Fund-vs-fund · Diversified
Simplicity Conservative Investment 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.
Why these two differ
The most material structural difference between these two funds is their asset allocation. The Simplicity Conservative Investment Fund holds 23.37% in growth assets, consistent with its conservative mandate, while Summer Balanced Selection holds 53.72% in growth assets — more than double — reflecting a meaningfully higher equity tilt. This difference is also captured in their risk indicators: Simplicity Conservative sits at 3 on the standard 1–7 scale, while Summer Balanced Selection sits at 4, indicating greater expected return volatility for the latter.
The fee gap is substantial. Simplicity Conservative charges 0.25% per annum, whereas Summer Balanced Selection charges 1.02% — a difference of 0.77 percentage points annually, which compounds materially over time. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, Summer Balanced Selection returned 3.36% per annum against Simplicity Conservative's 1.78%, though the higher return must be read alongside the higher growth allocation, higher risk rating, and higher fee rather than in isolation.
On fund size, Simplicity Conservative is the larger vehicle at approximately NZD 168.8 million versus Summer Balanced Selection's approximately NZD 125.1 million. Their portfolio construction also differs: Simplicity Conservative's top disclosed holdings are direct fixed-income and cash positions, while Summer Balanced Selection's largest single holding is the Hunter Global Fixed Interest Fund at 18.09%, suggesting a fund-of-funds structure for at least part of its allocation. Summer Balanced Selection's PDS references a KiwiSaver scheme account structure, whereas Simplicity Conservative operates as a standalone investment fund.
Always verify these figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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
- Simplicity Conservative Investment Fund charges 0.77% lower in annual fund charges (0.25% vs 1.02%).
- 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
Simplicity
0.25%
Lowest 6% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Simplicity
1.78%
Bottom 20% over 5 years
Summer
3.36%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Simplicity
NZ$169m
Upper half by size
Summer
NZ$125m
Upper half by size
| Metric | Simplicity | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.02% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.78% | 3.36% | Higher is better (past not future) |
| Fund size | NZ$169m | NZ$125m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 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
Simplicity
Simplicity Conservative Investment Fund
The Conservative Fund provides investors with a limited exposure to growth assets, but most of its investments are in income assets.Full Simplicity Simplicity Conservative Investment 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 Simplicity Conservative Investment Fund and the Summer Balanced Selection?
Which fund has lower fees, Simplicity Conservative Investment Fund or Summer Balanced Selection?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
