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Pie Funds Review – Our Analysis of Their Australasian, Global, Diversified & Fixed Income Funds

Our expert review of Pie Funds Management breaks down their Australasian, Global, Diversified, and Fixed Income funds. We assess fees, risks and whether these boutique funds are worth considering to help you decide whether or not to invest.
Updated 23 October 2025

Summary
  • Unlike index funds that spread investments across hundreds of companies, Pie Funds follow a high-conviction strategy, carefully selecting only those businesses it believes have strong upside potential.
  • Currently, Pie Funds offers nine different managed funds, categorised into Australasian Growth, Global Growth and Diversified & Fixed Income. Fees range from 0.80% to 1.86% p.a., significantly higher than low-cost index funds (e.g., Kernel at 0.25% p.a. or Simplicity at 0.10% p.a.) but in line with other active managers' fees.
  • These funds vary in risk profile, but all share the same active management philosophy, where each investment is selected and approved by their in-house investment team. 
  • Pie Funds' high-growth focus means that while returns can be substantial, market swings can be more extreme than diversified or passive investments.
  • Minimum investment – $25,000 for initial investment (excluding the Chairman's Fund), with an additional lump sum or regular contributions allowed.
  • Withdrawals take time – Withdrawal requests take 5 to 15 business days (up to 20 in extreme market conditions).
  • No performance fees, entry or exit fees – Pie Funds does not charge success-based fees, unlike some other active funds, nor does it charge for buying or selling units in its funds.

Pie Funds offers nine funds classifed into three fund groups. We present these below with links to Pie Funds' fund profile and annual fee.

1) Australasian Growth Funds – These invest in New Zealand and Australian high-growth companies.
2) Global Growth Funds – These invest in small and mid-cap shares in high-growth international markets.
  • Global Growth Fund – Invests predominantly in listed international smaller companies. Fee: 1.45% p.a.
  • Global Growth 2 Fund – Invests predominantly in listed international large companies. Fee: 1.46% p.a.
  • Growth UK & Europe Fund – Invests predominantly in listed UK & European smaller companies. Fee: 1.85% p.a.

3) Diversified and Fixed Income Funds – These offer lower-risk options for investors seeking stability.
  • Conservative Fund – Invests predominantly in fixed interest securities and some cash, with an allocation to equities. Fee: 0.90% p.a.
  • Fixed Income Fund – Invests predominantly in New Zealand and international fixed interest securities. Fee: 0.80% p.a.
  • Property & Infrastructure Fund – The Fund invests predominantly in listed property and infrastructure securities. Fee: 1.25% p.a.
  • Chairman’s Fund – The fund invests predominantly in the other Pie Funds products. Minimum investment $500,000. Fee: 1.83% p.a.

Our Review In this guide, we outline what Pie Funds is. Specifically, the managed funds they offer to New Zealand-based investors, how they're different from other funds, and looking at alternatives and the level of fees involved.  
Disclaimer: Our Focus on Fund Strategy, Fees, and Structure (Not Performance)
  • Our review of Pie Funds is centered on its investment approach, fee structure, fund options and suitability for different investors. We do not focus on historical performance or make predictions about future returns.
  • While returns are an important consideration, they fluctuate based on market conditions and investment decisions. Past performance does not guarantee future results, and every investor should carefully assess risk tolerance, time horizon, and investment objectives before making any decisions.
  • Our goal is to objectively analyse Pie Funds as a boutique active fund manager, comparing its fees, investment philosophy, and alternatives rather than evaluating whether it has outperformed or underperformed in specific years. 

Editorial Independence: MoneyHub Founder Christopher Walsh is an investor in Pie Funds; however, this review is based on independent research and objective analysis. Our primary goal is to provide clear, unbiased insights to help investors make informed decisions.

Who is Pie Funds Suited to?

Pie Funds (and active management in general) is not for everyone. However, it offers a unique, high-conviction alternative to passive investing for the right investor. Unlike index funds that track the entire market, Pie Funds is actively managed, selecting only companies it believes will deliver exceptional long-term growth. Our view is that it's best for:

1. Investors Who Want Active Management and Market Outperformance
Pie Funds takes a high-conviction approach, investing only in a select number of high-growth companies. If you believe active managers can outperform index funds over time, Pie Funds has established its position as a trusted investment manager.

