Fund-vs-fund · International Equities
Aurellan Global Shares FundvsElevation Capital Global Shares Fund
Aurellan Global Shares Fund (fund size NZ$22.2 million, annual fund charge 1.12%) and Elevation Capital Global Shares Fund (fund size NZ$23.1 million, annual fund charge 1.80%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Elevation Capital Global Shares Fund's 1-year return after fees and tax was 10.48% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 8 of the same securities. If you held both, roughly 9.4% 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 | Aurellan Global | Elevation Capital | Min weight |
|---|---|---|---|
| Alphabet | 4.08% | 3.82% | 3.82% |
| Meta Platforms | 3.07% | 2.17% | 2.17% |
| KERING | 1.30% | 2.80% | 1.30% |
| Visa | 0.92% | 2.06% | 0.92% |
| Diageo Plc | 0.52% | 2.79% | 0.52% |
| WALT DISNEY | 0.39% | 2.19% | 0.39% |
| Netflix | 1.45% | 0.18% | 0.18% |
| Spotify Technology Sa | 0.07% | 2.39% | 0.07% |
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.
Aurellan Global Shares Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Elevation Capital Global Shares Fund
Why these two differ
The most material structural difference between these two funds is their asset allocation approach. The Aurellan Global Shares Fund holds 98.31% in growth assets, making it effectively fully invested in equities, while the Elevation Capital Global Shares Fund sits at 78.48% growth assets — a near-20 percentage point gap that shapes how each fund behaves through market cycles. Somewhat counterintuitively, Elevation carries the higher risk indicator (6 versus Aurellan's 5), which likely reflects concentration and volatility in its specific holdings rather than overall equity exposure alone.
On fees, Elevation Capital charges 1.80% per annum against Aurellan's 1.12%, a 68 basis point difference that compounds meaningfully over time. Both funds are similar in size — Elevation at NZD 23.07 million, Aurellan at NZD 22.24 million — so scale does not explain the fee gap.
Portfolio construction diverges noticeably. Elevation's largest position is Rakon Ltd at 8.59%, a single-stock concentration that dwarfs anything in Aurellan's disclosed top five, where the largest holding is Meta Platforms at 3.07%. Elevation also holds Alphabet, while Aurellan's top five skews toward large-cap US technology names including Nvidia and Apple. Aurellan's top five includes a 3.84% cash-at-bank position.
On performance, Elevation discloses a five-year annualised return of 3.4%; Aurellan's five-year return is not available in this snapshot, likely reflecting a shorter track record. Investors cannot make a direct long-run return comparison on current data.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- 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 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
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 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Aurellan
NZ$22m
Smallest 17% in cohort
Elevation Capital
NZ$23m
Smallest 20% 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 | Direct | Platforms accepting retail subscriptions. |
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?
