Fund-vs-fund · Cash
Lifetime Cash Fund vs Summer New Zealand Cash
Both are Cash 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 cash funds is how each deploys investor capital. Summer New Zealand Cash holds a diversified portfolio of individual fixed-income instruments — government bonds, bank floating-rate notes, commercial paper from corporate issuers, and call accounts — spread across at least a dozen disclosed positions. The Lifetime Cash Fund, by contrast, allocates 98.47% of its assets to a single underlying vehicle, the Fisher Institutional New Zealand Cash Fund, with 1.53% held as cash at bank. Investors in Lifetime are therefore taking on a fund-of-fund structure with an additional layer of manager concentration risk absent from Summer's approach.
Risk indicators diverge despite both sitting in the cash category: Summer carries a risk indicator of 1, while Lifetime is rated 2. Growth asset exposure is minimal in both funds but slightly higher in Summer (0.31% versus 0.07%). Annual fund charges are close — Summer at 0.62% and Lifetime at 0.65% — though Lifetime's fee applies on top of whatever costs are embedded in the underlying Fisher fund, which the QFU data does not break out separately. Summer's five-year annualised return is disclosed at 2.41%; Lifetime's equivalent figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Fund size also differs substantially: Summer holds approximately NZD 4.92 million in assets versus Lifetime's NZD 154,000, which may affect liquidity management and operational scale.
Always verify these details against the current 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
- Annual fund charges are within 0.05% of each other (0.65% vs 0.62%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Summer New Zealand Cash is roughly 31.9× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 5 cash funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Lifetime
0.65%
Highest 10% of cohort
Summer
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Lifetime
—
—
Summer
2.41%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Lifetime
NZ$154k
Smallest 10% in cohort
Summer
NZ$5m
Lower half by size
| Metric | Lifetime | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.65% | 0.62% | Lower is better |
| Risk indicator (1–7) | 2 | 1 | Higher = more volatility |
| 5-year return p.a. | — | 2.41% | Higher is better (past not future) |
| Fund size | NZ$154k | NZ$5m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 Cash Fund
Invests in a range of cash and cash equivalent investments. Expected to experience low volatility.Full Lifetime Lifetime Cash Fund profile →
Summer
Summer New Zealand Cash
The Summer New Zealand Cash fund invests in cash, cash equivalents and short-term New Zealand debt security assets. We aim to provide returns (before fees, taxes and other expenses) above the Official Cash Rate (OCR) over a rolling 12 month period.Full Summer Summer New Zealand Cash profile →
Common questions
What's the difference between the Lifetime Cash Fund and the Summer New Zealand Cash?
Which fund has lower fees, Lifetime Cash Fund or Summer New Zealand Cash?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
