New Zealand Equities Fund


The fund aims to achieve positive long-term returns by investing mostly in New Zealand shares, and can invest in Australian listed shares, where the company has meaningful operations in New Zealand. These investments typically have high levels of movement up and down in value.


Unit Price

Month End Unit Price

As at 31 Mar 2024

4.0593 NZD

The unit prices shown do not take into account any adjustment for PIE tax.
Buy/sell spreads may apply when transacting. There are currently none.


Manager's Comment

How did your portfolio perform?

The New Zealand Equities Fund delivered a gross return of 3.54% during March, modestly outperforming the fund's market index return of 3.33% by 0.21%.

For the 12 months to the end of March, the New Zealand Equities Fund delivered a gross return of 3.83%, comfortably outperforming the fund’s market index of 2.75% by 1.08%.

Major Investments

As at 31 Mar 2024
Company name % of fund
Fisher & Paykel Healthcare Corporation Limited 9.10%
Contact Energy Limited 7.00%
Auckland International Airport Limited 6.87%
Infratil Limited 6.38%
Spark New Zealand Limited 6.20%
Meridian Energy Limited 5.43%
SKYCITY Entertainment Group Limited 4.63%
Mainfreight Limited 4.41%
The a2 Milk Company Limited 4.03%
Ebos Group Limited 3.87%
Major holdings as % of total portfolio 57.92%

Performance over time

Return Comparison

As at 31 Mar 2024
1 Month 3 Months 1 Year *3 Years *Since commenced operation
Net Fund Return 1 Month 3.45% 3 Months 3.50% 1 Year 2.65% *3 Years 1.59% *Since commenced operation 10.56%
Gross Fund Return 1 Month 3.54% 3 Months 3.79% 1 Year 3.83% *3 Years 2.81% *Since commenced operation 11.86%
S&P/NZX 50 Gross with Imputation Index 1 Month 3.33% 3 Months 3.13% 1 Year 2.75% *3 Years -0.42% *Since commenced operation 9.84%

Net Fund Returns are calculated before deduction of taxes but after deduction of fund charges and trading expenses and including imputation credits where available. Prior to October 2022 Net Fund Returns were calculated after deduction of fund charges, trading expenses and accrued tax for a New Zealand resident paying individual tax at the highest Prescribed Investor Rate (28%). Gross Fund Returns are calculated before deduction of taxes and fund charges but after deduction of trading expenses and including imputation credits where applicable. Market index returns do not have any deductions for fund charges, trading expenses or tax.

The S&P/NZX 50 Gross with Imputation Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Forsyth Barr Limited. Copyright © 2015 S&P Dow Jones Indices LLC, a subsidiary of McGraw Hill Financial Inc., and/or its affiliates. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.


Fund update

As at 31 March 2024

This document tells you how the New Zealand Equities Fund has performed and what fees were charged. The document will help you to compare the fund with other funds. (Please note that this fund was previously known as the Forsyth Barr New Zealand Equities Fund, and that Fund Updates may refer to the fund by that name.)
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General Fund Information

Risk indicator

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Potentially higher returns
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Lower risk
Higher risk

The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the relevant fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. The risk indicator is based on the returns data for the five years to 31 December 2023. See more information about the risks of investing in the Product Disclosure Statement.

Target investment mix

Cash and cash equivalents 5.00%
New Zealand fixed interest 0.00%
International fixed interest 0.00%
Australasian equities 85.00%
International equities 0.00%
Listed property 10.00%

Things to note

  • Manager: Forsyth Barr Investment Management Limited
  • Investment manager: Octagon Asset Management Limited
  • Date the fund started: 26 June 2008
  • Tax status: Portfolio Investment Fund (PIE)
  • Minimum suggested investment time frame: At least five years
  • Benchmark: None
  • Currency: New Zealand dollars

View the Product Disclosure Statement for detailed information about this Fund and Octagon Investment Funds Scheme.


  • Annual fund charges are currently 1.15% p.a. of the value of your investment. We pay management and administration charges along with the Supervisor fee out of this. All fees and charges are quoted exclusive of GST.

Forsyth Barr Investment Management Limited is the issuer and Octagon Asset Management Limited the investment manager of the Octagon Investment Funds. The comments on this webpage do not take your personal circumstances into account. Before acting on any information on this webpage, we recommend you seek financial advice. Past performance is not a reliable guide to future performance. Forsyth Barr Investment Management Limited, Octagon Asset Management Limited and their affiliates do not make any representation or warranty (express or implied) that this webpage is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this webpage. This webpage is not intended to be distributed or made available to any person in any jurisdiction where doing so would constitute a breach of any applicable laws or regulations.

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