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 and interest-rate sensitivity, reflected in their risk indicators: the Fisher Funds New Zealand Fixed Income Trust carries a risk indicator of 3, while the Mercer Macquarie NZ Short Duration Fund sits at the lower risk indicator of 2. This distinction is consistent with their respective portfolios. Fisher Funds holds several long-dated New Zealand Government Bonds — including a 2037 maturity and a 2033 maturity — making up the majority of its top five positions, and its largest single holding at 7.46% is a bond maturing in 2033. The Mercer fund, as its name signals, skews toward shorter maturities and also diversifies into corporate bonds (ANZ, GMT Bond Issuer, Christchurch International Airport), none of which appear in Fisher Funds' disclosed top holdings.
On fees, Mercer charges 0.68% annually versus Fisher Funds' 0.97%, a 29-basis-point difference that compounds over time. The five-year return figures — 1.87% for Mercer against 0.68% for Fisher Funds — favour Mercer over that period, though past returns do not predict future performance and the shorter-duration positioning of Mercer may have been particularly advantageous during recent interest-rate rises. Both funds report identical growth asset allocations of 0.07%. Fisher Funds is the larger fund at approximately NZD 77 million versus Mercer's NZD 47 million.
Readers should verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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
- 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
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?