2. Long-Term Investors (5+ Year Time Horizon) Comfortable with Higher Risk for Higher Returns and a High-Conviction, Concentrated Portfolio
Pie Funds is not for short-term traders—it's built for investors who can hold through market cycles and let their investments grow. We believe investing should always be conducted with at least a 2+ year horizon, but the longer, the better for growing wealth.

Pie Funds' active strategy and focus on small/mid-cap growth shares mean higher returns, but volatility will also be greater than that of index funds. Furthermore, unlike most managed funds holding hundreds of shares, Pie Funds only invest in a few carefully selected companies.

What this means for you: If you're looking for a steady, low-volatility fund, index funds may be better. If you're comfortable with market swings in exchange for potential outperformance, Pie Funds is worth considering. Pie Funds arguably avoid the risk of fund over-diversification, which can water down returns by selecting fewer companies to invest in.

3. Investors Seeking Global Growth Beyond New Zealand
Pie Funds invests across New Zealand, Australia, the UK, Europe, and global markets, ensuring exposure to high-growth opportunities outside New Zealand.

Why it matters: Many New Zealand-focused funds limit investors to a small, slow-growth market—Pie Funds expands opportunities internationally.

4. High-Net-Worth Investors Looking for Personalised Wealth Management
Pie Funds offers Wealth Advisory Services for investors with $1M+ to invest. We don't review this service, but if you're a high-net-worth individual looking for a hands-on, tailored investment approach, Pie Funds delivers a boutique wealth experience. You can read more on their website.
Our view is that Pie Funds is not suitable for:
  1. Investors Who Want Ultra-Low Fees: Pie Funds charge higher fees than index funds, ranging from 0.80% to 1.86% p.a. If your priority is keeping costs as low as possible, Kernel (from 0.25% p.a.) or Simplicity (from 0.10% p.a.) may be better options.
  2. Investors Who Need Instant Liquidity: Unlike ETFs, which can be sold instantly, Pie Funds withdrawals take between 5 to 15 business days and may be extended to 20 business days in extreme market conditions.
  3. Traders and Short-Term Investors: Pie Funds is not designed for active trading. Investors looking to buy and sell shares frequently would be better suited to direct share investing or ETFs.
  4. Investors Looking for a Fully Ethical or ESG-Only Fund: Pie Funds considers ESG factors but does not operate as a strictly ethical fund. If you want strict ESG investing, Pathfinder or Booster's sustainable funds might be a better fit. Our guide to ethical investing explains more.

Pie Funds' Competition – Low-Cost Passive Investing Alternatives vs Active Managers

Pie Funds competes with many managed funds and investment platforms - we believe every investor should consider active and passive alternatives before committing their money.

To help you understand the options, we outline how Pie Funds stacks up against other major players.

1. Low-Cost Passive Investing Alternatives (Index Funds and ETFs)
For investors who prefer market-wide exposure with ultra-low fees, index fund providers like Kernel, Simplicity, Smart, and InvestNow offer viable alternatives.
  • Kernel – Specialises in New Zealand and global index funds, with fees as low as 0.25% p.a. Their funds provide broad diversification, tracking major indices with low-cost efficiency.
  • Simplicity Investment Funds – Offers a low-fee model (fees from 0.10% p.a.), focusing on ethical, diversified index investing.
  • Smart – The original NZ ETF provider, offering index funds that can be traded like shares on the NZX (or via a wealth platform such as InvestNow or Sharesies). These funds are cost-efficient (0.20% – 0.50% p.a.) but do not offer active management.
  • InvestNow – A fund supermarket (not a fund manager) giving access to third-party funds, including index and active funds from different providers. Investors can mix and match different styles but must select funds themselves.

How these options differ to Pie Funds: Passive funds track the market—they don't aim to beat it. If you want a "set and forget" low-cost approach, Kernel, Simplicity, or Smartshares might be a better fit. However, index funds cannot outperform the market—they only capture broad market trends.

