Upper-middle band on the FMA scale

Risk indicator 5 — NZ managed funds

Funds with the FMA standardised risk indicator of 5 sit at the upper-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 5 in our coverage are dominated by growth and growth-tilted diversified funds, broad international equity funds (passive and active), Australasian equity funds, and listed-property funds. Single-year drawdowns of 20–35% have occurred at this band in historical equity bear markets.

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

Foundation Series US 500 Fund

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

0.03% fee 5/7 risk
Foundation Series US Dividend Equity Fund

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

0.06% fee 5/7 risk
Foundation Series Total World Fund

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

0.07% fee 5/7 risk
Foundation Series Hedged Total World Fund

Foundation Series · International Equities
PIE · capped at PIR (max 28%) NZD hedged

0.07% fee 5/7 risk
Foundation Series Global ESG Fund

Foundation Series · International Equities
PIE · capped at PIR (max 28%) Responsible / ethical

0.10% fee 5/7 risk
Simplicity NZ Share Fund

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

0.10% fee 5/7 risk
Simplicity Hedged Global Share Fund

Simplicity · International Equities
PIE · capped at PIR (max 28%) NZD hedged growth

0.15% fee 5/7 risk
Simplicity Unhedged Global Share Fund

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

0.15% fee 5/7 risk
Smart S&P/NZX 50 ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · NZG

0.20% fee 5/7 risk
Harbour NZ Index Shares Fund

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

0.21% fee 5/7 risk
BetaShares Australia 200 Fund

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

0.23% fee 5/7 risk
Simplicity High Growth Investment Fund

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

0.25% fee 5/7 risk
Kernel High Growth Fund

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

0.25% fee 5/7 risk
Kernel S&P Global 100 Fund

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

0.25% fee 5/7 risk
Kernel S&P Global 100 (NZD Hedged) Fund

Kernel · International Equities
PIE · capped at PIR (max 28%) NZD hedged growth

0.25% fee 5/7 risk
Kernel World ex-US Fund

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

0.25% fee 5/7 risk
Kernel Global ESG Fund

Kernel · International Equities
PIE · capped at PIR (max 28%) Responsible / ethical growth

0.25% fee 5/7 risk
Kernel S&P Global Dividend Aristocrats Fund

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

0.25% fee 5/7 risk
Kernel Global Infrastructure Fund

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

0.25% fee 5/7 risk
Kernel NZ 20 Fund

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

0.25% fee 5/7 risk
Kernel NZ 50 ESG Tilted Fund

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

0.25% fee 5/7 risk
Kernel NZ Small & Mid Cap Opportunities Fund

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

0.25% fee 5/7 risk
Kernel NZ Commercial Property Fund

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

0.25% fee 5/7 risk
Kernel Australia 100 Fund

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

0.25% fee 5/7 risk
Harbour Sustainable Impact Fund

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

0.27% fee 5/7 risk
Harbour Sustainable NZ Shares Fund

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

0.27% fee 5/7 risk
Smart Australian Top 200 ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · AUS

0.30% fee 5/7 risk
Russell Investments Hedged Sustainable Global Shares Fund

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

0.33% fee 5/7 risk
Smart US 500 ETF

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

0.34% fee 5/7 risk
Smart US ESG ETF

Smartshares · International Equities
PIE · capped at PIR (max 28%) ETF · USA Responsible / ethical

0.34% fee 5/7 risk
Dimensional Australian Sustainability PIE Fund

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

0.35% fee 5/7 risk
Mercer NZ Shares Passive Fund

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

0.36% fee 5/7 risk
Foundation Series High Growth Fund

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

0.37% fee 5/7 risk
Schroder Sustainable Global Core PIE Fund

Schroders · International Equities
PIE · capped at PIR (max 28%) Responsible / ethical growth

0.39% fee 5/7 risk
Schroder Sustainable Global Core PIE Fund (Hedged)

Schroders · International Equities
PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth

0.39% fee 5/7 risk
Dimensional Global Sustainability PIE Fund

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

0.40% fee 5/7 risk
Dimensional Global Sustainability PIE Fund (NZD Hedged)

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

0.40% fee 5/7 risk
Mercer All Country Global Shares Index Fund

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

0.43% fee 5/7 risk
Kernel Emerging Markets Fund

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

0.45% fee 5/7 risk
BetaShares Global Quality Leaders Fund

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

0.49% fee 5/7 risk
Smart NZ Top 50 ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · FNZ

