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 disclosed risk profile and return history. The Pie Growth UK & Europe Fund carries a risk indicator of 5, one step higher than the Antipodes Global Fund – Long (PIE) at 4, reflecting greater expected volatility. Over the five years captured in their respective Quarterly Fund Updates, Antipodes returned 12.55% per annum against Pie Funds' 0.98% — a substantial gap, though past performance is not a reliable guide to future returns and the two funds pursue meaningfully different geographic and stock-selection mandates.
Geographic focus is the second key structural distinction. Pie Growth UK & Europe concentrates on UK and European listed equities, with its top holdings skewing toward smaller European companies such as Alzchem Group AG and FLATEXDEGIRO AG. Antipodes takes a global long-only approach, with its five largest positions spanning US technology and healthcare (Amazon, Microsoft, Merck) alongside energy and aged care. The Antipodes QFU does not disclose a growth assets percentage; Pie Growth UK & Europe reports 78.48% in growth assets.
On fees, Pie Growth UK & Europe discloses an annual fund charge of 1.85%. The Antipodes QFU snapshot available here does not include a fee figure — investors should consult the Antipodes PDS directly for current charges. Fund sizes are comparable: Antipodes at approximately NZD 133.4 million and Pie Growth UK & Europe at approximately NZD 125.8 million.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
Comparison generated 2026-07-05 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
- 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?
