Higher band on the FMA scale
Risk indicator 6 — NZ managed funds
Funds with the FMA standardised risk indicator of 6 sit at the second-highest 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 6 in our coverage are typically concentrated equity funds (single-region, single-sector, or active high-conviction mandates), thematic funds, and emerging-market equity exposure. Single-year drawdowns of 30–50% have occurred at this band in historical equity bear markets.
24 of 284 tracked funds with on-file FMA risk indicator. Data from Sorted Smart Investor (sourced from FMA Disclose Quarterly Fund Updates).
- Foundation Series Hedged US 500 FundFoundation Series · International EquitiesPIE · capped at PIR (max 28%) NZD hedged0.03% fee 6/7 risk
- Foundation Series Nasdaq-100 FundFoundation Series · International EquitiesPIE · capped at PIR (max 28%) Thematic0.15% fee 6/7 risk
- Kernel S&P 500 (Unhedged) FundKernel · International EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 6/7 risk
- Kernel S&P 500 (NZD Hedged) FundKernel · International EquitiesPIE · capped at PIR (max 28%) NZD hedged growth0.25% fee 6/7 risk
- Kernel S&P Global Clean Energy FundKernel · International EquitiesPIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive0.45% fee 6/7 risk
- Smart US Large Growth ETFSmartshares · International EquitiesPIE · capped at PIR (max 28%) ETF · USG0.51% fee 6/7 risk
- Smart US Small Cap ETFSmartshares · International EquitiesPIE · capped at PIR (max 28%) ETF · USS0.51% fee 6/7 risk
- Smart Australian Financials ETFSmartshares · Australasian EquitiesPIE · capped at PIR (max 28%) ETF · ASF0.54% fee 6/7 risk
- Smart Australian Resources ETFSmartshares · Australasian EquitiesPIE · capped at PIR (max 28%) ETF · ASR0.54% fee 6/7 risk
- Smart Australian Property ETFSmartshares · Listed PropertyPIE · capped at PIR (max 28%) ETF · ASP0.54% fee 6/7 risk
- Smart Australian Mid Cap ETFSmartshares · Australasian EquitiesPIE · capped at PIR (max 28%) ETF · MZY0.75% fee 6/7 risk
- Smart Automation and Robotics ETFSmartshares · International EquitiesPIE · capped at PIR (max 28%) ETF · BOT Thematic0.75% fee 6/7 risk
- Smart Healthcare Innovation ETFSmartshares · International EquitiesPIE · capped at PIR (max 28%) ETF · LIV Thematic0.75% fee 6/7 risk
- Hyperion Australian Growth Companies PIE FundHyperion · Australasian EquitiesPIE · capped at PIR (max 28%)0.98% fee 6/7 risk
- ANZ Investments OneAnswer International Property FundANZ Investments · Listed PropertyPIE · capped at PIR (max 28%)0.99% fee 6/7 risk
- Resolution Capital Global Listed Infrastructure PIE FundResolution Capital · OtherPIE · capped at PIR (max 28%) Thematic balanced1.05% fee 6/7 risk
- Resolution Capital Global Property Securities PIE FundResolution Capital · Listed PropertyPIE · capped at PIR (max 28%) balanced1.05% fee 6/7 risk
- Amova Global Shares Hedged FundAmova · International EquitiesPIE · capped at PIR (max 28%) NZD hedged1.20% fee 6/7 risk
- Fisher Funds International Growth FundFisher Funds · International EquitiesPIE · capped at PIR (max 28%)1.31% fee 6/7 risk
- Mercer Global Listed Real Estate FundMercer · Listed PropertyPIE · capped at PIR (max 28%)1.33% fee 6/7 risk
- Elevation Capital Global Shares FundElevation Capital · International EquitiesPIE · capped at PIR (max 28%)1.80% fee 6/7 risk
- NZ Funds Wealth Builder - Growth StrategyNZ Funds · DiversifiedPIE · capped at PIR (max 28%) growth2.14% fee 6/7 risk
- NZ Funds Global SharesNZ Funds · International EquitiesPIE · capped at PIR (max 28%) growth3.12% fee 6/7 risk
- Hyperion Global Growth Companies PIE FundHyperion · International EquitiesPIE · capped at PIR (max 28%)4.38% fee 6/7 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.