- Provider website
- Minimum investment
$10,000
- Fund start date
01 November 2004
There are some aspects of this fund which may require extra consideration before deciding to invest.
FMA exemption
Some funds are exempted from the disclosure requirements, so certain information may not be available for these offers. Or the information provided might be in a different form, given the bespoke nature of the offer. Here's more on Financial Markets Authority exemptions.
Financial Markets Conduct (Managed
Funds - Loan Disclosure Requirements) Exemption Notice 2024 and Financial Markets Conduct (Market Index) Exemption Notice 2024
Mix data not available
There may be no data yet, or the data has issues. So this fund can't yet be compared to others, or to an average.
Mix
Fees
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 managed funds (in grey).
Returns
Returns (in green) show how much this fund has grown in value in five years up to 31 December 2024 – after fees and taxes. Compare with the average managed fund (in grey).
Key facts
Here is what the provider says about this managed fund
“ Your investment will comprise units in the Midlands Income Fund. Funds from investors are pooled and invested in a portfolio of loans secured by registered first mortgages over land and buildings in New Zealand and bank deposits. The Manager is Midlands Funds Management Limited, which makes decisions relating to the investments of the Midlands Income Fund. The Supervisor is Trustees Executors Limited, which holds the assets of the Midlands Income Fund. ”
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.
Mix
Mix not yet available – there may be no data yet, or the data has issues. So this fund can't yet be compared to others, or to an average.
Top 10 investments
These assets make up 0.33% of this fund.
| Asset | Asset class | Type | Country | % of Fund |
|---|---|---|---|---|
| CASH & CASH EQUIVALENTS JARDEN | Cash | Cash and equivalents | NZ | 0.12% |
| LOAN SECURED OVER RESIDENTIAL PROPERTY IN AUCKLAND | Property | Unlisted property | NZ | 0.03% |
| LOAN SECURED OVER COMMERCIAL PROPERTY IN WAIKATO | Property | Unlisted property | NZ | 0.03% |
| LOAN SECURED OVER RESIDENTIAL PROPERTY IN OTAGO | Property | Unlisted property | NZ | 0.03% |
| LOAN SECURED OVER RURAL PROPERTY IN HAWKES BAY | Property | Unlisted property | NZ | 0.02% |
| LOAN SECURED OVER COMMERCIAL PROPERTY IN AUCKLAND | Property | Unlisted property | NZ | 0.02% |
| LOAN SECURED OVER COMMERCIAL PROPERTY IN OTAGO | Property | Unlisted property | NZ | 0.02% |
| LOAN SECURED OVER RESIDENTIAL PROPERTY IN OTAGO | Property | Unlisted property | NZ | 0.02% |
| LOAN SECURED OVER RESIDENTIAL PROPERTY IN AUCKLAND | Property | Unlisted property | NZ | 0.02% |
| LOAN SECURED OVER COMMERCIAL PROPERTY IN OTAGO | Property | Unlisted property | NZ | 0.02% |
Full list of investments this fund holds
Full Portfolio Holdings Sep 2024.xlsx
A complete list of the fund's holdings
Fees
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 managed fund (in grey).
A comparison of averages is not available for this fund. See Mix details for more information.
Fees breakdown
Here's a breakdown of the different charges in this fund (in purple), compared to the average managed fund (in grey).
| Fee Type | % Over a Year | Amount Paid on a 10K Balance |
|---|---|---|
ManagementThis 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. |
1.78%
|
$178.00
|
OtherThis is a summary of other potential costs not covered in the categories displayed. |
0.32%
|
$32.00
|
Performance-basedThese fees are based on the performance of the fund or underlying fund. When the fund performs well, these will be higher. |
None
|
$0.00
|
MembershipYou pay this membership charge (a flat fee) each year, regardless of your balance or the fund's performance. |
0.00%
|
$0.00
|
Total combined feesThese 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. |
2.10%
|
$210.00
|
Returns
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 managed funds (in grey).
A comparison of averages is not available for this fund. See Mix details for more information.
Yearly returns
These annual returns (in green) were for the 12 months up to 31 March 2024. You can compare them to the average managed fund (in grey).
Risks
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.
PDS - Midlands Smarter PIE Fund - 2 April 2024.pdf
How this investment works, including about the provider, risks, costs and potential returns
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.
PDS - Midlands Smarter PIE Fund - 2 April 2024.pdf
How this investment works, including about the provider, risks, costs and potential returns
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.
Quarterly Fund Update 31 December 2024.pdf
The quarterly update published by the provider
Complete asset portfolio
Browse through the complete list of investments held by this fund.
Full Portfolio Holdings Sep 2024.xlsx
A complete list of the fund's holdings
Additional disclosure documents
These are more documents from the provider that can contain interesting information.
Full Portfolio Holdings 31.12.2017.xlsx
Fund Returns 31.12.2017.xlsx
exemption notice.pdf
Fund Returns 30.06.2019.xlsx
FMA Extension Notice NTA 20200618.docx
Financial Markets Conduct Market Index Exemption Notice 2023.pdf
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.
SIPO - Midlands Smarter PIE Fund - 1 April 2024.pdf
Strategies and objectives for this investment
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 |
|---|---|---|
| RHYS TRUSLER | CHIEF EXECUTIVE OFFICER | 2 years, 1 month |
| MILES STANDEAVEN | SENIOR CREDIT MANAGER | 3 years, 6 months |
| JAMES BROWNLIE (DEPARTED 04/10/2024) | CHIEF FINANCIAL OFFICER | 1 year, 4 months |
Additional details
Manager details
Name
MIDLANDS FUNDS MANAGEMENT LIMITED
Type
NZ Limited Company
Website
NZBN
9429035203384
FSP Number
Supervisor
Name
TRUSTEES EXECUTORS LIMITED
Fund details
Asset liquidity ratio
18.15%
Total value of fund
$122,911,627.54
Continuous issue
Yes
Default KiwiSaver
No
Lifecycle option
No
Multi-fund option
No
Schedule 1 exemption
No
FMA exemption
Yes: Financial Markets Conduct (Managed
Funds - Loan Disclosure Requirements) Exemption Notice 2024 and Financial Markets Conduct (Market Index) Exemption Notice 2024
Number of members
837
Reference numbers
Fund
FND3198: MIDLANDS SMARTER PIE FUND
Offer
OFR11409: MIDLANDS SMARTER PIE FUND
Scheme
SCH11085: MIDLANDS SMARTER PIE FUND
Next steps
Want to know more about this investment or how it compares to others? Have a look at its peers.
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. midlandsfundsmanagement.co.nz