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Invest in term deposits without the term.
*Current expected yield after fees, before tax. The yield to maturity is not a guaranteed return and is subject to change and based on a portfolio of investments as of 5 March 2026. The yield to maturity of an investment is the annualised interest rate earned assuming everything stays the same, all expected interest payments are made and principal is repaid. See FAQs related to YTM.
The MAS Investment Funds Cash Fund can invest in cash and cash equivalents, such as term deposits and short-term fixed interest assets. If you would like to know the actual mix, please refer to the MAS Investment Funds - Cash Fund - Fund Update 30 September 2025 document. It's suitable for those looking for a higher return than average on-call savings accounts, while maintaining easy access to your money.
Our active approach to investing aims to outperform the market and deliver higher returns for your investment.
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The YTM provided for the Cash Fund, is an annualised indicative weighted average yield (after fund charges and before tax) for the Cash Fund.
Put simply, YTM is the annual return an investor might expect to earn at a given point in time if everything stays the same. It assumes all interest is paid and the original investment is fully repaid.
Given these assumptions, YTM will change over time and will not exactly match future returns achieved. However, YTM can be viewed as an indicator of future returns at a moment in time (after fund charges and before tax).
The YTM is a way of estimating the return you can expect from investments such as cash, term deposits, or bonds, if they are held until they mature. We have calculated the YTM to show an estimated rate of annualised return for an investor at a specific point in time. This rate is subject to change and is based on the portfolio of investments as at the published date. It takes into account:
In other words, it’s a ‘total return’ measure that shows what you’re expected to get back, compared to what you put in, assuming everything stays the same and the investments are held to their maturity.
YTM is calculated and updated on our website monthly, or more frequently if needed due to investment activity or during certain market environments that materially change YTM.
Coupon (or interest) and YTM are different. A bond’s coupon is the fixed annual interest payment, calculated as a percentage of its value it was issued at. YTM is a better measure of expected return, as it accounts for the timing of cash flows and any change in the value of the investment through to its maturity, all other things being equal. It’s important to know whether a rate refers to the coupon or the yield. There can be a meaningful difference.
The Cash Fund can invest in cash and cash equivalents, such as term deposits, and short-term fixed interest assets. If you would like to know the actual mix, please refer to the Quarterly Fund Update.
No, as Medical Funds Management Limited (MFM) as manager of the MAS Investment Funds (Scheme) isn’t a registered bank or licensed deposit taker, the MAS Investment Funds Cash Fund is not covered by the Depositor Compensation Scheme (DCS)*, also known as the Government deposit guarantee.
Your money is held by an independent custodian (Public Trust) separate from MFM. So even if MFM faces financial trouble, your investment money is held separately.
While this guarantee doesn’t apply to Scheme funds invested in New Zealand banks, our investment managers assess each issuer’s financial strength and apply disciplined exposure limits to ensure high quality across the investments.
*The DCS was launched in mid-2025 and covers up to $100,000 per person per licensed deposit taker, to protect depositors if their bank or financial institution fails.
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Medical Funds Management Limited is the issuer and manager of MAS Investment Funds. The Product Disclosure Statement is available at MAS Investment Funds PDS.
If you would like to talk to a MAS Adviser, phone 0800 800 627 or email info@mas.co.nz.
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