Fund-vs-fund · Diversified
ACI Conservative Fund vs Lifetime Growth 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 growth asset allocation, which sits at opposite ends of the diversified category spectrum. The Lifetime Growth Fund holds 78.48% in growth assets, while the ACI Conservative Fund holds just 23.37% — a gap of more than 55 percentage points. Despite sharing the same risk indicator of 4, this allocation split means the two funds carry meaningfully different exposure to equity market volatility and long-term return potential. Investors should not treat a shared risk indicator as implying equivalent portfolio construction.
On fees, the Lifetime Growth Fund discloses an annual fund charge of 0.99%, compared with 1.50% for the ACI Conservative Fund — a difference of 51 basis points annually. Neither fund discloses a five-year return figure in this snapshot, so return history cannot be compared here.
Portfolio construction also diverges sharply. ACI's top holdings are dominated by Dimensional fixed-income and bond trusts (over 61% in the top two positions alone), reflecting its conservative orientation. Lifetime's portfolio leads with Smart Wholesale Global Equity ESG funds and the Simplicity NZ Share Fund, together exceeding 58% of the portfolio, consistent with its growth tilt. Both funds are small by industry standards: ACI sits at approximately NZD 4.39 million in fund size; Lifetime at approximately NZD 3.26 million.
Five-year return data is absent for both funds in this snapshot, limiting performance comparison.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Lifetime Growth Fund charges 0.51% lower in annual fund charges (0.99% 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
Lifetime
0.99%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ACI
—
—
Lifetime
—
—
Fund size
Larger = more stable, lower close-risk
ACI
NZ$4m
Smallest 10% in cohort
Lifetime
NZ$3m
Smallest 7% in cohort
| Metric | ACI | Lifetime | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.50% | 0.99% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$4m | NZ$3m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 78% / 22% | 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
Lifetime weight in shared
9.2%
of Lifetime Growth Fund top 10 is shared
| Holding | ACI | Lifetime |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 8.41% | 9.20% |
"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 →
Lifetime
Lifetime Growth Fund
Invests mainly in growth assets with some exposure to income assets. Expected to experience high volatility.Full Lifetime Lifetime Growth Fund profile →
Common questions
What's the difference between the ACI Conservative Fund and the Lifetime Growth Fund?
Which fund has lower fees, ACI Conservative Fund or Lifetime Growth Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
