Fund-vs-fund · Cash
Clarity Enhanced Cash PIE vs Simplicity NZ Cash Fund
Both are Cash 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 cash funds is their risk indicator rating despite sharing the same category: Simplicity NZ Cash Fund carries a risk indicator of 2, while Clarity Enhanced Cash PIE sits at 1 — the lowest point on the FMA's 1–7 scale. This divergence likely reflects differences in underlying portfolio construction. Simplicity holds a spread of individually named floating-rate notes and bank paper (Kiwibank, Westpac, Housing NZ), with the largest single position at 10.57%. Clarity, by contrast, concentrates 78.4% of its portfolio in a single fund-of-fund vehicle — the Amova W/S NZ Cash Fund — alongside first mortgage securities and Bank of China term deposits, a structure that aggregates rather than individually discloses the bulk of its credit exposure.
On fees, Simplicity charges 0.12% per annum versus Clarity's 0.26%, a more than twofold difference that is meaningful in a low-return category where net yield margins are narrow. Clarity is the larger fund at approximately NZD 125.2 million, compared with Simplicity's NZD 91.5 million. Both funds report identical growth asset allocations of 0.07%, and neither has a five-year return figure available in this snapshot. Both are standalone managed funds, not KiwiSaver scheme accounts.
Verify all figures against each fund's current Product Disclosure Statement 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
- Simplicity NZ Cash Fund charges 0.14% lower in annual fund charges (0.12% vs 0.26%).
- 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 5 cash funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Clarity
0.26%
Lower half of cohort
Simplicity
0.12%
Lowest 10% of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
—
—
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$125m
Largest 10% in cohort
Simplicity
NZ$92m
Upper half by size
| Metric | Clarity | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.26% | 0.12% | Lower is better |
| Risk indicator (1–7) | 1 | 2 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$125m | NZ$92m | 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.
Matching holdings
2
of each fund's top 10
Clarity weight in shared
83.8%
of Clarity Enhanced Cash PIE top 10 is shared
Simplicity weight in shared
21.1%
of Simplicity NZ Cash Fund top 10 is shared
| Holding | Clarity | Simplicity |
|---|---|---|
| AW Amova W/S NZ Cash Fund NZ | 78.40% | 10.57% |
| $ NZD Cash at Bank NZ | 5.44% | 10.57% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Clarity
Clarity Enhanced Cash PIE
The Fund will invest, either directly or through other managed funds, in a well- diversified portfolio of cash and cash equivalents and New Zealand fixed interest securities, including an allocation to yield enhancing assets such as mortgage-backed securities and credit funds. The Fund aims to provide investors with regular income in excess of bank deposits whilst preserving capital value.Full Clarity Clarity Enhanced Cash PIE profile →
Simplicity
Simplicity NZ Cash Fund
The NZ Cash Fund provides investors with exposure to debt securities.Full Simplicity Simplicity NZ Cash Fund profile →
Common questions
What's the difference between the Clarity Enhanced Cash PIE and the Simplicity NZ Cash Fund?
Which fund has lower fees, Clarity Enhanced Cash PIE or Simplicity NZ Cash Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
