Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest Fund vs Mercer Macquarie NZ Short Duration Fund
Both are NZ Fixed Interest 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 duration positioning, which shapes their distinct risk profiles. The Mercer Macquarie NZ Short Duration Fund carries a risk indicator of 2 on the standard 1–7 scale, while the ANZ Investments OneAnswer New Zealand Fixed Interest Fund sits at risk indicator 3 — one step higher — consistent with its exposure to longer-dated securities such as the NZ Government Stock maturing May 2035. The Mercer fund's name and its disclosed top holdings (government bonds maturing 2029 and 2030, alongside corporate bonds maturing 2027–2031) confirm a deliberate short-duration mandate designed to limit interest-rate sensitivity.
On fees, the ANZ fund charges 0.46% per annum against the Mercer fund's 0.68%, a 22 basis-point difference. Despite the lower fee, the ANZ fund's five-year annualised return is disclosed at 0.63%, compared with 1.87% for the Mercer fund over the same period — though past returns are not a reliable indicator of future performance, and the comparison window may not capture identical market conditions for both funds.
Fund size also differs materially: the Mercer fund holds approximately NZD 47 million versus roughly NZD 11 million for the ANZ fund. Both hold a negligible growth-asset allocation (0.13% and 0.07% respectively), consistent with their fixed interest category. The ANZ fund discloses only one top holding in this snapshot; the Mercer fund discloses five, offering somewhat more portfolio transparency here.
Verify all figures against each fund's current PDS 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
- ANZ Investments OneAnswer New Zealand Fixed Interest Fund charges 0.22% lower in annual fund charges (0.46% vs 0.68%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Mercer Macquarie NZ Short Duration Fund is roughly 4.2× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.46%
Lowest 18% of cohort
Mercer
0.68%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.63%
Bottom 12% over 5 years
Mercer
1.87%
Top 4% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$11m
Smallest 18% in cohort
Mercer
NZ$47m
Lower half by size
| Metric | ANZ Investments | Mercer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.46% | 0.68% | Lower is better |
| Risk indicator (1–7) | 3 | 2 | Higher = more volatility |
| 5-year return p.a. | 0.63% | 1.87% | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$47m | 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 | InvestNow · Direct | InvestNow · 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 New Zealand Fixed Interest Fund
The New Zealand Fixed Interest Fund invests mainly in New Zealand fixed interest assets. Investments may include fixed interest assets in New Zealand dollars, or issued by New Zealand located or incorporated entities and hedged back to New Zealand dollars, and cash and cash equivalents.The New Zealand 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 New Zealand Fixed Interest Fund profile →
Mercer
Mercer Macquarie NZ Short Duration Fund
The fund is an actively managed portfolio of fixed interest securities. It is a low-risk investment product, focusing predominantly on corporate securities in the New Zealand and Australian market with a shorter average maturity than a standard fixed interest fund. Environmental, Social and Governance characteristics are integrated into our investment process. The fund aims to provide a Gross Return1 above the return of the Bloomberg NZBond Swaps 1–3 Year Index on a rolling three-year basis.Full Mercer Mercer Macquarie NZ Short Duration 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 New Zealand Fixed Interest Fund and the Mercer Macquarie NZ Short Duration Fund?
Which fund has lower fees, ANZ Investments OneAnswer New Zealand Fixed Interest Fund or Mercer Macquarie NZ Short Duration 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?
