Koura Fixed Interest

This fund holds $59 million in almost nothing but New Zealand bonds, with 97 per cent in local fixed interest and the rest in cash.

The portfolio is a roll-call of domestic government and corporate debt. The largest holding is a New Zealand Local Government Funding Agency bond maturing in 2031, at 6.7 per cent of the fund. From there it spreads across Dunedin City Council, Meridian Energy, Kiwibank and Ports of New Zealand, among others. The top ten positions account for just over 39 per cent of assets, suggesting a reasonably diversified bond book rather than a concentrated bet. The fund returned 4.8 per cent over the year to date, with a three-year annualised figure of 6.3 per cent and a five-year return of 1.8 per cent. Total fees sit at 0.63 per cent annually, with a 0.1 per cent performance fee on top of the base management charge.

This is a domestic fixed interest fund with a risk level of 2, built for capital preservation rather than growth. No international bonds, no equities, no property.

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