With crunch time coming for NZ investment funds and schemes to comply with the Financial Markets Conduct Act (FMCA) legislation, there is a rush of activity occurring in the funds management industry. From a public perspective, many investors are receiving mail from their funds or superannuation schemes, frequently raising questions rather than providing a clear explanation.

However, underneath the paperwork is buried an on-line answer. As funds transition, they will gradually appear on the "Disclose Register". Enter the name of a fund provider into the "issuer" box under "search offers" and a list of funds starts to appear (often a master-fund or trust). Drill down through the data and the list of underlying funds appear.

Once a specific fund of interest is identified, click on "show fund details" part way down the page and a wealth of information will open up. At last, this includes a fair and comparative statement of ALL the underlying costs and fees that the fund has charged (check out the synthetic total expense ratio). It also provides up to 10 year average performance data and a break down of holdings.

Not all funds have transitioned yet - they have till midnight on 30 November - but it is worth bookmarking the register and checking back later.

Bear in mind that both fees and past performance are not everything when it comes to predicting investment success. When it comes to performance, a single sector fund can have a long period where performance is driven by sector fundamentals rather than manager skill. Direct share investors will likely scoff at the fees of some funds - but should think about applying a value to their own investment management time and brokerage costs when making a comparison.