Fund-vs-fund · Diversified
Foundation Series Growth Fund vs Simplicity Homes and Income Investment 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. The Foundation Series Growth Fund holds 78.34% in growth assets, carries a risk indicator of 4, and is broadly diversified across global equities via ESG-screened ETFs — its five largest positions are the Vanguard ESG US Stock ETF (38.94%), Harbour Sustainable NZ Shares Fund (22.57%), and Vanguard ESG International Stock ETF (19.26%), with modest fixed income exposure completing the mix. The Simplicity Homes and Income Investment Fund sits at the opposite end of the risk-return spectrum within the diversified category: only 23.37% growth assets, a risk indicator of 3, and a portfolio anchored by its largest holding, Simplicity Living Ltd Ordinary Shares (14.11%) — an unlisted residential property company — alongside a cluster of NZ bank floating-rate notes and a CHFA bond. This gives the Simplicity fund a distinctive NZ-centric, income-oriented character not replicated by the Foundation Series fund's globally diversified equity tilt.
On fees, Simplicity discloses a 0.25% annual fund charge against Foundation Series Growth's 0.38%. Fund sizes are comparable — NZ$67.8 million versus NZ$62.4 million respectively. The Foundation Series Growth Fund reports a five-year return of 6.31% per annum; the Simplicity fund's five-year return figure is not available in this snapshot. Both are retail managed funds, neither is a KiwiSaver scheme account.
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.
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
- Simplicity Homes and Income Investment Fund charges 0.13% lower in annual fund charges (0.25% vs 0.38%).
- 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
0.38%
Lowest 17% of cohort
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
6.31%
Top 15% over 5 years
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$62m
Upper half by size
Simplicity
NZ$68m
Upper half by size
| Metric | Foundation Series | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.38% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 6.31% | — | Higher is better (past not future) |
| Fund size | NZ$62m | NZ$68m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 23% / 77% | 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 | 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
2.2%
of Foundation Series Growth Fund top 10 is shared
Simplicity weight in shared
7.6%
of Simplicity Homes and Income Investment Fund top 10 is shared
| Holding | Foundation Series | Simplicity |
|---|---|---|
 Mercer Macquarie NZ Cash Fund NZ | 1.62% | 3.80% |
| $ Cash at Bank (BNZ) NZ | 0.60% | 3.80% |
"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 Growth Fund
Aims for high long-run returns by investing in a diversified portfolio weighted towards growth assets but with some income asset exposure. 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 Growth Fund profile →
Simplicity
Simplicity Homes and Income Investment Fund
The Homes and Income Investment Fund provides investors with an exposure to a mix of growth and income assets, with a focus on residential property.Full Simplicity Simplicity Homes and Income Investment Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Foundation Series Growth Fund and the Simplicity Homes and Income Investment Fund?
Which fund has lower fees, Foundation Series Growth Fund or Simplicity Homes and Income Investment Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
