Fund-vs-fund · NZ Fixed Interest
Fisher Funds New Zealand Fixed Income Trust vs Mercer Macquarie NZ Short Duration Fund
Both are NZ Fixed Interest 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 duration risk, reflected in their FMA risk indicators: Fisher Funds New Zealand Fixed Income Trust sits at risk indicator 3, while the Mercer Macquarie NZ Short Duration Fund sits at risk indicator 2. This distinction is consistent with the Mercer fund's explicit short-duration mandate, whose top holdings cluster around bonds maturing by 2029–2031, whereas the Fisher fund holds NZ government bonds extending out to 2037, accepting greater interest-rate sensitivity.
On fees, the Fisher fund charges 0.97% per annum against Mercer's 0.68%, a 29-basis-point gap that is material in a fixed interest context where return margins are narrow. Both funds report an identical 0.13% growth asset allocation, confirming broadly similar income-oriented positioning within the NZ Fixed Interest category.
Five-year returns diverge noticeably: the Mercer fund returned 1.87% per annum versus Fisher's 0.38% per annum over the same period, though past performance reflects the specific interest-rate environment during that window and is not indicative of future results. Fund size also differs — Fisher at approximately NZD 80.6 million versus Mercer at approximately NZD 47.0 million — though neither figure alone signals a structural advantage.
The Fisher fund's top holdings are concentrated in NZ government bonds; the Mercer fund layers in corporate bonds from issuers such as ANZ Bank New Zealand, GMT Bond Issuer, and Christchurch International Airport alongside government securities, introducing a degree of credit diversification absent from the Fisher portfolio.
Always 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
- Mercer Macquarie NZ Short Duration Fund charges 0.29% lower in annual fund charges (0.68% vs 0.97%).
- 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 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
0.97%
Highest 11% of cohort
Mercer
0.68%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
0.68%
Bottom 19% over 5 years
Mercer
1.87%
Top 4% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$77m
Lower half by size
Mercer
NZ$47m
Lower half by size
| Metric | Fisher Funds | Mercer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.97% | 0.68% | Lower is better |
| Risk indicator (1–7) | 3 | 2 | Higher = more volatility |
| 5-year return p.a. | 0.68% | 1.87% | Higher is better (past not future) |
| Fund size | NZ$77m | NZ$47m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 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 New Zealand Fixed Income Trust
The fund aims to provide stable returns over the long term by investing in New Zealand fixed interest assetsFull Fisher Funds Fisher Funds New Zealand Fixed Income Trust profile →
Mercer
Mercer Macquarie NZ Short Duration Fund
The fund is an actively managed portfolio of fixed interest securities. It is a low-risk investment product, focusing predominantly on corporate securities in the New Zealand and Australian market with a shorter average maturity than a standard fixed interest fund. Environmental, Social and Governance characteristics are integrated into our investment process. The fund aims to provide a Gross Return1 above the return of the Bloomberg NZBond Swaps 1–3 Year Index on a rolling three-year basis.Full Mercer Mercer Macquarie NZ Short Duration Fund 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
Common questions
What's the difference between the Fisher Funds New Zealand Fixed Income Trust and the Mercer Macquarie NZ Short Duration Fund?
Which fund has lower fees, Fisher Funds New Zealand Fixed Income Trust or Mercer Macquarie NZ Short Duration 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?
