Fund-vs-fund · International Equities
AMP International Shares Managed FundvsStewart Investors Worldwide Leaders Fund
AMP International Shares Managed Fund (fund size NZ$11.0 million, annual fund charge 0.79%) and Stewart Investors Worldwide Leaders Fund (fund size NZ$12.3 million, annual fund charge 0.61%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 14.32% and 10.27%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 19 of the same securities. If you held both, roughly 2.1% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | AMP International | Stewart Investors | Min weight |
|---|---|---|---|
| KLA-Tencor Corp | 0.42% | 4.14% | 0.42% |
| Texas Instruments | 0.31% | 3.00% | 0.31% |
| Wabtec | 0.25% | 1.77% | 0.25% |
| Alcon | 0.19% | 3.85% | 0.19% |
| Chubb | 0.18% | 2.16% | 0.18% |
| Old Dominion Freight Line | 0.16% | 1.22% | 0.16% |
| Synopsys | 0.16% | 2.59% | 0.16% |
| Arista Networks | 0.16% | 2.65% | 0.16% |
| LINDE PLC | 0.09% | 3.23% | 0.09% |
| SINGAPORE TELECOMM NPV B L 100 | 0.05% | 6.77% | 0.05% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is their investment philosophy, visible in the top holdings. The AMP International Shares Managed Fund is heavily concentrated in US mega-cap technology — NVIDIA (5.48%), Apple (4.84%), Microsoft (3.30%), Amazon (2.69%), and Alphabet (2.10%) — suggesting broad index-like exposure to global large-caps where American tech dominates. The Stewart Investors Worldwide Leaders Fund takes a noticeably different approach: its five largest positions span Samsung Electronics (7.17%), Singapore Telecommunications (6.77%), Watsco (4.76%), a cash position at BNZ (4.67%), and bioMérieux (4.54%), indicating a more actively curated, geographically diversified portfolio with meaningful cash held at the fund level.
On fees, Stewart Investors charges 0.61% annually versus AMP's 0.79%, an 18 basis-point difference that compounds materially over time on equivalent capital. Both funds carry a risk indicator of 5 out of 7 and hold virtually identical growth asset allocations of 98.31%. Fund sizes are comparable — AMP at NZD 10.97 million, Stewart Investors at NZD 12.34 million — placing both in the smaller end of retail managed funds. Neither fund discloses a five-year return figure in the data available for this snapshot, so historical performance comparison is not possible here. Both are retail managed funds, not KiwiSaver scheme accounts.
Always verify fees, holdings, and fund details against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
Comparison generated 2026-05-21 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
- Stewart Investors Worldwide Leaders Fund charges 0.18% lower in annual fund charges (0.61% vs 0.79%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Stewart Investors Worldwide Leaders Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
AMP
0.79%
Upper half of cohort
Stewart Investors
0.61%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
AMP
—
—
Stewart Investors
—
—
Fund size
Larger = more stable, lower close-risk
AMP
NZ$11m
Smallest 8% in cohort
Stewart Investors
NZ$12m
Smallest 9% in cohort
| Metric | AMP | Stewart Investors | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.79% | 0.61% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$12m | 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 | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
AMP
AMP International Shares Managed Fund
This is a single sector fund with exposure to a diversified international equities portfolio. The fund aims to achieve long term capital growth through exposure to equities of companies listed on stock exchanges around the world.Full AMP AMP International Shares Managed Fund profile →
Stewart Investors
Stewart Investors Worldwide Leaders Fund
Aims to achieve its investment objective by investing in a diversified portfolio of equity or equity-related securities of larger capitalisation companies which are listed in, traded, or dealt on any of the regulated markets worldwide. The Fund does not hedge currency risk.Full Stewart Investors Stewart Investors Worldwide Leaders Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the AMP International Shares Managed Fund and the Stewart Investors Worldwide Leaders Fund?
Which fund has lower fees, AMP International Shares Managed Fund or Stewart Investors Worldwide Leaders Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
