Fund-vs-fund · Diversified
Foundation Series High Growth Fund vs Summer Conservative Selection
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 High Growth Fund holds 98.31% in growth assets, built almost entirely from three ESG-screened equity ETFs and funds — Vanguard ESG US Stock ETF (47.53%), Harbour Sustainable NZ Shares Fund (27.79%), and Vanguard ESG INTL Stock ETF (23.55%). The Summer Conservative Selection, by contrast, holds just 22.99% in growth assets, with its largest disclosed position being the Hunter Global Fixed Interest Fund (23.03%) alongside several New Zealand Government bonds, reflecting a predominantly income-oriented structure. Despite sharing the "Diversified" category label, these two funds sit at opposite ends of the risk-return spectrum within that category.
This divergence is confirmed by their risk indicators: Foundation Series High Growth carries a risk indicator of 5, while Summer Conservative Selection sits at 3 on the standard 1–7 scale. On fees, Foundation Series High Growth charges 0.37% per annum versus Summer Conservative Selection's 0.87%. Fund sizes are comparable at roughly NZD 10 million each. Summer Conservative Selection discloses a five-year return of 2.17% per annum; Foundation Series High Growth's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Both funds are associated with KiwiSaver scheme accounts, per their respective PDS documents.
Always verify current fees, returns, and holdings against each fund's source 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
- Foundation Series High Growth Fund charges 0.50% lower in annual fund charges (0.37% vs 0.87%).
- 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
Summer
0.87%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Summer
2.17%
Bottom 23% over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$10m
Smallest 19% in cohort
Summer
NZ$10m
Smallest 20% in cohort
| Metric | Foundation Series | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.37% | 0.87% | Lower is better |
| Risk indicator (1–7) | 5 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 2.17% | Higher is better (past not future) |
| Fund size | NZ$10m | NZ$10m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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.
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 →
Summer
Summer Conservative Selection
The Summer Conservative Selection fund invests in a greater exposure to cash and fixed interest investments and a lesser exposure to equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect low to moderate levels of movement up and down in value, and longer-term returns that are lower than those of the Summer Balanced Selection (but with less risk).Full Summer Summer Conservative Selection profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Foundation Series High Growth Fund and the Summer Conservative Selection?
Which fund has lower fees, Foundation Series High Growth Fund or Summer Conservative Selection?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
