Fisher Funds Conservative Fund

Nearly 80 percent of this $1.3 billion fund sits in bonds and cash, with the single largest holding an ANZ current account containing $82 million. This is defensive positioning taken to its logical end: a portfolio built to preserve capital first, grow it second.

The fund spreads 32 percent across New Zealand government and local authority bonds, with maturities stretching to 2037 and several inflation-indexed issues among the top ten. International bonds claim another 27 percent, while cash and equivalents make up a fifth of the portfolio. Growth assets are sparse: just 12 percent in international shares, 5 percent in Australasian equities, and a small allocation to property including direct ownership of Bayfair Shopping Centre. The management fee sits at 1.11 percent, with another 0.24 percent in other costs. Over five years the fund returned 2.7 percent annually, though one-year and three-year figures of 4.9 and 7.1 percent show recent gains as bond markets recovered. This is a fund for investors willing to trade potential upside for stability, with nearly all capital anchored in fixed income and liquid reserves.

General information only, not financial advice. Past performance is not a reliable indicator of future results.