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 sits at 53.72% growth assets — more than double — reflecting a meaningfully higher exposure to market risk. This divergence is confirmed by their respective FMA risk indicators: Simplicity Conservative carries a rating of 3 out of 7, and Summer Balanced Selection a 4 out of 7.
The fee gap is similarly significant. Simplicity charges an annual fund charge of 0.25%, compared with Summer's 1.02% — a difference of 0.77 percentage points annually, which compounds materially over time. Against that cost differential, Summer Balanced Selection's disclosed five-year return is 3.36% per annum versus Simplicity Conservative's 1.78% per annum, though comparing these figures in isolation without adjusting for the different risk profiles and time periods would be misleading.
On portfolio construction, Simplicity's largest disclosed holding is Cash at Bank at 10.45%, with the remainder spread across domestic floating-rate notes and a direct equity stake in Simplicity Living Ltd. Summer's largest position is the Hunter Global Fixed Interest Fund at 18.09%, indicating a fund-of-funds structure for at least part of its fixed income exposure, alongside direct equities and NZ government bonds. Fund size is broadly similar: Simplicity Conservative at NZD 168.8 million, Summer Balanced Selection at NZD 125.1 million.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
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?
