Colchester GlobalGovernment Bond PIE Fund

New Zealand PIE Funds Overview

The NZ PIE tax rules allow investment funds to pay tax on each investor’s share of the fund’s investment income at each investor’s Prescribed Investor Rate (PIR). As the top PIR for individuals is 28%, many investors may find that PIE funds are a more tax efficient way to invest. As the top PIR for individuals is 28%, investors may find this is lower than the marginal tax rate applying to income such as salary, wages and interest. It’s important you know your correct PIR before investing. (If you are unsure, seek professional advice, contact the Inland Revenue Department or go to their website.)

Fund Overview

The Colchester Global Government Bond PIE Fund aims to achieve favourable income and capital returns from a globally diversified portfolio of primarily sovereign debt or debt-like securities and currencies.

Portfolio characteristics

  • Low correlation to growth assets such as equities and other fixed income securities such as credit & high yield
  • Liquid assets during times of market stress
  • No interest rate derivatives used such as futures, interest rate swaps or options

May be suitable for investors who want

  • Medium term capital growth and income
  • Access to global sovereign bonds
  • Diversified portfolio of currencies which may assist with medium term value add
  • An investment that is more defensive than equities, credit and high yield over the medium term
  • To access a fixed interest fund manager with a long and successful track record of making prudent investment decisions rather than speculating.

Potential Benefits for Investors

  • Potential to defend performance when other assets fall
  • Ability to access funds when needed
  • Medium term growth in investment principal
  • Opportunity to receive regular income distributions

Why choose Colchester?

  • Specialist global fixed income manager
  • Well-established and stable Investment Team
  • Consistent outperformance over the long term

Current Research Ratings1,2

Morningstar Medalist RatingTM
As of 29/05/2025
Analyst-Driven % 100
Data Coverage % 100
Source: MSCI produced as of 27/02/2026

1 Refer to disclaimers at bottom of the page2 Ratings apply to the Colchester Global Government Bond PIE Fund

Recent recognition for Colchester's Global Government Bond PIE Fund1

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Fund Facts

FundRock NZ Limited acts as the Manager of the Colchester Global Government Bond PIE Fund, while Colchester Global Investors undertakes the role of Investment Manager. The fund was registered under the Financial Markets Control Act 2013 in New Zealand on 9 April 2021.

Investment Objective

Colchester Global Government Bond PIE Fund invests via an Underlying to achieve favourable income and capital returns from a globally diversified portfolio of primarily sovereign debt or debt-like securities and currencies. An associated objective is the preservation and enhancement of principal. In addition to holding debt securities, the Underlying Fund will employ a “long-short” currency strategy with a maximum of 130% in long currency positions and up to 30% in short currency positions.

Investment Style

Value style investing focussing on real yield and real exchange rate valuations with fundamental research on financial stability.

BenchmarkFTSE World Government Bond Index NZD Hedged
Timeframe Minimum suggested investment timeframe is 5 years
PricingDaily
Liquidity Daily
Minimum Application $50,000 or as per platform minimum
Management Fee0.60% p.a.
Buy/Sell Feenil
Performance Feenil

Performance Data

Colchester Global Government Bond PIE Fund

Fund Update and Commentary

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Contact Us

Level 26
No. 1 Bligh Street
Sydney NSW 2000
Australia
Phone: +61 2 8188 2477
Email: [email protected]

Paul Allen

Global Head of Marketing and Client Services

Paul is your contact for all Australian and New Zealand institutional enquiries.
Phone: +65 8660 3970

 

