Fund-vs-fund · Diversified
AMP Growth 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 187 of the same securities. If you held both, roughly 22.8% 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 Growth | Octagon Balanced | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 2.83% | 1.87% | 1.87% |
| Microsoft | 1.38% | 1.07% | 1.07% |
| Auckland International Airport | 1.79% | 0.99% | 0.99% |
| Alphabet | 1.61% | 0.96% | 0.96% |
| Infratil | 1.50% | 0.95% | 0.95% |
| Contact Energy | 1.17% | 0.71% | 0.71% |
| Apple | 2.02% | 0.60% | 0.60% |
| Ebos | 0.59% | 0.63% | 0.59% |
| Amazon.com | 1.12% | 0.57% | 0.57% |
| Meridian Energy | 0.96% | 0.55% | 0.55% |
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 growth asset allocation. The AMP Growth Managed Fund holds 78.48% in growth assets, placing it firmly toward the aggressive end of the diversified category, while the Octagon Balanced Fund sits at 53.15% — a markedly more conservative positioning despite both funds sharing the same risk indicator of 4 out of 7. Investors should weigh this gap carefully, as it drives meaningfully different exposure to equity market volatility.
On fees, AMP charges an annual fund charge of 0.81% against Octagon's 1.17%, a difference of 36 basis points that compounds over time. Fund size is broadly comparable — AMP at approximately NZD 44.2 million, Octagon at NZD 37.2 million.
Return comparisons are constrained by a data gap: Octagon discloses a five-year annualised return of 3.18%, while AMP's five-year figure is not available in this snapshot and cannot be compared.
Portfolio construction differs in approach. Octagon's largest single position is the Hunter Global Fixed Interest Fund at 18.14%, suggesting a significant fund-of-funds layer in its fixed income allocation. AMP's top holdings are direct equities — Fisher & Paykel Healthcare, NVIDIA, and Apple — with no single position exceeding 2.83%, indicating broader direct-security diversification at the top of the portfolio.
Both funds carry the same risk indicator, yet their underlying structures are considerably different, making label-matching alone an insufficient basis for comparison.
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
- AMP Growth 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$44m
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$44m | NZ$37m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 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 →
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 Growth Managed Fund and the Octagon Balanced Fund?
Which fund has lower fees, AMP Growth Managed Fund or Octagon Balanced Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
