Fund-vs-fund · Diversified
Lifetime Retirement Income Fund vs Summer Balanced 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.
What's different at a glance
- Summer Balanced Selection charges 0.34% lower in annual fund charges (1.02% vs 1.36%).
- 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
1.36%
Highest 11% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Lifetime
—
—
Summer
3.36%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Lifetime
NZ$115m
Upper half by size
Summer
NZ$125m
Upper half by size
| Metric | Lifetime | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.36% | 1.02% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 3.36% | Higher is better (past not future) |
| Fund size | NZ$115m | NZ$125m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 54% / 46% | 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 Retirement Income Fund
Managed investment fund designed to turn your retirement savings into a variable retirement income.Full Lifetime Lifetime Retirement Income Fund profile →
Summer
Summer Balanced Selection
The Summer Balanced Selection fund invests in a balanced mix of cash, fixed interest, 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 moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Conservative Selection (but with more risk), and lower than those of the Summer Growth Selection (but with less risk).Full Summer Summer Balanced Selection profile →
Common questions
What's the difference between the Lifetime Retirement Income Fund and the Summer Balanced Selection?
Which fund has lower fees, Lifetime Retirement Income Fund or Summer Balanced Selection?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
