GROWTH FUND

ANZ's Growth Fund sits on a 0.98% management fee, which is at the upper end of the scale for a diversified growth offering, with another 0.15% in other charges on top.

Just over half the fund—51%—runs on international shares, led by familiar US tech names: Microsoft, Amazon, and a private equity allocation through Fishers. Another fifth sits in Australasian shares, with Fisher & Paykel Healthcare and Infratil among the domestic picks. The rest is split across bonds, property and cash. Nearly 7% of the portfolio is in cash and current accounts, which is high for a risk level 5 fund nominally built for growth. The fund also holds a stake in Bayfair Shopping Centre, a retail property in Tauranga, alongside a small allocation to listed property. Bond exposure runs to 15%, split between New Zealand government bonds, including an inflation-linked issue, and a smaller slice of international fixed interest.

The structure is conventional: a broad multi-asset spread with no single standout concentration. The fee sits above many peers, but without performance data or category rankings, there is no way to assess whether the fund has delivered value for that cost. It is a high-growth fund built for long time horizons, but the cash weighting and unlisted property tilt add a layer of conservatism.

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