Lower-middle band on the FMA scale

Risk indicator 3 — NZ managed funds

Funds with the FMA standardised risk indicator of 3 sit at the lower-middle band on the 7-point scale. The indicator is calculated from the past five years of unit-price volatility and is published in every Quarterly Fund Update on the FMA Disclose register.

NZ funds at band 3 in our coverage are typically conservative or conservative-balanced diversified funds, broad NZ fixed-interest funds with a corporate sleeve, or international fixed-interest funds hedged back to NZD. Drawdowns of 5–10% over a single year remain possible.

40 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates).

Simplicity Conservative Investment Fund

Simplicity · Diversified
PIE · capped at PIR (max 28%) conservative

0.25% fee 3/7 risk
Simplicity Homes and Income Investment Fund

Simplicity · Diversified
PIE · capped at PIR (max 28%) balanced

0.25% fee 3/7 risk
Kernel Conservative Fund

Kernel · Diversified
PIE · capped at PIR (max 28%) conservative

0.25% fee 3/7 risk
Dimensional Five-Year Diversified Fixed Interest PIE Fund

Dimensional · International FI
PIE · capped at PIR (max 28%) NZD hedged

0.28% fee 3/7 risk
Smart Global Aggregate Bond ETF

Smartshares · International FI
PIE · capped at PIR (max 28%) ETF · AGG

0.30% fee 3/7 risk
Dimensional Global Bond Sustainability PIE Fund

Dimensional · International FI
PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical

0.32% fee 3/7 risk
Kernel NZ Bond Fund

Kernel · NZ Fixed Interest
PIE · capped at PIR (max 28%) conservative

0.40% fee 3/7 risk
ANZ Investments OneAnswer New Zealand Fixed Interest Fund

ANZ Investments · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.46% fee 3/7 risk
Harbour NZ Corporate Bond Fund

Harbour · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.47% fee 3/7 risk
Russell Investments NZ Fixed Interest Fund

Russell Investments · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.49% fee 3/7 risk
Smart NZ Bond ETF

Smartshares · NZ Fixed Interest
PIE · capped at PIR (max 28%) ETF · NZB

0.54% fee 3/7 risk
Mercer Macquarie NZ Fixed Interest Fund

Mercer · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.60% fee 3/7 risk
ANZ Investments OneAnswer Conservative Fund

ANZ Investments · Diversified
PIE · capped at PIR (max 28%) conservative

0.63% fee 3/7 risk
Milford Diversified Income Fund

Milford · Diversified
PIE · capped at PIR (max 28%) income

0.65% fee 3/7 risk
Milford Trans-Tasman Bond Fund

Milford · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.65% fee 3/7 risk
Harbour Income Fund

Harbour · Diversified
PIE · capped at PIR (max 28%) income

0.66% fee 3/7 risk
Harbour NZ Core Fixed Interest Fund

Harbour · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.66% fee 3/7 risk
Amova Corporate Bond Fund

Amova · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.70% fee 3/7 risk
Clarity Fixed Income Fund

Clarity · International FI
PIE · capped at PIR (max 28%) conservative

0.70% fee 3/7 risk
Daintree Core Income PIE

Daintree · International FI
PIE · capped at PIR (max 28%) conservative

0.73% fee 3/7 risk
QuayStreet Income Fund

QuayStreet · Diversified
PIE · capped at PIR (max 28%) income

0.77% fee 3/7 risk
SBS Wealth World Bond Portfolio

SBS Wealth · International FI
PIE · capped at PIR (max 28%) conservative

0.77% fee 3/7 risk
SBS Wealth New Zealand Bond Portfolio

SBS Wealth · NZ Fixed Interest
PIE · capped at PIR (max 28%) conservative

0.78% fee 3/7 risk
Bentham Global Income PIE Fund

Bentham · International FI
PIE · capped at PIR (max 28%) conservative

0.83% fee 3/7 risk
Milford Conservative Fund

Milford · Diversified
PIE · capped at PIR (max 28%) conservative

0.85% fee 3/7 risk
Milford Global Corporate Bond Fund

Milford · International FI
PIE · capped at PIR (max 28%)

0.85% fee 3/7 risk
Summer Conservative Selection

Summer · Diversified
PIE · capped at PIR (max 28%) conservative

0.87% fee 3/7 risk
Summer Global Fixed Interest

Summer · International FI
PIE · capped at PIR (max 28%) conservative

0.87% fee 3/7 risk
SBS Wealth Conservative Strategy

SBS Wealth · Diversified
PIE · capped at PIR (max 28%) conservative

0.90% fee 3/7 risk
Daintree High Income PIE

Daintree · International FI
PIE · capped at PIR (max 28%) balanced

0.90% fee 3/7 risk
Clarity Diversified Income Fund

Clarity · Diversified
PIE · capped at PIR (max 28%) income

0.96% fee 3/7 risk
Fisher Funds New Zealand Fixed Income Trust

Fisher Funds · NZ Fixed Interest
PIE · capped at PIR (max 28%)

0.97% fee 3/7 risk
Fisher Funds Income Fund

Fisher Funds · International FI
PIE · capped at PIR (max 28%)

0.99% fee 3/7 risk
Lifetime Conservative Fund

Lifetime · Diversified
PIE · capped at PIR (max 28%) conservative

0.99% fee 3/7 risk
Mint Diversified Income Fund

Mint · Diversified
PIE · capped at PIR (max 28%) income

1.01% fee 3/7 risk
Castle Point 5 Oceans Fund

Castle Point · Diversified
PIE · capped at PIR (max 28%) balanced

1.18% fee 3/7 risk
Fisher Funds BondPlus Fund

Fisher Funds · International FI
PIE · capped at PIR (max 28%)

1.26% fee 3/7 risk
Fisher Funds Conservative Fund

Fisher Funds · Diversified
PIE · capped at PIR (max 28%) conservative

1.35% fee 3/7 risk
Coolabah Long-Short Credit PIE Fund

Coolabah · International FI
PIE · capped at PIR (max 28%) balanced

1.76% fee 3/7 risk
Artesian Green and Sustainable Bond Fund (NZD)

Artesian · International FI
PIE · capped at PIR (max 28%) Responsible / ethical conservative

3/7 risk

Other risk bands

How the FMA risk indicator is calculated

The standardised risk indicator is published on every NZ fund's Product Disclosure Statement and Quarterly Fund Update. It is calculated from the standard deviation of the fund's monthly returns over the past five years, then mapped to a 1–7 band per the FMA's Risk Indicators for Managed Investment Schemes framework.

It is backward-looking — a band-4 fund today may move to band 5 next quarter if recent volatility increases. It also doesn't capture every kind of risk: a fund holding a single illiquid asset can have low historical volatility (giving a low band) while carrying material liquidity risk that the indicator doesn't reflect.

Cross-validate via the per-fund page which links to the source Quarterly Fund Update on the FMA Disclose register.

ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser.