Fund-vs-fund · International Equities
ANZ Investments OneAnswer International Listed Infrastructure FundvsMercer All Country Global Shares Index Fund
ANZ Investments OneAnswer International Listed Infrastructure Fund (fund size NZ$97.1 million, annual fund charge 0.84%) and Mercer All Country Global Shares Index Fund (fund size NZ$97.7 million, annual fund charge 0.43%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Mercer All Country Global Shares Index Fund's 1-year return after fees and tax was 15.85% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 23 of the same securities. If you held both, roughly 1.2% 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 | ANZ Investments | Mercer All | Min weight |
|---|---|---|---|
| ENBRIDGE INC | 2.62% | 0.14% | 0.14% |
| Duke Energy Corp | 2.55% | 0.12% | 0.12% |
| Vinci | 3.08% | 0.09% | 0.09% |
| NATIONAL GRID | 3.02% | 0.09% | 0.09% |
| AMERICAN TWR REIT INC | 1.95% | 0.09% | 0.09% |
| Sempra | 4.27% | 0.08% | 0.08% |
| AMERICAN ELECTRIC POWER INC | 2.55% | 0.08% | 0.08% |
| Dominion Energy Inc | 2.55% | 0.07% | 0.07% |
| Cheniere Energy | 2.37% | 0.07% | 0.07% |
| Exelon Ord | 4.67% | 0.06% | 0.06% |
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.
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.
ANZ Investments OneAnswer International Listed Infrastructure Fund
Mercer All Country Global Shares Index Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their investment mandate. The ANZ Investments OneAnswer International Listed Infrastructure Fund concentrates exclusively on listed infrastructure companies — utilities, toll roads, towers, and energy networks — with top holdings including Cellnex Telecom, Getlink, and Severn Trent. The Mercer All Country Global Shares Index Fund tracks a broad global equities index spanning developed and emerging markets, with its largest position being a Macquarie emerging markets index fund (12.19%), followed by mega-cap technology names such as Nvidia, Apple, and Microsoft. This sector-specific versus broad-market distinction drives meaningfully different return profiles and concentration risk.
Fee structure also differs materially. The ANZ fund charges 0.84% per annum; the Mercer fund charges 0.43% — a gap of 41 basis points that compounds over time. Both funds carry a risk indicator of 5 out of 7 and hold an almost identical growth asset allocation of 98.31%, so those dimensions offer no differentiation here.
On five-year returns, the Mercer fund discloses 9.81% per annum; the ANZ fund's five-year return figure is not available in this snapshot and should be sought directly from its latest Quarterly Fund Update on FMA Disclose. Fund sizes are similar — ANZ at approximately NZD 97.1 million and Mercer at approximately NZD 97.7 million.
Always verify fee, return, and asset allocation details against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Mercer All Country Global Shares Index Fund charges 0.41% lower in annual fund charges (0.43% vs 0.84%).
- 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
ANZ Investments
0.84%
Upper half of cohort
Mercer
0.43%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
—
—
Mercer
9.81%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$97m
Lower half by size
Mercer
NZ$98m
Lower half by size
| Metric | ANZ Investments | Mercer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.84% | 0.43% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 9.81% | Higher is better (past not future) |
| Fund size | NZ$97m | NZ$98m | 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. |
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer International Listed Infrastructure Fund
The International Listed Infrastructure Fund invests mainly in international listed infrastructure. Investments may include companies that invest in infrastructure and are listed or are soon to be listed, and cash and cash equivalents.The International Listed Infrastructure Fund aims to achieve a return (after the fund charge and before tax) that over the long-term outperforms the relevant market index.Full ANZ Investments ANZ Investments OneAnswer International Listed Infrastructure Fund profile →
Mercer
Mercer All Country Global Shares Index Fund
The fund is a passively managed international shares portfolio that is designed to track the return of the MSCI All Country World ex Tobacco Index. Environmental, Social and Governance characteristics are integrated into the underlying investment managers' investment processes. The fund aims to provide a return that closely matches the return of the MSCI All Country World ex Tobacco Index with net dividends reinvested (50% hedged to NZD on an after-tax basis).Full Mercer Mercer All Country Global Shares Index Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
ANZ Investments
Common questions
What's the difference between the ANZ Investments OneAnswer International Listed Infrastructure Fund and the Mercer All Country Global Shares Index Fund?
Which fund has lower fees, ANZ Investments OneAnswer International Listed Infrastructure Fund or Mercer All Country Global Shares Index Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
