStreet NZ Equity Fund](https://managedfunds.nz/funds/quaystreet/nz-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/quaystreet/income/ - Markdown: https://managedfunds.nz/funds/quaystreet/income/markdown.md - JSON: https://managedfunds.nz/funds/quaystreet/income/data.json ## Sources - **FMA Disclose register** (primary; search for "QuayStreet"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=QuayStreet - **Manager website:** https://www.quaystreet.com - **Manager profile (HTML):** https://managedfunds.nz/providers/quaystreet/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/quaystreet/ - **Markdown (this file):** https://managedfunds.nz/providers/quaystreet/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## QuayStreet review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/quaystreet/review/ > QuayStreet runs 2 retail managed funds in our NZ coverage, median annual fund charge 1.02%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot QuayStreet — review Mechanical, source-cited snapshot of QuayStreet's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 1.02% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $484.2 million Sum of fund sizes (2/2 on file) About QuayStreet NZ-based multi-asset and equity manager owned by Craigs Investment Partners. Legal nameQuayStreet Asset Management Limited HeadquartersChristchurch ParentCraigs Investment Partners QuayStreet website Fee position vs peers Per-asset-class median annual fund charge for QuayStreet vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class QuayStreet funds QuayStreet median fee Peer median (n) Position Diversified 1 0.77% 0.99% (66) priced 22 bps below the peer median (0.99%) Australasian Equities 1 1.27% 1.00% (57) priced 27 bps above the peer median (1.00%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of QuayStreet's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 1 Risk 5/7 1 QuayStreet's funds QuayStreet Income Fund Diversified PIE · capped at PIR (max 28%) income 0.77% fee 3/7 risk QuayStreet NZ Equity Fund Australasian Equities PIE · capped at PIR (max 28%) 1.27% fee 5/7 risk Questions about QuayStreet Is QuayStreet a good fund manager? Whether QuayStreet suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: QuayStreet runs 2 retail managed funds in our coverage, with a median annual fund charge of 1.02% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does QuayStreet charge? QuayStreet's 2 funds in our coverage carry a median annual fund charge of 1.02% (range 0.77% – 1.27%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is QuayStreet? Across the 2 funds with on-file fund-size data, QuayStreet's tracked NZ retail AUM totals NZD 484.2 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. QuayStreet may manage materially larger assets in those categories. Where is QuayStreet based? QuayStreet (legal name: QuayStreet Asset Management Limited) is headquartered in Christchurch, part of Craigs Investment Partners. QuayStreet is owned by Craigs Investment Partners, a NZ-based wealth-management and stockbroking firm. What kind of funds does QuayStreet run? QuayStreet's range of 2 funds in our coverage is weighted toward diversified (1 fund). The range also includes 1 australasian equities fund. See the full list at /providers/quaystreet/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/resolution-capital/markdown.md # Resolution Capital — fund range > Mechanical record of every retail managed fund run by Resolution Capital that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Resolution Capital Limited - **Headquarters:** Sydney - **Website:** https://www.resolutioncapital.com - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Listed Property, Other) ## About this manager Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors. ## Funds (2) ### Listed Property (1) - [Resolution Capital Global Property Securities PIE Fund](https://managedfunds.nz/funds/resolution-capital/global-property-securities/) — balanced, PIE ### Other (1) - [Resolution Capital Global Listed Infrastructure PIE Fund](https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/ - Markdown: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/markdown.md - JSON: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/data.json ## Sources - **FMA Disclose register** (primary; search for "Resolution Capital"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Resolution%20Capital - **Manager website:** https://www.resolutioncapital.com - **Manager profile (HTML):** https://managedfunds.nz/providers/resolution-capital/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/resolution-capital/ - **Markdown (this file):** https://managedfunds.nz/providers/resolution-capital/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Resolution Capital review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/resolution-capital/review/ > Resolution Capital runs 2 retail managed funds in our NZ coverage, median annual fund charge 1.05%, median FMA risk 6/7. Sourced from FMA Disclose. Factual snapshot Resolution Capital — review Mechanical, source-cited snapshot of Resolution Capital's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 1.05% Universe median 0.84% Median FMA risk 6/7 Standardised 1–7 scale Tracked NZ retail AUM $208.8 million Sum of fund sizes (2/2 on file) About Resolution Capital Listed real-asset specialist with global property and global listed-infrastructure PIE funds for NZ investors. Legal nameResolution Capital Limited HeadquartersSydney Resolution Capital website Fee position vs peers Per-asset-class median annual fund charge for Resolution Capital vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Resolution Capital funds Resolution Capital median fee Peer median (n) Position Listed Property 1 1.05% 1.02% (14) priced in line with the peer median (1.02%) Other 1 1.05% 1.08% (7) priced in line with the peer median (1.08%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Resolution Capital's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 6/7 2 Resolution Capital's funds Resolution Capital Global Listed Infrastructure PIE Fund Other PIE · capped at PIR (max 28%) Thematic balanced 1.05% fee 6/7 risk Resolution Capital Global Property Securities PIE Fund Listed Property PIE · capped at PIR (max 28%) balanced 1.05% fee 6/7 risk Questions about Resolution Capital Is Resolution Capital a good fund manager? Whether Resolution Capital suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Resolution Capital runs 2 retail managed funds in our coverage, with a median annual fund charge of 1.05% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 6 out of 7. For personalised guidance, see a licensed financial adviser. What does Resolution Capital charge? Resolution Capital's 2 funds in our coverage carry a median annual fund charge of 1.05% (range 1.05% – 1.05%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Resolution Capital? Across the 2 funds with on-file fund-size data, Resolution Capital's tracked NZ retail AUM totals NZD 208.8 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Resolution Capital may manage materially larger assets in those categories. Where is Resolution Capital based? Resolution Capital (legal name: Resolution Capital Limited) is headquartered in Sydney. What kind of funds does Resolution Capital run? Resolution Capital's range of 2 funds in our coverage is weighted toward listed property (1 fund). The range also includes 1 other fund. See the full list at /providers/resolution-capital/. Other managers running listed property funds ANZ Investments review Dexus review Fisher Funds review Harbour review Kernel review Mercer review NZ Funds review Mint review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Russell Investments — 7 answered URL: https://managedfunds.nz/providers/russell/answers/ > 7 commonly-asked questions about Russell Investments as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 8 retail funds tracked. Questions about Russell Investments 7 commonly-asked questions about Russell Investments as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 8 retail funds tracked. Funds tracked 8 Median annual fee 0.68% Tracked retail AUM NZ$2.86b 1. Who is Russell Investments owned by? Russell Investments is a subsidiary of Nippon Life Insurance Company (a Japanese insurance group). For current ownership and corporate structure details, visit https://russellinvestments.com/nz. Sourced from research on the Russell Investments Global Shares Fund. 2. Is Russell Investments being sold? Russell Investments' ownership or corporate status may change over time. Check https://russellinvestments.com/nz and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ for the most current information on fund management and material changes. Sourced from research on the Russell Investments Global Shares Fund. 3. Does Russell Investments still exist? Russell Investments operates the fund covered here and maintains a website at https://russellinvestments.com/nz. For current information about the company's corporate structure and ownership, consult the manager's website or the fund's Product Disclosure Statement. Sourced from research on the Russell Investments Hedged Global Shares Fund. 4. Who owns Russell Investments Group Ltd? For details on Russell Investments Group Ltd's ownership structure, refer to the manager's website at https://russellinvestments.com/nz or the fund's current Product Disclosure Statement, as this information falls outside the fund-specific data available on this comparison site. Sourced from research on the Russell Investments Hedged Global Shares Fund. 5. Is Russell Investments a hedge fund? No. Russell Investments is a registered investment manager operating in New Zealand. The term "hedge fund" refers to a different type of investment vehicle with different regulatory treatment and fee structures. This specific fund is a managed fund available to New Zealand investors via InvestNow, regulated under the FMC Act, and structured as a PIE with investor tax capped at the PIR (maximum 28%). Sourced from research on the Russell Investments Hedged Sustainable Global Shares Fund. 6. Is Russell Investments a good company? Russell Investments is a registered fund manager offering managed funds in New Zealand. To assess the company and its fund offerings, you can review regulatory filings via the FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/), check the latest quarterly fund updates (QFU), and visit the manager's website at https://russellinvestments.com/nz for further information. Sourced from research on the Russell Investments Hedged Sustainable Global Shares Fund. 7. What is Russell Investments ranked in the world? Russell Investments' global ranking is not disclosed in this fund's regulatory documents. For information about the manager's scale and credentials, visit https://russellinvestments.com/nz or review the fund's Product Disclosure Statement. Sourced from research on the Russell Investments Global Fixed Interest Fund. More about Russell Investments Russell Investments profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Russell Investments international equities funds — 4 listed URL: https://managedfunds.nz/providers/russell/international-equities/ > Russell Investments runs 4 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Russell Investments · International Equities Russell Investments international equities funds Russell Investments runs 4 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 4 funds in this category 4 Russell Investments Global Shares Fund PIE · capped at PIR (max 28%) Russell Investments Hedged Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Russell Investments Hedged Sustainable Global Shares Fund PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical Russell Investments Sustainable Global Shares Fund PIE · capped at PIR (max 28%) Responsible / ethical Other Russell Investments categories All Russell Investments funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)BetaShares (3)Clarity (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/russell/markdown.md # Russell Investments — fund range > Mechanical record of every retail managed fund run by Russell Investments that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Russell Investments NZ Limited - **Website:** https://russellinvestments.com/nz - **Funds in our coverage:** 8 - **Asset classes covered:** 5 (Australasian Equities, International Equities, NZ Fixed Interest, International FI, Other) ## About this manager Global multi-manager firm running diversified and sector index funds in NZ. ## Funds (8) ### Australasian Equities (1) - [Russell Investments NZ Shares Fund](https://managedfunds.nz/funds/russell/nz-shares/) — PIE ### International Equities (4) - [Russell Investments Global Shares Fund](https://managedfunds.nz/funds/russell/global-shares/) — PIE - [Russell Investments Hedged Global Shares Fund](https://managedfunds.nz/funds/russell/hedged-global-shares/) — PIE, NZD hedged - [Russell Investments Hedged Sustainable Global Shares Fund](https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/) — PIE, NZD hedged, responsible investment - [Russell Investments Sustainable Global Shares Fund](https://managedfunds.nz/funds/russell/sustainable-global-shares/) — PIE, responsible investment ### New Zealand Fixed Interest (1) - [Russell Investments NZ Fixed Interest Fund](https://managedfunds.nz/funds/russell/nz-fixed-interest/) — PIE ### International Fixed Interest (1) - [Russell Investments Global Fixed Interest Fund](https://managedfunds.nz/funds/russell/global-fixed-interest/) — PIE ### Other (1) - [Russell Investments Global Listed Infrastructure Fund](https://managedfunds.nz/funds/russell/global-listed-infrastructure/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/russell/nz-shares/ - Markdown: https://managedfunds.nz/funds/russell/nz-shares/markdown.md - JSON: https://managedfunds.nz/funds/russell/nz-shares/data.json ## Sources - **FMA Disclose register** (primary; search for "Russell Investments"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Russell%20Investments - **Manager website:** https://russellinvestments.com/nz - **Manager profile (HTML):** https://managedfunds.nz/providers/russell/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/russell/ - **Markdown (this file):** https://managedfunds.nz/providers/russell/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Russell Investments review — factual snapshot for 8 NZ managed funds URL: https://managedfunds.nz/providers/russell/review/ > Russell Investments runs 8 retail managed funds in our NZ coverage, median annual fund charge 0.68%, median FMA risk 4.5/7. Sourced from FMA Disclose. Factual snapshot Russell Investments — review Mechanical, source-cited snapshot of Russell Investments's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 8 Median annual fee 0.68% Universe median 0.84% Median FMA risk 4.5/7 Standardised 1–7 scale Tracked NZ retail AUM $2.86 billion Sum of fund sizes (8/8 on file) About Russell Investments Global multi-manager firm running diversified and sector index funds in NZ. Legal nameRussell Investments NZ Limited Russell Investments website Fee position vs peers Per-asset-class median annual fund charge for Russell Investments vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Russell Investments funds Russell Investments median fee Peer median (n) Position International Equities 4 0.63% 0.61% (77) priced in line with the peer median (0.61%) Australasian Equities 1 0.78% 1.02% (57) priced 24 bps below the peer median (1.02%) NZ Fixed Interest 1 0.49% 0.65% (13) priced 16 bps below the peer median (0.65%) International FI 1 0.58% 0.71% (30) priced 13 bps below the peer median (0.71%) Other 1 1.08% 1.05% (7) priced in line with the peer median (1.05%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Russell Investments's 8 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 1 Risk 4/7 3 Risk 5/7 4 Russell Investments's funds Russell Investments NZ Shares Fund Australasian Equities PIE · capped at PIR (max 28%) 0.78% fee 5/7 risk Russell Investments Global Shares Fund International Equities PIE · capped at PIR (max 28%) 0.93% fee 4/7 risk Russell Investments Hedged Global Shares Fund International Equities PIE · capped at PIR (max 28%) NZD hedged 0.92% fee 5/7 risk Russell Investments Hedged Sustainable Global Shares Fund International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.33% fee 5/7 risk Russell Investments Sustainable Global Shares Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.33% fee 4/7 risk Russell Investments Global Fixed Interest Fund International FI PIE · capped at PIR (max 28%) 0.58% fee 4/7 risk Russell Investments NZ Fixed Interest Fund NZ Fixed Interest PIE · capped at PIR (max 28%) 0.49% fee 3/7 risk Russell Investments Global Listed Infrastructure Fund Other PIE · capped at PIR (max 28%) 1.08% fee 5/7 risk Questions about Russell Investments Is Russell Investments a good fund manager? Whether Russell Investments suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Russell Investments runs 8 retail managed funds in our coverage, with a median annual fund charge of 0.68% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4.5 out of 7. For personalised guidance, see a licensed financial adviser. What does Russell Investments charge? Russell Investments's 8 funds in our coverage carry a median annual fund charge of 0.68% (range 0.33% – 1.08%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Russell Investments? Across the 8 funds with on-file fund-size data, Russell Investments's tracked NZ retail AUM totals NZD 2.86 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Russell Investments may manage materially larger assets in those categories. What kind of funds does Russell Investments run? Russell Investments's range of 8 funds in our coverage is weighted toward international equities (4 funds). The range also includes 1 australasian equities fund and 1 nz fixed interest fund. See the full list at /providers/russell/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Salt australasian equities funds — 2 listed URL: https://managedfunds.nz/providers/salt/australasian-equities/ > Salt runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Salt · Australasian Equities Salt australasian equities funds Salt runs 2 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 2 funds in this category 2 Salt Long Short Fund PIE · capped at PIR (max 28%) Salt NZ Dividend Appreciation Fund PIE · capped at PIR (max 28%) Other Salt categories All Salt funds → Other managers in australasian equities Smartshares (11)Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3) All australasian equities funds → --- ## URL: https://managedfunds.nz/providers/salt/markdown.md # Salt — fund range > Mechanical record of every retail managed fund run by Salt that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Salt Investment Funds Limited - **Headquarters:** Auckland - **Website:** https://www.saltfunds.co.nz - **Funds in our coverage:** 3 - **Asset classes covered:** 2 (Australasian Equities, Listed Property) ## About this manager NZ active manager with long-short, dividend and listed-property strategies. ## Funds (3) ### Australasian Equities (2) - [Salt Long Short Fund](https://managedfunds.nz/funds/salt/long-short/) — PIE - [Salt NZ Dividend Appreciation Fund](https://managedfunds.nz/funds/salt/nz-dividend-appreciation/) — PIE ### Listed Property (1) - [Salt Enhanced Property Fund](https://managedfunds.nz/funds/salt/enhanced-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/salt/long-short/ - Markdown: https://managedfunds.nz/funds/salt/long-short/markdown.md - JSON: https://managedfunds.nz/funds/salt/long-short/data.json ## Sources - **FMA Disclose register** (primary; search for "Salt"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Salt - **Manager website:** https://www.saltfunds.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/salt/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/salt/ - **Markdown (this file):** https://managedfunds.nz/providers/salt/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Salt review — factual snapshot for 3 NZ managed funds URL: https://managedfunds.nz/providers/salt/review/ > Salt runs 3 retail managed funds in our NZ coverage, median annual fund charge 1.10%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Salt — review Mechanical, source-cited snapshot of Salt's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 3 Median annual fee 1.10% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $308.8 million Sum of fund sizes (3/3 on file) About Salt NZ active manager with long-short, dividend and listed-property strategies. Legal nameSalt Investment Funds Limited HeadquartersAuckland Salt website Fee position vs peers Per-asset-class median annual fund charge for Salt vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Salt funds Salt median fee Peer median (n) Position Australasian Equities 2 2.16% 0.99% (56) priced 117 bps above the peer median (0.99%) Listed Property 1 1.02% 1.04% (14) priced in line with the peer median (1.04%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Salt's 3 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 2 Risk 5/7 1 Salt's funds Salt Long Short Fund Australasian Equities PIE · capped at PIR (max 28%) 3.21% fee 4/7 risk Salt NZ Dividend Appreciation Fund Australasian Equities PIE · capped at PIR (max 28%) 1.10% fee 4/7 risk Salt Enhanced Property Fund Listed Property PIE · capped at PIR (max 28%) 1.02% fee 5/7 risk Questions about Salt Is Salt a good fund manager? Whether Salt suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Salt runs 3 retail managed funds in our coverage, with a median annual fund charge of 1.10% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Salt charge? Salt's 3 funds in our coverage carry a median annual fund charge of 1.10% (range 1.02% – 3.21%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Salt? Across the 3 funds with on-file fund-size data, Salt's tracked NZ retail AUM totals NZD 308.8 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Salt may manage materially larger assets in those categories. Where is Salt based? Salt (legal name: Salt Investment Funds Limited) is headquartered in Auckland. What kind of funds does Salt run? Salt's range of 3 funds in our coverage is weighted toward australasian equities (2 funds). The range also includes 1 listed property fund. See the full list at /providers/salt/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## SBS Wealth diversified funds — 4 listed URL: https://managedfunds.nz/providers/sbs-wealth/diversified/ > SBS Wealth runs 4 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. SBS Wealth · Diversified SBS Wealth diversified funds SBS Wealth runs 4 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 4 funds in this category 4 SBS Wealth Conservative Strategy PIE · capped at PIR (max 28%) conservative SBS Wealth Balanced Strategy PIE · capped at PIR (max 28%) balanced SBS Wealth Growth Strategy PIE · capped at PIR (max 28%) growth SBS Wealth High Growth Strategy PIE · capped at PIR (max 28%) aggressive Other SBS Wealth categories All SBS Wealth funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/sbs-wealth/markdown.md # SBS Wealth — fund range > Mechanical record of every retail managed fund run by SBS Wealth that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** FundRock NZ Limited - **Parent:** SBS Bank - **Headquarters:** Invercargill - **Website:** https://sbsbank.co.nz/sbs-wealth - **Funds in our coverage:** 8 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI) ## About this manager SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. ## Funds (8) ### Diversified Funds (4) - [SBS Wealth Balanced Strategy](https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/) — balanced, PIE - [SBS Wealth Conservative Strategy](https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/) — conservative, PIE - [SBS Wealth Growth Strategy](https://managedfunds.nz/funds/sbs-wealth/growth-strategy/) — growth, PIE - [SBS Wealth High Growth Strategy](https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/) — aggressive, PIE ### Australasian Equities (1) - [SBS Wealth Australasian Equity Portfolio](https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/) — growth, PIE ### International Equities (1) - [SBS Wealth World Equity Portfolio](https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/) — growth, PIE ### New Zealand Fixed Interest (1) - [SBS Wealth New Zealand Bond Portfolio](https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/) — conservative, PIE ### International Fixed Interest (1) - [SBS Wealth World Bond Portfolio](https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/ - Markdown: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/markdown.md - JSON: https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/data.json ## Sources - **FMA Disclose register** (primary; search for "SBS Wealth"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SBS%20Wealth - **Manager website:** https://sbsbank.co.nz/sbs-wealth - **Manager profile (HTML):** https://managedfunds.nz/providers/sbs-wealth/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/sbs-wealth/ - **Markdown (this file):** https://managedfunds.nz/providers/sbs-wealth/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## SBS Wealth review — factual snapshot for 8 NZ managed funds URL: https://managedfunds.nz/providers/sbs-wealth/review/ > SBS Wealth runs 8 retail managed funds in our NZ coverage, median annual fund charge 1.10%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot SBS Wealth — review Mechanical, source-cited snapshot of SBS Wealth's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 8 Median annual fee 1.10% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $1.15 billion Sum of fund sizes (8/8 on file) About SBS Wealth SBS Bank-branded retail managed-fund range issued by FundRock NZ; multi-asset strategies plus Australasian / world equity and bond portfolios. Legal nameFundRock NZ Limited HeadquartersInvercargill ParentSBS Bank SBS Wealth website Fee position vs peers Per-asset-class median annual fund charge for SBS Wealth vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class SBS Wealth funds SBS Wealth median fee Peer median (n) Position Diversified 4 1.10% 0.99% (63) priced 11 bps above the peer median (0.99%) Australasian Equities 1 1.20% 1.00% (57) priced 20 bps above the peer median (1.00%) International Equities 1 1.18% 0.60% (80) priced 58 bps above the peer median (0.60%) NZ Fixed Interest 1 0.78% 0.60% (13) priced 18 bps above the peer median (0.60%) International FI 1 0.77% 0.69% (30) priced 8 bps above the peer median (0.69%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of SBS Wealth's 8 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 3 Risk 4/7 2 Risk 5/7 3 SBS Wealth's funds SBS Wealth Conservative Strategy Diversified PIE · capped at PIR (max 28%) conservative 0.90% fee 3/7 risk SBS Wealth Balanced Strategy Diversified PIE · capped at PIR (max 28%) balanced 1.03% fee 4/7 risk SBS Wealth Growth Strategy Diversified PIE · capped at PIR (max 28%) growth 1.17% fee 5/7 risk SBS Wealth High Growth Strategy Diversified PIE · capped at PIR (max 28%) aggressive 1.17% fee 5/7 risk SBS Wealth Australasian Equity Portfolio Australasian Equities PIE · capped at PIR (max 28%) growth 1.20% fee 4/7 risk SBS Wealth World Equity Portfolio International Equities PIE · capped at PIR (max 28%) growth 1.18% fee 5/7 risk SBS Wealth New Zealand Bond Portfolio NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.78% fee 3/7 risk SBS Wealth World Bond Portfolio International FI PIE · capped at PIR (max 28%) conservative 0.77% fee 3/7 risk Questions about SBS Wealth Is SBS Wealth a good fund manager? Whether SBS Wealth suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: SBS Wealth runs 8 retail managed funds in our coverage, with a median annual fund charge of 1.10% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does SBS Wealth charge? SBS Wealth's 8 funds in our coverage carry a median annual fund charge of 1.10% (range 0.77% – 1.20%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is SBS Wealth? Across the 8 funds with on-file fund-size data, SBS Wealth's tracked NZ retail AUM totals NZD 1.15 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. SBS Wealth may manage materially larger assets in those categories. Where is SBS Wealth based? SBS Wealth (legal name: FundRock NZ Limited) is headquartered in Invercargill, part of SBS Bank. SBS Wealth is the retail managed-fund range of SBS Bank (Southland Building Society); funds are issued by FundRock NZ. What kind of funds does SBS Wealth run? SBS Wealth's range of 8 funds in our coverage is weighted toward diversified (4 funds). The range also includes 1 australasian equities fund and 1 international equities fund. See the full list at /providers/sbs-wealth/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Schroders international equities funds — 2 listed URL: https://managedfunds.nz/providers/schroder/international-equities/ > Schroders runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Schroders · International Equities Schroders international equities funds Schroders runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Schroder Sustainable Global Core PIE Fund PIE · capped at PIR (max 28%) Responsible / ethical growth Schroder Sustainable Global Core PIE Fund (Hedged) PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth Other Schroders categories All Schroders funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/schroder/markdown.md # Schroders — fund range > Mechanical record of every retail managed fund run by Schroders that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Schroder Investment Management Australia - **Headquarters:** London - **Website:** https://www.schroders.com - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) ## About this manager Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors. ## Funds (2) ### International Equities (2) - [Schroder Sustainable Global Core PIE Fund](https://managedfunds.nz/funds/schroder/sustainable-global-core/) — growth, PIE, responsible investment - [Schroder Sustainable Global Core PIE Fund (Hedged)](https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/) — growth, PIE, NZD hedged, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/schroder/sustainable-global-core/ - Markdown: https://managedfunds.nz/funds/schroder/sustainable-global-core/markdown.md - JSON: https://managedfunds.nz/funds/schroder/sustainable-global-core/data.json ## Sources - **FMA Disclose register** (primary; search for "Schroders"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Schroders - **Manager website:** https://www.schroders.com - **Manager profile (HTML):** https://managedfunds.nz/providers/schroder/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/schroder/ - **Markdown (this file):** https://managedfunds.nz/providers/schroder/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Schroders review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/schroder/review/ > Schroders runs 2 retail managed funds in our NZ coverage, median annual fund charge 0.39%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Schroders — review Mechanical, source-cited snapshot of Schroders's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee 0.39% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $1.68 billion Sum of fund sizes (2/2 on file) About Schroders Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors. Legal nameSchroder Investment Management Australia HeadquartersLondon Schroders website Fee position vs peers Per-asset-class median annual fund charge for Schroders vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Schroders funds Schroders median fee Peer median (n) Position International Equities 2 0.39% 0.62% (79) priced 23 bps below the peer median (0.62%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Schroders's 2 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 2 Schroders's funds Schroder Sustainable Global Core PIE Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.39% fee 5/7 risk Schroder Sustainable Global Core PIE Fund (Hedged) International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.39% fee 5/7 risk Questions about Schroders Is Schroders a good fund manager? Whether Schroders suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Schroders runs 2 retail managed funds in our coverage, with a median annual fund charge of 0.39% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Schroders charge? Schroders's 2 funds in our coverage carry a median annual fund charge of 0.39% (range 0.39% – 0.39%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Schroders? Across the 2 funds with on-file fund-size data, Schroders's tracked NZ retail AUM totals NZD 1.68 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Schroders may manage materially larger assets in those categories. Where is Schroders based? Schroders (legal name: Schroder Investment Management Australia) is headquartered in London. What kind of funds does Schroders run? Schroders's range of 2 funds in our coverage is weighted toward international equities (2 funds). See the full list at /providers/schroder/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Simplicity — 7 answered URL: https://managedfunds.nz/providers/simplicity/answers/ > 7 commonly-asked questions about Simplicity as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 11 retail funds tracked. Questions about Simplicity 7 commonly-asked questions about Simplicity as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 11 retail funds tracked. Funds tracked 11 Median annual fee 0.15% Tracked retail AUM NZ$11.30b 1. How safe is Simplicity? Safety in managed funds relates to risk level and capital preservation. The Simplicity Conservative Investment Fund has a risk indicator of 3 out of 7 on the FMA standardised scale, meaning it carries moderate-to-lower risk, with approximately 76.63% of assets in income assets and 23.37% in growth assets. Fund safety also depends on the fund manager's custodial arrangements and regulatory compliance; check the current Product Disclosure Statement and FMA Disclose register for full details. Sourced from research on the Simplicity Conservative Investment Fund. 2. Is Simplicity a good investment fund? Whether this fund suits your circumstances depends on your risk tolerance, time horizon, and financial goals. The Simplicity Conservative Investment Fund returned 1.78% p.a. after fees and before tax over the last 5 years (as at the latest Quarterly Fund Update), with an annual fund charge of 0.25% p.a.—significantly below the peer-cohort average of 0.89% p.a. for conservative funds. Compare this fund's features, returns, fees, and risk profile against your own requirements and other options on managedfunds.nz. Sourced from research on the Simplicity Conservative Investment Fund. 3. What are the alternatives to Simplicity? Alternatives to the Simplicity Conservative Investment Fund within the conservative diversified category are listed and comparable on managedfunds.nz; you can filter by risk level, fees, returns, and other criteria to review options. For a current list of conservative funds and their key features, visit the fund comparison tools on this site. Sourced from research on the Simplicity Conservative Investment Fund. 4. Who owns Simplicity investments? Simplicity Growth Investment Fund is a PIE (Portfolio Investment Entity) managed by Simplicity and available directly through Simplicity. Unit holders in the fund own a proportional stake in the underlying assets, which as at the latest available data include New Zealand and international shares, bonds, and cash. For full details on fund ownership structure and governance, see the current PDS at https://simplicity.kiwi or the FMA Disclose Register. Sourced from research on the Simplicity Growth Investment Fund. 5. How much does Simplicity fund charge? Simplicity Homes and Income Investment Fund charges an annual fund charge of 0.25% p.a., as disclosed on the FMA Disclose register. This is materially lower than the peer-cohort average of 0.89% p.a. for comparable diversified funds. Sourced from research on the Simplicity Homes and Income Investment Fund. 6. Does Simplicity have a cash fund? Yes. Simplicity offers the NZ Cash Fund, a cash-category fund with an annual fund charge of 0.12% p.a. as at the latest QFU. The fund is available to invest in directly through Simplicity. Sourced from research on the Simplicity NZ Cash Fund. 7. What are the fees for Simplicity Global Share fund? The annual fund charge for Simplicity Unhedged Global Share Fund is 0.15% p.a., as disclosed in the latest Quarterly Fund Update. This is substantially lower than the peer-cohort average of 0.91% p.a. for funds in this category. Full fee information is available on the FMA Disclose register and in the current Product Disclosure Statement. Sourced from research on the Simplicity Unhedged Global Share Fund. More about Simplicity Simplicity profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Simplicity diversified funds — 5 listed URL: https://managedfunds.nz/providers/simplicity/diversified/ > Simplicity runs 5 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Simplicity · Diversified Simplicity diversified funds Simplicity runs 5 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 5 funds in this category 5 Simplicity Conservative Investment Fund PIE · capped at PIR (max 28%) conservative Simplicity Balanced Investment Fund PIE · capped at PIR (max 28%) balanced Simplicity Growth Investment Fund PIE · capped at PIR (max 28%) growth Simplicity High Growth Investment Fund PIE · capped at PIR (max 28%) aggressive Simplicity Homes and Income Investment Fund PIE · capped at PIR (max 28%) balanced Other Simplicity categories All Simplicity funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Lifetime (4)NZ Funds (4)SBS Wealth (4) All diversified funds → --- ## Simplicity international equities funds — 2 listed URL: https://managedfunds.nz/providers/simplicity/international-equities/ > Simplicity runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Simplicity · International Equities Simplicity international equities funds Simplicity runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Simplicity Hedged Global Share Fund PIE · capped at PIR (max 28%) NZD hedged growth Simplicity Unhedged Global Share Fund PIE · capped at PIR (max 28%) growth Other Simplicity categories All Simplicity funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/simplicity/markdown.md # Simplicity — fund range > Mechanical record of every retail managed fund run by Simplicity that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Simplicity NZ Limited - **Headquarters:** Auckland - **Website:** https://simplicity.kiwi - **Funds in our coverage:** 11 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Cash) ## About this manager Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. ## Funds (11) ### Diversified Funds (5) - [Simplicity Balanced Investment Fund](https://managedfunds.nz/funds/simplicity/balanced-investment/) — balanced, PIE - [Simplicity Conservative Investment Fund](https://managedfunds.nz/funds/simplicity/conservative-investment/) — conservative, PIE - [Simplicity Growth Investment Fund](https://managedfunds.nz/funds/simplicity/growth-investment/) — growth, PIE - [Simplicity High Growth Investment Fund](https://managedfunds.nz/funds/simplicity/high-growth-investment/) — aggressive, PIE - [Simplicity Homes and Income Investment Fund](https://managedfunds.nz/funds/simplicity/homes-and-income-investment/) — balanced, PIE ### Australasian Equities (1) - [Simplicity NZ Share Fund](https://managedfunds.nz/funds/simplicity/nz-share/) — growth, PIE ### International Equities (2) - [Simplicity Hedged Global Share Fund](https://managedfunds.nz/funds/simplicity/hedged-global-share/) — growth, PIE, NZD hedged - [Simplicity Unhedged Global Share Fund](https://managedfunds.nz/funds/simplicity/unhedged-global-share/) — growth, PIE ### New Zealand Fixed Interest (1) - [Simplicity NZ Bond Fund](https://managedfunds.nz/funds/simplicity/nz-bond/) — conservative, PIE ### International Fixed Interest (1) - [Simplicity Hedged Global Bond Fund](https://managedfunds.nz/funds/simplicity/hedged-global-bond/) — conservative, PIE, NZD hedged ### Cash and Cash Equivalents (1) - [Simplicity NZ Cash Fund](https://managedfunds.nz/funds/simplicity/nz-cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/simplicity/conservative-investment/ - Markdown: https://managedfunds.nz/funds/simplicity/conservative-investment/markdown.md - JSON: https://managedfunds.nz/funds/simplicity/conservative-investment/data.json ## Sources - **FMA Disclose register** (primary; search for "Simplicity"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Simplicity - **Manager website:** https://simplicity.kiwi - **Manager profile (HTML):** https://managedfunds.nz/providers/simplicity/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/simplicity/ - **Markdown (this file):** https://managedfunds.nz/providers/simplicity/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Simplicity review — factual snapshot for 11 NZ managed funds URL: https://managedfunds.nz/providers/simplicity/review/ > Simplicity runs 11 retail managed funds in our NZ coverage, median annual fund charge 0.15%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Simplicity — review Mechanical, source-cited snapshot of Simplicity's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 11 Median annual fee 0.15% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $11.30 billion Sum of fund sizes (11/11 on file) About Simplicity Not-for-profit-aligned manager offering low-fee diversified and single-asset PIE funds; donates 15% of fees to charity. Legal nameSimplicity NZ Limited HeadquartersAuckland Simplicity website Fee position vs peers Per-asset-class median annual fund charge for Simplicity vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Simplicity funds Simplicity median fee Peer median (n) Position Diversified 5 0.25% 1.02% (62) priced 77 bps below the peer median (1.02%) International Equities 2 0.15% 0.62% (79) priced 47 bps below the peer median (0.62%) Australasian Equities 1 0.10% 1.02% (57) priced 92 bps below the peer median (1.02%) NZ Fixed Interest 1 0.10% 0.65% (13) priced 55 bps below the peer median (0.65%) International FI 1 0.15% 0.71% (30) priced 56 bps below the peer median (0.71%) Cash 1 0.12% 0.44% (4) priced 32 bps below the peer median (0.44%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Simplicity's 11 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Risk 3/7 2 Risk 4/7 4 Risk 5/7 4 Simplicity's funds Simplicity Conservative Investment Fund Diversified PIE · capped at PIR (max 28%) conservative 0.25% fee 3/7 risk Simplicity Balanced Investment Fund Diversified PIE · capped at PIR (max 28%) balanced 0.25% fee 4/7 risk Simplicity Growth Investment Fund Diversified PIE · capped at PIR (max 28%) growth 0.25% fee 4/7 risk Simplicity High Growth Investment Fund Diversified PIE · capped at PIR (max 28%) aggressive 0.25% fee 5/7 risk Simplicity Homes and Income Investment Fund Diversified PIE · capped at PIR (max 28%) balanced 0.25% fee 3/7 risk Simplicity NZ Cash Fund Cash PIE · capped at PIR (max 28%) conservative 0.12% fee 2/7 risk Simplicity NZ Bond Fund NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.10% fee 4/7 risk Simplicity Hedged Global Bond Fund International FI PIE · capped at PIR (max 28%) NZD hedged conservative 0.15% fee 4/7 risk Simplicity NZ Share Fund Australasian Equities PIE · capped at PIR (max 28%) growth 0.10% fee 5/7 risk Simplicity Hedged Global Share Fund International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.15% fee 5/7 risk Simplicity Unhedged Global Share Fund International Equities PIE · capped at PIR (max 28%) growth 0.15% fee 5/7 risk Questions about Simplicity Is Simplicity a good fund manager? Whether Simplicity suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Simplicity runs 11 retail managed funds in our coverage, with a median annual fund charge of 0.15% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Simplicity charge? Simplicity's 11 funds in our coverage carry a median annual fund charge of 0.15% (range 0.10% – 0.25%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Simplicity? Across the 11 funds with on-file fund-size data, Simplicity's tracked NZ retail AUM totals NZD 11.30 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Simplicity may manage materially larger assets in those categories. Where is Simplicity based? Simplicity (legal name: Simplicity NZ Limited) is headquartered in Auckland. What kind of funds does Simplicity run? Simplicity's range of 11 funds in our coverage is weighted toward diversified (5 funds). The range also includes 2 international equities funds and 1 australasian equities fund. See the full list at /providers/simplicity/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smartshares australasian equities funds — 11 listed URL: https://managedfunds.nz/providers/smartshares/australasian-equities/ > Smartshares runs 11 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. Smartshares · Australasian Equities Smartshares australasian equities funds Smartshares runs 11 australasian equities funds available to NZ retail investors. NZ and Trans-Tasman shares — active, index and ETF wrappers. All data sourced from FMA Disclose. 11 funds in this category 11 Smart Australian Dividend ETF PIE · capped at PIR (max 28%) ETF · ASD Smart Australian Financials ETF PIE · capped at PIR (max 28%) ETF · ASF Smart Australian Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MZY Smart Australian Resources ETF PIE · capped at PIR (max 28%) ETF · ASR Smart Australian Top 20 ETF PIE · capped at PIR (max 28%) ETF · OZY Smart NZ Dividend ETF PIE · capped at PIR (max 28%) ETF · DIV Smart NZ Mid Cap ETF PIE · capped at PIR (max 28%) ETF · MDZ Smart NZ Top 10 ETF PIE · capped at PIR (max 28%) ETF · TNZ Smart NZ Top 50 ETF PIE · capped at PIR (max 28%) ETF · FNZ Smart Australian Top 200 ETF PIE · capped at PIR (max 28%) ETF · AUS Smart S&P/NZX 50 ETF PIE · capped at PIR (max 28%) ETF · NZG Other Smartshares categories All Smartshares funds → Other managers in australasian equities Harbour (6)Devon (4)Kernel (4)BetaShares (3)Fisher Funds (3)Amova (2) All australasian equities funds → --- ## Smartshares international equities funds — 16 listed URL: https://managedfunds.nz/providers/smartshares/international-equities/ > Smartshares runs 16 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Smartshares · International Equities Smartshares international equities funds Smartshares runs 16 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 16 funds in this category 16 Smart Asia Pacific ETF PIE · capped at PIR (max 28%) ETF · APA Smart Automation and Robotics ETF PIE · capped at PIR (max 28%) ETF · BOT Thematic Smart Emerging Markets ESG ETF PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical Smart Emerging Markets ETF PIE · capped at PIR (max 28%) ETF · EMF Smart Europe ESG ETF PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical Smart Europe ETF PIE · capped at PIR (max 28%) ETF · EUF Smart Global ESG ETF PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical Smart Healthcare Innovation ETF PIE · capped at PIR (max 28%) ETF · LIV Thematic Smart Japan ESG ETF PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical Smart Total World ETF PIE · capped at PIR (max 28%) ETF · TWF Smart US 500 ETF PIE · capped at PIR (max 28%) ETF · USF Smart US ESG ETF PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical Smart US Large Growth ETF PIE · capped at PIR (max 28%) ETF · USG Smart US Large Value ETF PIE · capped at PIR (max 28%) ETF · USV Smart US Mid Cap ETF PIE · capped at PIR (max 28%) ETF · USM Smart US Small Cap ETF PIE · capped at PIR (max 28%) ETF · USS Other Smartshares categories All Smartshares funds → Other managers in international equities Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3)Clarity (3) All international equities funds → --- ## Smartshares international fi funds — 2 listed URL: https://managedfunds.nz/providers/smartshares/international-fixed-interest/ > Smartshares runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. Smartshares · International FI Smartshares international fi funds Smartshares runs 2 international fi funds available to NZ retail investors. Global aggregate, corporate and sovereign bonds. All data sourced from FMA Disclose. 2 funds in this category 2 Smart Global Aggregate Bond ETF PIE · capped at PIR (max 28%) ETF · AGG Smart Global Bond ETF PIE · capped at PIR (max 28%) ETF · GBF Other Smartshares categories All Smartshares funds → Other managers in international fi Coolabah (4)Dimensional (3)Artesian (2)Bentham (2)Daintree (2)Fisher Funds (2) All international fi funds → --- ## Smartshares listed property funds — 2 listed URL: https://managedfunds.nz/providers/smartshares/listed-property/ > Smartshares runs 2 listed property funds available to NZ retail investors. NZ, Australian and global REITs. All data sourced from FMA Disclose. Smartshares · Listed Property Smartshares listed property funds Smartshares runs 2 listed property funds available to NZ retail investors. NZ, Australian and global REITs. All data sourced from FMA Disclose. 2 funds in this category 2 Smart Australian Property ETF PIE · capped at PIR (max 28%) ETF · ASP Smart NZ Property ETF PIE · capped at PIR (max 28%) ETF · NPF Other Smartshares categories All Smartshares funds → Other managers in listed property ANZ Investments (2)NZ Funds (2) All listed property funds → --- ## URL: https://managedfunds.nz/providers/smartshares/markdown.md # Smartshares — fund range > Mechanical record of every retail managed fund run by Smartshares that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Smartshares Limited - **Parent:** NZX Limited - **Headquarters:** Wellington - **Website:** https://smartshares.co.nz - **Funds in our coverage:** 33 - **Asset classes covered:** 6 (Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Other) ## About this manager NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. ## Funds (33) ### Australasian Equities (11) - [Smart Australian Dividend ETF](https://managedfunds.nz/funds/smartshares/asd-australian-dividend/) — PIE, ETF (ASD) - [Smart Australian Financials ETF](https://managedfunds.nz/funds/smartshares/asf-australian-financials/) — PIE, ETF (ASF) - [Smart Australian Mid Cap ETF](https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/) — PIE, ETF (MZY) - [Smart Australian Resources ETF](https://managedfunds.nz/funds/smartshares/asr-australian-resources/) — PIE, ETF (ASR) - [Smart Australian Top 20 ETF](https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/) — PIE, ETF (OZY) - [Smart Australian Top 200 ETF](https://managedfunds.nz/funds/smartshares/aus-australian-top-200/) — PIE, ETF (AUS) - [Smart NZ Dividend ETF](https://managedfunds.nz/funds/smartshares/div-nz-dividend/) — PIE, ETF (DIV) - [Smart NZ Mid Cap ETF](https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/) — PIE, ETF (MDZ) - [Smart NZ Top 10 ETF](https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/) — PIE, ETF (TNZ) - [Smart NZ Top 50 ETF](https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/) — PIE, ETF (FNZ) - [Smart S&P/NZX 50 ETF](https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/) — PIE, ETF (NZG) ### International Equities (16) - [Smart Asia Pacific ETF](https://managedfunds.nz/funds/smartshares/apa-asia-pacific/) — PIE, ETF (APA) - [Smart Automation and Robotics ETF](https://managedfunds.nz/funds/smartshares/bot-automation-robotics/) — PIE, ETF (BOT) - [Smart Emerging Markets ESG ETF](https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/) — PIE, ETF (EMG), responsible investment - [Smart Emerging Markets ETF](https://managedfunds.nz/funds/smartshares/emf-emerging-markets/) — PIE, ETF (EMF) - [Smart Europe ESG ETF](https://managedfunds.nz/funds/smartshares/eug-europe-esg/) — PIE, ETF (EUG), responsible investment - [Smart Europe ETF](https://managedfunds.nz/funds/smartshares/euf-europe/) — PIE, ETF (EUF) - [Smart Global ESG ETF](https://managedfunds.nz/funds/smartshares/esg-global-esg/) — PIE, ETF (ESG), responsible investment - [Smart Healthcare Innovation ETF](https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/) — PIE, ETF (LIV) - [Smart Japan ESG ETF](https://managedfunds.nz/funds/smartshares/jpn-japan-esg/) — PIE, ETF (JPN), responsible investment - [Smart Total World ETF](https://managedfunds.nz/funds/smartshares/twf-total-world/) — PIE, ETF (TWF) - [Smart US 500 ETF](https://managedfunds.nz/funds/smartshares/usf-us-500/) — PIE, ETF (USF) - [Smart US ESG ETF](https://managedfunds.nz/funds/smartshares/usa-us-esg/) — PIE, ETF (USA), responsible investment - [Smart US Large Growth ETF](https://managedfunds.nz/funds/smartshares/usg-us-large-growth/) — PIE, ETF (USG) - [Smart US Large Value ETF](https://managedfunds.nz/funds/smartshares/usv-us-large-value/) — PIE, ETF (USV) - [Smart US Mid Cap ETF](https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/) — PIE, ETF (USM) - [Smart US Small Cap ETF](https://managedfunds.nz/funds/smartshares/uss-us-small-cap/) — PIE, ETF (USS) ### New Zealand Fixed Interest (1) - [Smart NZ Bond ETF](https://managedfunds.nz/funds/smartshares/nzb-nz-bond/) — PIE, ETF (NZB) ### International Fixed Interest (2) - [Smart Global Aggregate Bond ETF](https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/) — PIE, ETF (AGG) - [Smart Global Bond ETF](https://managedfunds.nz/funds/smartshares/gbf-global-bond/) — PIE, ETF (GBF) ### Listed Property (2) - [Smart Australian Property ETF](https://managedfunds.nz/funds/smartshares/asp-australian-property/) — PIE, ETF (ASP) - [Smart NZ Property ETF](https://managedfunds.nz/funds/smartshares/npf-nz-property/) — PIE, ETF (NPF) ### Other (1) - [Smart Bitcoin ETF](https://managedfunds.nz/funds/smartshares/btc-bitcoin/) — PIE, ETF (BTC) ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/ - Markdown: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/markdown.md - JSON: https://managedfunds.nz/funds/smartshares/asd-australian-dividend/data.json ## Sources - **FMA Disclose register** (primary; search for "Smartshares"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Smartshares - **Manager website:** https://smartshares.