0.50% fee 5/7 risk
Smart US Large Value ETF

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

0.51% fee 5/7 risk
Smart US Mid Cap ETF

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

0.51% fee 5/7 risk
Smart Australian Dividend ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · ASD

0.54% fee 5/7 risk
Smart NZ Dividend ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · DIV

0.54% fee 5/7 risk
Smart Global ESG ETF

Smartshares · International Equities
PIE · capped at PIR (max 28%) ETF · ESG Responsible / ethical

0.54% fee 5/7 risk
Smart NZ Property ETF

Smartshares · Listed Property
PIE · capped at PIR (max 28%) ETF · NPF

0.54% fee 5/7 risk
Smart Asia Pacific ETF

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

0.55% fee 5/7 risk
Smart Europe ESG ETF

Smartshares · International Equities
PIE · capped at PIR (max 28%) ETF · EUG Responsible / ethical

0.55% fee 5/7 risk
Smart Europe ETF

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

0.55% fee 5/7 risk
Smart Japan ESG ETF

Smartshares · International Equities
PIE · capped at PIR (max 28%) ETF · JPN Responsible / ethical

0.55% fee 5/7 risk
Smart Emerging Markets ESG ETF

Smartshares · International Equities
PIE · capped at PIR (max 28%) ETF · EMG Responsible / ethical

0.59% fee 5/7 risk
Smart Emerging Markets ETF

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

0.59% fee 5/7 risk
BetaShares NZ Sustainability Leaders Fund

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

0.59% fee 5/7 risk
Smart Australian Top 20 ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · OZY

0.60% fee 5/7 risk
Smart NZ Mid Cap ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · MDZ

0.60% fee 5/7 risk
Smart NZ Top 10 ETF

Smartshares · Australasian Equities
PIE · capped at PIR (max 28%) ETF · TNZ

0.60% fee 5/7 risk
Stewart Investors Worldwide Leaders Fund

Stewart Investors · International Equities
PIE · capped at PIR (max 28%) Responsible / ethical growth

0.61% fee 5/7 risk
Evidential Sustainable Targeted Factor Fund

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

0.62% fee 5/7 risk
BetaShares Australian Sustainability Leaders Fund

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

0.67% fee 5/7 risk
Harbour Real Estate Investment Fund

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

0.77% fee 5/7 risk
BetaShares Global Sustainability Leaders Fund

BetaShares · International Equities
PIE · capped at PIR (max 28%) Responsible / ethical growth

0.77% fee 5/7 risk
Russell Investments NZ Shares Fund

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

0.78% fee 5/7 risk
AMP International Shares Managed Fund

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

0.79% fee 5/7 risk
BetaShares Global Sustainability Leaders Fund (NZD Hedged)

BetaShares · International Equities
PIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth

0.79% fee 5/7 risk
ANZ Investments OneAnswer International Listed Infrastructure Fund

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

0.84% fee 5/7 risk
Pella Global Generations PIE Fund

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

0.85% fee 5/7 risk
Fisher Funds Australian Growth Fund

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

0.87% fee 5/7 risk
Russell Investments Hedged Global Shares Fund

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

0.92% fee 5/7 risk
Brandywine Global Opportunistic Equity Fund

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

0.93% fee 5/7 risk
ANZ Investments OneAnswer High Growth Fund

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

0.95% fee 5/7 risk
Amova Core Equity Fund

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

0.95% fee 5/7 risk
ANZ Investments OneAnswer International Share Fund

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

0.96% fee 5/7 risk
Booster Wealth High Growth Fund

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

0.96% fee 5/7 risk
Mint New Zealand SRI Equity Fund

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

0.97% fee 5/7 risk
Pathfinder Global Property Fund

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

1.00% fee 5/7 risk
Salt Enhanced Property Fund

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

1.02% fee 5/7 risk
Summer Australian Equities

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

1.02% fee 5/7 risk
Summer Global Equities

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

1.02% fee 5/7 risk
Summer Listed Property

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

1.02% fee 5/7 risk
First Sentier Global Listed Infrastructure Fund

First Sentier · Other
PIE · capped at PIR (max 28%) Thematic balanced

1.03% fee 5/7 risk
ANZ Investments OneAnswer New Zealand Share Fund

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

1.05% fee 5/7 risk
Mercer Responsible Trans-Tasman Shares Fund

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

1.06% fee 5/7 risk
ANZ Investments OneAnswer Property Securities Fund

ANZ Investments · Listed Property
PIE · capped at PIR (max 28%)

