Fund-vs-fund · Cash
Simplicity NZ Cash FundvsSummer New Zealand Cash
Simplicity NZ Cash Fund (fund size NZ$91.5 million, annual fund charge 0.12%) and Summer New Zealand Cash (fund size NZ$4.9 million, annual fund charge 0.62%) are both cash managed funds, as shown on Sorted Smart Investor on 22 May 2026; Simplicity NZ Cash Fund's 1-year return after fees and tax was 2.42% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Why these two differ
Simplicity NZ Cash Fund and Summer New Zealand Cash are both cash-category funds but differ materially in scale and cost structure. Simplicity's fund is substantially larger at NZ$91.5 million versus Summer's NZ$4.9 million, which typically translates to greater liquidity and operational efficiency. This difference is reflected in the annual fund charge: Simplicity charges 0.12%, while Summer charges 0.62%—a fivefold gap that compounds significantly over time in a low-return asset class.
Summer discloses a five-year return of 2.41% annually; Simplicity's corresponding figure is not available in the latest snapshot. Both funds report minimal growth-asset exposure (Simplicity 0.07%, Summer 0.31%), consistent with their cash mandates, and carry low risk indicators (Simplicity 2, Summer 1 on the standard risk scale).
Portfolio composition differs slightly. Simplicity's top holding is cash at bank (10.57%), followed by floating-rate notes from Kiwibank and Westpac plus Housing NZ bonds. Summer's holdings are more dispersed across government securities, bank call accounts, floating-rate notes, and short-term corporate paper, with no single position exceeding 5.06%.
The material trade-off is cost versus potential diversification: Simplicity offers significantly lower fees in a larger vehicle, while Summer provides a lower risk rating and longer return history, though at substantially higher ongoing cost. Verify the latest Product Disclosure Statement and Quarterly Fund Update for each fund on the FMA Disclose register before making any investment decision.
Comparison generated 2026-10-12 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 6 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 8% of cohort
Summer
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Simplicity
—
—
Summer
2.41%
Lower 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?
