Fund-vs-fund · Diversified
Fisher Funds Conservative Fund vs Summer Growth 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. Summer Growth Selection holds 77.76% in growth assets, positioning it firmly toward the higher-risk end of the diversified spectrum, while Fisher Funds Conservative Fund holds just 22.72% in growth assets — reflecting a predominantly income-oriented, capital-preservation stance. Despite both sitting within the same "Diversified" category on FMA Disclose, they serve fundamentally different risk appetites, a point reinforced by their risk indicators: Summer Growth Selection carries a risk indicator of 4, versus Fisher Funds Conservative Fund's indicator of 3.
These structural differences are visible in the five-year return and fee figures as well. Summer Growth Selection has returned 4.51% per annum over five years against an annual fund charge of 1.02%. Fisher Funds Conservative Fund has returned 2.01% per annum over the same period at a higher annual fund charge of 1.35%. The fee gap is notable given the Conservative Fund's lower growth-asset exposure and correspondingly lower long-run return profile.
The funds also differ in their holdings composition. Summer Growth Selection's top positions include equity ETFs, NZ-listed equities, and a fixed interest fund-of-fund wrapper, suggesting a multi-asset, partially active approach. Fisher Funds Conservative Fund's top holdings are dominated by NZ government bonds and a large cash account, consistent with its conservative mandate.
Fund sizes are comparable — approximately $111.5 million for Summer and $118.9 million for Fisher Funds Conservative — so scale does not meaningfully differentiate them here.
Verify all figures against the source 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
- Summer Growth 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
4.51%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$116m
Upper half by size
Summer
NZ$111m
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% | 4.51% | Higher is better (past not future) |
| Fund size | NZ$116m | NZ$111m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 78% / 22% | 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 Growth Selection
The Summer Growth Selection fund invests in a lesser exposure to cash and fixed interest investments and a greater exposure to 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 Balanced Selection (but with more risk).Full Summer Summer Growth 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 Growth Selection?
Which fund has lower fees, Fisher Funds Conservative Fund or Summer Growth 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?
