NZ managed funds ranked by mandate flexibility

How to read mandate flexibility

A fund's Statement of Investment Policy and Objectives (SIPO) sets target weights plus permitted min and max weights per asset class. Mandate flexibility is the sum of (max% – min%) across every asset class — a structural measure of how much discretion the manager has within the fund's stated strategy.

High flexibility (above the high-discretion threshold shown in the card above) means the manager can substantially reposition the fund based on their reading of market conditions — typical of actively-managed multi-asset funds. Low flexibility (below the index-tracking threshold) means the fund stays close to its target weights; typical of index-tracking funds that aim for low tracking error. Mid-range covers most actively-managed single-asset-class funds.

This is a structural signal, not a quality judgment. High discretion can be a feature (skilled active management adds alpha) or a bug (style drift, manager overreach). Click any fund's row to see the underlying SAA range table.