Monica Hood

Monica Hood

Head of Distribution – Australia and New Zealand

Email: [email protected]
Phone: +61 2 8599 2133

COLCHESTER GLOBAL INVESTORS DISCLAIMER

The Product Disclosure Statement for the Colchester Global Government Bond PIE Fund and Colchester Global Green Bond PIE Fund (“Funds”) is available from Colchester Global Investors (Singapore) Pte. Ltd (“Colchester”), or the issuer, FundRock NZ Limited (“FundRock”), and on https://disclose-register.companiesoffice.govt.nz/. The information contained on this site is not an offer of units in the Funds or a proposal or an invitation to make an offer to sell, or a recommendation to subscribe for or purchase, any units in the Funds. Any person wishing to apply for units in the Funds must complete the application form which is available from Colchester or FundRock. The information and any opinions on this site are based on sources that Colchester believes are reliable and accurate. Colchester, its directors, officers and employees make no representations or warranties of any kind as to the accuracy or completeness of the information contained on this site and disclaim liability for any loss, damage, cost or expense that may arise from any reliance on the information or any opinions, conclusions or recommendations contained in it, whether that loss or damage is caused by any fault or negligence on the part of Colchester, or otherwise, except for any statutory liability which cannot be excluded. All opinions reflect Colchester’s judgment on the date of publication and are subject to change without notice. This disclaimer extends to FundRock. The information on this site is not intended to be financial advice for the purposes of the Financial Markets Conduct Act 2013 (“FMC Act”), as amended by the Financial Services Legislation Amendment Act 2019 (“FSLAA”). In particular, in preparing the information on this site, Colchester did not take into account the investment objectives, financial situation and particular needs of any particular person. Professional investment advice from an appropriately qualified adviser should be taken before making any investment. Past performance is not necessarily indicative of future performance, unit prices may go down as well as up and an investor in the Fund may not recover the full amount the capital that they invest. No part of this document may be reproduced without the permission of Colchester or FundRock. FundRock is the issuer and manager of the Funds. Colchester is in the investment manager of the Funds. The Funds’ guidelines and investment management fees are set out in PDS of the Funds. Please refer to FundRock for further details https://www.fundrock.com/fundrock-new-zealand/frnz-documents-and-reporting/.

Colchester Global Investors Disclaimer

This website is for the exclusive use of institutional investors & financial intermediaries. If you are a retail investor, then please leave this website immediately.

Colchester Global Investors Limited (“Colchester”) is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Colchester is incorporated in England and Wales with its registered office at 5th Floor, 130 Wood Street, London EC2V 6DL United Kingdom and registered number 3855960.

JURISDICTION

The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Colchester or its affiliates to any registration requirement within such jurisdiction or country.

THIRD PARTY CONTENT

This website may contain information obtained from third parties. Reproduction and distribution of third party content in any form is prohibited, except with the prior written permission of the related third party. Third party content providers do not endorse or recommend the securities or products discussed herein, nor do they guarantee the accuracy, completeness, suitability, timeliness or availability of any information, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT.

RISK WARNINGS

You should always bear in mind that: • the value of investments and any income from them may go down as well as up. You may not get back all of your original investment. • past performance should not be seen as an indication of future performance. • indications of past performance displayed on this website will not necessarily be repeated in the future. • rates of exchange may cause the value of underlying investments to go up or down. • applications to invest in any product referred to on this website must only be made on the basis of the documentation relating to the specific investment. • there can be no assurance that professionals currently employed by Colchester will continue to be employed by the firm or that a level of experience or past performance is indicative of future performance or success.

REGULATORY INFORMATION

Colchester is an employee-owned firm headquartered in London and has regional offices in New York, Singapore, Dublin, Madrid, Munich and Dubai with a representative office in Sydney, Australia.

Colchester is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Colchester is also registered with the Securities and Exchange Commission in the USA.

Colchester is registered with the Securities Commission of The Bahamas, as the investment manager for an investment fund licensed as a Smart Fund model 003, in accordance with the provisions of the Investment Funds Act, 2019.

Colchester Global Investors (Singapore) Pte. Ltd is a wholly owned subsidiary of Colchester. Colchester Global Investors (Singapore) Pte. Ltd holds a capital markets services licence in fund management issued by the Monetary Authority of Singapore. Colchester Global Investors (Singapore) Pte. Ltd also holds an offshore discretionary investment management services licence issued by the Financial Services Commission of Korea. Colchester Global Investors (Singapore) Pte. Ltd is licensed as a financial services provider by the Financial Sector Conduct Authority (licence number 53343) in South Africa.

