Fund-vs-fund · Diversified
Foundation Series High Growth FundvsSummer Conservative Selection
Foundation Series High Growth Fund (fund size NZ$10.0 million, annual fund charge 0.37%) and Summer Conservative Selection (fund size NZ$10.3 million, annual fund charge 0.87%) are both diversified managed funds, as shown on Sorted Smart Investor on 22 May 2026; Foundation Series High Growth Fund's 1-year return after fees and tax was 12.36% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 1 of the same securities. If you held both, roughly 0.9% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Foundation Series | Summer Conservative | Min weight |
|---|---|---|---|
| VANGUARD ESG US STOCK ETF | 47.53% | 0.89% | 0.89% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Foundation Series High Growth Fund
Summer Conservative Selection
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
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, while the Summer Conservative Selection holds just 22.99% — a gap of more than 75 percentage points that shapes everything from expected volatility to return profile. This is reflected directly in their risk indicators: Foundation Series sits at 5 on the standard 1–7 scale, Summer at 3.
On fees, Foundation Series charges 0.37% per annum, less than half Summer's 0.87%. Both funds are similar in size — Foundation Series at approximately NZD 9.99 million, Summer at NZD 10.34 million — so the fee gap is unlikely to be explained by scale.
Portfolio construction also differs markedly. Foundation Series concentrates almost entirely in three ESG-screened equity ETFs or funds — Vanguard ESG US Stock ETF (47.53%), Harbour Sustainable NZ Shares Fund (27.79%), and Vanguard ESG INTL Stock ETF (23.55%) — giving it a transparent, index-tilted equity character. Summer's disclosed top holdings are dominated by the Hunter Global Fixed Interest Fund (23.03%) alongside several New Zealand government bonds, consistent with its conservative mandate.
On performance history, Summer discloses a five-year annualised return of 2.17%; Foundation Series does not disclose a five-year return figure in this snapshot, likely reflecting insufficient fund history rather than an omission.
Both funds sit within KiwiSaver scheme account structures. Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 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 68 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 14% 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 22% over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$10m
Smallest 23% in cohort
Summer
NZ$10m
Smallest 24% 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 | Direct | Direct | Platforms accepting retail subscriptions. |
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?
