Fund-vs-fund · Australasian Equities
Fisher Funds New Zealand Growth Fund vs Octagon New Zealand Equities Fund
Both are Australasian Equities 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 risk indicator rating: Fisher Funds New Zealand Growth Fund sits at 5 on the standard 1–7 scale, while Octagon New Zealand Equities Fund is rated 4, despite both funds allocating an identical 98.31% to growth assets. This divergence likely reflects differences in the volatility profiles of their respective holdings rather than any difference in asset allocation philosophy, and investors should review each fund's SIPO for the manager's own explanation of that calibration.
On fees, Octagon charges 1.17% annually versus Fisher Funds' 1.42%, a 25-basis-point gap that compounds meaningfully over time on comparable fund sizes — both sit near NZD 161 million. Five-year returns are close: Fisher Funds returned 1.47% per annum against Octagon's 1.25%, though past returns are not a reliable indicator of future performance and the difference is modest in absolute terms.
Portfolio construction overlaps at the top — Fisher & Paykel Healthcare and Auckland International Airport feature prominently in both — but Fisher Funds carries a notably heavier concentration in its top two holdings (Fisher & Paykel at 18.39% and Infratil at 14.65%), while Octagon distributes weight more evenly across names such as Contact Energy and Ebos Group that do not appear in Fisher Funds' disclosed top five. Both funds sit within the Australasian Equities category and are not KiwiSaver scheme accounts.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Octagon New Zealand Equities Fund charges 0.25% lower in annual fund charges (1.17% vs 1.42%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.42%
Highest 6% of cohort
Octagon
1.17%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
1.47%
Lower half over 5 years
Octagon
1.25%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$161m
Upper half by size
Octagon
NZ$161m
Largest 25% in cohort
| Metric | Fisher Funds | Octagon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.42% | 1.17% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.47% | 1.25% | Higher is better (past not future) |
| Fund size | NZ$161m | NZ$161m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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.
Matching holdings
8
of each fund's top 10
Fisher Funds weight in shared
67.0%
of Fisher Funds New Zealand Growth Fund top 10 is shared
Octagon weight in shared
52.1%
of Octagon New Zealand Equities Fund top 10 is shared
| Holding | Fisher Funds | Octagon |
|---|---|---|
 Fisher & Paykel Healthcare Corp Ltd NZ | 18.39% | 14.68% |
 Auckland International Airport Limited NZ | 7.50% | 7.72% |
 Infratil Limited NZ | 14.65% | 7.03% |
 EBOS Group Limited NZ | 5.72% | 4.97% |
 Mainfreight Limited NZ | 7.84% | 4.00% |
 Meridian Energy Limited NZ | 3.92% | 4.32% |
 Contact Energy Limited NZ | 3.91% | 5.59% |
 The A2 Milk Company Limited NZ | 5.12% | 3.82% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Fisher Funds
Fisher Funds New Zealand Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds New Zealand Growth Fund profile →
Octagon
Octagon New Zealand Equities Fund
The New Zealand Equities Fund invests mostly in New Zealand shares, and can invest in Australian listed shares, where the company has meaningful operations in New Zealand. It aims to achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX50 Gross with Imputation Index.Full Octagon Octagon New Zealand Equities Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Octagon
Common questions
What's the difference between the Fisher Funds New Zealand Growth Fund and the Octagon New Zealand Equities Fund?
Which fund has lower fees, Fisher Funds New Zealand Growth Fund or Octagon New Zealand Equities 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?
