Foundation Series Balanced Fund
Managed by Foundation Series Foundation Series Balanced Fund is a diversified managed fund operated by Foundation Series; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 0.37% · minimum investment NZ$5,000 · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 0.37% 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
0.36%
vs peer avg 1.10%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
4.77%
peer avg 3.77%
Fund size
NZ$45.5m
53% growth · 47% income
The Fund aims for mid-range long-run returns by investing in a diversified portfolio with a balance of income and growth assets. The Fund's objective is to perform broadly in line with the return of its investment benchmark before fees and tax over the long-term. The Fund's investment benchmark is the weighted average return of the asset class benchmark indices.
How Foundation Series Balanced Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- Weighted average return of the asset class benchmark indices
- Top 3 holdings
- Vanguard ESG US Stock ETF (29.5%) · IShares Global Aggregate Bond ESG SRI UCITS ETF (26.5%) · Harbour Sustainable NZ Shares Fund (16.7%)
Key facts
Fund start date
2 September 2020
Min. investment
NZ$5,000
Subsequent: NZ$500
Distributions
No distributions (accumulating)
Buy / sell spread
0 bps (0.00%) / 0 bps (0.00%)
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 | 2% | 0% | 10% |
| New Zealand fixed interest | 12% | 0% | 20% |
| International fixed interest | 26% | 10% | 40% |
| Total income assets | 40% | 30% | 50% |
| Australasian equities | 17% | 7% | 27% |
| International equities | 43% | 28% | 58% |
| Total growth assets | 60% | 50% | 70% |
Responsible-investment approach
Designated Funds (Foundation Series Balanced Fund, Growth Fund, High Growth Fund and Global ESG Fund) invest into underlying funds that seek to limit exposure to companies involved in specific business practices via ESG exclusion screens applied at the Australasian Equities, International Equities, and International Fixed Interest asset class levels. Exclusions cover tobacco, cannabis, alcohol, gambling, adult entertainment, weapons, coal/oil/gas, nuclear power, human rights breaches, UN Global Compact non-compliance, Uyghur Forced Labour Prevention Act entities, and diversity failures among others.
Exclusions
- Tobacco manufacturers and high-revenue wholesalers/retailers (Australasian Equities)
- Recreational cannabis producers/distributors (Australasian Equities)
- Alcohol manufacturers (>0% revenue) and high-revenue retailers (Australasian Equities)
- Gambling services providers (>0% revenue) (Australasian Equities)
- Adult entertainment producers and high-revenue distributors (Australasian Equities)
- Anti-personnel landmines (any exposure) (Australasian Equities)
- Chemical and biological weapons (any exposure) (Australasian Equities)
- Cluster munitions (any exposure) (Australasian Equities)
- Nuclear weapons (any exposure) (Australasian Equities)
- Military weapons manufacturers (>0% revenue) (Australasian Equities)
- Civilian automatic and semi-automatic firearms (Australasian Equities)
- Thermal coal extraction (>5% revenue) or electricity generation from thermal coal (>=25% revenue) (Australasian Equities)
- Palm oil production (>=10% revenue) (Australasian Equities)
- Animal testing for non-pharmaceutical purposes (>0% revenue) (Australasian Equities)
- Factory farming / intensive agriculture (>0% revenue) (Australasian Equities)
- Large carbon emitters exceeding 2.2m tonnes CO2-e per annum (Australasian Equities)
- Human rights and child labour controversy companies (UN Global Compact / UN Guiding Principles / ILO) (Australasian Equities)
- Poor ESG conduct companies (substantial breach without adequate remediation) (Australasian Equities)
- Tobacco manufacturers/distributors/retailers (International Equities)
- Cannabis Producers ICB subsector (International Equities)
- Alcohol manufacturers (>=5% revenue) and distributors/retailers (>=10% revenue) (International Equities)
- Gambling establishment owners/operators (>=5% revenue) and support providers (>=10% revenue) (International Equities)
- Adult entertainment producers (>=5% revenue) and distributors (>=10% revenue) (International Equities)
- Anti-personnel landmines (directly involved in core weapon system or components) (International Equities)
- Chemical and biological weapons (directly involved) (International Equities)
- Cluster munitions (directly involved) (International Equities)
- Nuclear weapons (directly involved) (International Equities)
- Military weapons manufacturers (>0% revenue) and support providers (>=5% revenue) (International Equities)
- Civilian firearms producers/distributors (>0% revenue) (International Equities)
- Nuclear power operators and supply chain (>0% revenue) (International Equities)
- Coal, oil and gas companies meeting specified revenue or reserve thresholds (International Equities)
- UN Global Compact non-compliant companies and small-cap watchlist companies (International Equities)
- Uyghur Forced Labour Prevention Act Entity List companies (International Equities)
- Companies failing two of three diversity indicators: women on board, diversity policies, diversity management systems (International Equities)
