Fisher Funds Conservative Fund vs Lifetime Retirement Income Fund

The most material structural difference between these two funds is their growth asset allocation, which drives meaningfully different risk profiles despite both sitting in the Diversified category. The Lifetime Retirement Income Fund holds 53.15% in growth assets and carries a risk indicator of 4, while the Fisher Funds Conservative Fund holds just 23.37% in growth assets with a risk indicator of 3. In practical terms, the Lifetime fund behaves more like a balanced fund, whereas the Fisher fund sits closer to the conservative end of the diversified spectrum.

Their portfolio construction also differs significantly. Fisher Funds Conservative Fund is built primarily around direct fixed-income holdings — NZ Government bonds dominate its disclosed top positions, alongside a sizeable cash allocation. The Lifetime fund takes a fund-of-funds approach, with its largest exposures being wholesale equity and fixed-interest vehicles from providers including Smart, Fisher Institutional, and Simplicity.

Annual fund charges are nearly identical: Fisher Funds discloses 1.35% and Lifetime discloses 1.36%. Fund sizes are also comparable at approximately NZD 116.2 million and NZD 115.0 million respectively. Fisher Funds discloses a five-year annualised return of 1.67%; Lifetime's five-year return figure is not available in this snapshot, which limits direct performance comparison. Both funds are similarly sized, but the absence of Lifetime's five-year return data means historical performance cannot be assessed on equal terms here.

Always verify figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.