Middle band on the FMA scale

Risk indicator 4 — NZ managed funds

Funds with the FMA standardised risk indicator of 4 sit at the 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 4 in our coverage cluster on balanced and balanced-growth diversified mandates — roughly 50–70% growth assets blended with bonds and cash. Single-year drawdowns of 10–20% remain possible in a sharp equity correction; the bond sleeve typically dampens but does not cancel that.

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

Simplicity NZ Bond Fund

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

0.10% fee 4/7 risk
Simplicity Hedged Global Bond Fund

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

0.15% fee 4/7 risk
Simplicity Balanced Investment Fund

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

0.25% fee 4/7 risk
Simplicity Growth Investment Fund

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

0.25% fee 4/7 risk
Kernel Balanced Fund

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

0.25% fee 4/7 risk
Kernel US Bond Fund

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

0.30% fee 4/7 risk
Evidential Sustainable Global Bond Fund

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

0.32% fee 4/7 risk
Russell Investments Sustainable Global Shares Fund

Russell Investments · International Equities
PIE · capped at PIR (max 28%) Responsible / ethical

0.33% fee 4/7 risk
BetaShares Australian Investment Grade Corporate Bond Fund (NZD Hedged)

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

0.34% fee 4/7 risk
Foundation Series Balanced Fund

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

0.36% fee 4/7 risk
Foundation Series Growth Fund

Foundation Series · Diversified
PIE · capped at PIR (max 28%) growth

0.38% fee 4/7 risk
Smart Total World ETF

Smartshares · International Equities
PIE · capped at PIR (max 28%) ETF · TWF

0.40% fee 4/7 risk
Mercer Responsible Hedged Global Fixed Interest Index Fund

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

0.43% fee 4/7 risk
JPMorgan Global Bond Fund

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

0.47% fee 4/7 risk
ANZ Investments OneAnswer International Fixed Interest Fund

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

0.49% fee 4/7 risk
Hunter Global Fixed Interest Fund

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

0.53% fee 4/7 risk
Smart Global Bond ETF

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

0.54% fee 4/7 risk
Russell Investments Global Fixed Interest Fund

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

0.58% fee 4/7 risk
Te Ahumairangi Global Equity Fund

Te Ahumairangi · International Equities
PIE · capped at PIR (max 28%)

0.62% fee 4/7 risk
Booster Wealth Moderate Fund

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

0.74% fee 4/7 risk
ANZ Investments OneAnswer Conservative Balanced Fund

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

0.75% fee 4/7 risk
Coolabah Active Composite Bond PIE Fund

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

0.76% fee 4/7 risk
Brandywine Global Opportunistic Fixed Income Fund

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

0.77% fee 4/7 risk
AMP Aggressive Managed Fund

AMP · Diversified
PIE · capped at PIR (max 28%) aggressive

0.80% fee 4/7 risk
AMP Balanced Managed Fund

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

0.81% fee 4/7 risk
AMP Growth Managed Fund

AMP · Diversified
PIE · capped at PIR (max 28%) growth

0.81% fee 4/7 risk
Booster Wealth Balanced Fund

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

0.83% fee 4/7 risk
ANZ Investments OneAnswer Balanced Fund

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

0.90% fee 4/7 risk
Booster Wealth Growth Fund

Booster · Diversified
PIE · capped at PIR (max 28%) growth

0.91% fee 4/7 risk
Russell Investments Global Shares Fund

Russell Investments · International Equities
PIE · capped at PIR (max 28%)

0.93% fee 4/7 risk
ANZ Investments OneAnswer Balanced Growth Fund

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

0.95% fee 4/7 risk
ANZ Investments OneAnswer Growth Fund

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

0.95% fee 4/7 risk
Lifetime Balanced Fund

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

0.99% fee 4/7 risk
Lifetime Growth Fund

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

0.99% fee 4/7 risk
Pathfinder Ethical Trans-Tasman Fund

Pathfinder · Australasian Equities
PIE · capped at PIR (max 28%) Responsible / ethical

1.00% fee 4/7 risk
Summer Balanced Selection

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

1.02% fee 4/7 risk
Summer Growth Selection

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

1.02% fee 4/7 risk
SBS Wealth Balanced Strategy

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

1.03% fee 4/7 risk
Harbour Balanced Growth Fund

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

1.04% fee 4/7 risk
Milford Active Growth Fund

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

1.05% fee 4/7 risk
Milford Balanced Fund

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

1.05% fee 4/7 risk
Milford Australian Absolute Growth Fund

Milford · Australasian Equities
PIE · capped at PIR (max 28%)

