Fund-vs-fund · Diversified
ANZ Investments OneAnswer Balanced Fund vs Simplicity Growth Investment 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 asset allocation. The Simplicity Growth Investment Fund holds 78.48% in growth assets, positioning it firmly toward the aggressive end of the diversified spectrum, while the ANZ Investments OneAnswer Balanced Fund sits at 53.15% growth assets — a markedly more conservative mix despite both funds sharing the same risk indicator of 4 out of 7. Investors should note that the identical risk indicators do not reflect the meaningful gap in equity exposure between the two.
Fees diverge sharply. Simplicity discloses an annual fund charge of 0.25%, compared with ANZ Investments' 0.90% — a 0.65 percentage point difference that compounds materially over time. The five-year return figures follow the same direction: Simplicity's Growth Investment Fund returned 6.00% per annum versus 2.96% for the OneAnswer Balanced Fund over the same period, though the difference in growth asset weighting is a significant explanatory factor and past returns are not a reliable indicator of future performance.
Fund size also differs: Simplicity stands at approximately NZD 1.29 billion, ANZ Investments at approximately NZD 927 million. A notable concentration in Simplicity's portfolio is its 6.76% allocation to Simplicity Living Ltd Ordinary Shares — an unlisted related-party holding with no equivalent in the ANZ fund's disclosed top five. ANZ's top holdings are more broadly spread, with the largest position at 1.28%.
Neither fund is a KiwiSaver scheme account product in this comparison; both are retail managed funds. Always verify current figures against each fund's 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
- Simplicity Growth Investment Fund charges 0.65% lower in annual fund charges (0.25% vs 0.90%).
- 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
0.90%
Lower half of cohort
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
2.96%
Lower half over 5 years
Simplicity
6.00%
Top 18% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$927m
Largest 10% in cohort
Simplicity
NZ$1.29b
Largest 7% in cohort
| Metric | ANZ Investments | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.90% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 2.96% | 6.00% | Higher is better (past not future) |
| Fund size | NZ$927m | NZ$1.29b | 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
3
of each fund's top 10
ANZ Investments weight in shared
3.1%
of ANZ Investments OneAnswer Balanced Fund top 10 is shared
Simplicity weight in shared
9.9%
of Simplicity Growth Investment Fund top 10 is shared
| Holding | ANZ Investments | Simplicity |
|---|---|---|
 Nvidia Corporation US | 1.28% | 3.84% |
 Apple Inc US | 1.14% | 3.45% |
 Microsoft Corporation US | 0.72% | 2.59% |
"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
ANZ Investments
ANZ Investments OneAnswer Balanced Fund
The Balanced Fund invests in similar amounts of income assets (cash and cash equivalents and fixed interest) and growth assets (equities, listed property and listed infrastructure). The fund may also invest in alternative assets.The Balanced Fund aims to achieve (after the fund charge and before tax) over the long term moderate returns, allowing for moderate ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Balanced Fund profile →
Simplicity
Simplicity Growth Investment Fund
The Growth Fund provides investors with a limited exposure to income assets, but most of its investments are in growth assets.Full Simplicity Simplicity Growth Investment Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer Balanced Fund and the Simplicity Growth Investment Fund?
Which fund has lower fees, ANZ Investments OneAnswer Balanced Fund or Simplicity Growth Investment 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?
