Fund-vs-fund · Diversified
AMP Balanced Managed Fund vs AMP 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.
Why these two differ
The most material structural difference between these two funds is their growth asset allocation. The AMP Balanced Managed Fund holds 52.35% in growth assets, while the AMP Growth Managed Fund holds 78.34% — a gap of roughly 26 percentage points. This means the Growth fund carries a meaningfully larger tilt toward equities and similar assets relative to income and defensive holdings, even though both funds share an identical risk indicator of 4 on the standard 1–7 scale. That apparent consistency in risk rating despite the substantial allocation gap is worth noting, and investors should examine the underlying methodology in the relevant Product Disclosure Statement.
Both funds are managed by AMP, sit within the same Diversified category, and carry the same annual fund charge of 0.81%. Fund sizes are closely matched — NZD 44.6 million for the Balanced fund and NZD 44.2 million for the Growth fund. Five-year return data is absent for both funds in this snapshot, so historical performance comparisons cannot be drawn here.
The top holdings overlap significantly. Fisher & Paykel Healthcare, NVIDIA Corp, Apple Inc, and a New Zealand Government Inflation Linked Bond (maturing 20 September 2035) appear in both funds' top five, but at higher weightings in the Growth fund, consistent with its larger equity exposure. The Balanced fund's top five includes a second inflation-linked bond; the Growth fund substitutes Auckland International Airport Limited instead.
Both funds share the same PDS. Verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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 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
0.81%
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. |
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
5
of each fund's top 10
AMP weight in shared
8.4%
of AMP Balanced Managed Fund top 10 is shared
AMP weight in shared
10.5%
of AMP Growth Managed Fund top 10 is shared
| Holding | AMP | AMP |
|---|---|---|
 Fisher & Paykel Healthcare Corporation Limited NZ | 2.01% | 2.83% |
 NVIDIA Corp US | 1.67% | 2.29% |
| NZ New Zealand Government Inflation Linked Bond - maturing 20 Sep 2035 NZ | 1.94% | 1.55% |
 Apple Inc US | 1.47% | 2.02% |
 Auckland International Airport Limited NZ | 1.27% | 1.79% |
"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
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?
