Thesis formation
Identify a structural change, market dislocation or company-specific development that could materially alter value.
Fund overview
A mandate focused on achieving outsized risk-adjusted returns.
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. 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. The structure supports investor cash-flow tracking, fee calculation, and annual liquidity windows while maintaining broadly mirrored portfolio exposure.
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
Responsible for portfolio construction, investment decisions, administration, and investor communication.
Priori Capital Management Trustee Limited
Holds fund assets on trust for investors and administers the trust relationship.
Thomas Argueso and Mudiwa Makaza
Co-invested managers responsible for research, risk oversight, and implementation of the fund mandate.