Fund-vs-fund · Diversified
Foundation Series High Growth Fund vs Lifetime Balanced 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 growth asset allocation. The Foundation Series High Growth Fund holds 98.31% in growth assets, giving it a risk indicator of 5, while the Lifetime Balanced Fund holds 53.2% in growth assets and carries a risk indicator of 4. Despite sharing the same Diversified category label, these funds occupy meaningfully different positions on the risk-return spectrum.
That divergence is reinforced by fee levels. Foundation Series charges 0.37% per annum — among the lower end for diversified funds — compared with Lifetime's 0.99%, a difference of 0.62 percentage points annually. Over time, that gap compounds on any given balance. Neither fund discloses a five-year return figure in our snapshot, so historical performance cannot be compared here.
Portfolio construction also differs materially. Foundation Series concentrates into three underlying ETFs — Vanguard ESG US Stock ETF (47.53%), Harbour Sustainable NZ Shares Fund (27.79%), and Vanguard ESG INTL Stock ETF (23.55%) — producing a highly equity-focused, ESG-screened structure. Lifetime spreads exposure across at least five underlying wholesale funds spanning global equities (hedged and unhedged), New Zealand fixed interest, NZ shares, and global credit, reflecting its balanced mandate. Fund sizes are broadly similar: Foundation Series at NZD 9.99 million and Lifetime at NZD 9.57 million.
Readers should verify all figures, including any updates to fees, holdings, or returns, against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Foundation Series High Growth Fund charges 0.62% lower in annual fund charges (0.37% vs 0.99%).
- 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
0.37%
Lowest 16% of cohort
Lifetime
0.99%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Lifetime
—
—
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$10m
Smallest 19% in cohort
Lifetime
NZ$10m
Smallest 17% in cohort
| Metric | Foundation Series | Lifetime | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.37% | 0.99% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$10m | NZ$10m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 53% / 47% | 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
1
of each fund's top 10
Foundation Series weight in shared
2.6%
of Foundation Series High Growth Fund top 10 is shared
Lifetime weight in shared
6.8%
of Lifetime Balanced Fund top 10 is shared
| Holding | Foundation Series | Lifetime |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 2.65% | 6.77% |
"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 High Growth Fund
Aims for high long-run returns by investing in a diversified portfolio of predominantly growth assets but with a small amount of 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 High Growth Fund profile →
Lifetime
Lifetime Balanced Fund
Invests primarily in growth assets with a moderate exposure to income assets. Expected to experience medium to high volatility.Full Lifetime Lifetime Balanced Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Lifetime
Common questions
What's the difference between the Foundation Series High Growth Fund and the Lifetime Balanced Fund?
Which fund has lower fees, Foundation Series High Growth Fund or Lifetime Balanced Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
