Fisher Funds Conservative Fund
Managed by Fisher Funds Fisher Funds Conservative Fund is a diversified managed fund operated by Fisher Funds; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 1.34% · minimum investment NZ$2,000 · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 1.34% 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
1.35%
vs peer avg 0.89%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
1.67%
peer avg 2.19%
Fund size
NZ$116.2m
23% growth · 77% income
Aims to provide stable returns over the long term by investing mainly in income assets with a modest allocation to growth assets.
Benchmark track record
Compare Diversified consistency →How Fisher Funds 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.
Beat its benchmark in 0 of 4 years
annual returns to 31 March 2026Since inception: 1.66% p.a. after fees & tax vs benchmark 2.65%.
How Fisher Funds Conservative Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- ANZ 10 A/C - Current Accounts (6.7%) · NZ Government Bond 14/04/2033 3.50% (2.2%) · NZ Government Bond 15/05/2031 1.50% (2.1%)
- Currency policy
- Active currency management is used to control risk and improve risk-adjusted returns. Benchmark hedge ratios are established for each asset class with tactical shifts permitted; hedge levels are monitored daily. Benchmar…
Key facts
Fund start date
31 July 2018
Min. investment
NZ$2,000
Subsequent: NZ$1,000
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 | 20% | 0% | 35% |
| New Zealand fixed interest | 28% | 10% | 50% |
| International fixed interest | 32% | 15% | 60% |
| Total income assets | 80% | 50% | 100% |
| Unlisted property | 2% | 0% | 10% |
| Listed property | 2% | 0% | 10% |
| Australasian shares | 5% | 0% | 15% |
| International shares | 11% | 0% | 25% |
| Commodities | 0% | 0% | 5% |
| Total growth assets | 20% | 0% | 50% |
| Other | 0% | 0% | 10% |
Responsible-investment approach
Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios.
Derivatives policy
Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO.
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.
- Fisher Funds discloses that its funds may invest in other Fisher Funds-managed wholesale funds, but confirms management fees on those investments are generally waived or fully rebated to the investing fund.
- Fisher Funds acknowledges it may pay fees to financial advisers, banks, and other distributors for referring or servicing investors, which could influence those intermediaries' recommendations.
- Fisher Funds charges a performance fee of 10% of returns above a hurdle rate (OCR plus 3% for the Property & Infrastructure Fund; OCR plus 5% for the NZ, Australian, and International Growth Funds), only when a high water mark is exceeded, capped at 2% of average net asset value per year.
Generated 2026-05-28 from Fisher Funds Managed Funds OMI (dated 2025-09-15). 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
Trustees Executors Limited
Custodian
Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets)
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it.
- Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products.
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
1.35%
Category median: 0.99%
Pricier than most peers (top 85% by fee)
5y return p.a. (after fees)
+1.67%
Category median: +3.27%
Lower than most peers (bottom 18% over period)
Fund size
NZ$116.2m
Category median: NZ$57.5m
65th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$657
Compounded charge over 5 years (excl. returns)
$172 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
| Holding | % of fund |
|---|---|
 ANZ 10 A/C - Current Accounts | 6.67% |
| NG NZ Government Bond 14/04/2033 3.50% | 2.23% |
| NG NZ Government Bond 15/05/2031 1.50% | 2.09% |
| NG NZ Government Index Linked Bond 20/09/35 2.50% | 1.29% |
| NG NZ Government Bond 15/04/2037 2.75% | 1.25% |
| NZ NZ Local Government Funding Agency | 1.03% |
| NG NZ Government Bond 20/04/2029 3.00% | 0.86% |
| BS Bayfair Shopping Centre - Retail | 0.83% |
| NG NZ Government Index Linked Bond 20/09/40 2.50% | 0.80% |
 Bank of New Zealand 23/11/2026 FRN | 0.78% |
Documents
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
- Quarterly Fund Update62 kB · file fingerprint recorded
- Quarterly Fund Update59 kB · file fingerprint recorded
- Quarterly Fund Update60 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- FISHER FUNDS CONSERVATIVE FUND (FND11124) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.77 KB
- Fisher Funds Managed Funds PDS 30 Sep 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 594.70 KB
- Fisher Funds Conservative Fund 31 March 2026 Fund Update.pdf The quarterly update published by the provider PDF, 60.18 KB
- Unit Pricingand Valuation Policy Apr 2025.pdf Unit Pricing and Valuation Policy Apr 2025 PDF, 161.30 KB
- Fisher Funds Managed Funds OMI 30 Sep 2025.pdf This document provides material information about Fisher Funds Managed Funds ('the Scheme’) to help you make an informed decision about investing in the
- Responsible Investment Policy Sep 2025.pdf Responsible Investment Policy Sep 2025 PDF, 173.36 KB
- Portfolio Trading Policy Apr 2025.pdf Portfolio Trading Policy Apr 2025 PDF, 233.77 KB
- Liquidity Risk Management Policy July 2025.pdf Liquidity Risk Management Policy July 2025 PDF, 146.27 KB
- Proxy Voting Policy Sep 2025.pdf Proxy Voting Policy Sep 2025 PDF, 175.65 KB
- Conflictsof Interest Policy Nov 2025.pdf Conflicts of Interest Policy Nov 2025 PDF, 167.49 KB
- Unlistedand Suspended Securities Policy Feb 2024.pdf Unlisted and Suspended Securities Policy Feb 2024 PDF, 193.75 KB
- Fisher Funds Managed Funds SIPO 10 Mar 2026.pdf Statement of investment policy and objectives PDF, 274.05 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 Fisher Funds
One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income.