Please note the following in respect of the Colchester Group’s regulatory status in Australia: (i) neither Colchester nor Colchester Global Investors (Singapore) Pte. Ltd. holds an Australian financial services licence for the provision of certain financial services, and both entities are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cwlth) in respect of the financial services Colchester provides; (ii) Colchester is authorised and regulated by the Financial Conduct Authority of the United Kingdom under UK laws, which differ from Australian laws; (iii) Colchester Global Investors (Singapore) Pte. Ltd. is regulated by the Monetary Authority of Singapore under Singapore laws, which differ from Australian laws. Therefore, Australian wholesale clients are not necessarily subject to the same types of legal protections or remedies that they would enjoy if Colchester was directly subject to the Corporations Act. Colchester is entitled to offer its financial services in Australia pursuant to an exemption from the requirement to hold an Australian Financial Services Licence under the Corporations Act, on the basis, among other things, that the clients are “wholesale clients” within the meaning of the Corporations Act.

Colchester Global Investors Middle East Limited is a wholly owned subsidiary of Colchester. Colchester Global Investors Middle East Limited is regulated by the Dubai Financial Services Authority for the provision of Managing Assets, Advising on Financial Products and Arranging Deals in Investments. All communications and services are directed at Professional Clients only.  Persons other than Professional Clients, such as Retail Clients, are not the intended recipients of Colchester Global Investors Middle East Limited’s communications or services. Colchester Global Investors Middle East Limited is a company established in the Dubai International Financial Centre (DIFC) pursuant to the DIFC Companies Law with registration number CL 3239.

Colchester Global Investors Inc. is a wholly owned subsidiary of Colchester. Colchester Global Investors Inc. is not permitted to provide investment advice or otherwise engage in a regulated activity.

Colchester Global Investors (Dublin) Management Limited is a wholly owned subsidiary of Colchester. Colchester Global Investors (Dublin) Management Limited is authorised and regulated by the Central Bank of Ireland in Ireland. Colchester Global Investors (Dublin) Management Limited, Sucursal en España is a branch of Colchester Global Investors (Dublin) Management Limited established in Spain and supervised by the CNMV. Colchester Global Investors (Dublin) Management Limited, German Branch is a branch of Colchester Global Investors (Dublin) Management Limited established in Germany and supervised by the Federal Financial Supervisory Authority (BaFin).

RESEARCH RATING DISCLAIMERS

Morningstar Awards 2025 (c). Morningstar, Inc. All Rights Reserved. Awarded to Colchester Global Government Bond PIE for Fund Manager of the Year Fixed Interest 2023 – New Zealand.

Colchester Global Government Bond PIE Fund has a Morningstar Medalist RatingTM of ‘Bronze’ as of 29/05/2025. © 2025 Morningstar All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether investment, tax, legal or otherwise and 5) has been prepared for New Zealand wholesale clients of Morningstar Research Ltd, subsidiary of Morningstar, Inc and is not intended for New Zealand retail clients. Neither Morningstar nor its content providers are responsible for any damages arising from the use and distribution of this information. Past performance is no guarantee of future results.

Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

NEW ZEALAND PRIVACY POLICY

New Zealand Privacy Policy
Colchester Global Investors Limited and Colchester Global Investors (Singapore) Pte. Ltd (collectively we, us, our) are bound by the New Zealand Privacy Principles (PPs) in the Privacy Act 2020 (Privacy Act). We understand the importance of, and are committed to, protecting your personal information. This Privacy Policy explains how we manage your personal information (that is, information which identifies you or from which your identity is reasonably identifiable), including our obligations and your rights in respect of our dealings with your personal information.

