Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest Fund vs SBS Wealth New Zealand Bond Portfolio
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 their investment approach. The ANZ Investments OneAnswer New Zealand Fixed Interest Fund holds bonds directly — its disclosed top holding is NZ Government Stock 15/05/2035 4.50% at 5.93% of the portfolio, suggesting a diversified direct-bond mandate. The SBS Wealth New Zealand Bond Portfolio is effectively a fund-of-one: 95.82% of assets sit in the Harbour NZ Core Fixed Interest Fund, with the remainder in an ANZ Bank cash deposit and a minor debtors line. Investors in the SBS fund are therefore taking on an additional layer of manager and fee structure via Harbour, which the QFU data does not separately itemise.
On fees, ANZ Investments discloses an annual fund charge of 0.46% against SBS Wealth's 0.78% — a 32 basis point difference that compounds over time in a low-return category. Both funds carry a risk indicator of 3 (on the standard 1–7 scale) and report identical growth asset allocations of 0.07%. Over the five-year period disclosed, ANZ's fund returned 0.63% per annum against SBS Wealth's 1.15% per annum, though neither figure is long enough to draw firm conclusions, and the underlying Harbour fund's contribution to SBS's return is not disaggregated in the available data. Fund size is comparable — ANZ at NZD 11.1 million, SBS at NZD 8.0 million.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 0.32% lower in annual fund charges (0.46% vs 0.78%).
- 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 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
SBS Wealth
0.78%
Highest 18% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.63%
Bottom 12% over 5 years
SBS Wealth
1.15%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$11m
Smallest 18% in cohort
SBS Wealth
NZ$8m
Smallest 11% in cohort
| Metric | ANZ Investments | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.46% | 0.78% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.63% | 1.15% | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$8m | 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 | 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 →
SBS Wealth
SBS Wealth New Zealand Bond Portfolio
The Fund aims to provide investors with a core and lower risk exposure to New Zealand fixed interest debt securities and a gross return above the return of the Benchmark on a rolling three-year basis i.E. Before tax, fees, and other expenses.Full SBS Wealth SBS Wealth New Zealand Bond Portfolio profile →
Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Fixed Interest Fund and the SBS Wealth New Zealand Bond Portfolio?
Which fund has lower fees, ANZ Investments OneAnswer New Zealand Fixed Interest Fund or SBS Wealth New Zealand Bond Portfolio?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
