This is the actual mix of growth assets (shares, property) and income assets (bonds, cash) that this fund held on 31 March 2024. The average mix for defensive managed funds is in grey.



Fees shown here (in purple) are based on what you would pay over a year if you had $10,000 in this fund. Compare with the average fees for defensive managed funds (in grey).



Returns (in green) show how much this fund has grown in value in five years up to 31 March 2024 – after fees and taxes. Compare with the average defensive managed fund (in grey).


Key facts

Here is what the provider says about this managed fund

The fund aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets

Provider website


Minimum investment


Fund start date

18 April 2011

When can you get your money out?

For this managed fund (i.e. not a KiwiSaver fund), see the section of the PDS on withdrawing funds and how this works. Also, look for information about how long it takes to actually get paid after requesting a withdrawal, whether regular withdrawals are possible, and how often.


This is a snapshot of the proportion of growth assets (shares, property, other) or income assets (cash, bonds) that this fund held on 31 March 2024.

You can also see the average for Defensive funds, which typically hold from 0% to 10% of growth assets.

This fund's asset mix

  • Growth assets
  • Income assets

Breakdown on Shares assets
Total 0.00% 0.12%
International shares 0.00% 0% 0.07%
Australasian shares 0.00% 0% 0.05%

About shares

Buying shares gives you part ownership in a company and can bring returns from your share of the profits (dividends) or from selling the shares for more than you paid. Shares are growth assets and are also known as equities or stock. Here's more on the basics of shares.

Breakdown on Property assets
Total 0.00% 0.10%
Listed property 0.00% 0% 0.05%
Unlisted property 0.00% 0% 0.06%

About property

Property refers to commercial real estate (not the family home) owned through property trusts or companies that own or develop real estate as their business. Properties are growth assets and can be listed on an exchange or be unlisted.

Breakdown on Other assets
Total 0.00% 0.05%
Commodities 0.00% 0% 0.00%
Other 0.00% 0% 0.05%
Unknown 0.00% 0% 0.00%

What "other" means

This category can include alternative investments such as derivatives, often through a hedge fund. These "other" investments are typically considered growth assets, or high-risk investments.

Breakdown on Bonds assets
Total 100.00% 70.42%
New Zealand bonds 45.37% 40 38.23%
International bonds 54.63% 60 32.19%

About bonds

A bond is a bit like a term deposit at a bank, but it's effectively a loan you make to a company or government which they promise to pay back in full on a specific date. Until then, you receive regular interest at a fixed or agreed rate. Bonds are income assets and can also be called "fixed interest" or "debt securities". Since they can typically be traded on a secondary market, their value can go up and down. Here's more on the basics of bonds

Breakdown on Cash assets
Total 0.00% 29.31%
Cash and equivalents 0.00% 0% 29.31%

About cash

Cash is a kind of investment that generally pays you interest. (An exception to this are shariah-compliant funds, which can hold cash but are prohibted from earning interest.) Cash typically includes term deposits, floating-rate notes and money market accounts. Cash, which is often a loan to a bank, is considered an income asset. Here's more on investing in term deposits.

Top 10 investments

These assets make up 30.24% of this fund.

Asset Asset class Type Country % of Fund
ANZ 10 A/C - CURRENT ACCOUNTS Cash Cash and equivalents NZ 6.12%
TE TUMU WHAKATUPU LTD 29/04/32 11.00% Bonds New Zealand fixed interest NZ 4.45%
MACQUARIE GROUP LTD 09/08/26 5.108% Bonds International fixed interest US 4.25%
WHITBREAD PLC 16/10/2025 3.375% Bonds International fixed interest GB 2.37%
WESTPAC 27/08/2029 FRN RESET 27/08/2024 Bonds International fixed interest AU 2.26%
UBS GROUP AG 29/07/2026 5.125% Bonds International fixed interest US 2.25%
LATITUDE NZ 2021-1 CLASS A 23/08/2033 Bonds New Zealand fixed interest NZ 2.22%
PERMANENT TSB GROUP 26/10/2027 13.25% Bonds International fixed interest BE 2.20%
CHORUS LIMITED 12/28 6.38% Bonds New Zealand fixed interest NZ 2.15%
NATWEST GRP PLC 11/31 2.105% CALL 08/26 Bonds International fixed interest GB 1.97%

Full list of investments this fund holds

xlsx, 151 KB


Fees shown here (in purple) are based on what you would pay over a year if you had $10,000 in this fund. You can compare these with fees for the average defensive managed fund (in grey).

Fees breakdown

Here's a breakdown of the different charges in this fund (in purple), compared to the average defensive managed fund (in grey).

Fee Type % Over a Year Amount Paid on a 10K Balance


This fee is charged to you by the fund manager on the fund or an underlying fund, and is based on a percentage of your balance.

