ANZ Investments OneAnswer Conservative Balanced Fund
Managed by ANZ Investments ANZ Investments OneAnswer Conservative Balanced Fund is a diversified managed fund operated by ANZ Investments; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 0.80% · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 0.80% annual fund charge sits below 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
0.75%
vs peer avg 0.89%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
2.24%
peer avg 2.19%
Fund size
NZ$529.2m
23% growth · 77% income
Aims to achieve over the long term low to moderate returns, and allowing for small to moderate ups and downs in value.
Benchmark track record
Compare Diversified consistency →How ANZ Investments OneAnswer Conservative Balanced Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Growth of NZ$10,000
2013–2022, after fees & taxA notional NZ$10,000 compounded by each year's disclosed net return — a track-record trajectory from the FMA fund-update data, not a live unit price. Past performance is not a guide to the future.
NZ$10,000 → NZ$16,769 · to 30/06/2022
Beat its benchmark in 1 of 10 years
annual returns to 30/06/2022Since inception: 4.69% p.a. after fees & tax vs benchmark 5.91%.
How ANZ Investments OneAnswer Conservative Balanced Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- FNMA 30Yr Conventional 150534 0.00 TBA (1.6%) · Nvidia Corporation (0.9%) · NZ Government Stock 15/05/2035 4.50 (0.9%)
- Currency policy
- Currency hedging is used to mitigate foreign currency risk using derivatives such as forward foreign exchange contracts. Passive hedging targets 100% for cash, international fixed interest, listed property and listed inf…
Key facts
Fund start date
15 April 2010
Distributions
No distributions (accumulating)
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 | 19% | 0% | 39% |
| New Zealand fixed interest | 19% | 0% | 39% |
| International fixed interest (Australia) | 0% | 0% | 20% |
| International fixed interest (International) | 29% | 9% | 49% |
| Other (Alternatives - income) | 0% | 0% | 7.5% |
| Income assets (total) | 67% | 47% | 87% |
| Listed property (Australasian) | 0% | 0% | 7.5% |
| Listed property (International) | 0% | 0% | 7.5% |
| Australasian equities (New Zealand) | 6.2% | 0% | 25% |
| Australasian equities (Australia) | 3.8% | 0% | 25% |
| International equities (Developed) | 23% | 8% | 38% |
| International equities (Emerging markets) | 0% | 0% | 7.5% |
| Other (Infrastructure) | 0% | 0% | 7.5% |
| Other (Alternatives - growth) | 0% | 0% | 7.5% |
| Growth assets (total) | 33% | 18% | 48% |
Responsible-investment approach
The three core components are exclusions (excluding some companies and industries based on involvement in areas of harm or breaching global norms), ESG integration (integrating ESG considerations into evaluation of companies invested in or considered for investment), and stewardship (engagement and proxy voting). Investments are not made based solely on ESG factors. ANZ Investments has a Net Zero 2050 goal across all funds under management using a stewardship-based approach to decarbonisation.
Exclusions
- Companies and industries based on involvement in areas of harm or breaching global norms (per Responsible Investment Framework)
Derivatives policy
Derivatives are used to reduce investment risks such as currency risk, or as an efficient way to gain exposure to an asset or asset class (e.g. equity futures). Use is carefully managed within defined limits set out in the Derivatives Framework, and derivative exposures are managed and monitored each business day; derivative counterparties must meet minimum credit ratings.
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.
- ANZ Investments offers six actively managed multi-asset funds ranging from Conservative (risk 3/7, 0.68% annual charge) to High Growth (risk 5/7, 1.03% annual charge).
- ANZ Investments annual fund charges range from 0.68% to 1.03% depending on the fund, with higher-growth options carrying higher charges.
- ANZ Investments funds span risk indicators of 3 to 5 out of 7, meaning even the highest-risk fund in this scheme sits in the middle of the full risk scale.
- ANZ Investments has not disclosed any performance fees, related-party transaction costs, or conflicts of interest in the material provided for this scheme.
