Fund-vs-fund · Diversified
Lifetime Balanced 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 growth asset allocation, which signals meaningfully different risk and return profiles. Summer Conservative Selection holds 22.99% in growth assets against a risk indicator of 3 (on the standard 1–7 scale), while Lifetime Balanced Fund holds 53.2% in growth assets and carries a risk indicator of 4. This gap in equity exposure shapes everything downstream, including expected volatility and long-run return potential.
On fees, Lifetime Balanced charges 0.99% per annum versus Summer Conservative Selection's 0.87%, a 12 basis-point difference that compounds over time. On five-year returns, Summer Conservative Selection discloses 2.17% per annum; Lifetime Balanced's five-year return figure is not available in the current snapshot, so a like-for-like performance comparison cannot be made here.
The two funds also differ in portfolio construction. Summer Conservative Selection's largest single holding is the Hunter Global Fixed Interest Fund at 23.03%, with the remainder of its disclosed top holdings concentrated in New Zealand government bonds. Lifetime Balanced distributes exposure more broadly across global equity ESG funds (hedged and unhedged together accounting for roughly 34%), New Zealand fixed interest, and NZ shares, reflecting its higher growth tilt.
Fund sizes are similar — NZD 10.3 million and NZD 9.6 million respectively — so neither is materially larger in the current data. Both are retail managed funds; neither is described in this data as a KiwiSaver scheme account, though Summer's PDS link references a KiwiSaver scheme.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this.
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
- 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 67 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 23% over 5 years
Fund size
Larger = more stable, lower close-risk
Lifetime
NZ$10m
Smallest 17% in cohort
Summer
NZ$10m
Smallest 20% 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?