2. Active Management Alternatives (Growth-Focused and Diversified Managed Funds)
For investors who want active management with a proven track record, there are several competitors to Pie Funds:
  • Milford Asset Management: Milford is one of New Zealand's largest active fund managers, known for strong historical performance and a mix of growth and income funds. Their fees (typically 1.00% – 1.30% p.a.) are lower than Pie Funds, and their risk-adjusted strategies are more diversified.
  • Fisher Funds: Specialises in actively managed funds, focusing on growth investing and long-term wealth creation. Fisher's fees are comparable to Pie Funds, but their approach is less concentrated, spreading investments across more holdings.
  • Harbour Asset Management: Offers active and index-enhanced funds, focusing on quality companies and sustainable investing. Fees tend to be lower than Pie Funds charges, making it a strong alternative for those seeking actively managed diversified portfolios.
  • Pathfinder – New Zealand's leading ethical investment manager, offering 100% ESG-aligned actively managed funds. If you want a strictly ethical fund, Pathfinder is arguably a better fit than Pie Funds, which applies ESG filters but is not a fully ethical fund manager.

Final Take: Which is Right for You?
  • If you want the lowest fees and market-wide diversification, Kernel, Simplicity and Smart offer funds (or ETFs) that do just that.
  • If you believe in active management but want a more diversified approach, Milford, Fisher Funds, and Harbour provide more balanced active strategies.
  • If you are an ethical investor and want ESG-first investing, Pathfinder is a popular option.
  • If you want high-conviction, small-cap growth investing, Pie Funds is one of the only boutique options.

Know This: Choosing the right investment provider depends on your risk tolerance, investment goals, and belief in active vs passive management. If you want a small, concentrated portfolio of high-growth opportunities, Pie Funds is worth considering.

Must-Know Facts About Pie Funds

Pie Funds is not your typical managed fund provider. Unlike index funds, Pie Funds' management team actively selects high-potential investments to outperform the market. If you want personalised investment strategies, hands-on fund management, and high-growth opportunities, this is what you need to know:

Pie Funds Offers 100% Actively Managed Investments

Unlike Simplicity or Kernel, Pie Funds' funds do not follow an index. Instead, their team hand-picks every investment based on research, valuation, and growth potential.

Why it matters: Instead of owning everything in the market, Pie Funds only invests in companies they believe will deliver strong long-term returns.​

Pie Funds Focuses on Concentrated, High-Conviction Investing – Not Over-Diversified

​Most fund managers spread investments across hundreds of companies to minimise risk. Pie Funds does the opposite—they invest in a select few high-growth companies that they believe have strong upside potential.

Why it matters: Over-diversification can dilute gains. Pie Funds takes a focused approach, aiming for quality over quantity.

No Performance Fees, No Entry Fees, No Exit Fees

Pie Funds keeps its fee structure transparent and simple:
  • No performance fees – Some active fund managers, such as Milford, charge a success fee on top of management fees, but Pie Funds does not.
  • No entry or exit fees – You won't be penalised for investing or withdrawing.
  • Flat annual management fees – Between 0.80% and 1.86%, depending on the fund.

Why it matters: Some actively managed funds stack on extra costs—Pie Funds keeps things clear, fair, and transparent.

You're Investing Alongside the Fund Managers

Pie Funds' investment leadership invests their own money in the funds, meaning their wealth grows (or shrinks) along with yours. This is important because when the fund managers' money is in the fund, they make smarter, more responsible investment decisions.

​Pie Funds Avoids High-Risk, Unethical Sectors

Pie Funds' management excludes investments in the following industries:
  • Tobacco
  • Gambling
  • Firearms & Controversial Weapons
  • Pornography
  • Recreational Cannabis
  • Coal (if revenue exceeds 5%)
  • Oil & Gas (if no sustainability plan is in place)
  • Animal Entertainment & Whaling

Why it matters: Some fund managers quietly invest in controversial sectors—Pie Funds clearly defines what they won't touch.

The dividends your fund(s) receive are reinvested, meaning more cash is invested on your behalf and gains are compounded

​Pie Funds has outperformed the market in certain periods, particularly in strong bull markets where small and mid-cap shares thrive. However, active management also comes with higher volatility and potential underperformance in downturns.

Why it matters: Pie Funds aims to beat the market but doesn't guarantee it. Investors should be comfortable with higher highs and deeper lows.

