Fund-vs-fund · Diversified
ANZ Investments OneAnswer Balanced Growth Fund vs Foundation Series 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.
Why these two differ
The most material structural difference between these two funds is their growth-asset allocation, which diverges significantly despite both carrying a risk indicator of 4 and sitting in the Diversified category. ANZ Investments OneAnswer Balanced Growth Fund holds 78.48% in growth assets, while Foundation Series Balanced Fund holds 53.15% — a gap of over 25 percentage points that shapes each fund's underlying risk-return profile in meaningfully different ways, even before fees are considered.
On fees, the gap is also substantial. ANZ Investments discloses an annual fund charge of 0.95%; Foundation Series discloses 0.36% — a difference of 59 basis points annually. Over the five-year period captured in each fund's latest Quarterly Fund Update, Foundation Series Balanced Fund returned 4.77% per annum after fees, compared with 3.69% for the OneAnswer Balanced Growth Fund, though past returns are not a reliable indicator of future returns.
Portfolio construction differs structurally as well. The OneAnswer fund holds a diversified mix of individual securities — Nvidia, Apple, Fisher and Paykel Healthcare, and others — whereas Foundation Series is built almost entirely from pooled funds and ETFs, with its top five holdings (including the Vanguard ESG US Stock ETF at 29.5% and iShares Global Aggregate Bond ESG SRI UCITS ETF at 26.5%) accounting for virtually the entire portfolio. Foundation Series's holdings carry explicit ESG labels; the OneAnswer fund's data is silent on an ESG screening approach.
Both funds are similar in size: approximately NZD 45.6 million each at the time of their respective QFUs. Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Foundation Series Balanced Fund charges 0.59% lower in annual fund charges (0.36% vs 0.95%).
- 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
ANZ Investments
0.95%
Lower half of cohort
Foundation Series
0.36%
Lowest 14% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
3.69%
Upper half over 5 years
Foundation Series
4.77%
Top 25% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$46m
Lower half by size
Foundation Series
NZ$46m
Lower half by size
| Metric | ANZ Investments | Foundation Series | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.95% | 0.36% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 3.69% | 4.77% | Higher is better (past not future) |
| Fund size | NZ$46m | NZ$46m | 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. |
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
ANZ Investments
ANZ Investments OneAnswer Balanced Growth Fund
The Balanced Growth Fund invests mainly in growth assets (equities, listed property and listed infrastructure), with some exposure to income assets (cash and cash equivalents and fixed interest). The fund may also invest in alternative assets.The Balanced Growth Fund aims to achieve (after the fund charge and before tax) over the long-term moderate to high returns, allowing for moderate to large ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Balanced Growth Fund profile →
Foundation Series
Foundation Series Balanced Fund
Aims for mid-range long-run returns by investing in a diversified portfolio with a balance of income and growth assets. The Fund incorporates certain responsible investment considerations and is exposed to investment strategies that seek to limit exposure to companies involved in specific business practices.Full Foundation Series Foundation Series Balanced Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the ANZ Investments OneAnswer Balanced Growth Fund and the Foundation Series Balanced Fund?
Which fund has lower fees, ANZ Investments OneAnswer Balanced Growth Fund or Foundation Series Balanced Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
