- Quaystreet Funds FAQs -
For full information read the QuayStreet Funds Product Disclosure Statement available under Documents & Forms. If you need help or have questions not answered in our Frequently Asked Questions below, contact our Service Team on 0800 782 900 / [email protected]
Why Quaystreet Funds?
QuayStreet Funds are actively managed by our experienced team of investment specialists, with the aim to provide investors with investment returns above the Fund benchmarks.
You can choose from a range of Funds to create a portfolio to match your needs, your timeframe and your risk/return appetite.
If you need help our Service Team is just a phone call away, call 0800 782 900 or alternatively email [email protected]. You can change the composition of your portfolio as your circumstances change by contacting our Service Team or by completing an Investment Direction & Switching Form.
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.
How do I join QuayStreet Funds?
1. Read the QuayStreet Funds Product Disclosure Statement.
2. Click here to go to the QuayStreet Funds online application form.
To be eligible to join the Scheme you must be a New Zealand or Australian resident as the QuayStreet Funds are only registered to be offered to residents of New Zealand or Australia.
How do I make investments?
You can make regular investments or invest lump sum amounts by completing the online application form.
The minimum initial investment for each Fund is $1,000. The minimum amount for any subsequent investment (regular or lump sum) is $100.
If you wish to invest an additional lump sum you will need to complete a separate form.
Regular investments can be made by bill payment or direct debit.
What can I invest in?
QuayStreet offer a range of 10 Investment Funds. Each QuayStreet Fund has a different mix of asset class and investment range, which deliver different risk and return profiles.
The QuayStreet Funds that have more defensive assets (fixed interest and cash) are likely, over time, to provide a lower return but with smaller variations in that return.
The QuayStreet Funds that have more growth assets (shares and property) are likely, over time, to provide a higher return but with greater fluctuations in returns from year to year.
We measure the performance of each QuayStreet Fund against benchmarks that are most relevant for the asset classes or markets of that QuayStreet Fund.
What are the risks of investing?
Our Product Disclosure Statement outlines general investment risks, other specific risks, and a risk indicator for each Fund. To help you clarify your own attitude to risk, you should seek financial advice.
Can I change my investments?
Can I change my investment direction or switch funds?
You can switch all or part of your investment into another QuayStreet Fund by notifying us in writing. The minimum amount you can switch is $1,000.
Switches are treated as a withdrawal from one Fund and investment into another Fund and are generally processed within 10 business days*. PIE tax will be deducted.
Can I withdraw my investments?
To make a withdrawal you will need to notify us in writing. There is a minimum withdrawal amount of $1,000. Withdrawals are generally paid within 10 business days of notification*. There are no exit fees charged on withdrawals. PIE tax will be deducted.
* Unless a suspension or deferral of redemptions is in place.
What fees will I be charged?
You will be charged fees for investing in QuayStreet Funds. Fees are deducted from your investment and will reduce your returns.
The fees actually charged during the most recent year will be provided in your quarterly report.
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 (currently none).
Fees are from the QuayStreet Funds Product Disclosure Statement dated 30 September 2020.
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 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 for costs and expenses incurred in operating and managing 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 recovered 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 average performance fee charged over the last four financial years ending 31 March 2019. There was no performance fee charged for year ending 31 March 2019.
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.
*The QuayStreet International Equity Fund management fee changes on 1 April 2020 from 1.25% to 1.15%. This example takes this TAFC reduction into account.
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.
QuayStreet Asset Management Limited must publish a Fund Update for each fund showing the fees actually charged during the most recent year. View Fund Updates >
Each QuayStreet Fund is a Portfolio Investment Entity. The amount of tax you pay is based on your Prescribed Investor Rate (PIR).
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 QuayStreet Asset Management Limited your PIR when you invest or if your PIR changes. If you do not tell QuayStreet Asset Management Limited, 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.