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/smartshares/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/smartshares/ - **Markdown (this file):** https://managedfunds.nz/providers/smartshares/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Smartshares review — factual snapshot for 33 NZ managed funds URL: https://managedfunds.nz/providers/smartshares/review/ > Smartshares runs 33 retail managed funds in our NZ coverage, median annual fund charge 0.54%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Smartshares — review Mechanical, source-cited snapshot of Smartshares's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 33 Median annual fee 0.54% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $5.43 billion Sum of fund sizes (33/33 on file) About Smartshares NZ’s largest ETF issuer, owned by NZX. Tickers trade on NZX Main Board. Legal nameSmartshares Limited HeadquartersWellington ParentNZX Limited Smartshares website Fee position vs peers Per-asset-class median annual fund charge for Smartshares vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Smartshares funds Smartshares median fee Peer median (n) Position International Equities 16 0.55% 0.84% (65) priced 29 bps below the peer median (0.84%) Australasian Equities 11 0.54% 1.06% (47) priced 52 bps below the peer median (1.06%) International FI 2 0.42% 0.73% (29) priced 31 bps below the peer median (0.73%) Listed Property 2 0.54% 1.05% (13) priced 51 bps below the peer median (1.05%) NZ Fixed Interest 1 0.54% 0.65% (13) priced 11 bps below the peer median (0.65%) Other 1 0.55% 1.08% (7) priced 53 bps below the peer median (1.08%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Smartshares's 33 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 3/7 2 Risk 4/7 2 Risk 5/7 20 Risk 6/7 8 Risk 7/7 1 Smartshares's funds Smart Australian Dividend ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · ASD 0.54% fee 5/7 risk Smart Australian Financials ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · ASF 0.54% fee 6/7 risk Smart Australian Mid Cap ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · MZY 0.75% fee 6/7 risk Smart Australian Resources ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · ASR 0.54% fee 6/7 risk Smart Australian Top 20 ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · OZY 0.60% fee 5/7 risk Smart NZ Dividend ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · DIV 0.54% fee 5/7 risk Smart NZ Mid Cap ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · MDZ 0.60% fee 5/7 risk Smart NZ Top 10 ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · TNZ 0.60% fee 5/7 risk Smart NZ Top 50 ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · FNZ 0.50% fee 5/7 risk Smart Australian Top 200 ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · AUS 0.30% fee 5/7 risk Smart S&P/NZX 50 ETF Australasian Equities PIE · capped at PIR (max 28%) ETF · NZG 0.20% fee 5/7 risk Smart Asia Pacific ETF International Equities PIE · capped at PIR (max 28%) ETF · APA 0.55% fee 5/7 risk Smart Automation and Robotics ETF International Equities PIE · capped at PIR (max 28%) ETF · BOT Thematic 0.75% fee 6/7 risk Smart Emerging Markets ESG ETF International Equities PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical 0.59% fee 5/7 risk Smart Emerging Markets ETF International Equities PIE · capped at PIR (max 28%) ETF · EMF 0.59% fee 5/7 risk Smart Europe ESG ETF International Equities PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical 0.55% fee 5/7 risk Smart Europe ETF International Equities PIE · capped at PIR (max 28%) ETF · EUF 0.55% fee 5/7 risk Smart Global ESG ETF International Equities PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical 0.54% fee 5/7 risk Smart Healthcare Innovation ETF International Equities PIE · capped at PIR (max 28%) ETF · LIV Thematic 0.75% fee 6/7 risk Smart Japan ESG ETF International Equities PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical 0.55% fee 5/7 risk Smart Total World ETF International Equities PIE · capped at PIR (max 28%) ETF · TWF 0.40% fee 4/7 risk Smart US 500 ETF International Equities PIE · capped at PIR (max 28%) ETF · USF 0.34% fee 5/7 risk Smart US ESG ETF International Equities PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical 0.34% fee 5/7 risk Smart US Large Growth ETF International Equities PIE · capped at PIR (max 28%) ETF · USG 0.51% fee 6/7 risk Smart US Large Value ETF International Equities PIE · capped at PIR (max 28%) ETF · USV 0.51% fee 5/7 risk Smart US Mid Cap ETF International Equities PIE · capped at PIR (max 28%) ETF · USM 0.51% fee 5/7 risk Smart US Small Cap ETF International Equities PIE · capped at PIR (max 28%) ETF · USS 0.51% fee 6/7 risk Smart Global Aggregate Bond ETF International FI PIE · capped at PIR (max 28%) ETF · AGG 0.30% fee 3/7 risk Smart Global Bond ETF International FI PIE · capped at PIR (max 28%) ETF · GBF 0.54% fee 4/7 risk Smart Australian Property ETF Listed Property PIE · capped at PIR (max 28%) ETF · ASP 0.54% fee 6/7 risk Smart NZ Property ETF Listed Property PIE · capped at PIR (max 28%) ETF · NPF 0.54% fee 5/7 risk Smart NZ Bond ETF NZ Fixed Interest PIE · capped at PIR (max 28%) ETF · NZB 0.54% fee 3/7 risk Smart Bitcoin ETF Other PIE · capped at PIR (max 28%) ETF · BTC Thematic 0.55% fee 7/7 risk Questions about Smartshares Is Smartshares a good fund manager? Whether Smartshares suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Smartshares runs 33 retail managed funds in our coverage, with a median annual fund charge of 0.54% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Smartshares charge? Smartshares's 33 funds in our coverage carry a median annual fund charge of 0.54% (range 0.20% – 0.75%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Smartshares? Across the 33 funds with on-file fund-size data, Smartshares's tracked NZ retail AUM totals NZD 5.43 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Smartshares may manage materially larger assets in those categories. Where is Smartshares based? Smartshares (legal name: Smartshares Limited) is headquartered in Wellington, part of NZX Limited. Smartshares is a wholly-owned subsidiary of NZX Limited, operator of the New Zealand stock exchange. What kind of funds does Smartshares run? Smartshares's range of 33 funds in our coverage is weighted toward international equities (16 funds). The range also includes 11 australasian equities funds and 2 international fi funds. See the full list at /providers/smartshares/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Squirrel — 3 answered URL: https://managedfunds.nz/providers/squirrel/answers/ > 3 commonly-asked questions about Squirrel as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 1 retail funds tracked. Questions about Squirrel 3 commonly-asked questions about Squirrel as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 1 retail funds tracked. Funds tracked 1 Median annual fee 2.14% Tracked retail AUM NZ$210m 1. Is Squirrel, NZ legit to invest in? Squirrel Monthly Income Fund is registered on the FMA Disclose register and operates as a PIE fund under New Zealand financial services law. You can verify current fund details, including the Product Disclosure Statement and latest quarterly fund update, via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. Sourced from research on the Squirrel Monthly Income Fund. 2. Is Squirrel's monthly income fund a pie fund? Yes, Squirrel Monthly Income Fund is structured as a PIE (Portfolio Investment Entity). This means investor tax is capped at your prescribed investor rate (PIR), with a maximum rate of 28%, rather than being taxed at your personal marginal tax rate. Sourced from research on the Squirrel Monthly Income Fund. 3. What is the return on the Squirrel's monthly Income Fund? Historical returns are not included in the fund facts available here. You can view performance data and the latest quarterly fund update on the Squirrel website (https://www.squirrel.co.nz) or via the FMA Disclose register. Sourced from research on the Squirrel Monthly Income Fund. More about Squirrel Squirrel profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## URL: https://managedfunds.nz/providers/squirrel/markdown.md # Squirrel — fund range > Mechanical record of every retail managed fund run by Squirrel that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Squirrel Investments Limited - **Headquarters:** Auckland - **Website:** https://www.squirrel.co.nz - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Other) ## About this manager Peer-to-peer lender offering a monthly income fund built on its loan book. ## Funds (1) ### Other (1) - [Squirrel Monthly Income Fund](https://managedfunds.nz/funds/squirrel/monthly-income/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/squirrel/monthly-income/ - Markdown: https://managedfunds.nz/funds/squirrel/monthly-income/markdown.md - JSON: https://managedfunds.nz/funds/squirrel/monthly-income/data.json ## Sources - **FMA Disclose register** (primary; search for "Squirrel"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Squirrel - **Manager website:** https://www.squirrel.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/squirrel/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/squirrel/ - **Markdown (this file):** https://managedfunds.nz/providers/squirrel/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Squirrel review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/squirrel/review/ > Squirrel runs 1 retail managed fund in our NZ coverage, median annual fund charge 2.14%, median FMA risk 2/7. Sourced from FMA Disclose. Factual snapshot Squirrel — review Mechanical, source-cited snapshot of Squirrel's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 2.14% Universe median 0.84% Median FMA risk 2/7 Standardised 1–7 scale Tracked NZ retail AUM $210.1 million Sum of fund sizes (1/1 on file) About Squirrel Peer-to-peer lender offering a monthly income fund built on its loan book. Legal nameSquirrel Investments Limited HeadquartersAuckland Squirrel website Fee position vs peers Per-asset-class median annual fund charge for Squirrel vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Squirrel funds Squirrel median fee Peer median (n) Position Other 1 2.14% 1.05% (7) priced 109 bps above the peer median (1.05%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Squirrel's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 2/7 1 Squirrel's funds Squirrel Monthly Income Fund Other PIE · capped at PIR (max 28%) 2.14% fee 2/7 risk Questions about Squirrel Is Squirrel a good fund manager? Whether Squirrel suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Squirrel runs 1 retail managed fund in our coverage, with a median annual fund charge of 2.14% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 2 out of 7. For personalised guidance, see a licensed financial adviser. What does Squirrel charge? Squirrel's 1 fund in our coverage carry a median annual fund charge of 2.14% (range 2.14% – 2.14%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Squirrel? Across the 1 fund with on-file fund-size data, Squirrel's tracked NZ retail AUM totals NZD 210.1 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Squirrel may manage materially larger assets in those categories. Where is Squirrel based? Squirrel (legal name: Squirrel Investments Limited) is headquartered in Auckland. What kind of funds does Squirrel run? Squirrel's range of 1 fund in our coverage is weighted toward other (1 fund). See the full list at /providers/squirrel/. Other managers running other funds First Sentier review Kernel review Mercer review NZ Funds review Resolution Capital review Russell Investments review Smartshares review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/stewart-investors/markdown.md # Stewart Investors — fund range > Mechanical record of every retail managed fund run by Stewart Investors that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Stewart Investors - **Parent:** First Sentier Investors - **Headquarters:** Edinburgh - **Website:** https://www.stewartinvestors.com - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Sustainable-investing specialist (First Sentier subsidiary) with a Worldwide Leaders PIE fund for NZ investors. ## Funds (1) ### International Equities (1) - [Stewart Investors Worldwide Leaders Fund](https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/) — growth, PIE, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/ - Markdown: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/markdown.md - JSON: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/data.json ## Sources - **FMA Disclose register** (primary; search for "Stewart Investors"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Stewart%20Investors - **Manager website:** https://www.stewartinvestors.com - **Manager profile (HTML):** https://managedfunds.nz/providers/stewart-investors/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/stewart-investors/ - **Markdown (this file):** https://managedfunds.nz/providers/stewart-investors/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Stewart Investors review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/stewart-investors/review/ > Stewart Investors runs 1 retail managed fund in our NZ coverage, median annual fund charge 0.61%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot Stewart Investors — review Mechanical, source-cited snapshot of Stewart Investors's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 0.61% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $12.3 million Sum of fund sizes (1/1 on file) About Stewart Investors Sustainable-investing specialist (First Sentier subsidiary) with a Worldwide Leaders PIE fund for NZ investors. Legal nameStewart Investors HeadquartersEdinburgh ParentFirst Sentier Investors Stewart Investors website Fee position vs peers Per-asset-class median annual fund charge for Stewart Investors vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Stewart Investors funds Stewart Investors median fee Peer median (n) Position International Equities 1 0.61% 0.60% (80) priced in line with the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Stewart Investors's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 1 Stewart Investors's funds Stewart Investors Worldwide Leaders Fund International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.61% fee 5/7 risk Questions about Stewart Investors Is Stewart Investors a good fund manager? Whether Stewart Investors suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Stewart Investors runs 1 retail managed fund in our coverage, with a median annual fund charge of 0.61% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does Stewart Investors charge? Stewart Investors's 1 fund in our coverage carry a median annual fund charge of 0.61% (range 0.61% – 0.61%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Stewart Investors? Across the 1 fund with on-file fund-size data, Stewart Investors's tracked NZ retail AUM totals NZD 12.3 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Stewart Investors may manage materially larger assets in those categories. Where is Stewart Investors based? Stewart Investors (legal name: Stewart Investors) is headquartered in Edinburgh, part of First Sentier Investors. Stewart Investors is a sustainability-focused investment team operating as part of First Sentier Investors. What kind of funds does Stewart Investors run? Stewart Investors's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/stewart-investors/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Summer diversified funds — 3 listed URL: https://managedfunds.nz/providers/summer/diversified/ > Summer runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. Summer · Diversified Summer diversified funds Summer runs 3 diversified funds available to NZ retail investors. Aggressive, growth, balanced and conservative one-stop funds. All data sourced from FMA Disclose. 3 funds in this category 3 Summer Balanced Selection PIE · capped at PIR (max 28%) balanced Summer Conservative Selection PIE · capped at PIR (max 28%) conservative Summer Growth Selection PIE · capped at PIR (max 28%) growth Other Summer categories All Summer funds → Other managers in diversified Booster (9)ANZ Investments (6)Milford (5)Simplicity (5)Lifetime (4)NZ Funds (4) All diversified funds → --- ## URL: https://managedfunds.nz/providers/summer/markdown.md # Summer — fund range > Mechanical record of every retail managed fund run by Summer that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Forsyth Barr Investment Management Limited - **Parent:** Forsyth Barr - **Headquarters:** Dunedin - **Website:** https://www.summer.co.nz - **Funds in our coverage:** 8 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, International FI, Listed Property, Cash) ## About this manager Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. ## Funds (8) ### Diversified Funds (3) - [Summer Balanced Selection](https://managedfunds.nz/funds/summer/balanced-selection/) — balanced, PIE - [Summer Conservative Selection](https://managedfunds.nz/funds/summer/conservative-selection/) — conservative, PIE - [Summer Growth Selection](https://managedfunds.nz/funds/summer/growth-selection/) — growth, PIE ### Australasian Equities (1) - [Summer Australian Equities](https://managedfunds.nz/funds/summer/australian-equities/) — growth, PIE ### International Equities (1) - [Summer Global Equities](https://managedfunds.nz/funds/summer/global-equities/) — growth, PIE ### International Fixed Interest (1) - [Summer Global Fixed Interest](https://managedfunds.nz/funds/summer/global-fixed-interest/) — conservative, PIE ### Listed Property (1) - [Summer Listed Property](https://managedfunds.nz/funds/summer/listed-property/) — balanced, PIE ### Cash and Cash Equivalents (1) - [Summer New Zealand Cash](https://managedfunds.nz/funds/summer/new-zealand-cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/summer/australian-equities/ - Markdown: https://managedfunds.nz/funds/summer/australian-equities/markdown.md - JSON: https://managedfunds.nz/funds/summer/australian-equities/data.json ## Sources - **FMA Disclose register** (primary; search for "Summer"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Summer - **Manager website:** https://www.summer.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/summer/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/summer/ - **Markdown (this file):** https://managedfunds.nz/providers/summer/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Summer review — factual snapshot for 8 NZ managed funds URL: https://managedfunds.nz/providers/summer/review/ > Summer runs 8 retail managed funds in our NZ coverage, median annual fund charge 1.02%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Summer — review Mechanical, source-cited snapshot of Summer's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 8 Median annual fee 1.02% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $321.2 million Sum of fund sizes (8/8 on file) About Summer Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds. Legal nameForsyth Barr Investment Management Limited HeadquartersDunedin ParentForsyth Barr Summer website Fee position vs peers Per-asset-class median annual fund charge for Summer vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Summer funds Summer median fee Peer median (n) Position Diversified 3 1.02% 0.99% (64) priced in line with the peer median (0.99%) Australasian Equities 1 1.02% 1.00% (57) priced in line with the peer median (1.00%) International Equities 1 1.02% 0.60% (80) priced 42 bps above the peer median (0.60%) International FI 1 0.87% 0.69% (30) priced 18 bps above the peer median (0.69%) Listed Property 1 1.02% 1.04% (14) priced in line with the peer median (1.04%) Cash 1 0.62% 0.26% (4) priced 37 bps above the peer median (0.26%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Summer's 8 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 1/7 1 Risk 3/7 2 Risk 4/7 2 Risk 5/7 3 Summer's funds Summer Australian Equities Australasian Equities PIE · capped at PIR (max 28%) growth 1.02% fee 5/7 risk Summer Balanced Selection Diversified PIE · capped at PIR (max 28%) balanced 1.02% fee 4/7 risk Summer Conservative Selection Diversified PIE · capped at PIR (max 28%) conservative 0.87% fee 3/7 risk Summer Global Equities International Equities PIE · capped at PIR (max 28%) growth 1.02% fee 5/7 risk Summer Global Fixed Interest International FI PIE · capped at PIR (max 28%) conservative 0.87% fee 3/7 risk Summer Growth Selection Diversified PIE · capped at PIR (max 28%) growth 1.02% fee 4/7 risk Summer Listed Property Listed Property PIE · capped at PIR (max 28%) balanced 1.02% fee 5/7 risk Summer New Zealand Cash Cash PIE · capped at PIR (max 28%) conservative 0.62% fee 1/7 risk Questions about Summer Is Summer a good fund manager? Whether Summer suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Summer runs 8 retail managed funds in our coverage, with a median annual fund charge of 1.02% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Summer charge? Summer's 8 funds in our coverage carry a median annual fund charge of 1.02% (range 0.62% – 1.02%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Summer? Across the 8 funds with on-file fund-size data, Summer's tracked NZ retail AUM totals NZD 321.2 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Summer may manage materially larger assets in those categories. Where is Summer based? Summer (legal name: Forsyth Barr Investment Management Limited) is headquartered in Dunedin, part of Forsyth Barr. Summer is the retail investment brand of Forsyth Barr, a NZ-owned wealth-management and investment firm. What kind of funds does Summer run? Summer's range of 8 funds in our coverage is weighted toward diversified (3 funds). The range also includes 1 australasian equities fund and 1 international equities fund. See the full list at /providers/summer/. Other managers running diversified funds ACI review AMP review Booster review ANZ Investments review Castle Point review Clarity review Fisher Funds review Foundation Series review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/tahito/markdown.md # TAHITO — fund range > Mechanical record of every retail managed fund run by TAHITO that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Headquarters:** Auckland - **Website:** https://tahito.co.nz - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Australasian Equities) ## About this manager Māori-led indigenous-values investment manager with a trans-Tasman equity fund. ## Funds (1) ### Australasian Equities (1) - [TAHITO Te Tai o Rehua Fund](https://managedfunds.nz/funds/tahito/te-tai-o-rehua/) — PIE, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/ - Markdown: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/markdown.md - JSON: https://managedfunds.nz/funds/tahito/te-tai-o-rehua/data.json ## Sources - **FMA Disclose register** (primary; search for "TAHITO"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=TAHITO - **Manager website:** https://tahito.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/tahito/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/tahito/ - **Markdown (this file):** https://managedfunds.nz/providers/tahito/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## TAHITO review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/tahito/review/ > TAHITO runs 1 retail managed fund in our NZ coverage, median annual fund charge 1.26%, median FMA risk 5/7. Sourced from FMA Disclose. Factual snapshot TAHITO — review Mechanical, source-cited snapshot of TAHITO's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 1.26% Universe median 0.84% Median FMA risk 5/7 Standardised 1–7 scale Tracked NZ retail AUM $26.9 million Sum of fund sizes (1/1 on file) About TAHITO Māori-led indigenous-values investment manager with a trans-Tasman equity fund. HeadquartersAuckland TAHITO website Fee position vs peers Per-asset-class median annual fund charge for TAHITO vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class TAHITO funds TAHITO median fee Peer median (n) Position Australasian Equities 1 1.26% 1.00% (57) priced 26 bps above the peer median (1.00%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of TAHITO's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 5/7 1 TAHITO's funds TAHITO Te Tai o Rehua Fund Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.26% fee 5/7 risk Questions about TAHITO Is TAHITO a good fund manager? Whether TAHITO suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: TAHITO runs 1 retail managed fund in our coverage, with a median annual fund charge of 1.26% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser. What does TAHITO charge? TAHITO's 1 fund in our coverage carry a median annual fund charge of 1.26% (range 1.26% – 1.26%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is TAHITO? Across the 1 fund with on-file fund-size data, TAHITO's tracked NZ retail AUM totals NZD 26.9 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. TAHITO may manage materially larger assets in those categories. Where is TAHITO based? TAHITO is headquartered in Auckland. What kind of funds does TAHITO run? TAHITO's range of 1 fund in our coverage is weighted toward australasian equities (1 fund). See the full list at /providers/tahito/. Other managers running australasian equities funds Amova review ANZ Investments review BetaShares review Castle Point review Clarity review Devon review Dimensional review Fisher Funds review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/te-ahumairangi/markdown.md # Te Ahumairangi — fund range > Mechanical record of every retail managed fund run by Te Ahumairangi that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Te Ahumairangi Investment Management Limited - **Headquarters:** Wellington - **Website:** https://teahumairangi.co.nz - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) ## About this manager Wellington boutique running a global equity strategy. ## Funds (1) ### International Equities (1) - [Te Ahumairangi Global Equity Fund](https://managedfunds.nz/funds/te-ahumairangi/global-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/te-ahumairangi/global-equity/ - Markdown: https://managedfunds.nz/funds/te-ahumairangi/global-equity/markdown.md - JSON: https://managedfunds.nz/funds/te-ahumairangi/global-equity/data.json ## Sources - **FMA Disclose register** (primary; search for "Te Ahumairangi"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Te%20Ahumairangi - **Manager website:** https://teahumairangi.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/te-ahumairangi/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/te-ahumairangi/ - **Markdown (this file):** https://managedfunds.nz/providers/te-ahumairangi/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Te Ahumairangi review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/te-ahumairangi/review/ > Te Ahumairangi runs 1 retail managed fund in our NZ coverage, median annual fund charge 0.62%, median FMA risk 4/7. Sourced from FMA Disclose. Factual snapshot Te Ahumairangi — review Mechanical, source-cited snapshot of Te Ahumairangi's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 0.62% Universe median 0.84% Median FMA risk 4/7 Standardised 1–7 scale Tracked NZ retail AUM $889.3 million Sum of fund sizes (1/1 on file) About Te Ahumairangi Wellington boutique running a global equity strategy. Legal nameTe Ahumairangi Investment Management Limited HeadquartersWellington Te Ahumairangi website Fee position vs peers Per-asset-class median annual fund charge for Te Ahumairangi vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Te Ahumairangi funds Te Ahumairangi median fee Peer median (n) Position International Equities 1 0.62% 0.60% (80) priced in line with the peer median (0.60%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Te Ahumairangi's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 4/7 1 Te Ahumairangi's funds Te Ahumairangi Global Equity Fund International Equities PIE · capped at PIR (max 28%) 0.62% fee 4/7 risk Questions about Te Ahumairangi Is Te Ahumairangi a good fund manager? Whether Te Ahumairangi suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Te Ahumairangi runs 1 retail managed fund in our coverage, with a median annual fund charge of 0.62% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 4 out of 7. For personalised guidance, see a licensed financial adviser. What does Te Ahumairangi charge? Te Ahumairangi's 1 fund in our coverage carry a median annual fund charge of 0.62% (range 0.62% – 0.62%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Te Ahumairangi? Across the 1 fund with on-file fund-size data, Te Ahumairangi's tracked NZ retail AUM totals NZD 889.3 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Te Ahumairangi may manage materially larger assets in those categories. Where is Te Ahumairangi based? Te Ahumairangi (legal name: Te Ahumairangi Investment Management Limited) is headquartered in Wellington. What kind of funds does Te Ahumairangi run? Te Ahumairangi's range of 1 fund in our coverage is weighted toward international equities (1 fund). See the full list at /providers/te-ahumairangi/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Questions about Vanguard — 3 answered URL: https://managedfunds.nz/providers/vanguard/answers/ > 3 commonly-asked questions about Vanguard as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register. 2 retail funds tracked. Questions about Vanguard 3 commonly-asked questions about Vanguard as a NZ fund manager, answered with mechanical facts sourced from the FMA Disclose register and each of their funds' Quarterly Fund Updates. 2 retail funds tracked. Funds tracked 2 1. What is Vanguard International shares Select Exclusions index fund? This is an international equities index fund managed by Vanguard Australia that tracks a selection of global shares while applying exclusion screens. The fund is available to NZ investors via InvestNow and is taxed under the FIF rules (file IR3). Check the current product disclosure statement on the Vanguard website for full details on the exclusion criteria and index methodology. Sourced from research on the Vanguard International Shares Select Exclusions Index Fund. 2. Do Vanguard index funds have fees? Yes. This fund charges an annual fund charge of 0.2% p.a., as disclosed in the latest Quarterly Fund Update. You can verify the current fee on the FMA Disclose register and in the fund's product disclosure statement. Sourced from research on the Vanguard International Shares Select Exclusions Index Fund. 3. Is Vanguard International index fund a good investment? Whether this fund suits your situation depends on your personal financial goals, risk tolerance, and investment timeframe — factors only you or a financial adviser can assess. You can compare this fund against others in the international equities category by reviewing their fund charges, investment approach, and risk profiles on the FMA Disclose register. Sourced from research on the Vanguard International Shares Select Exclusions Index Fund. More about Vanguard Vanguard profile Mechanical scorecard All NZ fund managers ManagedFundsNZ provides information only, not personalised financial advice. Mechanical answers above are grounded in fund-data fields that live on the FMA Disclose register. Read each fund's current PDS before investing. --- ## Vanguard international equities funds — 2 listed URL: https://managedfunds.nz/providers/vanguard/international-equities/ > Vanguard runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. Vanguard · International Equities Vanguard international equities funds Vanguard runs 2 international equities funds available to NZ retail investors. Global, US, Europe, Asia, emerging markets and thematic. All data sourced from FMA Disclose. 2 funds in this category 2 Vanguard International Shares Select Exclusions Index Fund FIF · file IR3 each year Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class FIF · file IR3 each year NZD hedged Other Vanguard categories All Vanguard funds → Other managers in international equities Smartshares (16)Kernel (9)Foundation Series (7)Mercer (5)Russell Investments (4)BetaShares (3) All international equities funds → --- ## URL: https://managedfunds.nz/providers/vanguard/markdown.md # Vanguard — fund range > Mechanical record of every retail managed fund run by Vanguard that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Website:** https://www.vanguard.com.au - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) ## About this manager Global passive-investment giant; international shares index funds available in NZ via PIE wrappers. ## Funds (2) ### International Equities (2) - [Vanguard International Shares Select Exclusions Index Fund](https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/) — FIF - [Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class](https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index-hedged/) — FIF, NZD hedged ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/ - Markdown: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/markdown.md - JSON: https://managedfunds.nz/funds/vanguard/international-shares-select-exclusions-index/data.json ## Sources - **FMA Disclose register** (primary; search for "Vanguard"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Vanguard - **Manager website:** https://www.vanguard.com.au - **Manager profile (HTML):** https://managedfunds.nz/providers/vanguard/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/vanguard/ - **Markdown (this file):** https://managedfunds.nz/providers/vanguard/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Vanguard review — factual snapshot for 2 NZ managed funds URL: https://managedfunds.nz/providers/vanguard/review/ > Vanguard runs 2 retail managed funds in our NZ coverage. Sourced from FMA Disclose. Factual snapshot Vanguard — review Mechanical, source-cited snapshot of Vanguard's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 2 Median annual fee — Median FMA risk — Standardised 1–7 scale Tracked NZ retail AUM — About Vanguard Global passive-investment giant; international shares index funds available in NZ via PIE wrappers. Vanguard website Fee position vs peers Per-asset-class median annual fund charge for Vanguard vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Vanguard funds Vanguard median fee Peer median (n) Position International Equities 2 — 0.61% (81) not directly comparable on fee (insufficient data) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Vanguard's funds Vanguard International Shares Select Exclusions Index Fund International Equities FIF · file IR3 each year Vanguard International Shares Select Exclusions Index Fund (Hedged) – NZD Class International Equities FIF · file IR3 each year NZD hedged Questions about Vanguard Is Vanguard a good fund manager? Whether Vanguard suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Vanguard runs 2 retail managed funds in our coverage. For personalised guidance, see a licensed financial adviser. What does Vanguard charge? Per-fund annual fund charges for Vanguard are disclosed in each fund's Quarterly Fund Update on the FMA Disclose register. We don't yet have on-file fee data for the funds in our coverage — see the per-fund page for the source PDS link. How big is Vanguard? Fund-size data for Vanguard's 2 funds in our coverage is disclosed quarterly on each fund's Fund Update on the FMA Disclose register. We don't yet have on-file fund-size data for these funds. What kind of funds does Vanguard run? Vanguard's range of 2 funds in our coverage is weighted toward international equities (2 funds). See the full list at /providers/vanguard/. Other managers running international equities funds AMP review Amova review Antipodes review Aurellan review ANZ Investments review BetaShares review Brandywine review Clarity review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## URL: https://managedfunds.nz/providers/vision/markdown.md # Vision — fund range > Mechanical record of every retail managed fund run by Vision that we cover. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Legal entity:** Vision Fund Management Limited - **Headquarters:** Christchurch - **Website:** https://visionfm.co.nz - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International FI) ## About this manager Christchurch-based manager offering a global-credit Income Fund as a PIE wrapper. ## Funds (1) ### International Fixed Interest (1) - [Vision Income Fund](https://managedfunds.nz/funds/vision/income/) — income, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `/markdown.md` and a structured-data twin at `/data.json`. Example: - HTML: https://managedfunds.nz/funds/vision/income/ - Markdown: https://managedfunds.nz/funds/vision/income/markdown.md - JSON: https://managedfunds.nz/funds/vision/income/data.json ## Sources - **FMA Disclose register** (primary; search for "Vision"): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Vision - **Manager website:** https://visionfm.co.nz - **Manager profile (HTML):** https://managedfunds.nz/providers/vision/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/providers/vision/ - **Markdown (this file):** https://managedfunds.nz/providers/vision/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-31 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Vision review — factual snapshot for 1 NZ managed fund URL: https://managedfunds.nz/providers/vision/review/ > Vision runs 1 retail managed fund in our NZ coverage, median annual fund charge 2.51%, median FMA risk 1/7. Sourced from FMA Disclose. Factual snapshot Vision — review Mechanical, source-cited snapshot of Vision's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice. Funds tracked 1 Median annual fee 2.51% Universe median 0.84% Median FMA risk 1/7 Standardised 1–7 scale Tracked NZ retail AUM $149.2 million Sum of fund sizes (1/1 on file) About Vision Christchurch-based manager offering a global-credit Income Fund as a PIE wrapper. Legal nameVision Fund Management Limited HeadquartersChristchurch Vision website Fee position vs peers Per-asset-class median annual fund charge for Vision vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates). Asset class Vision funds Vision median fee Peer median (n) Position International FI 1 2.51% 0.69% (30) priced 182 bps above the peer median (0.69%) Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options. Risk profile mix Distribution of Vision's 1 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update. Risk 1/7 1 Vision's funds Vision Income Fund International FI PIE · capped at PIR (max 28%) income 2.51% fee 1/7 risk Questions about Vision Is Vision a good fund manager? Whether Vision suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Vision runs 1 retail managed fund in our coverage, with a median annual fund charge of 2.51% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 1 out of 7. For personalised guidance, see a licensed financial adviser. What does Vision charge? Vision's 1 fund in our coverage carry a median annual fund charge of 2.51% (range 2.51% – 2.51%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents. How big is Vision? Across the 1 fund with on-file fund-size data, Vision's tracked NZ retail AUM totals NZD 149.2 million. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Vision may manage materially larger assets in those categories. Where is Vision based? Vision (legal name: Vision Fund Management Limited) is headquartered in Christchurch. What kind of funds does Vision run? Vision's range of 1 fund in our coverage is weighted toward international fi (1 fund). See the full list at /providers/vision/. Other managers running international fi funds Artesian review ANZ Investments review Bentham review BetaShares review Brandywine review Clarity review Evidential review Coolabah review How we built this snapshot Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## 15 questions people ask about NZ managed funds URL: https://managedfunds.nz/questions/ > The 15 most common questions Google's "People also ask" panel surfaces against NZ retail managed funds — with the list of funds each question recurs against and fund-specific answers grounded in filed PDS data. Questions Questions people ask about NZ managed funds The 15 most common questions Google's "People also ask" panel surfaces against NZ retail managed funds, captured in our 2026-05-25 SERP sweep across 250 funds. Click any question to see which funds it recurs against and what each fund's filings say in response. These pages are not personal financial advice. For guidance specific to your situation, consult an authorised financial adviser. Top 15 questions Ranked by total occurrence across fund-page SERP results. How much money do I need to invest to make $3,000 a month? Surfaced across 86 funds · 133 total appearances View answers What investment has the highest return in NZ? Surfaced across 76 funds · 131 total appearances View answers What is Warren Buffett's favorite index fund? Surfaced across 63 funds · 104 total appearances View answers What is Warren Buffett's favorite ETF? Surfaced across 46 funds · 85 total appearances View answers Who is the best fund manager in New Zealand? Surfaced across 57 funds · 85 total appearances View answers Where can I get 10% return on my money? Surfaced across 60 funds · 84 total appearances View answers What is the 7% rule in ETF? Surfaced across 30 funds · 70 total appearances View answers What bond is paying 7.5% interest? Surfaced across 15 funds · 41 total appearances View answers Where can I get a 10% return on my money? Surfaced across 30 funds · 40 total appearances View answers Is a 1% fee for a financial advisor worth it? Surfaced across 39 funds · 39 total appearances View answers What are typical fees for a fund of funds? Surfaced across 39 funds · 39 total appearances View answers What are the disadvantages of a balanced fund? Surfaced across 15 funds · 36 total appearances View answers Which ETF does Warren Buffett recommend? Surfaced across 22 funds · 36 total appearances View answers What is the best performing KiwiSaver fund in NZ? Surfaced across 26 funds · 31 total appearances View answers Is a global equity fund a good investment? Surfaced across 15 funds · 29 total appearances View answers How this list is built For each of our 250 covered funds, we query the Google NZ SERP for the fund's brand-exact name plus five intent variants (review, fees, vs, PDS, returns). From every result page we capture the "People also ask" questions Google attached. Questions are deduped per fund and counted globally to produce this top-15 list. Each fund-specific answer is then generated against that fund's filed PDS / Fund Update data via a constrained Haiku 4.5 pass that refuses to make recommendation, performance-prediction or "best/leading" claims. Methodology and source data: /methodology · /sources. --- ## How much money do I need to invest to make $3,000 a month? — what NZ managed funds say URL: https://managedfunds.nz/questions/how-much-money-do-i-need-to-invest-to-make-3-000-a-month/ > How much money do I need to invest to make $3,000 a month? — surfaced by Google's "People also ask" panel for 86 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question How much money do I need to invest to make $3,000 a month? Google's "People also ask" panel surfaces this question on the search results page for 86 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 86 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Foundation Series US 500 Fund Foundation Series International Equities 0.03% Simplicity NZ Cash Fund Simplicity Cash 0.12% Kernel Australia 100 Fund Kernel Australasian Equities 0.25% Kernel Balanced Fund Kernel Diversified 0.25% Kernel Cash Plus Fund Kernel Cash 0.25% Kernel NZ 20 Fund Kernel Australasian Equities 0.25% Kernel NZ 50 ESG Tilted Fund Kernel Australasian Equities 0.25% Simplicity Balanced Investment Fund Simplicity Diversified 0.25% Harbour Sustainable Impact Fund Harbour Diversified 0.27% Harbour Sustainable NZ Shares Fund Harbour Australasian Equities 0.27% Smart US 500 ETF Smartshares International Equities 0.34% Foundation Series Balanced Fund Foundation Series Diversified 0.36% Foundation Series High Growth Fund Foundation Series Diversified 0.37% Foundation Series Growth Fund Foundation Series Diversified 0.38% ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments NZ Fixed Interest 0.46% ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments International FI 0.49% Smart US Large Growth ETF Smartshares International Equities 0.51% Hunter Global Fixed Interest Fund Hunter International FI 0.53% Evidential Sustainable Targeted Factor Fund Evidential International Equities 0.62% Summer New Zealand Cash Summer Cash 0.62% Te Ahumairangi Global Equity Fund Te Ahumairangi International Equities 0.62% ANZ Investments OneAnswer Conservative Fund ANZ Investments Diversified 0.63% Lifetime Cash Fund Lifetime Cash 0.65% Milford Diversified Income Fund Milford Diversified 0.65% Milford Trans-Tasman Bond Fund Milford NZ Fixed Interest 0.65% Harbour Income Fund Harbour Diversified 0.66% Harbour NZ Core Fixed Interest Fund Harbour NZ Fixed Interest 0.66% Coolabah Short Term Income PIE Fund Coolabah International FI 0.67% ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments Diversified 0.75% Coolabah Active Composite Bond PIE Fund Coolabah International FI 0.76% Harbour Real Estate Investment Fund Harbour Listed Property 0.77% QuayStreet Income Fund QuayStreet Diversified 0.77% Russell Investments NZ Shares Fund Russell Investments Australasian Equities 0.78% AMP Aggressive Managed Fund AMP Diversified 0.80% AMP Growth Managed Fund AMP Diversified 0.81% ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments International Equities 0.84% Summer Conservative Selection Summer Diversified 0.87% Summer Global Fixed Interest Summer International FI 0.87% ANZ Investments OneAnswer Balanced Fund ANZ Investments Diversified 0.90% ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer High Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer International Share Fund ANZ Investments International Equities 0.96% ANZ Investments OneAnswer International Property Fund ANZ Investments Listed Property 0.99% Fisher Funds Income Fund Fisher Funds International FI 0.99% Lifetime Balanced Fund Lifetime Diversified 0.99% Lifetime Conservative Fund Lifetime Diversified 0.99% Lifetime Growth Fund Lifetime Diversified 0.99% Pathfinder Global Property Fund Pathfinder Listed Property 1.00% Mint Diversified Income Fund Mint Diversified 1.01% Summer Balanced Selection Summer Diversified 1.02% Summer Global Equities Summer International Equities 1.02% Lighthouse Global Equity Fund Lighthouse International Equities 1.03% ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Australasian Equities 1.05% Milford Active Growth Fund Milford Diversified 1.05% Milford Australian Absolute Growth Fund Milford Australasian Equities 1.05% Milford Balanced Fund Milford Diversified 1.05% ANZ Investments OneAnswer Property Securities Fund ANZ Investments Listed Property 1.06% Mint Australasian Property Fund Mint Listed Property 1.07% ANZ Investments OneAnswer Australian Share Fund ANZ Investments Australasian Equities 1.09% Harbour Australasian Equity Income Fund Harbour Australasian Equities 1.10% Amova Concentrated Equity Fund Amova Australasian Equities 1.15% Milford Aggressive Fund Milford Diversified 1.15% Octagon Balanced Fund Octagon Diversified 1.17% Octagon New Zealand Equities Fund Octagon Australasian Equities 1.17% NZ Funds Wealth Builder - Income Strategy NZ Funds Diversified 1.20% Harbour Australasian Equity Focus Fund Harbour Australasian Equities 1.21% Harbour T. Rowe Price Global Equity Fund Harbour International Equities 1.21% Fisher Funds BondPlus Fund Fisher Funds International FI 1.26% TAHITO Te Tai o Rehua Fund TAHITO Australasian Equities 1.26% Fisher Funds Conservative Fund Fisher Funds Diversified 1.35% Milford Global Equity Fund Milford International Equities 1.35% Lifetime Retirement Income Fund Lifetime Diversified 1.36% Booster Shielded Growth Fund Booster Diversified 1.41% Fisher Funds Growth Fund Fisher Funds Diversified 1.46% ACI Growth Fund ACI Diversified 1.61% Pie Global Growth Fund 2 Pie Funds International Equities 1.61% NZ Funds Income Generator NZ Funds Diversified 1.67% Coolabah Long-Short Credit PIE Fund Coolabah International FI 1.76% Elevation Capital Global Shares Fund Elevation Capital International Equities 1.80% NZ Funds Wealth Builder - Growth Strategy NZ Funds Diversified 2.14% Squirrel Monthly Income Fund Squirrel Other 2.14% NZ Funds Global Property NZ Funds Listed Property 2.52% NZ Funds Global Utilities NZ Funds International Equities 2.53% NZ Funds Global Shares NZ Funds International Equities 3.12% Antipodes Global Fund – Long (PIE) Antipodes International Equities — Other questions people ask about NZ managed funds What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## Is a 1% fee for a financial advisor worth it? — what NZ managed funds say URL: https://managedfunds.nz/questions/is-a-1-fee-for-a-financial-advisor-worth-it/ > Is a 1% fee for a financial advisor worth it? — surfaced by Google's "People also ask" panel for 39 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question Is a 1% fee for a financial advisor worth it? Google's "People also ask" panel surfaces this question on the search results page for 39 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 39 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Foundation Series Total World Fund Foundation Series International Equities 0.07% Foundation Series Global ESG Fund Foundation Series International Equities 0.10% Foundation Series Nasdaq-100 Fund Foundation Series International Equities 0.15% Harbour Sustainable NZ Shares Fund Harbour Australasian Equities 0.27% Mercer NZ Shares Passive Fund Mercer Australasian Equities 0.36% Foundation Series High Growth Fund Foundation Series Diversified 0.37% Mercer All Country Global Shares Index Fund Mercer International Equities 0.43% Smart US Large Value ETF Smartshares International Equities 0.51% Lifetime Cash Fund Lifetime Cash 0.65% Milford Diversified Income Fund Milford Diversified 0.65% Milford Trans-Tasman Bond Fund Milford NZ Fixed Interest 0.65% Harbour Real Estate Investment Fund Harbour Listed Property 0.77% Russell Investments NZ Shares Fund Russell Investments Australasian Equities 0.78% Mint New Zealand SRI Equity Fund Mint Australasian Equities 0.97% Summer Australian Equities Summer Australasian Equities 1.02% Summer Global Equities Summer International Equities 1.02% Summer Growth Selection Summer Diversified 1.02% Mint Australasian Property Fund Mint Listed Property 1.07% Castle Point Trans-Tasman Fund Castle Point Australasian Equities 1.08% Harbour Australasian Equity Fund Harbour Australasian Equities 1.12% Octagon Australasian Equities Fund Octagon Australasian Equities 1.17% Octagon New Zealand Equities Fund Octagon Australasian Equities 1.17% Harbour T. Rowe Price Global Equity Fund Harbour International Equities 1.21% Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour International Equities 1.24% Mercer Core Global Shares Fund Mercer International Equities 1.24% Mercer Global Shares Fund Mercer International Equities 1.25% Devon Alpha Fund Devon Australasian Equities 1.30% Devon Trans-Tasman Fund Devon Australasian Equities 1.36% Fisher Funds Property & Infrastructure Fund Fisher Funds Listed Property 1.53% ACI Growth Fund ACI Diversified 1.61% Fisher Funds Trans Tasman Equity Trust Fisher Funds Australasian Equities 1.63% NZ Funds Global Property NZ Funds Listed Property 2.52% NZ Funds New Zealand Property and Retirement Villages NZ Funds Listed Property 2.52% NZ Funds Global Infrastructure NZ Funds Other 2.53% NZ Funds Global Utilities NZ Funds International Equities 2.53% NZ Funds Global Shares NZ Funds International Equities 3.12% Hyperion Global Growth Companies PIE Fund Hyperion International Equities 4.38% Dexus Global REIT Fund Dexus Listed Property — India Avenue Equity Fund — H Class India Avenue International Equities — Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## Is a global equity fund a good investment? — what NZ managed funds say URL: https://managedfunds.nz/questions/is-a-global-equity-fund-a-good-investment/ > Is a global equity fund a good investment? — surfaced by Google's "People also ask" panel for 15 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question Is a global equity fund a good investment? Google's "People also ask" panel surfaces this question on the search results page for 15 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 15 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Russell Investments Hedged Sustainable Global Shares Fund Russell Investments International Equities 0.33% Russell Investments Sustainable Global Shares Fund Russell Investments International Equities 0.33% Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional International Equities 0.40% Te Ahumairangi Global Equity Fund Te Ahumairangi International Equities 0.62% Summer Global Fixed Interest Summer International FI 0.87% Russell Investments Global Shares Fund Russell Investments International Equities 0.93% Pathfinder Global Property Fund Pathfinder Listed Property 1.00% Summer Global Equities Summer International Equities 1.02% Lighthouse Global Equity Fund Lighthouse International Equities 1.03% Harbour T. Rowe Price Global Equity Fund Harbour International Equities 1.21% Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour International Equities 1.24% Milford Global Equity Fund Milford International Equities 1.35% NZ Funds Global Shares NZ Funds International Equities 3.12% Hyperion Global Growth Companies PIE Fund