Fund-vs-fund · Diversified
ANZ Investments OneAnswer Growth Fund vs Foundation Series Balanced 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 despite sharing the same risk indicator of 4. The ANZ Investments OneAnswer Growth Fund holds 78.48% in growth assets, placing it firmly in growth territory, while the Foundation Series Balanced Fund holds 52.35% in growth assets, consistent with a more moderate balanced profile. Both carry the same FMA risk indicator score, so investors should look carefully at the underlying allocation rather than relying on the indicator alone.
Fee structure is the second significant divergence. The OneAnswer Growth Fund charges an annual fund charge of 0.95%, compared to 0.36% for the Foundation Series Balanced Fund — a 0.59 percentage point difference that compounds materially over time. On five-year returns, the Foundation Series Balanced Fund recorded 4.77% per annum against the OneAnswer Growth Fund's 3.69%, though the higher growth-asset weighting of the latter would ordinarily be expected to produce stronger long-run returns in favourable markets; this comparison spans a specific window and may not be representative of future periods.
The funds also differ in construction. The OneAnswer Growth Fund holds individual equities including Nvidia, Apple, and Fisher and Paykel Healthcare at its top positions. The Foundation Series Balanced Fund is built almost entirely from pooled vehicles — predominantly ESG-labelled ETFs and managed funds — meaning its ESG tilt is structurally embedded rather than incidental. Fund sizes are similar at approximately NZD 45.6 million each.
Verify all figures against each fund's current Product Disclosure Statement 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
- Foundation Series Balanced Fund charges 0.59% lower in annual fund charges (0.36% vs 0.95%).
- 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
0.95%
Lower half of cohort
Foundation Series
0.36%
Lowest 14% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
3.69%
Upper half over 5 years
Foundation Series
4.77%
Top 25% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$46m
Lower half by size
Foundation Series
NZ$46m
Lower half by size
| Metric | ANZ Investments | Foundation Series | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.95% | 0.36% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 3.69% | 4.77% | Higher is better (past not future) |
| Fund size | NZ$46m | NZ$46m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 Growth Fund
The Balanced Growth Fund invests mainly in growth assets (equities, listed property and listed infrastructure), with some exposure to income assets (cash and cash equivalents and fixed interest). The fund may also invest in alternative assets.The Balanced Growth Fund aims to achieve (after the fund charge and before tax) over the long-term moderate to high returns, allowing for moderate to large ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Growth Fund profile →
Foundation Series
Foundation Series Balanced Fund
Aims for mid-range long-run returns by investing in a diversified portfolio with a balance of income and growth assets. The Fund incorporates certain responsible investment considerations and is exposed to investment strategies that seek to limit exposure to companies involved in specific business practices.Full Foundation Series Foundation Series Balanced Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
ANZ Investments
Common questions
What's the difference between the ANZ Investments OneAnswer Growth Fund and the Foundation Series Balanced Fund?
Which fund has lower fees, ANZ Investments OneAnswer Growth Fund or Foundation Series Balanced 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?
