Fund-vs-fund · Diversified
ANZ Investments OneAnswer Conservative Fund vs Summer Growth Selection
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 ANZ Investments OneAnswer Conservative Fund holds 23.37% in growth assets, positioning it as a capital-preservation-oriented portfolio with the majority allocated to income assets such as NZ government bonds and floating rate notes. Summer Growth Selection, by contrast, holds 77.76% in growth assets, reflecting a substantially higher equity orientation with top holdings including the Vanguard ESG US Stock ETF, Fisher & Paykel Healthcare, and Microsoft Corporation.
This allocation gap is reflected in both risk and return figures. The ANZ fund carries a risk indicator of 3 against Summer Growth Selection's 4, on the FMA's 1–7 scale. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, Summer Growth Selection returned 4.51% per annum compared to 1.62% for the ANZ fund — though past returns are not a reliable indicator of future performance, and the higher return has come alongside higher volatility exposure.
Fees also differ materially. The ANZ fund discloses an annual fund charge of 0.63%, while Summer Growth Selection discloses 1.02%. Fund sizes are broadly comparable: ANZ at NZD 103.9 million and Summer at NZD 111.5 million. Both are KiwiSaver scheme accounts, meaning member money is subject to KiwiSaver scheme rules and withdrawal restrictions.
Readers should verify all figures — including current fees, asset allocation, and returns — against the source PDS and latest Quarterly Fund Update for each fund 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 0.39% lower in annual fund charges (0.63% vs 1.02%).
- 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
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
1.62%
Bottom 15% over 5 years
Summer
4.51%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$104m
Upper half by size
Summer
NZ$111m
Upper half by size
| Metric | ANZ Investments | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.63% | 1.02% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.62% | 4.51% | Higher is better (past not future) |
| Fund size | NZ$104m | NZ$111m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 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.
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 →
Summer
Summer Growth Selection
The Summer Growth Selection fund invests in a lesser exposure to cash and fixed interest investments and a greater exposure to equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Balanced Selection (but with more risk).Full Summer Summer Growth Selection profile →
Common questions
What's the difference between the ANZ Investments OneAnswer Conservative Fund and the Summer Growth Selection?
Which fund has lower fees, ANZ Investments OneAnswer Conservative Fund or Summer Growth Selection?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
