Fund-vs-fund · Diversified
Fisher Funds Growth Fund vs QuayStreet Income Fund
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 growth asset allocation, which defines the fundamental nature of each portfolio despite both carrying the "Diversified" category label. The Fisher Funds Growth Fund holds 78.48% in growth assets, while the QuayStreet Income Fund holds just 0.07% — effectively an income-only portfolio. This divergence is reflected in their risk indicators: Fisher Funds Growth sits at 4 (moderate), QuayStreet Income at 3 (moderate-low).
Despite that markedly different risk profile, their five-year returns are close: 3.05% per annum for the Fisher Funds Growth Fund versus 2.90% for the QuayStreet Income Fund. Readers should weigh that return gap alongside the different volatility each fund has historically carried to generate it.
Fee structures differ significantly. Fisher Funds Growth charges an annual fund charge of 1.46%, nearly double QuayStreet Income's 0.77%. Both funds are similar in size — approximately NZD 319 million and NZD 329 million respectively.
Their top holdings reflect their mandates clearly. Fisher Funds Growth's largest disclosed position is a cash account (ANZ, 7%), followed by equity positions in Fisher & Paykel Healthcare and Infratil. QuayStreet Income's top holdings are dominated by NZ Government inflation-linked bonds and bank subordinated notes, with no meaningful equity exposure visible in the disclosed positions.
Both funds are retail managed funds, not KiwiSaver scheme accounts, though investors should confirm their own account type when reviewing. Always verify these details against each fund's current PDS 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
- QuayStreet Income Fund charges 0.69% lower in annual fund charges (0.77% vs 1.46%).
- 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
1.46%
Highest 8% of cohort
QuayStreet
0.77%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
3.05%
Lower half over 5 years
QuayStreet
2.90%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$319m
Upper half by size
QuayStreet
NZ$329m
Largest 25% in cohort
| Metric | Fisher Funds | QuayStreet | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.46% | 0.77% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 3.05% | 2.90% | Higher is better (past not future) |
| Fund size | NZ$319m | NZ$329m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 | 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 Growth Fund
The fund aims to grow your investment over the long term by investing in mainly growth assetsFull Fisher Funds Fisher Funds Growth Fund profile →
QuayStreet
QuayStreet Income Fund
The QuayStreet Income Fund will invest in a diversified portfolio with an emphasis on income producing assets such as New Zealand and International fixed interest investments and derivatives. The fund may include an allocation to growth assets. The investment objective is to provide a level of return above the fund’s benchmark over the long term. The fund aims to make quarterly distributions.Full QuayStreet QuayStreet Income Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
QuayStreet
Common questions
What's the difference between the Fisher Funds Growth Fund and the QuayStreet Income Fund?
Which fund has lower fees, Fisher Funds Growth Fund or QuayStreet Income Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