1.05% fee 4/7 risk
Milford Trans-Tasman Equity Fund

Milford · Australasian Equities
PIE · capped at PIR (max 28%)

1.05% fee 4/7 risk
Clarity Dividend Yield Fund

Clarity · International Equities
PIE · capped at PIR (max 28%) growth

1.06% fee 4/7 risk
Clarity New Zealand Equity Fund

Clarity · Australasian Equities
PIE · capped at PIR (max 28%) growth

1.06% fee 4/7 risk
Clarity Trans-Tasman Value Fund

Clarity · Australasian Equities
PIE · capped at PIR (max 28%) growth

1.06% fee 4/7 risk
Harbour Australasian Equity Income Fund

Harbour · Australasian Equities
PIE · capped at PIR (max 28%)

1.10% fee 4/7 risk
Salt NZ Dividend Appreciation Fund

Salt · Australasian Equities
PIE · capped at PIR (max 28%)

1.10% fee 4/7 risk
Clarity Diversified Growth Fund

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

1.16% fee 4/7 risk
Octagon Balanced Fund

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

1.17% fee 4/7 risk
Octagon New Zealand Equities Fund

Octagon · Australasian Equities
PIE · capped at PIR (max 28%)

1.17% fee 4/7 risk
NZ Funds Wealth Builder - Income Strategy

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

1.20% fee 4/7 risk
SBS Wealth Australasian Equity Portfolio

SBS Wealth · Australasian Equities
PIE · capped at PIR (max 28%) growth

1.20% fee 4/7 risk
Harbour Long Short Fund

Harbour · Australasian Equities
PIE · capped at PIR (max 28%)

1.23% fee 4/7 risk
Mercer Responsible Balanced Fund

Mercer · Diversified
PIE · capped at PIR (max 28%) Responsible / ethical balanced

1.25% fee 4/7 risk
Mercer Income Generator Fund

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

1.28% fee 4/7 risk
Devon Alpha Fund

Devon · Australasian Equities
PIE · capped at PIR (max 28%)

1.30% fee 4/7 risk
Pathfinder Ethical Growth Fund

Pathfinder · Diversified
PIE · capped at PIR (max 28%) Responsible / ethical growth

1.31% fee 4/7 risk
Booster Socially Responsible Balanced Fund

Booster · Diversified
PIE · capped at PIR (max 28%) Responsible / ethical balanced

1.33% fee 4/7 risk
Booster Socially Responsible Growth Fund

Booster · Diversified
PIE · capped at PIR (max 28%) Responsible / ethical growth

1.34% fee 4/7 risk
Devon Trans-Tasman Fund

Devon · Australasian Equities
PIE · capped at PIR (max 28%)

1.36% fee 4/7 risk
Lifetime Retirement Income Fund

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

1.36% fee 4/7 risk
Devon Dividend Yield Fund

Devon · Australasian Equities
PIE · capped at PIR (max 28%)

1.39% fee 4/7 risk
Booster Shielded Growth Fund

Booster · Diversified
PIE · capped at PIR (max 28%) growth

1.41% fee 4/7 risk
NZ Funds Global Bonds

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

1.44% fee 4/7 risk
NZ Funds New Zealand and Australian Bonds

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

1.44% fee 4/7 risk
Fisher Funds Growth Fund

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

1.46% fee 4/7 risk
ACI Conservative Fund

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

1.50% fee 4/7 risk
Fisher Funds Property & Infrastructure Fund

Fisher Funds · Listed Property
PIE · capped at PIR (max 28%)

1.53% fee 4/7 risk
ACI Growth Fund

ACI · Diversified
PIE · capped at PIR (max 28%) growth

1.61% fee 4/7 risk
NZ Funds Income Generator

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

1.67% fee 4/7 risk
Salt Long Short Fund

Salt · Australasian Equities
PIE · capped at PIR (max 28%)

3.21% fee 4/7 risk
Antipodes Global Fund – Long (PIE)

Antipodes · International Equities
PIE · capped at PIR (max 28%)

4/7 risk
Bentham Global Opportunities PIE Fund

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

4/7 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.