Fund-vs-fund · International Equities
ANZ Investments OneAnswer International Share Fund vs Fisher Funds International Growth 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 risk profile and the return outcomes associated with it. Fisher Funds International Growth Fund carries a risk indicator of 6, one step higher than ANZ Investments OneAnswer International Share Fund's indicator of 5, yet Fisher Funds has delivered a five-year annualised return of just 0.26% compared to ANZ's 8.34% over the same period. Both figures are drawn from each fund's latest Quarterly Fund Update and reflect past performance, which is not a reliable indicator of future returns.
On fees, Fisher Funds charges a higher annual fund charge of 1.31% versus ANZ's 0.96% — a 35 basis point difference that compounds meaningfully over time on similar fund sizes (ANZ at approximately NZD 83 million, Fisher Funds at approximately NZD 74 million). Both funds hold growth assets at near-identical allocations (98.37% and 98.31% respectively), so the asset-class split is not a meaningful differentiator here.
Portfolio construction diverges more clearly. ANZ's disclosed top holdings are broadly diversified across large-cap global names with no single position exceeding 3.5%. Fisher Funds runs a more concentrated approach, with Microsoft at 7.13% and Amazon at 6.91%, and includes emerging-market exposure through Tencent Holdings (4.93%) — a name absent from ANZ's top five. This concentration and emerging-market tilt is consistent with the higher risk indicator.
Neither fund is a KiwiSaver scheme account in the data provided for Fund B; investors should confirm their product type before proceeding. Always verify these details against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- ANZ Investments OneAnswer International Share Fund charges 0.35% lower in annual fund charges (0.96% vs 1.31%).
- 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
ANZ Investments
0.96%
Upper half of cohort
Fisher Funds
1.31%
Highest 13% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
8.34%
Upper half over 5 years
Fisher Funds
0.26%
Bottom 3% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$83m
Lower half by size
Fisher Funds
NZ$74m
Lower half by size
| Metric | ANZ Investments | Fisher Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.96% | 1.31% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 8.34% | 0.26% | Higher is better (past not future) |
| Fund size | NZ$83m | NZ$74m | 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.
Matching holdings
3
of each fund's top 10
ANZ Investments weight in shared
7.0%
of ANZ Investments OneAnswer International Share Fund top 10 is shared
Fisher Funds weight in shared
18.3%
of Fisher Funds International Growth Fund top 10 is shared
| Holding | ANZ Investments | Fisher Funds |
|---|---|---|
 Nvidia Corporation US | 3.50% | 4.30% |
 Microsoft Corporation US | 1.97% | 7.13% |
 Amazon Com Inc US | 1.52% | 6.91% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer International Share Fund
The International Share Fund invests mainly in international equities. Investments may include equities in companies that are listed or are soon to be listed on a stock exchange, and cash and cash equivalents. The International Share 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 Share Fund profile →
Fisher Funds
Fisher Funds International Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds International Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
ANZ Investments
Fisher Funds
LiveLast verified 2026-05-08
Common questions
What's the difference between the ANZ Investments OneAnswer International Share Fund and the Fisher Funds International Growth Fund?
Which fund has lower fees, ANZ Investments OneAnswer International Share Fund or Fisher Funds International Growth 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?
