Fund-vs-fund · Diversified
ACI Growth Fund vs Clarity Diversified 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 asset allocation. The Clarity Diversified Growth Fund holds 98.31% in growth assets, making it effectively an equity-dominated portfolio despite its "diversified" label. The ACI Growth Fund allocates 78.48% to growth assets, retaining a more conventional diversified split that includes meaningful fixed income exposure — its third-largest holding is the Dimensional Global Bond Sustain Trust at 8.19%.
Both funds carry a risk indicator of 4 on the standard 1–7 scale, though Clarity's near-total growth allocation might lead some investors to scrutinise that shared rating carefully.
On fees, ACI charges 1.61% per annum against Clarity's 1.16%, a 45-basis-point difference that compounds materially over time. Clarity also discloses a five-year annualised return of 7.92%; ACI's equivalent figure is not available in the current snapshot, making direct performance comparison impossible at this stage.
The portfolios differ in construction philosophy. ACI assembles primarily through Dimensional and Smartshares funds-of-funds, with its largest holding being the Dimensional Emerging Markets Sustainability Trust at 13.3%. Clarity concentrates heavily in Capital Group's New Perspective Fund, with two share classes of that single strategy together representing roughly 25.74% of the portfolio.
Fund sizes are comparable — ACI at approximately NZD 7.66 million and Clarity at NZD 8.77 million — both relatively small pools, which investors may wish to weigh against liquidity and operational considerations.
Always verify all figures against the source PDS 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
- Clarity Diversified Growth Fund charges 0.45% lower in annual fund charges (1.16% vs 1.61%).
- 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
1.61%
Highest 4% of cohort
Clarity
1.16%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
ACI
—
—
Clarity
7.92%
Top 1% over 5 years
Fund size
Larger = more stable, lower close-risk
ACI
NZ$8m
Smallest 14% in cohort
Clarity
NZ$9m
Smallest 16% in cohort
| Metric | ACI | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.61% | 1.16% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 7.92% | Higher is better (past not future) |
| Fund size | NZ$8m | NZ$9m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 98% / 2% | 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
2
of each fund's top 10
ACI weight in shared
5.5%
of ACI Growth Fund top 10 is shared
Clarity weight in shared
2.7%
of Clarity Diversified Growth Fund top 10 is shared
| Holding | ACI | Clarity |
|---|---|---|
 Nvidia Corp US | 2.72% | 1.43% |
 Apple Inc US | 2.74% | 1.30% |
"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 Growth Fund
The Fund invests predominantly in growth assets such as New Zealand, Australian, international shares and property but includes some income assets. The allocations include a bias towards international diversification, and exposure to these asset classes is achieved by primarily investing in DFA Australia Limited (Dimensional) funds, utilising their Sustainability Trusts where available. Certain underlying Dimensional funds have an increased exposure to shares in small companies, value companies and companies with higher profitability with the objective of benefittFull ACI ACI Growth Fund profile →
Clarity
Clarity Diversified Growth Fund
The Fund will provide actively managed exposure to New Zealand, Australian and international equities, and aims to generate a better return than the benchmark over the medium to long term. The Fund primarily invests in managed funds (including other Clarity funds) to achieve a well-diversified portfolio of assets.Full Clarity Clarity Diversified Growth Fund profile →
Common questions
What's the difference between the ACI Growth Fund and the Clarity Diversified Growth Fund?
Which fund has lower fees, ACI Growth Fund or Clarity Diversified Growth Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
