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 toward the income end of the diversified spectrum, while Summer Growth Selection holds 77.76% in growth assets — more than three times as much — reflecting a meaningfully higher equity orientation. This difference in portfolio construction directly underpins the contrast in risk indicators: the ANZ fund sits at 3 (on the standard 1–7 scale) versus Summer's 4, and in the five-year annualised returns reported in each fund's latest Quarterly Fund Update: 1.62% for ANZ against 4.51% for Summer. Past returns are not a reliable indicator of future returns.
Fee structures also diverge. ANZ discloses an annual fund charge of 0.63%, compared with Summer's 1.02% — a 39-basis-point gap that compounds over time regardless of market conditions.
Both funds are similarly sized: ANZ at approximately NZD 103.9 million and Summer at approximately NZD 111.5 million. Their top holdings reflect the underlying allocation difference — ANZ's largest disclosed positions are short-dated NZ bank floating rate notes and certificates of deposit, while Summer's include a global fixed interest fund, a Vanguard ESG US equity ETF, and NZ-listed equities such as Fisher & Paykel Healthcare and Goodman Property Trust. Both funds are KiwiSaver scheme accounts.
Readers should verify all figures against the source Product Disclosure Statement and the latest Quarterly Fund Update for each fund on FMA Disclose before relying on any information here.
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
- 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 | 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.
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?