- Tobacco producers/distributors/retailers (>=5% revenue) (International Fixed Interest)
- Alcohol producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)
- Gambling facility owners/operators (>=5% revenue) and support providers (>=15% revenue) (International Fixed Interest)
- Adult entertainment producers (>=5% revenue) and distributors/retailers (>=15% revenue) (International Fixed Interest)
- Anti-personnel and anti-vehicle landmine producers and component makers (International Fixed Interest)
- Biological and chemical weapons manufacturers and critical component producers (International Fixed Interest)
- Cluster munitions producers and delivery platform providers (International Fixed Interest)
- Nuclear weapons prime contractors and support/component providers (International Fixed Interest)
- Conventional weapons producers (>=5% revenue) and specialty weapons producers (>=10% revenue) (International Fixed Interest)
- Civilian firearms producers/retailers (and >=5% revenue) (International Fixed Interest)
- Genetic engineering companies (>=5% revenue) (International Fixed Interest)
- Nuclear power operators (>15% revenue) or high nuclear generation share companies (International Fixed Interest, except green bonds)
- Coal, oil and gas companies meeting specified revenue/reserve thresholds (International Fixed Interest, except green bonds)
- UN Security Council trade sanction subjects (International Fixed Interest)
- UN Global Compact very severe ongoing controversy companies (International Fixed Interest)
Derivatives policy
The Funds can invest directly in securities including derivatives. Derivatives are not referenced beyond this permitted use; BNZ is responsible for execution of currency hedging via (implied) derivative instruments.
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 acknowledges that because it and InvestNow share the same ultimate parent company, InvestNow could favour investing Fund assets into products managed by FundRock over potentially better-suited alternatives.
- FundRock acknowledges that InvestNow receives platform hosting fees from fund managers and issuers, which could bias its investment decisions toward products listed on the InvestNow platform over off-platform products.
- FundRock discloses that InvestNow provides investment management and distribution services to the Funds as a related party under the same ultimate parent, meaning fees paid to InvestNow represent a related-party cost to the Funds.
Generated 2026-05-28 from Foundation Series Funds OMI (dated 2026-01-29). 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
- FundRock and InvestNow are wholly owned subsidiaries of Implemented Investment Solutions Holding Limited, meaning InvestNow as investment manager could be influenced to invest the Funds into investment funds that FundRock acts as manager for, in preference to other investment products.
- InvestNow operates the InvestNow investment platform and receives fees from managers and issuers to host their products, which could influence InvestNow to invest the Funds in products on its platform in preference to products that are not on the platform.
- Parties related to the Funds, including the staff of FundRock and their families, and the staff of InvestNow and their families, may from time to time invest in the Funds.
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
0.36%
Category median: 0.99%
Cheaper than 86% of peers
5y return p.a. (after fees)
+4.77%
Category median: +3.27%
Higher than 75% of peers
Fund size
NZ$45.5m
Category median: NZ$57.5m
44th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$179
Compounded charge over 5 years (excl. returns)
$307 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 7 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| VE Vanguard ESG US Stock ETF | 29.50% |
| IG IShares Global Aggregate Bond ESG SRI UCITS ETF | 26.50% |
| HS Harbour Sustainable NZ Shares Fund | 16.69% |
| VE Vanguard ESG INTL Stock ETF | 14.83% |
 Mercer Macquarie NZ Fixed Interest Fund | 11.91% |
| Mercer Macquarie NZ Cash Fund | 1.71% |
| $ Cash at Bank (BNZ) | 0.57% |
Documents
- Supporting document402 kB · file fingerprint recorded
- Statement of Investment Policy583 kB · file fingerprint recorded
- Other Material Information335 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- FOUNDATION SERIES BALANCED FUND (FND20381) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.58 KB
- 20260130 Foundation Series Funds Core Equity Funds #1 PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 316.87 KB
- 20260331 Foundation Series Balanced QFU.pdf The quarterly update published by the provider PDF, 483.96 KB
- 20260130 Foundation Series Funds Diversified Funds PDS.pdf Additional product disclosure statement from the provider PDF, 330.98 KB
- 20260130 Foundation Series Funds Core Equity Funds #2 PDS.pdf Additional product disclosure statement from the provider PDF, 313.71 KB
- 20260130 Foundation Series Funds OMI.pdf Other Material Information Document PDF, 335.33 KB
- Invest Now Responsible Investment Statement (February 2026).pdf Responsible Investment Statement PDF, 679.97 KB
- 20260130 Foundation Series Funds SIPO.pdf Statement of investment policy and objectives PDF, 583.48 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 Foundation Series
Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow.
