Thesis formation
Identify a structural change, market dislocation or company-specific development that could materially alter value.
Fund overview
A mandate to grow investor wealth over the long term, after fees, without permanent impairment of capital.
Priori is a New Zealand private investment fund structured as a unit trust for wholesale investors.
Latest reported snapshot
Q1 Fund, the longest-running live vintage.
Where one representative public series is needed, Priori uses Q1 Fund. Each quarterly Fund retains its own inception date, Unit Value, and investor result.
+83.17% Gross return Since 1 January 2026
+56.17% Net investor return After accrued fee and tax
+10.07% SPY total return Same Q1 Fund operating window
NZ$1,561.66 Net Unit Value As at 30 June 2026
Figures are from Priori's locked Q2 2026 reporting snapshot as at 30 June 2026.
Gross return is the raw economic NAV return before the accrued
performance fee and tax; net return and Unit Value are after those
accruals. Figures are generated from an approved, locked snapshot of
fund performance. Past performance is not a reliable indicator of
future results.
Investment methodology
A repeatable path from thesis to allocation.
Fundamental research and macro analysis are translated into position sizing, portfolio construction, and an active review process.
Fundamental underwriting
Test the thesis through financial modelling, industry work, scenario analysis, and a clear assessment of downside.
Portfolio construction
Set exposure according to expected return, conviction, liquidity, correlation, and the contribution to total portfolio risk.
Active review
Re-underwrite as facts change, manage derivatives deliberately, and redeploy capital when expected returns compress.
Fund structure
Four vintages. Mirrored exposure.
Priori operates four quarterly sub-funds under one trust, 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. There is no difference in return or benefit between holding one sub-fund over another.
Scheduled transaction days
Q1 Fund31 December
Q2 Fund31 March
Q3 Fund30 June
Q4 Fund30 September
Withdrawals generally require at least 10 business days' written notice before the relevant annual transaction day.
Governance
Clear roles and aligned ownership.
The trust and each sub-fund are governed by their constituting deeds and applicable New Zealand law.
Priori Capital Management Limited
Investment management, administration, valuation and reporting.
Priori Capital Management Trustee Limited
Oversees the operation of the Fund on behalf of investors as beneficiaries.
Priori Capital Management Trust
Holds the Fund Assets under a master trust deed and a sub-fund establishment deed per vintage.
Thomas Argueso and Mudiwa Makaza
Founders and co-invested managers responsible for research, portfolio decisions, risk ownership and investor communication.