Annual report · data to 12 October 2026
Lowest-Charge NZ Managed Funds 2026
The lowest reported annual fund charge in each fund category and each FMA risk band, across283 NZ retail managed funds with a reported charge — ordered by one disclosed number, nothing else. Selection rule, source and exclusions are published in thereport methodology.
Funds measured
283
of 304 tracked retail funds report an annual fund charge; 21 excluded rather than estimated
Median annual fund charge
0.85%
across all measured funds, per annum
Lowest reported charge
0.03%
the minimum annual fund charge in the current dataset
Lowest reported annual fund charges — all categories
The 13 funds with the lowest reported annual fund charge across the whole measured universe, with each fund's gap to the median charge of its own FMA risk band. A negative gap means the charge sits below the band median.
| Fund | Category | Risk band | Annual charge | vs band median |
|---|---|---|---|---|
| Foundation Series US 500 Fund | International Equities | 5 | 0.03% | -0.78 pts |
| Foundation Series Hedged US 500 Fund | International Equities | 6 | 0.03% | -0.72 pts |
| Foundation Series US Dividend Equity Fund | International Equities | 5 | 0.06% | -0.75 pts |
| Foundation Series Total World Fund | International Equities | 5 | 0.07% | -0.74 pts |
| Foundation Series Hedged Total World Fund | International Equities | 5 | 0.07% | -0.74 pts |
| Foundation Series Global ESG Fund | International Equities | 5 | 0.10% | -0.71 pts |
| Simplicity NZ Bond Fund | New Zealand Fixed Interest | 4 | 0.10% | -0.92 pts |
| Simplicity NZ Share Fund | Australasian Equities | 5 | 0.10% | -0.71 pts |
| Simplicity NZ Cash Fund | Cash and Cash Equivalents | 2 | 0.12% | -0.55 pts |
| Foundation Series Nasdaq-100 Fund | International Equities | 6 | 0.15% | -0.60 pts |
| Simplicity Hedged Global Bond Fund | International Fixed Interest | 4 | 0.15% | -0.87 pts |
| Simplicity Hedged Global Share Fund | International Equities | 5 | 0.15% | -0.66 pts |
| Simplicity Unhedged Global Share Fund | International Equities | 5 | 0.15% | -0.66 pts |
Lowest reported charge, category by category
For each category: the funds with the lowest reported annual fund charge (ties share a position), against the category's median charge. Fee levels differ structurally between categories — cash funds and equity funds are not comparable on charge alone.
International Equities
84 funds measured · median charge 0.62%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Foundation Series US 500 Fund | 5 | 0.03% | -0.59 pts |
| Foundation Series Hedged US 500 Fund | 6 | 0.03% | -0.59 pts |
| Foundation Series US Dividend Equity Fund | 5 | 0.06% | -0.56 pts |
| Foundation Series Total World Fund | 5 | 0.07% | -0.55 pts |
| Foundation Series Hedged Total World Fund | 5 | 0.07% | -0.55 pts |
Diversified Funds
68 funds measured · median charge 0.99%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Simplicity Conservative Investment Fund | 3 | 0.25% | -0.74 pts |
| Simplicity Balanced Investment Fund | 4 | 0.25% | -0.74 pts |
| Simplicity Growth Investment Fund | 4 | 0.25% | -0.74 pts |
| Simplicity High Growth Investment Fund | 5 | 0.25% | -0.74 pts |
| Simplicity Homes and Income Investment Fund | 3 | 0.25% | -0.74 pts |
| Kernel Conservative Fund | 3 | 0.25% | -0.74 pts |
| Kernel Balanced Fund | 4 | 0.25% | -0.74 pts |
| Kernel High Growth Fund | 5 | 0.25% | -0.74 pts |
Australasian Equities
57 funds measured · median charge 1.00%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Simplicity NZ Share Fund | 5 | 0.10% | -0.90 pts |
| Smart S&P/NZX 50 ETF | 5 | 0.20% | -0.80 pts |
| Harbour NZ Index Shares Fund | 5 | 0.21% | -0.79 pts |
| BetaShares Australia 200 Fund | 5 | 0.23% | -0.77 pts |
| Kernel NZ 20 Fund | 5 | 0.25% | -0.75 pts |
| Kernel NZ 50 ESG Tilted Fund | 5 | 0.25% | -0.75 pts |
| Kernel NZ Small & Mid Cap Opportunities Fund | 5 | 0.25% | -0.75 pts |
| Kernel Australia 100 Fund | 5 | 0.25% | -0.75 pts |
International Fixed Interest
31 funds measured · median charge 0.70%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Simplicity Hedged Global Bond Fund | 4 | 0.15% | -0.55 pts |
| Dimensional Two-Year Sustainability Fixed Interest PIE Fund | 2 | 0.25% | -0.45 pts |
| Dimensional Five-Year Diversified Fixed Interest PIE Fund | 3 | 0.28% | -0.42 pts |
| Smart Global Aggregate Bond ETF | 3 | 0.30% | -0.40 pts |
| Kernel US Bond Fund | 4 | 0.30% | -0.40 pts |
Listed Property
15 funds measured · median charge 1.02%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Kernel NZ Commercial Property Fund | 5 | 0.25% | -0.77 pts |
| Smart Australian Property ETF | 6 | 0.54% | -0.48 pts |
| Smart NZ Property ETF | 5 | 0.54% | -0.48 pts |
| Harbour Real Estate Investment Fund | 5 | 0.77% | -0.25 pts |
