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Description of the Fund
The Fund invests into a low risk portfolio of high quality New Zealand cash securities. Interest is accrued daily within the Fund.
The Fund may gain its investment exposure by investing into other managed funds, including other funds managed by a company in the Fisher Funds Group.
As at 2 April 2013 the Fund gains its investment exposure via directly held investments.
The Fund is a multi-rate Portfolio Investment Entity (PIE). For information on PIEs, please refer to the Investment Statement, or please click here.
Objective of the Fund
To provide investors with a competitive return from a portfolio of high quality cash securities and preserve their capital through prudent investment management.The benchmark of the Fund is the ANZ 90 Day Bank Bill Gross Index.
Who is the Fund suitable for?
Investors who seek a low-risk cash PIE with competitive returns and withdrawal flexibility.Investment Statement
Before you make a decision to invest, please read the TOWER Investment Series Investment Statement and then complete the application form found at the back of the Investment Statement. Click here for minimum investment information for investments made prior to 1 November 2005.
Note: all fees in the Investment Information table below are stated as a percentage of funds under management except for the Entry fee which is a percentage of your initial investment and any subsequent investments and the Trustee Fee which is a percentage of the Fund’s gross asset value.
Fund particulars
| Launched: | April 2008 |
| Fund type: | Group Investment Funds (Category A) |
Investment Information
| Entry Fee (excluding GST): | Nil |
| Exit Fee (excluding GST): | Nil |
| Management Fee (p.a. excluding GST): | 0.60% (inclusive of the Trustee Fee) |
| Custody Fee (p.a. excluding GST): | 0.02% |
| Trustee Fee (p.a. excluding GST): | 0.05% |
| Minimum Investment: | $5,000 |
| Minimum Additional Investment: | $1,000 |
| Minimum Regular Investment (per month): | $250 |
| Minimum Withdrawal: | $500 |
| Minimum Account Balance: | $5,000 |
Portfolio breakdown as at 31 May 2013+
+The portfolio breakdown above is updated monthly and may change slightly during the month.
Fund performance as at 31 May 2013*
| 3 months: | 0.67% |
| 1 year: | 2.42% |
| 3 years (p.a.): | 2.58% |
| 5 years (p.a.): | n/a |
| 7 years (p.a.): | n/a |
| Since inception (p.a.): | 3.21% |
Data used is calculated before tax and entry fees which may vary between investors but after management fees. Performance figures have been annualised for periods greater than 1 year. Distributions, if any, are assumed to be reinvested. Returns are in NZ dollars. Investors are reminded that past performance is not necessarily indicative of future returns.
Value of $10,000 invested since April 2008 as at 31 May 2013
Data used is calculated before tax and entry fees (which may vary between investors) but after management fees. Distributions, if any, are assumed to be reinvested. Returns are in NZ dollars. Please note that the chart's vertical axis does not begin at $0. Investors are reminded that past performance is not necessarily indicative of future returns.
Disclaimer
This information may not be reproduced or distributed to any other person. It is not a securities recommendation, nor does it contain financial advice nor is it intended to provide advice to investors. In preparing this information, no individual investor's personal circumstances have been taken into account. This document should not be relied upon as the basis for an investment decision. Investors considering investing in the Fund must obtain a copy of the current Investment Statement and are advised to consult their financial adviser (their financial adviser’s disclosure statement is available on request and free of charge). Neither TOWER Managed Funds Limited, the Trustee, nor any other person or company guarantees or promises the repayment of, or returns on, investments in the Fund.
For more information please talk to your financial adviser, email us at investments@tower.co.nz or call us on 0800 379 372.
© 2013 TOWER Managed Funds Limited and its related companies. All rights reserved.