Hot Tip # 1: An equity fund invests solely in company shares

Hot Tip # 2: To understand the different fund sectors, split the description into separate parts. For example think of  'Diversified Growth Unit Trusts' as:

Diversified   - Spread across industries and/or sectors
Growth       - Focused on capital growth as opposed to income
Unit trusts  - essentially a generic managed fund

Therefore a 'Diversified Growth Unit Trust' is a managed fund that spreads its investments across industries or sectors and aims to earn its returns from capital growth.

Gifs, Superannuation, Defensive, Balanced, Ins Bond, KiwiSaver