Please take a moment to read our Privacy Policy as it describes what happens to your personal information (that is, information which identifies you or from which your identity is reasonably identifiable) that is collected via our website at www.colchesterglobal.co.nz (the Website), through application forms for investment or in other dealings you have with us.

1. How we collect your personal information

We will collect and hold your personal information in a fair and lawful manner, and not in an intrusive way. Where it is reasonably practical to do so, we will collect your personal information directly from you. We may collect the personal information you directly give us through some of the following means:
(a) when you make an inquiry or order in relation to financial products or services through our website located at www.colchesterglobal.co.nz;

(b) when you complete and submit an application form to us;
(c) in administering and performing any contracts with service providers;
(d) when you contact us via telephone or facsimile;
(e) from correspondence (whether in writing or electronically);
(f) through any mobile applications provided by our organisation;
(g) while conducting customer satisfaction and market research surveys;
(h) when administering any of our services; and
(i) as otherwise required to manage our business.

However, in certain cases we may collect personal information from publically available sources and third parties, such as suppliers, contractors, investors and business partners.

If we collect personal information about you from a third party, including FundRock NZ Limited, BNP Paribas Fund Services Australasia Pty Ltd or Apex Investment Administration (NZ) Limited, the third party may inform you that we are holding such information, how we will use and disclose it, and that you may contact us to gain access to and correct and update the information.

2. Types of personal information we collect

The type of personal information we may collect can include (but is not limited to), your name, postal address, email address, phone numbers, bank account information, business registration details, IRD number and, if applicable, any financial advisor or intermediary.

Where you do not wish to provide us with your personal information, we may not be able to provide you with requested financial products or services.

3. Our purposes for handling your personal information

As a general rule, we only process personal information for purposes that would be considered relevant and reasonable in the circumstances.

We collect, hold, use and disclose personal information to:
(a) offer and provide you with our financial products and services;
(b) manage and administer those financial products and services, including account administration procedures;
(c) communicate with you, including (but not limited to), emailing you holding statements and distribution information;
(d) comply with our legal and regulatory obligations; and
(e) otherwise to manage our business.

We will not use or disclose your personal information for any other purpose unless you have authorised, or the Privacy Act permits, that use or disclosure.
We may disclose personal information between our organisations or to third parties such as our suppliers, organisations that provide us with technical and support services, or our professional advisors, where permitted by the Privacy Act. If we disclose information to a third party, we generally require that the third party protect your information to the same extent that we do.

4. Protection of personal information

We will hold personal information as either secure physical records, electronically on our intranet system, in cloud storage, and in some cases, records on third party servers, which may be located overseas.

We maintain appropriate physical, procedural and technical security for our offices and information storage facilities so as to seek to prevent any loss, misuse, unauthorised access, disclosure, or modification of personal information. This also applies to disposal of personal information.

We further protect personal information by restricting access to personal information to only those who need access to the personal information to do their job. Physical, electronic and managerial procedures have been employed to safeguard the security and integrity of your personal information.

We will destroy or de-identify personal information once it is no longer needed for a valid purpose or required to be kept by law.

5. Direct marketing

Like most businesses, marketing is important to our continued success. We believe we have a unique range of products and services that we provide to investors at a high standard. We therefore like to stay in touch with investors and let them know about new opportunities. If you have not opted out of receiving marketing material from us, we may provide you with information about new products and services either from us, or from third parties which may be of interest to you.

We will not disclose your personal information to third parties for marketing purposes without your consent.

You may opt out at any time if you no longer wish to receive commercial messages from us. You can make this request by contacting our Privacy Officer.

6. Cookies

A cookie is a small text file stored in your computer’s memory or on your hard disk for a pre-defined period of time. We use cookies to identify specific machines in order to collect aggregate information on how visitors are experiencing the Website. This information will help to better adapt the Website to suit personal requirements. While cookies allow a computer to be identified, they do not permit any reference to a specific individual. For information on cookie settings of your internet browser, please refer to your browser’s manual.

