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 also explains their divergent risk profiles. The ANZ Investments OneAnswer New Zealand Fixed Interest Fund carries a risk indicator of 3, with its five largest holdings concentrated in NZ Government bonds maturing between 2032 and 2036 — suggesting meaningful exposure to longer-dated interest rate movements. The Mercer Macquarie NZ Short Duration Fund holds a risk indicator of 2, with its top government bond positions maturing in 2029 and 2030, and corporate bonds with nearer maturities, consistent with its explicit short-duration mandate. Lower duration typically means less price sensitivity to interest rate changes, which is reflected in the lower risk rating.
On fees, Mercer charges 0.68% annually versus ANZ Investments at 0.46%, a 22 basis point difference. Both funds disclose identical growth asset allocations of 0.07%. Fund size differs substantially: Mercer's fund holds approximately NZD 47 million against ANZ Investments' roughly NZD 11.1 million. The five-year return figures show Mercer at 1.87% and ANZ Investments at 0.63% annualised, though past performance reflects different interest rate environments and duration exposures rather than comparable like-for-like outcomes. Both funds share a small corporate bond presence, though Mercer's top holdings include three corporate issuers versus none in ANZ Investments' disclosed top five.
Always verify these figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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 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 | 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 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?
