Fund-vs-fund · Diversified
Lifetime Balanced FundvsSummer Conservative Selection
Lifetime Balanced Fund (fund size NZ$9.6 million, annual fund charge 0.99%) 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; Lifetime Balanced Fund's 1-year return after fees and tax was 6.64% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
What's different at a glance
- Summer Conservative Selection charges 0.12% lower in annual fund charges (0.87% 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 68 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Lifetime
0.99%
Lower half of cohort
Summer
0.87%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Lifetime
—
—
Summer
2.17%
Bottom 22% over 5 years
Fund size
Larger = more stable, lower close-risk
Lifetime
NZ$10m
Smallest 21% in cohort
Summer
NZ$10m
Smallest 24% in cohort
| Metric | Lifetime | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.99% | 0.87% | Lower is better |
| Risk indicator (1–7) | 4 | 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 | 53% / 47% | 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
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 →
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 →
Common questions
What's the difference between the Lifetime Balanced Fund and the Summer Conservative Selection?
Which fund has lower fees, Lifetime Balanced Fund or Summer Conservative Selection?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
