Lifetime Conservative Fund
Lifetime Conservative Fund is a diversified managed fund from Lifetime with a fund size of NZ$2.1 million and an annual fund charge of 0.99%, as shown on Sorted Smart Investor on 22 May 2026; its 1-year return after fees and tax was 3.13% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Managed by LifetimeFund data last refreshed · holdings as filed to 31/03/2026
Lifetime Conservative Fund is a diversified managed fund operated by Lifetime; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 1.00% · minimum investment NZ$1,000 · distributions no distributions (accumulating). Compared with 67 other same-category funds on this site, the 1.00% annual fund charge sits in line with 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 ourPIR guideandPIE tax basicsfor the full picture, or use thePIR calculatorto confirm your rate.
Annual fund charge
0.99%
vs peer avg 0.89%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 2.19%
Fund size
NZ$2.1m
23% growth · 77% income
Seeks to track composite indices (before annual fund charge and tax). Invests mainly in income assets with some exposure to growth assets. Expected to experience low to medium volatility.
How Lifetime Conservative Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Fisher Institutional New Zealand Fixed Interest Fund (34.5%) · Smart Wholesale Global Credit Fund (17.4%) · Smart Wholesale Global Government Bond Fund (17.4%)
- Currency policy
- International Fixed Interest is 100% hedged to NZD; Australian Equities are unhedged; International Equities are 50% hedged to NZD (with tactical adjustment permitted); International Listed Property is 100% hedged to NZD…
Key facts
Fund start date
22 October 2024
Min. investment
NZ$1,000
Subsequent: NZ$500
Distributions
No distributions (accumulating)
Buy / sell spread
3 bps (0.03%) / 2 bps (0.02%)
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 | 10% | 0% | 20% |
| New Zealand fixed interest | 35% | 25% | 45% |
| International fixed interest | 35% | 25% | 45% |
| Australasian equities | 4% | 0% | 14% |
| International equities | 11% | 1% | 21% |
| Listed property | 3.5% | 0% | 13.5% |
| Other (Listed Infrastructure) | 1.5% | 0% | 11.5% |
Responsible-investment approach
The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens.
Derivatives policy
Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio.
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.
- Lifetime Asset Management Limited manages both the Lifetime Retirement Income Fund and the Lifetime Wholesale Residential Property Fund, meaning it sits on both sides of the investment relationship between those two funds.
- The Lifetime Retirement Income Fund invests up to $6.6 million in the Lifetime Wholesale Residential Property Fund over seven years, with those funds ultimately used to finance home equity release transactions via Lifetime Home Limited.
- Lifetime Asset Management Limited may delegate functions to associated persons such as investment or administration managers, which the manager acknowledges could create conflicts between those parties' interests and investors' interests.
- Related-party transactions are permitted only if the manager either provides a compliance certificate to the Supervisor or obtains the Supervisor's prior consent confirming the transaction is in members' best interests.
Generated 2026-05-28 from Lifetime Retirement Funds OMI (dated 2025-11-27). 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
PwC
Custodian
Adminis NZ Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment.
- The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors.
- Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members.
How this fund compares to peers
Mechanical comparison vs the 68 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Lifetime Conservative Fund: 0.99% per annum. Diversified median across 68 funds:0.99%. This fund is the same as the category median.
Annual fund charge
0.99%
Category median: 0.99%
Cheaper than 51% of peers
Fund size
NZ$2.1m
Category median: NZ$45.7m
2th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$485
Compounded charge over 5 years (excl. returns)
$0 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.
Complete portfolio
This fund files 15 holdings with the FMA as at 31/03/2026. The largest 12 are shown.
Top 10 concentration: 95.5% of net assets.
