Fund-vs-fund · International Equities
Amova Global Shares Fund vs NZ Funds Global Shares
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 how they actually gain international equity exposure. The Amova Global Shares Fund holds direct equity positions — Nvidia (7.71%), Microsoft (5.42%), Amazon (5.40%), Broadcom (3.58%), and Netflix (3.43%) make up its five largest disclosed holdings — consistent with a conventional long-only global equities approach. NZ Funds Global Shares, despite sharing the same 98.31% growth-assets allocation and the same International Equities category label, shows a strikingly different top-five: a Westpac bank bill (16.97%), Goldman Sachs Futures (6.93%), and three cash positions across Westpac and Citibank dominate, suggesting the fund achieves its equity exposure primarily through derivatives and cash collateral rather than direct shareholdings. This construction difference carries real implications for counterparty risk, tax treatment, and how returns are generated.
On fees, the gap is substantial: Amova charges 1.20% annually versus NZ Funds' 3.12%. The five-year return figures diverge sharply in the same direction — Amova returned 6.69% per annum against NZ Funds' 1.37%, though past returns do not predict future performance and differing inception dates or return-calculation periods could affect comparability. NZ Funds carries a higher risk indicator of 6 versus Amova's 5, despite nearly identical growth-asset weightings, likely reflecting the volatility profile of its derivatives-based strategy. Fund sizes are similar: NZ Funds at approximately NZD 176.4 million, Amova at approximately NZD 161.9 million.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Amova Global Shares Fund charges 1.92% lower in annual fund charges (1.20% vs 3.12%).
- 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 82 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
NZ Funds
3.12%
Highest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Amova
6.69%
Lower half over 5 years
NZ Funds
1.37%
Bottom 8% over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$162m
Upper half by size
NZ Funds
NZ$176m
Upper half by size
| Metric | Amova | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 3.12% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 6.69% | 1.37% | Higher is better (past not future) |
| Fund size | NZ$162m | NZ$176m | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow · 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
1
of each fund's top 10
Amova weight in shared
7.7%
of Amova Global Shares Fund top 10 is shared
NZ Funds weight in shared
2.6%
of NZ Funds Global Shares top 10 is shared
| Holding | Amova | NZ Funds |
|---|---|---|
 Nvidia Corp US | 7.71% | 2.59% |
"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 →
NZ Funds
NZ Funds Global Shares
The objective of the Global Shares fund is to grow your investment over the long term by investing in growth assets and other authorised assets with active management. The fund is anticipated to mainly own and trade international shares over the minimum suggested timeframe.Full NZ Funds NZ Funds Global Shares profile →
Common questions
What's the difference between the Amova Global Shares Fund and the NZ Funds Global Shares?
Which fund has lower fees, Amova Global Shares Fund or NZ Funds Global Shares?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
