What is the fee structure for Fisher Funds Managed Funds?
You will be charged fees for investing in Fisher Funds Managed Funds. Fees are deducted from your investment and will reduce your returns. If Fisher Funds invests in other funds, those funds may also charge fees. The fees you pay will be charged in two ways:
- regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your investment over the long term;
- one-off fees (for example, fees charged for investing or withdrawing from the fund or other specific actions you take). Fisher Funds does not currently charge any one-off fees.
The table below shows the charges for each fund including GST. The annual fund charges are based on the fees and expenses from the 31 March 2021 audited financial statements. They are a reasonable estimate of the annual fund charges that are likely to be charged in the future.
Mixed asset portfolios
Investment option | Fixed | Estimated | Total estimated annual fund charges (% of net asset value) | Potential range of performance-based fees | |
Management Fees | Costs and expenses | Performance-based fees1 | |||
Conservative Fund | 1.11% | 0.19% | n/a | 1.30% | n/a |
Balanced Strategy | 1.20% | 0.18% | 0.00% | 1.38% | 0% to 1.20% |
Growth Fund | 1.27% | 0.17% | 0.00% | 1.44% | 0% to 2.00% |
1 The annual fund charges for the Growth Fund and Balanced Strategy include a performance-based fee estimate of 0% based on the long term average performance of the market indices used to measure the performance of the Growth Fund compared against the long term performance of the hurdle rate (see page 12 for a description of the hurdle rate). The performance-based fee is capped at 2% of the average net asset value of the Growth Fund per year (and therefore 1.20% in the Balanced Strategy).
Sector investment options
Investment option | Fixed | Estimated | Total estimated annual fund charges (% of net asset value) | Potential range of performance-based fees3 | |
Management Fees | Costs and expenses | Performance-based fees2 | |||
Income Fund | 0.76% | 0.16% | n/a | 0.92% | n/a |
Property & Infrastructure Fund | 1.27% | 0.26% | 0.00% | 1.53% | 0% to 2.00% |
New Zealand Growth Fund | 1.27% | 0.13% | 0.32% | 1.72% | 0% to 2.00% |
Australian Growth Fund | 1.27% | 0.15% | 0.04% | 1.46% | 0% to 2.00% |
International Growth Fund | 1.27% | 0.15% | 0.00% | 1.42% | 0% to 2.00% |
2 Performance-based fees are estimated. Where applicable, the annual fund charges include a performance-based fee estimate based on the long term average performance of the fund's appropriate market indices compared to the long term performance of the hurdle rate of return of the fund.
3 A 2% performance-based fee cap was introduced on 1 July 2021. From this date the maximum performance-based fee payable is 2% of the average net asset value per year.
Prior to 1 July 2021 there was no limit to the maximum performance-based fee payable. The highest historic performance-based fee paid in each fund since the introduction of that fund’s current hurdle rate of return and the corresponding annual returns after fees were:
- Property & Infrastructure Fund performance-based fee 2.28%, corresponding annual return after fees 24.25%
- New Zealand Growth Fund performance-based fee 2.90%, corresponding annual return after fees 37.05%
- Australian Growth Fund performance-based fee 2.80%, corresponding annual return after fees 32.60%
- International Growth Fund performance-based fee 3.50%, corresponding annual return after fees 38.64%
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