Fund-vs-fund · Diversified
Lifetime Retirement Income Fund vs Summer Growth 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 diversified funds is their asset allocation. Summer Growth Selection holds 77.76% in growth assets, placing it firmly toward the aggressive end of the diversified spectrum, while Lifetime Retirement Income Fund sits at 53.2% growth assets — a meaningfully more defensive posture despite sharing the same risk indicator of 4 on the standard 1–7 scale. That shared risk indicator warrants attention: investors comparing these funds on that figure alone would miss a 24-percentage-point gap in growth asset exposure.
On fees, Lifetime's annual fund charge of 1.36% is 34 basis points higher than Summer's 1.02%. Over time, that difference compounds. On five-year returns, Summer Growth Selection records 4.51% per annum; Lifetime Retirement Income Fund's five-year return is not disclosed in our snapshot, likely reflecting the fund's shorter operating history, so a like-for-like performance comparison is not currently possible.
Portfolio construction also differs in character. Summer holds a mix of individual NZ equities (Fisher & Paykel Healthcare, Precinct Properties, Goodman Property Trust) alongside global and fixed interest funds. Lifetime concentrates its top positions in wholesale pooled vehicles — two Smart Global Equity ESG funds together account for over 36% — plus a significant NZ fixed interest allocation, consistent with its income-oriented mandate.
Fund size is broadly comparable: Summer at NZD 111.5 million, Lifetime at NZD 115 million.
Readers should verify all figures against each fund's current product disclosure statement 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
- Summer Growth 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
4.51%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Lifetime
NZ$115m
Upper half by size
Summer
NZ$111m
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. | — | 4.51% | Higher is better (past not future) |
| Fund size | NZ$115m | NZ$111m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 78% / 22% | 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 Growth Selection
The Summer Growth Selection fund invests in a lesser exposure to cash and fixed interest investments and a greater 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 moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Balanced Selection (but with more risk).Full Summer Summer Growth Selection profile →
Common questions
What's the difference between the Lifetime Retirement Income Fund and the Summer Growth Selection?
Which fund has lower fees, Lifetime Retirement Income Fund or Summer Growth Selection?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