Tax-Effective Investing Through PIE Funds

All Pie Funds' investment products are PIE funds, meaning:
  • Investors pay tax based on their PIR rate (10.5%, 17.5%, or 28%).
  • No additional tax reporting is needed—Pie Funds manages this for you.

Why it matters: Investors in higher tax brackets can save money compared to investing in standard shares or international funds.​

Investments Span New Zealand, Australia, UK, Europe, and Global Markets

Unlike many NZ-based funds that focus only on the local economy, Pie Funds invests globally in small and mid-cap companies across:
  • New Zealand and Australia
  • UK & Europe
  • North America and Global Markets

Why it matters: New Zealand and Australia are small markets—global exposure increases diversification and return potential.

Pie Funds is Not for Short-Term Investors

​Withdrawals are not instant—depending on the fund, withdrawal requests take 5 to 15 business days to process (or up to 20 in extreme market conditions).

Why it matters: ETFs or index funds may be better if you need immediate liquidity. Pie Funds best suits long-term investors who can ride out market fluctuations.

Personalised Wealth Management Available for $1M+ Investors

For high-net-worth investors ($1M+ investable assets), Pie Funds offers:
  • Bespoke portfolio construction tailored to personal financial goals.
  • Direct access to investment managers for market insights and strategy discussions.
  • Comprehensive wealth planning for long-term financial growth.

You can read more about wealth management services on their website.

Why it matters: If you have a significant amount to invest, Pie Funds offers a more tailored and direct investment experience than traditional managed funds.

Our Conclusion

​Pie Funds is a popular alternative to the low-cost, passive investment trend in New Zealand. We believe:
  • Pie Funds appeals to investors who believe active management can deliver superior returns and are willing to pay higher fees to access a high-conviction, small-cap growth strategy.
  • While index funds guarantee market-matching returns at lower fees, Pie Funds is for those who want to aim higher—but volatility, risk, and the need for patience come with that.
  • Pie Funds can be a powerful wealth-building tool for the right investor—but only if you understand the trade-offs. If you're comfortable with active management, long-term investing, and some market turbulence, Pie Funds may be a strong fit.

Bottom line: Pie Funds is not about playing it safe—it's about taking calculated risks on high-growth opportunities. If you're looking for more than just tracking the market or a diversified actively managed growth fund, Pie Funds could be your investment manager.

Before investing, ask yourself:
  1. Do I want active management instead of index tracking?
  2. Am I comfortable with volatility for the potential of higher returns?
  3. Can I invest for at least 5+ years without needing quick access to my money?
  4. Am I willing to pay higher fees for the potential of outperformance?

If you answered yes to these, Pie Funds offers funds that may be suitable for your needs.

Frequently Asked Questions

​What are Pie Funds Managed Funds, and how do they work?

Pie Funds offers actively managed funds where experienced fund managers select investments to maximise returns using research, market trends and company fundamentals. The aim is to outperform the market rather than simply match it.

Each fund has a specific investment focus, such as:
Our View: We believe Pie Funds is built for investors looking for above-market returns through active, high-conviction investing rather than index funds that follow broad market trends.

What fees do Pie Funds charge, and how do they compare to competitors?

Pie Funds charges higher fees than index funds, but this is because their funds are actively managed by an investment team that aims to generate superior returns. 

Management fees: Typically range from 0.80% to 1.87% per annum (these vary by fund). Please know that Pie Funds does not charge performance, entry, or exit fees. The above fees cover management and administration charges.

How do these fees compare?
The fees are within the range of other fund managers like Milford, Pathfinder and Fisher Funds. They are higher than index-tracking funds offered by Simplicity (from 0.10% p.a.) and Kernel (0.25% p.a.), which does not have active management.

Know This: Pie Funds' fees are justified only if they deliver higher returns. Investors should compare net performance (after fees) against index fund alternatives to see if active management is worth it for them.

What is Pie Funds' investment strategy, and how does it differ from passive funds?

Pie Funds follows a high-conviction, active management strategy, meaning they:
  • Focus on high-growth companies rather than broad market exposure.
  • Avoid over-diversification—they invest in fewer, carefully selected shares instead of spreading capital across hundreds of companies.
  • Manage risk dynamically—adjusting cash reserves, reducing exposure in downturns, and reallocating based on market conditions.

