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. ANZ Investments OneAnswer Balanced Growth Fund holds 78.34% in growth assets, positioning it closer to an aggressive profile despite its "Balanced Growth" label, while Foundation Series Balanced Fund sits at 52.35% growth assets — a substantially more conservative split that aligns more closely with a conventional balanced mandate. Both carry a risk indicator of 4 out of 7, though investors should note that the underlying asset mix diverges considerably between them.
The fee gap is also significant. ANZ Investments discloses an annual fund charge of 0.95%, compared with Foundation Series' 0.36% — a difference of 59 basis points annually. Over time, this gap compounds materially against net returns, all else being equal.
On five-year returns, Foundation Series Balanced Fund returned 4.77% per annum versus 4.57% for the ANZ fund, though past returns are not indicative of future performance and the difference is narrow.
Portfolio construction differs markedly. The ANZ fund holds a diversified mix of individual equities and an S&P 500 ETF, with single-stock positions ranging up to 1.49%. The Foundation Series fund is built almost entirely from ETFs and pooled funds — notably ESG-screened vehicles — with its top five holdings accounting for nearly 99% of disclosed weight, reflecting a transparent, index-oriented structure with an explicit ESG tilt.
Both funds are similar in size, at approximately NZD 47.8 million and NZD 45.5 million respectively.
Always verify these details against each fund's current Product Disclosure Statement 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
- 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 →
ANZ Investments
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?
