ACI Conservative Fund is a diversified managed fund operated by ACI; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.20% · minimum investment NZ$50 · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 1.20% annual fund charge sits above the same-category median of 0.99%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.50%
vs peer avg 0.89%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 2.19%
Fund size
NZ$4.4m
23% growth · 77% income
The ACI Conservative Fund aims to achieve a rate of return (net of fees but before tax) of at least 1.75% per annum above inflation (as measured by Statistics New Zealand's Consumer Price Index) over the longer term. The Fund's objective is to provide relatively consistent returns, with some capital growth over the long term.
How ACI Conservative Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Dimensional Global Bond Sustain Trust Aud Class (42.6%) · Dimensional Two Year Sustain Fixed Interest Trust (18.8%) · Cash at Bank (BNZ) (8.4%)
- Currency policy
- The Funds target 100% hedged to New Zealand dollars for international fixed interest and listed property; 50% hedged to New Zealand dollars for international equities (excluding Australian and emerging market equities, w…
Key facts
Fund start date
4 April 2023
Min. investment
NZ$50
Subsequent: NZ$50
Distributions
No distributions (accumulating)
Buy / sell spread
20 bps (0.20%) / 20 bps (0.20%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 1% | 0% | 40% |
| International fixed interest | 66% | 40% | 80% |
| Total income assets | 67% | 40% | 100% |
| Australasian equities | 6% | 0% | 20% |
| International equities | 22% | 0% | 40% |
| Listed property | 5% | 0% | 10% |
| Total growth assets | 33% | 0% | 60% |
Responsible-investment approach
All but two of the underlying funds integrate sustainability criteria into the investment process via Dimensional Sustainability Funds, which use a sustainability scoring system primarily focused on GHG emissions to underweight or exclude high-emissions companies and overweight low-emissions companies. These funds may also exclude companies involved in coal, palm oil, factory farming, child labour, tobacco, alcohol, gambling, adult entertainment, controversial weapons, nuclear weapons, personal firearms and private prisons.
Exclusions
- Coal
- Palm oil
- Factory farming
- Child labour
- Tobacco
- Alcohol
- Gambling
- Adult entertainment
- Controversial weapons
- Nuclear weapons
- Personal firearms
- Private prisons
Derivatives policy
Underlying funds may use derivatives to manage large cashflows and forward contracts for hedging foreign currencies. The Funds themselves do not directly use derivatives beyond what is employed within underlying funds.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- FundRock NZ Limited acknowledges a conflict of interest because it acts as manager for the Dimensional Global Sustainability PIE Funds, which are the same underlying funds the ACI Funds invest into.
- FundRock discloses this arrangement could influence it to allocate ACI Fund assets to those related funds rather than direct assets or third-party-managed funds.
- FundRock warns that if these related-party investments are not on arm's-length terms, or if alternative investments would be more efficient, investors in the ACI Funds could be adversely affected.
- No performance-fee mechanic or additional related-party transaction costs are disclosed in the provided OMI excerpt for the ACI Funds.
Generated 2026-05-28 from ACI Funds OMI (dated 2025-11-26). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Auditor
KPMG
Custodian
Adminis NZ Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- Parties related to the Funds, including the staff of Stewart Group and their families, and the staff of FundRock and their families may from time to time invest in the Funds.
- FundRock acts as manager for some of the underlying funds (Dimensional Global Sustainability PIE Fund and Dimensional Global Sustainability PIE Fund (NZD Hedged)) that the ACI Funds invest into, which could influence it to invest the assets of the Funds into those underlying funds instead of into direct assets or investment funds managed by third parties.
- If the investment into the Underlying Dimensional PIE Funds is not on arms' length terms or if investment into direct assets or third party funds were a more efficient way of achieving the Funds' investment strategy, investors in the Funds could be adversely affected.
How this fund compares to peers
Mechanical comparison vs the 67 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.50%
Category median: 0.99%
Pricier than most peers (top 93% by fee)
Fund size
NZ$4.4m
Category median: NZ$57.5m
10th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$728
Compounded charge over 5 years (excl. returns)
$243 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| DG Dimensional Global Bond Sustain Trust Aud Class | 42.65% |
| DT Dimensional Two Year Sustain Fixed Interest Trust | 18.77% |
| $ Cash at Bank (BNZ) | 8.41% |
| DG Dimensional Global Real Estate Trust NZD Hedged Class | 5.07% |
| DE Dimensional Emerging Markets Sustainability Trust AUD | 4.37% |
| SN Smartshares NZ Core Equity Trust | 4.10% |
 Apple Inc | 0.81% |
 Nvidia Corp | 0.80% |
 Meta Platforms Inc | 0.33% |
 Amazon Com Inc | 0.32% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- ACI CONSERVATIVE FUND (FND43018) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 114.57 KB
- 20251127 ACI Funds PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 330.80 KB
- 20260331 ACI Conservative QFU.pdf The quarterly update published by the provider PDF, 499.44 KB
- 20251127 ACI Funds OMI.pdf Other Material Information PDF, 386.17 KB
- 20251127 ACI Funds SIPO.pdf Statement of investment policy and objectives PDF, 313.76 KB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About ACI
New Zealand-based fund manager offering diversified portfolio funds.
