Fund-vs-fund · International Equities
Amova Global Shares Fund vs Fisher Funds Global 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 their asset allocation approach. The Amova Global Shares Fund holds 98.31% in growth assets, making it a near-pure equity vehicle. The Fisher Funds Global Fund sits at 78.48% growth assets, with its largest disclosed holding being an ANZ current account position at 8.75% — suggesting a meaningful allocation to cash or cash-equivalents that materially reduces its equity exposure relative to Amova. Investors seeking maximum international equity market participation will experience meaningfully different portfolio behaviour between these two funds.
Both carry a risk indicator of 5 on the standard 1–7 scale, placing them in the same regulatory risk band despite the differing growth asset splits — a nuance worth examining in each fund's Product Disclosure Statement.
On fees, Fisher Funds Global Fund charges 1.64% per annum versus Amova's 1.20%, a 44 basis point gap that compounds over time. The five-year return figures reported in the latest Quarterly Fund Updates show Amova at 6.69% per annum and Fisher Funds at 5.51%, though past performance does not indicate future returns and the periods covered should be confirmed as identical before drawing conclusions.
Fund sizes are comparable: Amova at approximately NZD 161.9 million and Fisher Funds at approximately NZD 151.9 million. Amova's top holdings are concentrated in US mega-cap technology names; Fisher Funds' holdings are more dispersed with lower individual weights. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify these details against the current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Amova Global Shares Fund charges 0.44% lower in annual fund charges (1.20% vs 1.64%).
- 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
Fisher Funds
1.64%
Highest 8% of cohort
5-year return p.a.
Past performance — not a predictor
Amova
6.69%
Lower half over 5 years
Fisher Funds
5.51%
Bottom 24% over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$162m
Upper half by size
Fisher Funds
NZ$152m
Upper half by size
| Metric | Amova | Fisher Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 1.64% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 6.69% | 5.51% | Higher is better (past not future) |
| Fund size | NZ$162m | NZ$152m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 78% / 22% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | 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.
Matching holdings
4
of each fund's top 10
Amova weight in shared
21.3%
of Amova Global Shares Fund top 10 is shared
Fisher Funds weight in shared
8.6%
of Fisher Funds Global Fund top 10 is shared
| Holding | Amova | Fisher Funds |
|---|---|---|
 Microsoft Corp US | 5.42% | 3.21% |
 Amazon Com Inc US | 5.40% | 2.22% |
 Mastercard Inc - Class A US | 2.72% | 1.58% |
 Nvidia Corp US | 7.71% | 1.57% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Amova
Amova Global Shares 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. This fund has a high level of volatility.Full Amova Amova Global Shares Fund profile →
Fisher Funds
Fisher Funds Global Fund
The fund focuses on growth of your investment over the long term by investing in international companiesFull Fisher Funds Fisher Funds Global Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Amova
Fisher Funds
LiveLast verified 2026-05-08
Common questions
What's the difference between the Amova Global Shares Fund and the Fisher Funds Global Fund?
Which fund has lower fees, Amova Global Shares Fund or Fisher Funds Global Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
