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, 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 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 | 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.
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 →
Foundation Series
LiveLast verified 2026-05-08
Summer
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?