AVG: 0.54%
AVG: $53.72


This is a summary of other potential costs not covered in the categories displayed.

AVG: 0.09%
AVG: $9.26


These fees are based on the performance of the fund or underlying fund. When the fund performs well, these will be higher.

AVG: 0.01%
AVG: $1.18


You pay this membership charge (a flat fee) each year, regardless of your balance or the fund's performance.

AVG: 0.02%
AVG: $2.33

Total combined fees

These are a total of management and administration charges and performance-based fees over a year. They do not necessarily include fees for activities like transferring or withdrawing.

AVG: 0.66%
AVG: $66.49


For the past five years, this fund returned this average each year to investors (in green). This was after fees and taxes (28% PIR) were taken out. To compare, you can see the average return over the same time for all defensive managed funds (in grey).

Yearly returns

These annual returns (in green) were for the 12 months up to 31 March 2024. You can compare them to the average defensive managed fund (in grey).


Specific risks for this fund

Chasing higher returns while investing always increases risks. Several kinds of risks, actually. It is important to evaluate whether the returns are worth it, whether you can cope, and whether this investment will in fact help you achieve your goals. Also, since the way an investment is structured can make it riskier, it's important to understand how it works.

You'll find the specific risks in the Risk section of the PDS, and here's more about understanding risk.

pdf, 1010 KB

Risk indicator

This is a gauge of how volatile this investment has been – how much it has gone up and down in value. It has been calculated based on the fund's five-year performance (or an appropriate market index if it has not been around that long).

The left side of this range of numbers indicates a Lower risk

The right side of this range of numbers indicates a Higher risk

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7

The left side of this range of numbers indicates Potentially
lower returns

The right side of this range numbers indicates Potentially
higher returns

Key documents

These are the most important documents that a provider is required to file about this investment.

Product disclosure statement

Before you invest in a product like a fund, you are given a PDS which has essential details about it and the company providing it. Here's more on how to read a PDS.

pdf, 1010 KB

Fund update (most recent)

This update from the provider lets you see much of the same information shown here in Smart Investor: how this fund is performing, what it costs and the investments it currently holds.

pdf, 49 KB

Complete asset portfolio

Additional disclosure documents

These are more documents from the provider that can contain interesting information.

pdf, 327 KB
pdf, 316 KB
pdf, 319 KB
pdf, 314 KB
pdf, 320 KB
pdf, 362 KB
pdf, 450 KB
pdf, 446 KB
pdf, 333 KB
pdf, 223 KB
pdf, 451 KB
pdf, 519 KB
pdf, 744 KB
pdf, 665 KB
pdf, 493 KB
pdf, 221 KB
pdf, 209 KB
pdf, 238 KB
pdf, 753 KB
pdf, 240 KB
pdf, 218 KB
pdf, 209 KB
pdf, 221 KB
pdf, 229 KB
pdf, 225 KB
pdf, 209 KB
pdf, 369 KB
pdf, 375 KB
pdf, 298 KB
pdf, 211 KB
pdf, 211 KB
pdf, 235 KB
pdf, 212 KB
pdf, 232 KB
pdf, 339 KB
pdf, 148 KB
pdf, 84 KB
pdf, 141 KB
pdf, 369 KB
pdf, 122 KB
pdf, 228 KB
pdf, 169 KB
pdf, 90 KB
pdf, 230 KB
pdf, 282 KB
pdf, 187 KB
pdf, 194 KB
pdf, 138 KB
pdf, 126 KB
pdf, 138 KB

Statement of investment policy and objectives (SIPO)

A SIPO tells you where the fund managers are coming from. It sets out the governance and management framework, philosophy, strategies and objectives for this investment.

pdf, 455 KB

Key personnel

These are the directors and employees who have the most influence on investment decisions for this fund.

Name Current position Time in role
ASHLEY GARDYNE Chief Investment Officer 2 years, 9 months
DAVID MCLEISH Senior Portfolio Manager, Fixed Interest 13 years, 0 months

Additional details

Manager details




NZ Limited Company





Fund details

Asset liquidity ratio


Total value of fund


Debt ratio


Continuous issue


Default KiwiSaver


Lifecycle option


Multi-fund option


Schedule 1 exemption


FMA exemption


Number of members


Reference numbers







Next steps

Want to know more about this investment or how it compares to others? Have a look at its peers.

This is a

defensive managed fund

Product disclosure statement

Take a deeper dive into the PDS, which has essential details about this offer and the company providing it. Here's more on how to read a PDS.

Fund update (most recent)

These are provided to members of the fund (usually once each quarter) to update them on its performance.

Getting investment advice

Good advice is gold. Everyone can benefit from expert advice, provided the adviser has your interests at heart. Here's how to find one and key questions to ask. 

Interested in investing in this offer? Visit the provider's website. fisherfunds.co.nz