Parent: InvestNow / Apex Group
See all funds from Foundation Series →Common questions
Questions people ask about Foundation Series 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.
Are balanced funds good for retirees?
Balanced funds typically combine growth and income assets to provide diversification; the Foundation Series Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets. Whether a balanced fund suits your retirement circumstances depends on your personal financial situation, time horizon, and risk tolerance—consult a financial adviser or your fund provider for guidance aligned to your needs.
Is it good to invest in a balanced fund?
Balanced funds offer diversification across asset classes within a single fund. The Foundation Series Balanced Fund returned 4.77% p.a. after fees and before tax over five years (as at the latest QFU); whether this meets your investment goals depends on your circumstances, objectives, and risk tolerance.
What are Foundation series funds?
The Foundation Series is a range of diversified funds available through InvestNow; the Foundation Series Balanced Fund is one option within this range, designed to provide exposure across growth and income assets in a single investment.
Is 10% return per year realistic?
Historical returns vary by fund and market conditions; the Foundation Series Balanced Fund returned 4.77% p.a. after fees and before tax over the five-year period to the latest QFU. Future returns cannot be predicted—refer to the fund's product disclosure statement and PDS on the FMA Disclose register for full performance and risk information.
Head-to-head
Compare Foundation Series Balanced Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Foundation Series
- Foundation Series Total World FundInternational Equities
- Foundation Series US 500 FundInternational Equities
- Foundation Series Hedged Total World 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.
View risk band 4 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 Foundation Series Balanced Fund?
Foundation Series Balanced Fund is managed by Foundation Series (parent: InvestNow / Apex Group). Low-cost passive index funds issued by FundRock NZ, distributed through InvestNow.
What asset class is the Foundation Series Balanced Fund?
It is a diversified managed fund. The fund has a 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 Foundation Series Balanced Fund?
The annual fund charge for the Foundation Series Balanced Fund is 0.36% 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 Foundation Series 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 Foundation Series Balanced Fund a PIE fund?
Yes. The Foundation Series 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 Foundation Series Balanced Fund?
Fund size (assets under management) is NZ$46 million as at the latest Quarterly Fund Update. Asset mix is approximately 53% growth assets and 47% income assets.
What does the Foundation Series Balanced Fund invest in?
The latest published top holdings are: Vanguard ESG US Stock ETF (29.50%), IShares Global Aggregate Bond ESG SRI UCITS ETF (26.50%), Harbour Sustainable NZ Shares Fund (16.69%). 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 Foundation Series Balanced Fund?
The Foundation Series Balanced Fund is available via Foundation Series directly. Always read the current Product Disclosure Statement before investing.
Are balanced funds good for retirees?
Balanced funds typically combine growth and income assets to provide diversification; the Foundation Series Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets. Whether a balanced fund suits your retirement circumstances depends on your personal financial situation, time horizon, and risk tolerance—consult a financial adviser or your fund provider for guidance aligned to your needs.
Is it good to invest in a balanced fund?
Balanced funds offer diversification across asset classes within a single fund. The Foundation Series Balanced Fund returned 4.77% p.a. after fees and before tax over five years (as at the latest QFU); whether this meets your investment goals depends on your circumstances, objectives, and risk tolerance.
What are Foundation series funds?
The Foundation Series is a range of diversified funds available through InvestNow; the Foundation Series Balanced Fund is one option within this range, designed to provide exposure across growth and income assets in a single investment.
Is 10% return per year realistic?
Historical returns vary by fund and market conditions; the Foundation Series Balanced Fund returned 4.77% p.a. after fees and before tax over the five-year period to the latest QFU. Future returns cannot be predicted—refer to the fund's product disclosure statement and PDS on the FMA Disclose register for full performance and risk information.