Fund-vs-fund · International Equities
Amova Global Shares Hedged Fund vs Foundation Series US 500 Fund
Both are International Equities funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is cost. The Amova Global Shares Hedged Fund charges an annual fund fee of 1.20%, while the Foundation Series US 500 Fund charges 0.03% — a gap of 117 basis points that compounds significantly over time on similar-sized portfolios. Both funds held approximately NZD 242 million and NZD 241 million respectively at the snapshot date, and both allocate 98.31% to growth assets.
The funds also diverge sharply in construction. Amova's fund is an actively managed, currency-hedged portfolio of individual global equities, with its five largest disclosed positions being Nvidia (8.15%), Microsoft (5.73%), Amazon (5.72%), Broadcom (3.79%), and Netflix (3.63%). Foundation Series takes a single-instrument passive approach, with 99.69% held in the Vanguard S&P 500 ETF and 0.31% in BNZ cash — giving it pure, unhedged US large-cap exposure rather than broader global coverage.
On risk, Amova carries a risk indicator of 6 versus Foundation Series at 5, suggesting higher expected volatility in the Amova fund under the standardised FMA scale. Amova discloses a five-year annualised return of 2.37%; Foundation Series's five-year return figure is not available in our current snapshot, so a like-for-like performance comparison cannot be made here.
Readers should verify all figures — including fees, returns, and fund composition — against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Foundation Series US 500 Fund charges 1.17% lower in annual fund charges (0.03% vs 1.20%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
1.20%
Highest 23% of cohort
Foundation Series
0.03%
Lowest 1% of cohort
5-year return p.a.
Past performance — not a predictor
Amova
2.37%
Bottom 10% over 5 years
Foundation Series
—
—
Fund size
Larger = more stable, lower close-risk
Amova
NZ$243m
Largest 25% in cohort
Foundation Series
NZ$241m
Upper half by size
| Metric | Amova | Foundation Series | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 0.03% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.37% | — | Higher is better (past not future) |
| Fund size | NZ$243m | NZ$241m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | Hedged to NZD | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
Amova
Amova Global Shares Hedged Fund
The fund aims to provide investors with a relatively concentrated actively managed investment portfolio of global equities to achieve long term capital growth. This fund invests in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. Currency exposure created as a consequence of global equity investment hedged to the NZD. This fund has a very high level of volatility.Full Amova Amova Global Shares Hedged Fund profile →
Foundation Series
Foundation Series US 500 Fund
The fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in shares of the largest companies listed on stock markets in the United States.Full Foundation Series Foundation Series US 500 Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Amova Global Shares Hedged Fund and the Foundation Series US 500 Fund?
Which fund has lower fees, Amova Global Shares Hedged Fund or Foundation Series US 500 Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