| ANZ Investments OneAnswer International Property Fund | 6 | 0.99% | -0.03 pts |
New Zealand Fixed Interest
14 funds measured · median charge 0.63%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Simplicity NZ Bond Fund | 4 | 0.10% | -0.53 pts |
| Kernel NZ Bond Fund | 3 | 0.40% | -0.22 pts |
| ANZ Investments OneAnswer New Zealand Fixed Interest Fund | 3 | 0.46% | -0.16 pts |
| Harbour NZ Corporate Bond Fund | 3 | 0.47% | -0.16 pts |
| Russell Investments NZ Fixed Interest Fund | 3 | 0.49% | -0.14 pts |
Other
8 funds measured · median charge 1.06%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Kernel Global Infrastructure Fund | 5 | 0.25% | -0.81 pts |
| Smart Bitcoin ETF | 7 | 0.55% | -0.51 pts |
| First Sentier Global Listed Infrastructure Fund | 5 | 1.03% | -0.03 pts |
| Resolution Capital Global Listed Infrastructure PIE Fund | 6 | 1.05% | -0.01 pts |
| Russell Investments Global Listed Infrastructure Fund | 5 | 1.08% | +0.02 pts |
Cash and Cash Equivalents
6 funds measured · median charge 0.26%
| Fund | Risk band | Annual charge | vs category median |
|---|---|---|---|
| Simplicity NZ Cash Fund | 2 | 0.12% | -0.14 pts |
| Kernel Cash Plus Fund | 1 | 0.25% | -0.01 pts |
| Harbour Enhanced Cash Fund | 2 | 0.26% | 0.00 pts |
| Clarity Enhanced Cash PIE | 1 | 0.26% | 0.00 pts |
| Summer New Zealand Cash | 1 | 0.62% | +0.36 pts |
Charge versus risk band
The FMA risk indicator (1–7) is disclosed in every fund's Quarterly Fund Update. Per band: the median reported annual fund charge and the fund(s) sharing the band's lowest reported charge.
| Risk band | Funds | Median charge | Band minimum | Fund(s) at the band minimum |
|---|---|---|---|---|
| Risk 1 | 4 | 0.44% | 0.25% | Kernel Cash Plus Fund |
| Risk 2 | 9 | 0.67% | 0.12% | Simplicity NZ Cash Fund |
| Risk 3 | 39 | 0.73% | 0.25% | Kernel Conservative Fund · Simplicity Conservative Investment Fund · Simplicity Homes and Income Investment Fund |
| Risk 4 | 77 | 1.02% | 0.10% | Simplicity NZ Bond Fund |
| Risk 5 | 128 | 0.81% | 0.03% | Foundation Series US 500 Fund |
| Risk 6 | 24 | 0.75% | 0.03% | Foundation Series Hedged US 500 Fund |
| Risk 7 | 2 | 0.79% | 0.55% | Smart Bitcoin ETF |
Methodology in one paragraph
Funds are ordered ascending by the annual fund charge reported in their own FMA Disclose filings, mirrored via Sorted Smart Investor (data to 12 October 2026). Ties share a position. Funds without a reported charge are excluded, not estimated. Performance fees, buy/sell spreads and platform fees sit outside the annual fund charge and are not part of the ordering. A "fee after PIR" cut is not published because the annual fund charge is deducted before tax — PIR affects the tax on returns, not the charge itself. Full detail, including every exclusion:report methodology ·quarterly fees & returns index ·funds charging performance fees.
Questions about this report
How is the ordering decided?
Mechanically. Funds are ordered ascending by the annual fund charge reported in their own FMA Disclose filings (mirrored via Sorted Smart Investor). Ties share a position. There is no scoring, weighting or editorial judgement — the full selection rule is published at managedfunds.nz/methodology/reports/lowest-charge-2026/.
Does a lower annual fund charge make a fund better?
Not by itself. The annual fund charge is one disclosed attribute of a fund. It says nothing about the strategy, risk band, after-fee returns or buy/sell spreads. This report orders funds by a single disclosed number; it is not a rating and not a recommendation.
Why are 21 funds missing from the report?
The report covers the 283 of 304 tracked retail funds whose current extract reports an annual fund charge. Funds without a reported charge — including AU-domiciled unit trusts that Sorted Smart Investor does not index — are excluded rather than estimated.
Are performance fees included?
No. The comparison column is the annual fund charge as disclosed. Some funds charge a performance fee on top — those funds are listed separately at managedfunds.nz/performance-fee/funds/. Buy/sell spreads and platform transaction fees are also outside the annual fund charge.
How often is this report updated?
Annually, as a dated edition (this is the 2026 edition, data to 12 October 2026). The page is recomputed from the underlying dataset on every site build, so figures never drift from the source data. The quarterly companion is the NZ Managed Fund Fees & Returns Index.
ManagedFundsNZ is not licensed to provide financial advice. This report orders funds by a single disclosed number and is general information only. A fund's annual charge is one attribute among many; read the PDS and consider personalised advice from a licensed financial adviser before investing.