Fund-vs-fund · Diversified
Fisher Funds Conservative Fund vs Summer Balanced Selection
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 their asset allocation. Fisher Funds Conservative Fund holds 22.72% in growth assets, positioning it firmly at the defensive end of the diversified spectrum, while Summer Balanced Selection carries 53.72% in growth assets — more than double — reflecting a meaningfully higher exposure to equity and growth-oriented investments. This difference is confirmed by their risk indicators: the Conservative Fund sits at 3 on the standard 1–7 scale, while Summer Balanced Selection is rated 4, indicating higher expected volatility and return variability over time.
On fees, Summer Balanced Selection discloses an annual fund charge of 1.02%, compared with 1.35% for the Fisher Funds Conservative Fund — a 33 basis point difference that compounds over longer holding periods. Five-year returns to the latest QFU snapshot show Summer Balanced Selection returning 3.36% per annum against 2.01% for the Conservative Fund, though this gap is broadly consistent with the difference in growth asset exposure and should not be read in isolation from risk.
Fund size is comparable: Fisher Funds Conservative Fund holds approximately NZD 118.9 million, Summer Balanced Selection approximately NZD 125.1 million. Portfolio construction differs in approach — the Conservative Fund's top holdings are dominated by NZ government bonds and cash, while Summer Balanced Selection's largest single position is the Hunter Global Fixed Interest Fund at 18.09%, a pooled vehicle that introduces a layer of underlying holdings not directly visible here.
Always verify all figures against the current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Summer Balanced Selection charges 0.33% lower in annual fund charges (1.02% vs 1.35%).
- 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
Fisher Funds
1.35%
Highest 15% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
1.67%
Bottom 18% over 5 years
Summer
3.36%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$116m
Upper half by size
Summer
NZ$125m
Upper half by size
| Metric | Fisher Funds | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.35% | 1.02% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.67% | 3.36% | Higher is better (past not future) |
| Fund size | NZ$116m | NZ$125m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 54% / 46% | 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
Fisher Funds
Fisher Funds Conservative Fund
The fund aims to provide stable returns over the long term by investing in mainly income assets with a modest allocation to growth assetsFull Fisher Funds Fisher Funds Conservative Fund profile →
Summer
Summer Balanced Selection
The Summer Balanced Selection fund invests in a balanced mix of cash, fixed interest, equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Conservative Selection (but with more risk), and lower than those of the Summer Growth Selection (but with less risk).Full Summer Summer Balanced Selection profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
- Quarterly Fund Update62 kB · file fingerprint recorded
- + 2 more on the fund page
Summer
Common questions
What's the difference between the Fisher Funds Conservative Fund and the Summer Balanced Selection?
Which fund has lower fees, Fisher Funds Conservative Fund or Summer Balanced Selection?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
