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
The most material structural difference between these two funds is their credit and issuer composition. Fisher Funds New Zealand Fixed Income Trust concentrates its top holdings in NZ Government bonds, with four of its five largest positions being sovereign debt (combined top-five weight around 27%), alongside a Local Government Funding Agency bond. NZ Funds New Zealand and Australian Bonds, by contrast, allocates its largest positions almost entirely to bank paper — Westpac, ANZ, Bank of New Zealand, and Kiwibank — with the top five holdings representing roughly 46% of the fund. This reflects a meaningfully different credit risk profile within the same NZ Fixed Interest category.
Both funds report identical growth asset exposure of 0.07%, yet their risk indicators diverge: Fisher Funds sits at a risk indicator of 3, while NZ Funds carries a risk indicator of 4, consistent with the higher-yielding bank and subordinated debt (notably the Kiwibank perpetual security) in the NZ Funds portfolio. On fees, the difference is substantial — Fisher Funds charges 0.97% per annum versus NZ Funds at 1.44%. Over five years, NZ Funds has returned 0.97% annually compared to Fisher Funds' 0.68%, though past returns do not indicate future performance. NZ Funds is also roughly twice the size by funds under management (~$144.7m versus ~$76.9m).
Both funds disclose 0.07% growth assets, suggesting predominantly income-oriented mandates, though neither fund's latest QFU commentary on duration or benchmark is reproduced in our snapshot.
Always verify current fees, returns, and holdings against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- 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 | 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
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?
