- Quaystreet Funds FAQs -

The QuayStreet Funds comprise 10 separate funds. Each Fund is a trust which is currently governed by a consolidated and amended Master Trust Deed dated 01 June 2016 and an Establishment Deed specific to each Fund. Each Fund is registered as a Portfolio Investment Entity (PIE).

Your investment in a Fund is an investment in units in a trust. Your money is pooled with other investors’ money. Each Fund will itself invest in a range of assets.

You do not have legal ownership of these assets but you do have rights to any returns generated in a Fund you are invested in.

Assets of one Fund are not available to be applied to meet the liabilities of another Fund or the Manager.

The key benefits of investing in QuayStreet Funds are:

• Flexible choice of 10 Funds
• The QuayStreet Funds have been designed to enable you to choose a Fund to match your investment objectives, your timeframe and your risk/return appetite. As your circumstances change you can adjust your Fund selection to suit your needs.
• Sector-specific Funds
• Experienced team of Investment Managers
• Service Team available to call when you have questions
• Access to view your holdings and reports online via our Client Portal.

A performance fee is payable where the QuayStreet Altum Fund’s return (before tax) for the Relevant Period is more than the Reserve Bank of New Zealand Official Cash Rate plus 6% per annum for the same period, "the hurdle rate of return."

The amount of the performance fee is 15% of the amount by which the Fund’s return (before tax) for the Relevant Period exceeds the hurdle rate of return.

Read the QuayStreet Product Disclosure Statement for more information about the fees charged. 

The total annual fund charges are set out as a percentage of the net asset value of the Fund. They are deducted from the applicable Fund, and reflected in its Unit Price.

Management fees – each Fund has an annual management fee at a fixed rate.

Expenses – these are an estimated amount of costs and expenses to operate and manage the Funds (to the extent they are not otherwise met out of the management fee), including bank fees, custodial transactional fees, audit and legal fees. The estimates have been based on the total amount of costs incurred during the Funds’ previous financial year. The actual expenses incurred will vary from time to time.

Performance fee – this is applicable to the QuayStreet Altum Fund only and is an estimate based on the performance fee charged over the last five years to 31 March 2022. There was no performance fee charged for year ending 31 March 2022.

Brokerage is an expense incurred by each Fund, charged by a broker for buying and selling assets. The brokerage fee is up to 0.50% of the amount being traded depending on the amount traded and the security being purchased or sold. The brokerage fee is deducted from the applicable Fund when incurred and reflected in its unit price. We currently meet the fees payable to the administration managers, registrar, supervisor and custodian (excluding custodial transactional fees) out of the management fee.

Quarterly Fund Updates for each Fund are published showing the fees actually charged during the most recent year.

Mary invests $10,000 in the QuayStreet International Equity Fund. She is not charged an establishment or a contribution fee.

She is charged management and administration fees, which work out to about $118 (1.18% of $10,000). These fees might be more or less if her account balance has increased or decreased over the year.

Estimated total fees for the first year:
Fund charges: $118

See the latest Fund Update for an example of the actual returns and fees investors were charged over the past year.

This example applies only to the QuayStreet International Equity Fund. If you are considering investing in other Funds, this example may not be representative of the actual fees you may be charged.

We can change the existing fees and introduce new fees, subject to any maximum levels in the relevant Fund’s establishment deed, by giving at least two months’ notice to all investors in the relevant Fund.

The Manager must publish a fund update for each Fund showing the fees actually charged during the most recent year. Fund Updates, including past updates, are available at quaystreet.com/fund-updates.

Each QuayStreet Fund is a Portfolio Investment Entity. The amount of tax you pay is based on your Prescribed Investor Rate (PIR). To determine your PIR, go to the Fund's application form.

If you are unsure of your PIR, we recommend you seek professional advice or contact the Inland Revenue Department. It is your responsibility to tell the Manager your PIR when you invest or if your PIR changes. If you do not tell the Manager, a default rate may be applied. If the rate applied to your PIE income is lower than your correct PIR you will be required to pay any tax shortfall as part of the income tax year-end process. If the rate applied to your PIE income is higher than your PIR any tax over-withheld will be used to reduce any income tax liability you may have for the tax year and any remaining amount will be refunded to you by the Inland Revenue. 

The Manager may be instructed by the Inland Revenue to update your PIR if they believe it is incorrect. We are required to apply this updated PIR, however, you can provide us with a different PIR if you believe this is incorrect.

More information is contained in the 'Other Material Information' document available on the offer register disclose-register.companiesoffice.govt.nz, and quaystreet.com/documents-forms.