JMI Wealth Balanced

JMI Wealth Balanced charges 1.23 percent a year in total fees, placing it among the more expensive balanced funds on the market, and holds just $3.9 million in assets under management. The fee structure includes a 0.93 percent management fee, 0.30 percent in other charges, and a 0.12 percent performance fee. The fund sits 9th in its category over one year with a 10.2 percent return, but drops to 25th over three years despite a stronger 10.4 percent annualised performance.

The portfolio allocates 58 percent to growth assets, split between 34.5 percent international shares and 18.7 percent Australasian shares, with the remainder in New Zealand bonds (17.7 percent) and international bonds (17.4 percent). Rather than holding securities directly, the fund builds its exposure through other managed funds. The top holding is the Schroder Sustainable Global Core PIE Fund Hedged at 10.3 percent, followed by bond exposure through Amova Global Bond Fund (5.5 percent) and Amova NZ Bond Fund (4.3 percent). Brandywine Global Opportunistic Equity Fund and Salt Global Listed Infrastructure Fund each contribute around five and four percent respectively. This fund-of-funds structure layers additional management costs within the underlying investments.

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