Fund-vs-fund · Diversified
AMP Balanced Managed FundvsAMP Growth Managed 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.
How much do these two overlap?
They hold 1,250 of the same securities. If you held both, roughly 76.1% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | AMP Balanced | AMP Growth | Min weight |
|---|---|---|---|
| zealand government inflation linked bond maturing 20 sep | 4.50% | 3.59% | 3.59% |
| zealand government bond maturing 15 may | 6.87% | 2.51% | 2.51% |
| Fisher & Paykel Healthcare | 2.01% | 2.83% | 2.01% |
| Outstanding Settlement Receipts - USD | 2.20% | 1.88% | 1.88% |
| Nvidia | 1.67% | 2.29% | 1.67% |
| Apple | 1.47% | 2.02% | 1.47% |
| bnp account | 1.35% | 1.47% | 1.35% |
| Auckland International Airport | 1.27% | 1.79% | 1.27% |
| Alphabet | 1.18% | 1.61% | 1.18% |
| Infratil | 1.06% | 1.50% | 1.06% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is their allocation to growth assets. The AMP Growth Managed Fund holds 78.48% in growth assets, compared with 53.15% for the AMP Balanced Managed Fund — a gap of roughly 25 percentage points that meaningfully shapes each fund's exposure to equity-market movements. Despite this difference in growth tilt, both funds carry an identical risk indicator of 4 (on a scale of 1 to 7), which may reflect overlapping asset classes or diversification effects; investors should read each fund's Product Disclosure Statement for the precise risk indicator methodology.
Both funds are managed by AMP, sit within the same Diversified category, and share an identical annual fund charge of 0.81%. Fund sizes are comparable: the Balanced fund holds approximately NZD 44.6 million and the Growth fund approximately NZD 44.2 million. Five-year return data is not available for either fund in this snapshot, so historical performance comparisons cannot be made from this data alone.
The top-holdings overlap is notable. Fisher & Paykel Healthcare, NVIDIA Corp, and Apple Inc appear in both funds, though at higher individual weights in the Growth fund, consistent with its larger equity allocation. The Balanced fund's top holdings include two New Zealand Government Inflation-Linked Bonds, reflecting its greater defensive-asset weighting; the Growth fund holds one such bond at a lower weight. Neither fund is linked to a KiwiSaver scheme account under this offering.
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
- Annual fund charges are within 0.05% of each other (0.81% vs 0.81%).
- 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 68 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
AMP
0.81%
Lower half of cohort
AMP
0.81%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
AMP
—
—
AMP
—
—
Fund size
Larger = more stable, lower close-risk
AMP
NZ$45m
Lower half by size
AMP
NZ$44m
Lower half by size
| Metric | AMP | AMP | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.81% | 0.81% | 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$45m | NZ$44m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 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. |
What each fund says it does
AMP
AMP Balanced Managed Fund
The fund has a well-diversified portfolio that has a balance of risk through holding growth assets and an allocation to lower-risk income assets. The fund aims to achieve medium returns, in exchange there will be some movements up and down in the value of your investments.Full AMP AMP Balanced Managed Fund profile →
AMP
AMP Growth Managed Fund
The fund has a well-diversified portfolio that aims to provide growth, primarily through holding growth assets diversified with a lower allocation to lower-risk income assets. The fund aims to achieve medium to high returns, in exchange there will be larger movements up and down in the value of your investments.Full AMP AMP Growth Managed Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
AMP
LiveLast verified 2026-05-08
Common questions
What's the difference between the AMP Balanced Managed Fund and the AMP Growth Managed Fund?
Which fund has lower fees, AMP Balanced Managed Fund or AMP Growth Managed Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