Direct disclosed holdings only — a floor on exposure, not a total. Filings list wrappers and securities together, so a fund holding another fund shows no look-through here. Disclosed rows account for 100.0% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| Fisher Institutional New Zealand Fixed Interest Fund | 34.48% | |
| Smart Wholesale Global Credit Fund | 17.39% | |
| Smart Wholesale Global Government Bond Fund | 17.36% | |
| Fisher Institutional New Zealand Cash Fund | 8.09% | |
| Smart Wholesale Global Equity ESG Fund (Unhedged Class) | 5.21% | |
| Smart Wholesale Global Equity ESG Fund (Hedged Class) | 5.04% | |
| Simplicity NZ Share Fund | 2.86% | |
| Kernel NZ Commercial Property Fund | 1.88% | |
| Kernel Global Infrastructure (NZD Hedged) Fund | 1.68% | |
| Kernel Global Property (NZD Hedged) Fund | 1.49% | |
| Smart Wholesale Australasian Equity ESG Fund (Unhedged Class) | 1.00% | |
| Fee Pay Receive 2026-03-31 | 0.00% |
Every NZ managed fund must file its complete portfolio with the FMA each quarter. Where a line is itself a fund, trust or ETF, the securities inside it are not broken out here.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
FIFisher Institutional New Zealand Fixed Interest Fund | 34.48% |
SWSmart Wholesale Global Credit Fund | 17.39% |
SWSmart Wholesale Global Government Bond Fund | 17.36% |
FIFisher Institutional New Zealand Cash Fund | 8.09% |
SWSmart Wholesale Global Equity ESG Fund Unhedged | 5.21% |
SWSmart Wholesale Global Equity ESG Fund Hedged | 5.04% |
$Cash at Bank | 3.64% |
SNSimplicity NZ Share Fund | 2.86% |
KNKernel NZ Commercial Property Fund | 1.88% |
KGKernel Global Infrastructure (NZD Hedged) Fund | 1.68% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- LIFETIME CONSERVATIVE FUND (FND51096) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.28 KB
- Lifetime Retirement Funds PDS 9 March 2026.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 1.20 MB
- LRF Conservative Fund Fund Update 31 March 2026.pdf The quarterly update published by the provider PDF, 526.99 KB
- LRF Other Material Information 28 November 2025.pdf Other Material Information PDF, 371.67 KB
- Lifetime Retirement Funds SIPO 09 March 2026.pdf Statement of investment policy and objectives PDF, 466.59 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 Lifetime
NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds.
Lifetime has 5 retail funds in our coverage across Cash and Diversified strategies, with annual fund charges from 0.65% to 1.36% a year.
Based in Wellington.
Common questions
Questions people ask about Lifetime Conservative Fund
Questions that recur in search results for this fund, answered from its filed PDS, Fund Update and FMA Disclose record. How the question set was captured is documented in our methodology. Not personal financial advice — for guidance specific to your situation, consult a licensed financial adviser.
What are the risks of a conservative fund?
Conservative funds typically carry lower volatility than growth-focused funds, but remain subject to interest-rate risk, credit risk (if holding bonds), and inflation risk over longer periods. The Lifetime Conservative Fund is rated 3 out of 7 on the FMA standardised risk indicator, reflecting moderate risk; full risk details are available in the Product Disclosure Statement on the Lifetime website.
What is a conservative rate of return in retirement?
Realistic returns depend on the fund's asset mix, market conditions, and time horizon; the Lifetime Conservative Fund holds approximately 23.37% growth assets and 76.63% income assets as at the latest quarterly fund update. Historical performance and return expectations are available via the FMA Disclose register and the fund's Product Disclosure Statement.
Should I switch to conservative fund?
The suitability of a conservative fund depends on your personal circumstances, risk tolerance, and investment timeframe—factors we cannot assess. Review the Lifetime Conservative Fund's Product Disclosure Statement and risk indicator (3/7), and consider seeking personalised advice from a financial adviser.
Head-to-head
Compare Lifetime Conservative Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Lifetime
- Lifetime Retirement Income FundDiversified
- Lifetime Balanced FundDiversified
- Lifetime Growth FundDiversified
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 Lifetime Conservative Fund?
Lifetime Conservative Fund is managed by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds.
What asset class is the Lifetime 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 Lifetime Conservative Fund?
The annual fund charge for the Lifetime Conservative Fund is 0.99% 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 Lifetime 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 Lifetime Conservative Fund a PIE fund?
Yes. The Lifetime 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 Lifetime Conservative Fund?
Fund size (assets under management) is NZ$2 million as at the latest Quarterly Fund Update. Asset mix is approximately 23% growth assets and 77% income assets.
What does the Lifetime Conservative Fund invest in?
The latest published top holdings are: Fisher Institutional New Zealand Fixed Interest Fund (34.48%), Smart Wholesale Global Credit Fund (17.39%), Smart Wholesale Global Government Bond Fund (17.36%). 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 Lifetime Conservative Fund?
The Lifetime Conservative Fund is available via Lifetime 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 subject to interest-rate risk, credit risk (if holding bonds), and inflation risk over longer periods. The Lifetime Conservative Fund is rated 3 out of 7 on the FMA standardised risk indicator, reflecting moderate risk; full risk details are available in the Product Disclosure Statement on the Lifetime website.
What is a conservative rate of return in retirement?
Realistic returns depend on the fund's asset mix, market conditions, and time horizon; the Lifetime Conservative Fund holds approximately 23.37% growth assets and 76.63% income assets as at the latest quarterly fund update. Historical performance and return expectations are available via the FMA Disclose register and the fund's Product Disclosure Statement.
Should I switch to conservative fund?
The suitability of a conservative fund depends on your personal circumstances, risk tolerance, and investment timeframe—factors we cannot assess. Review the Lifetime Conservative Fund's Product Disclosure Statement and risk indicator (3/7), and consider seeking personalised advice from a financial adviser.