GSFM launches first-ever climate growth PIE fund in NZ

GSFM, together with fund manager partner Munro Partners, has launched a new climate-focused wholesale portfolio investment entity (PIE) fund into the New Zealand market, following the fund’s 2021 Australian debut.  

The long-only Munro Global Growth Climate Leaders PIE Fund boasts a concentrated portfolio of between 15 to 25 high-quality global growth and climate change-focused equities – those, GSFM says, that will reap the benefits from the global structural shift towards a low-carbon economy.

GSFM chief executive Damien McIntyre recognised the fund’s focus on “clean energy, sustainable transport, energy efficiency, and the circular economy”.

The fund is predominantly exposed to industrials (currently representing 59% of the portfolio), with utilities (12%), information technology (10%), cash (9%) and miscellaneous holdings (10%) making up the remaining share.

Among its current top five holdings, which is dominated by US listed firms, include industrial gas and chemical concern, Linde, industrial and hazardous waste management company, Clean Harbors, and Fortune 200 energy company Constellation.

The wholesale-only PIE fund, which seeks a net return in excess of the MSCI All Country World Index, has returned 51.1% cumulative since its inception in October 2021, and 28.9% in the year to date (as at 31 March 2025).

According to McIntyre, the decision to launch as a PIE, which offers certain tax advantages to Kiwi investors (including a tax rate cap of 28% on returns), rather than as a feeder fund “gives New Zealand investors the most efficient structure for their investment”.

The fund has received an initial seed from Munro Partners, and will be distributed locally through Wellington-based GSFM partner Adminis Funds Limited.

McIntyre notes “ongoing discussions” between the fund managers and several KiwiSaver providers for additional investment opportunities.

The launch of the New Zealand PIE follows the investment strategy of the existing Munro Climate Change Leaders Fund, which debuted in Australia in 2021.

McIntyre said the firm’s commitment to New Zealand remains “solid”.

“As our business continues to rapidly grow in the Australian market, we have been looking beyond our shores for the opportunity of that next leg of growth. Given our existing relationships with institutional and wholesale investors in New Zealand, it is a natural extension of our capabilities.”

“We see a great opportunity to broaden reach and accessibility to our fund manager’s partner’s strategies,” he added, with new additions made based on demand in the NZ market for certain asset classes and investment styles.

GSFM, established in 2007 as a subsidiary of the Grant Samuel Group and now majority-owned by Canadian wealth management firm CI Financial Corp, currently manages around $10.61 billion in funds (as at 28 February 2025).