HUNTER GLOBAL FIXED INTEREST FUND
Hunter Global Fixed Interest Fund
The Hunter Global Fixed Interest Fund (the Fund) is a PIE-compliant New Zealand-domiciled fund with investments managed by PIMCO.
The key features of the Fund, including the risk and return objectives, are:
- Benchmarked against the Bloomberg Barclays Global Aggregate Bond Index 100% New Zealand dollar hedged.
- The investment objective is to outperform the benchmark by 1% per annum over a rolling three year period with ex-post tracking error below 3%.
- Average duration of +/- 3 years of the average duration of the benchmark.
- Minimum average credit quality A-.
- Directly held portfolio of underlying securities. This provides transparency of underlying assets, removes offshore fund costs, and may be more tax efficient for NZ investors. Each investor must make their own assessment of the impact of tax on their investment.
- Daily unit pricing.
The Hunter Global Fixed Interest Fund is a PIE-compliant New Zealand-domiciled fund with investments managed by PIMCO.
To invest in this fund, click here.
We have agreed a mandate with PIMCO that ensures they can use all aspects of their investment expertise to add value to the Fund. This mandate does not restrict PIMCO in terms of their ability to add value from duration, credit, country, and currency management. It does include restrictions relating to areas like armaments, cluster munitions, tobacco, pornography, gambling and fossil fuels. We believe it is extremely important that PIMCO has full discretion to actively manage the Fund’s portfolio in all market cycles, while also recognising factors like New Zealand’s laws relating to cluster munitions. The Fund’s assets are invested 100% in a directly held diversified portfolio of global fixed income securities, derivatives and cash managed by PIMCO. PIMCO Australia PTY Limited are the contracting entity for PIMCO and the portfolio management is undertaken by PIMCO’s global bond team led by Andrew Balls in London, with Sachin Gupta in Newport Beach, California.
PIE status and other tax treatments
The Fund is a PIE and is taxed under the financial arrangements (accruals) rules. The Fund and portfolio structure is intended to be tax efficient for New Zealand investors, including tax exempt clients.
Issuer and manager
Harbour Asset Management Limited is the issuer and manager of the Fund.
Supervisor & Custodian
The supervisor of the Fund is NZGT. NZGT is responsible for monitoring the manager, checking that the fund is operated in accordance with the governing documents, and for ensuring the safekeeping of the scheme property. NZGT has appointed Trustees Executors Limited and their global sub custodian as independent custodian of the scheme property.
The administrator of the Fund is Trustees Executors Limited. They provide core administration functions including unit pricing and fund accounting.
Apex Investment Administration (NZ) Limited manages the Fund registry functions.
KPMG is the auditor of the Fund.