Fund-vs-fund · International Equities
Aurellan Global Shares Fund vs Elevation Capital Global Shares 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 portfolio construction. The Elevation Capital Global Shares Fund allocates 78.34% to growth assets, while the Aurellan Global Shares Fund sits at 98.31% — a gap of roughly 20 percentage points that likely explains, at least in part, why their risk indicators diverge: Elevation sits at 6 (on a 1–7 scale) versus Aurellan's 5. Paradoxically, the fund with the lower growth-asset allocation carries the higher risk rating, suggesting Elevation's concentrated, active positioning drives volatility more than headline asset-class weighting alone.
That concentration is visible in the holdings. Elevation's largest position is Rakon Ltd at 8.59% — a New Zealand-listed component manufacturer — followed by Alphabet, Adobe, PUIG, and Swatch, reflecting a genuinely idiosyncratic mix across geographies and sectors. Aurellan's top positions are more recognisably index-adjacent: Meta, Alphabet, Nvidia, and Apple, with cash at BNZ listed as the largest single line at 3.84%, and no single holding exceeding 4%.
On fees, Elevation charges 1.80% per annum versus Aurellan's 1.12%. Both funds are similar in size — NZD 23.1 million and NZD 22.2 million respectively. On performance, Elevation discloses a five-year return of 3.4% per annum; Aurellan's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter track record.
Always verify current fees, returns, and asset allocation against each fund's 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
- Aurellan Global Shares Fund charges 0.68% lower in annual fund charges (1.12% vs 1.80%).
- 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
Aurellan
1.12%
Upper half of cohort
Elevation Capital
1.80%
Highest 5% of cohort
5-year return p.a.
Past performance — not a predictor
Aurellan
—
—
Elevation Capital
3.40%
Bottom 15% over 5 years
Fund size
Larger = more stable, lower close-risk
Aurellan
NZ$22m
Smallest 19% in cohort
Elevation Capital
NZ$23m
Smallest 21% in cohort
| Metric | Aurellan | Elevation Capital | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 1.80% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | 3.40% | Higher is better (past not future) |
| Fund size | NZ$22m | NZ$23m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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 | Unhedged | — | 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 | 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
Aurellan
Aurellan Global Shares Fund
The Fund aims to provide exposure to a diversified portfolio of global shares managed using a manager-of-managers approach. The Fund is not hedged back to the New Zealand dollar.Full Aurellan Aurellan Global Shares Fund profile →
Elevation Capital
Elevation Capital Global Shares Fund
The Fund mainly invests in the shares of listed companies, although it may invest in unlisted companies up to total limit of 10% of Net Asset Value of the Fund. The companies we invest in may be based and operate anywhere in the world. The principal objective of the Fund is to achieve positive absolute returns after fees and expenses, but before tax over the long term (that is a period of at least five years). The investment objectives and policy for the Fund are broadly drafted so as to provide us with the mandate to seek on behalf of investors long-term incomeFull Elevation Capital Elevation Capital Global Shares Fund profile →
Common questions
What's the difference between the Aurellan Global Shares Fund and the Elevation Capital Global Shares Fund?
Which fund has lower fees, Aurellan Global Shares Fund or Elevation Capital Global Shares Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