Unlike index funds (which own everything in a market, good or bad), Pie Funds actively pick companies they believe to have the strongest growth potential while avoiding overvalued or declining businesses.

Know This: If you believe active managers can outperform the market, Pie Funds is designed for you. If you prefer market-wide diversification at low cost, index funds may be more suitable for your investing profile.

Are Pie Funds ethical, and how do they approach ESG investing?

​Pie Funds integrates Environmental, Social, and Governance (ESG) principles into their investment process, but they do not market themselves as an exclusively "ethical fund manager". You can read more about how Pie Funds considers investments in their Responsible Investing policy.

In summary, Pie Funds does not directly invest in companies involved in tobacco, gambling, firearms, controversial weapons, pornography, recreational cannabis, coal (if more than 5% of revenue), oil and gas exploration without clear sustainability policies, animal entertainment (if more than 5% of revenue), or whaling.

Pie Funds arguably prioritise financial performance but will avoid businesses with clear ESG risks. If your priority is maximum ethical screening, Pie Funds may not be the best fit - our guide to ethical investing lists alternatives. If you want a balance between ethics and high returns, Pie Funds integrates ESG into their investment selection but doesn't exclude entire industries.

What tax advantages do Pie Funds investors get?

All Pie Funds Managed Funds are PIE funds (Portfolio Investment Entities), which means:
  • Your investment income is taxed at your Prescribed Investor Rate (PIR) instead of your full income tax rate.
  • PIR rates are lower than standard income tax (typically 10.5%, 17.5%, or 28% max).
  • No additional tax filing is required—PIE funds handle tax obligations automatically.

Know This: Investors on a 33% or 39%+ income tax rate can save on tax through a PIE structure. This makes Pie Funds more tax-efficient than direct share investing for high-income individuals.

How liquid are Pie Funds, and can I withdraw my money anytime?

How fast you can get your money out depends on the fund(s) you're invested:
  • Up to 5 business days: Conservative Fund, Global Growth 2 Fund, Fixed Income Fund, Property & Infrastructure Fund
  • Up to 10 business days: Australasian Growth 2 Fund, Global Growth Fund, Growth UK & Europe Fund
  • Up to 15 business days: Australasian Growth Fund

Pie Funds makes it clear in their PDS that in unusual circumstances (e.g., extreme market volatility or large withdrawal requests), processing time may extend up to 20 business days.

How do Pie Funds reinvest dividends?

​Any dividends received from companies in the fund's portfolio are automatically reinvested. This helps investors compound their returns over time, maximizing the potential for long-term growth.

What is the minimum amount I need to invest?

The minimum initial investment amount for each fund is $25,000. After making an initial investment, you can invest any time by making a lump sum payment or a regular contribution.

You can invest directly through Pie Funds via their website - no adviser is required.

Pie Funds' Wealth Management service, which we don't discuss in this review of Pie Funds, is available for investors with $1M+ to invest. We understand it offers customised portfolios and direct access to their investment team.

Are Pie Funds' investment options suitable for short-term investments?

While Pie Funds offers funds catering to different investment horizons, index funds are generally designed for medium to long-term growth. Investors seeking short-term gains may find Pie Funds' funds less suitable.

How transparent is Pie Funds with fund performance?

Pie Funds provides detailed reporting for its managed funds, including performance metrics, asset allocations, and individual share holdings. These are updated monthly on their website, ensuring transparency for investors. You can read the latest reports and tables on their website.

What happens if Pie Funds' management company faces financial difficulties?

​All investments in Pie Funds are held securely by an independent custodian. This ensures that your money is protected even if Pie Funds encounters financial issues.
Final Thoughts: Is Pie Funds Right for You?
  1. Pie Funds is best for investors who believe in active management and want a high-conviction, hands-on approach.
  2. Expect higher fees than index funds—but with the potential for stronger returns.
  3. Investors who prioritise absolute liquidity or low costs may find index funds or ETFs a better fit.
  4. If you're a long-term investor who values fundamental research and a boutique approach, Pie Funds could be a strong option.
Related guides
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