See all funds from Fisher Funds →Common questions
Questions people ask about Fisher Funds 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 hold a higher proportion of income assets (such as bonds and cash) relative to growth assets, which generally carry lower volatility but may not keep pace with inflation over long periods. This Fisher Funds Conservative Fund holds approximately 77.28% income assets and 22.72% growth assets, with a risk indicator of 3 out of 7 on the FMA standardised scale. For a detailed breakdown of specific risks, see the Product Disclosure Statement on the manager's website or check the FMA Disclose register.
Is conservative fund good for KiwiSaver?
Whether a conservative fund suits your KiwiSaver scheme account depends on your age, time horizon, and personal circumstances. Conservative funds are often considered suitable for members closer to retirement, but you should review the fund's risk indicator (this fund is 3/7), asset mix (77.28% income assets), and 5-year return after fees of 2.01% p.a. alongside your own retirement goals. For guidance on fund selection within your KiwiSaver scheme, contact your scheme provider or consult a financial adviser.
How much do Fisher Investments charge as a fee?
The Fisher Funds Conservative Fund has an annual fund charge of 1.35% p.a., as disclosed in the latest Quarterly Fund Update. This is higher than the peer-cohort average fee of 0.89% p.a. for funds in this category. For the full fee structure and any other costs, check the current Product Disclosure Statement on Fisher Funds' website or the FMA Disclose register.
Should I switch to conservative fund?
Switching to a conservative fund is a personal decision that depends on your investment goals, time horizon, and risk tolerance. This Fisher Funds Conservative Fund has delivered a 5-year return after fees of 2.01% p.a. with a risk indicator of 3/7, but past returns are not a guide to future performance. Before making any switch, review your current fund's terms, any exit fees, and consider seeking financial advice tailored to your circumstances.
Head-to-head
Compare Fisher Funds Conservative Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Fisher Funds
- Fisher Funds Growth FundDiversified
- Fisher Funds New Zealand Growth FundAustralasian Equities
- Fisher Funds Property & Infrastructure FundListed Property
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.
View risk band 3 funds →AI & integrations
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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 Fisher Funds Conservative Fund?
Fisher Funds Conservative Fund is managed by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income.
What asset class is the Fisher Funds 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 Fisher Funds Conservative Fund?
The annual fund charge for the Fisher Funds Conservative Fund is 1.35% 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 Fisher Funds 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 Fisher Funds Conservative Fund a PIE fund?
Yes. The Fisher Funds 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 Fisher Funds Conservative Fund?
Fund size (assets under management) is NZ$116 million as at the latest Quarterly Fund Update. Asset mix is approximately 23% growth assets and 77% income assets.
What does the Fisher Funds Conservative Fund invest in?
The latest published top holdings are: ANZ 10 A/C - Current Accounts (6.27%), NZ Government Bond 14/04/2033 3.50 (2.22%), NZ Government Bond 15/05/2031 1.50 (2.09%). 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 Fisher Funds Conservative Fund?
The Fisher Funds Conservative Fund is available via Fisher Funds directly. Always read the current Product Disclosure Statement before investing.
What are the risks of a conservative fund?
Conservative funds typically hold a higher proportion of income assets (such as bonds and cash) relative to growth assets, which generally carry lower volatility but may not keep pace with inflation over long periods. This Fisher Funds Conservative Fund holds approximately 77.28% income assets and 22.72% growth assets, with a risk indicator of 3 out of 7 on the FMA standardised scale. For a detailed breakdown of specific risks, see the Product Disclosure Statement on the manager's website or check the FMA Disclose register.
Is conservative fund good for KiwiSaver?
Whether a conservative fund suits your KiwiSaver scheme account depends on your age, time horizon, and personal circumstances. Conservative funds are often considered suitable for members closer to retirement, but you should review the fund's risk indicator (this fund is 3/7), asset mix (77.28% income assets), and 5-year return after fees of 2.01% p.a. alongside your own retirement goals. For guidance on fund selection within your KiwiSaver scheme, contact your scheme provider or consult a financial adviser.
How much do Fisher Investments charge as a fee?
The Fisher Funds Conservative Fund has an annual fund charge of 1.35% p.a., as disclosed in the latest Quarterly Fund Update. This is higher than the peer-cohort average fee of 0.89% p.a. for funds in this category. For the full fee structure and any other costs, check the current Product Disclosure Statement on Fisher Funds' website or the FMA Disclose register.
Should I switch to conservative fund?
Switching to a conservative fund is a personal decision that depends on your investment goals, time horizon, and risk tolerance. This Fisher Funds Conservative Fund has delivered a 5-year return after fees of 2.01% p.a. with a risk indicator of 3/7, but past returns are not a guide to future performance. Before making any switch, review your current fund's terms, any exit fees, and consider seeking financial advice tailored to your circumstances.