Fund-vs-fund · International FI
ANZ Investments OneAnswer International Fixed Interest Fund vs Summer Global Fixed Interest
Both are International FI 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 construction approach. The ANZ Investments OneAnswer International Fixed Interest Fund holds a diversified portfolio of individual securities — US agency mortgage-backed instruments, US Treasuries, UK Gilts, and others — with the largest single position at 4.74% of the fund. Summer Global Fixed Interest, by contrast, allocates 96.17% of its assets to a single underlying vehicle, the Hunter Global Fixed Interest Fund, making it a fund-of-fund structure. This means Summer investors bear an additional layer of manager selection risk and may face underlying fees not fully visible in the disclosed 0.87% annual fund charge.
On fees, ANZ discloses 0.49% versus Summer's 0.87% — a 38 basis point gap that compounds meaningfully over time in a low-return category. Both funds report identical growth asset allocations of 0.31%, but their risk indicators diverge: ANZ sits at 4 (moderate) while Summer sits at 3 (low to moderate), despite sharing the same broad category. Over the five-year period captured in each fund's latest Quarterly Fund Update, ANZ returned 0.57% per annum against Summer's 0.20%, though both figures are low in absolute terms. ANZ's fund size (approximately NZD 2.28 million) is roughly double Summer's (approximately NZD 1.07 million); both are small funds by industry standards, which can carry liquidity and operational scale considerations.
Always verify all figures — including fees, risk indicators, and returns — against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 International Fixed Interest Fund charges 0.38% lower in annual fund charges (0.49% vs 0.87%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- ANZ Investments OneAnswer International Fixed Interest Fund is roughly 2.1× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.49%
Lower half of cohort
Summer
0.87%
Highest 24% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.57%
Upper half over 5 years
Summer
0.20%
Bottom 23% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$2m
Smallest 11% in cohort
Summer
NZ$1m
Smallest 8% in cohort
| Metric | ANZ Investments | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.49% | 0.87% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.57% | 0.20% | Higher is better (past not future) |
| Fund size | NZ$2m | NZ$1m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 International Fixed Interest Fund
The International Fixed Interest Fund invests mainly in international fixed interest assets. Investment may include fixed interest assets issued by governments or international companies, and cash and cash equivalents. The International Fixed Interest Fund aims to achieve a return (after the fund charge and before tax) that over the long-term is broadly in line with the relevant market index.Full ANZ Investments ANZ Investments OneAnswer International Fixed Interest Fund profile →
Summer
Summer Global Fixed Interest
The Summer Global Fixed Interest fund invests in international fixed interest assets. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the Bloomberg Global Aggregate Total Return Index (hedged to New Zealand dollars).Full Summer Summer Global Fixed Interest profile →
Common questions
What's the difference between the ANZ Investments OneAnswer International Fixed Interest Fund and the Summer Global Fixed Interest?
Which fund has lower fees, ANZ Investments OneAnswer International Fixed Interest Fund or Summer Global Fixed Interest?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
