Fund-vs-fund · International FI
Bentham Global Income PIE Fund vs Clarity Fixed Income Fund
Both are International FI 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.
What's different at a glance
- Clarity Fixed Income Fund charges 0.13% lower in annual fund charges (0.70% vs 0.83%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Bentham
0.83%
Upper half of cohort
Clarity
0.70%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Bentham
—
—
Clarity
1.84%
Top 17% over 5 years
Fund size
Larger = more stable, lower close-risk
Bentham
NZ$180m
Upper half by size
Clarity
NZ$212m
Upper half by size
| Metric | Bentham | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.83% | 0.70% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 1.84% | Higher is better (past not future) |
| Fund size | NZ$180m | NZ$212m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | InvestNow · 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.
Matching holdings
1
of each fund's top 10
Bentham weight in shared
10.7%
of Bentham Global Income PIE Fund top 10 is shared
Clarity weight in shared
5.6%
of Clarity Fixed Income Fund top 10 is shared
| Holding | Bentham | Clarity |
|---|---|---|
| $ Cash NZ | 10.70% | 5.63% |
"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
Bentham
Bentham Global Income PIE Fund
The fund provides exposure to an actively managed, diversified portfolio which invests in global credit markets. Foreign currency exposure is fully hedged to New Zealand dollars.Full Bentham Bentham Global Income PIE Fund profile →
Clarity
Clarity Fixed Income Fund
The Fund aims to provide income in excess of bank deposits and capital stability over the medium term by investing mainly in New Zealand fixed interest securities. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Fixed Income Fund profile →
Common questions
What's the difference between the Bentham Global Income PIE Fund and the Clarity Fixed Income Fund?
Which fund has lower fees, Bentham Global Income PIE Fund or Clarity Fixed Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
