Fund-vs-fund · Diversified
Castle Point 5 Oceans Fund vs Simplicity Homes and Income Investment 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 asset allocation. Castle Point 5 Oceans Fund holds 52.35% in growth assets, sitting closer to a balanced profile, while Simplicity Homes and Income Investment Fund allocates only 23.37% to growth assets, positioning it much more defensively despite both carrying the same risk indicator of 3 out of 7. Both funds sit in the Diversified category, but their actual exposure to risk assets diverges significantly.
Their fee structures differ sharply. Castle Point 5 Oceans charges an annual fund charge of 1.18%, nearly five times Simplicity's 0.25%. Part of the Castle Point cost reflects its fund-of-funds construction: the five largest holdings are all third-party managed funds, including Te Ahumairangi Global Equity Fund (28.15%) and T. Rowe Price Dynamic Global Bond Fund (17.4%). Simplicity's portfolio concentrates in direct fixed-income securities alongside Simplicity Living Ltd ordinary shares (14.11%), a private residential property company related to the manager — an ownership relationship investors should examine closely.
On returns, Castle Point 5 Oceans reports a five-year annualised return of 3.85%. Simplicity Homes and Income does not disclose a five-year return figure in this snapshot, likely reflecting the fund's shorter operating history, so a direct performance comparison cannot be made. Fund sizes are broadly similar: Castle Point at NZD 78.9 million, Simplicity at NZD 67.8 million.
Readers should verify all figures — including fees, holdings, and risk indicators — against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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
- Simplicity Homes and Income Investment Fund charges 0.93% lower in annual fund charges (0.25% vs 1.18%).
- 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
Castle Point
1.18%
Upper half of cohort
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Castle Point
3.85%
Upper half over 5 years
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Castle Point
NZ$79m
Upper half by size
Simplicity
NZ$68m
Upper half by size
| Metric | Castle Point | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.18% | 0.25% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 3.85% | — | Higher is better (past not future) |
| Fund size | NZ$79m | NZ$68m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 23% / 77% | 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
Castle Point
Castle Point 5 Oceans Fund
The Fund is a globally diversified fund that provides a moderate exposure to growth assets. The Fund invests in a mix of directly owned assets, other Castle Point funds and selected third-party funds. The Fund is designed to generate returns, with the objective of outperforming the NZ Official Cash Rate +3% over the medium term (after fees but before tax), with some risk mitigation tools to smoothen the ride.Full Castle Point Castle Point 5 Oceans Fund profile →
Simplicity
Simplicity Homes and Income Investment Fund
The Homes and Income Investment Fund provides investors with an exposure to a mix of growth and income assets, with a focus on residential property.Full Simplicity Simplicity Homes and Income Investment Fund profile →
Common questions
What's the difference between the Castle Point 5 Oceans Fund and the Simplicity Homes and Income Investment Fund?
Which fund has lower fees, Castle Point 5 Oceans Fund or Simplicity Homes and Income Investment Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
