Fund-vs-fund · International Equities
Antipodes Global Fund – Long (PIE) vs Clarity Dividend Yield 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 portfolio construction philosophy, which drives meaningfully divergent return and holding profiles despite sharing an International Equities category label. The Clarity Dividend Yield Fund reports 98.31% growth assets and concentrates its top five positions entirely in Australasian income-oriented names — ANZ Group Holdings, Contact Energy, Genesis Energy, Spark New Zealand, and Chorus — suggesting a yield-focused, domestically weighted approach within its international mandate. The Antipodes Global Fund – Long (PIE) discloses 0% growth assets in the QFU snapshot, which is atypical for an equity fund and warrants direct clarification with the manager or the source PDS; its top holdings are globally diversified across technology, energy, healthcare, and senior living sectors.
On fees, Clarity discloses a 1.06% annual fund charge; Antipodes' fee percentage is not present in the current QFU snapshot and should be sourced directly from its PDS or FMA Disclose register. Both funds carry a risk indicator of 4 on the standard 1–7 scale. Fund sizes are comparable — Antipodes at approximately NZD 133.4 million, Clarity at approximately NZD 126.7 million. The five-year return differential is substantial: Antipodes returns 12.55% annualised versus Clarity's 4.87%, though past performance is not a reliable indicator of future returns and the yield income component of Clarity's total return may or may not be fully captured in that figure.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on the FMA Disclose register 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
- 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
Antipodes
—
—
Clarity
1.06%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Antipodes
12.55%
Top 15% over 5 years
Clarity
4.87%
Bottom 17% over 5 years
Fund size
Larger = more stable, lower close-risk
Antipodes
NZ$133m
Upper half by size
Clarity
NZ$127m
Upper half by size
| Metric | Antipodes | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | 1.06% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 12.55% | 4.87% | Higher is better (past not future) |
| Fund size | NZ$133m | NZ$127m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 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 | InvestNow · 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 - 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. Derivatives may be used to establish short positions in securities or market indices and to gain or reduce exposure to currencies where Antipodes sees attractive opportunities and also to offset specific unwanted portfolio risks and provide some protection from unexpectedly large movements in theFull 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?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