Hyperion International Equities 4.38% Antipodes Global Fund – Long (PIE) Antipodes International Equities — Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. Russell Investments Hedged Sustainable Global Shares Fund Is a global equity fund a good investment? Whether a global equity fund suits your situation depends on your personal circumstances, investment goals, and risk tolerance. This fund has a risk indicator of 5/7 on the FMA standardised scale and holds approximately 98.31% growth assets. You should review the current Product Disclosure Statement on the FMA Disclose register and consider seeking financial advice before investing. View Russell Investments Hedged Sustainable Global Shares Fund page Russell Investments Sustainable Global Shares Fund Is a global equity fund a good investment? Global equity funds provide exposure to shares across international markets and are suited to investors with a longer time horizon and higher risk tolerance. This fund carries a risk indicator of 5/7 on the FMA standardised scale, reflecting moderate-to-high volatility typical of growth-focused international share portfolios. Your investment decision should be based on your personal circumstances, investment goals, and time horizon—consult the current product disclosure statement (PDS) on the FMA Disclose register. View Russell Investments Sustainable Global Shares Fund page Dimensional Global Sustainability PIE Fund (NZD Hedged) Is a global equity fund a good investment? Whether a global equity fund suits your circumstances depends on your financial goals, risk tolerance, and investment horizon—this is a personal decision. This fund provides exposure to global equities with ESG screening applied, a 0.4% p.a. annual fund charge, and PIE tax treatment; compare its features and fee against your own objectives using the FMA Disclose register. View Dimensional Global Sustainability PIE Fund (NZD Hedged) page Te Ahumairangi Global Equity Fund Is a global equity fund a good investment? Whether a global equity fund suits your circumstances depends on your investment goals, time horizon, and risk tolerance. Te Ahumairangi Global Equity Fund carries a risk indicator of 4/7 on the FMA standardised scale and holds approximately 98.31% growth assets, meaning it is exposed to equity-market volatility; investors should review the Product Disclosure Statement and consider their own situation before investing. View Te Ahumairangi Global Equity Fund page Summer Global Fixed Interest Are global bonds a good investment? Global bonds can provide diversification and income, though returns vary with interest-rate cycles and currency movements. Summer Global Fixed Interest's 5-year return after fees was 0.2% p.a. as at the latest QFU. Suitability depends on your investment timeframe, income needs, and risk appetite; check the FMA Disclose register and PDS for full performance and fund-specific information. View Summer Global Fixed Interest page Russell Investments Global Shares Fund Is a global equity fund a good investment? Global equity funds provide exposure to companies across multiple countries and sectors, which can diversify investment risk compared to single-market funds. Whether this asset class suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals—see the FMA's investor guidance at https://www.fma.govt.nz/ for framework information, and review this fund's PDS and risk indicator (4/7 on the FMA standardised scale) before deciding. View Russell Investments Global Shares Fund page Pathfinder Global Property Fund Is a property fund a good investment? Property funds offer exposure to real-estate assets with liquidity and diversification benefits, but suitability depends on your investment timeframe, risk tolerance, and financial goals. Pathfinder Global Property Fund is classified as Listed Property with a risk indicator of 5/7 (FMA standardised scale); check the Product Disclosure Statement and FMA Disclose register for full details on how it aligns with your circumstances. View Pathfinder Global Property Fund page Summer Global Equities Are global equities a good investment? Global equities can form part of a diversified portfolio, though performance and suitability vary by investor and market conditions. Summer Global Equities has delivered 6.87% p.a. after fees and before tax over the past 5 years as at the latest QFU; refer to FMA Disclose (https://disclose-register.companiesoffice.govt.nz/) for the full fund performance record and PDS. View Summer Global Equities page Lighthouse Global Equity Fund Is a global equity fund a good investment? Whether a global equity fund suits your situation depends on your investment timeframe, risk tolerance, and financial goals. Lighthouse Global Equity Fund is classified as risk indicator 7/7 on the FMA standardised scale, indicating it is suitable only for investors who can accept the highest level of volatility; the fund's ~78% allocation to growth assets reflects this risk profile. You should review the Product Disclosure Statement and consider seeking financial advice before investing. View Lighthouse Global Equity Fund page Harbour T. Rowe Price Global Equity Fund Is a global equity fund a good investment? Whether a global equity fund suits your circumstances depends on your investment timeframe, risk tolerance, and financial goals—this is not something we can advise on. The Harbour T. Rowe Price Global Equity Fund holds ~98.31% growth assets with a risk indicator of 5/7 (FMA standardised scale), meaning it is exposed to significant share-market volatility; you should read the PDS and consider seeking personal financial advice before investing. View Harbour T. Rowe Price Global Equity Fund page Harbour T. Rowe Price Global Equity Fund (Hedged) Is a global equity fund a good investment? Whether a global equity fund suits your situation depends on your investment goals, time horizon, and risk tolerance. This fund is classified as Risk Indicator 5/7 on the FMA standardised scale and holds approximately 98.31% growth assets, meaning it carries moderate-to-high volatility; you should review the Product Disclosure Statement and consider seeking independent financial advice before investing. View Harbour T. Rowe Price Global Equity Fund (Hedged) page Milford Global Equity Fund Is a global equity fund a good investment? Global equity funds provide exposure to international companies across multiple markets and sectors. Whether this suits your investment goals and risk tolerance depends on your personal circumstances; review the fund's risk indicator (5/7 on the FMA standardised scale), asset mix (~98.31% growth assets), and 5-year return (6.29% p.a. after fees, before tax) against your own objectives, and consult the Product Disclosure Statement. View Milford Global Equity Fund page NZ Funds Global Shares Is a global equity fund a good investment? Global equity funds offer diversification across international markets and are commonly used as part of a balanced investment approach. This fund's 5-year return after fees and before tax was 1.37% p.a. as at the latest QFU; however, past performance is not a guarantee of future results, and suitability depends on individual circumstances. View NZ Funds Global Shares page Hyperion Global Growth Companies PIE Fund Is a global equity fund a good investment? Global equity funds carry different risk and return characteristics depending on their holdings and strategy; this fund is rated 6/7 on the FMA standardised risk indicator, indicating higher volatility. Whether any fund matches your financial goals and risk tolerance is a personal decision that depends on your circumstances. You can review the fund's detailed information on the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/ or consult a financial adviser. View Hyperion Global Growth Companies PIE Fund page Antipodes Global Fund – Long (PIE) Is a global equity fund a good investment? Global equity funds invest in shares of companies across international markets and carry market risk; suitability depends on your investment timeframe, risk tolerance, and financial goals. The Antipodes Global Fund – Long is classified at risk indicator 4/7 on the FMA standardised scale and has returned 12.55% p.a. after fees (before tax) over five years as at the latest QFU; past returns do not guarantee future performance. View Antipodes Global Fund – Long (PIE) page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What are the disadvantages of a balanced fund? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-are-the-disadvantages-of-a-balanced-fund/ > What are the disadvantages of a balanced fund? — surfaced by Google's "People also ask" panel for 15 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What are the disadvantages of a balanced fund? Google's "People also ask" panel surfaces this question on the search results page for 15 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 15 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Kernel Balanced Fund Kernel Diversified 0.25% Simplicity Balanced Investment Fund Simplicity Diversified 0.25% Foundation Series Balanced Fund Foundation Series Diversified 0.36% Coolabah Active Composite Bond PIE Fund Coolabah International FI 0.76% AMP Balanced Managed Fund AMP Diversified 0.81% Booster Wealth Balanced Fund Booster Diversified 0.83% ANZ Investments OneAnswer Balanced Fund ANZ Investments Diversified 0.90% ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments Diversified 0.95% Lifetime Balanced Fund Lifetime Diversified 0.99% Summer Balanced Selection Summer Diversified 1.02% Harbour Balanced Growth Fund Harbour Diversified 1.04% Milford Balanced Fund Milford Diversified 1.05% Octagon Balanced Fund Octagon Diversified 1.17% Mercer Responsible Balanced Fund Mercer Diversified 1.25% Booster Socially Responsible Balanced Fund Booster Diversified 1.33% Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. ANZ Investments OneAnswer Balanced Growth Fund What is the average return on a balanced fund? Average returns vary significantly across balanced funds and time periods. The ANZ Investments OneAnswer Balanced Growth Fund delivered 4.57% p.a. after fees and before tax over the 5-year period to the latest QFU; the peer-cohort average fee for similar funds is 1.23% p.a., compared to this fund's 0.95% p.a. annual charge. You can view comparable funds and their returns on the FMA Disclose register. View ANZ Investments OneAnswer Balanced Growth Fund page Lifetime Balanced Fund What is the average return on a balanced fund? Past returns vary significantly by fund manager, investment period, and market conditions; we do not publish forward-looking return estimates. Historical performance data for Lifetime Balanced Fund is available via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the manager's website at https://lifetimeincome.co.nz. View Lifetime Balanced Fund page Harbour Balanced Growth Fund What's the difference between a growth fund and a balanced fund? A growth fund typically allocates a higher proportion to growth assets (shares and property) to pursue capital appreciation, while a balanced fund like Harbour Balanced Growth Fund holds a more moderate mix—in this case approximately 78.34% growth assets and 21.66% income assets—to balance growth potential with income stability. The balanced approach generally carries a lower risk indicator on the FMA standardised scale; Harbour's risk indicator is 4/7. View Harbour Balanced Growth Fund page Milford Balanced Fund What is the average return on a balanced fund? Returns vary significantly by fund, market conditions, and time period; there is no single "average" across the category. Milford Balanced Fund delivered a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. For comparison with other balanced funds, see our fund comparison tool and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View Milford Balanced Fund page Octagon Balanced Fund What is the average return on a balanced fund? Octagon Balanced Fund returned 3.83% p.a. after fees and before tax over the 5-year period as at the latest QFU; however, past performance is not a guarantee of future results. For peer-cohort return data, refer to the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View Octagon Balanced Fund page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What are typical fees for a fund of funds? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-are-typical-fees-for-a-fund-of-funds/ > What are typical fees for a fund of funds? — surfaced by Google's "People also ask" panel for 39 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What are typical fees for a fund of funds? Google's "People also ask" panel surfaces this question on the search results page for 39 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 39 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Simplicity NZ Cash Fund Simplicity Cash 0.12% Kernel Balanced Fund Kernel Diversified 0.25% Kernel Cash Plus Fund Kernel Cash 0.25% Kernel Conservative Fund Kernel Diversified 0.25% Simplicity Balanced Investment Fund Simplicity Diversified 0.25% Simplicity Conservative Investment Fund Simplicity Diversified 0.25% Simplicity Growth Investment Fund Simplicity Diversified 0.25% Simplicity Homes and Income Investment Fund Simplicity Diversified 0.25% Harbour Sustainable NZ Shares Fund Harbour Australasian Equities 0.27% Lifetime Cash Fund Lifetime Cash 0.65% Mercer Macquarie NZ Short Duration Fund Mercer NZ Fixed Interest 0.68% Russell Investments NZ Shares Fund Russell Investments Australasian Equities 0.78% Booster Wealth Growth Fund Booster Diversified 0.91% Amova Core Equity Fund Amova Australasian Equities 0.95% Mint New Zealand SRI Equity Fund Mint Australasian Equities 0.97% Fisher Funds Income Fund Fisher Funds International FI 0.99% Lifetime Growth Fund Lifetime Diversified 0.99% Salt Enhanced Property Fund Salt Listed Property 1.02% Lighthouse Global Equity Fund Lighthouse International Equities 1.03% Milford Aggressive Fund Milford Diversified 1.15% Octagon New Zealand Equities Fund Octagon Australasian Equities 1.17% Castle Point 5 Oceans Fund Castle Point Diversified 1.18% Mercer Global Shares Fund Mercer International Equities 1.25% Fisher Funds BondPlus Fund Fisher Funds International FI 1.26% Pathfinder Global Responsibility Fund Pathfinder International Equities 1.30% Booster Socially Responsible Growth Fund Booster Diversified 1.34% Fisher Funds Conservative Fund Fisher Funds Diversified 1.35% NZ Funds Global Bonds NZ Funds International FI 1.44% NZ Funds New Zealand and Australian Bonds NZ Funds NZ Fixed Interest 1.44% ACI Conservative Fund ACI Diversified 1.50% Fisher Funds Property & Infrastructure Fund Fisher Funds Listed Property 1.53% ACI Growth Fund ACI Diversified 1.61% Pie Growth UK & Europe Fund Pie Funds International Equities 1.85% NZ Funds Global Property NZ Funds Listed Property 2.52% NZ Funds New Zealand Property and Retirement Villages NZ Funds Listed Property 2.52% NZ Funds New Zealand and Australian Shares NZ Funds Australasian Equities 2.52% NZ Funds Global Infrastructure NZ Funds Other 2.53% NZ Funds Global Utilities NZ Funds International Equities 2.53% NZ Funds Global Shares NZ Funds International Equities 3.12% Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. Kernel Conservative Fund What are typical fees for a fund of funds? Kernel Conservative Fund is a diversified fund with an annual fund charge of 0.25% p.a. Fees vary across fund types and managers; you can compare annual charges for funds in our coverage using the FMA Disclose Register at https://disclose-register.companiesoffice.govt.nz/ View Kernel Conservative Fund page Mercer Macquarie NZ Short Duration Fund What is the difference between short duration fund and low duration fund? Duration measures how sensitive a bond fund is to interest-rate changes; shorter duration means lower interest-rate risk but typically lower yields. This fund's asset mix of ~0.13% growth assets and 99.87% income assets, with holdings concentrated in shorter-dated government and corporate bonds, reflects a short-duration strategy designed to limit capital fluctuation in a rising-rate environment. View Mercer Macquarie NZ Short Duration Fund page Booster Wealth Growth Fund What are typical fees for a fund of funds? Booster Wealth Growth Fund is a diversified fund (not a fund of funds) with an annual fund charge of 0.91% p.a. Fund of funds typically charge additional layers of fees; you can view detailed fee breakdowns for any fund on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View Booster Wealth Growth Fund page Mint New Zealand SRI Equity Fund What are typical fees for a fund of funds? Fund fees in New Zealand vary by fund type and strategy. The Mint New Zealand SRI Equity Fund has an annual fund charge of 0.96% p.a., which is comparable to the peer-cohort average of 0.95% p.a. for similar funds; you can compare charges across the broader market using the FMA Disclose register. View Mint New Zealand SRI Equity Fund page Salt Enhanced Property Fund What are typical fees for a fund of funds? This fund is a listed property fund (not a fund of funds). Its annual fund charge is 1.02% p.a., which sits marginally above the peer-cohort average of 0.95% p.a. for its category. For fee comparisons across different fund structures, check the latest Product Disclosure Statement or use the FMA Disclose register. View Salt Enhanced Property Fund page Castle Point 5 Oceans Fund What are typical fees for a fund of funds? Castle Point 5 Oceans Fund charges an annual fund charge of 1.18% p.a., which is 0.12 percentage points above the peer-cohort average of 1.06% p.a. for diversified funds. For a full breakdown of how fees are calculated and what they cover, see the fund's latest Product Disclosure Statement on the Castle Point website or FMA Disclose register. View Castle Point 5 Oceans Fund page NZ Funds Global Bonds What are typical fees for a fund of funds? NZ Funds Global Bonds has an annual fund charge of 1.44% p.a., as at the latest QFU. The peer-cohort average fee for comparable funds is 0.65% p.a. For a full breakdown of all fees and charges, see the fund's PDS or the FMA Disclose register. View NZ Funds Global Bonds page Fisher Funds Property & Infrastructure Fund What are the management fees for infrastructure funds? This Fisher Funds Property & Infrastructure Fund charges an annual fund charge of 1.53% p.a. (as at latest QFU); the peer-cohort average annual fee for listed property funds is 0.95% p.a. The full fee schedule and what is included should be confirmed in the current PDS, as additional costs may apply depending on how you invest. View Fisher Funds Property & Infrastructure Fund page NZ Funds Global Property What are typical fees for a fund of funds? Fund of funds typically charge layered fees—one at the underlying fund level and one at the wrapper level—which can result in higher combined costs than direct fund investment. For detailed fee comparisons across specific fund structures, check the relevant Product Disclosure Statements or the FMA Disclose register. View NZ Funds Global Property page NZ Funds Global Infrastructure What are the fund fees in New Zealand? Fund fees vary significantly by fund and strategy. NZ Funds Global Infrastructure has an annual fund charge of 2.53% p.a. as at the latest Quarterly Fund Update. For comparison, the peer-cohort average annual fee for similar funds is 1.29% p.a. You can compare fees across NZ-domiciled funds via the FMA Disclose register. View NZ Funds Global Infrastructure page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What bond is paying 7.5% interest? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-bond-is-paying-7-5-interest/ > What bond is paying 7.5% interest? — surfaced by Google's "People also ask" panel for 15 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What bond is paying 7.5% interest? Google's "People also ask" panel surfaces this question on the search results page for 15 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 15 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Simplicity NZ Bond Fund Simplicity NZ Fixed Interest 0.10% Simplicity Hedged Global Bond Fund Simplicity International FI 0.15% Kernel US Bond Fund Kernel International FI 0.30% Smart Global Aggregate Bond ETF Smartshares International FI 0.30% Harbour NZ Corporate Bond Fund Harbour NZ Fixed Interest 0.47% JPMorgan Global Bond Fund JPMorgan International FI 0.47% Hunter Global Fixed Interest Fund Hunter International FI 0.53% Smart NZ Bond ETF Smartshares NZ Fixed Interest 0.54% Milford Trans-Tasman Bond Fund Milford NZ Fixed Interest 0.65% Harbour NZ Core Fixed Interest Fund Harbour NZ Fixed Interest 0.66% Amova Corporate Bond Fund Amova NZ Fixed Interest 0.70% Milford Global Corporate Bond Fund Milford International FI 0.85% NZ Funds Global Bonds NZ Funds International FI 1.44% NZ Funds New Zealand and Australian Bonds NZ Funds NZ Fixed Interest 1.44% Artesian Short Duration Corporate Bond Fund (NZD) Artesian International FI — Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What investment has the highest return in NZ? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-investment-has-the-highest-return-in-nz/ > What investment has the highest return in NZ? — surfaced by Google's "People also ask" panel for 76 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What investment has the highest return in NZ? Google's "People also ask" panel surfaces this question on the search results page for 76 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 76 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Simplicity NZ Bond Fund Simplicity NZ Fixed Interest 0.10% Simplicity NZ Share Fund Simplicity Australasian Equities 0.10% Simplicity NZ Cash Fund Simplicity Cash 0.12% Simplicity Unhedged Global Share Fund Simplicity International Equities 0.15% Kernel Australia 100 Fund Kernel Australasian Equities 0.25% Kernel Balanced Fund Kernel Diversified 0.25% Kernel Cash Plus Fund Kernel Cash 0.25% Kernel Conservative Fund Kernel Diversified 0.25% Kernel High Growth Fund Kernel Diversified 0.25% Kernel NZ Commercial Property Fund Kernel Listed Property 0.25% Kernel S&P 500 (Unhedged) Fund Kernel International Equities 0.25% Simplicity Balanced Investment Fund Simplicity Diversified 0.25% Simplicity Conservative Investment Fund Simplicity Diversified 0.25% Simplicity Growth Investment Fund Simplicity Diversified 0.25% Simplicity High Growth Investment Fund Simplicity Diversified 0.25% Simplicity Homes and Income Investment Fund Simplicity Diversified 0.25% Mercer NZ Shares Passive Fund Mercer Australasian Equities 0.36% Foundation Series High Growth Fund Foundation Series Diversified 0.37% Kernel S&P Global Clean Energy Fund Kernel International Equities 0.45% ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments NZ Fixed Interest 0.46% ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments International FI 0.49% Russell Investments NZ Fixed Interest Fund Russell Investments NZ Fixed Interest 0.49% Mercer Macquarie NZ Fixed Interest Fund Mercer NZ Fixed Interest 0.60% Summer New Zealand Cash Summer Cash 0.62% ANZ Investments OneAnswer Conservative Fund ANZ Investments Diversified 0.63% Lifetime Cash Fund Lifetime Cash 0.65% Harbour NZ Core Fixed Interest Fund Harbour NZ Fixed Interest 0.66% Mercer Macquarie NZ Short Duration Fund Mercer NZ Fixed Interest 0.68% Booster Wealth Moderate Fund Booster Diversified 0.74% ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments Diversified 0.75% Harbour Real Estate Investment Fund Harbour Listed Property 0.77% Russell Investments NZ Shares Fund Russell Investments Australasian Equities 0.78% ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments International Equities 0.84% ANZ Investments OneAnswer Balanced Fund ANZ Investments Diversified 0.90% Booster Wealth Growth Fund Booster Diversified 0.91% ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer High Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer International Share Fund ANZ Investments International Equities 0.96% Booster Wealth High Growth Fund Booster Diversified 0.96% Fisher Funds New Zealand Fixed Income Trust Fisher Funds NZ Fixed Interest 0.97% Mint New Zealand SRI Equity Fund Mint Australasian Equities 0.97% ANZ Investments OneAnswer International Property Fund ANZ Investments Listed Property 0.99% Lifetime Balanced Fund Lifetime Diversified 0.99% Lifetime Conservative Fund Lifetime Diversified 0.99% Lifetime Growth Fund Lifetime Diversified 0.99% ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments Australasian Equities 1.05% Milford Active Growth Fund Milford Diversified 1.05% ANZ Investments OneAnswer Property Securities Fund ANZ Investments Listed Property 1.06% ANZ Investments OneAnswer Australian Share Fund ANZ Investments Australasian Equities 1.09% Amova Concentrated Equity Fund Amova Australasian Equities 1.15% Milford Aggressive Fund Milford Diversified 1.15% Octagon New Zealand Equities Fund Octagon Australasian Equities 1.17% NZ Funds Wealth Builder - Income Strategy NZ Funds Diversified 1.20% TAHITO Te Tai o Rehua Fund TAHITO Australasian Equities 1.26% QuayStreet NZ Equity Fund QuayStreet Australasian Equities 1.27% Booster Socially Responsible Growth Fund Booster Diversified 1.34% Fisher Funds Conservative Fund Fisher Funds Diversified 1.35% Lifetime Retirement Income Fund Lifetime Diversified 1.36% Booster Shielded Growth Fund Booster Diversified 1.41% Fisher Funds New Zealand Growth Fund Fisher Funds Australasian Equities 1.42% NZ Funds Global Bonds NZ Funds International FI 1.44% NZ Funds New Zealand and Australian Bonds NZ Funds NZ Fixed Interest 1.44% ACI Conservative Fund ACI Diversified 1.50% ACI Growth Fund ACI Diversified 1.61% Pie Global Growth Fund 2 Pie Funds International Equities 1.61% Fisher Funds Global Fund Fisher Funds International Equities 1.64% NZ Funds Income Generator NZ Funds Diversified 1.67% Pie Growth UK & Europe Fund Pie Funds International Equities 1.85% NZ Funds Wealth Builder - Growth Strategy NZ Funds Diversified 2.14% NZ Funds Global Property NZ Funds Listed Property 2.52% NZ Funds New Zealand Property and Retirement Villages NZ Funds Listed Property 2.52% NZ Funds New Zealand and Australian Shares NZ Funds Australasian Equities 2.52% NZ Funds Global Infrastructure NZ Funds Other 2.53% NZ Funds Global Utilities NZ Funds International Equities 2.53% NZ Funds Global Shares NZ Funds International Equities 3.12% Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. ANZ Investments OneAnswer International Fixed Interest Fund What investment has the highest return in NZ? Returns vary significantly by fund, asset class, and time period. ANZ Investments OneAnswer International Fixed Interest Fund returned 0.57% p.a. after fees and before tax over the 5-year period as at the latest QFU, reflecting its ~99.69% allocation to income assets. Compare returns across funds in our coverage using FMA Disclose data at https://disclose-register.companiesoffice.govt.nz/. View ANZ Investments OneAnswer International Fixed Interest Fund page Russell Investments NZ Fixed Interest Fund What investment has the highest return in NZ? Returns vary significantly by asset class, fund manager, and time period. This Russell Investments NZ Fixed Interest Fund returned 0.54% p.a. after fees (before tax) over the 5 years to the latest QFU, reflecting income asset positioning. Compare returns across funds in our coverage or consult FMA Disclose for peer-cohort benchmarks. View Russell Investments NZ Fixed Interest Fund page Harbour NZ Core Fixed Interest Fund What investment has the highest return in NZ? Past returns vary across asset classes and individual funds; the Harbour NZ Core Fixed Interest Fund achieved a 5-year return after fees of 0.82% p.a. based on FMA Disclose data. Higher historical returns typically correlate with higher risk; review the fund's risk indicator (3/7) and asset allocation (99.87% income assets, 0.13% growth assets) against your risk appetite. For current return comparisons across funds, consult the FMA Disclose Register or speak with a financial adviser. View Harbour NZ Core Fixed Interest Fund page ANZ Investments OneAnswer New Zealand Share Fund What investment has the highest return in NZ? We cannot identify which investment has the highest return, as returns vary by time period, asset class, and market conditions. Past returns do not guarantee future performance. You can compare historical returns across funds in our coverage, and view detailed performance data on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View ANZ Investments OneAnswer New Zealand Share Fund page Octagon New Zealand Equities Fund What investment has the highest return in NZ? Returns vary significantly across asset classes, fund managers, and timeframes. Historical returns are published on the FMA Disclose register and in fund Product Disclosure Statements. Any fund comparison should account for risk (Octagon New Zealand Equities Fund carries a 5/7 risk indicator), fees, and your investment timeframe. View Octagon New Zealand Equities Fund page TAHITO Te Tai o Rehua Fund What investment has the highest return in NZ? Returns vary by asset class, market conditions, and time horizon. TAHITO Te Tai o Rehua Fund (an Australasian Equities fund) returned 3.59% p.a. after fees over the past 5 years as at the latest QFU; compare this against other funds in our coverage via FMA Disclose (https://disclose-register.companiesoffice.govt.nz/) to see historical returns across different fund types and managers. View TAHITO Te Tai o Rehua Fund page QuayStreet NZ Equity Fund What investment has the highest return in NZ? Returns vary significantly across asset classes, funds, and time periods. QuayStreet NZ Equity Fund is classified as an Australasian Equities fund with a 5-year return of 7.14% p.a. after fees; to compare returns across different fund categories and managers, use the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View QuayStreet NZ Equity Fund page Booster Shielded Growth Fund What investment has the highest return in NZ? Historical returns vary significantly by asset class and timeframe. Booster Shielded Growth Fund returned 5.13% p.a. after fees over the past 5 years as at the latest QFU; you can compare this against other funds in our database using the performance and returns filter. View Booster Shielded Growth Fund page NZ Funds New Zealand and Australian Bonds What investment has the highest return in NZ? Different investment types deliver different returns depending on market conditions and time horizons. This fund's 5-year return after fees and before tax was 0.97% p.a. as at the latest disclosure. For a comparison of returns across different fund categories, use the fund comparison tools on this website or check the FMA Disclose register. View NZ Funds New Zealand and Australian Bonds page NZ Funds Wealth Builder - Growth Strategy What investment has the highest return in NZ? Returns vary significantly by fund, asset class, and time period. The NZ Funds Wealth Builder - Growth Strategy achieved 0.96% p.a. after fees over 5 years as at the latest QFU; for a broader comparison of returns across funds in your category of interest, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View NZ Funds Wealth Builder - Growth Strategy page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What is the 7% rule in ETF? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-is-the-7-rule-in-etf/ > What is the 7% rule in ETF? — surfaced by Google's "People also ask" panel for 30 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What is the 7% rule in ETF? Google's "People also ask" panel surfaces this question on the search results page for 30 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 30 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Foundation Series US 500 Fund Foundation Series International Equities 0.03% Smart S&P/NZX 50 ETF Smartshares Australasian Equities 0.20% Kernel Australia 100 Fund Kernel Australasian Equities 0.25% Smart Global Aggregate Bond ETF Smartshares International FI 0.30% Smart Australian Top 200 ETF Smartshares Australasian Equities 0.30% Smart US ESG ETF Smartshares International Equities 0.34% Smart Total World ETF Smartshares International Equities 0.40% Smart NZ Top 50 ETF Smartshares Australasian Equities 0.50% Smart US Large Growth ETF Smartshares International Equities 0.51% Smart US Mid Cap ETF Smartshares International Equities 0.51% Smart US Small Cap ETF Smartshares International Equities 0.51% Smart US Large Value ETF Smartshares International Equities 0.51% Smart Australian Financials ETF Smartshares Australasian Equities 0.54% Smart Australian Property ETF Smartshares Listed Property 0.54% Smart Australian Resources ETF Smartshares Australasian Equities 0.54% Smart Global ESG ETF Smartshares International Equities 0.54% Smart NZ Property ETF Smartshares Listed Property 0.54% Smart NZ Bond ETF Smartshares NZ Fixed Interest 0.54% Smart Asia Pacific ETF Smartshares International Equities 0.55% Smart Europe ETF Smartshares International Equities 0.55% Smart Europe ESG ETF Smartshares International Equities 0.55% Smart Japan ESG ETF Smartshares International Equities 0.55% Smart Emerging Markets ETF Smartshares International Equities 0.59% Smart Emerging Markets ESG ETF Smartshares International Equities 0.59% Smart NZ Mid Cap ETF Smartshares Australasian Equities 0.60% Smart Australian Top 20 ETF Smartshares Australasian Equities 0.60% Smart NZ Top 10 ETF Smartshares Australasian Equities 0.60% Smart Automation and Robotics ETF Smartshares International Equities 0.75% Smart Healthcare Innovation ETF Smartshares International Equities 0.75% Smart Australian Mid Cap ETF Smartshares Australasian Equities 0.75% Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What is the best performing KiwiSaver fund in NZ? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-is-the-best-performing-kiwisaver-fund-in-nz/ > What is the best performing KiwiSaver fund in NZ? — surfaced by Google's "People also ask" panel for 26 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What is the best performing KiwiSaver fund in NZ? Google's "People also ask" panel surfaces this question on the search results page for 26 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 26 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Simplicity NZ Cash Fund Simplicity Cash 0.12% Foundation Series High Growth Fund Foundation Series Diversified 0.37% Foundation Series Growth Fund Foundation Series Diversified 0.38% ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments NZ Fixed Interest 0.46% Evidential Sustainable Targeted Factor Fund Evidential International Equities 0.62% Booster Wealth Moderate Fund Booster Diversified 0.74% QuayStreet Income Fund QuayStreet Diversified 0.77% Milford Conservative Fund Milford Diversified 0.85% ANZ Investments OneAnswer High Growth Fund ANZ Investments Diversified 0.95% Booster Wealth High Growth Fund Booster Diversified 0.96% Fisher Funds Income Fund Fisher Funds International FI 0.99% Milford Active Growth Fund Milford Diversified 1.05% Milford Balanced Fund Milford Diversified 1.05% Castle Point 5 Oceans Fund Castle Point Diversified 1.18% QuayStreet NZ Equity Fund QuayStreet Australasian Equities 1.27% Mercer Income Generator Fund Mercer Diversified 1.28% Pathfinder Ethical Growth Fund Pathfinder Diversified 1.31% Booster Socially Responsible Balanced Fund Booster Diversified 1.33% Booster Socially Responsible High Growth Fund Booster Diversified 1.35% Fisher Funds Conservative Fund Fisher Funds Diversified 1.35% Generate Focused Growth Managed Fund Generate Diversified 1.35% Booster Shielded Growth Fund Booster Diversified 1.41% ACI Conservative Fund ACI Diversified 1.50% Fisher Funds Property & Infrastructure Fund Fisher Funds Listed Property 1.53% ACI Growth Fund ACI Diversified 1.61% Fisher Funds Global Fund Fisher Funds International Equities 1.64% Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. Evidential Sustainable Targeted Factor Fund What fund should my KiwiSaver be in? Fund choice depends on your personal circumstances, investment horizon, and risk tolerance, which are outside the scope of this comparison tool. If you hold a KiwiSaver scheme account, your fund provider's literature and FMA Disclose register should outline the risk, fees, and investment approach of each option available to you. The Evidential Sustainable Targeted Factor Fund is not a KiwiSaver product and is available through Evidential directly. View Evidential Sustainable Targeted Factor Fund page QuayStreet NZ Equity Fund What is the best performing investment fund over the last 5 years? QuayStreet NZ Equity Fund delivered a 5-year return after fees of 7.14% p.a. (as at the latest QFU); however, past performance is not indicative of future results. To compare this fund's returns against peers in the Australasian Equities category, see the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View QuayStreet NZ Equity Fund page Booster Shielded Growth Fund What is the best growth fund to invest in? Fund selection depends on your circumstances, risk tolerance, and investment timeframe. Booster Shielded Growth Fund is a diversified growth fund (risk indicator 4/7) with a 5-year return after fees of 5.13% p.a. as at the latest QFU; compare this against other funds in our coverage using filters for asset mix, fees, and performance on managedfunds.nz. View Booster Shielded Growth Fund page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What is Warren Buffett's favorite ETF? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-is-warren-buffett-favorite-etf/ > What is Warren Buffett's favorite ETF? — surfaced by Google's "People also ask" panel for 46 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What is Warren Buffett's favorite ETF? Google's "People also ask" panel surfaces this question on the search results page for 46 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 46 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Foundation Series US 500 Fund Foundation Series International Equities 0.03% Smart S&P/NZX 50 ETF Smartshares Australasian Equities 0.20% Kernel Australia 100 Fund Kernel Australasian Equities 0.25% Kernel Global Infrastructure Fund Kernel Other 0.25% Kernel S&P 500 (Unhedged) Fund Kernel International Equities 0.25% Smart Australian Top 200 ETF Smartshares Australasian Equities 0.30% Smart US ESG ETF Smartshares International Equities 0.34% Smart US 500 ETF Smartshares International Equities 0.34% Smart Total World ETF Smartshares International Equities 0.40% Kernel S&P Global Clean Energy Fund Kernel International Equities 0.45% JPMorgan Global Bond Fund JPMorgan International FI 0.47% Smart NZ Top 50 ETF Smartshares Australasian Equities 0.50% Smart US Large Growth ETF Smartshares International Equities 0.51% Smart US Mid Cap ETF Smartshares International Equities 0.51% Smart US Small Cap ETF Smartshares International Equities 0.51% Smart US Large Value ETF Smartshares International Equities 0.51% Hunter Global Fixed Interest Fund Hunter International FI 0.53% Smart Australian Dividend ETF Smartshares Australasian Equities 0.54% Smart Australian Financials ETF Smartshares Australasian Equities 0.54% Smart Australian Property ETF Smartshares Listed Property 0.54% Smart Australian Resources ETF Smartshares Australasian Equities 0.54% Smart Global ESG ETF Smartshares International Equities 0.54% Smart Asia Pacific ETF Smartshares International Equities 0.55% Smart Europe ETF Smartshares International Equities 0.55% Smart Europe ESG ETF Smartshares International Equities 0.55% Smart Japan ESG ETF Smartshares International Equities 0.55% Smart Emerging Markets ETF Smartshares International Equities 0.59% Smart Emerging Markets ESG ETF Smartshares International Equities 0.59% Mercer Macquarie NZ Fixed Interest Fund Mercer NZ Fixed Interest 0.60% Smart NZ Mid Cap ETF Smartshares Australasian Equities 0.60% Smart Australian Top 20 ETF Smartshares Australasian Equities 0.60% Mercer Macquarie NZ Short Duration Fund Mercer NZ Fixed Interest 0.68% Smart Automation and Robotics ETF Smartshares International Equities 0.75% Smart Healthcare Innovation ETF Smartshares International Equities 0.75% Smart Australian Mid Cap ETF Smartshares Australasian Equities 0.75% ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments International Equities 0.84% Lighthouse Global Equity Fund Lighthouse International Equities 1.03% Russell Investments Global Listed Infrastructure Fund Russell Investments Other 1.08% Amova Global Shares Fund Amova International Equities 1.20% Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour International Equities 1.24% Mercer Global Shares Fund Mercer International Equities 1.25% Mercer Responsible Balanced Fund Mercer Diversified 1.25% Mercer Income Generator Fund Mercer Diversified 1.28% Mercer Global Listed Real Estate Fund Mercer Listed Property 1.33% Mercer Global Listed Infrastructure Fund Mercer Other 1.34% Mercer Responsible Global Shares Fund Mercer International Equities 1.69% Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## What is Warren Buffett's favorite index fund? — what NZ managed funds say URL: https://managedfunds.nz/questions/what-is-warren-buffett-favorite-index-fund/ > What is Warren Buffett's favorite index fund? — surfaced by Google's "People also ask" panel for 63 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question What is Warren Buffett's favorite index fund? Google's "People also ask" panel surfaces this question on the search results page for 63 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 63 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Foundation Series Hedged US 500 Fund Foundation Series International Equities 0.03% Foundation Series US 500 Fund Foundation Series International Equities 0.03% Foundation Series Hedged Total World Fund Foundation Series International Equities 0.07% Foundation Series Total World Fund Foundation Series International Equities 0.07% Foundation Series Nasdaq-100 Fund Foundation Series International Equities 0.15% Harbour NZ Index Shares Fund Harbour Australasian Equities 0.21% Kernel Balanced Fund Kernel Diversified 0.25% Kernel Conservative Fund Kernel Diversified 0.25% Kernel High Growth Fund Kernel Diversified 0.25% Kernel S&P 500 (Unhedged) Fund Kernel International Equities 0.25% Harbour Sustainable Impact Fund Harbour Diversified 0.27% Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional International FI 0.28% Kernel US Bond Fund Kernel International FI 0.30% Russell Investments Hedged Sustainable Global Shares Fund Russell Investments International Equities 0.33% Dimensional Australian Sustainability PIE Fund Dimensional Australasian Equities 0.35% Foundation Series Balanced Fund Foundation Series Diversified 0.36% Mercer NZ Shares Passive Fund Mercer Australasian Equities 0.36% Foundation Series High Growth Fund Foundation Series Diversified 0.37% Foundation Series Growth Fund Foundation Series Diversified 0.38% Dimensional Global Sustainability PIE Fund Dimensional International Equities 0.40% Mercer All Country Global Shares Index Fund Mercer International Equities 0.43% Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer International FI 0.43% Kernel Emerging Markets Fund Kernel International Equities 0.45% Milford Diversified Income Fund Milford Diversified 0.65% Harbour Income Fund Harbour Diversified 0.66% Booster Wealth Moderate Fund Booster Diversified 0.74% Harbour Real Estate Investment Fund Harbour Listed Property 0.77% AMP Aggressive Managed Fund AMP Diversified 0.80% Bentham Global Income PIE Fund Bentham International FI 0.83% Booster Wealth Balanced Fund Booster Diversified 0.83% Milford Conservative Fund Milford Diversified 0.85% Lifetime Balanced Fund Lifetime Diversified 0.99% Lifetime Conservative Fund Lifetime Diversified 0.99% Pathfinder Global Property Fund Pathfinder Listed Property 1.00% Mint Diversified Income Fund Mint Diversified 1.01% Salt Enhanced Property Fund Salt Listed Property 1.02% Lighthouse Global Equity Fund Lighthouse International Equities 1.03% Harbour Balanced Growth Fund Harbour Diversified 1.04% Milford Balanced Fund Milford Diversified 1.05% Harbour Australasian Equity Income Fund Harbour Australasian Equities 1.10% Milford Aggressive Fund Milford Diversified 1.15% Octagon Balanced Fund Octagon Diversified 1.17% Amova Global Shares Fund Amova International Equities 1.20% Harbour T. Rowe Price Global Equity Fund Harbour International Equities 1.21% Harbour Long Short Fund Harbour Australasian Equities 1.23% Fisher Funds BondPlus Fund Fisher Funds International FI 1.26% Devon Alpha Fund Devon Australasian Equities 1.30% Pathfinder Global Responsibility Fund Pathfinder International Equities 1.30% Booster Socially Responsible Balanced Fund Booster Diversified 1.33% Mercer Global Listed Real Estate Fund Mercer Listed Property 1.33% Booster Socially Responsible Growth Fund Booster Diversified 1.34% Generate Focused Growth Managed Fund Generate Diversified 1.35% ACI Conservative Fund ACI Diversified 1.50% ACI Growth Fund ACI Diversified 1.61% Pie Global Growth Fund 2 Pie Funds International Equities 1.61% Elevation Capital Global Shares Fund Elevation Capital International Equities 1.80% Pie Growth UK & Europe Fund Pie Funds International Equities 1.85% Hyperion Global Growth Companies PIE Fund Hyperion International Equities 4.38% Bentham Global Opportunities PIE Fund Bentham International FI — Dexus Global REIT Fund Dexus Listed Property — Ellerston Global Mid Small Cap Fund Ellerston International Equities — India Avenue Equity Fund — H Class India Avenue International Equities — Vanguard International Shares Select Exclusions Index Fund Vanguard International Equities — Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. Harbour Balanced Growth Fund What's the difference between a growth fund and a balanced fund? A growth fund typically allocates a higher proportion to growth assets (shares and property) to pursue capital appreciation, while a balanced fund like Harbour Balanced Growth Fund holds a more moderate mix—in this case approximately 78.34% growth assets and 21.66% income assets—to balance growth potential with income stability. The balanced approach generally carries a lower risk indicator on the FMA standardised scale; Harbour's risk indicator is 4/7. View Harbour Balanced Growth Fund page Harbour Australasian Equity Income Fund What is the difference between equity fund and income fund? An equity fund invests in shares with the primary goal of capital growth, while an income fund prioritises regular cash distributions (dividends or interest). The Harbour Australasian Equity Income Fund blends both approaches: it selects equities for dividend-paying potential, but its asset mix remains heavily weighted to growth assets (98.31%), meaning capital movements may have a material effect on overall returns. View Harbour Australasian Equity Income Fund page Vanguard International Shares Select Exclusions Index Fund What is Vanguard International shares Select Exclusions index fund? This is an international equities index fund managed by Vanguard Australia that tracks a selection of global shares while applying exclusion screens. The fund is available to NZ investors via InvestNow and is taxed under the FIF rules (file IR3). Check the current product disclosure statement on the Vanguard website for full details on the exclusion criteria and index methodology. View Vanguard International Shares Select Exclusions Index Fund page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## Where can I get 10% return on my money? — what NZ managed funds say URL: https://managedfunds.nz/questions/where-can-i-get-10-return-on-my-money/ > Where can I get 10% return on my money? — surfaced by Google's "People also ask" panel for 60 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question Where can I get 10% return on my money? Google's "People also ask" panel surfaces this question on the search results page for 60 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 60 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Simplicity NZ Bond Fund Simplicity NZ Fixed Interest 0.10% Simplicity NZ Share Fund Simplicity Australasian Equities 0.10% Simplicity NZ Cash Fund Simplicity Cash 0.12% Smart S&P/NZX 50 ETF Smartshares Australasian Equities 0.20% Kernel Cash Plus Fund Kernel Cash 0.25% Simplicity Homes and Income Investment Fund Simplicity Diversified 0.25% Kernel US Bond Fund Kernel International FI 0.30% Mercer NZ Shares Passive Fund Mercer Australasian Equities 0.36% Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional International Equities 0.40% ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments NZ Fixed Interest 0.46% Hunter Global Fixed Interest Fund Hunter International FI 0.53% Russell Investments Global Fixed Interest Fund Russell Investments International FI 0.58% Mercer Macquarie NZ Fixed Interest Fund Mercer NZ Fixed Interest 0.60% Lifetime Cash Fund Lifetime Cash 0.65% Milford Diversified Income Fund Milford Diversified 0.65% Milford Trans-Tasman Bond Fund Milford NZ Fixed Interest 0.65% Harbour Income Fund Harbour Diversified 0.66% Harbour NZ Core Fixed Interest Fund Harbour NZ Fixed Interest 0.66% Booster Wealth Moderate Fund Booster Diversified 0.74% Harbour Real Estate Investment Fund Harbour Listed Property 0.77% QuayStreet Income Fund QuayStreet Diversified 0.77% ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments International Equities 0.84% Summer Global Fixed Interest Summer International FI 0.87% Booster Wealth Growth Fund Booster Diversified 0.91% ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments Diversified 0.95% Booster Wealth High Growth Fund Booster Diversified 0.96% Fisher Funds New Zealand Fixed Income Trust Fisher Funds NZ Fixed Interest 0.97% ANZ Investments OneAnswer International Property Fund ANZ Investments Listed Property 0.99% Fisher Funds Income Fund Fisher Funds International FI 0.99% Lifetime Balanced Fund Lifetime Diversified 0.99% Lifetime Growth Fund Lifetime Diversified 0.99% Mint Diversified Income Fund Mint Diversified 1.01% Salt Enhanced Property Fund Salt Listed Property 1.02% Milford Active Growth Fund Milford Diversified 1.05% Milford Australian Absolute Growth Fund Milford Australasian Equities 1.05% ANZ Investments OneAnswer Property Securities Fund ANZ Investments Listed Property 1.06% Amova Concentrated Equity Fund Amova Australasian Equities 1.15% Octagon New Zealand Equities Fund Octagon Australasian Equities 1.17% Mint Australasian Equity Fund Mint Australasian Equities 1.18% NZ Funds Wealth Builder - Income Strategy NZ Funds Diversified 1.20% Fisher Funds BondPlus Fund Fisher Funds International FI 1.26% QuayStreet NZ Equity Fund QuayStreet Australasian Equities 1.27% Booster Wealth Geared Growth Fund Booster Diversified 1.35% Fisher Funds Conservative Fund Fisher Funds Diversified 1.35% Generate Focused Growth Managed Fund Generate Diversified 1.35% Booster Shielded Growth Fund Booster Diversified 1.41% NZ Funds Global Bonds NZ Funds International FI 1.44% NZ Funds New Zealand and Australian Bonds NZ Funds NZ Fixed Interest 1.44% Fisher Funds Growth Fund Fisher Funds Diversified 1.46% Pie Global Growth Fund 2 Pie Funds International Equities 1.61% Fisher Funds Global Fund Fisher Funds International Equities 1.64% Pie Growth UK & Europe Fund Pie Funds International Equities 1.85% NZ Funds Wealth Builder - Growth Strategy NZ Funds Diversified 2.14% NZ Funds Global Property NZ Funds Listed Property 2.52% NZ Funds New Zealand Property and Retirement Villages NZ Funds Listed Property 2.52% NZ Funds New Zealand and Australian Shares NZ Funds Australasian Equities 2.52% NZ Funds Global Infrastructure NZ Funds Other 2.53% NZ Funds Global Utilities NZ Funds International Equities 2.53% NZ Funds Global Shares NZ Funds International Equities 3.12% Antipodes Global Fund – Long (PIE) Antipodes International Equities — Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. ANZ Investments OneAnswer New Zealand Fixed Interest Fund Where can I get 10% return on my money? The ANZ Investments OneAnswer New Zealand Fixed Interest Fund delivered a 5-year return after fees and before tax of 0.63% p.a. as at the latest QFU; fixed interest returns vary with interest rate cycles and are not comparable to growth-asset returns. For context on historical returns across different asset classes, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/. View ANZ Investments OneAnswer New Zealand Fixed Interest Fund page Russell Investments Global Fixed Interest Fund Where can I get 10% return on my money? Returns vary significantly by asset class, market conditions, and time period. This Russell Investments Global Fixed Interest Fund delivered 0.56% per annum after fees over the past 5 years; fixed-interest funds typically offer lower returns than growth-focused funds. Review the FMA Disclose register for comparable funds across different risk profiles. View Russell Investments Global Fixed Interest Fund page Mercer Macquarie NZ Fixed Interest Fund Where can I get 10% return on my money? Fixed-interest funds typically deliver lower returns than growth-focused investments, reflecting their lower risk profile. This fund's 5-year return after fees was 0.71% p.a.; substantially higher returns generally require exposure to growth assets and carry higher risk. Compare funds across different risk levels and asset classes on managedfunds.nz to find strategies aligned with your objectives. View Mercer Macquarie NZ Fixed Interest Fund page Milford Australian Absolute Growth Fund Where can I get 10% return on my money? No fund can guarantee a specific return; the Milford Australian Absolute Growth Fund delivered 5.63% p.a. after fees and before tax over the last 5 years based on FMA Disclose data. Higher returns typically come with higher risk, so compare historical performance and risk indicators across funds on FMA Disclose to identify options that match your risk tolerance. View Milford Australian Absolute Growth Fund page Mint Australasian Equity Fund Where can I get 10% return on my money? No investment can guarantee a specific return. The Mint Australasian Equity Fund reported a 5-year return after fees and before tax of 0.24% p.a. as at the latest QFU—past performance does not indicate future returns. Investors should review the PDS and FMA Disclose data to understand the risks and historical performance of any fund before deciding whether it matches their financial goals. View Mint Australasian Equity Fund page NZ Funds Wealth Builder - Growth Strategy Where can I get 10% return on my money? Returns depend on fund strategy, market conditions, and time horizon. The NZ Funds Wealth Builder - Growth Strategy holds ~98.31% growth assets; historical 5-year returns after fees were 0.96% p.a. For current return data across all available funds, refer to the FMA Disclose register and your chosen fund's latest Product Disclosure Statement. View NZ Funds Wealth Builder - Growth Strategy page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## Where can I get a 10% return on my money? — what NZ managed funds say URL: https://managedfunds.nz/questions/where-can-i-get-a-10-return-on-my-money/ > Where can I get a 10% return on my money? — surfaced by Google's "People also ask" panel for 30 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question Where can I get a 10% return on my money? Google's "People also ask" panel surfaces this question on the search results page for 30 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 30 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Harbour Sustainable Impact Fund Harbour Diversified 0.27% Mercer NZ Shares Passive Fund Mercer Australasian Equities 0.36% Dimensional Global Sustainability PIE Fund Dimensional International Equities 0.40% Smart US Large Value ETF Smartshares International Equities 0.51% Mercer Macquarie NZ Fixed Interest Fund Mercer NZ Fixed Interest 0.60% Lifetime Cash Fund Lifetime Cash 0.65% Milford Diversified Income Fund Milford Diversified 0.65% Harbour Income Fund Harbour Diversified 0.66% Mercer Macquarie NZ Short Duration Fund Mercer NZ Fixed Interest 0.68% Booster Wealth Moderate Fund Booster Diversified 0.74% AMP Aggressive Managed Fund AMP Diversified 0.80% Bentham Global Income PIE Fund Bentham International FI 0.83% Lifetime Growth Fund Lifetime Diversified 0.99% Coolabah Global Floating-Rate High Yield PIE Fund Coolabah International FI 1.00% Mint Diversified Income Fund Mint Diversified 1.01% Harbour Australasian Equity Income Fund Harbour Australasian Equities 1.10% Milford Aggressive Fund Milford Diversified 1.15% Octagon Australasian Equities Fund Octagon Australasian Equities 1.17% Amova Global Shares Fund Amova International Equities 1.20% Mercer Core Global Shares Fund Mercer International Equities 1.24% Mercer Global Shares Fund Mercer International Equities 1.25% Mercer Responsible Balanced Fund Mercer Diversified 1.25% Mercer Income Generator Fund Mercer Diversified 1.28% Pathfinder Global Responsibility Fund Pathfinder International Equities 1.30% Pathfinder Ethical Growth Fund Pathfinder Diversified 1.31% Booster Socially Responsible Growth Fund Booster Diversified 1.34% Fisher Funds Growth Fund Fisher Funds Diversified 1.46% Fisher Funds Global Fund Fisher Funds International Equities 1.64% Mercer Responsible Global Shares Fund Mercer International Equities 1.69% NZ Funds Global Utilities NZ Funds International Equities 2.53% Fund-specific answers Where we've already produced an answer for a fund whose Google PAA includes this question, that answer is shown below — grounded in the fund's own filed data. Not personal financial advice. Mercer Macquarie NZ Fixed Interest Fund Where can I get 10% return on my money? Fixed-interest funds typically deliver lower returns than growth-focused investments, reflecting their lower risk profile. This fund's 5-year return after fees was 0.71% p.a.; substantially higher returns generally require exposure to growth assets and carry higher risk. Compare funds across different risk levels and asset classes on managedfunds.nz to find strategies aligned with your objectives. View Mercer Macquarie NZ Fixed Interest Fund page Mercer Macquarie NZ Short Duration Fund Where can I get a 10% return on my money? This fund's 5-year after-fees, pre-tax return was 1.87% p.a. as at the latest QFU; returns vary by fund type and market conditions, and past performance does not indicate future returns. For information on returns across different fund categories and risk profiles, visit the FMA Disclose register or consult a financial adviser. View Mercer Macquarie NZ Short Duration Fund page Octagon Australasian Equities Fund Where can I get a 10% return on my money? No investment can guarantee a specific return rate. The Octagon Australasian Equities Fund achieved 9.1% p.a. after fees over 5 years, but past performance is not indicative of future results. Higher potential returns generally come with higher risk; review the fund's risk indicator (5/7 on the FMA standardised scale) and PDS before investing. View Octagon Australasian Equities Fund page Mercer Core Global Shares Fund Where can I get a 10% return on my money? Investment returns vary by fund, market conditions, and time period, and historical returns are not a guide to future performance. The Mercer Core Global Shares Fund achieved 13.93% p.a. over five years after fees (as at the latest QFU), but this is based on past performance and is not a forecast. Compare funds using the FMA Disclose Register to see actual historical returns across different timeframes. View Mercer Core Global Shares Fund page Mercer Global Shares Fund Where can I get a 10% return on my money? Past returns are not a guide to future returns. The Mercer Global Shares Fund delivered 10.36% p.a. after fees (before tax) over 5 years to the latest QFU, but individual returns will vary and may differ materially in future periods. Review the fund's PDS and historical performance data on FMA Disclose for context on volatility and risk. View Mercer Global Shares Fund page Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## Which ETF does Warren Buffett recommend? — what NZ managed funds say URL: https://managedfunds.nz/questions/which-etf-does-warren-buffett-recommend/ > Which ETF does Warren Buffett recommend? — surfaced by Google's "People also ask" panel for 22 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question Which ETF does Warren Buffett recommend? Google's "People also ask" panel surfaces this question on the search results page for 22 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 22 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Smart S&P/NZX 50 ETF Smartshares Australasian Equities 0.20% Smart Australian Top 200 ETF Smartshares Australasian Equities 0.30% Smart Total World ETF Smartshares International Equities 0.40% Kernel S&P Global Clean Energy Fund Kernel International Equities 0.45% Smart NZ Top 50 ETF Smartshares Australasian Equities 0.50% Smart US Large Growth ETF Smartshares International Equities 0.51% Smart US Mid Cap ETF Smartshares International Equities 0.51% Smart US Small Cap ETF Smartshares International Equities 0.51% Smart US Large Value ETF Smartshares International Equities 0.51% Smart Australian Financials ETF Smartshares Australasian Equities 0.54% Smart Australian Resources ETF Smartshares Australasian Equities 0.54% Smart Global ESG ETF Smartshares International Equities 0.54% Smart Global Bond ETF Smartshares International FI 0.54% Smart NZ Property ETF Smartshares Listed Property 0.54% Smart Asia Pacific ETF Smartshares International Equities 0.55% Smart Emerging Markets ETF Smartshares International Equities 0.59% Smart Emerging Markets ESG ETF Smartshares International Equities 0.59% Smart NZ Mid Cap ETF Smartshares Australasian Equities 0.60% Smart Australian Top 20 ETF Smartshares Australasian Equities 0.60% Smart NZ Top 10 ETF Smartshares Australasian Equities 0.60% Smart Healthcare Innovation ETF Smartshares International Equities 0.75% Smart Australian Mid Cap ETF Smartshares Australasian Equities 0.75% Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Who is the best fund manager in New Zealand?