Generated 2026-05-29 from ANZ Investments Multi-Asset-Class Scheme PDS (dated 2025-10-21). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
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
0.75%
Category median: 0.99%
Cheaper than 75% of peers
5y return p.a. (after fees)
+2.24%
Category median: +3.27%
Below peer median (25th percentile)
Fund size
NZ$529.2m
Category median: NZ$57.5m
Top 16% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$369
Compounded charge over 5 years (excl. returns)
$116 less 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 |
|---|---|
| F3 FNMA 30Yr Conventional 150534 0.00 TBA | 1.58% |
 Nvidia Corporation | 0.94% |
| NZ NZ Government Stock 15/05/2035 4.50 | 0.90% |
 Westpac Banking NZ Floating Rate Note 06/07/2026 | 0.88% |
| FA Fisher and Paykel Healthcare | 0.87% |
 Apple Inc | 0.84% |
| NG NZ Government Bond 15/05/2036 4.25 | 0.78% |
| NG NZ Government Bond 14/04/2033 3.50 | 0.75% |
| Westpac Banking Term Deposit 04/08/2026 2.995 | 0.75% |
| Westpac Banking Registered Certificate of Deposit 01/04/2026 | 0.72% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- CONSERVATIVE BALANCED FUND (FND2200) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 247.64 KB
- One Answer MAC Funds PDS 23 October 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 1.31 MB
- OAMAC Conservative Balanced Fund.pdf The quarterly update published by the provider PDF, 173.31 KB
- OAMACOMI 23 October 2025.pdf OMI - Details important information about the OneAnswer Multi-Asset-Class Funds. You should read this document in conjunction with the guide and product disclosure stateme
- ANZ Investments Multi Asset Class Scheme SIPO 23 October 2025.pdf SIPO - Information about how the funds in the OneAnswer Multi-Asset-Class Funds invest. PDF, 265.03 KB
- One Answer MAC Funds Guide 23 October 2025.pdf Guide - A helpful guide to the OneAnswer Multi-Asset-Class Funds, including how to make the funds work for you, an overview, case studies and information
- OAMAC Underlying Funds and external fund managers 1 April 2026.pdf OneAnswer Multi-Asset-Class Funds - Underlying funds and external fund managers PDF, 85.84 KB
- ANZ Investments Responsible Investment Framework 30 April 2026.pdf Responsible Investment Framework PDF, 1.32 MB
- ANZ Investments Multi Asset Class Scheme SIPO 23 October 2025.pdf Statement of investment policy and objectives PDF, 265.03 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 ANZ Investments
Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range.
See all funds from ANZ Investments →Common questions
Questions people ask about ANZ Investments OneAnswer Conservative Balanced 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 is a conservative balanced fund?
A conservative balanced fund typically holds a mix of growth and income assets, weighted toward income-producing investments like bonds and cash. The ANZ Investments OneAnswer Conservative Balanced Fund holds approximately 76.63% income assets and 23.37% growth assets, positioning it toward the defensive end of balanced fund allocations.
What is the average return on a balanced fund?
Returns vary significantly by fund and market conditions. The ANZ Investments OneAnswer Conservative Balanced Fund returned 2.24% p.a. after fees and before tax over the past 5 years, as at the latest FMA Disclose data. For comparison of returns across other balanced funds, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.
Head-to-head
Compare ANZ Investments OneAnswer Conservative Balanced Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by ANZ Investments
- ANZ Investments OneAnswer Balanced FundDiversified
- ANZ Investments OneAnswer Conservative FundDiversified
- ANZ Investments OneAnswer International Listed Infrastructure FundInternational Equities
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.
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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 ANZ Investments OneAnswer Conservative Balanced Fund?
ANZ Investments OneAnswer Conservative Balanced Fund is managed by ANZ Investments. Asset-management arm of ANZ NZ; runs the OneAnswer multi-fund range.
What asset class is the ANZ Investments OneAnswer Conservative Balanced Fund?
It is a diversified managed fund. The fund has a conservative balanced 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 ANZ Investments OneAnswer Conservative Balanced Fund?
The annual fund charge for the ANZ Investments OneAnswer Conservative Balanced Fund is 0.75% 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 ANZ Investments OneAnswer Conservative Balanced 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 ANZ Investments OneAnswer Conservative Balanced Fund a PIE fund?
Yes. The ANZ Investments OneAnswer Conservative Balanced 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 ANZ Investments OneAnswer Conservative Balanced Fund?
Fund size (assets under management) is NZ$529 million as at the latest Quarterly Fund Update. Asset mix is approximately 23% growth assets and 77% income assets.
What does the ANZ Investments OneAnswer Conservative Balanced Fund invest in?
The latest published top holdings are: FNMA 30Yr Conventional 150534 0.00 TBA (1.58%), Nvidia Corporation (0.94%), NZ Government Stock 15/05/2035 4.50 (0.90%). 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 ANZ Investments OneAnswer Conservative Balanced Fund?
The ANZ Investments OneAnswer Conservative Balanced Fund is available via ANZ Investments directly. Always read the current Product Disclosure Statement before investing.
What is a conservative balanced fund?
A conservative balanced fund typically holds a mix of growth and income assets, weighted toward income-producing investments like bonds and cash. The ANZ Investments OneAnswer Conservative Balanced Fund holds approximately 76.63% income assets and 23.37% growth assets, positioning it toward the defensive end of balanced fund allocations.
What is the average return on a balanced fund?
Returns vary significantly by fund and market conditions. The ANZ Investments OneAnswer Conservative Balanced Fund returned 2.24% p.a. after fees and before tax over the past 5 years, as at the latest FMA Disclose data. For comparison of returns across other balanced funds, check the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.