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 cash funds is cost: Simplicity NZ Cash Fund charges an annual fund fee of 0.12%, while Summer New Zealand Cash charges 0.62% — a five-fold difference that compounds directly against net returns in a category where margins are narrow.
Risk classification diverges by one band: Summer carries a risk indicator of 1 (the lowest on the standard scale), while Simplicity sits at 2. This likely reflects portfolio construction differences — Simplicity allocates 0.07% to growth assets and holds floating-rate notes from domestic banks such as Kiwibank and Westpac alongside Housing NZ paper, suggesting modest duration exposure. Summer holds 0.31% in growth assets and spreads across NZ Government bonds, commercial paper, and call accounts at institutions including Bank of China, pointing to a more diversified but still conservative fixed-income mix.
Fund scale differs substantially: Simplicity NZ Cash stands at approximately NZ$91.5 million, versus Summer's roughly NZ$4.9 million. Larger pools can affect liquidity management and the ability to access wholesale pricing on instruments.
On returns, Summer discloses a five-year annualised return of 2.41%; Simplicity's five-year figure is not available in this snapshot, limiting a direct historical performance comparison. Summer's PDS notes it is a KiwiSaver scheme account offering; Simplicity's is structured as an investment fund.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any detail here.
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 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?