1.06% fee 5/7 risk
Clarity Global Shares Fund

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

1.06% fee 5/7 risk
Mint Australasian Property Fund

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

1.07% fee 5/7 risk
Castle Point Trans-Tasman Fund

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

1.08% fee 5/7 risk
Russell Investments Global Listed Infrastructure Fund

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

1.08% fee 5/7 risk
ANZ Investments OneAnswer Australian Share Fund

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

1.09% fee 5/7 risk
Harbour Australasian Equity Fund

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

1.12% fee 5/7 risk
Aurellan Global Shares Fund

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

1.12% fee 5/7 risk
Aurellan Hedged Global Shares Fund

Aurellan · International Equities
PIE · capped at PIR (max 28%) NZD hedged growth

1.12% fee 5/7 risk
Milford Aggressive Fund

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

1.15% fee 5/7 risk
Amova Concentrated Equity Fund

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

1.15% fee 5/7 risk
Octagon Australasian Equities Fund

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

1.17% fee 5/7 risk
SBS Wealth Growth Strategy

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

1.17% fee 5/7 risk
SBS Wealth High Growth Strategy

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

1.17% fee 5/7 risk
Mint Australasian Equity Fund

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

1.18% fee 5/7 risk
SBS Wealth World Equity Portfolio

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

1.18% fee 5/7 risk
Amova Global Shares Fund

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

1.20% fee 5/7 risk
Mint Diversified Growth Fund

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

1.21% fee 5/7 risk
Harbour Australasian Equity Focus Fund

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

1.21% fee 5/7 risk
Harbour T. Rowe Price Global Equity Fund

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

1.21% fee 5/7 risk
Clarity - Capital Group New Perspective Fund

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

1.21% fee 5/7 risk
Harbour T. Rowe Price Global Equity Fund (Hedged)

Harbour · International Equities
PIE · capped at PIR (max 28%) NZD hedged

1.24% fee 5/7 risk
Mercer Core Global Shares Fund

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

1.24% fee 5/7 risk
Mercer Global Shares Fund

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

1.25% fee 5/7 risk
TAHITO Te Tai o Rehua Fund

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

1.26% fee 5/7 risk
QuayStreet NZ Equity Fund

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

1.27% fee 5/7 risk
Devon Australian Fund

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

1.30% fee 5/7 risk
Pathfinder Global Responsibility Fund

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

1.30% fee 5/7 risk
Pathfinder Global Water Fund

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

1.30% fee 5/7 risk
Mercer Global Listed Infrastructure Fund

Mercer · Other
PIE · capped at PIR (max 28%)

1.34% fee 5/7 risk
Generate Focused Growth Managed Fund

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

1.35% fee 5/7 risk
Milford Global Equity Fund

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

1.35% fee 5/7 risk
Booster Wealth Geared Growth Fund

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

1.35% fee 5/7 risk
Booster Socially Responsible High Growth Fund

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

1.35% fee 5/7 risk
Fisher Funds New Zealand Growth Fund

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

1.42% fee 5/7 risk
Mercer Core Hedged Global Shares Fund

Mercer · International Equities
PIE · capped at PIR (max 28%) NZD hedged

1.46% fee 5/7 risk
NZ Funds Wealth Builder - Inflation Strategy

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

1.58% fee 5/7 risk
Pie Global Growth Fund 2

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

1.61% fee 5/7 risk
Fisher Funds Trans Tasman Equity Trust

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

1.63% fee 5/7 risk
Fisher Funds Global Fund

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

1.64% fee 5/7 risk
Mercer Responsible Global Shares Fund

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

1.69% fee 5/7 risk
Pie Growth UK & Europe Fund

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

1.85% fee 5/7 risk
NZ Funds Global Property

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

2.52% fee 5/7 risk
NZ Funds New Zealand and Australian Shares

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

2.52% fee 5/7 risk
NZ Funds New Zealand Property and Retirement Villages

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

2.52% fee 5/7 risk
NZ Funds Global Infrastructure

NZ Funds · Other
PIE · capped at PIR (max 28%) Thematic balanced

2.53% fee 5/7 risk
NZ Funds Global Utilities

NZ Funds · International Equities
PIE · capped at PIR (max 28%) Thematic balanced

2.53% fee 5/7 risk
Plato Global Alpha PIE Fund

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

5/7 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.