Fund-vs-fund · Diversified
ANZ Investments OneAnswer Conservative Balanced Fund vs Simplicity High 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 asset allocation. The Simplicity High Growth Investment Fund holds 98.31% in growth assets, sitting at risk indicator 5, while the ANZ Investments OneAnswer Conservative Balanced Fund holds just 23.37% in growth assets at risk indicator 4 — a near-mirror-opposite positioning within the same diversified category. Despite sharing the "Diversified" label, these funds occupy fundamentally different points on the risk-return spectrum.
Fees diverge sharply as well. Simplicity discloses an annual fund charge of 0.25%, compared to ANZ Investments' 0.75% — a three-to-one difference that compounds meaningfully over time. On five-year returns, ANZ Investments reports 2.24% per annum; Simplicity's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history rather than non-disclosure, though readers should confirm this directly.
Fund size is comparable: ANZ Investments at approximately NZD 529 million versus Simplicity at approximately NZD 509 million. The top holdings reveal a structural contrast too — Simplicity's largest single position is Simplicity Living Ltd Ordinary Shares at 6.67%, a related-party unlisted asset, while ANZ Investments' top holdings are broadly sub-1% each and include a mix of equities and short-dated fixed income instruments such as Westpac floating rate notes and certificates of deposit.
Neither fund is a KiwiSaver scheme account product in this context — both are standalone investment funds. Verify all figures against each fund's current PDS 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
- Simplicity High Growth Investment Fund charges 0.50% lower in annual fund charges (0.25% vs 0.75%).
- 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
0.75%
Lowest 25% of cohort
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
2.24%
Lower half over 5 years
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$529m
Largest 16% in cohort
Simplicity
NZ$509m
Largest 17% in cohort
| Metric | ANZ Investments | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.75% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.24% | — | Higher is better (past not future) |
| Fund size | NZ$529m | NZ$509m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 98% / 2% | 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 | InvestNow · 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
2
of each fund's top 10
ANZ Investments weight in shared
1.8%
of ANZ Investments OneAnswer Conservative Balanced Fund top 10 is shared
Simplicity weight in shared
9.0%
of Simplicity High Growth Investment Fund top 10 is shared
| Holding | ANZ Investments | Simplicity |
|---|---|---|
 Nvidia Corporation US | 0.94% | 4.72% |
 Apple Inc US | 0.84% | 4.24% |
"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 Conservative Balanced Fund
The Conservative Balanced Fund invests mainly in income assets (cash and cash equivalents and fixed interest), with some exposure to growth assets (equities, listed property and listed infrastructure). The fund may also invest in alternative assets.The Conservative Balanced Fund aims to achieve (after the fund charge and before tax) over the long term low to moderate returns, allowing for small to moderate ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Conservative Balanced Fund profile →
Simplicity
Simplicity High Growth Investment Fund
The High Growth Investment Fund provides investors with exposure to mostly growth assets (shares & property). There is a very limited exposure to income assets (cash).Full Simplicity Simplicity High Growth Investment Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer Conservative Balanced Fund and the Simplicity High Growth Investment Fund?
Which fund has lower fees, ANZ Investments OneAnswer Conservative Balanced Fund or Simplicity High Growth Investment Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
