SPY TR +12.71%
Outperformance +59.64pp
Priori is a private investment fund. Our mandate is to maximise the long-term growth of investor wealth, after fees, while avoiding permanent impairment of capital. Every position is backed by deep research, risk analysis and continual re-underwriting.
Recent Performance
Full performance → SPY TR +32.68%
Outperformance +113.86pp
Gross returns before fees and tax. Since inception chains FY2025 incubator performance with the Q1 Fund from 1 January 2026.
Fund Structure
A New Zealand unit trust for wholesale investors, with four mirrored quarterly sub-funds.
Priori operates four quarterly sub-funds, each issuing its own units and mirroring the others in investments, trades and returns. Every sub-fund locks for 12 months, so the four vintages stagger a quarter apart and give investors a choice of annual liquidity date.
Q1 Fund: enter on the 31 December 2026 transaction day. Capital is locked for 12 months until 31 December 2027, when investors can roll, increase or withdraw.
Global equities book80%
Derivatives book20%
How investor principal is split on subscription. Each book's weight then moves with its performance.
Agentic Back Office
Priori runs its back office on agentic AI connected to the firm's internal database. Tax accounting, fund administration, unit pricing and reconciliation run continuously rather than in a monthly batch. The two managers remain responsible for market research and execution, and review the entire operation.
Manager-Led Directors only
- Trade execution
- Position sizing
- Portfolio construction
- Research interpretation
- Investment decisions
- Risk appetite
- Final approval of all reporting
AI-Enhanced Manager directed
- Research coverage and data gathering
- Market and position monitoring
- Routine risk analysis
- Fund metric tracking
- Scenario and sensitivity runs
- Document and filing review
AI-Led Under manager oversight
- Tax accounting
- Mark-to-market NAV calculation
- Unit pricing
- Trade reconciliation
- Fee and tax accrual
- Reporting data and design
- Audit trail
Fee Structure
A progressive performance fee is charged only on returns above the tax-adjusted fee benchmark. It is calculated per sub-fund and crystallises annually on that sub-fund's transaction day, subject to a high-water mark. There is no management fee, with the savings passed on to investors.
Management fee0%
Performance fee schedule | Outperformance | Fee rate | Investor keeps |
|---|---|---|
| 0 to 10% | 20% | 80% |
| 10 to 20% | 30% | 70% |
| 20 to 50% | 40% | 60% |
| Above 50% | 50% | 50% |
Each rate applies only to the outperformance within its band.
Working example
Drag the slider to see the fee at different levels of outperformance
Outperformance
20%fee rate
0% to 10% 0.00pp
30%fee rate
10% to 20% 0.00pp
40%fee rate
20% to 50% 0.00pp
50%fee rate
Above 50% 0.00pp
Performance fee0.00pp
Weighted fee rate0.0%
Kept by investors0.00pp
Illustrative only. The fee is calculated separately for each sub-fund on fee-basis performance against the fee benchmark. It crystallises annually on that sub-fund's transaction day and is charged only on value created above its high-water mark.
Contact the Fund Management Team
To discuss wholesale investor requirements, investor materials, and the onboarding process.
Location
Auckland, New Zealand
For wholesale investors only. This website is informational and does not constitute an offer, solicitation, recommendation, or financial, legal, or tax advice.
© 2026 Priori Capital Management LimitedLegal & regulatory