The NZD Conservative Fund is a New Zealand Dollar denominated fund employing an active asset allocation strategy and a passive investment management strategy invested 70% in income assets (New Zealand fixed interest, international fixed interest, and cash and cash equivalents), with 30% exposure to growth assets (Australasian and international equities).

 

Investment Objectives

The fund seeks to track composite indices (before annual fund charge and tax), comprising: 10% S&P/NZX Bank Bills 90-Day Index; 40% Bloomberg NZ Bond Govt 0+ Yr Index; 20% Bloomberg Global Aggregate Index, 100% hedged to NZD; 20% Morningstar New Zealand (total return) Index, including imputation credits; and 10% MSCI World ex Australia ESG Screened Index, 50% hedged to NZD.


Underlying Fund Managers

The table below sets out the target asset allocation and underlying investment managers for the Fund.

For more information you can access the Funds Statement of Investment Objectives and Policy (SIPO).

Asset Class

Underlying Fund Manager

 Underlying Fund Benchmark Asset Allocation 1
Cash and cash equivalents Adminis NZ Limited* Cash at Bank* 10%
New Zealand fixed interest Simplicity NZ Limited Simplicity NZ Bond Fund 40%
International fixed interest Smartshares Limited Smart Global Aggregate Bond ETF 20%
Australasian equities Simplicity NZ Limited Simplicity NZ Share Fund 20%
International equities Smartshares Limited

Smart Wholesale Global Equity ESG Fund

Smart Wholesale Global Equity ESG Fund Hedged

 10%
Total assets 100%

 

*Cash at Bank is held through the custodian Adminis NZ Limited. Adminis NZ Limited are not an underlying fund manager, however we have included them in this table to clearly present where the funds in this Asset Class are held.

1 The Benchmark Asset Allocation, Maximum and Operating ranges are set out in the SIPO.

 

Fund Performance

See the below performance figures for the NZD Conservative Fund as of 31 January 2026. The returns are after fees and after taxes:

PIR Tax Rate Month Quarter 12-months 3-Year 5-Year Inception

28%

 -0.43% -0.93%    3.04%  

4.16%

-0.08%

 1.58%

0%

-0.47%

 -1.07%

4.32%

5.83%

-0.08%

1.94%

* NZD Conservative Fund was established on 24 December 2018

* Returns for periods longer than one year are annualised

 

The chart below shows the fund return after fund charges and tax (at 28%) for each full calendar year the fund has been in existence. The last bar shows the performance of the current calendar year to date (1 January 2026 to 31 January 2026).