See all funds from ACI →Common questions
Questions people ask about ACI Conservative Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
What are the risks of a conservative fund?
Conservative funds typically carry lower volatility than growth-focused funds, but remain exposed to interest-rate risk, credit risk (bond issuer default), and inflation risk; ACI Conservative Fund has a FMA standardised risk indicator of 4/7, reflecting moderate risk. For detailed risk analysis specific to this fund, refer to the Product Disclosure Statement and latest Fund Update on the FMA Disclose register.
Should I switch to conservative fund?
Whether to switch to a conservative fund depends on your investment timeframe, income needs, and risk tolerance—factors that vary by individual investor. Conservative funds like ACI, with approximately 77.28% income assets and 22.72% growth assets (as at the latest QFU), are typically suited to investors seeking lower volatility, but you should review your own circumstances and the current PDS before making any changes.
What is the average return on a conservative portfolio?
Average returns on conservative portfolios vary with interest rates, credit conditions, and equity markets, and historical returns do not indicate future performance. For ACI Conservative Fund's past performance, consult the latest Fund Update and Product Disclosure Statement on the FMA Disclose register.
Head-to-head
Compare ACI Conservative Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 4 funds →AI & integrations
Use this fund inside the tools you already use
Every fund on ManagedFundsNZ ships in three formats so AI assistants and data tools can consume it without scraping: a canonical HTML page, a plain Markdown twin, and a structured JSON twin. Citation back to the canonical URL is required; full reuse policy at /llms-policy.txt.
- Canonical (HTML)managedfunds.nz/funds/aci/conservative/This page. Browsable.
- Markdown twinmanagedfunds.nz/funds/aci/conservative/markdown.mdPlain text. AI-crawler-ready.
- Structured (JSON)managedfunds.nz/funds/aci/conservative/data.jsonMachine-parseable.
Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the ACI Conservative Fund?
ACI Conservative Fund is managed by ACI. New Zealand-based fund manager offering diversified portfolio funds.
What asset class is the ACI Conservative Fund?
It is a diversified managed fund. The fund has a conservative risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the ACI Conservative Fund?
The annual fund charge for the ACI Conservative Fund is 1.50% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the ACI Conservative Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the ACI Conservative Fund a PIE fund?
Yes. The ACI Conservative Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the ACI Conservative Fund?
Fund size (assets under management) is NZ$4 million as at the latest Quarterly Fund Update. Asset mix is approximately 23% growth assets and 77% income assets.
What does the ACI Conservative Fund invest in?
The latest published top holdings are: Dimensional Global Bond Sustain Trust Aud Class (42.65%), Dimensional Two Year Sustain Fixed Interest Trust (18.77%), Cash at Bank (BNZ) (8.41%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the ACI Conservative Fund?
The ACI Conservative Fund is available via ACI directly. Always read the current Product Disclosure Statement before investing.
What are the risks of a conservative fund?
Conservative funds typically carry lower volatility than growth-focused funds, but remain exposed to interest-rate risk, credit risk (bond issuer default), and inflation risk; ACI Conservative Fund has a FMA standardised risk indicator of 4/7, reflecting moderate risk. For detailed risk analysis specific to this fund, refer to the Product Disclosure Statement and latest Fund Update on the FMA Disclose register.
Should I switch to conservative fund?
Whether to switch to a conservative fund depends on your investment timeframe, income needs, and risk tolerance—factors that vary by individual investor. Conservative funds like ACI, with approximately 77.28% income assets and 22.72% growth assets (as at the latest QFU), are typically suited to investors seeking lower volatility, but you should review your own circumstances and the current PDS before making any changes.
What is the average return on a conservative portfolio?
Average returns on conservative portfolios vary with interest rates, credit conditions, and equity markets, and historical returns do not indicate future performance. For ACI Conservative Fund's past performance, consult the latest Fund Update and Product Disclosure Statement on the FMA Disclose register.