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## Who is the best fund manager in New Zealand? — what NZ managed funds say URL: https://managedfunds.nz/questions/who-is-the-best-fund-manager-in-new-zealand/ > Who is the best fund manager in New Zealand? — surfaced by Google's "People also ask" panel for 57 NZ managed funds. Each fund's answer is grounded in its filed PDS, Fund Update and FMA Disclose data. Question Who is the best fund manager in New Zealand? Google's "People also ask" panel surfaces this question on the search results page for 57 of the 250 NZ retail managed funds in our coverage. The page below lists those funds and surfaces fund-specific answers drawn from each fund's filed PDS, Fund Update and FMA Disclose data. These pages are not personal financial advice. Where a fund's answer is shown, it is generated mechanically from that fund's filed data — it does not constitute a recommendation. For guidance specific to your situation, consult an authorised financial adviser. 57 funds where Google surfaces this question Ordered by annual fund charge from lowest. Funds without a published fee appear last. Fund Manager Category Annual fund charge Foundation Series Hedged Total World Fund Foundation Series International Equities 0.07% Foundation Series Total World Fund Foundation Series International Equities 0.07% Harbour NZ Index Shares Fund Harbour Australasian Equities 0.21% Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional International FI 0.25% Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional International FI 0.28% Dimensional Global Bond Sustainability PIE Fund Dimensional International FI 0.32% Dimensional Australian Sustainability PIE Fund Dimensional Australasian Equities 0.35% Foundation Series Balanced Fund Foundation Series Diversified 0.36% Mercer NZ Shares Passive Fund Mercer Australasian Equities 0.36% Foundation Series High Growth Fund Foundation Series Diversified 0.37% Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional International Equities 0.40% Dimensional Global Sustainability PIE Fund Dimensional International Equities 0.40% Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer International FI 0.43% Russell Investments NZ Fixed Interest Fund Russell Investments NZ Fixed Interest 0.49% Mercer Macquarie NZ Fixed Interest Fund Mercer NZ Fixed Interest 0.60% Milford Diversified Income Fund Milford Diversified 0.65% Harbour NZ Core Fixed Interest Fund Harbour NZ Fixed Interest 0.66% Mercer Macquarie NZ Short Duration Fund Mercer NZ Fixed Interest 0.68% QuayStreet Income Fund QuayStreet Diversified 0.77% Russell Investments NZ Shares Fund Russell Investments Australasian Equities 0.78% AMP International Shares Managed Fund AMP International Equities 0.79% AMP Aggressive Managed Fund AMP Diversified 0.80% AMP Balanced Managed Fund AMP Diversified 0.81% AMP Growth Managed Fund AMP Diversified 0.81% Amova Core Equity Fund Amova Australasian Equities 0.95% ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments Diversified 0.95% ANZ Investments OneAnswer International Share Fund ANZ Investments International Equities 0.96% Mint New Zealand SRI Equity Fund Mint Australasian Equities 0.97% Salt Enhanced Property Fund Salt Listed Property 1.02% Milford Active Growth Fund Milford Diversified 1.05% ANZ Investments OneAnswer Property Securities Fund ANZ Investments Listed Property 1.06% Mercer Responsible Trans-Tasman Shares Fund Mercer Australasian Equities 1.06% Castle Point Trans-Tasman Fund Castle Point Australasian Equities 1.08% Salt NZ Dividend Appreciation Fund Salt Australasian Equities 1.10% Harbour Australasian Equity Fund Harbour Australasian Equities 1.12% Amova Concentrated Equity Fund Amova Australasian Equities 1.15% Octagon Australasian Equities Fund Octagon Australasian Equities 1.17% Octagon New Zealand Equities Fund Octagon Australasian Equities 1.17% Castle Point 5 Oceans Fund Castle Point Diversified 1.18% Amova Global Shares Fund Amova International Equities 1.20% Mercer Core Global Shares Fund Mercer International Equities 1.24% Mercer Responsible Balanced Fund Mercer Diversified 1.25% Fisher Funds BondPlus Fund Fisher Funds International FI 1.26% TAHITO Te Tai o Rehua Fund TAHITO Australasian Equities 1.26% QuayStreet NZ Equity Fund QuayStreet Australasian Equities 1.27% Mercer Income Generator Fund Mercer Diversified 1.28% Pathfinder Global Responsibility Fund Pathfinder International Equities 1.30% Pathfinder Ethical Growth Fund Pathfinder Diversified 1.31% Fisher Funds Growth Fund Fisher Funds Diversified 1.46% Mercer Core Hedged Global Shares Fund Mercer International Equities 1.46% ACI Conservative Fund ACI Diversified 1.50% Fisher Funds Property & Infrastructure Fund Fisher Funds Listed Property 1.53% Fisher Funds Global Fund Fisher Funds International Equities 1.64% Pie Growth UK & Europe Fund Pie Funds International Equities 1.85% Squirrel Monthly Income Fund Squirrel Other 2.14% Salt Long Short Fund Salt Australasian Equities 3.21% Hyperion Global Growth Companies PIE Fund Hyperion International Equities 4.38% Other questions people ask about NZ managed funds How much money do I need to invest to make $3,000 a month?What investment has the highest return in NZ?What is Warren Buffett's favorite index fund?What is Warren Buffett's favorite ETF?Where can I get 10% return on my money?What is the 7% rule in ETF?What bond is paying 7.5% interest?Where can I get a 10% return on my money?Is a 1% fee for a financial advisor worth it?What are typical fees for a fund of funds?What are the disadvantages of a balanced fund?Which ETF does Warren Buffett recommend?What is the best performing KiwiSaver fund in NZ?Is a global equity fund a good investment? Source: top-15 questions from the People-also-ask panel across 250-fund Google SERP sweep run 2026-05-25. Methodology: /methodology. --- ## NZ managed funds by FMA risk indicator — 1 to 7 URL: https://managedfunds.nz/risk-band/ > Browse 284 NZ managed funds grouped by the FMA standardised risk indicator on the 1–7 scale. Sourced from Sorted Smart Investor / FMA Disclose. NZ managed funds by FMA risk indicator The FMA standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It maps the past five years of unit-price volatility onto a 1–7 band (1 = lowest, 7 = highest). 284 of 289 tracked funds with on-file risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose). Risk 1 — lowest 4 funds Cash and short-duration NZ fixed-interest funds at the lowest band on the FMA 1–7 scale. Risk 2 — lower 9 funds Conservative diversified and longer-duration NZ bond funds at the second-lowest band. Risk 3 — lower-middle 40 funds Conservative-balanced diversified, broad NZ fixed interest, and hedged international bonds. Risk 4 — middle 74 funds Balanced and balanced-growth diversified mandates — roughly 50–70% growth assets. Risk 5 — upper-middle 131 funds Growth diversified, broad international equities, Australasian equities, listed property. Risk 6 — higher 24 funds Concentrated equity strategies, thematic funds, emerging-market equity exposure. Risk 7 — highest 2 funds Narrow thematic and concentrated single-country or single-name equity strategies. About the FMA risk indicator The 1–7 scale is the standardised disclosure on every NZ Quarterly Fund Update. It is calculated from the standard deviation of monthly returns over the past five years and mapped to a band per the FMA's risk-indicator framework. The methodology is identical across every fund — so a 4 here means the same thing as a 4 on any FMA-registered fund. It is backward-looking — a fund's band can move between quarters if recent volatility shifts. It also doesn't capture every kind of risk (liquidity, concentration, manager-specific operational risks). Always read the fund's PDS in full before deciding. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 1 — 4 NZ managed funds URL: https://managedfunds.nz/risk-band/1/funds/ > 4 of 284 tracked NZ managed funds carry FMA risk indicator 1 on the standardised 1–7 scale. Sorted by annual fund charge. Lowest band on the FMA scale Risk indicator 1 — NZ managed funds Funds with the FMA standardised risk indicator of 1 sit at the lowest band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 1 in our coverage are typically pure cash or short-duration NZ fixed-interest funds. Past low volatility does not guarantee future stability — interest-rate moves can still produce small negative quarters even in band-1 funds. 4 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Kernel Cash Plus Fund Kernel · Cash PIE · capped at PIR (max 28%) conservative 0.25% fee 1/7 risk Clarity Enhanced Cash PIE Clarity · Cash PIE · capped at PIR (max 28%) conservative 0.26% fee 1/7 risk Summer New Zealand Cash Summer · Cash PIE · capped at PIR (max 28%) conservative 0.62% fee 1/7 risk Vision Income Fund Vision · International FI PIE · capped at PIR (max 28%) income 2.51% fee 1/7 risk Other risk bands Risk 2/7 funds Risk 3/7 funds Risk 4/7 funds Risk 5/7 funds Risk 6/7 funds Risk 7/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 2 — 9 NZ managed funds URL: https://managedfunds.nz/risk-band/2/funds/ > 9 of 284 tracked NZ managed funds carry FMA risk indicator 2 on the standardised 1–7 scale. Sorted by annual fund charge. Lower band on the FMA scale Risk indicator 2 — NZ managed funds Funds with the FMA standardised risk indicator of 2 sit at the second-lowest band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 2 in our coverage are typically conservative diversified funds (heavy cash + bond mix) or longer-duration NZ fixed-interest portfolios. 2022 was a reminder that even band-2 funds can post negative annual returns when the RBNZ raises rates sharply. 9 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Simplicity NZ Cash Fund Simplicity · Cash PIE · capped at PIR (max 28%) conservative 0.12% fee 2/7 risk Dimensional Two-Year Sustainability Fixed Interest PIE Fund Dimensional · International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.25% fee 2/7 risk Lifetime Cash Fund Lifetime · Cash PIE · capped at PIR (max 28%) conservative 0.65% fee 2/7 risk Coolabah Short Term Income PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) conservative 0.67% fee 2/7 risk Mercer Macquarie NZ Short Duration Fund Mercer · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.68% fee 2/7 risk Hunter Private Credit Fund Hunter · International FI PIE · capped at PIR (max 28%) balanced 0.83% fee 2/7 risk Coolabah Global Floating-Rate High Yield PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) balanced 1.00% fee 2/7 risk Squirrel Monthly Income Fund Squirrel · Other PIE · capped at PIR (max 28%) 2.14% fee 2/7 risk Artesian Short Duration Corporate Bond Fund (NZD) Artesian · International FI PIE · capped at PIR (max 28%) conservative 2/7 risk Other risk bands Risk 1/7 funds Risk 3/7 funds Risk 4/7 funds Risk 5/7 funds Risk 6/7 funds Risk 7/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 3 — 40 NZ managed funds URL: https://managedfunds.nz/risk-band/3/funds/ > 40 of 284 tracked NZ managed funds carry FMA risk indicator 3 on the standardised 1–7 scale. Sorted by annual fund charge. Lower-middle band on the FMA scale Risk indicator 3 — NZ managed funds Funds with the FMA standardised risk indicator of 3 sit at the lower-middle band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 3 in our coverage are typically conservative or conservative-balanced diversified funds, broad NZ fixed-interest funds with a corporate sleeve, or international fixed-interest funds hedged back to NZD. Drawdowns of 5–10% over a single year remain possible. 40 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Simplicity Conservative Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) conservative 0.25% fee 3/7 risk Simplicity Homes and Income Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) balanced 0.25% fee 3/7 risk Kernel Conservative Fund Kernel · Diversified PIE · capped at PIR (max 28%) conservative 0.25% fee 3/7 risk Dimensional Five-Year Diversified Fixed Interest PIE Fund Dimensional · International FI PIE · capped at PIR (max 28%) NZD hedged 0.28% fee 3/7 risk Smart Global Aggregate Bond ETF Smartshares · International FI PIE · capped at PIR (max 28%) ETF · AGG 0.30% fee 3/7 risk Dimensional Global Bond Sustainability PIE Fund Dimensional · International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.32% fee 3/7 risk Kernel NZ Bond Fund Kernel · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.40% fee 3/7 risk ANZ Investments OneAnswer New Zealand Fixed Interest Fund ANZ Investments · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.46% fee 3/7 risk Harbour NZ Corporate Bond Fund Harbour · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.47% fee 3/7 risk Russell Investments NZ Fixed Interest Fund Russell Investments · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.49% fee 3/7 risk Smart NZ Bond ETF Smartshares · NZ Fixed Interest PIE · capped at PIR (max 28%) ETF · NZB 0.54% fee 3/7 risk Mercer Macquarie NZ Fixed Interest Fund Mercer · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.60% fee 3/7 risk ANZ Investments OneAnswer Conservative Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) conservative 0.63% fee 3/7 risk Milford Diversified Income Fund Milford · Diversified PIE · capped at PIR (max 28%) income 0.65% fee 3/7 risk Milford Trans-Tasman Bond Fund Milford · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.65% fee 3/7 risk Harbour Income Fund Harbour · Diversified PIE · capped at PIR (max 28%) income 0.66% fee 3/7 risk Harbour NZ Core Fixed Interest Fund Harbour · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.66% fee 3/7 risk Amova Corporate Bond Fund Amova · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.70% fee 3/7 risk Clarity Fixed Income Fund Clarity · International FI PIE · capped at PIR (max 28%) conservative 0.70% fee 3/7 risk Daintree Core Income PIE Daintree · International FI PIE · capped at PIR (max 28%) conservative 0.73% fee 3/7 risk QuayStreet Income Fund QuayStreet · Diversified PIE · capped at PIR (max 28%) income 0.77% fee 3/7 risk SBS Wealth World Bond Portfolio SBS Wealth · International FI PIE · capped at PIR (max 28%) conservative 0.77% fee 3/7 risk SBS Wealth New Zealand Bond Portfolio SBS Wealth · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.78% fee 3/7 risk Bentham Global Income PIE Fund Bentham · International FI PIE · capped at PIR (max 28%) conservative 0.83% fee 3/7 risk Milford Conservative Fund Milford · Diversified PIE · capped at PIR (max 28%) conservative 0.85% fee 3/7 risk Milford Global Corporate Bond Fund Milford · International FI PIE · capped at PIR (max 28%) 0.85% fee 3/7 risk Summer Conservative Selection Summer · Diversified PIE · capped at PIR (max 28%) conservative 0.87% fee 3/7 risk Summer Global Fixed Interest Summer · International FI PIE · capped at PIR (max 28%) conservative 0.87% fee 3/7 risk SBS Wealth Conservative Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) conservative 0.90% fee 3/7 risk Daintree High Income PIE Daintree · International FI PIE · capped at PIR (max 28%) balanced 0.90% fee 3/7 risk Clarity Diversified Income Fund Clarity · Diversified PIE · capped at PIR (max 28%) income 0.96% fee 3/7 risk Fisher Funds New Zealand Fixed Income Trust Fisher Funds · NZ Fixed Interest PIE · capped at PIR (max 28%) 0.97% fee 3/7 risk Fisher Funds Income Fund Fisher Funds · International FI PIE · capped at PIR (max 28%) 0.99% fee 3/7 risk Lifetime Conservative Fund Lifetime · Diversified PIE · capped at PIR (max 28%) conservative 0.99% fee 3/7 risk Mint Diversified Income Fund Mint · Diversified PIE · capped at PIR (max 28%) income 1.01% fee 3/7 risk Castle Point 5 Oceans Fund Castle Point · Diversified PIE · capped at PIR (max 28%) balanced 1.18% fee 3/7 risk Fisher Funds BondPlus Fund Fisher Funds · International FI PIE · capped at PIR (max 28%) 1.26% fee 3/7 risk Fisher Funds Conservative Fund Fisher Funds · Diversified PIE · capped at PIR (max 28%) conservative 1.35% fee 3/7 risk Coolabah Long-Short Credit PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) balanced 1.76% fee 3/7 risk Artesian Green and Sustainable Bond Fund (NZD) Artesian · International FI PIE · capped at PIR (max 28%) Responsible / ethical conservative 3/7 risk Other risk bands Risk 1/7 funds Risk 2/7 funds Risk 4/7 funds Risk 5/7 funds Risk 6/7 funds Risk 7/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 4 — 74 NZ managed funds URL: https://managedfunds.nz/risk-band/4/funds/ > 74 of 284 tracked NZ managed funds carry FMA risk indicator 4 on the standardised 1–7 scale. Sorted by annual fund charge. Middle band on the FMA scale Risk indicator 4 — NZ managed funds Funds with the FMA standardised risk indicator of 4 sit at the middle band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 4 in our coverage cluster on balanced and balanced-growth diversified mandates — roughly 50–70% growth assets blended with bonds and cash. Single-year drawdowns of 10–20% remain possible in a sharp equity correction; the bond sleeve typically dampens but does not cancel that. 74 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Simplicity NZ Bond Fund Simplicity · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 0.10% fee 4/7 risk Simplicity Hedged Global Bond Fund Simplicity · International FI PIE · capped at PIR (max 28%) NZD hedged conservative 0.15% fee 4/7 risk Simplicity Balanced Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) balanced 0.25% fee 4/7 risk Simplicity Growth Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) growth 0.25% fee 4/7 risk Kernel Balanced Fund Kernel · Diversified PIE · capped at PIR (max 28%) balanced 0.25% fee 4/7 risk Kernel US Bond Fund Kernel · International FI PIE · capped at PIR (max 28%) conservative 0.30% fee 4/7 risk Evidential Sustainable Global Bond Fund Evidential · International FI PIE · capped at PIR (max 28%) Responsible / ethical 0.32% fee 4/7 risk Russell Investments Sustainable Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.33% fee 4/7 risk BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) BetaShares · International FI PIE · capped at PIR (max 28%) NZD hedged conservative 0.34% fee 4/7 risk Foundation Series Balanced Fund Foundation Series · Diversified PIE · capped at PIR (max 28%) balanced 0.36% fee 4/7 risk Foundation Series Growth Fund Foundation Series · Diversified PIE · capped at PIR (max 28%) growth 0.38% fee 4/7 risk Smart Total World ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · TWF 0.40% fee 4/7 risk Mercer Responsible Hedged Global Fixed Interest Index Fund Mercer · International FI PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.43% fee 4/7 risk JPMorgan Global Bond Fund JPMorgan · International FI PIE · capped at PIR (max 28%) conservative 0.47% fee 4/7 risk ANZ Investments OneAnswer International Fixed Interest Fund ANZ Investments · International FI PIE · capped at PIR (max 28%) 0.49% fee 4/7 risk Hunter Global Fixed Interest Fund Hunter · International FI PIE · capped at PIR (max 28%) 0.53% fee 4/7 risk Smart Global Bond ETF Smartshares · International FI PIE · capped at PIR (max 28%) ETF · GBF 0.54% fee 4/7 risk Russell Investments Global Fixed Interest Fund Russell Investments · International FI PIE · capped at PIR (max 28%) 0.58% fee 4/7 risk Te Ahumairangi Global Equity Fund Te Ahumairangi · International Equities PIE · capped at PIR (max 28%) 0.62% fee 4/7 risk Booster Wealth Moderate Fund Booster · Diversified PIE · capped at PIR (max 28%) conservative 0.74% fee 4/7 risk ANZ Investments OneAnswer Conservative Balanced Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) conservative balanced 0.75% fee 4/7 risk Coolabah Active Composite Bond PIE Fund Coolabah · International FI PIE · capped at PIR (max 28%) conservative 0.76% fee 4/7 risk Brandywine Global Opportunistic Fixed Income Fund Brandywine · International FI PIE · capped at PIR (max 28%) 0.77% fee 4/7 risk AMP Aggressive Managed Fund AMP · Diversified PIE · capped at PIR (max 28%) aggressive 0.80% fee 4/7 risk AMP Balanced Managed Fund AMP · Diversified PIE · capped at PIR (max 28%) balanced 0.81% fee 4/7 risk AMP Growth Managed Fund AMP · Diversified PIE · capped at PIR (max 28%) growth 0.81% fee 4/7 risk Booster Wealth Balanced Fund Booster · Diversified PIE · capped at PIR (max 28%) balanced 0.83% fee 4/7 risk ANZ Investments OneAnswer Balanced Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) balanced 0.90% fee 4/7 risk Booster Wealth Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) growth 0.91% fee 4/7 risk Russell Investments Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) 0.93% fee 4/7 risk ANZ Investments OneAnswer Balanced Growth Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) balanced growth 0.95% fee 4/7 risk ANZ Investments OneAnswer Growth Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) growth 0.95% fee 4/7 risk Lifetime Balanced Fund Lifetime · Diversified PIE · capped at PIR (max 28%) balanced 0.99% fee 4/7 risk Lifetime Growth Fund Lifetime · Diversified PIE · capped at PIR (max 28%) growth 0.99% fee 4/7 risk Pathfinder Ethical Trans-Tasman Fund Pathfinder · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.00% fee 4/7 risk Summer Balanced Selection Summer · Diversified PIE · capped at PIR (max 28%) balanced 1.02% fee 4/7 risk Summer Growth Selection Summer · Diversified PIE · capped at PIR (max 28%) growth 1.02% fee 4/7 risk SBS Wealth Balanced Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) balanced 1.03% fee 4/7 risk Harbour Balanced Growth Fund Harbour · Diversified PIE · capped at PIR (max 28%) balanced growth 1.04% fee 4/7 risk Milford Active Growth Fund Milford · Diversified PIE · capped at PIR (max 28%) growth 1.05% fee 4/7 risk Milford Balanced Fund Milford · Diversified PIE · capped at PIR (max 28%) balanced 1.05% fee 4/7 risk Milford Australian Absolute Growth Fund Milford · Australasian Equities PIE · capped at PIR (max 28%) 1.05% fee 4/7 risk Milford Trans-Tasman Equity Fund Milford · Australasian Equities PIE · capped at PIR (max 28%) 1.05% fee 4/7 risk Clarity Dividend Yield Fund Clarity · International Equities PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity New Zealand Equity Fund Clarity · Australasian Equities PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Clarity Trans-Tasman Value Fund Clarity · Australasian Equities PIE · capped at PIR (max 28%) growth 1.06% fee 4/7 risk Harbour Australasian Equity Income Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.10% fee 4/7 risk Salt NZ Dividend Appreciation Fund Salt · Australasian Equities PIE · capped at PIR (max 28%) 1.10% fee 4/7 risk Clarity Diversified Growth Fund Clarity · Diversified PIE · capped at PIR (max 28%) growth 1.16% fee 4/7 risk Octagon Balanced Fund Octagon · Diversified PIE · capped at PIR (max 28%) balanced 1.17% fee 4/7 risk Octagon New Zealand Equities Fund Octagon · Australasian Equities PIE · capped at PIR (max 28%) 1.17% fee 4/7 risk NZ Funds Wealth Builder - Income Strategy NZ Funds · Diversified PIE · capped at PIR (max 28%) income 1.20% fee 4/7 risk SBS Wealth Australasian Equity Portfolio SBS Wealth · Australasian Equities PIE · capped at PIR (max 28%) growth 1.20% fee 4/7 risk Harbour Long Short Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.23% fee 4/7 risk Mercer Responsible Balanced Fund Mercer · Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.25% fee 4/7 risk Mercer Income Generator Fund Mercer · Diversified PIE · capped at PIR (max 28%) income 1.28% fee 4/7 risk Devon Alpha Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.30% fee 4/7 risk Pathfinder Ethical Growth Fund Pathfinder · Diversified PIE · capped at PIR (max 28%) Responsible / ethical growth 1.31% fee 4/7 risk Booster Socially Responsible Balanced Fund Booster · Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 1.33% fee 4/7 risk Booster Socially Responsible Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) Responsible / ethical growth 1.34% fee 4/7 risk Devon Trans-Tasman Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.36% fee 4/7 risk Lifetime Retirement Income Fund Lifetime · Diversified PIE · capped at PIR (max 28%) income 1.36% fee 4/7 risk Devon Dividend Yield Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.39% fee 4/7 risk Booster Shielded Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) growth 1.41% fee 4/7 risk NZ Funds Global Bonds NZ Funds · International FI PIE · capped at PIR (max 28%) conservative 1.44% fee 4/7 risk NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest PIE · capped at PIR (max 28%) conservative 1.44% fee 4/7 risk Fisher Funds Growth Fund Fisher Funds · Diversified PIE · capped at PIR (max 28%) growth 1.46% fee 4/7 risk ACI Conservative Fund ACI · Diversified PIE · capped at PIR (max 28%) conservative 1.50% fee 4/7 risk Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property PIE · capped at PIR (max 28%) 1.53% fee 4/7 risk ACI Growth Fund ACI · Diversified PIE · capped at PIR (max 28%) growth 1.61% fee 4/7 risk NZ Funds Income Generator NZ Funds · Diversified PIE · capped at PIR (max 28%) income 1.67% fee 4/7 risk Salt Long Short Fund Salt · Australasian Equities PIE · capped at PIR (max 28%) 3.21% fee 4/7 risk Antipodes Global Fund – Long (PIE) Antipodes · International Equities PIE · capped at PIR (max 28%) 4/7 risk Bentham Global Opportunities PIE Fund Bentham · International FI PIE · capped at PIR (max 28%) balanced 4/7 risk Other risk bands Risk 1/7 funds Risk 2/7 funds Risk 3/7 funds Risk 5/7 funds Risk 6/7 funds Risk 7/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 5 — 131 NZ managed funds URL: https://managedfunds.nz/risk-band/5/funds/ > 131 of 284 tracked NZ managed funds carry FMA risk indicator 5 on the standardised 1–7 scale. Sorted by annual fund charge. Upper-middle band on the FMA scale Risk indicator 5 — NZ managed funds Funds with the FMA standardised risk indicator of 5 sit at the upper-middle band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 5 in our coverage are dominated by growth and growth-tilted diversified funds, broad international equity funds (passive and active), Australasian equity funds, and listed-property funds. Single-year drawdowns of 20–35% have occurred at this band in historical equity bear markets. 131 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Foundation Series US 500 Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) 0.03% fee 5/7 risk Foundation Series US Dividend Equity Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) 0.06% fee 5/7 risk Foundation Series Total World Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) 0.07% fee 5/7 risk Foundation Series Hedged Total World Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) NZD hedged 0.07% fee 5/7 risk Foundation Series Global ESG Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.10% fee 5/7 risk Simplicity NZ Share Fund Simplicity · Australasian Equities PIE · capped at PIR (max 28%) growth 0.10% fee 5/7 risk Simplicity Hedged Global Share Fund Simplicity · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.15% fee 5/7 risk Simplicity Unhedged Global Share Fund Simplicity · International Equities PIE · capped at PIR (max 28%) growth 0.15% fee 5/7 risk Smart S&P/NZX 50 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · NZG 0.20% fee 5/7 risk Harbour NZ Index Shares Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 0.21% fee 5/7 risk BetaShares Australia 200 Fund BetaShares · Australasian Equities PIE · capped at PIR (max 28%) growth 0.23% fee 5/7 risk Simplicity High Growth Investment Fund Simplicity · Diversified PIE · capped at PIR (max 28%) aggressive 0.25% fee 5/7 risk Kernel High Growth Fund Kernel · Diversified PIE · capped at PIR (max 28%) aggressive 0.25% fee 5/7 risk Kernel S&P Global 100 Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel S&P Global 100 (NZD Hedged) Fund Kernel · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.25% fee 5/7 risk Kernel World ex-US Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel Global ESG Fund Kernel · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% fee 5/7 risk Kernel S&P Global Dividend Aristocrats Fund Kernel · International Equities PIE · capped at PIR (max 28%) Thematic growth 0.25% fee 5/7 risk Kernel Global Infrastructure Fund Kernel · Other PIE · capped at PIR (max 28%) Thematic balanced 0.25% fee 5/7 risk Kernel NZ 20 Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel NZ 50 ESG Tilted Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.25% fee 5/7 risk Kernel NZ Small & Mid Cap Opportunities Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Kernel NZ Commercial Property Fund Kernel · Listed Property PIE · capped at PIR (max 28%) balanced 0.25% fee 5/7 risk Kernel Australia 100 Fund Kernel · Australasian Equities PIE · capped at PIR (max 28%) growth 0.25% fee 5/7 risk Harbour Sustainable Impact Fund Harbour · Diversified PIE · capped at PIR (max 28%) Responsible / ethical balanced 0.27% fee 5/7 risk Harbour Sustainable NZ Shares Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.27% fee 5/7 risk Smart Australian Top 200 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · AUS 0.30% fee 5/7 risk Russell Investments Hedged Sustainable Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.33% fee 5/7 risk Smart US 500 ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USF 0.34% fee 5/7 risk Smart US ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical 0.34% fee 5/7 risk Dimensional Australian Sustainability PIE Fund Dimensional · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.35% fee 5/7 risk Mercer NZ Shares Passive Fund Mercer · Australasian Equities PIE · capped at PIR (max 28%) 0.36% fee 5/7 risk Foundation Series High Growth Fund Foundation Series · Diversified PIE · capped at PIR (max 28%) aggressive 0.37% fee 5/7 risk Schroder Sustainable Global Core PIE Fund Schroders · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.39% fee 5/7 risk Schroder Sustainable Global Core PIE Fund (Hedged) Schroders · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.39% fee 5/7 risk Dimensional Global Sustainability PIE Fund Dimensional · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.40% fee 5/7 risk Dimensional Global Sustainability PIE Fund (NZD Hedged) Dimensional · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical 0.40% fee 5/7 risk Mercer All Country Global Shares Index Fund Mercer · International Equities PIE · capped at PIR (max 28%) 0.43% fee 5/7 risk Kernel Emerging Markets Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.45% fee 5/7 risk BetaShares Global Quality Leaders Fund BetaShares · International Equities PIE · capped at PIR (max 28%) growth 0.49% fee 5/7 risk Smart NZ Top 50 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · FNZ 0.50% fee 5/7 risk Smart US Large Value ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USV 0.51% fee 5/7 risk Smart US Mid Cap ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USM 0.51% fee 5/7 risk Smart Australian Dividend ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · ASD 0.54% fee 5/7 risk Smart NZ Dividend ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · DIV 0.54% fee 5/7 risk Smart Global ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical 0.54% fee 5/7 risk Smart NZ Property ETF Smartshares · Listed Property PIE · capped at PIR (max 28%) ETF · NPF 0.54% fee 5/7 risk Smart Asia Pacific ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · APA 0.55% fee 5/7 risk Smart Europe ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical 0.55% fee 5/7 risk Smart Europe ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EUF 0.55% fee 5/7 risk Smart Japan ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical 0.55% fee 5/7 risk Smart Emerging Markets ESG ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical 0.59% fee 5/7 risk Smart Emerging Markets ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · EMF 0.59% fee 5/7 risk BetaShares NZ Sustainability Leaders Fund BetaShares · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.59% fee 5/7 risk Smart Australian Top 20 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · OZY 0.60% fee 5/7 risk Smart NZ Mid Cap ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · MDZ 0.60% fee 5/7 risk Smart NZ Top 10 ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · TNZ 0.60% fee 5/7 risk Stewart Investors Worldwide Leaders Fund Stewart Investors · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.61% fee 5/7 risk Evidential Sustainable Targeted Factor Fund Evidential · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.62% fee 5/7 risk BetaShares Australian Sustainability Leaders Fund BetaShares · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.67% fee 5/7 risk Harbour Real Estate Investment Fund Harbour · Listed Property PIE · capped at PIR (max 28%) 0.77% fee 5/7 risk BetaShares Global Sustainability Leaders Fund BetaShares · International Equities PIE · capped at PIR (max 28%) Responsible / ethical growth 0.77% fee 5/7 risk Russell Investments NZ Shares Fund Russell Investments · Australasian Equities PIE · capped at PIR (max 28%) 0.78% fee 5/7 risk AMP International Shares Managed Fund AMP · International Equities PIE · capped at PIR (max 28%) 0.79% fee 5/7 risk BetaShares Global Sustainability Leaders Fund (NZD Hedged) BetaShares · International Equities PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth 0.79% fee 5/7 risk ANZ Investments OneAnswer International Listed Infrastructure Fund ANZ Investments · International Equities PIE · capped at PIR (max 28%) 0.84% fee 5/7 risk Pella Global Generations PIE Fund Pella · International Equities PIE · capped at PIR (max 28%) growth 0.85% fee 5/7 risk Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities PIE · capped at PIR (max 28%) 0.87% fee 5/7 risk Russell Investments Hedged Global Shares Fund Russell Investments · International Equities PIE · capped at PIR (max 28%) NZD hedged 0.92% fee 5/7 risk Brandywine Global Opportunistic Equity Fund Brandywine · International Equities PIE · capped at PIR (max 28%) growth 0.93% fee 5/7 risk ANZ Investments OneAnswer High Growth Fund ANZ Investments · Diversified PIE · capped at PIR (max 28%) aggressive 0.95% fee 5/7 risk Amova Core Equity Fund Amova · Australasian Equities PIE · capped at PIR (max 28%) 0.95% fee 5/7 risk ANZ Investments OneAnswer International Share Fund ANZ Investments · International Equities PIE · capped at PIR (max 28%) 0.96% fee 5/7 risk Booster Wealth High Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) aggressive 0.96% fee 5/7 risk Mint New Zealand SRI Equity Fund Mint · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 0.97% fee 5/7 risk Pathfinder Global Property Fund Pathfinder · Listed Property PIE · capped at PIR (max 28%) 1.00% fee 5/7 risk Salt Enhanced Property Fund Salt · Listed Property PIE · capped at PIR (max 28%) 1.02% fee 5/7 risk Summer Australian Equities Summer · Australasian Equities PIE · capped at PIR (max 28%) growth 1.02% fee 5/7 risk Summer Global Equities Summer · International Equities PIE · capped at PIR (max 28%) growth 1.02% fee 5/7 risk Summer Listed Property Summer · Listed Property PIE · capped at PIR (max 28%) balanced 1.02% fee 5/7 risk First Sentier Global Listed Infrastructure Fund First Sentier · Other PIE · capped at PIR (max 28%) Thematic balanced 1.03% fee 5/7 risk ANZ Investments OneAnswer New Zealand Share Fund ANZ Investments · Australasian Equities PIE · capped at PIR (max 28%) 1.05% fee 5/7 risk Mercer Responsible Trans-Tasman Shares Fund Mercer · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.06% fee 5/7 risk ANZ Investments OneAnswer Property Securities Fund ANZ Investments · Listed Property PIE · capped at PIR (max 28%) 1.06% fee 5/7 risk Clarity Global Shares Fund Clarity · International Equities PIE · capped at PIR (max 28%) growth 1.06% fee 5/7 risk Mint Australasian Property Fund Mint · Listed Property PIE · capped at PIR (max 28%) 1.07% fee 5/7 risk Castle Point Trans-Tasman Fund Castle Point · Australasian Equities PIE · capped at PIR (max 28%) 1.08% fee 5/7 risk Russell Investments Global Listed Infrastructure Fund Russell Investments · Other PIE · capped at PIR (max 28%) 1.08% fee 5/7 risk ANZ Investments OneAnswer Australian Share Fund ANZ Investments · Australasian Equities PIE · capped at PIR (max 28%) 1.09% fee 5/7 risk Harbour Australasian Equity Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.12% fee 5/7 risk Aurellan Global Shares Fund Aurellan · International Equities PIE · capped at PIR (max 28%) growth 1.12% fee 5/7 risk Aurellan Hedged Global Shares Fund Aurellan · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 1.12% fee 5/7 risk Milford Aggressive Fund Milford · Diversified PIE · capped at PIR (max 28%) aggressive 1.15% fee 5/7 risk Amova Concentrated Equity Fund Amova · Australasian Equities PIE · capped at PIR (max 28%) 1.15% fee 5/7 risk Octagon Australasian Equities Fund Octagon · Australasian Equities PIE · capped at PIR (max 28%) 1.17% fee 5/7 risk SBS Wealth Growth Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) growth 1.17% fee 5/7 risk SBS Wealth High Growth Strategy SBS Wealth · Diversified PIE · capped at PIR (max 28%) aggressive 1.17% fee 5/7 risk Mint Australasian Equity Fund Mint · Australasian Equities PIE · capped at PIR (max 28%) 1.18% fee 5/7 risk SBS Wealth World Equity Portfolio SBS Wealth · International Equities PIE · capped at PIR (max 28%) growth 1.18% fee 5/7 risk Amova Global Shares Fund Amova · International Equities PIE · capped at PIR (max 28%) 1.20% fee 5/7 risk Mint Diversified Growth Fund Mint · Diversified PIE · capped at PIR (max 28%) growth 1.21% fee 5/7 risk Harbour Australasian Equity Focus Fund Harbour · Australasian Equities PIE · capped at PIR (max 28%) 1.21% fee 5/7 risk Harbour T. Rowe Price Global Equity Fund Harbour · International Equities PIE · capped at PIR (max 28%) 1.21% fee 5/7 risk Clarity - Capital Group New Perspective Fund Clarity · International Equities PIE · capped at PIR (max 28%) growth 1.21% fee 5/7 risk Harbour T. Rowe Price Global Equity Fund (Hedged) Harbour · International Equities PIE · capped at PIR (max 28%) NZD hedged 1.24% fee 5/7 risk Mercer Core Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) 1.24% fee 5/7 risk Mercer Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) 1.25% fee 5/7 risk TAHITO Te Tai o Rehua Fund TAHITO · Australasian Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.26% fee 5/7 risk QuayStreet NZ Equity Fund QuayStreet · Australasian Equities PIE · capped at PIR (max 28%) 1.27% fee 5/7 risk Devon Australian Fund Devon · Australasian Equities PIE · capped at PIR (max 28%) 1.30% fee 5/7 risk Pathfinder Global Responsibility Fund Pathfinder · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.30% fee 5/7 risk Pathfinder Global Water Fund Pathfinder · International Equities PIE · capped at PIR (max 28%) Responsible / ethical Thematic 1.30% fee 5/7 risk Mercer Global Listed Infrastructure Fund Mercer · Other PIE · capped at PIR (max 28%) 1.34% fee 5/7 risk Generate Focused Growth Managed Fund Generate · Diversified PIE · capped at PIR (max 28%) growth 1.35% fee 5/7 risk Milford Global Equity Fund Milford · International Equities PIE · capped at PIR (max 28%) 1.35% fee 5/7 risk Booster Wealth Geared Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) aggressive 1.35% fee 5/7 risk Booster Socially Responsible High Growth Fund Booster · Diversified PIE · capped at PIR (max 28%) Responsible / ethical aggressive 1.35% fee 5/7 risk Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities PIE · capped at PIR (max 28%) 1.42% fee 5/7 risk Mercer Core Hedged Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) NZD hedged 1.46% fee 5/7 risk NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified PIE · capped at PIR (max 28%) balanced 1.58% fee 5/7 risk Pie Global Growth Fund 2 Pie Funds · International Equities PIE · capped at PIR (max 28%) 1.61% fee 5/7 risk Fisher Funds Trans Tasman Equity Trust Fisher Funds · Australasian Equities PIE · capped at PIR (max 28%) 1.63% fee 5/7 risk Fisher Funds Global Fund Fisher Funds · International Equities PIE · capped at PIR (max 28%) 1.64% fee 5/7 risk Mercer Responsible Global Shares Fund Mercer · International Equities PIE · capped at PIR (max 28%) Responsible / ethical 1.69% fee 5/7 risk Pie Growth UK & Europe Fund Pie Funds · International Equities PIE · capped at PIR (max 28%) 1.85% fee 5/7 risk NZ Funds Global Property NZ Funds · Listed Property PIE · capped at PIR (max 28%) balanced 2.52% fee 5/7 risk NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities PIE · capped at PIR (max 28%) growth 2.52% fee 5/7 risk NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property PIE · capped at PIR (max 28%) balanced 2.52% fee 5/7 risk NZ Funds Global Infrastructure NZ Funds · Other PIE · capped at PIR (max 28%) Thematic balanced 2.53% fee 5/7 risk NZ Funds Global Utilities NZ Funds · International Equities PIE · capped at PIR (max 28%) Thematic balanced 2.53% fee 5/7 risk Plato Global Alpha PIE Fund Plato · International Equities PIE · capped at PIR (max 28%) growth 5/7 risk Other risk bands Risk 1/7 funds Risk 2/7 funds Risk 3/7 funds Risk 4/7 funds Risk 6/7 funds Risk 7/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 6 — 24 NZ managed funds URL: https://managedfunds.nz/risk-band/6/funds/ > 24 of 284 tracked NZ managed funds carry FMA risk indicator 6 on the standardised 1–7 scale. Sorted by annual fund charge. Higher band on the FMA scale Risk indicator 6 — NZ managed funds Funds with the FMA standardised risk indicator of 6 sit at the second-highest band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 6 in our coverage are typically concentrated equity funds (single-region, single-sector, or active high-conviction mandates), thematic funds, and emerging-market equity exposure. Single-year drawdowns of 30–50% have occurred at this band in historical equity bear markets. 24 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Foundation Series Hedged US 500 Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) NZD hedged 0.03% fee 6/7 risk Foundation Series Nasdaq-100 Fund Foundation Series · International Equities PIE · capped at PIR (max 28%) Thematic 0.15% fee 6/7 risk Kernel S&P 500 (Unhedged) Fund Kernel · International Equities PIE · capped at PIR (max 28%) growth 0.25% fee 6/7 risk Kernel S&P 500 (NZD Hedged) Fund Kernel · International Equities PIE · capped at PIR (max 28%) NZD hedged growth 0.25% fee 6/7 risk Kernel S&P Global Clean Energy Fund Kernel · International Equities PIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive 0.45% fee 6/7 risk Smart US Large Growth ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USG 0.51% fee 6/7 risk Smart US Small Cap ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · USS 0.51% fee 6/7 risk Smart Australian Financials ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · ASF 0.54% fee 6/7 risk Smart Australian Resources ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · ASR 0.54% fee 6/7 risk Smart Australian Property ETF Smartshares · Listed Property PIE · capped at PIR (max 28%) ETF · ASP 0.54% fee 6/7 risk Smart Australian Mid Cap ETF Smartshares · Australasian Equities PIE · capped at PIR (max 28%) ETF · MZY 0.75% fee 6/7 risk Smart Automation and Robotics ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · BOT Thematic 0.75% fee 6/7 risk Smart Healthcare Innovation ETF Smartshares · International Equities PIE · capped at PIR (max 28%) ETF · LIV Thematic 0.75% fee 6/7 risk Hyperion Australian Growth Companies PIE Fund Hyperion · Australasian Equities PIE · capped at PIR (max 28%) 0.98% fee 6/7 risk ANZ Investments OneAnswer International Property Fund ANZ Investments · Listed Property PIE · capped at PIR (max 28%) 0.99% fee 6/7 risk Resolution Capital Global Listed Infrastructure PIE Fund Resolution Capital · Other PIE · capped at PIR (max 28%) Thematic balanced 1.05% fee 6/7 risk Resolution Capital Global Property Securities PIE Fund Resolution Capital · Listed Property PIE · capped at PIR (max 28%) balanced 1.05% fee 6/7 risk Amova Global Shares Hedged Fund Amova · International Equities PIE · capped at PIR (max 28%) NZD hedged 1.20% fee 6/7 risk Fisher Funds International Growth Fund Fisher Funds · International Equities PIE · capped at PIR (max 28%) 1.31% fee 6/7 risk Mercer Global Listed Real Estate Fund Mercer · Listed Property PIE · capped at PIR (max 28%) 1.33% fee 6/7 risk Elevation Capital Global Shares Fund Elevation Capital · International Equities PIE · capped at PIR (max 28%) 1.80% fee 6/7 risk NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified PIE · capped at PIR (max 28%) growth 2.14% fee 6/7 risk NZ Funds Global Shares NZ Funds · International Equities PIE · capped at PIR (max 28%) growth 3.12% fee 6/7 risk Hyperion Global Growth Companies PIE Fund Hyperion · International Equities PIE · capped at PIR (max 28%) 4.38% fee 6/7 risk Other risk bands Risk 1/7 funds Risk 2/7 funds Risk 3/7 funds Risk 4/7 funds Risk 5/7 funds Risk 7/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Risk indicator 7 — 2 NZ managed funds URL: https://managedfunds.nz/risk-band/7/funds/ > 2 of 284 tracked NZ managed funds carry FMA risk indicator 7 on the standardised 1–7 scale. Sorted by annual fund charge. Highest band on the FMA scale Risk indicator 7 — NZ managed funds Funds with the FMA standardised risk indicator of 7 sit at the highest band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register. NZ funds at band 7 in our coverage are a small cohort — typically narrow thematic funds, single-country equity exposure, or strategies with concentrated single-name holdings. Single-year drawdowns above 40% are plausible at this band and have occurred in historical bear markets. 2 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates). Smart Bitcoin ETF Smartshares · Other PIE · capped at PIR (max 28%) ETF · BTC Thematic 0.55% fee 7/7 risk Lighthouse Global Equity Fund Lighthouse · International Equities PIE · capped at PIR (max 28%) 1.03% fee 7/7 risk Other risk bands Risk 1/7 funds Risk 2/7 funds Risk 3/7 funds Risk 4/7 funds Risk 5/7 funds Risk 6/7 funds How the FMA risk indicator is calculated The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework. It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect. Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## NZ Managed Investment Schemes — 58 MIS schemes URL: https://managedfunds.nz/schemes/ > The 58 NZ FMA-registered Managed Investment Schemes (MIS) that contain the retail funds tracked on ManagedFundsNZ. 284 funds across 58 schemes. FMA-registered Managed Investment Schemes 58 NZ managed-fund schemes. Every NZ retail managed fund is part of a Managed Investment Scheme (MIS) registered under the Financial Markets Conduct Act 2013. These are the 58 schemes that contain the 284 funds we cover. Scheme names and FMA scheme numbers (SCH#####) are sourced from the FMA Disclose register via Sorted Smart Investor. Scheme Brand manager Issuer Funds Smart Exchange Traded Funds SCH10752 Smartshares Smartshares Limited 33 Scheme SCH13288 SCH13288 Kernel Kernel Wealth Limited 15 Mercer Investment Funds SCH10307 Mercer Mercer (n.z.) Limited 14 Harbour Investment Funds SCH10815 Harbour Harbour Asset Management Limited 14 NZ Funds Managed Portfolio Service Part Two SCH10803 NZ Funds New Zealand Funds Management Limited 12 Simplicity Investment Funds SCH11873 Simplicity Simplicity NZ Limited 11 Clarity Funds Scheme SCH10600 Clarity Clarity Funds Management Limited 10 Milford Investment Funds SCH10700 Milford Milford Funds Limited 10 Foundation Series Funds SCH13175 Foundation Series Fundrock NZ Limited 10 Russell Investment Funds SCH10586 Russell Investments Fundrock NZ Limited 8 Summer KiwiSaver Scheme SCH10648 Summer Forsyth Barr Investment Management Limited 8 Fisher Funds Managed Funds SCH10640 Fisher Funds Fisher Funds Management Limited 7 ANZ Investments Single-Asset-Class Scheme (marketed As The OneAnswer Single-Asset-Class Funds) SCH11065 ANZ Investments ANZ New Zealand Investments Limited 7 Betashares Investment Funds Scheme SCH13531 BetaShares Betashares Capital NZ Limited Betashares.com.au 7 Sbs Wealth New Zealand Bond Portfolio SCH11160 SBS Wealth Sbs Wealth Limited 6 Kernel Funds SCH12697 Kernel Kernel Wealth Limited 6 Dimensional Investment Funds SCH13317 Dimensional Fundrock NZ Limited 6 Amova NZ Investment Scheme SCH10488 Amova Amova Asset Management New Zealand Limited 5 Pathfinder Managed Investment Scheme SCH10778 Pathfinder Pathfinder Asset Management Limited 5 Mint Asset Management Funds SCH10787 Mint Mint Asset Management Limited 5 Booster Investment Scheme SCH10844 Booster Booster Investment Management Limited 5 Lifetime Retirement Funds SCH13081 Lifetime Lifetime Asset Management Limited 5 Fisher Funds Investment Series SCH10642 Fisher Funds Fisher Funds Management Limited 4 Devon Investment Funds Scheme SCH10753 Devon Devon Funds Management Limited 4 Booster KiwiSaver Scheme SCH10841 Booster Booster Investment Management Limited 4 OneAnswer KiwiSaver Scheme SCH11061 ANZ Investments ANZ New Zealand Investments Limited 4 Coolabah Investment Funds SCH13148 Coolabah Fundrock NZ Limited 4 AMP Managed Funds SCH13265 AMP AMP Wealth Management New Zealand Limited 4 Octagon Investment Funds SCH10647 Octagon Forsyth Barr Investment Management Limited 3 Salt Investment Funds SCH10872 Salt Salt Investment Funds Limited 3 ANZ Investments Multi-Asset-Class Scheme (marketed As The ANZ Investment Funds And OneAnswer Multi-Asset-Class Funds) SCH11064 ANZ Investments ANZ New Zealand Investments Limited 3 QuayStreet Funds SCH10414 QuayStreet Smartshares Limited 2 PIE Funds Management Scheme SCH10581 Pie Funds Pie Funds Management Limited 2 Castle Point Funds SCH10745 Castle Point Pg Funds Limited 2 Scheme SCH11156 SCH11156 SBS Wealth Sbs Wealth Limited 2 Hunter Investment Funds SCH11176 H Hunter Harbour Asset Management Limited 2 Franklin Templeton Investment Funds SCH12302 Brandywine Fundrock NZ Limited 2 Hyperion Investment Funds SCH13281 Hyperion Fundrock NZ Limited 2 Evidential Investment Funds SCH13327 Evidential Consilium NZ Limited 2 ACI Funds SCH13499 A ACI Fundrock NZ Limited 2 Bentham Investment Funds SCH13506 Bentham Fundrock NZ Limited 2 Schroder Investment Funds SCH13639 Schroders Fundrock NZ Limited 2 Daintree Funds Scheme SCH13775 Daintree Clarity Funds Management Limited 2 Resolution Capital Investment Funds SCH13905 Resolution Capital Fundrock NZ Limited 2 Aurellan Investment Funds SCH14022 A Aurellan Fundrock NZ Limited 2 Artesian Funds Scheme SCH15026 Artesian Devon Funds Management Limited 2 Elevation Capital Managed Investments Schemes SCH11207 Elevation Capital The Curve Investments Limited 1 Antipodes Investment Funds SCH12434 Antipodes Fundrock NZ Limited 1 Generate Unit Trust Scheme SCH12736 Generate Generate Investment Management Limited 1 Vision Invest NZ Funds SCH12865 Vision Fundrock NZ Limited 1 Lighthouse Investment Funds SCH13048 L Lighthouse Fundrock NZ Limited 1 First Sentier Investors (nz) Scheme SCH13089 First Sentier Fundrock NZ Limited 1 Squirrel Investment Funds SCH13142 Squirrel Fundrock NZ Limited 1 Te Ahumairangi Investment Funds SCH13146 Te Ahumairangi Fundrock NZ Limited 1 Stewart Investors (nz) Managed Investment Scheme SCH13295 Stewart Investors Fundrock NZ Limited 1 Jpmorgan Funds SCH13893 JPMorgan Fundrock NZ Limited 1 Pella Investment Funds SCH13913 Pella Fundrock NZ Limited 1 Plato Investment Funds SCH15035 Plato Fundrock NZ Limited 1 How this index is built Every retail managed fund on ManagedFundsNZ is mapped to its FMA-registered Managed Investment Scheme via the SCH##### identifier embedded in its Sorted Smart Investor URL. Scheme names are extracted from Sorted's detail pages (the `SCH#####: {NAME} View on Disclose Register` label) and stored in `src/data/scheme-names.json` — sourced directly from the FMA Disclose register, no manual editing. A "brand manager" is the asset-management firm whose brand sits on the fund; the "issuer" is the legal entity that holds the FMA licence for the scheme. They differ for FundRock-issued schemes (e.g. Foundation Series, Dimensional, Russell, Evidential). Each scheme page links to every fund within it plus the FMA Disclose search URL for that scheme number. --- ## URL: https://managedfunds.nz/schemes/sch10307/markdown.md # Mercer Investment Funds > FMA-registered Managed Investment Scheme containing 14 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10307 - **Brand manager:** Mercer (Mercer (N.Z.) Limited) - **Legal issuer:** Mercer (n.z.) Limited - **Funds in our coverage:** 14 - **Asset classes covered:** 7 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Other) - **Offer document(s):** OFR10322 (Mercer Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Mercer Investment Funds is an MIS registered with the FMA as SCH10307. Mercer is the brand manager whose funds sit within the scheme. The scheme is issued by Mercer (n.z.) Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (14) ### Diversified Funds (2) - [Mercer Income Generator Fund](https://managedfunds.nz/funds/mercer/income-generator/) — income, PIE - [Mercer Responsible Balanced Fund](https://managedfunds.nz/funds/mercer/responsible-balanced/) — balanced, PIE, responsible investment ### Australasian Equities (2) - [Mercer NZ Shares Passive Fund](https://managedfunds.nz/funds/mercer/nz-shares-passive/) — PIE - [Mercer Responsible Trans-Tasman Shares Fund](https://managedfunds.nz/funds/mercer/responsible-trans-tasman-shares/) — PIE, responsible investment ### International Equities (5) - [Mercer All Country Global Shares Index Fund](https://managedfunds.nz/funds/mercer/all-country-global-shares-index/) — PIE - [Mercer Core Global Shares Fund](https://managedfunds.nz/funds/mercer/core-global-shares/) — PIE - [Mercer Core Hedged Global Shares Fund](https://managedfunds.nz/funds/mercer/core-hedged-global-shares/) — PIE, NZD hedged - [Mercer Global Shares Fund](https://managedfunds.nz/funds/mercer/global-shares/) — PIE - [Mercer Responsible Global Shares Fund](https://managedfunds.nz/funds/mercer/responsible-global-shares/) — PIE, responsible investment ### New Zealand Fixed Interest (2) - [Mercer Macquarie NZ Fixed Interest Fund](https://managedfunds.nz/funds/mercer/macquarie-nz-fixed-interest/) — PIE - [Mercer Macquarie NZ Short Duration Fund](https://managedfunds.nz/funds/mercer/macquarie-nz-short-duration/) — PIE ### International Fixed Interest (1) - [Mercer Responsible Hedged Global Fixed Interest Index Fund](https://managedfunds.nz/funds/mercer/responsible-hedged-global-fixed-interest-index/) — PIE, NZD hedged, responsible investment ### Listed Property (1) - [Mercer Global Listed Real Estate Fund](https://managedfunds.nz/funds/mercer/global-listed-real-estate/) — PIE ### Other (1) - [Mercer Global Listed Infrastructure Fund](https://managedfunds.nz/funds/mercer/global-listed-infrastructure/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/ - Markdown: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/markdown.md - JSON: https://managedfunds.nz/funds/mercer/all-country-global-shares-index/data.json ## Sources - **FMA Disclose register** (search for SCH10307): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10307 - **Brand manager website:** https://www.mercer.com/en-nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10307/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10307/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10307/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10414/markdown.md # QuayStreet Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10414 - **Brand manager:** QuayStreet (QuayStreet Asset Management Limited), parent Craigs Investment Partners - **Legal issuer:** Smartshares Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Diversified, Australasian Equities) - **Offer document(s):** OFR10416 (QuayStreet Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. QuayStreet Funds is an MIS registered with the FMA as SCH10414. QuayStreet is the brand manager whose funds sit within the scheme. The scheme is issued by Smartshares Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### Diversified Funds (1) - [QuayStreet Income Fund](https://managedfunds.nz/funds/quaystreet/income/) — income, PIE ### Australasian Equities (1) - [QuayStreet NZ Equity Fund](https://managedfunds.nz/funds/quaystreet/nz-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/quaystreet/income/ - Markdown: https://managedfunds.nz/funds/quaystreet/income/markdown.md - JSON: https://managedfunds.nz/funds/quaystreet/income/data.json ## Sources - **FMA Disclose register** (search for SCH10414): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10414 - **Brand manager website:** https://www.quaystreet.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10414/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10414/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10414/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10488/markdown.md # Amova NZ Investment Scheme > FMA-registered Managed Investment Scheme containing 5 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10488 - **Brand manager:** Amova (Amova Asset Management NZ Limited) - **Legal issuer:** Amova Asset Management New Zealand Limited - **Funds in our coverage:** 5 - **Asset classes covered:** 3 (Australasian Equities, International Equities, NZ Fixed Interest) - **Offer document(s):** OFR10608 (Amova NZ Investment Scheme Offer) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Amova NZ Investment Scheme is an MIS registered with the FMA as SCH10488. Amova is the brand manager whose funds sit within the scheme. The scheme is issued by Amova Asset Management New Zealand Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (5) ### Australasian Equities (2) - [Amova Concentrated Equity Fund](https://managedfunds.nz/funds/amova/concentrated-equity/) — PIE - [Amova Core Equity Fund](https://managedfunds.nz/funds/amova/core-equity/) — PIE ### International Equities (2) - [Amova Global Shares Fund](https://managedfunds.nz/funds/amova/global-shares/) — PIE - [Amova Global Shares Hedged Fund](https://managedfunds.nz/funds/amova/global-shares-hedged/) — PIE, NZD hedged ### New Zealand Fixed Interest (1) - [Amova Corporate Bond Fund](https://managedfunds.nz/funds/amova/corporate-bond/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/amova/concentrated-equity/ - Markdown: https://managedfunds.nz/funds/amova/concentrated-equity/markdown.md - JSON: https://managedfunds.nz/funds/amova/concentrated-equity/data.json ## Sources - **FMA Disclose register** (search for SCH10488): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10488 - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10488/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10488/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10488/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10581/markdown.md # PIE Funds Management Scheme > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10581 - **Brand manager:** Pie Funds (Pie Funds Management Limited) - **Legal issuer:** Pie Funds Management Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR10740 (PIE Funds Management Limited) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. PIE Funds Management Scheme is an MIS registered with the FMA as SCH10581. Pie Funds is the brand manager whose funds sit within the scheme. The scheme is issued by Pie Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Equities (2) - [Pie Global Growth Fund 2](https://managedfunds.nz/funds/pie/global-growth-2/) — PIE - [Pie Growth UK & Europe Fund](https://managedfunds.nz/funds/pie/growth-uk-europe/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/pie/global-growth-2/ - Markdown: https://managedfunds.nz/funds/pie/global-growth-2/markdown.md - JSON: https://managedfunds.nz/funds/pie/global-growth-2/data.json ## Sources - **FMA Disclose register** (search for SCH10581): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10581 - **Brand manager website:** https://piefunds.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10581/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10581/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10581/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10586/markdown.md # Russell Investment Funds > FMA-registered Managed Investment Scheme containing 8 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10586 - **Brand manager:** Russell Investments (Russell Investments NZ Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 8 - **Asset classes covered:** 5 (Australasian Equities, International Equities, NZ Fixed Interest, International FI, Other) - **Offer document(s):** OFR10646 (Russell Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Russell Investment Funds is an MIS registered with the FMA as SCH10586. Russell Investments is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (8) ### Australasian Equities (1) - [Russell Investments NZ Shares Fund](https://managedfunds.nz/funds/russell/nz-shares/) — PIE ### International Equities (4) - [Russell Investments Global Shares Fund](https://managedfunds.nz/funds/russell/global-shares/) — PIE - [Russell Investments Hedged Global Shares Fund](https://managedfunds.nz/funds/russell/hedged-global-shares/) — PIE, NZD hedged - [Russell Investments Hedged Sustainable Global Shares Fund](https://managedfunds.nz/funds/russell/hedged-sustainable-global-shares/) — PIE, NZD hedged, responsible investment - [Russell Investments Sustainable Global Shares Fund](https://managedfunds.nz/funds/russell/sustainable-global-shares/) — PIE, responsible investment ### New Zealand Fixed Interest (1) - [Russell Investments NZ Fixed Interest Fund](https://managedfunds.nz/funds/russell/nz-fixed-interest/) — PIE ### International Fixed Interest (1) - [Russell Investments Global Fixed Interest Fund](https://managedfunds.nz/funds/russell/global-fixed-interest/) — PIE ### Other (1) - [Russell Investments Global Listed Infrastructure Fund](https://managedfunds.nz/funds/russell/global-listed-infrastructure/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/russell/global-fixed-interest/ - Markdown: https://managedfunds.nz/funds/russell/global-fixed-interest/markdown.md - JSON: https://managedfunds.nz/funds/russell/global-fixed-interest/data.json ## Sources - **FMA Disclose register** (search for SCH10586): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10586 - **Brand manager website:** https://russellinvestments.com/nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10586/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10586/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10586/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10600/markdown.md # Clarity Funds Scheme > FMA-registered Managed Investment Scheme containing 10 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10600 - **Brand managers (2 co-tenant brands):** Clarity (Clarity Capital Group Limited); TAHITO - **Legal issuer:** Clarity Funds Management Limited - **Funds in our coverage:** 10 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, International FI, Cash) - **Offer document(s):** OFR10601 (Clarity Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Clarity Funds Scheme is an MIS registered with the FMA as SCH10600. Clarity is the brand manager whose funds sit within the scheme. The scheme is issued by Clarity Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (10) ### Diversified Funds (2) - [Clarity Diversified Growth Fund](https://managedfunds.nz/funds/clarity/diversified-growth/) — growth, PIE - [Clarity Diversified Income Fund](https://managedfunds.nz/funds/clarity/diversified-income/) — income, PIE ### Australasian Equities (3) - [Clarity New Zealand Equity Fund](https://managedfunds.nz/funds/clarity/new-zealand-equity/) — growth, PIE - [Clarity Trans-Tasman Value Fund](https://managedfunds.nz/funds/clarity/trans-tasman-value/) — growth, PIE - [TAHITO Te Tai o Rehua Fund](https://managedfunds.nz/funds/tahito/te-tai-o-rehua/) — PIE, responsible investment ### International Equities (3) - [Clarity - Capital Group New Perspective Fund](https://managedfunds.nz/funds/clarity/capital-group-new-perspective/) — growth, PIE - [Clarity Dividend Yield Fund](https://managedfunds.nz/funds/clarity/dividend-yield/) — growth, PIE - [Clarity Global Shares Fund](https://managedfunds.nz/funds/clarity/global-shares/) — growth, PIE ### International Fixed Interest (1) - [Clarity Fixed Income Fund](https://managedfunds.nz/funds/clarity/fixed-income/) — conservative, PIE ### Cash and Cash Equivalents (1) - [Clarity Enhanced Cash PIE](https://managedfunds.nz/funds/clarity/enhanced-cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/ - Markdown: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/markdown.md - JSON: https://managedfunds.nz/funds/clarity/capital-group-new-perspective/data.json ## Sources - **FMA Disclose register** (search for SCH10600): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10600 - **Brand manager website:** https://www.clarity.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10600/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10600/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10600/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10640/markdown.md # Fisher Funds Managed Funds > FMA-registered Managed Investment Scheme containing 7 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10640 - **Brand manager:** Fisher Funds (Fisher Funds Management Limited) - **Legal issuer:** Fisher Funds Management Limited - **Funds in our coverage:** 7 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, International FI, Listed Property) - **Offer document(s):** OFR10667 (Fisher Funds Managed Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Fisher Funds Managed Funds is an MIS registered with the FMA as SCH10640. Fisher Funds is the brand manager whose funds sit within the scheme. The scheme is issued by Fisher Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (7) ### Diversified Funds (2) - [Fisher Funds Conservative Fund](https://managedfunds.nz/funds/fisher-funds/conservative/) — conservative, PIE - [Fisher Funds Growth Fund](https://managedfunds.nz/funds/fisher-funds/growth/) — growth, PIE ### Australasian Equities (2) - [Fisher Funds Australian Growth Fund](https://managedfunds.nz/funds/fisher-funds/australian-growth/) — PIE - [Fisher Funds New Zealand Growth Fund](https://managedfunds.nz/funds/fisher-funds/new-zealand-growth/) — PIE ### International Equities (1) - [Fisher Funds International Growth Fund](https://managedfunds.nz/funds/fisher-funds/international-growth/) — PIE ### International Fixed Interest (1) - [Fisher Funds Income Fund](https://managedfunds.nz/funds/fisher-funds/income/) — PIE ### Listed Property (1) - [Fisher Funds Property & Infrastructure Fund](https://managedfunds.nz/funds/fisher-funds/property-infrastructure/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/fisher-funds/australian-growth/ - Markdown: https://managedfunds.nz/funds/fisher-funds/australian-growth/markdown.md - JSON: https://managedfunds.nz/funds/fisher-funds/australian-growth/data.json ## Sources - **FMA Disclose register** (search for SCH10640): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10640 - **Brand manager website:** https://fisherfunds.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10640/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10640/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10640/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10642/markdown.md # Fisher Funds Investment Series > FMA-registered Managed Investment Scheme containing 4 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10642 - **Brand manager:** Fisher Funds (Fisher Funds Management Limited) - **Legal issuer:** Fisher Funds Management Limited - **Funds in our coverage:** 4 - **Asset classes covered:** 4 (Australasian Equities, International Equities, NZ Fixed Interest, International FI) - **Offer document(s):** OFR10748 (Fisher Funds Investment Series) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Fisher Funds Investment Series is an MIS registered with the FMA as SCH10642. Fisher Funds is the brand manager whose funds sit within the scheme. The scheme is issued by Fisher Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (4) ### Australasian Equities (1) - [Fisher Funds Trans Tasman Equity Trust](https://managedfunds.nz/funds/fisher-funds/trans-tasman-equity/) — PIE ### International Equities (1) - [Fisher Funds Global Fund](https://managedfunds.nz/funds/fisher-funds/global/) — PIE ### New Zealand Fixed Interest (1) - [Fisher Funds New Zealand Fixed Income Trust](https://managedfunds.nz/funds/fisher-funds/nz-fixed-income/) — PIE ### International Fixed Interest (1) - [Fisher Funds BondPlus Fund](https://managedfunds.nz/funds/fisher-funds/bondplus/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/fisher-funds/bondplus/ - Markdown: https://managedfunds.nz/funds/fisher-funds/bondplus/markdown.md - JSON: https://managedfunds.nz/funds/fisher-funds/bondplus/data.json ## Sources - **FMA Disclose register** (search for SCH10642): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10642 - **Brand manager website:** https://fisherfunds.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10642/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10642/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10642/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10647/markdown.md # Octagon Investment Funds > FMA-registered Managed Investment Scheme containing 3 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10647 - **Brand manager:** Octagon (Octagon Asset Management Limited), parent Forsyth Barr - **Legal issuer:** Forsyth Barr Investment Management Limited - **Funds in our coverage:** 3 - **Asset classes covered:** 2 (Diversified, Australasian Equities) - **Offer document(s):** OFR10802 (Octagon Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Octagon Investment Funds is an MIS registered with the FMA as SCH10647. Octagon is the brand manager whose funds sit within the scheme. The scheme is issued by Forsyth Barr Investment Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (3) ### Diversified Funds (1) - [Octagon Balanced Fund](https://managedfunds.nz/funds/octagon/balanced/) — balanced, PIE ### Australasian Equities (2) - [Octagon Australasian Equities Fund](https://managedfunds.nz/funds/octagon/australasian-equities/) — PIE - [Octagon New Zealand Equities Fund](https://managedfunds.nz/funds/octagon/new-zealand-equities/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/octagon/australasian-equities/ - Markdown: https://managedfunds.nz/funds/octagon/australasian-equities/markdown.md - JSON: https://managedfunds.nz/funds/octagon/australasian-equities/data.json ## Sources - **FMA Disclose register** (search for SCH10647): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10647 - **Brand manager website:** https://octagonasset.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10647/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10647/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10647/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10648/markdown.md # Summer KiwiSaver Scheme > FMA-registered Managed Investment Scheme containing 8 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10648 - **Brand manager:** Summer (Forsyth Barr Investment Management Limited), parent Forsyth Barr - **Legal issuer:** Forsyth Barr Investment Management Limited - **Funds in our coverage:** 8 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, International FI, Listed Property, Cash) - **Offer document(s):** OFR10856 (Summer KiwiSaver Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Summer KiwiSaver Scheme is an MIS registered with the FMA as SCH10648. Summer is the brand manager whose funds sit within the scheme. The scheme is issued by Forsyth Barr Investment Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (8) ### Diversified Funds (3) - [Summer Balanced Selection](https://managedfunds.nz/funds/summer/balanced-selection/) — balanced, PIE - [Summer Conservative Selection](https://managedfunds.nz/funds/summer/conservative-selection/) — conservative, PIE - [Summer Growth Selection](https://managedfunds.nz/funds/summer/growth-selection/) — growth, PIE ### Australasian Equities (1) - [Summer Australian Equities](https://managedfunds.nz/funds/summer/australian-equities/) — growth, PIE ### International Equities (1) - [Summer Global Equities](https://managedfunds.nz/funds/summer/global-equities/) — growth, PIE ### International Fixed Interest (1) - [Summer Global Fixed Interest](https://managedfunds.nz/funds/summer/global-fixed-interest/) — conservative, PIE ### Listed Property (1) - [Summer Listed Property](https://managedfunds.nz/funds/summer/listed-property/) — balanced, PIE ### Cash and Cash Equivalents (1) - [Summer New Zealand Cash](https://managedfunds.nz/funds/summer/new-zealand-cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/summer/australian-equities/ - Markdown: https://managedfunds.nz/funds/summer/australian-equities/markdown.md - JSON: https://managedfunds.nz/funds/summer/australian-equities/data.json ## Sources - **FMA Disclose register** (search for SCH10648): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10648 - **Brand manager website:** https://www.summer.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10648/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10648/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10648/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10700/markdown.md # Milford Investment Funds > FMA-registered Managed Investment Scheme containing 10 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10700 - **Brand manager:** Milford (Milford Funds Limited) - **Legal issuer:** Milford Funds Limited - **Funds in our coverage:** 10 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI) - **Offer document(s):** OFR10702 (Milford Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Milford Investment Funds is an MIS registered with the FMA as SCH10700. Milford is the brand manager whose funds sit within the scheme. The scheme is issued by Milford Funds Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (10) ### Diversified Funds (5) - [Milford Active Growth Fund](https://managedfunds.nz/funds/milford/active-growth/) — growth, PIE - [Milford Aggressive Fund](https://managedfunds.nz/funds/milford/aggressive/) — aggressive, PIE - [Milford Balanced Fund](https://managedfunds.nz/funds/milford/balanced/) — balanced, PIE - [Milford Conservative Fund](https://managedfunds.nz/funds/milford/conservative/) — conservative, PIE - [Milford Diversified Income Fund](https://managedfunds.nz/funds/milford/diversified-income/) — income, PIE ### Australasian Equities (2) - [Milford Australian Absolute Growth Fund](https://managedfunds.nz/funds/milford/australian-absolute-growth/) — PIE - [Milford Trans-Tasman Equity Fund](https://managedfunds.nz/funds/milford/trans-tasman-equity/) — PIE ### International Equities (1) - [Milford Global Equity Fund](https://managedfunds.nz/funds/milford/global-equity/) — PIE ### New Zealand Fixed Interest (1) - [Milford Trans-Tasman Bond Fund](https://managedfunds.nz/funds/milford/trans-tasman-bond/) — PIE ### International Fixed Interest (1) - [Milford Global Corporate Bond Fund](https://managedfunds.nz/funds/milford/global-corporate-bond/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/milford/active-growth/ - Markdown: https://managedfunds.nz/funds/milford/active-growth/markdown.md - JSON: https://managedfunds.nz/funds/milford/active-growth/data.json ## Sources - **FMA Disclose register** (search for SCH10700): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10700 - **Brand manager website:** https://milfordasset.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10700/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10700/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10700/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10745/markdown.md # Castle Point Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10745 - **Brand manager:** Castle Point - **Legal issuer:** Pg Funds Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Diversified, Australasian Equities) - **Offer document(s):** OFR10746 (Castle Point Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Castle Point Funds is an MIS registered with the FMA as SCH10745. Castle Point is the brand manager whose funds sit within the scheme. The scheme is issued by Pg Funds Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### Diversified Funds (1) - [Castle Point 5 Oceans Fund](https://managedfunds.nz/funds/castle-point/5-oceans/) — balanced, PIE ### Australasian Equities (1) - [Castle Point Trans-Tasman Fund](https://managedfunds.nz/funds/castle-point/trans-tasman/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/castle-point/5-oceans/ - Markdown: https://managedfunds.nz/funds/castle-point/5-oceans/markdown.md - JSON: https://managedfunds.nz/funds/castle-point/5-oceans/data.json ## Sources - **FMA Disclose register** (search for SCH10745): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10745 - **Brand manager website:** https://castlepoint.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10745/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10745/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10745/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10752/markdown.md # Smart Exchange Traded Funds > FMA-registered Managed Investment Scheme containing 33 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10752 - **Brand manager:** Smartshares (Smartshares Limited), parent NZX Limited - **Legal issuer:** Smartshares Limited - **Funds in our coverage:** 33 - **Asset classes covered:** 6 (Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Other) - **Offer document(s):** OFR10865 (Smart Exchange Traded Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Smart Exchange Traded Funds is an MIS registered with the FMA as SCH10752. Smartshares is the brand manager whose funds sit within the scheme. The scheme is issued by Smartshares Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (33) ### Australasian Equities (11) - [Smart Australian Dividend ETF](https://managedfunds.nz/funds/smartshares/asd-australian-dividend/) — PIE, ETF (ASD) - [Smart Australian Financials ETF](https://managedfunds.nz/funds/smartshares/asf-australian-financials/) — PIE, ETF (ASF) - [Smart Australian Mid Cap ETF](https://managedfunds.nz/funds/smartshares/mzy-australian-mid-cap/) — PIE, ETF (MZY) - [Smart Australian Resources ETF](https://managedfunds.nz/funds/smartshares/asr-australian-resources/) — PIE, ETF (ASR) - [Smart Australian Top 20 ETF](https://managedfunds.nz/funds/smartshares/ozy-australian-top-20/) — PIE, ETF (OZY) - [Smart Australian Top 200 ETF](https://managedfunds.nz/funds/smartshares/aus-australian-top-200/) — PIE, ETF (AUS) - [Smart NZ Dividend ETF](https://managedfunds.nz/funds/smartshares/div-nz-dividend/) — PIE, ETF (DIV) - [Smart NZ Mid Cap ETF](https://managedfunds.nz/funds/smartshares/mdz-nz-mid-cap/) — PIE, ETF (MDZ) - [Smart NZ Top 10 ETF](https://managedfunds.nz/funds/smartshares/tnz-nz-top-10/) — PIE, ETF (TNZ) - [Smart NZ Top 50 ETF](https://managedfunds.nz/funds/smartshares/fnz-nz-top-50/) — PIE, ETF (FNZ) - [Smart S&P/NZX 50 ETF](https://managedfunds.nz/funds/smartshares/nzg-sp-nzx-50/) — PIE, ETF (NZG) ### International Equities (16) - [Smart Asia Pacific ETF](https://managedfunds.nz/funds/smartshares/apa-asia-pacific/) — PIE, ETF (APA) - [Smart Automation and Robotics ETF](https://managedfunds.nz/funds/smartshares/bot-automation-robotics/) — PIE, ETF (BOT) - [Smart Emerging Markets ESG ETF](https://managedfunds.nz/funds/smartshares/emg-emerging-markets-esg/) — PIE, ETF (EMG), responsible investment - [Smart Emerging Markets ETF](https://managedfunds.nz/funds/smartshares/emf-emerging-markets/) — PIE, ETF (EMF) - [Smart Europe ESG ETF](https://managedfunds.nz/funds/smartshares/eug-europe-esg/) — PIE, ETF (EUG), responsible investment - [Smart Europe ETF](https://managedfunds.nz/funds/smartshares/euf-europe/) — PIE, ETF (EUF) - [Smart Global ESG ETF](https://managedfunds.nz/funds/smartshares/esg-global-esg/) — PIE, ETF (ESG), responsible investment - [Smart Healthcare Innovation ETF](https://managedfunds.nz/funds/smartshares/liv-healthcare-innovation/) — PIE, ETF (LIV) - [Smart Japan ESG ETF](https://managedfunds.nz/funds/smartshares/jpn-japan-esg/) — PIE, ETF (JPN), responsible investment - [Smart Total World ETF](https://managedfunds.nz/funds/smartshares/twf-total-world/) — PIE, ETF (TWF) - [Smart US 500 ETF](https://managedfunds.nz/funds/smartshares/usf-us-500/) — PIE, ETF (USF) - [Smart US ESG ETF](https://managedfunds.nz/funds/smartshares/usa-us-esg/) — PIE, ETF (USA), responsible investment - [Smart US Large Growth ETF](https://managedfunds.nz/funds/smartshares/usg-us-large-growth/) — PIE, ETF (USG) - [Smart US Large Value ETF](https://managedfunds.nz/funds/smartshares/usv-us-large-value/) — PIE, ETF (USV) - [Smart US Mid Cap ETF](https://managedfunds.nz/funds/smartshares/usm-us-mid-cap/) — PIE, ETF (USM) - [Smart US Small Cap ETF](https://managedfunds.nz/funds/smartshares/uss-us-small-cap/) — PIE, ETF (USS) ### New Zealand Fixed Interest (1) - [Smart NZ Bond ETF](https://managedfunds.nz/funds/smartshares/nzb-nz-bond/) — PIE, ETF (NZB) ### International Fixed Interest (2) - [Smart Global Aggregate Bond ETF](https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/) — PIE, ETF (AGG) - [Smart Global Bond ETF](https://managedfunds.nz/funds/smartshares/gbf-global-bond/) — PIE, ETF (GBF) ### Listed Property (2) - [Smart Australian Property ETF](https://managedfunds.nz/funds/smartshares/asp-australian-property/) — PIE, ETF (ASP) - [Smart NZ Property ETF](https://managedfunds.nz/funds/smartshares/npf-nz-property/) — PIE, ETF (NPF) ### Other (1) - [Smart Bitcoin ETF](https://managedfunds.nz/funds/smartshares/btc-bitcoin/) — PIE, ETF (BTC) ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/ - Markdown: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/markdown.md - JSON: https://managedfunds.nz/funds/smartshares/agg-global-aggregate-bond/data.json ## Sources - **FMA Disclose register** (search for SCH10752): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10752 - **Brand manager website:** https://smartshares.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10752/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10752/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10752/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10753/markdown.md # Devon Investment Funds Scheme > FMA-registered Managed Investment Scheme containing 4 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10753 - **Brand manager:** Devon (Devon Funds Management Limited) - **Legal issuer:** Devon Funds Management Limited - **Funds in our coverage:** 4 - **Asset classes covered:** 1 (Australasian Equities) - **Offer document(s):** OFR10754 (Devon Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Devon Investment Funds Scheme is an MIS registered with the FMA as SCH10753. Devon is the brand manager whose funds sit within the scheme. The scheme is issued by Devon Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (4) ### Australasian Equities (4) - [Devon Alpha Fund](https://managedfunds.nz/funds/devon/alpha/) — PIE - [Devon Australian Fund](https://managedfunds.nz/funds/devon/australian/) — PIE - [Devon Dividend Yield Fund](https://managedfunds.nz/funds/devon/dividend-yield/) — PIE - [Devon Trans-Tasman Fund](https://managedfunds.nz/funds/devon/trans-tasman/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/devon/alpha/ - Markdown: https://managedfunds.nz/funds/devon/alpha/markdown.md - JSON: https://managedfunds.nz/funds/devon/alpha/data.json ## Sources - **FMA Disclose register** (search for SCH10753): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10753 - **Brand manager website:** https://www.devonfunds.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10753/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10753/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10753/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10778/markdown.md # Pathfinder Managed Investment Scheme > FMA-registered Managed Investment Scheme containing 5 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10778 - **Brand manager:** Pathfinder (Pathfinder Asset Management Limited) - **Legal issuer:** Pathfinder Asset Management Limited - **Funds in our coverage:** 5 - **Asset classes covered:** 4 (Diversified, Australasian Equities, International Equities, Listed Property) - **Offer document(s):** OFR10780 (Pathfinder Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Pathfinder Managed Investment Scheme is an MIS registered with the FMA as SCH10778. Pathfinder is the brand manager whose funds sit within the scheme. The scheme is issued by Pathfinder Asset Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (5) ### Diversified Funds (1) - [Pathfinder Ethical Growth Fund](https://managedfunds.nz/funds/pathfinder/ethical-growth/) — growth, PIE, responsible investment ### Australasian Equities (1) - [Pathfinder Ethical Trans-Tasman Fund](https://managedfunds.nz/funds/pathfinder/ethical-trans-tasman/) — PIE, responsible investment ### International Equities (2) - [Pathfinder Global Responsibility Fund](https://managedfunds.nz/funds/pathfinder/global-responsibility/) — PIE, responsible investment - [Pathfinder Global Water Fund](https://managedfunds.nz/funds/pathfinder/global-water/) — PIE, responsible investment ### Listed Property (1) - [Pathfinder Global Property Fund](https://managedfunds.nz/funds/pathfinder/global-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/pathfinder/ethical-growth/ - Markdown: https://managedfunds.nz/funds/pathfinder/ethical-growth/markdown.md - JSON: https://managedfunds.nz/funds/pathfinder/ethical-growth/data.json ## Sources - **FMA Disclose register** (search for SCH10778): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10778 - **Brand manager website:** https://www.pathfinder.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10778/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10778/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10778/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10787/markdown.md # Mint Asset Management Funds > FMA-registered Managed Investment Scheme containing 5 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10787 - **Brand manager:** Mint (Mint Asset Management Limited) - **Legal issuer:** Mint Asset Management Limited - **Funds in our coverage:** 5 - **Asset classes covered:** 3 (Diversified, Australasian Equities, Listed Property) - **Offer document(s):** OFR10827 (Mint Asset Management Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Mint Asset Management Funds is an MIS registered with the FMA as SCH10787. Mint is the brand manager whose funds sit within the scheme. The scheme is issued by Mint Asset Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (5) ### Diversified Funds (2) - [Mint Diversified Growth Fund](https://managedfunds.nz/funds/mint/diversified-growth/) — growth, PIE - [Mint Diversified Income Fund](https://managedfunds.nz/funds/mint/diversified-income/) — income, PIE ### Australasian Equities (2) - [Mint Australasian Equity Fund](https://managedfunds.nz/funds/mint/australasian-equity/) — PIE - [Mint New Zealand SRI Equity Fund](https://managedfunds.nz/funds/mint/new-zealand-sri-equity/) — PIE, responsible investment ### Listed Property (1) - [Mint Australasian Property Fund](https://managedfunds.nz/funds/mint/australasian-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/mint/australasian-equity/ - Markdown: https://managedfunds.nz/funds/mint/australasian-equity/markdown.md - JSON: https://managedfunds.nz/funds/mint/australasian-equity/data.json ## Sources - **FMA Disclose register** (search for SCH10787): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10787 - **Brand manager website:** https://mintasset.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10787/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10787/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10787/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10803/markdown.md # NZ Funds Managed Portfolio Service Part Two > FMA-registered Managed Investment Scheme containing 12 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10803 - **Brand manager:** NZ Funds (New Zealand Funds Management Limited) - **Legal issuer:** New Zealand Funds Management Limited - **Funds in our coverage:** 12 - **Asset classes covered:** 7 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Listed Property, Other) - **Offer document(s):** OFR10831 (NZ Funds Active Series); OFR12761 (NZ Funds Wealthbuilder); OFR12958 (NZ Funds Income Generator) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. NZ Funds Managed Portfolio Service Part Two is an MIS registered with the FMA as SCH10803. NZ Funds is the brand manager whose funds sit within the scheme. The scheme is issued by New Zealand Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (12) ### Diversified Funds (4) - [NZ Funds Income Generator](https://managedfunds.nz/funds/nz-funds/income-generator/) — income, PIE - [NZ Funds Wealth Builder - Growth Strategy](https://managedfunds.nz/funds/nz-funds/wealth-builder-growth/) — growth, PIE - [NZ Funds Wealth Builder - Income Strategy](https://managedfunds.nz/funds/nz-funds/wealth-builder-income/) — income, PIE - [NZ Funds Wealth Builder - Inflation Strategy](https://managedfunds.nz/funds/nz-funds/wealth-builder-inflation/) — balanced, PIE ### Australasian Equities (1) - [NZ Funds New Zealand and Australian Shares](https://managedfunds.nz/funds/nz-funds/new-zealand-shares/) — growth, PIE ### International Equities (2) - [NZ Funds Global Shares](https://managedfunds.nz/funds/nz-funds/global-shares/) — growth, PIE - [NZ Funds Global Utilities](https://managedfunds.nz/funds/nz-funds/global-utilities/) — balanced, PIE ### New Zealand Fixed Interest (1) - [NZ Funds New Zealand and Australian Bonds](https://managedfunds.nz/funds/nz-funds/new-zealand-bonds/) — conservative, PIE ### International Fixed Interest (1) - [NZ Funds Global Bonds](https://managedfunds.nz/funds/nz-funds/global-bonds/) — conservative, PIE ### Listed Property (2) - [NZ Funds Global Property](https://managedfunds.nz/funds/nz-funds/global-property/) — balanced, PIE - [NZ Funds New Zealand Property and Retirement Villages](https://managedfunds.nz/funds/nz-funds/new-zealand-property-retirement/) — balanced, PIE ### Other (1) - [NZ Funds Global Infrastructure](https://managedfunds.nz/funds/nz-funds/global-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/nz-funds/global-bonds/ - Markdown: https://managedfunds.nz/funds/nz-funds/global-bonds/markdown.md - JSON: https://managedfunds.nz/funds/nz-funds/global-bonds/data.json ## Sources - **FMA Disclose register** (search for SCH10803): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10803 - **Brand manager website:** https://www.nzfunds.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10803/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10803/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10803/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10815/markdown.md # Harbour Investment Funds > FMA-registered Managed Investment Scheme containing 14 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10815 - **Brand manager:** Harbour (Harbour Asset Management Limited) - **Legal issuer:** Harbour Asset Management Limited - **Funds in our coverage:** 14 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, Listed Property) - **Offer document(s):** OFR10909 (Harbour Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Harbour Investment Funds is an MIS registered with the FMA as SCH10815. Harbour is the brand manager whose funds sit within the scheme. The scheme is issued by Harbour Asset Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (14) ### Diversified Funds (3) - [Harbour Balanced Growth Fund](https://managedfunds.nz/funds/harbour/balanced-growth/) — balanced growth, PIE - [Harbour Income Fund](https://managedfunds.nz/funds/harbour/income/) — income, PIE - [Harbour Sustainable Impact Fund](https://managedfunds.nz/funds/harbour/sustainable-impact/) — balanced, PIE, responsible investment ### Australasian Equities (6) - [Harbour Australasian Equity Focus Fund](https://managedfunds.nz/funds/harbour/australasian-equity-focus/) — PIE - [Harbour Australasian Equity Fund](https://managedfunds.nz/funds/harbour/australasian-equity/) — PIE - [Harbour Australasian Equity Income Fund](https://managedfunds.nz/funds/harbour/australasian-equity-income/) — PIE - [Harbour Long Short Fund](https://managedfunds.nz/funds/harbour/long-short/) — PIE - [Harbour NZ Index Shares Fund](https://managedfunds.nz/funds/harbour/nz-index-shares/) — PIE - [Harbour Sustainable NZ Shares Fund](https://managedfunds.nz/funds/harbour/sustainable-nz-shares/) — PIE, responsible investment ### International Equities (2) - [Harbour T. Rowe Price Global Equity Fund](https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity/) — PIE - [Harbour T. Rowe Price Global Equity Fund (Hedged)](https://managedfunds.nz/funds/harbour/t-rowe-price-global-equity-hedged/) — PIE, NZD hedged ### New Zealand Fixed Interest (2) - [Harbour NZ Core Fixed Interest Fund](https://managedfunds.nz/funds/harbour/nz-core-fixed-interest/) — PIE - [Harbour NZ Corporate Bond Fund](https://managedfunds.nz/funds/harbour/nz-corporate-bond/) — PIE ### Listed Property (1) - [Harbour Real Estate Investment Fund](https://managedfunds.nz/funds/harbour/real-estate-investment/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/harbour/australasian-equity/ - Markdown: https://managedfunds.nz/funds/harbour/australasian-equity/markdown.md - JSON: https://managedfunds.nz/funds/harbour/australasian-equity/data.json ## Sources - **FMA Disclose register** (search for SCH10815): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10815 - **Brand manager website:** https://www.harbourasset.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10815/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10815/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10815/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10841/markdown.md # Booster KiwiSaver Scheme > FMA-registered Managed Investment Scheme containing 4 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10841 - **Brand manager:** Booster (Booster Investment Management Limited) - **Legal issuer:** Booster Investment Management Limited - **Funds in our coverage:** 4 - **Asset classes covered:** 1 (Diversified) - **Offer document(s):** OFR10843 (Booster KiwiSaver Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Booster KiwiSaver Scheme is an MIS registered with the FMA as SCH10841. Booster is the brand manager whose funds sit within the scheme. The scheme is issued by Booster Investment Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (4) ### Diversified Funds (4) - [Booster Shielded Growth Fund](https://managedfunds.nz/funds/booster/shielded-growth/) — growth, PIE - [Booster Socially Responsible Balanced Fund](https://managedfunds.nz/funds/booster/socially-responsible-balanced/) — balanced, PIE, responsible investment - [Booster Socially Responsible Growth Fund](https://managedfunds.nz/funds/booster/socially-responsible-growth/) — growth, PIE, responsible investment - [Booster Socially Responsible High Growth Fund](https://managedfunds.nz/funds/booster/socially-responsible-high-growth/) — aggressive, PIE, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/booster/shielded-growth/ - Markdown: https://managedfunds.nz/funds/booster/shielded-growth/markdown.md - JSON: https://managedfunds.nz/funds/booster/shielded-growth/data.json ## Sources - **FMA Disclose register** (search for SCH10841): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10841 - **Brand manager website:** https://www.booster.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10841/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10841/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10841/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10844/markdown.md # Booster Investment Scheme > FMA-registered Managed Investment Scheme containing 5 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10844 - **Brand manager:** Booster (Booster Investment Management Limited) - **Legal issuer:** Booster Investment Management Limited - **Funds in our coverage:** 5 - **Asset classes covered:** 1 (Diversified) - **Offer document(s):** OFR10852 (Booster Investment Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Booster Investment Scheme is an MIS registered with the FMA as SCH10844. Booster is the brand manager whose funds sit within the scheme. The scheme is issued by Booster Investment Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (5) ### Diversified Funds (5) - [Booster Wealth Balanced Fund](https://managedfunds.nz/funds/booster/wealth-balanced/) — balanced, PIE - [Booster Wealth Geared Growth Fund](https://managedfunds.nz/funds/booster/wealth-geared-growth/) — aggressive, PIE - [Booster Wealth Growth Fund](https://managedfunds.nz/funds/booster/wealth-growth/) — growth, PIE - [Booster Wealth High Growth Fund](https://managedfunds.nz/funds/booster/wealth-high-growth/) — aggressive, PIE - [Booster Wealth Moderate Fund](https://managedfunds.nz/funds/booster/wealth-moderate/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/booster/wealth-balanced/ - Markdown: https://managedfunds.nz/funds/booster/wealth-balanced/markdown.md - JSON: https://managedfunds.nz/funds/booster/wealth-balanced/data.json ## Sources - **FMA Disclose register** (search for SCH10844): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10844 - **Brand manager website:** https://www.booster.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10844/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10844/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10844/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch10872/markdown.md # Salt Investment Funds > FMA-registered Managed Investment Scheme containing 3 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH10872 - **Brand manager:** Salt (Salt Investment Funds Limited) - **Legal issuer:** Salt Investment Funds Limited - **Funds in our coverage:** 3 - **Asset classes covered:** 2 (Australasian Equities, Listed Property) - **Offer document(s):** OFR10881 (Salt Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Salt Investment Funds is an MIS registered with the FMA as SCH10872. Salt is the brand manager whose funds sit within the scheme. The scheme is issued by Salt Investment Funds Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (3) ### Australasian Equities (2) - [Salt Long Short Fund](https://managedfunds.nz/funds/salt/long-short/) — PIE - [Salt NZ Dividend Appreciation Fund](https://managedfunds.nz/funds/salt/nz-dividend-appreciation/) — PIE ### Listed Property (1) - [Salt Enhanced Property Fund](https://managedfunds.nz/funds/salt/enhanced-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/salt/enhanced-property/ - Markdown: https://managedfunds.nz/funds/salt/enhanced-property/markdown.md - JSON: https://managedfunds.nz/funds/salt/enhanced-property/data.json ## Sources - **FMA Disclose register** (search for SCH10872): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH10872 - **Brand manager website:** https://www.saltfunds.