JMI Wealth Conservative

A fund carrying the word "Conservative" in its name holds 28% growth assets and sits in the Moderate category, a mismatch that puts it at the riskier end of balanced investing. JMI Wealth Conservative charges a total fee of 1.1%, including a performance fee, and manages just $900,000 across its portfolio. It placed 10th in its category over one year with a 6.9% return, though its five-year record of 2.7% annually ranks 17th.

The portfolio leans heavily on bonds, with 61% split between New Zealand and international fixed interest. The Amova Global Bond Fund takes the top spot at 11.3%, followed by a cash account at ANZ and the Amova NZ Bond Fund. Shares make up 23% of the fund, divided almost evenly between Australasian and international markets, with holdings spanning Capital Group's New Perspective Fund, a Schroder sustainable strategy, and an emerging markets ETF. A 3.9% allocation to the Salt Global Listed Infrastructure Fund and a matching slice in listed property round out the mix.

The fee structure sits well above the category median, and the fund's small scale raises questions about efficiency and liquidity in a crowded market. The growth tilt is higher than the name suggests, making it a bet on moderate risk rather than capital preservation.

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