Fund-vs-fund · Diversified
Foundation Series Balanced Fund vs Mint Diversified Growth Fund
Both are Diversified 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 asset allocation and corresponding risk profile. The Mint Diversified Growth Fund carries 78.48% in growth assets against a risk indicator of 5 (out of 7), while the Foundation Series Balanced Fund holds 53.15% in growth assets at a risk indicator of 4 — a meaningful divergence in expected volatility despite both sitting within the Diversified category.
Fee structures differ substantially. Foundation Series charges an annual fund charge of 0.36%, compared to Mint's 1.21% — a gap of 0.85 percentage points that compounds materially over time. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, Foundation Series returned 4.77% per annum against Mint's 2.43%, though the higher growth-asset weighting in the Mint fund did not translate to higher returns over this snapshot period; investors should consider that five-year windows can reflect timing effects rather than structural performance differences.
Portfolio construction also diverges sharply. Foundation Series concentrates its exposure through five ESG-screened index and managed funds — including Vanguard ESG and iShares ESG vehicles — suggesting a passive-tilted, sustainability-oriented approach. Mint's disclosed holdings are more granular, featuring direct equity positions such as Visa and NVIDIA alongside internal Australasian funds, indicating an actively managed, multi-asset structure. Fund sizes are comparable: Foundation Series at NZD 45.5 million and Mint at NZD 45.9 million.
Readers should 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
- Foundation Series Balanced Fund charges 0.85% lower in annual fund charges (0.36% vs 1.21%).
- 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 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Foundation Series
0.36%
Lowest 14% of cohort
Mint
1.21%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
4.77%
Top 25% over 5 years
Mint
2.43%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$46m
Lower half by size
Mint
NZ$46m
Lower half by size
| Metric | Foundation Series | Mint | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.36% | 1.21% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 4.77% | 2.43% | Higher is better (past not future) |
| Fund size | NZ$46m | NZ$46m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 78% / 22% | 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
2
of each fund's top 10
Foundation Series weight in shared
2.3%
of Foundation Series Balanced Fund top 10 is shared
Mint weight in shared
7.4%
of Mint Diversified Growth Fund top 10 is shared
| Holding | Foundation Series | Mint |
|---|---|---|
 Mercer Macquarie NZ Cash Fund NZ | 1.71% | 3.69% |
| $ Cash at Bank (BNZ) NZ | 0.57% | 3.69% |
"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
Foundation Series
Foundation Series Balanced Fund
Aims for mid-range long-run returns by investing in a diversified portfolio with a balance of income and growth assets. The Fund incorporates certain responsible investment considerations and is exposed to investment strategies that seek to limit exposure to companies involved in specific business practices.Full Foundation Series Foundation Series Balanced Fund profile →
Mint
Mint Diversified Growth Fund
The Fund invests across a range of asset types which includes New Zealand and international equities (including listed property if held), but will also hold cash and fixed interest. The objective of the Fund is to deliver returns in excess of the Consumers Price Index (CPI) by 4.5% per annum, before fees, over the medium to long term. The relevant market index for the Fund is a composite index derived from the underlying asset classes of the Fund.Full Mint Mint Diversified Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Mint
LiveLast verified 2026-05-08
Common questions
What's the difference between the Foundation Series Balanced Fund and the Mint Diversified Growth Fund?
Which fund has lower fees, Foundation Series Balanced Fund or Mint Diversified Growth 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?