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch10872/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch10872/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch10872/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11061/markdown.md # OneAnswer KiwiSaver Scheme > FMA-registered Managed Investment Scheme containing 4 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11061 - **Brand manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Legal issuer:** ANZ New Zealand Investments Limited - **Funds in our coverage:** 4 - **Asset classes covered:** 4 (Diversified, International Equities, International FI, Listed Property) - **Offer document(s):** OFR11072 (OneAnswer KiwiSaver Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. OneAnswer KiwiSaver Scheme is an MIS registered with the FMA as SCH11061. ANZ Investments is the brand manager whose funds sit within the scheme. The scheme is issued by ANZ New Zealand Investments Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (4) ### Diversified Funds (1) - [ANZ Investments OneAnswer High Growth Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/) — aggressive, PIE ### International Equities (1) - [ANZ Investments OneAnswer International Share Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-share/) — PIE ### International Fixed Interest (1) - [ANZ Investments OneAnswer International Fixed Interest Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-fixed-interest/) — PIE ### Listed Property (1) - [ANZ Investments OneAnswer International Property Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-property/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/ - Markdown: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/markdown.md - JSON: https://managedfunds.nz/funds/anz-investments/oneanswer-high-growth/data.json ## Sources - **FMA Disclose register** (search for SCH11061): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11061 - **Brand manager website:** https://www.anz.co.nz/personal/investing-kiwisaver - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11061/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11061/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11061/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11064/markdown.md # ANZ Investments Multi-Asset-Class Scheme (marketed As The ANZ Investment Funds And OneAnswer Multi-Asset-Class Funds) > FMA-registered Managed Investment Scheme containing 3 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11064 - **Brand manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Legal issuer:** ANZ New Zealand Investments Limited - **Funds in our coverage:** 3 - **Asset classes covered:** 1 (Diversified) - **Offer document(s):** OFR11076 (OneAnswer Multi-Asset-Class Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. ANZ Investments Multi-Asset-Class Scheme (marketed As The ANZ Investment Funds And OneAnswer Multi-Asset-Class Funds) is an MIS registered with the FMA as SCH11064. ANZ Investments is the brand manager whose funds sit within the scheme. The scheme is issued by ANZ New Zealand Investments Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (3) ### Diversified Funds (3) - [ANZ Investments OneAnswer Balanced Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/) — balanced, PIE - [ANZ Investments OneAnswer Conservative Balanced Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-conservative-balanced/) — conservative balanced, PIE - [ANZ Investments OneAnswer Conservative Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-conservative/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/ - Markdown: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/markdown.md - JSON: https://managedfunds.nz/funds/anz-investments/oneanswer-balanced/data.json ## Sources - **FMA Disclose register** (search for SCH11064): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11064 - **Brand manager website:** https://www.anz.co.nz/personal/investing-kiwisaver - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11064/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11064/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11064/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11065/markdown.md # ANZ Investments Single-Asset-Class Scheme (marketed As The OneAnswer Single-Asset-Class Funds) > FMA-registered Managed Investment Scheme containing 7 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11065 - **Brand manager:** ANZ Investments (ANZ New Zealand Investments Limited) - **Legal issuer:** ANZ New Zealand Investments Limited - **Funds in our coverage:** 7 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, Listed Property) - **Offer document(s):** OFR11077 (OneAnswer Single-Asset-Class Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. ANZ Investments Single-Asset-Class Scheme (marketed As The OneAnswer Single-Asset-Class Funds) is an MIS registered with the FMA as SCH11065. ANZ Investments is the brand manager whose funds sit within the scheme. The scheme is issued by ANZ New Zealand Investments Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (7) ### Diversified Funds (2) - [ANZ Investments OneAnswer Balanced Growth Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-balanced-growth/) — balanced growth, PIE - [ANZ Investments OneAnswer Growth Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-growth/) — growth, PIE ### Australasian Equities (2) - [ANZ Investments OneAnswer Australian Share Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/) — PIE - [ANZ Investments OneAnswer New Zealand Share Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-share/) — PIE ### International Equities (1) - [ANZ Investments OneAnswer International Listed Infrastructure Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-international-listed-infrastructure/) — PIE ### New Zealand Fixed Interest (1) - [ANZ Investments OneAnswer New Zealand Fixed Interest Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-new-zealand-fixed-interest/) — PIE ### Listed Property (1) - [ANZ Investments OneAnswer Property Securities Fund](https://managedfunds.nz/funds/anz-investments/oneanswer-property-securities/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/ - Markdown: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/markdown.md - JSON: https://managedfunds.nz/funds/anz-investments/oneanswer-australian-share/data.json ## Sources - **FMA Disclose register** (search for SCH11065): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11065 - **Brand manager website:** https://www.anz.co.nz/personal/investing-kiwisaver - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11065/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11065/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11065/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11156/markdown.md # Scheme SCH11156 > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11156 - **Brand manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Legal issuer:** Sbs Wealth Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (Diversified) - **Offer document(s):** OFR11155 - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Scheme SCH11156 is an MIS registered with the FMA as SCH11156. SBS Wealth is the brand manager whose funds sit within the scheme. The scheme is issued by Sbs Wealth Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### Diversified Funds (2) - [SBS Wealth Growth Strategy](https://managedfunds.nz/funds/sbs-wealth/growth-strategy/) — growth, PIE - [SBS Wealth High Growth Strategy](https://managedfunds.nz/funds/sbs-wealth/high-growth-strategy/) — aggressive, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/ - Markdown: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/markdown.md - JSON: https://managedfunds.nz/funds/sbs-wealth/growth-strategy/data.json ## Sources - **FMA Disclose register** (search for SCH11156): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11156 - **Brand manager website:** https://sbsbank.co.nz/sbs-wealth - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11156/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11156/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11156/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11160/markdown.md # Sbs Wealth New Zealand Bond Portfolio > FMA-registered Managed Investment Scheme containing 6 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11160 - **Brand manager:** SBS Wealth (FundRock NZ Limited), parent SBS Bank - **Legal issuer:** Sbs Wealth Limited - **Funds in our coverage:** 6 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI) - **Offer document(s):** OFR11164 (Sbs Wealth Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Sbs Wealth New Zealand Bond Portfolio is an MIS registered with the FMA as SCH11160. SBS Wealth is the brand manager whose funds sit within the scheme. The scheme is issued by Sbs Wealth Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (6) ### Diversified Funds (2) - [SBS Wealth Balanced Strategy](https://managedfunds.nz/funds/sbs-wealth/balanced-strategy/) — balanced, PIE - [SBS Wealth Conservative Strategy](https://managedfunds.nz/funds/sbs-wealth/conservative-strategy/) — conservative, PIE ### Australasian Equities (1) - [SBS Wealth Australasian Equity Portfolio](https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/) — growth, PIE ### International Equities (1) - [SBS Wealth World Equity Portfolio](https://managedfunds.nz/funds/sbs-wealth/world-equity-portfolio/) — growth, PIE ### New Zealand Fixed Interest (1) - [SBS Wealth New Zealand Bond Portfolio](https://managedfunds.nz/funds/sbs-wealth/new-zealand-bond-portfolio/) — conservative, PIE ### International Fixed Interest (1) - [SBS Wealth World Bond Portfolio](https://managedfunds.nz/funds/sbs-wealth/world-bond-portfolio/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/ - Markdown: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/markdown.md - JSON: https://managedfunds.nz/funds/sbs-wealth/australasian-equity-portfolio/data.json ## Sources - **FMA Disclose register** (search for SCH11160): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11160 - **Brand manager website:** https://sbsbank.co.nz/sbs-wealth - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11160/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11160/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11160/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11176/markdown.md # Hunter Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11176 - **Brand manager:** Hunter (Hunter Investment Funds Limited) - **Legal issuer:** Harbour Asset Management Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR11173 (Hunter Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Hunter Investment Funds is an MIS registered with the FMA as SCH11176. Hunter is the brand manager whose funds sit within the scheme. The scheme is issued by Harbour Asset Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Fixed Interest (2) - [Hunter Global Fixed Interest Fund](https://managedfunds.nz/funds/hunter/global-fixed-interest/) — PIE - [Hunter Private Credit Fund](https://managedfunds.nz/funds/hunter/private-credit/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/hunter/global-fixed-interest/ - Markdown: https://managedfunds.nz/funds/hunter/global-fixed-interest/markdown.md - JSON: https://managedfunds.nz/funds/hunter/global-fixed-interest/data.json ## Sources - **FMA Disclose register** (search for SCH11176): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11176 - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11176/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11176/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11176/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11207/markdown.md # Elevation Capital Managed Investments Schemes > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11207 - **Brand manager:** Elevation Capital - **Legal issuer:** The Curve Investments Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR11348 (Elevation Capital Global Shares Fund) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Elevation Capital Managed Investments Schemes is an MIS registered with the FMA as SCH11207. Elevation Capital is the brand manager whose funds sit within the scheme. The scheme is issued by The Curve Investments Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Elevation Capital Global Shares Fund](https://managedfunds.nz/funds/elevation-capital/global-shares/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/elevation-capital/global-shares/ - Markdown: https://managedfunds.nz/funds/elevation-capital/global-shares/markdown.md - JSON: https://managedfunds.nz/funds/elevation-capital/global-shares/data.json ## Sources - **FMA Disclose register** (search for SCH11207): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11207 - **Brand manager website:** https://www.elevationcapital.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11207/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11207/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11207/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch11873/markdown.md # Simplicity Investment Funds > FMA-registered Managed Investment Scheme containing 11 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH11873 - **Brand manager:** Simplicity (Simplicity NZ Limited) - **Legal issuer:** Simplicity NZ Limited - **Funds in our coverage:** 11 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Cash) - **Offer document(s):** OFR11879 (Simplicity Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Simplicity Investment Funds is an MIS registered with the FMA as SCH11873. Simplicity is the brand manager whose funds sit within the scheme. The scheme is issued by Simplicity NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (11) ### Diversified Funds (5) - [Simplicity Balanced Investment Fund](https://managedfunds.nz/funds/simplicity/balanced-investment/) — balanced, PIE - [Simplicity Conservative Investment Fund](https://managedfunds.nz/funds/simplicity/conservative-investment/) — conservative, PIE - [Simplicity Growth Investment Fund](https://managedfunds.nz/funds/simplicity/growth-investment/) — growth, PIE - [Simplicity High Growth Investment Fund](https://managedfunds.nz/funds/simplicity/high-growth-investment/) — aggressive, PIE - [Simplicity Homes and Income Investment Fund](https://managedfunds.nz/funds/simplicity/homes-and-income-investment/) — balanced, PIE ### Australasian Equities (1) - [Simplicity NZ Share Fund](https://managedfunds.nz/funds/simplicity/nz-share/) — growth, PIE ### International Equities (2) - [Simplicity Hedged Global Share Fund](https://managedfunds.nz/funds/simplicity/hedged-global-share/) — growth, PIE, NZD hedged - [Simplicity Unhedged Global Share Fund](https://managedfunds.nz/funds/simplicity/unhedged-global-share/) — growth, PIE ### New Zealand Fixed Interest (1) - [Simplicity NZ Bond Fund](https://managedfunds.nz/funds/simplicity/nz-bond/) — conservative, PIE ### International Fixed Interest (1) - [Simplicity Hedged Global Bond Fund](https://managedfunds.nz/funds/simplicity/hedged-global-bond/) — conservative, PIE, NZD hedged ### Cash and Cash Equivalents (1) - [Simplicity NZ Cash Fund](https://managedfunds.nz/funds/simplicity/nz-cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/simplicity/balanced-investment/ - Markdown: https://managedfunds.nz/funds/simplicity/balanced-investment/markdown.md - JSON: https://managedfunds.nz/funds/simplicity/balanced-investment/data.json ## Sources - **FMA Disclose register** (search for SCH11873): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH11873 - **Brand manager website:** https://simplicity.kiwi - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch11873/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch11873/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch11873/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch12302/markdown.md # Franklin Templeton Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH12302 - **Brand manager:** Brandywine (Brandywine Global Investment Management), parent Franklin Templeton - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (International Equities, International FI) - **Offer document(s):** OFR12303 (Franklin Templeton Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Franklin Templeton Investment Funds is an MIS registered with the FMA as SCH12302. Brandywine is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Equities (1) - [Brandywine Global Opportunistic Equity Fund](https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/) — growth, PIE ### International Fixed Interest (1) - [Brandywine Global Opportunistic Fixed Income Fund](https://managedfunds.nz/funds/brandywine/global-opportunistic-fixed-income/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/ - Markdown: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/markdown.md - JSON: https://managedfunds.nz/funds/brandywine/global-opportunistic-equity/data.json ## Sources - **FMA Disclose register** (search for SCH12302): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH12302 - **Brand manager website:** https://www.brandywineglobal.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch12302/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch12302/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch12302/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch12434/markdown.md # Antipodes Investment Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH12434 - **Brand manager:** Antipodes - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR12435 (Antipodes Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Antipodes Investment Funds is an MIS registered with the FMA as SCH12434. Antipodes is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Antipodes Global Fund – Long (PIE)](https://managedfunds.nz/funds/antipodes/global-long/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/antipodes/global-long/ - Markdown: https://managedfunds.nz/funds/antipodes/global-long/markdown.md - JSON: https://managedfunds.nz/funds/antipodes/global-long/data.json ## Sources - **FMA Disclose register** (search for SCH12434): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH12434 - **Brand manager website:** https://www.antipodes.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch12434/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch12434/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch12434/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch12697/markdown.md # Kernel Funds > FMA-registered Managed Investment Scheme containing 6 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH12697 - **Brand manager:** Kernel (Kernel Wealth Limited) - **Legal issuer:** Kernel Wealth Limited - **Funds in our coverage:** 6 - **Asset classes covered:** 5 (Diversified, Australasian Equities, International Equities, Listed Property, Other) - **Offer document(s):** OFR12698 (Kernel Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Kernel Funds is an MIS registered with the FMA as SCH12697. Kernel is the brand manager whose funds sit within the scheme. The scheme is issued by Kernel Wealth Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (6) ### Diversified Funds (1) - [Kernel Conservative Fund](https://managedfunds.nz/funds/kernel/conservative/) — conservative, PIE ### Australasian Equities (1) - [Kernel Australia 100 Fund](https://managedfunds.nz/funds/kernel/australia-100/) — growth, PIE ### International Equities (2) - [Kernel S&P Global 100 (NZD Hedged) Fund](https://managedfunds.nz/funds/kernel/sp-global-100-hedged/) — growth, PIE, NZD hedged - [Kernel S&P Global 100 Fund](https://managedfunds.nz/funds/kernel/sp-global-100/) — growth, PIE ### Listed Property (1) - [Kernel NZ Commercial Property Fund](https://managedfunds.nz/funds/kernel/nz-commercial-property/) — balanced, PIE ### Other (1) - [Kernel Global Infrastructure Fund](https://managedfunds.nz/funds/kernel/global-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/kernel/australia-100/ - Markdown: https://managedfunds.nz/funds/kernel/australia-100/markdown.md - JSON: https://managedfunds.nz/funds/kernel/australia-100/data.json ## Sources - **FMA Disclose register** (search for SCH12697): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH12697 - **Brand manager website:** https://kernelwealth.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch12697/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch12697/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch12697/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch12736/markdown.md # Generate Unit Trust Scheme > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH12736 - **Brand manager:** Generate (Generate Investment Management Limited) - **Legal issuer:** Generate Investment Management Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Diversified) - **Offer document(s):** OFR12737 (Generate Unit Trust Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Generate Unit Trust Scheme is an MIS registered with the FMA as SCH12736. Generate is the brand manager whose funds sit within the scheme. The scheme is issued by Generate Investment Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### Diversified Funds (1) - [Generate Focused Growth Managed Fund](https://managedfunds.nz/funds/generate/focused-growth-managed/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/generate/focused-growth-managed/ - Markdown: https://managedfunds.nz/funds/generate/focused-growth-managed/markdown.md - JSON: https://managedfunds.nz/funds/generate/focused-growth-managed/data.json ## Sources - **FMA Disclose register** (search for SCH12736): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH12736 - **Brand manager website:** https://generatekiwisaver.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch12736/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch12736/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch12736/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch12865/markdown.md # Vision Invest NZ Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH12865 - **Brand manager:** Vision (Vision Fund Management Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR12866 (Vision Invest NZ Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Vision Invest NZ Funds is an MIS registered with the FMA as SCH12865. Vision is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Fixed Interest (1) - [Vision Income Fund](https://managedfunds.nz/funds/vision/income/) — income, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/vision/income/ - Markdown: https://managedfunds.nz/funds/vision/income/markdown.md - JSON: https://managedfunds.nz/funds/vision/income/data.json ## Sources - **FMA Disclose register** (search for SCH12865): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH12865 - **Brand manager website:** https://visionfm.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch12865/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch12865/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch12865/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13048/markdown.md # Lighthouse Investment Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13048 - **Brand manager:** Lighthouse (Lighthouse Funds Management Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR13049 (Lighthouse Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Lighthouse Investment Funds is an MIS registered with the FMA as SCH13048. Lighthouse is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Lighthouse Global Equity Fund](https://managedfunds.nz/funds/lighthouse/global-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/lighthouse/global-equity/ - Markdown: https://managedfunds.nz/funds/lighthouse/global-equity/markdown.md - JSON: https://managedfunds.nz/funds/lighthouse/global-equity/data.json ## Sources - **FMA Disclose register** (search for SCH13048): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13048 - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13048/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13048/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13048/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13081/markdown.md # Lifetime Retirement Funds > FMA-registered Managed Investment Scheme containing 5 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13081 - **Brand manager:** Lifetime (Lifetime Asset Management Limited) - **Legal issuer:** Lifetime Asset Management Limited - **Funds in our coverage:** 5 - **Asset classes covered:** 2 (Diversified, Cash) - **Offer document(s):** OFR13082 (Lifetime Retirement Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Lifetime Retirement Funds is an MIS registered with the FMA as SCH13081. Lifetime is the brand manager whose funds sit within the scheme. The scheme is issued by Lifetime Asset Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (5) ### Diversified Funds (4) - [Lifetime Balanced Fund](https://managedfunds.nz/funds/lifetime/balanced/) — balanced, PIE - [Lifetime Conservative Fund](https://managedfunds.nz/funds/lifetime/conservative/) — conservative, PIE - [Lifetime Growth Fund](https://managedfunds.nz/funds/lifetime/growth/) — growth, PIE - [Lifetime Retirement Income Fund](https://managedfunds.nz/funds/lifetime/retirement-income/) — income, PIE ### Cash and Cash Equivalents (1) - [Lifetime Cash Fund](https://managedfunds.nz/funds/lifetime/cash/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/lifetime/balanced/ - Markdown: https://managedfunds.nz/funds/lifetime/balanced/markdown.md - JSON: https://managedfunds.nz/funds/lifetime/balanced/data.json ## Sources - **FMA Disclose register** (search for SCH13081): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13081 - **Brand manager website:** https://lifetimeincome.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13081/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13081/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13081/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13089/markdown.md # First Sentier Investors (nz) Scheme > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13089 - **Brand manager:** First Sentier (First Sentier Investors (Australia) IM Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Other) - **Offer document(s):** OFR13090 (First Sentier Investors (nz) Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. First Sentier Investors (nz) Scheme is an MIS registered with the FMA as SCH13089. First Sentier is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### Other (1) - [First Sentier Global Listed Infrastructure Fund](https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/ - Markdown: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/markdown.md - JSON: https://managedfunds.nz/funds/first-sentier/global-listed-infrastructure/data.json ## Sources - **FMA Disclose register** (search for SCH13089): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13089 - **Brand manager website:** https://www.firstsentierinvestors.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13089/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13089/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13089/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13142/markdown.md # Squirrel Investment Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13142 - **Brand manager:** Squirrel (Squirrel Investments Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (Other) - **Offer document(s):** OFR13187 (Squirrel Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Squirrel Investment Funds is an MIS registered with the FMA as SCH13142. Squirrel is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### Other (1) - [Squirrel Monthly Income Fund](https://managedfunds.nz/funds/squirrel/monthly-income/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/squirrel/monthly-income/ - Markdown: https://managedfunds.nz/funds/squirrel/monthly-income/markdown.md - JSON: https://managedfunds.nz/funds/squirrel/monthly-income/data.json ## Sources - **FMA Disclose register** (search for SCH13142): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13142 - **Brand manager website:** https://www.squirrel.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13142/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13142/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13142/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13146/markdown.md # Te Ahumairangi Investment Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13146 - **Brand manager:** Te Ahumairangi (Te Ahumairangi Investment Management Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR13188 (Te Ahumairangi Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Te Ahumairangi Investment Funds is an MIS registered with the FMA as SCH13146. Te Ahumairangi is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Te Ahumairangi Global Equity Fund](https://managedfunds.nz/funds/te-ahumairangi/global-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/te-ahumairangi/global-equity/ - Markdown: https://managedfunds.nz/funds/te-ahumairangi/global-equity/markdown.md - JSON: https://managedfunds.nz/funds/te-ahumairangi/global-equity/data.json ## Sources - **FMA Disclose register** (search for SCH13146): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13146 - **Brand manager website:** https://teahumairangi.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13146/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13146/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13146/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13148/markdown.md # Coolabah Investment Funds > FMA-registered Managed Investment Scheme containing 4 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13148 - **Brand manager:** Coolabah (Coolabah Capital Investments) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 4 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR13211 (Coolabah Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Coolabah Investment Funds is an MIS registered with the FMA as SCH13148. Coolabah is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (4) ### International Fixed Interest (4) - [Coolabah Active Composite Bond PIE Fund](https://managedfunds.nz/funds/coolabah/active-composite-bond/) — conservative, PIE - [Coolabah Global Floating-Rate High Yield PIE Fund](https://managedfunds.nz/funds/coolabah/global-floating-rate-high-yield/) — balanced, PIE - [Coolabah Long-Short Credit PIE Fund](https://managedfunds.nz/funds/coolabah/long-short-credit/) — balanced, PIE - [Coolabah Short Term Income PIE Fund](https://managedfunds.nz/funds/coolabah/short-term-income/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/coolabah/active-composite-bond/ - Markdown: https://managedfunds.nz/funds/coolabah/active-composite-bond/markdown.md - JSON: https://managedfunds.nz/funds/coolabah/active-composite-bond/data.json ## Sources - **FMA Disclose register** (search for SCH13148): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13148 - **Brand manager website:** https://coolabahcapital.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13148/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13148/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13148/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13175/markdown.md # Foundation Series Funds > FMA-registered Managed Investment Scheme containing 10 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13175 - **Brand manager:** Foundation Series (FundRock NZ Limited), parent InvestNow / Apex Group - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 10 - **Asset classes covered:** 2 (Diversified, International Equities) - **Offer document(s):** OFR12915 (Foundation Series Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Foundation Series Funds is an MIS registered with the FMA as SCH13175. Foundation Series is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (10) ### Diversified Funds (3) - [Foundation Series Balanced Fund](https://managedfunds.nz/funds/foundation-series/balanced/) — balanced, PIE - [Foundation Series Growth Fund](https://managedfunds.nz/funds/foundation-series/growth/) — growth, PIE - [Foundation Series High Growth Fund](https://managedfunds.nz/funds/foundation-series/high-growth/) — aggressive, PIE ### International Equities (7) - [Foundation Series Global ESG Fund](https://managedfunds.nz/funds/foundation-series/global-esg/) — PIE, responsible investment - [Foundation Series Hedged Total World Fund](https://managedfunds.nz/funds/foundation-series/hedged-total-world/) — PIE, NZD hedged - [Foundation Series Hedged US 500 Fund](https://managedfunds.nz/funds/foundation-series/hedged-us-500/) — PIE, NZD hedged - [Foundation Series Nasdaq-100 Fund](https://managedfunds.nz/funds/foundation-series/nasdaq-100/) — PIE - [Foundation Series Total World Fund](https://managedfunds.nz/funds/foundation-series/total-world/) — PIE - [Foundation Series US 500 Fund](https://managedfunds.nz/funds/foundation-series/us-500/) — PIE - [Foundation Series US Dividend Equity Fund](https://managedfunds.nz/funds/foundation-series/us-dividend-equity/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/foundation-series/balanced/ - Markdown: https://managedfunds.nz/funds/foundation-series/balanced/markdown.md - JSON: https://managedfunds.nz/funds/foundation-series/balanced/data.json ## Sources - **FMA Disclose register** (search for SCH13175): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13175 - **Brand manager website:** https://www.investnow.co.nz/foundation-series-funds - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13175/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13175/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13175/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13265/markdown.md # AMP Managed Funds > FMA-registered Managed Investment Scheme containing 4 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13265 - **Brand manager:** AMP (AMP Wealth Management New Zealand Limited) - **Legal issuer:** AMP Wealth Management New Zealand Limited - **Funds in our coverage:** 4 - **Asset classes covered:** 2 (Diversified, International Equities) - **Offer document(s):** OFR13331 (AMP Managed Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. AMP Managed Funds is an MIS registered with the FMA as SCH13265. AMP is the brand manager whose funds sit within the scheme. The scheme is issued by AMP Wealth Management New Zealand Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (4) ### Diversified Funds (3) - [AMP Aggressive Managed Fund](https://managedfunds.nz/funds/amp/aggressive-managed/) — aggressive, PIE - [AMP Balanced Managed Fund](https://managedfunds.nz/funds/amp/balanced-managed/) — balanced, PIE - [AMP Growth Managed Fund](https://managedfunds.nz/funds/amp/growth-managed/) — growth, PIE ### International Equities (1) - [AMP International Shares Managed Fund](https://managedfunds.nz/funds/amp/international-shares-managed/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/amp/aggressive-managed/ - Markdown: https://managedfunds.nz/funds/amp/aggressive-managed/markdown.md - JSON: https://managedfunds.nz/funds/amp/aggressive-managed/data.json ## Sources - **FMA Disclose register** (search for SCH13265): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13265 - **Brand manager website:** https://www.amp.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13265/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13265/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13265/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13281/markdown.md # Hyperion Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13281 - **Brand manager:** Hyperion (Hyperion Asset Management Limited), parent FundRock NZ (issuer) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Australasian Equities, International Equities) - **Offer document(s):** OFR13287 (Hyperion Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Hyperion Investment Funds is an MIS registered with the FMA as SCH13281. Hyperion is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### Australasian Equities (1) - [Hyperion Australian Growth Companies PIE Fund](https://managedfunds.nz/funds/hyperion/australian-growth-companies/) — PIE ### International Equities (1) - [Hyperion Global Growth Companies PIE Fund](https://managedfunds.nz/funds/hyperion/global-growth-companies/) — PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/hyperion/australian-growth-companies/ - Markdown: https://managedfunds.nz/funds/hyperion/australian-growth-companies/markdown.md - JSON: https://managedfunds.nz/funds/hyperion/australian-growth-companies/data.json ## Sources - **FMA Disclose register** (search for SCH13281): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13281 - **Brand manager website:** https://www.hyperion.com.au - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13281/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13281/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13281/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13288/markdown.md # Scheme SCH13288 > FMA-registered Managed Investment Scheme containing 15 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13288 - **Brand manager:** Kernel (Kernel Wealth Limited) - **Legal issuer:** Kernel Wealth Limited - **Funds in our coverage:** 15 - **Asset classes covered:** 6 (Diversified, Australasian Equities, International Equities, NZ Fixed Interest, International FI, Cash) - **Offer document(s):** OFR13322 - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Scheme SCH13288 is an MIS registered with the FMA as SCH13288. Kernel is the brand manager whose funds sit within the scheme. The scheme is issued by Kernel Wealth Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (15) ### Diversified Funds (2) - [Kernel Balanced Fund](https://managedfunds.nz/funds/kernel/balanced/) — balanced, PIE - [Kernel High Growth Fund](https://managedfunds.nz/funds/kernel/high-growth/) — aggressive, PIE ### Australasian Equities (3) - [Kernel NZ 20 Fund](https://managedfunds.nz/funds/kernel/nz-20/) — growth, PIE - [Kernel NZ 50 ESG Tilted Fund](https://managedfunds.nz/funds/kernel/nz-50-esg-tilted/) — growth, PIE, responsible investment - [Kernel NZ Small & Mid Cap Opportunities Fund](https://managedfunds.nz/funds/kernel/nz-small-mid-cap/) — growth, PIE ### International Equities (7) - [Kernel Emerging Markets Fund](https://managedfunds.nz/funds/kernel/emerging-markets/) — growth, PIE - [Kernel Global ESG Fund](https://managedfunds.nz/funds/kernel/global-esg/) — growth, PIE, responsible investment - [Kernel S&P 500 (NZD Hedged) Fund](https://managedfunds.nz/funds/kernel/sp-500-hedged/) — growth, PIE, NZD hedged - [Kernel S&P 500 (Unhedged) Fund](https://managedfunds.nz/funds/kernel/sp-500-unhedged/) — growth, PIE - [Kernel S&P Global Clean Energy Fund](https://managedfunds.nz/funds/kernel/sp-global-clean-energy/) — aggressive, PIE, responsible investment - [Kernel S&P Global Dividend Aristocrats Fund](https://managedfunds.nz/funds/kernel/sp-global-dividend-aristocrats/) — growth, PIE - [Kernel World ex-US Fund](https://managedfunds.nz/funds/kernel/world-ex-us/) — growth, PIE ### New Zealand Fixed Interest (1) - [Kernel NZ Bond Fund](https://managedfunds.nz/funds/kernel/nz-bond/) — conservative, PIE ### International Fixed Interest (1) - [Kernel US Bond Fund](https://managedfunds.nz/funds/kernel/us-bond/) — conservative, PIE ### Cash and Cash Equivalents (1) - [Kernel Cash Plus Fund](https://managedfunds.nz/funds/kernel/cash-plus/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/kernel/balanced/ - Markdown: https://managedfunds.nz/funds/kernel/balanced/markdown.md - JSON: https://managedfunds.nz/funds/kernel/balanced/data.json ## Sources - **FMA Disclose register** (search for SCH13288): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13288 - **Brand manager website:** https://kernelwealth.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13288/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13288/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13288/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13295/markdown.md # Stewart Investors (nz) Managed Investment Scheme > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13295 - **Brand manager:** Stewart Investors (Stewart Investors), parent First Sentier Investors - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR13333 (Stewart Investors (nz) Managed Investment Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Stewart Investors (nz) Managed Investment Scheme is an MIS registered with the FMA as SCH13295. Stewart Investors is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Stewart Investors Worldwide Leaders Fund](https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/) — growth, PIE, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/ - Markdown: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/markdown.md - JSON: https://managedfunds.nz/funds/stewart-investors/worldwide-leaders/data.json ## Sources - **FMA Disclose register** (search for SCH13295): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13295 - **Brand manager website:** https://www.stewartinvestors.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13295/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13295/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13295/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13317/markdown.md # Dimensional Investment Funds > FMA-registered Managed Investment Scheme containing 6 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13317 - **Brand manager:** Dimensional (Dimensional Fund Advisors), parent FundRock NZ (issuer) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 6 - **Asset classes covered:** 3 (Australasian Equities, International Equities, International FI) - **Offer document(s):** OFR13318 (Dimensional Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Dimensional Investment Funds is an MIS registered with the FMA as SCH13317. Dimensional is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (6) ### Australasian Equities (1) - [Dimensional Australian Sustainability PIE Fund](https://managedfunds.nz/funds/dimensional/australian-sustainability/) — PIE, responsible investment ### International Equities (2) - [Dimensional Global Sustainability PIE Fund](https://managedfunds.nz/funds/dimensional/global-sustainability/) — PIE, responsible investment - [Dimensional Global Sustainability PIE Fund (NZD Hedged)](https://managedfunds.nz/funds/dimensional/global-sustainability-hedged/) — PIE, NZD hedged, responsible investment ### International Fixed Interest (3) - [Dimensional Five-Year Diversified Fixed Interest PIE Fund](https://managedfunds.nz/funds/dimensional/five-year-diversified-fixed-interest/) — PIE, NZD hedged - [Dimensional Global Bond Sustainability PIE Fund](https://managedfunds.nz/funds/dimensional/global-bond-sustainability/) — PIE, NZD hedged, responsible investment - [Dimensional Two-Year Sustainability Fixed Interest PIE Fund](https://managedfunds.nz/funds/dimensional/two-year-sustainability-fixed-interest/) — PIE, NZD hedged, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/dimensional/australian-sustainability/ - Markdown: https://managedfunds.nz/funds/dimensional/australian-sustainability/markdown.md - JSON: https://managedfunds.nz/funds/dimensional/australian-sustainability/data.json ## Sources - **FMA Disclose register** (search for SCH13317): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13317 - **Brand manager website:** https://www.dimensional.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13317/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13317/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13317/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13327/markdown.md # Evidential Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13327 - **Brand manager:** Evidential, parent Consilium - **Legal issuer:** Consilium NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (International Equities, International FI) - **Offer document(s):** OFR13328 (Evidential Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Evidential Investment Funds is an MIS registered with the FMA as SCH13327. Evidential is the brand manager whose funds sit within the scheme. The scheme is issued by Consilium NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Equities (1) - [Evidential Sustainable Targeted Factor Fund](https://managedfunds.nz/funds/consilium/sustainable-targeted-factor/) — PIE, responsible investment ### International Fixed Interest (1) - [Evidential Sustainable Global Bond Fund](https://managedfunds.nz/funds/consilium/sustainable-global-bond/) — PIE, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/consilium/sustainable-global-bond/ - Markdown: https://managedfunds.nz/funds/consilium/sustainable-global-bond/markdown.md - JSON: https://managedfunds.nz/funds/consilium/sustainable-global-bond/data.json ## Sources - **FMA Disclose register** (search for SCH13327): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13327 - **Brand manager website:** https://www.evidential.co.nz - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13327/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13327/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13327/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13499/markdown.md # ACI Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13499 - **Brand manager:** ACI - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (Diversified) - **Offer document(s):** OFR13507 (ACI Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. ACI Funds is an MIS registered with the FMA as SCH13499. ACI is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### Diversified Funds (2) - [ACI Conservative Fund](https://managedfunds.nz/funds/aci/conservative/) — conservative, PIE - [ACI Growth Fund](https://managedfunds.nz/funds/aci/growth/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/aci/conservative/ - Markdown: https://managedfunds.nz/funds/aci/conservative/markdown.md - JSON: https://managedfunds.nz/funds/aci/conservative/data.json ## Sources - **FMA Disclose register** (search for SCH13499): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13499 - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13499/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13499/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13499/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13506/markdown.md # Bentham Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13506 - **Brand manager:** Bentham (Bentham Asset Management) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR13510 (Bentham Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Bentham Investment Funds is an MIS registered with the FMA as SCH13506. Bentham is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Fixed Interest (2) - [Bentham Global Income PIE Fund](https://managedfunds.nz/funds/bentham/global-income/) — conservative, PIE - [Bentham Global Opportunities PIE Fund](https://managedfunds.nz/funds/bentham/global-opportunities/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/bentham/global-income/ - Markdown: https://managedfunds.nz/funds/bentham/global-income/markdown.md - JSON: https://managedfunds.nz/funds/bentham/global-income/data.json ## Sources - **FMA Disclose register** (search for SCH13506): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13506 - **Brand manager website:** https://www.benthamam.com.au - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13506/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13506/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13506/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13531/markdown.md # Betashares Investment Funds Scheme > FMA-registered Managed Investment Scheme containing 7 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13531 - **Brand manager:** BetaShares (BetaShares Capital Limited) - **Legal issuer:** Betashares Capital NZ Limited Betashares.com.au - **Funds in our coverage:** 7 - **Asset classes covered:** 3 (Australasian Equities, International Equities, International FI) - **Offer document(s):** OFR13532 (Betashares Investment Funds Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Betashares Investment Funds Scheme is an MIS registered with the FMA as SCH13531. BetaShares is the brand manager whose funds sit within the scheme. The scheme is issued by Betashares Capital NZ Limited Betashares.com.au, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (7) ### Australasian Equities (3) - [BetaShares Australia 200 Fund](https://managedfunds.nz/funds/betashares/australia-200/) — growth, PIE - [BetaShares Australian Sustainability Leaders Fund](https://managedfunds.nz/funds/betashares/au-sustainability-leaders/) — growth, PIE, responsible investment - [BetaShares NZ Sustainability Leaders Fund](https://managedfunds.nz/funds/betashares/nz-sustainability-leaders/) — growth, PIE, responsible investment ### International Equities (3) - [BetaShares Global Quality Leaders Fund](https://managedfunds.nz/funds/betashares/global-quality-leaders/) — growth, PIE - [BetaShares Global Sustainability Leaders Fund](https://managedfunds.nz/funds/betashares/global-sustainability-leaders/) — growth, PIE, responsible investment - [BetaShares Global Sustainability Leaders Fund (NZD Hedged)](https://managedfunds.nz/funds/betashares/global-sustainability-leaders-hedged/) — growth, PIE, NZD hedged, responsible investment ### International Fixed Interest (1) - [BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)](https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/) — conservative, PIE, NZD hedged ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/ - Markdown: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/markdown.md - JSON: https://managedfunds.nz/funds/betashares/au-investment-grade-corp-bond-hedged/data.json ## Sources - **FMA Disclose register** (search for SCH13531): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13531 - **Brand manager website:** https://www.betashares.com.au - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13531/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13531/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13531/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13639/markdown.md # Schroder Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13639 - **Brand manager:** Schroders (Schroder Investment Management Australia) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR13649 (Schroder Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Schroder Investment Funds is an MIS registered with the FMA as SCH13639. Schroders is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Equities (2) - [Schroder Sustainable Global Core PIE Fund](https://managedfunds.nz/funds/schroder/sustainable-global-core/) — growth, PIE, responsible investment - [Schroder Sustainable Global Core PIE Fund (Hedged)](https://managedfunds.nz/funds/schroder/sustainable-global-core-hedged/) — growth, PIE, NZD hedged, responsible investment ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/schroder/sustainable-global-core/ - Markdown: https://managedfunds.nz/funds/schroder/sustainable-global-core/markdown.md - JSON: https://managedfunds.nz/funds/schroder/sustainable-global-core/data.json ## Sources - **FMA Disclose register** (search for SCH13639): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13639 - **Brand manager website:** https://www.schroders.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13639/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13639/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13639/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13775/markdown.md # Daintree Funds Scheme > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13775 - **Brand manager:** Daintree (Daintree Capital Management) - **Legal issuer:** Clarity Funds Management Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR13792 (Daintree Funds Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Daintree Funds Scheme is an MIS registered with the FMA as SCH13775. Daintree is the brand manager whose funds sit within the scheme. The scheme is issued by Clarity Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Fixed Interest (2) - [Daintree Core Income PIE](https://managedfunds.nz/funds/daintree/core-income/) — conservative, PIE - [Daintree High Income PIE](https://managedfunds.nz/funds/daintree/high-income/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/daintree/core-income/ - Markdown: https://managedfunds.nz/funds/daintree/core-income/markdown.md - JSON: https://managedfunds.nz/funds/daintree/core-income/data.json ## Sources - **FMA Disclose register** (search for SCH13775): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13775 - **Brand manager website:** https://daintreecapital.com.au - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13775/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13775/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13775/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13893/markdown.md # Jpmorgan Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13893 - **Brand manager:** JPMorgan (JPMorgan Asset Management) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR13894 (Jpmorgan Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Jpmorgan Funds is an MIS registered with the FMA as SCH13893. JPMorgan is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Fixed Interest (1) - [JPMorgan Global Bond Fund](https://managedfunds.nz/funds/jpmorgan/global-bond/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/jpmorgan/global-bond/ - Markdown: https://managedfunds.nz/funds/jpmorgan/global-bond/markdown.md - JSON: https://managedfunds.nz/funds/jpmorgan/global-bond/data.json ## Sources - **FMA Disclose register** (search for SCH13893): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13893 - **Brand manager website:** https://am.jpmorgan.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13893/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13893/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13893/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13905/markdown.md # Resolution Capital Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13905 - **Brand manager:** Resolution Capital (Resolution Capital Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 2 (Listed Property, Other) - **Offer document(s):** OFR13906 (Resolution Capital Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Resolution Capital Investment Funds is an MIS registered with the FMA as SCH13905. Resolution Capital is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### Listed Property (1) - [Resolution Capital Global Property Securities PIE Fund](https://managedfunds.nz/funds/resolution-capital/global-property-securities/) — balanced, PIE ### Other (1) - [Resolution Capital Global Listed Infrastructure PIE Fund](https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/) — balanced, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/ - Markdown: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/markdown.md - JSON: https://managedfunds.nz/funds/resolution-capital/global-listed-infrastructure/data.json ## Sources - **FMA Disclose register** (search for SCH13905): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13905 - **Brand manager website:** https://www.resolutioncapital.