7. Confirming that we hold, and accessing and correcting, your personal information

You may contact our Privacy Officer to request confirmation of whether we hold any personal information about you, and to request access and/or that we make corrections to that information, at any time. On the rare occasions when we refuse access in accordance with the Privacy Act, we will provide you with a written notice stating our reasons for refusing access and your legal rights regarding our refusal. We may seek to recover from you reasonable costs incurred for providing you with access to any of the personal information about you held by us.

We are not obliged to correct any of your personal information if we do not agree that it requires correction and may refuse to do so. If we refuse a correction request, we will provide you with a written notice stating our reasons for refusing and your legal rights regarding our refusal.

We will respond to all requests for confirmation, access or correction as soon as is reasonably practicable.

8. Overseas transfers of personal information

We may transfer, or otherwise make available, personal information to our related bodies corporate, for the purposes set out in this Privacy Policy. We currently operate out of offices in Australia, Singapore, the United Kingdom, the European Union, the Dubai International Financial Centre (DIFC) and the USA.

If we disclose personal information overseas, we will do so in compliance with the requirements of the Privacy Act. We will, where practicable, advise you of the countries in which any overseas recipients are likely to be located.

If you do not want us to disclose your information to overseas recipients, please let us know.

From time to time we may engage an overseas recipient to provide services to us, such as cloud-based storage solutions. Please note that the use of overseas service providers to store personal information will not always involve a disclosure of personal information to that overseas provider.

9. Resolving personal information concerns

If you have any questions, concerns or complaints about this Privacy Policy, or how we handle your personal information, please contact our Privacy Officer:

The Privacy Officer
Rob Walker
Senior Compliance and Legal Officer
Colchester Global Investors
Telephone: +44 203 198 6885
Email: [email protected]

We take all complaints seriously, and will respond to your complaint within a reasonable period.

If you are dissatisfied with the handling of your complaint, you may contact the Office of the Privacy Commissioner by telephone on 0800 803 909 or via its complaints page.

10. Changes

We reserve the right to change the terms of this Privacy Policy from time to time, without notice to you. An up-to-date copy of our Privacy Policy is available on our Website.

This document is dated October 2024.

NEW ZEALAND PRIVACY NOTICE

About this privacy statement and use of your personal information (Statement)

This Statement describes how we, Colchester Global Investors Limited and Colchester Global Investors (Singapore) Pte Ltd (collectively us, we, our), collect, use, handle and disclose personal information from persons in New Zealand in connection with your investments and dealings with us. Personal information we collect will be treated strictly in accordance with the Privacy Act 2020, the New Zealand Information Privacy Principles (IPPs) and our Privacy Policy.

Collection of your personal information

We collect personal information about you (eg your name, contact details and other relevant information about you) so that we can provide you with investment related services.

Disclosure of your personal information

We may disclose your personal information to third parties, such as FundRock NZ Limited and organisations who provide services to us in connection with the administration of investment funds.

Your information can be accessed by Colchester group staff in Australia, Singapore, the UK, the European Union, the Dubai International Financial Centre (DIFC) and the USA. All our related bodies corporate are subject to substantially equivalent privacy restrictions as apply under New Zealand law.

Our Privacy Policy

Our Privacy Policy is available on our website www.colchesterglobal.co.nz. It sets out our approach to management of personal information, including how you can seek confirmation of whether we hold any personal information about you, access to and correction of your personal information, and how to make a complaint about a breach of privacy.

Marketing

We may use your personal information to let you know about products and services that we think may be of interest to you. However, you may opt out of receiving marketing information at any time by contacting us on [email protected]. For more information, see our Privacy Policy.

POLICY DOCUMENTS

ESG Policy
Modern Slavery Statement
Principles for Service Providers

Prior Policy Documents

Modern Slavery Statement 2024
Modern Slavery Statement 2023
Modern Slavery Statement 2022
Modern Slavery Statement 2021

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