A fund of money paid in by several people which is managed by a professional fund manager. Managed fund is a broad term which includes superannuation schemes, unit trusts, group investment funds (GIFs) and some life insurance. If you join KiwiSaver you invest in a superannuation scheme which is a managed fund.
A fee you pay as an investor to have your money managed by a fund manager. Other fees can also apply e.g. an exit fee if you want to cash in your investment.