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13905/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13905/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13905/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch13913/markdown.md # Pella Investment Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH13913 - **Brand manager:** Pella (Pella Funds Management) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR13914 (Pella Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Pella Investment Funds is an MIS registered with the FMA as SCH13913. Pella is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Pella Global Generations PIE Fund](https://managedfunds.nz/funds/pella/global-generations/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/pella/global-generations/ - Markdown: https://managedfunds.nz/funds/pella/global-generations/markdown.md - JSON: https://managedfunds.nz/funds/pella/global-generations/data.json ## Sources - **FMA Disclose register** (search for SCH13913): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH13913 - **Brand manager website:** https://www.pellafundsmanagement.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch13913/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch13913/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch13913/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch14022/markdown.md # Aurellan Investment Funds > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH14022 - **Brand manager:** Aurellan (Aurellan Investments Limited) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR14038 (Aurellan Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Aurellan Investment Funds is an MIS registered with the FMA as SCH14022. Aurellan is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Equities (2) - [Aurellan Global Shares Fund](https://managedfunds.nz/funds/aurellan/global-shares/) — growth, PIE - [Aurellan Hedged Global Shares Fund](https://managedfunds.nz/funds/aurellan/hedged-global-shares/) — growth, PIE, NZD hedged ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/aurellan/global-shares/ - Markdown: https://managedfunds.nz/funds/aurellan/global-shares/markdown.md - JSON: https://managedfunds.nz/funds/aurellan/global-shares/data.json ## Sources - **FMA Disclose register** (search for SCH14022): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH14022 - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch14022/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch14022/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch14022/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch15026/markdown.md # Artesian Funds Scheme > FMA-registered Managed Investment Scheme containing 2 retail managed funds. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH15026 - **Brand manager:** Artesian (Artesian Capital Management) - **Legal issuer:** Devon Funds Management Limited - **Funds in our coverage:** 2 - **Asset classes covered:** 1 (International FI) - **Offer document(s):** OFR15048 (Artesian Funds Scheme) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Artesian Funds Scheme is an MIS registered with the FMA as SCH15026. Artesian is the brand manager whose funds sit within the scheme. The scheme is issued by Devon Funds Management Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (2) ### International Fixed Interest (2) - [Artesian Green and Sustainable Bond Fund (NZD)](https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/) — conservative, PIE, responsible investment - [Artesian Short Duration Corporate Bond Fund (NZD)](https://managedfunds.nz/funds/artesian/short-duration-corporate-bond-nzd/) — conservative, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/ - Markdown: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/markdown.md - JSON: https://managedfunds.nz/funds/artesian/green-sustainable-bond-nzd/data.json ## Sources - **FMA Disclose register** (search for SCH15026): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH15026 - **Brand manager website:** https://artesianinvest.com - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch15026/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch15026/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch15026/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## URL: https://managedfunds.nz/schemes/sch15035/markdown.md # Plato Investment Funds > FMA-registered Managed Investment Scheme containing 1 retail managed fund. Scheme name sourced from the FMA Disclose register via Sorted Smart Investor. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **FMA scheme number:** SCH15035 - **Brand manager:** Plato (Plato Investment Management) - **Legal issuer:** Fundrock NZ Limited - **Funds in our coverage:** 1 - **Asset classes covered:** 1 (International Equities) - **Offer document(s):** OFR15092 (Plato Investment Funds) - **Last verified:** 2026-05-22 ## About this scheme A Managed Investment Scheme (MIS) is the legal vehicle defined under the Financial Markets Conduct Act 2013 that pools investor money for collective investment. Plato Investment Funds is an MIS registered with the FMA as SCH15035. Plato is the brand manager whose funds sit within the scheme. The scheme is issued by Fundrock NZ Limited, which holds the FMA licence and is the legal entity on the offer documents. ## Funds in this scheme (1) ### International Equities (1) - [Plato Global Alpha PIE Fund](https://managedfunds.nz/funds/plato/global-alpha/) — growth, PIE ## Per-fund Markdown feeds Every fund above has a machine-readable Markdown twin at `markdown.md` and a structured-data twin at `data.json`. Example: - HTML: https://managedfunds.nz/funds/plato/global-alpha/ - Markdown: https://managedfunds.nz/funds/plato/global-alpha/markdown.md - JSON: https://managedfunds.nz/funds/plato/global-alpha/data.json ## Sources - **FMA Disclose register** (search for SCH15035): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=SCH15035 - **Brand manager website:** https://plato.com.au - **Scheme profile (HTML):** https://managedfunds.nz/schemes/sch15035/ ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/schemes/sch15035/ - **Markdown (this file):** https://managedfunds.nz/schemes/sch15035/markdown.md - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing. --- ## Smartshares ETFs — all 33 NZX-listed Smart ETFs URL: https://managedfunds.nz/smartshares/etfs/ > Browse every Smartshares ETF on the NZX. 33 funds grouped by asset class with annual fund charge and FMA risk indicator. Sourced from FMA Disclose. NZX-listed ETFs Smartshares ETFs — all 33 NZX-listed Smart ETFs Smartshares Limited (owned by NZX) is New Zealand's largest ETF issuer. Every Smart ETF is a NZ-domiciled PIE that trades on the NZX Main Board. Live trade data and intraday prices are on ETFs.co.nz — this page lists every Smartshares ETF with the headline FMA Disclose facts. Listed ETFs 33 Median fee 0.54% 33/33 on file Total AUM $5.43B 33/33 on file Listing venue NZX Main Board Australasian Equities 11 ETFs Ticker Fund Annual fee FMA risk Fund size ASD Smart Australian Dividend ETF 0.54% 5/7 $52M ASF Smart Australian Financials ETF 0.54% 6/7 $65M ASR Smart Australian Resources ETF 0.54% 6/7 $114M AUS Smart Australian Top 200 ETF 0.30% 5/7 $332M DIV Smart NZ Dividend ETF 0.54% 5/7 $97M FNZ Smart NZ Top 50 ETF 0.50% 5/7 $573M MDZ Smart NZ Mid Cap ETF 0.60% 5/7 $133M MZY Smart Australian Mid Cap ETF 0.75% 6/7 $291M NZG Smart S&P/NZX 50 ETF 0.20% 5/7 $198M OZY Smart Australian Top 20 ETF 0.60% 5/7 $209M TNZ Smart NZ Top 10 ETF 0.60% 5/7 $103M International Equities 16 ETFs Ticker Fund Annual fee FMA risk Fund size APA Smart Asia Pacific ETF 0.55% 5/7 $111M BOT Smart Automation and Robotics ETF 0.75% 6/7 $65M EMF Smart Emerging Markets ETF 0.59% 5/7 $233M EMG Smart Emerging Markets ESG ETF 0.59% 5/7 $26M ESG Smart Global ESG ETF 0.54% 5/7 $314M EUF Smart Europe ETF 0.55% 5/7 $152M EUG Smart Europe ESG ETF 0.55% 5/7 $24M JPN Smart Japan ESG ETF 0.55% 5/7 $18M LIV Smart Healthcare Innovation ETF 0.75% 6/7 $23M TWF Smart Total World ETF 0.40% 4/7 $275M USA Smart US ESG ETF 0.34% 5/7 $39M USF Smart US 500 ETF 0.34% 5/7 $963M USG Smart US Large Growth ETF 0.51% 6/7 $500M USM Smart US Mid Cap ETF 0.51% 5/7 $50M USS Smart US Small Cap ETF 0.51% 6/7 $44M USV Smart US Large Value ETF 0.51% 5/7 $55M New Zealand Fixed Interest 1 ETF Ticker Fund Annual fee FMA risk Fund size NZB Smart NZ Bond ETF 0.54% 3/7 $58M International Fixed Interest 2 ETFs Ticker Fund Annual fee FMA risk Fund size AGG Smart Global Aggregate Bond ETF 0.30% 3/7 $36M GBF Smart Global Bond ETF 0.54% 4/7 $141M Listed Property 2 ETFs Ticker Fund Annual fee FMA risk Fund size ASP Smart Australian Property ETF 0.54% 6/7 $23M NPF Smart NZ Property ETF 0.54% 5/7 $78M Other 1 ETF Ticker Fund Annual fee FMA risk Fund size BTC Smart Bitcoin ETF 0.55% 7/7 $36M Questions about Smartshares ETFs How many Smartshares ETFs are listed on the NZX? Smartshares lists 33 ETFs on the NZX Main Board as of the most recent fund register snapshot. Tickers and full names are listed on this page; live NZX trade data is available on ETFs.co.nz. Who owns Smartshares? Smartshares Limited is a wholly-owned subsidiary of NZX Limited, operator of the New Zealand stock exchange. The Smartshares range is the largest ETF issuer by AUM in New Zealand. What is the annual fund charge on Smartshares ETFs? The median annual fund charge across the Smartshares range is 0.54%, with individual fees ranging from 0.20% to 0.75%. Each per-ticker page on this site links to the source Quarterly Fund Update on the FMA Disclose register. Are Smartshares ETFs PIE funds? Yes — all Smartshares ETFs are Portfolio Investment Entities (PIEs). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Where can I buy Smartshares ETFs? Smartshares ETFs trade on the NZX Main Board, so any NZX-equipped broker can buy them on the secondary market. The Smartshares website also runs a direct application channel that buys at the fund's NAV. The "Available via" pill on each per-fund page tracks platform distribution we've verified. Methodology & data sources Ticker list reconciled from the Smartshares public range as of the most recent fund register snapshot. Annual fund charge, FMA risk indicator and fund size are extracted from each ETF's Quarterly Fund Update via Sorted Smart Investor (which mirrors the FMA Disclose register). Live NZX trade prices (intraday, premium/discount to NAV, top holdings) are not part of FMA Disclose — see ETFs.co.nz for the NZX feed. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Global Aggregate Bond ETF (AGG) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/agg/ > Smart Global Aggregate Bond ETF is a NZX-listed Smartshares ETF (ticker AGG) with an annual fund charge of 0.30% and FMA risk indicator 3/7. Sourced from FMA Disclose. NZX ticker · AGG Smart Global Aggregate Bond ETF Smart Global Aggregate Bond ETF is a NZX-listed Smartshares ETF in the international fi category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · AGG NZX ticker AGG Annual fund charge 0.30% FMA risk 3/7 Fund size $36M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed AGG on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about AGG What is AGG? AGG is the NZX ticker for the Smart Global Aggregate Bond ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international fixed interest category and currently holds NZD 36M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Global Aggregate Bond ETF cost? The Smart Global Aggregate Bond ETF carries an annual fund charge of 0.30% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Global Aggregate Bond ETF? Smart Global Aggregate Bond ETF carries an FMA standardised risk indicator of 3 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade AGG? AGG trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is AGG a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international fi ETFs GBFGlobal Bond See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Global Aggregate Bond ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Asia Pacific ETF (APA) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/apa/ > Smart Asia Pacific ETF is a NZX-listed Smartshares ETF (ticker APA) with an annual fund charge of 0.55% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · APA Smart Asia Pacific ETF Smart Asia Pacific ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · APA NZX ticker APA Annual fund charge 0.55% FMA risk 5/7 Fund size $111M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed APA on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about APA What is APA? APA is the NZX ticker for the Smart Asia Pacific ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 111M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Asia Pacific ETF cost? The Smart Asia Pacific ETF carries an annual fund charge of 0.55% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Asia Pacific ETF? Smart Asia Pacific ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade APA? APA trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is APA a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Asia Pacific ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Dividend ETF (ASD) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/asd/ > Smart Australian Dividend ETF is a NZX-listed Smartshares ETF (ticker ASD) with an annual fund charge of 0.54% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · ASD Smart Australian Dividend ETF Smart Australian Dividend ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · ASD NZX ticker ASD Annual fund charge 0.54% FMA risk 5/7 Fund size $52M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed ASD on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about ASD What is ASD? ASD is the NZX ticker for the Smart Australian Dividend ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 52M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Dividend ETF cost? The Smart Australian Dividend ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Dividend ETF? Smart Australian Dividend ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade ASD? ASD trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is ASD a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Dividend ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Financials ETF (ASF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/asf/ > Smart Australian Financials ETF is a NZX-listed Smartshares ETF (ticker ASF) with an annual fund charge of 0.54% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · ASF Smart Australian Financials ETF Smart Australian Financials ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · ASF NZX ticker ASF Annual fund charge 0.54% FMA risk 6/7 Fund size $65M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed ASF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about ASF What is ASF? ASF is the NZX ticker for the Smart Australian Financials ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 65M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Financials ETF cost? The Smart Australian Financials ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Financials ETF? Smart Australian Financials ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade ASF? ASF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is ASF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Financials ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Property ETF (ASP) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/asp/ > Smart Australian Property ETF is a NZX-listed Smartshares ETF (ticker ASP) with an annual fund charge of 0.54% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · ASP Smart Australian Property ETF Smart Australian Property ETF is a NZX-listed Smartshares ETF in the listed property category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · ASP NZX ticker ASP Annual fund charge 0.54% FMA risk 6/7 Fund size $23M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed ASP on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about ASP What is ASP? ASP is the NZX ticker for the Smart Australian Property ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the listed property category and currently holds NZD 23M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Property ETF cost? The Smart Australian Property ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Property ETF? Smart Australian Property ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade ASP? ASP trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is ASP a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart listed property ETFs NPFNZ Property See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Property ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Resources ETF (ASR) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/asr/ > Smart Australian Resources ETF is a NZX-listed Smartshares ETF (ticker ASR) with an annual fund charge of 0.54% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · ASR Smart Australian Resources ETF Smart Australian Resources ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · ASR NZX ticker ASR Annual fund charge 0.54% FMA risk 6/7 Fund size $114M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed ASR on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about ASR What is ASR? ASR is the NZX ticker for the Smart Australian Resources ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 114M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Resources ETF cost? The Smart Australian Resources ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Resources ETF? Smart Australian Resources ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade ASR? ASR trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is ASR a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Resources ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Top 200 ETF (AUS) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/aus/ > Smart Australian Top 200 ETF is a NZX-listed Smartshares ETF (ticker AUS) with an annual fund charge of 0.30% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · AUS Smart Australian Top 200 ETF Smart Australian Top 200 ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · AUS NZX ticker AUS Annual fund charge 0.30% FMA risk 5/7 Fund size $332M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed AUS on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about AUS What is AUS? AUS is the NZX ticker for the Smart Australian Top 200 ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 332M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Top 200 ETF cost? The Smart Australian Top 200 ETF carries an annual fund charge of 0.30% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Top 200 ETF? Smart Australian Top 200 ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade AUS? AUS trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is AUS a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Top 200 ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Automation and Robotics ETF (BOT) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/bot/ > Smart Automation and Robotics ETF is a NZX-listed Smartshares ETF (ticker BOT) with an annual fund charge of 0.75% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · BOT Smart Automation and Robotics ETF Smart Automation and Robotics ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · BOT Thematic NZX ticker BOT Annual fund charge 0.75% FMA risk 6/7 Fund size $65M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed BOT on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about BOT What is BOT? BOT is the NZX ticker for the Smart Automation and Robotics ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 65M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Automation and Robotics ETF cost? The Smart Automation and Robotics ETF carries an annual fund charge of 0.75% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Automation and Robotics ETF? Smart Automation and Robotics ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade BOT? BOT trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is BOT a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Automation and Robotics ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Bitcoin ETF (BTC) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/btc/ > Smart Bitcoin ETF is a NZX-listed Smartshares ETF (ticker BTC) with an annual fund charge of 0.55% and FMA risk indicator 7/7. Sourced from FMA Disclose. NZX ticker · BTC Smart Bitcoin ETF Smart Bitcoin ETF is a NZX-listed Smartshares ETF in the other category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · BTC Thematic NZX ticker BTC Annual fund charge 0.55% FMA risk 7/7 Fund size $36M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed BTC on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about BTC What is BTC? BTC is the NZX ticker for the Smart Bitcoin ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the other category and currently holds NZD 36M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Bitcoin ETF cost? The Smart Bitcoin ETF carries an annual fund charge of 0.55% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Bitcoin ETF? Smart Bitcoin ETF carries an FMA standardised risk indicator of 7 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade BTC? BTC trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is BTC a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Bitcoin ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart NZ Dividend ETF (DIV) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/div/ > Smart NZ Dividend ETF is a NZX-listed Smartshares ETF (ticker DIV) with an annual fund charge of 0.54% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · DIV Smart NZ Dividend ETF Smart NZ Dividend ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · DIV NZX ticker DIV Annual fund charge 0.54% FMA risk 5/7 Fund size $97M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed DIV on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about DIV What is DIV? DIV is the NZX ticker for the Smart NZ Dividend ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 97M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart NZ Dividend ETF cost? The Smart NZ Dividend ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart NZ Dividend ETF? Smart NZ Dividend ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade DIV? DIV trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is DIV a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart NZ Dividend ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Emerging Markets ETF (EMF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/emf/ > Smart Emerging Markets ETF is a NZX-listed Smartshares ETF (ticker EMF) with an annual fund charge of 0.59% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · EMF Smart Emerging Markets ETF Smart Emerging Markets ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · EMF NZX ticker EMF Annual fund charge 0.59% FMA risk 5/7 Fund size $233M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed EMF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about EMF What is EMF? EMF is the NZX ticker for the Smart Emerging Markets ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 233M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Emerging Markets ETF cost? The Smart Emerging Markets ETF carries an annual fund charge of 0.59% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Emerging Markets ETF? Smart Emerging Markets ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade EMF? EMF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is EMF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Emerging Markets ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Emerging Markets ESG ETF (EMG) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/emg/ > Smart Emerging Markets ESG ETF is a NZX-listed Smartshares ETF (ticker EMG) with an annual fund charge of 0.59% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · EMG Smart Emerging Markets ESG ETF Smart Emerging Markets ESG ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical NZX ticker EMG Annual fund charge 0.59% FMA risk 5/7 Fund size $26M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed EMG on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about EMG What is EMG? EMG is the NZX ticker for the Smart Emerging Markets ESG ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 26M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Emerging Markets ESG ETF cost? The Smart Emerging Markets ESG ETF carries an annual fund charge of 0.59% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Emerging Markets ESG ETF? Smart Emerging Markets ESG ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade EMG? EMG trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is EMG a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Emerging Markets ESG ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Global ESG ETF (ESG) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/esg/ > Smart Global ESG ETF is a NZX-listed Smartshares ETF (ticker ESG) with an annual fund charge of 0.54% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · ESG Smart Global ESG ETF Smart Global ESG ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical NZX ticker ESG Annual fund charge 0.54% FMA risk 5/7 Fund size $314M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed ESG on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about ESG What is ESG? ESG is the NZX ticker for the Smart Global ESG ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 314M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Global ESG ETF cost? The Smart Global ESG ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Global ESG ETF? Smart Global ESG ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade ESG? ESG trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is ESG a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Global ESG ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Europe ETF (EUF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/euf/ > Smart Europe ETF is a NZX-listed Smartshares ETF (ticker EUF) with an annual fund charge of 0.55% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · EUF Smart Europe ETF Smart Europe ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · EUF NZX ticker EUF Annual fund charge 0.55% FMA risk 5/7 Fund size $152M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed EUF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about EUF What is EUF? EUF is the NZX ticker for the Smart Europe ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 152M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Europe ETF cost? The Smart Europe ETF carries an annual fund charge of 0.55% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Europe ETF? Smart Europe ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade EUF? EUF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is EUF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Europe ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Europe ESG ETF (EUG) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/eug/ > Smart Europe ESG ETF is a NZX-listed Smartshares ETF (ticker EUG) with an annual fund charge of 0.55% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · EUG Smart Europe ESG ETF Smart Europe ESG ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical NZX ticker EUG Annual fund charge 0.55% FMA risk 5/7 Fund size $24M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed EUG on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about EUG What is EUG? EUG is the NZX ticker for the Smart Europe ESG ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 24M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Europe ESG ETF cost? The Smart Europe ESG ETF carries an annual fund charge of 0.55% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Europe ESG ETF? Smart Europe ESG ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade EUG? EUG trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is EUG a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Europe ESG ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart NZ Top 50 ETF (FNZ) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/fnz/ > Smart NZ Top 50 ETF is a NZX-listed Smartshares ETF (ticker FNZ) with an annual fund charge of 0.50% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · FNZ Smart NZ Top 50 ETF Smart NZ Top 50 ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · FNZ NZX ticker FNZ Annual fund charge 0.50% FMA risk 5/7 Fund size $573M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed FNZ on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about FNZ What is FNZ? FNZ is the NZX ticker for the Smart NZ Top 50 ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 573M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart NZ Top 50 ETF cost? The Smart NZ Top 50 ETF carries an annual fund charge of 0.50% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart NZ Top 50 ETF? Smart NZ Top 50 ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade FNZ? FNZ trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is FNZ a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart NZ Top 50 ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Global Bond ETF (GBF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/gbf/ > Smart Global Bond ETF is a NZX-listed Smartshares ETF (ticker GBF) with an annual fund charge of 0.54% and FMA risk indicator 4/7. Sourced from FMA Disclose. NZX ticker · GBF Smart Global Bond ETF Smart Global Bond ETF is a NZX-listed Smartshares ETF in the international fi category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · GBF NZX ticker GBF Annual fund charge 0.54% FMA risk 4/7 Fund size $141M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed GBF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about GBF What is GBF? GBF is the NZX ticker for the Smart Global Bond ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international fixed interest category and currently holds NZD 141M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Global Bond ETF cost? The Smart Global Bond ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Global Bond ETF? Smart Global Bond ETF carries an FMA standardised risk indicator of 4 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade GBF? GBF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is GBF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international fi ETFs AGGGlobal Aggregate Bond See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Global Bond ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Japan ESG ETF (JPN) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/jpn/ > Smart Japan ESG ETF is a NZX-listed Smartshares ETF (ticker JPN) with an annual fund charge of 0.55% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · JPN Smart Japan ESG ETF Smart Japan ESG ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical NZX ticker JPN Annual fund charge 0.55% FMA risk 5/7 Fund size $18M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed JPN on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about JPN What is JPN? JPN is the NZX ticker for the Smart Japan ESG ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 18M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Japan ESG ETF cost? The Smart Japan ESG ETF carries an annual fund charge of 0.55% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Japan ESG ETF? Smart Japan ESG ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade JPN? JPN trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is JPN a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Japan ESG ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Healthcare Innovation ETF (LIV) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/liv/ > Smart Healthcare Innovation ETF is a NZX-listed Smartshares ETF (ticker LIV) with an annual fund charge of 0.75% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · LIV Smart Healthcare Innovation ETF Smart Healthcare Innovation ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · LIV Thematic NZX ticker LIV Annual fund charge 0.75% FMA risk 6/7 Fund size $23M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed LIV on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about LIV What is LIV? LIV is the NZX ticker for the Smart Healthcare Innovation ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 23M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Healthcare Innovation ETF cost? The Smart Healthcare Innovation ETF carries an annual fund charge of 0.75% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Healthcare Innovation ETF? Smart Healthcare Innovation ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade LIV? LIV trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is LIV a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Healthcare Innovation ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart NZ Mid Cap ETF (MDZ) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/mdz/ > Smart NZ Mid Cap ETF is a NZX-listed Smartshares ETF (ticker MDZ) with an annual fund charge of 0.60% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · MDZ Smart NZ Mid Cap ETF Smart NZ Mid Cap ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · MDZ NZX ticker MDZ Annual fund charge 0.60% FMA risk 5/7 Fund size $133M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed MDZ on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about MDZ What is MDZ? MDZ is the NZX ticker for the Smart NZ Mid Cap ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 133M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart NZ Mid Cap ETF cost? The Smart NZ Mid Cap ETF carries an annual fund charge of 0.60% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart NZ Mid Cap ETF? Smart NZ Mid Cap ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade MDZ? MDZ trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is MDZ a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart NZ Mid Cap ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Mid Cap ETF (MZY) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/mzy/ > Smart Australian Mid Cap ETF is a NZX-listed Smartshares ETF (ticker MZY) with an annual fund charge of 0.75% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · MZY Smart Australian Mid Cap ETF Smart Australian Mid Cap ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · MZY NZX ticker MZY Annual fund charge 0.75% FMA risk 6/7 Fund size $291M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed MZY on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about MZY What is MZY? MZY is the NZX ticker for the Smart Australian Mid Cap ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 291M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Mid Cap ETF cost? The Smart Australian Mid Cap ETF carries an annual fund charge of 0.75% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Mid Cap ETF? Smart Australian Mid Cap ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade MZY? MZY trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is MZY a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Mid Cap ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart NZ Property ETF (NPF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/npf/ > Smart NZ Property ETF is a NZX-listed Smartshares ETF (ticker NPF) with an annual fund charge of 0.54% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · NPF Smart NZ Property ETF Smart NZ Property ETF is a NZX-listed Smartshares ETF in the listed property category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · NPF NZX ticker NPF Annual fund charge 0.54% FMA risk 5/7 Fund size $78M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed NPF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about NPF What is NPF? NPF is the NZX ticker for the Smart NZ Property ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the listed property category and currently holds NZD 78M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart NZ Property ETF cost? The Smart NZ Property ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart NZ Property ETF? Smart NZ Property ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade NPF? NPF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is NPF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart listed property ETFs ASPAustralian Property See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart NZ Property ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart NZ Bond ETF (NZB) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/nzb/ > Smart NZ Bond ETF is a NZX-listed Smartshares ETF (ticker NZB) with an annual fund charge of 0.54% and FMA risk indicator 3/7. Sourced from FMA Disclose. NZX ticker · NZB Smart NZ Bond ETF Smart NZ Bond ETF is a NZX-listed Smartshares ETF in the nz fixed interest category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · NZB NZX ticker NZB Annual fund charge 0.54% FMA risk 3/7 Fund size $58M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed NZB on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about NZB What is NZB? NZB is the NZX ticker for the Smart NZ Bond ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the new zealand fixed interest category and currently holds NZD 58M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart NZ Bond ETF cost? The Smart NZ Bond ETF carries an annual fund charge of 0.54% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart NZ Bond ETF? Smart NZ Bond ETF carries an FMA standardised risk indicator of 3 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade NZB? NZB trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is NZB a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart NZ Bond ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart S&P/NZX 50 ETF (NZG) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/nzg/ > Smart S&P/NZX 50 ETF is a NZX-listed Smartshares ETF (ticker NZG) with an annual fund charge of 0.20% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · NZG Smart S&P/NZX 50 ETF Smart S&P/NZX 50 ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · NZG NZX ticker NZG Annual fund charge 0.20% FMA risk 5/7 Fund size $198M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed NZG on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about NZG What is NZG? NZG is the NZX ticker for the Smart S&P/NZX 50 ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 198M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart S&P/NZX 50 ETF cost? The Smart S&P/NZX 50 ETF carries an annual fund charge of 0.20% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart S&P/NZX 50 ETF? Smart S&P/NZX 50 ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade NZG? NZG trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is NZG a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart S&P/NZX 50 ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Australian Top 20 ETF (OZY) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/ozy/ > Smart Australian Top 20 ETF is a NZX-listed Smartshares ETF (ticker OZY) with an annual fund charge of 0.60% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · OZY Smart Australian Top 20 ETF Smart Australian Top 20 ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · OZY NZX ticker OZY Annual fund charge 0.60% FMA risk 5/7 Fund size $209M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed OZY on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about OZY What is OZY? OZY is the NZX ticker for the Smart Australian Top 20 ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 209M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Australian Top 20 ETF cost? The Smart Australian Top 20 ETF carries an annual fund charge of 0.60% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Australian Top 20 ETF? Smart Australian Top 20 ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade OZY? OZY trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is OZY a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources DIVNZ Dividend MDZNZ Mid Cap TNZNZ Top 10 FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Australian Top 20 ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart NZ Top 10 ETF (TNZ) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/tnz/ > Smart NZ Top 10 ETF is a NZX-listed Smartshares ETF (ticker TNZ) with an annual fund charge of 0.60% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · TNZ Smart NZ Top 10 ETF Smart NZ Top 10 ETF is a NZX-listed Smartshares ETF in the australasian equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · TNZ NZX ticker TNZ Annual fund charge 0.60% FMA risk 5/7 Fund size $103M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed TNZ on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about TNZ What is TNZ? TNZ is the NZX ticker for the Smart NZ Top 10 ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the australasian equities category and currently holds NZD 103M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart NZ Top 10 ETF cost? The Smart NZ Top 10 ETF carries an annual fund charge of 0.60% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart NZ Top 10 ETF? Smart NZ Top 10 ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade TNZ? TNZ trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is TNZ a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart australasian equities ETFs ASDAustralian Dividend ASFAustralian Financials MZYAustralian Mid Cap ASRAustralian Resources OZYAustralian Top 20 DIVNZ Dividend MDZNZ Mid Cap FNZNZ Top 50 AUSAustralian Top 200 NZGS&P/NZX 50 See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart NZ Top 10 ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart Total World ETF (TWF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/twf/ > Smart Total World ETF is a NZX-listed Smartshares ETF (ticker TWF) with an annual fund charge of 0.40% and FMA risk indicator 4/7. Sourced from FMA Disclose. NZX ticker · TWF Smart Total World ETF Smart Total World ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · TWF NZX ticker TWF Annual fund charge 0.40% FMA risk 4/7 Fund size $275M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed TWF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about TWF What is TWF? TWF is the NZX ticker for the Smart Total World ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 275M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart Total World ETF cost? The Smart Total World ETF carries an annual fund charge of 0.40% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart Total World ETF? Smart Total World ETF carries an FMA standardised risk indicator of 4 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade TWF? TWF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is TWF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart Total World ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart US ESG ETF (USA) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/usa/ > Smart US ESG ETF is a NZX-listed Smartshares ETF (ticker USA) with an annual fund charge of 0.34% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · USA Smart US ESG ETF Smart US ESG ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical NZX ticker USA Annual fund charge 0.34% FMA risk 5/7 Fund size $39M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed USA on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about USA What is USA? USA is the NZX ticker for the Smart US ESG ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 39M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart US ESG ETF cost? The Smart US ESG ETF carries an annual fund charge of 0.34% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart US ESG ETF? Smart US ESG ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade USA? USA trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is USA a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart US ESG ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart US 500 ETF (USF) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/usf/ > Smart US 500 ETF is a NZX-listed Smartshares ETF (ticker USF) with an annual fund charge of 0.34% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · USF Smart US 500 ETF Smart US 500 ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · USF NZX ticker USF Annual fund charge 0.34% FMA risk 5/7 Fund size $963M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed USF on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about USF What is USF? USF is the NZX ticker for the Smart US 500 ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 963M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart US 500 ETF cost? The Smart US 500 ETF carries an annual fund charge of 0.34% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart US 500 ETF? Smart US 500 ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade USF? USF trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is USF a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart US 500 ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart US Large Growth ETF (USG) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/usg/ > Smart US Large Growth ETF is a NZX-listed Smartshares ETF (ticker USG) with an annual fund charge of 0.51% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · USG Smart US Large Growth ETF Smart US Large Growth ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · USG NZX ticker USG Annual fund charge 0.51% FMA risk 6/7 Fund size $500M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed USG on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about USG What is USG? USG is the NZX ticker for the Smart US Large Growth ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 500M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart US Large Growth ETF cost? The Smart US Large Growth ETF carries an annual fund charge of 0.51% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart US Large Growth ETF? Smart US Large Growth ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade USG? USG trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is USG a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USVUS Large Value USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart US Large Growth ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart US Mid Cap ETF (USM) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/usm/ > Smart US Mid Cap ETF is a NZX-listed Smartshares ETF (ticker USM) with an annual fund charge of 0.51% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · USM Smart US Mid Cap ETF Smart US Mid Cap ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · USM NZX ticker USM Annual fund charge 0.51% FMA risk 5/7 Fund size $50M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed USM on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about USM What is USM? USM is the NZX ticker for the Smart US Mid Cap ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 50M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart US Mid Cap ETF cost? The Smart US Mid Cap ETF carries an annual fund charge of 0.51% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart US Mid Cap ETF? Smart US Mid Cap ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade USM? USM trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is USM a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart US Mid Cap ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart US Small Cap ETF (USS) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/uss/ > Smart US Small Cap ETF is a NZX-listed Smartshares ETF (ticker USS) with an annual fund charge of 0.51% and FMA risk indicator 6/7. Sourced from FMA Disclose. NZX ticker · USS Smart US Small Cap ETF Smart US Small Cap ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · USS NZX ticker USS Annual fund charge 0.51% FMA risk 6/7 Fund size $44M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed USS on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about USS What is USS? USS is the NZX ticker for the Smart US Small Cap ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 44M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart US Small Cap ETF cost? The Smart US Small Cap ETF carries an annual fund charge of 0.51% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart US Small Cap ETF? Smart US Small Cap ETF carries an FMA standardised risk indicator of 6 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade USS? USS trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is USS a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USVUS Large Value USMUS Mid Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart US Small Cap ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Smart US Large Value ETF (USV) — NZX-listed Smartshares ETF URL: https://managedfunds.nz/smartshares/etfs/usv/ > Smart US Large Value ETF is a NZX-listed Smartshares ETF (ticker USV) with an annual fund charge of 0.51% and FMA risk indicator 5/7. Sourced from FMA Disclose. NZX ticker · USV Smart US Large Value ETF Smart US Large Value ETF is a NZX-listed Smartshares ETF in the international equities category. Issued by Smartshares Limited (a wholly-owned subsidiary of NZX). This page summarises the headline FMA Disclose facts — full PDS, SIPO and Quarterly Fund Update history is on the deep per-fund profile. PIE · capped at PIR (max 28%) ETF · USV NZX ticker USV Annual fund charge 0.51% FMA risk 5/7 Fund size $55M Full profile PDS, SIPO & Quarterly Fund Updates → Document history, hashed file fingerprints, and full extracted facts on ManagedFundsNZ. Live NZX feed USV on ETFs.co.nz → Intraday price, premium/discount to NAV, top holdings — sourced from the NZX feed. Questions about USV What is USV? USV is the NZX ticker for the Smart US Large Value ETF, a NZ-domiciled PIE ETF issued by Smartshares Limited (a wholly-owned subsidiary of NZX). It is part of the international equities category and currently holds NZD 55M in assets per the latest Quarterly Fund Update on FMA Disclose. What does the Smart US Large Value ETF cost? The Smart US Large Value ETF carries an annual fund charge of 0.51% per its latest Quarterly Fund Update on the FMA Disclose register. NZX brokerage and the NAV-vs-market premium/discount on the day you trade are separate costs. What is the risk rating of the Smart US Large Value ETF? Smart US Large Value ETF carries an FMA standardised risk indicator of 5 out of 7, calculated from its monthly returns over the past five years. The indicator is published in every Quarterly Fund Update. Where can I trade USV? USV trades on the NZX Main Board, so any NZX-equipped broker (Sharesies, Hatch, Jarden Direct, ASB Securities, Direct Broking, Tiger Brokers NZ, etc.) can buy and sell it on the secondary market. Smartshares also runs a direct application channel that buys at NAV. Live NZX trade data, premium/discount to NAV, and intraday volume are available on ETFs.co.nz. Is USV a PIE fund? Yes — every Smartshares ETF is a Portfolio Investment Entity (PIE). NZ tax-resident investors pay tax on attributed income at their Prescribed Investor Rate (PIR), which is capped at 28% rather than the personal marginal rate. Verify your PIR with your tax adviser. Other Smart international equities ETFs APAAsia Pacific BOTAutomation and Robotics EMGEmerging Markets ESG EMFEmerging Markets EUGEurope ESG EUFEurope ESGGlobal ESG LIVHealthcare Innovation JPNJapan ESG TWFTotal World USFUS 500 USAUS ESG USGUS Large Growth USMUS Mid Cap USSUS Small Cap See all 33 Smartshares ETFs → Data sources Annual fund charge, FMA risk indicator, fund size and five-year return are extracted from Smart US Large Value ETF's most recent Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Live NZX trade data and intraday pricing are not part of FMA Disclose — see ETFs.co.nz. Cross-validate any number via the source documents linked on the per-fund profile. ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser. --- ## Primary sources — 247 FMA Disclose documents extracted URL: https://managedfunds.nz/sources/ > Manifest of every PDS, SIPO, and OMI document ManagedFundsNZ has extracted primary-source facts from. 247 documents across 58 schemes, dated 2016-06-22 to 2026-05-21. Primary sources Every fact-bearing claim on this site sits on a primary-source document lodged on the FMA Disclose register. This page lists every PDS, Statement of Investment Policy and Objectives, and Other Material Information document we've extracted from — 247 documents across 58 schemes, dated 2016-06-22 to 2026-05-21. Each row links to the source PDF (mirrored by Sorted Smart Investor from FMA Disclose). Tier badges follow the Pangaea data-freshness scheme: A = signed regulatory filing, B = manager fact sheet, C = third-party aggregator, D = derived/estimated. Documents older than 36 months are excluded from extraction (cross-Pangaea data-freshness rule). PDS extracts 125 SIPO extracts 63 OMI extracts 59 SCH10307 7 documents OMI 2026-03-22 588413c3064c Mercer-Investment-Funds-OMI-23-March-2026.pdf Open PDF PDS 2026-03-19 dfcca36eda7e Mercer-Investment-Funds-PDS-NZ-and-Australian-Shares-Funds.pdf Open PDF PDS 2026-03-19 0340ea1d9c43 Mercer-Investment-Funds-PDS-Property-and-Infrastructure-Funds.pdf Open PDF PDS 2026-03-19 15bd8f560304 Mercer-Investment-Funds-PDS-Global-Shares-Funds.pdf Open PDF PDS 2026-03-22 00c009fc0e0f Mercer-Investment-Funds-PDS-Cash-and-Fixed-Interest-Funds.pdf Open PDF PDS 2026-03-19 0afc4d5b2089 Mercer-Investment-Funds-PDS-Multi-Asset-Class-Funds.pdf Open PDF SIPO 2026-03-22 318775b40a10 Mercer-Investment-Funds-SIPO-23-March-2026.pdf Open PDF SCH10414 5 documents OMI 2024-11-26 50128a1d0481 Other-Material-Information-Smartshares-CI-Pfunds%2829-November-2024%29.pdf Open PDF · stale OMI 2026-03-26 e0fc437dd53b Other-Material-Information---Quay-Street-Funds---31-March-2026.pdf Open PDF PDS 2024-11-26 5cebf0f70deb Product-Disclosure-Statement-Smartshares-CI-Pfunds%2829-November-2024%29.pdf Open PDF · stale PDS 2024-11-26 5cebf0f70deb Product-Disclosure-Statement-Smartshares-CI-Pfunds.pdf Open PDF · stale SIPO 2026-03-30 ed51516a548e SIPO---Quay-Street-Funds---Smartshares-CIP-Funds.pdf Open PDF SCH10488 18 documents OMI 2025-11-24 21693c9ea4c2 Amova-NZ-Investment-Other-Material-Information-24-November-2025.pdf Open PDF OMI 2025-08-31 d99084a2ac2b Amova-Asset-Management-New-Zealand-Limited-Other-Material-Information-Buy-Sell-Spreads.pdf Open PDF PDS 2025-08-28 84f566b2d455 Amova-Diversified-Funds-Product-Disclosure-Statement-1-September-2025.pdf Open PDF PDS 2025-08-21 b70f311d1c3c Amova-ARK-Disruptive-Innovation-Fund-Product-Disclosure-Statement-1-September-2025.pdf Open PDF PDS 2025-08-21 613fc5c85087 Amova-Global-Equity-Funds-Product-Disclosure-Statement-1-September-2025.pdf Open PDF PDS 2025-08-28 92da3f05bef9 Amova-Domestic-Equity-Funds-Product-Disclosure-Statement-1-September-2025.pdf Open PDF PDS 2020-05-28 3b6c7844b9fc Nikko-AM-Domestic-Equity-Funds-Product-Disclosure-Statement-29-May-2020.pdf Open PDF · over 36mo old PDS 2020-05-28 48e6eac1e4d1 Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf Open PDF · over 36mo old PDS 2020-05-28 48e6eac1e4d1 Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf Open PDF · over 36mo old PDS 2020-03-31 59a3b68caee1 Nikko-AM-Global-Equity-Funds-Product-Disclosure-Statement-1-April-2020.pdf Open PDF · over 36mo old PDS 2025-08-21 c24449fac5ea Amova-Freedom-Fund-Product-Disclosure-Statement-1-September-2025.pdf Open PDF PDS 2016-06-22 e3fcfda5ae93 Nikko-AM-Australasian-Small-Companies-Fund-PDS-18-June-2016.pdf Open PDF · over 36mo old PDS 2023-07-02 43a9783a627f Nikko-AM-Income-Fund-Product-Disclosure-Statement-3-July-2023.pdf Open PDF · stale PDS 2020-05-28 48e6eac1e4d1 Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf Open PDF · over 36mo old PDS 2020-05-28 48e6eac1e4d1 Nikko-AM-Cashand-Fixed-Interest-Product-Disclosure-Statement-29-May-2020.pdf Open PDF · over 36mo old PDS 2025-08-21 3a52e5f8c755 Amova-Cashand-Fixed-Interest-Product-Disclosure-Statement-1-September-2025.pdf Open PDF PDS 2020-05-13 1e68105cd1bf Nikko-AM-Option-Fund-Product-Disclosure-Statement-14-May-2020.pdf Open PDF · over 36mo old PDS 2018-04-03 704353e4629c Nikko-AM-Multi-Strategy-Fund-PDS-3-April-2018.pdf Open PDF · over 36mo old SCH10581 10 documents OMI 2026-03-24 126d91c24dfa Pie-Funds-Management-Scheme-OMI---1-April-2026.pdf Open PDF PDS 2019-08-18 d26ad4a0a8f4 Pie-Climate-Friendly-Product-Disclosure-Statement-22-August-2019.pdf Open PDF · over 36mo old PDS 2019-08-18 8b1f37988094 Pie-Global-Small-Companies-Fund-Product-Disclosure-Statement-22-August-2019.pdf Open PDF · over 36mo old PDS 2019-08-20 7ed5020a7795 Pie-Australasian-Emerging-Companies-Fund-Product-Disclosure-Statement-22-August-2019.pdf Open PDF · over 36mo old PDS 2023-08-30 711a654df1f5 Chairmans-Product-Disclosure-Statement-1-September-2023.pdf Open PDF · stale PDS 2019-08-18 1afdc8e83b1a Pie-Multi-Strategy-Fund-Product-Disclosure-Statement-22-August-2019.pdf Open PDF · over 36mo old PDS 2019-08-18 9197f722ac07 Pie-Growth-U-Kand-Europe-Product-Disclosure-Statement-22-August-2019.pdf Open PDF · over 36mo old PDS 2019-08-18 2b9629f2be75 Pie-Conservative-Fund-Product-Disclosure-Statement-22-August-2019.pdf Open PDF · over 36mo old PDS 2026-03-20 9a4ba5ca896f Pie-Funds-Management-Scheme-PDS---1-April-2026.pdf Open PDF SIPO 2026-03-23 6060ec3576b3 Pie-Funds-Management-Scheme-SIPO---1-April-2026.pdf Open PDF SCH10586 5 documents OMI 2026-03-31 577490abf06b 20260401-Russell-Investment-Funds-OMI.pdf Open PDF PDS 2026-04-14 ae8b8d0492e1 20260420-Russell-Investment-Funds-PDS-Listed-Real-Assets.pdf Open PDF PDS 2026-04-14 70b1614a9ab6 20260420-Russell-Investment-Funds-PDS.pdf Open PDF PDS 2026-04-14 03db097a8a75 20260420-Russell-Investment-Funds-PDS-Sustainable-Global-Shares-Funds.pdf Open PDF SIPO 2026-04-01 73f8be3b0bb2 20260401-Russell-SIPO.pdf Open PDF SCH10600 4 documents OMI 2026-04-01 1e7299a8daf2 Clarity-OMI-Document-2-April-26-FINAL.pdf Open PDF PDS 2026-04-01 9f77713e5eef Enhanced-Cash-PIE-PDS---2-Apr-26-FINAL.pdf Open PDF PDS 2026-05-12 9a969a17cbba TAHITO-PDS---13-May-26---Final.pdf Open PDF PDS 2026-04-02 8cbdb3f46a18 Clarity-PDS-Document-2-April-26---FINAL.pdf Open PDF SCH10640 3 documents OMI 2025-09-15 0e049305d1a0 Fisher-Funds-Managed-Funds-OMI-30-Sep-2025.pdf Open PDF PDS 2025-09-23 6c92fc04c08e Fisher-Funds-Managed-Funds-PDS-30-Sep-2025.pdf Open PDF SIPO 2026-03-08 262b01a63f16 Fisher-Funds-Managed-Funds-SIPO-10-Mar-2026.pdf Open PDF SCH10642 3 documents OMI 2025-09-15 4299ad69a136 Fisher-Funds-Investment-Series-OMI-30-Sep-2025.pdf Open PDF PDS 2026-03-05 e7204a9f4d24 Fisher-Funds-Investment-Series-PDS-10-Mar-2026.pdf Open PDF SIPO 2026-03-08 847894f0aee8 Fisher-Funds-Investment-Series-SIPO-10-Mar-2026.pdf Open PDF SCH10647 4 documents OMI 2026-05-12 a1746724bc56 Octagon-OMI---14-May-2026.pdf Open PDF PDS 2026-05-13 0119e6e4f08c Octagon-Investment-Funds-PDS---14-May-2026.pdf Open PDF SIPO 2026-05-12 f77838d13939 Octagon-SIPO---14-May-2026.pdf Open PDF SIPO 2026-05-12 f77838d13939 Octagon-SIPO---14-May-2026.pdf Open PDF SCH10648 4 documents OMI 2026-05-13 3f8a56d079fe Summer-Kiwi-Saver-Scheme-OMI---14-May-2026.pdf Open PDF PDS 2026-05-13 766d1509062c Summer-Kiwi-Saver-Scheme-Product-Disclosure-Statement-14-May-2026.pdf Open PDF SIPO 2026-05-13 f1935ac21e3d Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf Open PDF SIPO 2026-05-13 f1935ac21e3d Summer-Kiwi-Saver-Scheme-SIPO---14-May-2026.pdf Open PDF SCH10700 3 documents OMI 2025-06-17 2bd5e345b592 Milford-Investment-Funds-Other-Material-Information-June-2025.pdf Open PDF PDS 2025-06-17 6eafbd657dc3 Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf Open PDF SIPO 2025-06-17 3cfa012bdcc1 Milford-Investment-Funds-SIPO-June-2025.pdf Open PDF SCH10745 5 documents PDS 2026-03-31 e347df51fdee 2026-04-PDS---Ranger.pdf Open PDF PDS 2026-03-31 b358f1512393 2026-04-PDS---5-Oceans.pdf Open PDF PDS 2026-03-31 861f956c8670 2026-04-PDS---Trans-Tasman.pdf Open PDF PDS 2026-03-31 e347df51fdee 2026-04-PDS---Ranger.pdf Open PDF SIPO 2026-03-25 8954abd0a595 SIPO---2026-03.pdf Open PDF SCH10752 7 documents OMI 2026-04-19 cd029b7416cb Other-Material-Information---Smart-Exchange-Traded-Funds---12-May-2026.pdf Open PDF PDS 2020-07-01 404ef0c5a410 Smartshares-Exchange-Traded-Funds-New-Core-Series-ET-Fs-Product-Disclosure-Statement.pdf Open PDF · over 36mo old PDS 2026-04-24 5b9cc1bc2ae5 Product-Disclosure-Statement---Smart-Exchange-Traded-Funds---Global-Series---12-May-2026.pdf Open PDF PDS 2025-08-26 93d1ce9dc482 Product-Disclosure-Statement-Smart-Exchange-Traded-Funds-Australasia-Series-22-September-2025.pdf Open PDF PDS 2016-10-05 bad4c4df8d82 Product-Disclosure-Statement-Smartshares-Exchange-Traded-Funds-Resettlement-Offer.pdf Open PDF · over 36mo old PDS 2025-09-22 7a50b0549960 PDS-Core-Series-23-Sep-Final.pdf Open PDF SIPO 2026-04-16 f703ee754714 SIPO---Smart-Exchange-Traded-Funds---12-May-2026.pdf Open PDF SCH10753 4 documents OMI 2026-04-02 1f411f6191cf Devon-Funds-Management-Other-Material-Information-2-April-2026.pdf Open PDF PDS 2026-04-02 72deff06188c Devon-Investment-Funds-Product-Disclosure-Statement-2-April-2026.pdf Open PDF PDS 2024-12-09 bf7f65e16fc8 Artesian-Greenand-Sustainable-Bond-Fund%28NZD%29Product-Disclosure-Statement-10-Dec-24.pdf Open PDF · stale SIPO 2026-04-02 ffd9dc67c621 Devon-Investment-Funds-SIPO-2-April-2026.pdf Open PDF SCH10778 4 documents OMI 2026-03-30 93d0624cddcc Pathfinder-OMI-MIS-202603.pdf Open PDF PDS 2020-08-28 a8da30a290ac Pathfinder-PDS-Ethical-Growth-Fund-Aug-2020.pdf Open PDF · over 36mo old PDS 2026-03-30 6a7e0645215b Pathfinder-Managed-Funds-PDS-2026-Final.pdf Open PDF SIPO 2026-04-13 c4e104f4e38d Pathfinder-Managed-Funds-SIPO.pdf Open PDF SCH10787 3 documents OMI 2025-03-24 11098fc545d9 MINTOMI-March-2025.pdf Open PDF · stale PDS 2026-05-21 eaa4780a97c3 Mint-Product-Disclosure-Statement-October-2025.pdf Open PDF SIPO 2026-05-20 74a55bca680a Mint-Statementof-Investment-Policy-Objectives-March-2025.pdf Open PDF SCH10803 9 documents OMI 2025-10-20 d8425a862861 NZ-Funds-Wealth-Builder-Other-Material-Information-28-October-2025.pdf Open PDF OMI 2025-10-20 763b4f9817ee NZ-Funds-Active-Series-Other-Material-Information-28-October-2025.pdf Open PDF OMI 2025-10-20 78fff52cb375 NZ-Funds-Income-Generator-Other-Material-Information-28-October-2025.pdf Open PDF PDS 2026-03-12 75e47ee8af62 NZ-Funds-Wealth-Builder-PDS-30-March-2026.pdf Open PDF PDS 2025-10-20 42f8c50a9a3d NZ-Funds-Active-Growth-Series-PDS-28-October-2025.pdf Open PDF PDS 2025-10-20 7e11e0b1d6ac NZ-Funds-Active-Inflation-Series-PDS-28-October-2025.pdf Open PDF PDS 2025-10-20 04229f33bce2 NZ-Funds-Active-Income-Series-PDS-28-October-2025.pdf Open PDF PDS 2025-10-20 ea3c7d97d4cd NZ-Funds-Income-Generator-PDS-28-October-2025.pdf Open PDF SIPO 2025-10-20 000be7bf41fe NZ-Funds-Managed-Portfolio-Service-Scheme-SIPO-28-October-2025.pdf Open PDF SCH10815 5 documents OMI 2026-05-14 dbcd2c81631e Harbour-Investment-Funds-Other-Material-Information-18-May-2026.pdf Open PDF PDS 2026-05-12 a1cad1bd3148 Harbour-Investment-Fund-PDS-Global-Funds-18-May-2026.pdf Open PDF PDS 2026-03-23 f364621d631e Harbour-Investment-Funds-PDS---Australasian-Equities-and-Fixed-Interest-Funds.pdf Open PDF PDS 2026-03-23 2fe4921b9a1f Harbour-Investment-Funds-PDS---Diversified-Funds.pdf Open PDF SIPO 2026-05-14 6f06ca88a6c9 Harbour-Investment-Funds-Statement-of-Investment-Policy-and-Objectives-18-May-2026.pdf Open PDF SCH10841 7 documents OMI 2026-03-31 066687736a81 Booster-Kiwi-Saver-Scheme---Other-Material-Information---31-March-2026.pdf Open PDF PDS 2025-09-03 8f786955aacd Booster-Kiwi-Saver-Scheme-Asset-Class-Funds-PDS-30-September-2025.pdf Open PDF PDS 2025-09-04 6c02c745dec8 Booster-Kiwi-Saver-Scheme-Default-Saver-Fund-PDS-30-September-2025.pdf Open PDF PDS 2021-09-27 62f847bbabfb Booster-Kiwi-Saver-Scheme-Single-sectorand-Specialty-Funds-PDS-28-September-2021.pdf Open PDF · over 36mo old PDS 2025-09-04 49d6059baec8 Booster-Kiwi-Saver-Scheme-Multi-Sector-Fundsand-Cash-Fund-PDS-30-September-2025.pdf Open PDF PDS 2025-09-09 07af95d0041b Booster-Kiwi-Saver-Scheme-Socially-Responisble-Investment-Funds-PDS-30-September-2025.pdf Open PDF SIPO 2026-03-30 40e34ad1baa2 Booster-Kiwi-Saver-Scheme---SIPO---31-March-2026.pdf Open PDF SCH10844 10 documents OMI 2026-01-21 2465c1c55f67 Booster-Investment-Scheme-Other-Material-Information-22-January-2026.pdf Open PDF PDS 2018-03-21 697e62d0c1c2 Booster-Investment-Scheme-Private-Landand-Property-Portfolio-PDS-21-March-2018.pdf Open PDF · over 36mo old PDS 2017-09-12 311a24f408eb Booster-Investment-Scheme-Booster-Tahi-Fund-PDS-13-09-2017.pdf Open PDF · over 36mo old PDS 2016-09-14 c60ec69792a0 Booster-Investment-Scheme-Specialist-Series-Funds-PDS-19-09-2016.pdf Open PDF · over 36mo old PDS 2025-04-29 28f1b0c8be2d Booster-Investment-Scheme-Focus-Series-Funds-PDS-30-April-2025.pdf Open PDF · stale PDS 2025-04-29 c9362f9a63fc Booster-Investment-Scheme-Income-Fundsand-Corporate-Bond-Fund-PDS-30-April-2025.pdf Open PDF · stale PDS 2025-04-29 17366553719d Booster-Investment-Scheme-Income-Securities-Portfolio-PDS-30-April-2025.pdf Open PDF · stale PDS 2026-01-21 1315530becab Booster-Investment-Scheme-Wealth-Series-Funds-PDS-22-January-2026.pdf Open PDF PDS 2026-01-21 9b2fca27bb21 Booster-Investment-Scheme-Multi-Sector-Funds-PDS-22-January-2026.pdf Open PDF SIPO 2026-03-30 7026c0665c49 Booster-Investment-Scheme---SIPO---31-March-2026.pdf Open PDF SCH10872 3 documents OMI 2025-09-01 e8cede3e46b7 Salt-Investment-Funds-Othermaterial-Information-1-September-2025.pdf Open PDF PDS 2025-06-12 0960c92de652 Salt-Investment-Funds-Productdisclosurestatement-13-June-2025.pdf Open PDF SIPO 2025-06-12 51a358d66986 Salt-Investment-Funds-Statementofinvestmentpolicy%26objectives-13-June-2025.pdf Open PDF SCH11061 3 documents PDS 2025-10-21 ceb1c162ef9d One-Answer-Kiwi-Saver-PDS-23-October-2025.pdf Open PDF SIPO 2026-02-15 d1be1fb92404 One-Answer-Kiwi-Saver-Scheme-SIPO-16-February-2026.pdf Open PDF SIPO 2026-02-15 d1be1fb92404 One-Answer-Kiwi-Saver-Scheme-SIPO-16-February-2026.pdf Open PDF SCH11064 3 documents PDS 2025-10-21 36e9cc1af10b One-Answer-MAC-Funds-PDS-23-October-2025.pdf Open PDF SIPO 2025-10-21 db95e49d0d08 ANZ-Investments-Multi-Asset-Class-Scheme-SIPO-23-October-2025.pdf Open PDF SIPO 2025-10-21 db95e49d0d08 ANZ-Investments-Multi-Asset-Class-Scheme-SIPO-23-October-2025.pdf Open PDF SCH11065 4 documents PDS 2025-10-21 8b863b5f379f One-Answer-SAC-Funds-PDS-23-October-2025.pdf Open PDF PDS 2025-10-21 8b863b5f379f One-Answer-SAC-Funds-PDS-23-October-2025.pdf Open PDF SIPO 2025-10-21 f0895a74ee09 One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf Open PDF SIPO 2025-10-21 f0895a74ee09 One-Answer-Single-Asset-Class-Scheme-SIPO-23-October-2025.pdf Open PDF SCH11156 4 documents OMI 2025-11-06 58c7af962c76 SBS-Wealth-Kiwi-Saver-Scheme-Other-Material-Information-112025.pdf Open PDF PDS 2025-11-09 d5004b2491fe SBS-Wealth-Kiwi-Saver-Scheme-Product-Disclosure-Statement-112025.pdf Open PDF SIPO 2025-10-28 bb57d71f83c8 SBS-Wealth-Kiwi-Saver-Scheme-SIPO-112025.pdf Open PDF SIPO 2025-10-28 bb57d71f83c8 SBS-Wealth-Kiwi-Saver-Scheme-SIPO-112025.pdf Open PDF SCH11160 4 documents OMI 2025-11-10 116df8b88419 SBS-Wealth-Investment-Funds-Other-Material-Information-112025.pdf Open PDF PDS 2025-11-06 693f4946480d SBS-Wealth-Investment-Funds-Product-Disclosure-Statement-112025.pdf Open PDF SIPO 2025-11-03 d9356ad0da9a SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf Open PDF SIPO 2025-11-03 d9356ad0da9a SBS-Wealth-Investment-Funds-Statementof-Investment-Policyand-Objectives-112025.pdf Open PDF SCH11176 6 documents OMI 2026-03-13 b48a19a79a76 Hunter-Global-Fixed-Interest-Fund-OMI.pdf Open PDF OMI 2026-03-13 4720aa364a0c Hunter-Private-Credit-Fund-OMI.pdf Open PDF OMI 2026-03-13 b48a19a79a76 Hunter-Global-Fixed-Interest-Fund-OMI.pdf Open PDF PDS 2026-03-18 601dd9eb6d96 Hunter-Global-Fixed-Interest-Fund-PDS.pdf Open PDF PDS 2026-03-11 0cb36009d600 Hunter-Private-Credit-Fund-PDS.pdf Open PDF SIPO 2025-08-27 027220383094 Hunter-Investment-Funds-SIPO.pdf Open PDF SCH11207 2 documents PDS 2026-05-07 b6cb68005e92 The-Curve-Fund-PDS.pdf Open PDF SIPO 2026-05-18 84d2a725af14 The-Curve-Fund-SIPO.pdf Open PDF SCH11873 4 documents OMI 2025-06-24 381074c90191 Simplicity-Wholesale-Property-Fund-OMI-30-June-2025.pdf Open PDF OMI 2025-08-18 bdf8eb8f67e1 Other-Material-Information-Simplicity-Investment-Funds-1-September-2025.pdf Open PDF PDS 2025-08-14 e3e8e54aefa5 Product-Disclosure-Statement-Simplicity-Investment-Funds-1-September-2025.pdf Open PDF SIPO 2026-05-01 233d4baf203a Statement-of-Investment-Policy-and-Objectives-Simplicity-Investment-Funds-1-May-2026.pdf Open PDF SCH12302 3 documents OMI 2026-03-27 1639693663f9 20260401---Franklin-Templeton-Investment-Funds---OMI.pdf Open PDF PDS 2026-03-27 a9a3c1d1afd3 20260401---Franklin-Templeton-Investment-Funds---PDS.pdf Open PDF SIPO 2026-03-27 5c4f12726db8 20260401---Franklin-Templeton-Investment-Funds---SIPO.pdf Open PDF SCH12434 3 documents OMI 2025-09-02 06b6f45fa602 20250903-Antipodes-OMI.pdf Open PDF PDS 2025-09-02 7e88922493ea 20250903-Antipodes-PDS.pdf Open PDF SIPO 2025-08-08 f26a11841147 Antipodes-Investment-Funds-SIPO-8-August-2025.pdf Open PDF SCH12697 4 documents OMI 2025-08-06 43baa5d50de9 Kernel-Funds-OMI-August-2025.pdf Open PDF PDS 2025-08-06 0ac5930d92d7 Kernel-Funds-PDS-Diversified-August-2025.pdf Open PDF PDS 2025-08-06 937eddde001d Kernel-Funds-PDS-Equities-August-2025.pdf Open PDF SIPO 2025-09-16 62cb2a7ad7cb Kernel-Funds-SIPO-September-2025.pdf Open PDF SCH12736 2 documents PDS 2025-11-25 382925045b7d Generate-Unit-Trust%28Managed-Funds%29PDS-1-12-2025.pdf Open PDF SIPO 2025-11-25 8a5144377d7f Generate-Unit-Trust%28Managed-Funds%29SIPO.pdf Open PDF SCH12865 3 documents OMI 2025-05-06 2e3d542581d1 Vision-Invest-NZ-Funds-OMI-6-May-2025.pdf Open PDF · stale PDS 2025-05-06 9dadfd4f488e Vision-Invest-NZ-Funds-PDS-6-May-2025.pdf Open PDF · stale SIPO 2025-04-01 c0d95d6b6f6d Vision-Invest-NZ-Funds-SIPO-1-April-2025.pdf Open PDF · stale SCH13048 3 documents OMI 2026-04-01 4aec84982101 20260402---Lighthouse-Investment-Funds---OMI.pdf Open PDF PDS 2026-04-02 e7ac5e9edbd7 20260402---Lighthouse-Investment-Funds---PDS.pdf Open PDF SIPO 2026-03-27 596b4c2f36ff 20260401---Lighthouse-Investment-Funds---SIPO.pdf Open PDF SCH13081 3 documents OMI 2025-11-27 fc9909f92e39 LRF-Other-Material-Information-28-November-2025.pdf Open PDF PDS 2026-03-08 83ee57657563 Lifetime-Retirement-Funds-PDS---9-March-2026.pdf Open PDF SIPO 2026-03-09 5b8cc9289af7 Lifetime-Retirement-Funds-SIPO---09-March-2026.pdf Open PDF SCH13089 3 documents OMI 2026-03-30 cca47f1b706a First-Sentier-Investors--NZ--Scheme-1-APR-2026---OMI.pdf Open PDF PDS 2026-03-30 3320a22437b6 First-Sentier-Investors--NZ--Scheme-1-APR-2026---PDS.pdf Open PDF SIPO 2026-03-29 89430ec8665c First-Sentier-Investors--NZ--Scheme-1-APR-2026---SIPO.pdf Open PDF SCH13142 3 documents OMI 2024-12-10 2fb436339dbc 20241211-Squirrel-OMI.pdf Open PDF · stale PDS 2024-12-10 5282efcbd901 20241211-Squirrel-PDS.pdf Open PDF · stale SIPO 2024-12-10 0a4f2ae02339 20241211-Squirrel-SIPO.pdf Open PDF · stale SCH13146 3 documents OMI 2026-03-30 10b68d945fa4 20260401-Te-Ahumairangi-Investment-Funds-OMI.pdf Open PDF PDS 2026-03-29 e9576fa4f08a 20260401-Te-Ahumairangi-Investment-Funds-PDS.pdf Open PDF SIPO 2026-03-29 0e007b4d8a7a 20260401-Te-Ahumairangi-Investment-Funds-SIPO.pdf Open PDF SCH13148 3 documents OMI 2026-04-08 a3f56fa59d4f Coolabah-Investment-Funds---OMI---9-April-2026.pdf Open PDF PDS 2026-04-09 dc35aa815b93 Coolabah-Investment-Funds---PDS---9-April-2026.pdf Open PDF SIPO 2026-04-08 fdb6b7fa96fc Coolabah-Investment-Funds---SIPO---9-April-2026.pdf Open PDF SCH13175 5 documents OMI 2026-01-29 bc47e5e7f881 20260130-Foundation-Series-Funds-OMI.pdf Open PDF PDS 2026-01-29 ca9920ebe78f 20260130-Foundation-Series-Funds-Diversified-Funds-PDS.pdf Open PDF PDS 2026-01-29 6eb26ea4ba88 20260130-Foundation-Series-Funds-Core-Equity-Funds%232-PDS.pdf Open PDF PDS 2026-01-29 226d658377f9 20260130-Foundation-Series-Funds-Core-Equity-Funds%231-PDS.pdf Open PDF SIPO 2026-01-29 a81a8f73c2d4 20260130-Foundation-Series-Funds-SIPO.pdf Open PDF SCH13265 4 documents OMI 2025-05-22 4dc15f073184 AMP-Managed-Funds-Other-Material-Information.pdf Open PDF · stale PDS 2025-05-19 5cc204b615e1 AMP-Managed-Funds-Product-Disclosure-Statement.pdf Open PDF · stale PDS 2025-05-19 5cc204b615e1 AMP-Managed-Funds-Product-Disclosure-Statement.pdf Open PDF · stale SIPO 2025-05-29 f309ddaf6fed AMP-Managed-Funds-Statementof-Investment-Policyand-Objectives.pdf Open PDF · stale SCH13281 3 documents OMI 2026-03-30 7758aa4f4f4c 20260401-Hyperion-Investment-Funds-OMI.pdf Open PDF PDS 2026-03-26 0381b00f89a3 20260401-Hyperion-Investment-Funds-PDS.pdf Open PDF SIPO 2026-03-31 d3f377b2e9f3 20260401-Hyperion-Investment-Funds-SIPO.pdf Open PDF SCH13288 4 documents OMI 2025-08-06 f432d9823b60 Kernel-Kiwi-Saver-OMI-August-2025.pdf Open PDF PDS 2025-08-06 f92264a663bc Kernel-Kiwi-Saver-PDS-Diversified-August-2025.pdf Open PDF PDS 2025-08-06 445638d3d04d Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf Open PDF SIPO 2025-09-16 8599a22cb7af Kernel-Kiwi-Saver-SIPO-September-2025.pdf Open PDF SCH13295 3 documents OMI 2026-03-30 6ceffff964f5 20260401-Stewart-Investors-OMI.pdf Open PDF PDS 2026-03-30 0d59a76dab71 20260401-Stewart-Investors-PDS.pdf Open PDF SIPO 2026-03-30 380741468a47 20260401-Stewart-Investors-SIPO.pdf Open PDF SCH13317 4 documents OMI 2025-09-29 4c919085e076 202510-Dimensional-OMI.pdf Open PDF PDS 2025-09-29 270a2575e0fd 202510-Dimensional-Fixed-Interest-Funds-PDS.pdf Open PDF PDS 2025-09-29 15319a2dec0b 202510-Dimensional-Equity-Funds-PDS.pdf Open PDF SIPO 2025-09-29 bc6fe64b876b 202510-Dimensional-SIPO.pdf Open PDF SCH13327 3 documents OMI 2025-11-18 1006c1299f32 Evidential-Investment-Funds-OMI-November-2025.pdf Open PDF PDS 2025-11-18 5d8ba12eb78d Evidential-Investment-Funds-PDS-November-2025.pdf Open PDF SIPO 2025-11-18 da7c7cbf5a77 Evidential-Investment-Funds-SIPO-November-2025.pdf Open PDF SCH13499 4 documents OMI 2025-11-26 3e52c2a95229 20251127-ACI-Funds-OMI.pdf Open PDF PDS 2025-11-27 999ae9220c76 20251127-ACI-Funds-PDS.pdf Open PDF PDS 2025-11-27 999ae9220c76 20251127-ACI-Funds-PDS.pdf Open PDF SIPO 2025-11-26 c2bd31882bc3 20251127-ACI-Funds-SIPO.pdf Open PDF SCH13506 3 documents OMI 2026-03-26 417a7acc17a0 20260401-Bentham-Investment-Funds-OMI.pdf Open PDF PDS 2026-03-26 ee58437bbcdc 20260401-Bentham-Investment-Funds-PDS.pdf Open PDF SIPO 2026-03-26 c169602b2744 20260401-Bentham-Investment-Funds-SIPO.pdf Open PDF SCH13531 3 documents OMI 2026-03-30 819d271ee7e6 20260331-BCNZL-OMI.pdf Open PDF PDS 2026-03-30 cd752af503a2 20260331-BCNZL-PDS.pdf Open PDF SIPO 2026-03-30 1664f19fc7c8 20260331-BCNZL-SIPO.pdf Open PDF SCH13639 3 documents OMI 2026-01-19 a37ccd21ac2a 20260120-Schroders-OMI.pdf Open PDF PDS 2026-01-20 c100b25b7ba7 20260120-Schroders-PDS.pdf Open PDF SIPO 2026-03-26 8ec21b3f6183 20260401---Schroder-Investment-Funds---SIPO.pdf Open PDF SCH13775 3 documents OMI 2026-04-01 aa3c396a503c Daintree-OMI---2-April-26-FINAL.pdf Open PDF PDS 2026-04-02 0aeca8b4b6d2 Daintree-PDS---2-April-26-FINAL.pdf Open PDF SIPO 2026-04-01 0e4bdad68c2f Daintree-SIPO---2-April-26-FINAL.pdf Open PDF SCH13893 3 documents OMI 2026-03-27 c08fce79b3bf 20260401---JP-Morgan-Funds---OMI.pdf Open PDF PDS 2026-03-27 fbd9dc407309 20260401---JP-Morgan-Funds---PDS.pdf Open PDF SIPO 2026-03-27 145ffd0f4411 20260401---JP-Morgan-Funds---SIPO.pdf Open PDF SCH13905 4 documents OMI 2025-09-17 1b6cb12832ea Resolution-Capital-Investment-Funds-OMI-22-September-2025.pdf Open PDF PDS 2025-09-17 675fbcb7a1bf Resolution-Capital-Investment-Funds-PDS-Global-Listed-Infrastructure-22-September-2025.pdf Open PDF PDS 2025-09-17 64fa1d005837 Resolution-Capital-Investment-Funds-PDS-Global-Property-Securities-22-September-2025.pdf Open PDF SIPO 2025-09-18 08f937e358a4 Resolution-Capital-Investment-Funds-SIPO-22-September-2025.pdf Open PDF SCH13913 3 documents OMI 2025-03-26 db592fdc88b2 Pella-Investment-Funds-OMI-26-March-2025.pdf Open PDF · stale PDS 2025-03-26 08e1d4980672 Pella-Investment-Funds-PDS-26-March-2025.pdf Open PDF · stale SIPO 2025-03-26 be0721892f92 Pella-Investment-Funds-SIPO-26-March-2025.pdf Open PDF · stale SCH14022 3 documents OMI 2026-03-30 df0d275fe7ab 20260401----Aurellan-Investment-Funds---OMI.pdf Open PDF PDS 2026-03-26 88203de08d99 20260401---Aurellan-Investment-Funds---PDS.pdf Open PDF SIPO 2025-12-02 b46d50ce7356 Aurellan-Investment-Funds-SIPO-2-December-2025.pdf Open PDF SCH15026 3 documents OMI 2026-04-07 6e302bf4c1f5 Artesian-Funds-Scheme-Other-Material-Information-8-April-2026.pdf Open PDF PDS 2026-04-07 116f97ab9356 Artesian-Funds-Scheme-Product-Disclosure-Statement-8-April-2026.pdf Open PDF SIPO 2026-04-02 d2212c7b20d6 Artesian-Funds-Scheme-Statement-of-Investment-Policy-and-Objectives-2-April-2026.pdf Open PDF SCH15035 3 documents OMI 2026-05-08 3221339b32ba Plato-Investment-Funds---OMI---8-May-2026.pdf Open PDF PDS 2026-05-08 a2899345eea9 Plato-Investment-Funds---PDS---8-May-2026.pdf Open PDF SIPO 2026-05-07 4a325eb968da Plato-Investment-Funds---SIPO---8-May-2026.pdf Open PDF Why this page exists ManagedFundsNZ doesn't publish opinions. Every fact on the site — fees, performance-fee terms, asset-allocation ranges, auditor identity, conflicts of interest — sits on a primary-source disclosure document lodged on the FMA Disclose register. This page makes those sources public so anyone can verify any claim. The PDS-extraction methodology (Sonnet 4.6 + 36-month freshness gate + verbatim source-paragraph citation) is documented on the methodology page. PDF hashes (SHA-256, first 12 chars shown) let receipts and external citations name the exact document version we extracted from. --- ## Tools — calculators, screener, comparisons URL: https://managedfunds.nz/tools/ > Free tools for NZ managed-fund investors: fees-impact calculator, PIR calculator, full-coverage screener, and side-by-side fund comparisons. Tools Free tools for NZ fund investors. Numbers you can put into your own decisions — fees over 20 years, the right PIR for your income, the funds that actually match what you need. No advice, no recommendations, just neutral arithmetic on the public data. Calculator Fees impact calculator Illustrative side-by-side projection of two managed-fund annual fund charges over your investment horizon. See the compounded gap a sub-1-percentage-point fee difference makes over multi-decade horizons. Open tool → Calculator PIR calculator Work out which Prescribed Investor Rate (10.5%, 17.5% or 28%) applies to your PIE income — using IRD's two-year look-back rule. Open tool → Filter Fund screener Filter all 158 funds by category, fee cap, risk profile, PIE / ETF / hedged / RI flags. Sort by name, fee or risk. Open tool → Compare Fund comparisons Pre-built side-by-side comparisons across same-category, similarly-sized peers. Browse all pairs or jump from any fund page. Open tool → --- ## Fees impact calculator — what does a 1% fee actually cost? URL: https://managedfunds.nz/tools/fees-calculator/ > Illustrative side-by-side projection of two managed-fund annual fund charges over your investment horizon. See the compounded dollar gap a sub-1-percentage-point fee difference makes over multi-decade horizons. Tool What does a 1% fee actually cost? A 1% annual fee sounds small. Over 20–30 years of compounding, the difference between a 1.05% active fund and a 0.30% index fund is often six figures. Set your numbers below — same starting balance, same gross return, only the fee differs. InputsCompare two annual feesBoth funds get the same starting balance, monthly top-up, and gross return. Only the annual fee differs.Starting balanceNZ$Monthly contributionNZ$Time horizonyearsExpected gross annual return%Fund A — annual fee%Fund B — annual fee%Fund A — 1.05% annual fee$262,431Final balance after 20 yearsTotal you contributed$130,000Total fees paid$23,370Fund B — 0.30% annual fee$289,228Final balance after 20 yearsTotal you contributed$130,000Total fees paid$7,130The fee gap$26,797Over 20 years, the cheaper fund (Fund B, 0.30%) leaves you with $26,797 more than the higher-fee fund (Fund A, 1.05%) — assuming both achieve the same 7% gross return.Year-by-year balanceYr 1Fund A$16,778Fund B$16,879Yr 3Fund A$31,602Fund B$32,095Yr 5Fund A$48,295Fund B$49,486Yr 7Fund A$67,092Fund B$69,364Yr 9Fund A$88,258Fund B$92,084Yr 11Fund A$112,092Fund B$118,052Yr 13Fund A$138,929Fund B$147,732Yr 15Fund A$169,150Fund B$181,656Yr 17Fund A$203,179Fund B$220,430Yr 19Fund A$241,497Fund B$264,747Yr 20Fund A$262,431Fund B$289,228CaveatsReal-world returns vary year to year. This calculator assumes a constant gross return and constant fee — useful for illustrating the fee impact, not for forecasting actual outcomes.Past performance is not a reliable indicator of future returns.Tax (PIR) is NOT applied here. Use the PIR calculator to see the tax impact separately.Fund-fee figures are usually quoted "after performance fees" or "before performance fees" — check the PDS to confirm.This is general information only, not personalised financial advice. --- ## Managed funds calculator — project your NZ fund balance with fees + PIE tax URL: https://managedfunds.nz/tools/managed-funds-calculator/ > Project your NZ managed-fund balance over time with fees and PIE tax modelled in. Inputs: starting balance, monthly contribution, expected return %, annual fund charge, PIR, horizon. Outputs: net balance + total fee drag + total tax paid. Tool Managed funds calculator Project your NZ managed-fund balance with fees and PIE tax modelled in. Constant-return projection — useful for comparing the compounded impact of different fee + PIR scenarios. InputsProject your managed-fund balanceConstant-return projection with monthly compounding, annual fee deducted monthly, and PIE tax applied annually at your PIR.Starting balanceNZ$Monthly contributionNZ$Time horizonyearsExpected gross annual return%Annual fund charge (MER)%Your Prescribed Investor Rate (PIR)10.5% (lowest)17.5% (middle)28% (highest)Final balance (after fees + PIE tax)$214,677Year 20Total contributed$130,000Starting balance + monthly top-upsTotal fee drag$19,601Compounded over 20 yearsTotal PIE tax paid$32,930At 28% PIR, annualYear-by-year projectionNet (after fees + tax) vs Gross (hypothetical fee-free)The gross line is illustrative — no NZ retail managed fund operates with zero fee. The gap shows what you pay for active management + tax friction in compounded NZ$.Y1$16,565Y2$23,421Y3$30,582Y4$38,061Y5$45,872Y6$54,030Y7$62,550Y8$71,449Y9$80,742Y10$90,449Y11$100,586Y12$111,174Y13$122,232Y14$133,781Y15$145,842Y16$158,440Y17$171,597Y18$185,338Y19$199,689Y20$214,677 Net (after fees + tax) Gross (zero-fee hypothetical)CaveatsConstant-return projection. Real-world annual returns vary materially; some years will be negative. Useful for fee/tax-drag comparison, not for forecasting actual outcomes.Past performance is not a reliable indicator of future returns.PIE tax model is simplified — applied annually on positive net returns at your PIR. Real PIE tax accrues monthly with carry-forward of losses; effective tax may be slightly lower in down years.Fee assumed constant; many actively-managed funds also charge performance fees on top of the annual fund charge in strong return years — check the PDS for the specific fund.This is general information only, not personalised financial advice. For advice see a licensed financial adviser. Related tools Fees impact calculator (compare two fees side-by-side) PIR calculator (find your Prescribed Investor Rate) Funds with no performance fee Funds in the cheapest fee band --- ## PIR calculator — work out your Prescribed Investor Rate URL: https://managedfunds.nz/tools/pir-calculator/ > Find your correct PIR (10.5% / 17.5% / 28%) for KiwiSaver and managed funds. Two-year IRD rule, plain-English result, dollar impact illustrated. Tool What's your PIR? The Prescribed Investor Rate is the cap on tax for managed-fund and KiwiSaver income held in a Portfolio Investment Entity (PIE). Most NZ investors should be on 17.5% or 28%. Telling your provider the wrong rate costs money — either at year-end (under-stated) or permanently (over-stated at 28%). InputsYour last two income yearsThe PIR rules look at the LOWER of the two years' rates. NZ income years run 1 April to 31 March. Use IRD'sofficial guide to be sure.Income year ending 31 March (most recent)Taxable income (excl. PIE)Salary, wages, self-employment, interest, dividendsNZ$PIE incomeFrom KiwiSaver, managed funds, multi-rate PIEs (0 if new)NZ$Income year ending 31 March (year before)Taxable income (excl. PIE)Salary, wages, self-employment, interest, dividendsNZ$PIE incomeFrom KiwiSaver, managed funds, multi-rate PIEs (0 if new)NZ$ResultYour correct PIR is 28%Your income is above the 17.5% PIR thresholds in both of the past two income years.28% is the highest PIR — but it's also the cap. Outside a PIE, the same income would be taxed at your marginal rate, which can be 33% or 39% on higher incomes. PIE structure still saves tax for higher-rate earners.A few notesTelling your fund manager / KiwiSaver provider the wrong PIR has consequences. Under-stating it means IRD will require you to pay the difference at year end. Over-stating it means you've over-paid tax (you cannot get this back if you're on 28% — only 17.5% or 10.5% over-payments are refundable).If you arrived in NZ recently or had a year of low income, your PIR should usually drop. Update it with each PIE provider via your account settings.This calculator is general information only, not personalised tax advice. --- ## Licensed supervisors of NZ managed funds (3 firms · 266 funds) URL: https://managedfunds.nz/trustee/ > Directory of every licensed supervisor named in a NZ retail managed-fund OMI document. 3 firms across 266 funds. Primary source: FMA Disclose register. Licensed supervisors of NZ managed funds 3 licensed supervisor firms named across 266 NZ retail managed funds' Other Material Information documents. Under the Financial Markets Conduct Act 2013, every managed investment scheme must appoint a licensed supervisor independent of the manager. Public Trust 129 funds Trustees Executors Limited 72 funds NZ Guardian Trust Company Limited The New Zealand Guardian Trust Company Limited 65 funds --- ## NZ managed funds supervised by NZ Guardian Trust Company Limited (65) URL: https://managedfunds.nz/trustee/nz-guardian-trust/funds/ > 65 NZ retail managed funds with NZ Guardian Trust Company Limited as licensed supervisor. Grouped by manager. Primary source: each fund's Other Material Information on FMA Disclose. NZ managed funds supervised by NZ Guardian Trust Company Limited 65 NZ retail managed funds across 11 fund managers have NZ Guardian Trust Company Limited (The New Zealand Guardian Trust Company Limited) as their licensed supervisor, per each scheme's Other Material Information document lodged on the FMA Disclose register. Under the Financial Markets Conduct Act 2013, every managed investment scheme must appoint a licensed supervisor independent of the manager. The supervisor holds scheme assets via the custodian and monitors the manager's compliance with the scheme's Statement of Investment Policy and Objectives. Artesian 2 funds Artesian Green and Sustainable Bond Fund (NZD) International FI — Artesian Short Duration Corporate Bond Fund (NZD) International FI — Clarity 9 funds Clarity - Capital Group New Perspective Fund International Equities 1.21% annual Clarity Diversified Growth Fund Diversified 1.16% annual Clarity Diversified Income Fund Diversified 0.96% annual Clarity Dividend Yield Fund International Equities 1.06% annual Clarity Enhanced Cash PIE Cash 0.26% annual Clarity Fixed Income Fund International FI 0.70% annual Clarity Global Shares Fund International Equities 1.06% annual Clarity New Zealand Equity Fund Australasian Equities 1.06% annual Clarity Trans-Tasman Value Fund Australasian Equities 1.06% annual Daintree 2 funds Daintree Core Income PIE International FI 0.73% annual Daintree High Income PIE International FI 0.90% annual Devon 4 funds Devon Alpha Fund Australasian Equities 1.30% annual Devon Australian Fund Australasian Equities 1.30% annual Devon Dividend Yield Fund Australasian Equities 1.39% annual Devon Trans-Tasman Fund Australasian Equities 1.36% annual Harbour 14 funds Harbour Australasian Equity Focus Fund Australasian Equities 1.21% annual Harbour Australasian Equity Fund Australasian Equities 1.12% annual Harbour Australasian Equity Income Fund Australasian Equities 1.10% annual Harbour Balanced Growth Fund Diversified 1.04% annual Harbour Income Fund Diversified 0.66% annual Harbour Long Short Fund Australasian Equities 1.23% annual Harbour NZ Core Fixed Interest Fund NZ Fixed Interest 0.66% annual Harbour NZ Corporate Bond Fund NZ Fixed Interest 0.47% annual Harbour NZ Index Shares Fund Australasian Equities 0.21% annual Harbour Real Estate Investment Fund Listed Property 0.77% annual Harbour Sustainable Impact Fund Diversified 0.27% annual Harbour Sustainable NZ Shares Fund Australasian Equities 0.27% annual Harbour T. Rowe Price Global Equity Fund International Equities 1.21% annual Harbour T. Rowe Price Global Equity Fund (Hedged) International Equities 1.24% annual Hunter 2 funds Hunter Global Fixed Interest Fund International FI 0.53% annual Hunter Private Credit Fund International FI 0.83% annual Mercer 14 funds Mercer All Country Global Shares Index Fund International Equities 0.43% annual Mercer Core Global Shares Fund International Equities 1.24% annual Mercer Core Hedged Global Shares Fund International Equities 1.46% annual Mercer Global Listed Infrastructure Fund Other 1.34% annual Mercer Global Listed Real Estate Fund Listed Property 1.33% annual Mercer Global Shares Fund International Equities 1.25% annual Mercer Income Generator Fund Diversified 1.28% annual Mercer Macquarie NZ Fixed Interest Fund NZ Fixed Interest 0.60% annual Mercer Macquarie NZ Short Duration Fund NZ Fixed Interest 0.68% annual Mercer NZ Shares Passive Fund Australasian Equities 0.36% annual Mercer Responsible Balanced Fund Diversified 1.25% annual Mercer Responsible Global Shares Fund International Equities 1.69% annual Mercer Responsible Hedged Global Fixed Interest Index Fund International FI 0.43% annual Mercer Responsible Trans-Tasman Shares Fund Australasian Equities 1.06% annual NZ Funds 12 funds NZ Funds Global Bonds International FI 1.44% annual NZ Funds Global Infrastructure Other 2.53% annual NZ Funds Global Property Listed Property 2.52% annual NZ Funds Global Shares International Equities 3.12% annual NZ Funds Global Utilities International Equities 2.53% annual NZ Funds Income Generator Diversified 1.67% annual NZ Funds New Zealand and Australian Bonds NZ Fixed Interest 1.44% annual NZ Funds New Zealand and Australian Shares Australasian Equities 2.52% annual NZ Funds New Zealand Property and Retirement Villages Listed Property 2.52% annual NZ Funds Wealth Builder - Growth Strategy Diversified 2.14% annual NZ Funds Wealth Builder - Income Strategy Diversified 1.20% annual NZ Funds Wealth Builder - Inflation Strategy Diversified 1.58% annual QuayStreet 2 funds QuayStreet Income Fund Diversified 0.77% annual QuayStreet NZ Equity Fund Australasian Equities 1.27% annual Salt 3 funds Salt Enhanced Property Fund Listed Property 1.02% annual Salt Long Short Fund Australasian Equities 3.21% annual Salt NZ Dividend Appreciation Fund Australasian Equities 1.10% annual TAHITO 1 fund TAHITO Te Tai o Rehua Fund Australasian Equities 1.26% annual Other supervisors Trustees Executors Limited Public Trust Anchorage Trustee Services All supervisors Methodology Supervisor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "Trustees Executors Limited" / "The New Zealand Guardian Trust Company Limited" / "NZ Guardian Trust" all map to canonical entities). ManagedFundsNZ provides information only, not personalised financial advice. Supervisor identity is a structural disclosure; it doesn't imply quality of supervision or any endorsement of the funds listed. --- ## NZ managed funds supervised by Public Trust (129) URL: https://managedfunds.nz/trustee/public-trust/funds/ > 129 NZ retail managed funds with Public Trust as licensed supervisor. Grouped by manager. Primary source: each fund's Other Material Information on FMA Disclose. NZ managed funds supervised by Public Trust 129 NZ retail managed funds across 29 fund managers have Public Trust as their licensed supervisor, per each scheme's Other Material Information document lodged on the FMA Disclose register. Under the Financial Markets Conduct Act 2013, every managed investment scheme must appoint a licensed supervisor independent of the manager. The supervisor holds scheme assets via the custodian and monitors the manager's compliance with the scheme's Statement of Investment Policy and Objectives. ACI 2 funds ACI Conservative Fund Diversified 1.50% annual ACI Growth Fund Diversified 1.61% annual AMP 4 funds AMP Aggressive Managed Fund Diversified 0.80% annual AMP Balanced Managed Fund Diversified 0.81% annual AMP Growth Managed Fund Diversified 0.81% annual AMP International Shares Managed Fund International Equities 0.79% annual Amova 5 funds Amova Concentrated Equity Fund Australasian Equities 1.15% annual Amova Core Equity Fund Australasian Equities 0.95% annual Amova Corporate Bond Fund NZ Fixed Interest 0.70% annual Amova Global Shares Fund International Equities 1.20% annual Amova Global Shares Hedged Fund International Equities 1.20% annual Antipodes 1 fund Antipodes Global Fund – Long (PIE) International Equities — Aurellan 2 funds Aurellan Global Shares Fund International Equities 1.12% annual Aurellan Hedged Global Shares Fund International Equities 1.12% annual Bentham 2 funds Bentham Global Income PIE Fund International FI 0.83% annual Bentham Global Opportunities PIE Fund International FI — Booster 9 funds Booster Shielded Growth Fund Diversified 1.41% annual Booster Socially Responsible Balanced Fund Diversified 1.33% annual Booster Socially Responsible Growth Fund Diversified 1.34% annual Booster Socially Responsible High Growth Fund Diversified 1.35% annual Booster Wealth Balanced Fund Diversified 0.83% annual Booster Wealth Geared Growth Fund Diversified 1.35% annual Booster Wealth Growth Fund Diversified 0.91% annual Booster Wealth High Growth Fund Diversified 0.96% annual Booster Wealth Moderate Fund Diversified 0.74% annual Brandywine 2 funds Brandywine Global Opportunistic Equity Fund International Equities 0.93% annual Brandywine Global Opportunistic Fixed Income Fund International FI 0.77% annual Coolabah 4 funds Coolabah Active Composite Bond PIE Fund International FI 0.76% annual Coolabah Global Floating-Rate High Yield PIE Fund International FI 1.00% annual Coolabah Long-Short Credit PIE Fund International FI 1.76% annual Coolabah Short Term Income PIE Fund International FI 0.67% annual Dimensional 6 funds Dimensional Australian Sustainability PIE Fund Australasian Equities 0.35% annual Dimensional Five-Year Diversified Fixed Interest PIE Fund International FI 0.28% annual Dimensional Global Bond Sustainability PIE Fund International FI 0.32% annual Dimensional Global Sustainability PIE Fund International Equities 0.40% annual Dimensional Global Sustainability PIE Fund (NZD Hedged) International Equities 0.40% annual Dimensional Two-Year Sustainability Fixed Interest PIE Fund International FI 0.25% annual First Sentier 1 fund First Sentier Global Listed Infrastructure Fund Other 1.03% annual Foundation Series 10 funds Foundation Series Balanced Fund Diversified 0.36% annual Foundation Series Global ESG Fund International Equities 0.10% annual Foundation Series Growth Fund Diversified 0.38% annual Foundation Series Hedged Total World Fund International Equities 0.07% annual Foundation Series Hedged US 500 Fund International Equities 0.03% annual Foundation Series High Growth Fund Diversified 0.37% annual Foundation Series Nasdaq-100 Fund International Equities 0.15% annual Foundation Series Total World Fund International Equities 0.07% annual Foundation Series US 500 Fund International Equities 0.03% annual Foundation Series US Dividend Equity Fund International Equities 0.06% annual Hyperion 2 funds Hyperion Australian Growth Companies PIE Fund Australasian Equities 0.98% annual Hyperion Global Growth Companies PIE Fund International Equities 4.38% annual JPMorgan 1 fund JPMorgan Global Bond Fund International FI 0.47% annual Lifetime 5 funds Lifetime Balanced Fund Diversified 0.99% annual Lifetime Cash Fund Cash 0.65% annual Lifetime Conservative Fund Diversified 0.99% annual Lifetime Growth Fund Diversified 0.99% annual Lifetime Retirement Income Fund Diversified 1.36% annual Lighthouse 1 fund Lighthouse Global Equity Fund International Equities 1.03% annual Mint 5 funds Mint Australasian Equity Fund Australasian Equities 1.18% annual Mint Australasian Property Fund Listed Property 1.07% annual Mint Diversified Growth Fund Diversified 1.21% annual Mint Diversified Income Fund Diversified 1.01% annual Mint New Zealand SRI Equity Fund Australasian Equities 0.97% annual Pathfinder 5 funds Pathfinder Ethical Growth Fund Diversified 1.31% annual Pathfinder Ethical Trans-Tasman Fund Australasian Equities 1.00% annual Pathfinder Global Property Fund Listed Property 1.00% annual Pathfinder Global Responsibility Fund International Equities 1.30% annual Pathfinder Global Water Fund International Equities 1.30% annual Pella 1 fund Pella Global Generations PIE Fund International Equities 0.85% annual Plato 1 fund Plato Global Alpha PIE Fund International Equities — Resolution Capital 2 funds Resolution Capital Global Listed Infrastructure PIE Fund Other 1.05% annual Resolution Capital Global Property Securities PIE Fund Listed Property 1.05% annual Russell Investments 8 funds Russell Investments Global Fixed Interest Fund International FI 0.58% annual Russell Investments Global Listed Infrastructure Fund Other 1.08% annual Russell Investments Global Shares Fund International Equities 0.93% annual Russell Investments Hedged Global Shares Fund International Equities 0.92% annual Russell Investments Hedged Sustainable Global Shares Fund International Equities 0.33% annual Russell Investments NZ Fixed Interest Fund NZ Fixed Interest 0.49% annual Russell Investments NZ Shares Fund Australasian Equities 0.78% annual Russell Investments Sustainable Global Shares Fund International Equities 0.33% annual Schroders 2 funds Schroder Sustainable Global Core PIE Fund International Equities 0.39% annual Schroder Sustainable Global Core PIE Fund (Hedged) International Equities 0.39% annual Simplicity 11 funds Simplicity Balanced Investment Fund Diversified 0.25% annual Simplicity Conservative Investment Fund Diversified 0.25% annual Simplicity Growth Investment Fund Diversified 0.25% annual Simplicity Hedged Global Bond Fund International FI 0.15% annual Simplicity Hedged Global Share Fund International Equities 0.15% annual Simplicity High Growth Investment Fund Diversified 0.25% annual Simplicity Homes and Income Investment Fund Diversified 0.25% annual Simplicity NZ Bond Fund NZ Fixed Interest 0.10% annual Simplicity NZ Cash Fund Cash 0.12% annual Simplicity NZ Share Fund Australasian Equities 0.10% annual Simplicity Unhedged Global Share Fund International Equities 0.15% annual Smartshares 33 funds Smart Asia Pacific ETF International Equities 0.55% annual Smart Australian Dividend ETF Australasian Equities 0.54% annual Smart Australian Financials ETF Australasian Equities 0.54% annual Smart Australian Mid Cap ETF Australasian Equities 0.75% annual Smart Australian Property ETF Listed Property 0.54% annual Smart Australian Resources ETF Australasian Equities 0.54% annual Smart Australian Top 20 ETF Australasian Equities 0.60% annual Smart Australian Top 200 ETF Australasian Equities 0.30% annual Smart Automation and Robotics ETF International Equities 0.75% annual Smart Bitcoin ETF Other 0.55% annual Smart Emerging Markets ESG ETF International Equities 0.59% annual Smart Emerging Markets ETF International Equities 0.59% annual Smart Europe ESG ETF International Equities 0.55% annual Smart Europe ETF International Equities 0.55% annual Smart Global Aggregate Bond ETF International FI 0.30% annual Smart Global Bond ETF International FI 0.54% annual Smart Global ESG ETF International Equities 0.54% annual Smart Healthcare Innovation ETF International Equities 0.75% annual Smart Japan ESG ETF International Equities 0.55% annual Smart NZ Bond ETF NZ Fixed Interest 0.54% annual Smart NZ Dividend ETF Australasian Equities 0.54% annual Smart NZ Mid Cap ETF Australasian Equities 0.60% annual Smart NZ Property ETF Listed Property 0.54% annual Smart NZ Top 10 ETF Australasian Equities 0.60% annual Smart NZ Top 50 ETF Australasian Equities 0.50% annual Smart S&P/NZX 50 ETF Australasian Equities 0.20% annual Smart Total World ETF International Equities 0.40% annual Smart US 500 ETF International Equities 0.34% annual Smart US ESG ETF International Equities 0.34% annual Smart US Large Growth ETF International Equities 0.51% annual Smart US Large Value ETF International Equities 0.51% annual Smart US Mid Cap ETF International Equities 0.51% annual Smart US Small Cap ETF International Equities 0.51% annual Squirrel 1 fund Squirrel Monthly Income Fund Other 2.14% annual Stewart Investors 1 fund Stewart Investors Worldwide Leaders Fund International Equities 0.61% annual Te Ahumairangi 1 fund Te Ahumairangi Global Equity Fund International Equities 0.62% annual Vision 1 fund Vision Income Fund International FI 2.51% annual Other supervisors Trustees Executors Limited NZ Guardian Trust Company Limited Anchorage Trustee Services All supervisors Methodology Supervisor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "Trustees Executors Limited" / "The New Zealand Guardian Trust Company Limited" / "NZ Guardian Trust" all map to canonical entities). ManagedFundsNZ provides information only, not personalised financial advice. Supervisor identity is a structural disclosure; it doesn't imply quality of supervision or any endorsement of the funds listed. --- ## NZ managed funds supervised by Trustees Executors Limited (72) URL: https://managedfunds.nz/trustee/trustees-executors/funds/ > 72 NZ retail managed funds with Trustees Executors Limited as licensed supervisor. Grouped by manager. Primary source: each fund's Other Material Information on FMA Disclose. NZ managed funds supervised by Trustees Executors Limited 72 NZ retail managed funds across 9 fund managers have Trustees Executors Limited as their licensed supervisor, per each scheme's Other Material Information document lodged on the FMA Disclose register. Under the Financial Markets Conduct Act 2013, every managed investment scheme must appoint a licensed supervisor independent of the manager. The supervisor holds scheme assets via the custodian and monitors the manager's compliance with the scheme's Statement of Investment Policy and Objectives. BetaShares 7 funds BetaShares Australia 200 Fund Australasian Equities 0.23% annual BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged) International FI 0.34% annual BetaShares Australian Sustainability Leaders Fund Australasian Equities 0.67% annual BetaShares Global Quality Leaders Fund International Equities 0.49% annual BetaShares Global Sustainability Leaders Fund International Equities 0.77% annual BetaShares Global Sustainability Leaders Fund (NZD Hedged) International Equities 0.79% annual BetaShares NZ Sustainability Leaders Fund Australasian Equities 0.59% annual Evidential 2 funds Evidential Sustainable Global Bond Fund International FI 0.32% annual Evidential Sustainable Targeted Factor Fund International Equities 0.62% annual Fisher Funds 11 funds Fisher Funds Australian Growth Fund Australasian Equities 0.87% annual Fisher Funds BondPlus Fund International FI 1.26% annual Fisher Funds Conservative Fund Diversified 1.35% annual Fisher Funds Global Fund International Equities 1.64% annual Fisher Funds Growth Fund Diversified 1.46% annual Fisher Funds Income Fund International FI 0.99% annual Fisher Funds International Growth Fund International Equities 1.31% annual Fisher Funds New Zealand Fixed Income Trust NZ Fixed Interest 0.97% annual Fisher Funds New Zealand Growth Fund Australasian Equities 1.42% annual Fisher Funds Property & Infrastructure Fund Listed Property 1.53% annual Fisher Funds Trans Tasman Equity Trust Australasian Equities 1.63% annual Kernel 21 funds Kernel Australia 100 Fund Australasian Equities 0.25% annual Kernel Balanced Fund Diversified 0.25% annual Kernel Cash Plus Fund Cash 0.25% annual Kernel Conservative Fund Diversified 0.25% annual Kernel Emerging Markets Fund International Equities 0.45% annual Kernel Global ESG Fund International Equities 0.25% annual Kernel Global Infrastructure Fund Other 0.25% annual Kernel High Growth Fund Diversified 0.25% annual Kernel NZ 20 Fund Australasian Equities 0.25% annual Kernel NZ 50 ESG Tilted Fund Australasian Equities 0.25% annual Kernel NZ Bond Fund NZ Fixed Interest 0.40% annual Kernel NZ Commercial Property Fund Listed Property 0.25% annual Kernel NZ Small & Mid Cap Opportunities Fund Australasian Equities 0.25% annual Kernel S&P 500 (NZD Hedged) Fund International Equities 0.25% annual Kernel S&P 500 (Unhedged) Fund International Equities 0.25% annual Kernel S&P Global 100 (NZD Hedged) Fund International Equities 0.25% annual Kernel S&P Global 100 Fund International Equities 0.25% annual Kernel S&P Global Clean Energy Fund International Equities 0.45% annual Kernel S&P Global Dividend Aristocrats Fund International Equities 0.25% annual Kernel US Bond Fund International FI 0.30% annual Kernel World ex-US Fund International Equities 0.25% annual Milford 10 funds Milford Active Growth Fund Diversified 1.05% annual Milford Aggressive Fund Diversified 1.15% annual Milford Australian Absolute Growth Fund Australasian Equities 1.05% annual Milford Balanced Fund Diversified 1.05% annual Milford Conservative Fund Diversified 0.85% annual Milford Diversified Income Fund Diversified 0.65% annual Milford Global Corporate Bond Fund International FI 0.85% annual Milford Global Equity Fund International Equities 1.35% annual Milford Trans-Tasman Bond Fund NZ Fixed Interest 0.65% annual Milford Trans-Tasman Equity Fund Australasian Equities 1.05% annual Octagon 3 funds Octagon Australasian Equities Fund Australasian Equities 1.17% annual Octagon Balanced Fund Diversified 1.17% annual Octagon New Zealand Equities Fund Australasian Equities 1.17% annual Pie Funds 2 funds Pie Global Growth Fund 2 International Equities 1.61% annual Pie Growth UK & Europe Fund International Equities 1.85% annual SBS Wealth 8 funds SBS Wealth Australasian Equity Portfolio Australasian Equities 1.20% annual SBS Wealth Balanced Strategy Diversified 1.03% annual SBS Wealth Conservative Strategy Diversified 0.90% annual SBS Wealth Growth Strategy Diversified 1.17% annual SBS Wealth High Growth Strategy Diversified 1.17% annual SBS Wealth New Zealand Bond Portfolio NZ Fixed Interest 0.78% annual SBS Wealth World Bond Portfolio International FI 0.77% annual SBS Wealth World Equity Portfolio International Equities 1.18% annual Summer 8 funds Summer Australian Equities Australasian Equities 1.02% annual Summer Balanced Selection Diversified 1.02% annual Summer Conservative Selection Diversified 0.87% annual Summer Global Equities International Equities 1.02% annual Summer Global Fixed Interest International FI 0.87% annual Summer Growth Selection Diversified 1.02% annual Summer Listed Property Listed Property 1.02% annual Summer New Zealand Cash Cash 0.62% annual Other supervisors Public Trust NZ Guardian Trust Company Limited Anchorage Trustee Services All supervisors Methodology Supervisor identity sourced from each scheme's Other Material Information document lodged on the FMA Disclose register. Names normalised across drift in source filings (e.g. "Trustees Executors Limited" / "The New Zealand Guardian Trust Company Limited" / "NZ Guardian Trust" all map to canonical entities). ManagedFundsNZ provides information only, not personalised financial advice. Supervisor identity is a structural disclosure; it doesn't imply quality of supervision or any endorsement of the funds listed. ---