Fund-vs-fund · Diversified
ANZ Investments OneAnswer Conservative Fund vs Lifetime Retirement Income 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 diversified funds is their asset allocation, which drives meaningfully different risk profiles. The ANZ Investments OneAnswer Conservative Fund holds 23.37% in growth assets, consistent with its risk indicator of 3 (on a 1–7 scale), and its top holdings are dominated by fixed-income instruments — NZ government bonds, a Westpac floating rate note, and US mortgage-backed securities (FNMA). The Lifetime Retirement Income Fund carries 53.15% in growth assets and a risk indicator of 4, with its largest exposures being wholesale global equity funds and an NZ fixed interest fund held via third-party managers, reflecting a fund-of-funds construction rather than direct security ownership.
Fee levels diverge significantly: the ANZ fund discloses an annual fund charge of 0.63%, while Lifetime's is 1.36% — more than double. Both funds are similar in size, at approximately NZ$103.9 million and NZ$115.0 million respectively.
On performance, the ANZ fund reports a five-year annualised return of 1.62%. Lifetime does not report a five-year return in this snapshot, likely reflecting the fund's shorter operating history; that figure is absent from the available QFU data and should not be assumed.
Neither fund is a KiwiSaver scheme account based on the data provided; investors should confirm the fund structure before making any decisions. Verify all figures — including fees, returns, and holdings — 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
- ANZ Investments OneAnswer Conservative Fund charges 0.73% lower in annual fund charges (0.63% vs 1.36%).
- 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
0.63%
Lowest 19% of cohort
Lifetime
1.36%
Highest 11% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
1.62%
Bottom 15% over 5 years
Lifetime
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$104m
Upper half by size
Lifetime
NZ$115m
Upper half by size
| Metric | ANZ Investments | Lifetime | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.63% | 1.36% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.62% | — | Higher is better (past not future) |
| Fund size | NZ$104m | NZ$115m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 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 Conservative Fund
The Conservative Fund invests mainly in income assets (cash and cash equivalents and fixed interest), with a smaller exposure to growth assets (equities, listed property and listed infrastructure). The fund may also invest in alternative assets. The Conservative Fund aims to achieve (after the fund charge and before tax) over the long term low relatively stable returns, allowing for small ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Conservative Fund profile →
Lifetime
Lifetime Retirement Income Fund
Managed investment fund designed to turn your retirement savings into a variable retirement income.Full Lifetime Lifetime Retirement Income Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer Conservative Fund and the Lifetime Retirement Income Fund?
Which fund has lower fees, ANZ Investments OneAnswer Conservative Fund or Lifetime Retirement Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
