Fund-vs-fund · Cash
Clarity Enhanced Cash PIE vs Summer New Zealand Cash
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 how they achieve their exposure. Clarity Enhanced Cash PIE holds approximately 78% of its portfolio in a single wholesale vehicle — the Amova W/S NZ Cash Fund — making it essentially a fund-of-funds wrapper, with the remaining weight spread across first mortgage securities, bank cash, and term deposits. Summer New Zealand Cash, by contrast, holds a diversified spread of direct positions including government bonds, call accounts, floating-rate notes, and commercial paper, with no single holding exceeding 5.1% of the portfolio.
Fee structures differ markedly: Summer discloses an annual fund charge of 0.62%, more than double Clarity's 0.26%. Both funds carry a risk indicator of 1 (the lowest on the FMA scale) and report negligible growth asset allocations — Summer at 0.31% and Clarity at 0.07%.
On scale, Clarity is substantially larger at approximately NZD 125 million versus Summer's NZD 4.9 million. This size difference may affect liquidity management and operational cost absorption, though neither fund's QFU elaborates on this.
For return history, Summer reports a five-year return of 2.41% per annum; Clarity's five-year return figure is not available in the current snapshot, so a direct like-for-like performance comparison cannot be made.
Neither fund is a KiwiSaver scheme account product based on the data provided, though Summer's PDS URL references a KiwiSaver scheme — readers should confirm the applicable offer structure.
Verify all details 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
- Clarity Enhanced Cash PIE charges 0.36% lower in annual fund charges (0.26% vs 0.62%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Clarity Enhanced Cash PIE is roughly 25.4× the size of the other fund.
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
Summer
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
—
—
Summer
2.41%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$125m
Largest 10% in cohort
Summer
NZ$5m
Lower half by size
| Metric | Clarity | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.26% | 0.62% | Lower is better |
| Risk indicator (1–7) | 1 | 1 | Higher = more volatility |
| 5-year return p.a. | — | 2.41% | Higher is better (past not future) |
| Fund size | NZ$125m | NZ$5m | 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
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 →
Summer
Summer New Zealand Cash
The Summer New Zealand Cash fund invests in cash, cash equivalents and short-term New Zealand debt security assets. We aim to provide returns (before fees, taxes and other expenses) above the Official Cash Rate (OCR) over a rolling 12 month period.Full Summer Summer New Zealand Cash profile →
Common questions
What's the difference between the Clarity Enhanced Cash PIE and the Summer New Zealand Cash?
Which fund has lower fees, Clarity Enhanced Cash PIE or Summer New Zealand Cash?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
