Merx Wholesale 1 PIE Trust
Fund Performance
The Merx Wholesale 1 PIE Trust invests in loans to unrelated borrowers in the local business and property sectors. PIE tax compliant and structured as a unit trust, the fund allows wholesale investors to keep more of their investment returns while providing flexibility, liquidity, and reduced concentration risk.
We aim to deliver consistent returns of over 10% p.a. to our investors, with net returns distributed monthly. Many investors choose to reinvest and compound their returns.
As shown in the table below, actual net returns have consistently exceeded our targets since inception, offering strong and consistent returns to our investors.
Fund Performance | 31 March 2025
Returns after fees and costs, before tax (PIR = 0%)*
| Financial Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total Return Calendar Year** | Cumulative Return Since Inception*** |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | +1.27% | +1.15% | +1.50% | +2.20% | +6.26% | |||||||||
| 2023 | +1.42% | +2.01% | +1.68% | +0.98% | +1.16% | +1.17% | +1.08% | +1.86% | +1.47% | +1.30% | +1.79% | +1.57% | +18.96% | |
| 2024 | +1.08% | +1.25% | +1.34% | +1.22% | +1.20% | +1.04% | +1.11% | +1.27% | +1.23% | +1.14% | +1.14% | +1.34% | +15.34% | |
| 2025 | +1.12% | +1.16% | +1.53% | +3.86% | +51.42% |
Returns after fees and costs, after tax (PIR = 28%)*
| Financial Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total Return Calendar Year** | Cumulative Return Since Inception*** |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | +0.91% | +0.83% | +1.08% | +1.60% | +4.49% | |||||||||
| 2023 | +1.03% | +1.47% | +1.24% | +0.72% | +0.86% | +0.87% | +0.80% | +1.39% | +1.10% | +0.98% | +1.35% | +1.19% | +13.80% | |
| 2024 | +0.82% | +0.95% | +1.03% | +0.94% | +0.92% | +0.80% | +0.86% | +0.98% | +0.96% | +0.89% | +0.89% | +1.05% | +11.67% | |
| 2025 | +0.88% | +0.91% | +1.21% | +3.03% | +36.81% |
*Rounding Policy – For the purposes of this table, we round all return data down to the nearest 2 decimal points. Actual returns distributed to investors may be higher than illustrated above given the effect of this rounding policy.
**Total Return – Calendar Year is the compounded monthly, distributions after deductions for all charges before tax (Investor PIR = 0%) or after tax (Investor PIR = 28%) for the Calendar Year (row). Returns are re-invested in this scenario (time-weighted return).
***Total Cumulative Return Since Inception is the compounded monthly, distributions after deductions for all charges before tax (Investor PIR = 0%) or after tax (Investor PIR = 28%) since the establishment of this fund. Returns are re-invested in this scenario (time-weighted return).
Past performance is not a guarantee of future performance. The fund was established on 30 June 2022 and made its first investments in September 2022.
Comparison of compounded returns after tax (PIR = 28%) of an investment with Merx against an investment returning OCR +5.0%
The graph illustrates the value of a Company investor account, showing compounded net returns on an initial $250,000 investment in the Merx Wholesale 1 PIE Trust, compared to an investment returning Official Cash Rate (OCR) plus a 5.0% margin since the fund’s inception.
There is no appropriate comparative market index and no suitable comparable index or benchmark for this unit trust against which to assess either movements in the market in relation to the returns from the assets in which the unit trust invests or the performance of the unit trust as a whole. We have adopted OCR +5.0% as a hypothetical benchmark for illustration purposes only.
Comments from Merx Investors
I have enjoyed investing with Merx and learnt a lot through the process too. Merx have been very transparent with what they do and the communication has been consistent. Wouldn’t be a testimonial without mentioning the returns too, thanks for those. Looking forward to being a part of the journey for years to come.
Luke
There's a lot to be said for a fund where the managers invest alongside their investors. It's a real partnership where the interests of investors are prioritised. The returns to date have been great, the unit structure gives me the flexibility I want, and I've been really impressed with the communication.
Aaron
I've been impressed by how Merx looks after their investors - from how the fund is structured for redemption, reinvestment, and tax efficiency - to the communication and care in understanding my investment goals. It makes a difference - investing alongside managers who are also invested in the fund.
John
Aligned Interests
Aligned interests is a core principle of the Merx Wholesale 1 PIE Fund. As the Trust’s management team, we personally invest alongside our investor partners. We have the same risks and potential returns as our investors.
Aligned Interests
Aligned interests is a core principle of the Merx Wholesale 1 PIE Fund. As the Trust’s management team, we personally invest alongside our investor partners. We have the same risks and potential returns as our investors.
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