NZ managed funds with performance fees — comparable structure
48 NZ retail managed funds charging a performance fee in addition to their annual fund charge. Hurdle benchmark, high-water-mark presence, and cap structure compared side-by-side. Tags below are auto-detected from each fund's verbatim PDS text — click through to the per-fund detail page for the full verbatim wording.
High-water mark
40/48
funds disclose a HWM
Perpetual HWM
4/40
don't reset (best protection)
Hard cap on perf fee
10/48
cap on % of NAV
| Fund | Hurdle | HWM | Cap | Paid last | Annual |
|---|---|---|---|---|---|
| Amova Concentrated Equity Fund Amova · Australasian Equities | Other / verbatim | Not disclosed | No cap | 10.00% | 1.15% |
| Antipodes Global Fund – Long (PIE) Antipodes · International Equities | Other / verbatim | Yes | No cap | — | 0.99% |
| Booster Shielded Growth Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 1.41% |
| Booster Socially Responsible Balanced Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 1.33% |
| Booster Socially Responsible Growth Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 1.34% |
| Booster Socially Responsible High Growth Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 1.35% |
| Booster Wealth Balanced Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 0.83% |
| Booster Wealth Geared Growth Fund Booster · Diversified | Other / verbatim | Not disclosed | No cap | 0.01% | 1.35% |
| Booster Wealth Growth Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 0.91% |
| Booster Wealth High Growth Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 0.96% |
| Booster Wealth Moderate Fund Booster · Diversified | Other / verbatim | Yes | No cap | — | 0.74% |
| Castle Point 5 Oceans Fund Castle Point · Diversified | OCR + 5% | Perpetual | No cap | 0.21% | 1.18% |
| Coolabah Active Composite Bond PIE Fund Coolabah · International FI | Other / verbatim | Yes | No cap | 0.32% | 0.76% |
| Coolabah Long-Short Credit PIE Fund Coolabah · International FI | Other / verbatim | Yes | No cap | 0.97% | 1.76% |
| Coolabah Short Term Income PIE Fund Coolabah · International FI | Other / verbatim | Yes | No cap | 0.19% | 0.67% |
| Devon Alpha Fund Devon · Australasian Equities | Other / verbatim | Yes | No cap | 0.54% | 1.30% |
| Devon Australian Fund Devon · Australasian Equities | Other / verbatim | Yes | No cap | 0.29% | 1.30% |
| Devon Dividend Yield Fund Devon · Australasian Equities | S&P/NZX 50 | Yes | No cap | 0.13% | 1.39% |
| Devon Trans-Tasman Fund Devon · Australasian Equities | S&P/NZX 50 | Yes | No cap | 0.29% | 1.36% |
| Fisher Funds Australian Growth Fund Fisher Funds · Australasian Equities | OCR + 5% | Yes | 2% | 0.03% | 0.87% |
| Fisher Funds International Growth Fund Fisher Funds · International Equities | OCR + 5% | Yes | 2% | 0.00% | 1.31% |
| Fisher Funds New Zealand Growth Fund Fisher Funds · Australasian Equities | OCR + 5% | Yes | 2% | 0.00% | 1.42% |
| Fisher Funds Property & Infrastructure Fund Fisher Funds · Listed Property | OCR + 3% | Yes | 2% | 0.16% | 1.53% |
| Harbour Australasian Equity Focus Fund Harbour · Australasian Equities | S&P/NZX 50 | Perpetual | 10% | 0.12% | 1.21% |
| Harbour Income Fund Harbour · Diversified | Other / verbatim | Not disclosed | No cap | 0.00% | 0.66% |
| Harbour Long Short Fund Harbour · Australasian Equities | Other / verbatim | Perpetual | No cap | 0.23% | 1.23% |
| Hyperion Global Growth Companies PIE Fund Hyperion · International Equities | Other / verbatim | Not disclosed | No cap | 0.00% | 4.38% |
| Lighthouse Global Equity Fund Lighthouse · International Equities | Other / verbatim | Perpetual | No cap | 0.00% | 1.03% |
| Milford Active Growth Fund Milford · Diversified | 10% absolute | Yes | 0.95% | 0.20% | 1.05% |
| Milford Aggressive Fund Milford · Diversified | Other / verbatim | Not disclosed | No cap | — | 1.15% |
| Milford Australian Absolute Growth Fund Milford · Australasian Equities | OCR + 5% | Yes | 0.95% | 0.25% | 1.05% |
| Milford Balanced Fund Milford · Diversified | Other / verbatim | Not disclosed | No cap | 0.02% | 1.05% |
| Milford Diversified Income Fund Milford · Diversified | OCR + 2% | Yes | 0.85% | 0.20% | 0.65% |
| Milford Global Equity Fund Milford · International Equities | Other / verbatim | Yes | 1.65% | 0.00% | 1.35% |
| Milford Trans-Tasman Equity Fund Milford · Australasian Equities | S&P/NZX 50 | Yes | 1.45% | 0.00% | 1.05% |
| NZ Funds Global Bonds NZ Funds · International FI | Other / verbatim | Yes | No cap | 0.03% | 1.44% |
| NZ Funds Global Infrastructure NZ Funds · Other | Other / verbatim | Yes | No cap | — | 2.53% |
| NZ Funds Global Property NZ Funds · Listed Property | Other / verbatim | Yes | No cap | — | 2.52% |
| NZ Funds Global Shares NZ Funds · International Equities | MSCI ACWI | Yes | No cap | — | 3.12% |
| NZ Funds Global Utilities NZ Funds · International Equities | Other / verbatim | Yes | No cap | — | 2.53% |
| NZ Funds New Zealand and Australian Bonds NZ Funds · NZ Fixed Interest | Other / verbatim | Yes | No cap | 0.03% | 1.44% |
| NZ Funds New Zealand and Australian Shares NZ Funds · Australasian Equities | S&P/NZX 50 | Yes | No cap | — | 2.52% |
| NZ Funds New Zealand Property and Retirement Villages NZ Funds · Listed Property | Other / verbatim | Yes | No cap | — | 2.52% |
| NZ Funds Wealth Builder - Growth Strategy NZ Funds · Diversified | S&P/NZX 50 | Not disclosed | No cap | — | 2.14% |
| NZ Funds Wealth Builder - Inflation Strategy NZ Funds · Diversified | Other / verbatim | Not disclosed | No cap | — | 1.58% |
| Plato Global Alpha PIE Fund Plato · International Equities | Other / verbatim | Yes | No cap | 1.55% | — |
| Salt Enhanced Property Fund Salt · Listed Property | NZX All Real Estate | Yes | No cap | 0.02% | 1.02% |
| Salt Long Short Fund Salt · Australasian Equities | OCR + 5% | Yes | No cap | 0.53% | 3.21% |
Related
How the tags are detected
Hurdle / HWM / cap tags are auto-detected from each fund's verbatim PDS performance-fee text. The verbatim text is the source of truth — every per-fund page shows the full PDS wording. Tags here are a navigation aid; click through to verify any cell against the actual PDS clause and the linked source document.
A perpetual high-water mark gives investors the strongest protection — the fund must recover prior underperformance permanently before the manager can charge again. Annual-reset (or unspecified) HWM is weaker. A hard cap on the performance fee as % of NAV prevents the fee running unbounded in a high-return year.