Fund-vs-fund · NZ Fixed Interest
Fisher Funds New Zealand Fixed Income Trust vs NZ Funds New Zealand and Australian Bonds
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
Both funds sit in the NZ Fixed Interest category, but their underlying credit exposure represents the most material structural difference. The NZ Funds New Zealand and Australian Bonds fund concentrates its top holdings in bank-issued instruments — Westpac bill paper, ANZ subordinated debt, BNZ and Kiwibank securities — with its largest single position at 15.97%. The Fisher Funds New Zealand Fixed Income Trust, by contrast, anchors its portfolio in NZ Government Bonds, with three sovereign issues collectively occupying around 19.77% of reported weight, pointing to a materially different credit-quality profile despite both funds carrying the same category label.
Fee and risk indicator data reinforce this distinction. NZ Funds charges an annual fund charge of 1.44% against Fisher Funds' 0.97%, a 47-basis-point difference that compounds over time. The FMA risk indicator is 4 for NZ Funds and 3 for Fisher Funds, meaning NZ Funds sits one band higher on the standard 1–7 scale. Over the five years to the latest quarterly fund update, NZ Funds returned 0.97% per annum versus Fisher Funds' 0.38%, though past returns are not a reliable indicator of future performance. NZ Funds is the larger vehicle at approximately NZD 144.7 million; Fisher Funds' fund stands at approximately NZD 80.6 million. Growth asset allocations are minimal in both cases (0.07% and 0.13% respectively), consistent with fixed-interest mandates.
Verify all figures against each fund's current 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
- Fisher Funds New Zealand Fixed Income Trust charges 0.47% lower in annual fund charges (0.97% vs 1.44%).
- 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
NZ Funds
1.44%
Highest 4% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
0.68%
Bottom 19% over 5 years
NZ Funds
0.97%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$77m
Lower half by size
NZ Funds
NZ$145m
Lower half by size
| Metric | Fisher Funds | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.97% | 1.44% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.68% | 0.97% | Higher is better (past not future) |
| Fund size | NZ$77m | NZ$145m | 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 | InvestNow · 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 →
NZ Funds
NZ Funds New Zealand and Australian Bonds
The objective of the New Zealand and Australian Bonds fund is to generate gains by investing in income assets and other authorised assets with active management. The fund is anticipated to mainly own and trade New Zealand and Australian bonds over the minimum suggested timeframe.Full NZ Funds NZ Funds New Zealand and Australian Bonds 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
NZ Funds
Common questions
What's the difference between the Fisher Funds New Zealand Fixed Income Trust and the NZ Funds New Zealand and Australian Bonds?
Which fund has lower fees, Fisher Funds New Zealand Fixed Income Trust or NZ Funds New Zealand and Australian Bonds?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
