Fund-vs-fund · Diversified
ACI Conservative Fund vs Clarity Diversified Income Fund
Both are Diversified funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their fee levels and risk profiles, despite both sitting in the Diversified category with an identical growth asset allocation of 23.37%. The ACI Conservative Fund charges an annual fund charge of 1.50%, compared to 0.96% for the Clarity Diversified Income Fund — a 54 basis point gap that compounds meaningfully over time on any balance. Alongside this, Clarity carries a risk indicator of 3 (on the standard 1–7 scale) versus ACI's risk indicator of 4, suggesting Clarity's portfolio has exhibited lower historical volatility, though both funds hold a similar proportion of growth assets.
On construction, the funds diverge sharply. ACI concentrates heavily in Dimensional-managed vehicles, with its top two holdings — the Dimensional Global Bond Sustain Trust (42.65%) and Dimensional Two Year Sustain Fixed Interest Trust (18.77%) — accounting for over 60% of the portfolio. Clarity, by contrast, holds a more granular, directly held fixed-income portfolio including New Zealand government bonds, mortgage securities, and housing bonds, with no single position exceeding 10%. ACI's sustainability-labelled holdings suggest an ESG tilt; Clarity's latest QFU does not explicitly describe a sustainability screen.
Fund size is broadly comparable: ACI at NZD 4.39 million and Clarity at NZD 5.05 million. A five-year return figure is available for Clarity at 2.89% per annum; ACI's equivalent is not disclosed in this snapshot. Neither fund is a KiwiSaver scheme account.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Clarity Diversified Income Fund charges 0.54% lower in annual fund charges (0.96% vs 1.50%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ACI
1.50%
Highest 7% of cohort
Clarity
0.96%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ACI
—
—
Clarity
2.89%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
ACI
NZ$4m
Smallest 10% in cohort
Clarity
NZ$5m
Smallest 11% in cohort
| Metric | ACI | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.50% | 0.96% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 2.89% | Higher is better (past not future) |
| Fund size | NZ$4m | NZ$5m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 23% / 77% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
Matching holdings
1
of each fund's top 10
ACI weight in shared
8.4%
of ACI Conservative Fund top 10 is shared
Clarity weight in shared
9.2%
of Clarity Diversified Income Fund top 10 is shared
| Holding | ACI | Clarity |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 8.41% | 9.24% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
ACI
ACI Conservative Fund
Exposure to asset classes is achieved by primarily investing in DFA Australia Limited (Dimensional) funds, utilising their Sustainability Trusts where available. The allocations include a bias towards international diversification. Certian underlying Dimensional funds have an increased exposure to shares in small companies, value companies and companies with higher profitability with the objective of benefitting from a premium return from these companies over time. Such premiums are not always present year on year, which can drive shorter term differences in retuFull ACI ACI Conservative Fund profile →
Clarity
Clarity Diversified Income Fund
The Fund aims to generate income over the medium term by investing in fixed income securities and dividend paying New Zealand and Australian equities, primarily investing in managed funds (including other Clarity funds) to achieve a well diversified portfolio of assets. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Diversified Income Fund profile →
Common questions
What's the difference between the ACI Conservative Fund and the Clarity Diversified Income Fund?
Which fund has lower fees, ACI Conservative Fund or Clarity Diversified Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
