Fund-vs-fund · Diversified
AMP Aggressive Managed Fund vs Summer Conservative Selection
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 difference between these two funds is asset allocation. The AMP Aggressive Managed Fund holds 98.31% in growth assets, reflecting a near-total equity orientation, while the Summer Conservative Selection holds just 22.99% in growth assets, with the remainder in income assets such as fixed interest. This structural divide is reinforced by their risk indicators: AMP sits at 4 on the standard 1–7 scale, Summer at 3, meaning Summer is positioned to experience materially lower volatility but also lower expected long-term returns under normal market conditions.
Portfolio composition underlines this contrast. AMP's top holdings are global and domestic equities — NVIDIA Corp (2.84%), Fisher & Paykel Healthcare (2.81%), and Apple Inc (2.51%). Summer's largest single holding is the Hunter Global Fixed Interest Fund (23.03%), with the remainder of its disclosed top five in New Zealand Government bonds across various maturities, signalling a predominantly fixed-income, capital-preservation orientation.
On fees, Summer charges 0.87% annually versus AMP's 0.80%, a modest difference at this scale. Fund sizes are comparable — AMP at approximately NZD 12.3 million, Summer at approximately NZD 10.3 million. Summer discloses a five-year return of 2.17% per annum; AMP's five-year return figure is not available in this snapshot. Note that Summer's PDS references a KiwiSaver scheme, so investors should confirm whether participation involves a KiwiSaver scheme account.
Always verify current fees, returns, and holdings against each fund's latest Product Disclosure Statement and Quarterly Fund Update on FMA Disclose before relying on any of the above.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- AMP Aggressive Managed Fund charges 0.07% lower in annual fund charges (0.80% vs 0.87%).
- 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
AMP
0.80%
Lower half of cohort
Summer
0.87%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
AMP
—
—
Summer
2.17%
Bottom 23% over 5 years
Fund size
Larger = more stable, lower close-risk
AMP
NZ$12m
Smallest 23% in cohort
Summer
NZ$10m
Smallest 20% in cohort
| Metric | AMP | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.80% | 0.87% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 2.17% | Higher is better (past not future) |
| Fund size | NZ$12m | NZ$10m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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.
What each fund says it does
AMP
AMP Aggressive Managed Fund
The fund has a well-diversified portfolio that aims to provide growth, primarily through holding growth assets with a low allocation to income assets. The fund aims to achieve high returns, in exchange there will be larger movements up and down in the value of your investments.Full AMP AMP Aggressive Managed Fund profile →
Summer
Summer Conservative Selection
The Summer Conservative Selection fund invests in a greater exposure to cash and fixed interest investments and a lesser exposure to equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect low to moderate levels of movement up and down in value, and longer-term returns that are lower than those of the Summer Balanced Selection (but with less risk).Full Summer Summer Conservative Selection profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the AMP Aggressive Managed Fund and the Summer Conservative Selection?
Which fund has lower fees, AMP Aggressive Managed Fund or Summer Conservative Selection?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
