Fund-vs-fund · Diversified
ANZ Investments OneAnswer High Growth Fund vs Foundation Series Growth 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 growth asset allocation, which directly shapes their risk profiles. The ANZ Investments OneAnswer High Growth Fund holds 98.37% in growth assets and carries a risk indicator of 5, while the Foundation Series Growth Fund holds 78.34% in growth assets and sits at a risk indicator of 4 on the same standardised scale — a meaningful step down in expected volatility despite both funds sitting within the Diversified category.
Fee structures diverge sharply. The ANZ fund charges an annual fund charge of 0.95%, compared with 0.38% for the Foundation Series Growth Fund — a difference of 57 basis points that compounds materially over time. On five-year returns, the data is asymmetric: the Foundation Series Growth Fund discloses a five-year return of 6.31% per annum, while the ANZ fund's five-year return figure is not available in our current snapshot.
Portfolio construction also differs significantly. The ANZ fund holds individual equities directly — its five largest positions include Nvidia Corporation (2.39%), Fisher and Paykel Healthcare (2.18%), and Apple Inc (2.13%). The Foundation Series Growth Fund is built almost entirely from pooled vehicles, with the Vanguard ESG US Stock ETF (38.94%), Harbour Sustainable NZ Shares Fund (22.57%), and Vanguard ESG International Stock ETF (19.26%) dominating. The Foundation Series fund's use of ESG-labelled ETFs signals an explicit responsible-investment tilt not apparent in the ANZ fund's disclosed holdings. Both funds are of comparable size, at approximately NZD 67.1 million and NZD 62.4 million respectively.
Readers should 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 Growth Fund charges 0.57% lower in annual fund charges (0.38% 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
0.38%
Lowest 17% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
—
—
Foundation Series
6.31%
Top 15% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$67m
Upper half by size
Foundation Series
NZ$62m
Upper half by size
| Metric | ANZ Investments | Foundation Series | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.95% | 0.38% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 6.31% | Higher is better (past not future) |
| Fund size | NZ$67m | NZ$62m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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 | InvestNow | 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 High Growth Fund
The High Growth Fund invests in growth assets (equities, listed property and listed infrastructure), with a very small exposure to income assets (cash and cash equivalents and fixed interest). The fund may also invest in alternative assets. The High Growth Fund aims to achieve (after the fund charge and before tax) over the long term higher returns, allowing for larger ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer High Growth Fund profile →
Foundation Series
Foundation Series Growth Fund
Aims for high long-run returns by investing in a diversified portfolio weighted towards growth assets but with some income asset exposure. 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 Growth 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 High Growth Fund and the Foundation Series Growth Fund?
Which fund has lower fees, ANZ Investments OneAnswer High Growth Fund or Foundation Series Growth Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
