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. Fisher Funds Conservative Fund holds 23.37% in growth assets, positioning it firmly at the defensive end of the diversified spectrum, while Summer Growth Selection carries 77.76% in growth assets — more than three times the exposure. This divergence is reflected in their risk indicators: the Conservative Fund sits at 3 (on the standard 1–7 scale) versus Summer Growth Selection's 4, and in their five-year returns of 1.67% per annum and 4.51% per annum respectively. Higher growth asset weightings have historically produced greater return potential alongside greater volatility, and these figures illustrate that pattern over the measured period.
On fees, Summer Growth Selection charges 1.02% annually compared with 1.35% for Fisher Funds Conservative Fund — a 33 basis point difference that compounds meaningfully over time. Both funds are similarly sized, at approximately NZD 116 million and NZD 111 million respectively.
Their top holdings reflect the allocation split: the Conservative Fund's largest disclosed positions are a cash account at ANZ (6.27%) and several NZ Government Bonds, whereas Summer Growth Selection's visible holdings include an ESG-screened US equity ETF, Fisher & Paykel Healthcare, and Microsoft alongside a fixed interest fund — consistent with a growth-oriented mandate.
Both funds fall under the KiwiSaver scheme structure, so any investment forms part of your KiwiSaver scheme account. Always verify current fees, returns, and holdings against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figures here.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
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 | 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
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?
