Aurora Liquidity Fund

Aurora Liquidity Fund charges 0.4% annually on a portfolio that is almost entirely one other cash fund. The fund holds 99.5% in the Mercer Macquarie NZ Cash Fund, with the remaining sliver sitting at BNZ. That structure means investors here are paying Aurora's management layer on top of the underlying fund's own costs, a double-fee arrangement uncommon in the cash category.

Over one year the fund returned 3.3%, placing it 13th in the cash category. Over three years it delivered 4.6% annually, ranking 14th. The fund holds $44.8 million in assets under management. Its total fee sits above the cash category median, driven by a 0.27% management fee, 0.13% in other costs, and a 0.12% performance fee. That performance fee is unusual in a cash fund, where returns tend to track short-term interest rates with little room for active outperformance.

The fund is classified as risk level 1, the lowest on the scale, and holds no growth assets. It is a pure cash position, but delivered through a fund-of-funds wrapper rather than direct holdings in bank deposits or money market instruments.

General information only, not financial advice. Past performance is not a reliable indicator of future results.