ANZ Investments OneAnswer Conservative Fund
Managed by ANZ Investments ANZ Investments OneAnswer Conservative Fund is a diversified managed fund operated by ANZ Investments; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.68% · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 0.68% 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
0.63%
vs peer avg 0.89%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
1.62%
peer avg 2.19%
Fund size
NZ$103.9m
23% growth · 77% income
Aims to achieve over the long term low relatively stable returns, and allowing for small ups and downs in value.
Benchmark track record
Compare Diversified consistency →How ANZ Investments OneAnswer Conservative 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$14,675 · to 30/06/2022
Beat its benchmark in 1 of 10 years
annual returns to 30/06/2022Since inception: 3.38% p.a. after fees & tax vs benchmark 4.63%.
How ANZ Investments OneAnswer Conservative 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 (1.9%) · NZ Government Stock 15/05/2035 4.50 (1.1%) · Westpac Banking NZ Floating Rate Note 06/07/2026 (1.1%)
- 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 | 23% | 3% | 43% |
| New Zealand fixed interest | 24% | 4% | 44% |
| International fixed interest (Australia) | 0% | 0% | 20% |
| International fixed interest (International) | 35% | 15% | 55% |
| Other (Alternatives - income) | 0% | 0% | 7.5% |
| Income assets (total) | 82% | 62% | 100% |
| Listed property (Australasian) | 0% | 0% | 7.5% |
| Listed property (International) | 0% | 0% | 7.5% |
| Australasian equities (New Zealand) | 3.4% | 0% | 20% |
| Australasian equities (Australia) | 1.4% | 0% | 20% |
| International equities (Developed) | 13.2% | 0% | 28% |
| International equities (Emerging markets) | 0% | 0% | 7.5% |
| Other (Infrastructure) | 0% | 0% | 7.5% |
| Other (Alternatives - growth) | 0% | 0% | 7.5% |
| Growth assets (total) | 18% | 3% | 33% |
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
0.63%
Category median: 0.99%
Cheaper than 81% of peers
5y return p.a. (after fees)
+1.62%
Category median: +3.27%
Lower than most peers (bottom 15% over period)
Fund size
NZ$103.9m
Category median: NZ$57.5m
60th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$311
Compounded charge over 5 years (excl. returns)
$174 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 | 1.92% |
| NZ NZ Government Stock 15/05/2035 4.50 | 1.12% |
 Westpac Banking NZ Floating Rate Note 06/07/2026 | 1.05% |
| NG NZ Government Bond 15/05/2036 4.25 | 0.97% |
| NG NZ Government Bond 14/04/2033 3.50 | 0.93% |
| NG NZ Government Bond 15/05/2034 4.25 | 0.90% |
| Westpac Banking Term Deposit 04/08/2026 2.995 | 0.89% |
| Westpac Banking Registered Certificate of Deposit 01/04/2026 | 0.86% |
| RN Rabobank Nederland NZ Floating Rate Note 05/04/2027 | 0.82% |
| NG NZ Government Bond 15/05/2032 2 | 0.76% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- CONSERVATIVE FUND (FND2199) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 247.66 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 Fund.pdf The quarterly update published by the provider PDF, 173.17 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 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.
Should I switch to conservative fund?
The suitability of a conservative fund depends on your personal circumstances, investment horizon, and risk tolerance—decisions we cannot advise on. The ANZ Investments OneAnswer Conservative Fund has delivered 1.62% p.a. after fees and before tax over the past 5 years (as at the latest Quarterly Fund Update), and carries a 3/7 risk indicator; you can compare this to other funds in our coverage and consult the Product Disclosure Statement to assess whether the risk and return profile aligns with your needs.
Head-to-head
Compare ANZ Investments OneAnswer Conservative 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 Balanced FundDiversified
- ANZ Investments OneAnswer International Listed Infrastructure FundInternational Equities
FMA risk band
Same risk band (3/7)
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 Fund?
ANZ Investments OneAnswer Conservative 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 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 ANZ Investments OneAnswer Conservative Fund?
The annual fund charge for the ANZ Investments OneAnswer Conservative Fund is 0.63% 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 Fund?
The risk indicator is 3/7 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 Fund a PIE fund?
Yes. The ANZ Investments OneAnswer 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 ANZ Investments OneAnswer Conservative Fund?
Fund size (assets under management) is NZ$104 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 Fund invest in?
The latest published top holdings are: FNMA 30Yr Conventional 150534 0.00 TBA (1.92%), NZ Government Stock 15/05/2035 4.50 (1.12%), Westpac Banking NZ Floating Rate Note 06/07/2026 (1.05%). 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 Fund?
The ANZ Investments OneAnswer Conservative Fund is available via ANZ Investments directly. Always read the current Product Disclosure Statement before investing.
Should I switch to conservative fund?
The suitability of a conservative fund depends on your personal circumstances, investment horizon, and risk tolerance—decisions we cannot advise on. The ANZ Investments OneAnswer Conservative Fund has delivered 1.62% p.a. after fees and before tax over the past 5 years (as at the latest Quarterly Fund Update), and carries a 3/7 risk indicator; you can compare this to other funds in our coverage and consult the Product Disclosure Statement to assess whether the risk and return profile aligns with your needs.