Fund-vs-fund · International Equities
Antipodes Global Fund – Long (PIE)vsClarity Dividend Yield Fund
Antipodes Global Fund – Long (PIE) (fund size NZ$138.3 million, annual fund charge 0.99%) and Clarity Dividend Yield Fund (fund size NZ$126.7 million, annual fund charge 1.06%) are both international equities managed funds, as shown on Sorted Smart Investor on 12 September 2026 and 22 May 2026 respectively; Clarity Dividend Yield Fund's 1-year return after fees and tax was 19.63% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Antipodes Global Fund – Long (PIE)
Clarity Dividend Yield Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
Despite both funds being categorised as International Equities with identical risk indicators (4) and near-identical growth asset allocations (~98%), their portfolio construction and performance diverge materially. Antipodes Global Fund – Long holds 98.32% in growth assets with top positions in US healthcare and technology stocks (Merck, Amazon, NVIDIA); Clarity Dividend Yield Fund, by contrast, holds 98.31% in growth assets but concentrates its top five holdings entirely in NZ-listed dividend-paying stocks (ANZ, Contact Energy, Genesis Energy, Spark, Chorus), with ANZ alone representing 7.11% of the fund. This represents a structural difference in geographic and sector exposure despite the identical category label.
The five-year performance gap is substantial: Antipodes returned 13.09% annualised versus Clarity's 4.87%. Both charge above 1% annually (Antipodes 0.99%, Clarity 1.06%), placing them in a higher fee bracket for managed funds. Fund sizes are comparable (Antipodes NZD 138.3 million; Clarity NZD 126.7 million). The Clarity fund's heavy concentration in NZ utilities and financial stocks creates a different risk and return profile from Antipodes' diversified US equity exposure, despite both naming themselves international equity funds.
Verify current holdings, fees, and performance against each fund's latest Quarterly Fund Update and Product Disclosure Statement on FMA Disclose before making any investment decision.
Comparison generated 2026-10-12 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
- Antipodes Global Fund – Long (PIE) charges 0.07% lower in annual fund charges (0.99% vs 1.06%).
- 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 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
Antipodes
0.99%
Upper half of cohort
Clarity
1.06%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Antipodes
13.09%
Top 13% over 5 years
Clarity
4.87%
Bottom 15% over 5 years
Fund size
Larger = more stable, lower close-risk
Antipodes
NZ$138m
Upper half by size
Clarity
NZ$127m
Upper half by size
| Metric | Antipodes | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.99% | 1.06% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 13.09% | 4.87% | Higher is better (past not future) |
| Fund size | NZ$138m | NZ$127m | 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 | 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
Antipodes
Antipodes Global Fund – Long (PIE)
The fund invests in the Antipodes Global Fund - Long - UCITS (underlying fund) and cash or cash equivalent securities. The underlying fund's investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed and emerging markets. The underlying fund may use exchange traded derivatives for risk management purposes and to achieve equity exposure.Full Antipodes Antipodes Global Fund – Long (PIE) profile →
Clarity
Clarity Dividend Yield Fund
The Fund will provide actively managed exposure to dividend paying New Zealand and Australian equities. The Fund aims to generate higher dividend income than the benchmark over the medium to long term. It favours companies that we consider provide an attractive and sustainable dividend yield. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Dividend Yield Fund profile →
Common questions
What's the difference between the Antipodes Global Fund – Long (PIE) and the Clarity Dividend Yield Fund?
Which fund has lower fees, Antipodes Global Fund – Long (PIE) or Clarity Dividend Yield 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?
