Fisher Funds Conservative Fund

A defensive fund holding $1.3 billion that keeps 77 percent in bonds and cash, and charges 0.93 percent in annual fees.

The portfolio is anchored by New Zealand government bonds, with eight of the ten largest holdings in domestic fixed interest. The top holding is an ANZ current account at 6.27 percent, followed by a string of government bonds including a 2033 issue at 2.22 percent and a 2031 bond at 2.09 percent. Inflation-indexed bonds also feature, including a 2035 issue at 1.36 percent. The fund holds 19.75 percent in cash, 31.75 percent in New Zealand bonds and 27.2 percent in international bonds. The growth allocation is modest: just 23 percent split between Australasian shares at 5.28 percent, international shares at 12.28 percent, and small positions in listed and unlisted property. One unlisted holding, Bayfair Shopping Centre, appears among the top ten at 0.86 percent. Over five years the fund returned 2.7 percent annually, rising to 7.1 percent over three years and 4.9 percent over one year.

The fee of 0.93 percent includes a management component and 0.24 percent in other charges, with no performance fee. The structure reflects a cautious approach built around domestic government debt and a limited equity sleeve.

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