Fund-vs-fund · Diversified
AMP Balanced Managed FundvsOctagon Balanced 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 172 of the same securities. If you held both, roughly 20.1% 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 | Octagon Balanced | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 2.01% | 1.87% | 1.87% |
| Microsoft | 1.00% | 1.07% | 1.00% |
| Auckland International Airport | 1.27% | 0.99% | 0.99% |
| Alphabet | 1.18% | 0.96% | 0.96% |
| Infratil | 1.06% | 0.95% | 0.95% |
| Contact Energy | 0.83% | 0.71% | 0.71% |
| Apple | 1.47% | 0.60% | 0.60% |
| Amazon.com | 0.82% | 0.57% | 0.57% |
| Meridian Energy | 0.68% | 0.55% | 0.55% |
| a2 Milk | 0.78% | 0.51% | 0.51% |
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 cost. The Octagon Balanced Fund charges an annual fund charge of 1.17%, compared with 0.81% for the AMP Balanced Managed Fund — a gap of 36 basis points that compounds meaningfully over time on any given balance.
Both funds sit at risk indicator 4 on the standard 1–7 scale and carry an identical growth asset allocation of 53.15%, placing them in the same broad risk-return band within the Diversified category. Fund size is comparable: Octagon at approximately NZD 37.2 million, AMP at approximately NZD 44.6 million.
On performance, the Octagon Balanced Fund discloses a five-year annualised return of 3.18%. The AMP Balanced Managed Fund's five-year return figure is not available in this snapshot, so a like-for-like performance comparison cannot be made here.
The portfolios differ structurally in how they access markets. Octagon's largest single holding is the Hunter Global Fixed Interest Fund at 18.14%, indicating a fund-of-funds approach for its fixed income exposure. AMP's disclosed holdings are all direct securities, with NZ inflation-linked government bonds featuring prominently alongside global equities such as NVIDIA Corp and Apple Inc. Both funds share Fisher & Paykel Healthcare as a top direct equity position.
Investors considering a managed fund account — or their KiwiSaver scheme account if applicable — should verify all figures, including current fees and the latest returns, against each fund's product disclosure statement and most recent 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
- AMP Balanced Managed Fund charges 0.36% lower in annual fund charges (0.81% vs 1.17%).
- 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
Octagon
1.17%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
AMP
—
—
Octagon
3.18%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
AMP
NZ$45m
Lower half by size
Octagon
NZ$37m
Lower half by size
| Metric | AMP | Octagon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.81% | 1.17% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 3.18% | Higher is better (past not future) |
| Fund size | NZ$45m | NZ$37m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 53% / 47% | 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 →
Octagon
Octagon Balanced Fund
The Balanced Fund invests across multiple asset classes. Investors can expect moderate to high levels of movement up and down in value. It aims to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark.Full Octagon Octagon Balanced Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the AMP Balanced Managed Fund and the Octagon Balanced Fund?
Which fund has lower fees, AMP Balanced Managed Fund or Octagon Balanced Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
