Fund-vs-fund · Cash
Simplicity NZ 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 funds is cost: Simplicity NZ Cash Fund charges an annual fund fee of 0.12%, compared with Summer New Zealand Cash at 0.62% — a five-fold difference that compounds meaningfully against cash-like returns over time.
Despite sharing a Cash category label, the two funds carry different risk indicator ratings. Summer New Zealand Cash sits at risk indicator 1 (the lowest point on the standard seven-point scale), while Simplicity NZ Cash Fund is rated 2, suggesting modestly greater return variability. This is consistent with portfolio construction: Simplicity holds floating-rate notes with maturities out to 2028 and a Housing New Zealand bond, which introduces slightly more duration and credit exposure than a tighter cash mandate. Summer's top holdings include a New Zealand Government bond, call accounts, and commercial paper, with its largest single position at 5.06% versus Simplicity's at 10.57%, indicating a more distributed allocation.
On fund size, Simplicity NZ Cash Fund holds approximately NZD 91.5 million in assets under management, while Summer New Zealand Cash is considerably smaller at approximately NZD 4.9 million. Summer discloses a five-year return of 2.41% per annum; Simplicity's five-year return figure is not available in this snapshot. Both funds report negligible growth asset allocations (under 1%).
Summer New Zealand Cash is offered through the Summer KiwiSaver scheme, meaning access is via your KiwiSaver scheme account; Simplicity NZ Cash Fund is a standalone investment fund open outside KiwiSaver.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 NZ Cash Fund charges 0.50% lower in annual fund charges (0.12% vs 0.62%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity NZ Cash Fund is roughly 18.6× 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
Simplicity
0.12%
Lowest 10% of cohort
Summer
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Simplicity
—
—
Summer
2.41%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Simplicity
NZ$92m
Upper half by size
Summer
NZ$5m
Lower half by size
| Metric | Simplicity | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.12% | 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$92m | 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
Simplicity
Simplicity NZ Cash Fund
The NZ Cash Fund provides investors with exposure to debt securities.Full Simplicity Simplicity NZ 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 Simplicity NZ Cash Fund and the Summer New Zealand Cash?
Which fund has lower fees, Simplicity NZ Cash Fund or Summer New Zealand Cash?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
