Fund-vs-fund · International Equities
Antipodes Global Fund – Long (PIE) vs Pie Growth UK & Europe 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 profile. The Pie Growth UK & Europe Fund reports 78.34% in growth assets, consistent with its equity-focused mandate and regional concentration in UK and European small-to-mid-cap names such as Alzchem Group AG, FLATEXDEGIRO AG, and Huber+Suhner AG. The Antipodes Global Fund – Long (PIE), by contrast, reports 0% growth assets in the latest quarterly fund update snapshot — an unusual figure for an international equities fund that warrants direct verification with Antipodes and the source QFU, as it may reflect a classification or data-capture issue rather than the fund's actual positioning. Antipodes holds globally diversified large-caps including Amazon, Microsoft, and Merck.
On risk, Pie carries a risk indicator of 5 against Antipodes' 4, suggesting moderately higher volatility expectations. The five-year return figures diverge significantly: Antipodes shows 12.55% per annum versus Pie's 0.98%, though differing inception dates, return calculation periods, and currency effects may explain part of this gap. Fund sizes are comparable — NZD 125.8 million (Pie) versus NZD 133.4 million (Antipodes).
On fees, Pie discloses an annual fund charge of 1.85%. Antipodes' fee is not captured in this snapshot and should be confirmed directly from its PDS or latest QFU on FMA Disclose.
Verify all figures against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose 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 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
Antipodes
—
—
Pie Funds
1.85%
Highest 4% of cohort
5-year return p.a.
Past performance — not a predictor
Antipodes
12.55%
Top 15% over 5 years
Pie Funds
0.98%
Bottom 6% over 5 years
Fund size
Larger = more stable, lower close-risk
Antipodes
NZ$133m
Upper half by size
Pie Funds
NZ$126m
Upper half by size
| Metric | Antipodes | Pie Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | 1.85% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 12.55% | 0.98% | Higher is better (past not future) |
| Fund size | NZ$133m | NZ$126m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 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.
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 →
Pie Funds
Pie Growth UK & Europe Fund
The Pie Growth UK & Europe Fund seeks to provide investors with long term capital growth by investing predominantly in a concentrated portfolio of hand-picked listed UK and European Smaller Companies, where Pie Funds considers value is greatest and the opportunity of earnings growth is high. The Pie Growth UK & Europe Fund may also invest in other types of financial products such as cash and unlisted equities.Full Pie Funds Pie Growth UK & Europe Fund profile →
Common questions
What's the difference between the Antipodes Global Fund – Long (PIE) and the Pie Growth UK & Europe 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?
