Fund-vs-fund · International FI
Bentham Global Income PIE Fund vs Dimensional Global Bond Sustainability PIE 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.
Why these two differ
The most material structural difference between these two funds is cost. The Dimensional Global Bond Sustainability PIE Fund charges an annual fund charge of 0.32%, compared with 0.83% for the Bentham Global Income PIE Fund — a gap of 51 basis points that compounds meaningfully over time in a fixed income context where return margins are typically narrow.
Both funds sit in the International Fixed Income category, carry an identical risk indicator of 3 (on the standard 1–7 scale), report growth assets at 0.07%, and neither fund discloses a five-year return figure in the data available for this snapshot, so historical performance cannot be compared here.
Portfolio construction differs noticeably. Dimensional's disclosed holdings are sovereign and quasi-sovereign bonds from Canada, the United Kingdom, France, and Belgium — a concentrated, investment-grade government-oriented profile with individual weights clustered around 1.0–1.25%. Bentham's top holdings reveal a more complex structure: cash (10.7%) and derivatives including FX/IR hedges and credit derivatives (7.6%) feature prominently, alongside government-guaranteed and mortgage-backed securities, suggesting active currency hedging and broader credit-sector exposure. Whether those derivatives represent risk positions or hedges is not fully determinable from the QFU disclosure alone.
Fund size is broadly comparable — Dimensional at NZD 213 million, Bentham at NZD 180 million.
Both funds are retail managed funds, not KiwiSaver scheme accounts. Readers should verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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
- Dimensional Global Bond Sustainability PIE Fund charges 0.51% lower in annual fund charges (0.32% vs 0.83%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Dimensional Global Bond Sustainability PIE Fund applies responsible-investment / ESG screening. The other fund does not.
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
Dimensional
0.32%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Bentham
—
—
Dimensional
—
—
Fund size
Larger = more stable, lower close-risk
Bentham
NZ$180m
Upper half by size
Dimensional
NZ$213m
Upper half by size
| Metric | Bentham | Dimensional | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.83% | 0.32% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$180m | NZ$213m | 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 to NZD | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | Yes | 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.
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 →
Dimensional
Dimensional Global Bond Sustainability PIE Fund
Ordinarily the Fund gets exposure to a diverse portfolio of Investment Grade corporate and government global fixed interest securities, with a maximum maturity of twenty years from the date of settlement. Dimensional generally changes the portfolio's exposure to term risk and credit risk in response to changes in security prices, while keeping the portfolio's overall weighted average duration similar to the overall weighted average duration of the global bond market. The Fund intends to achieve this exposure by investing in funds and/or directly in fixed interestFull Dimensional Dimensional Global Bond Sustainability PIE Fund profile →
Common questions
What's the difference between the Bentham Global Income PIE Fund and the Dimensional Global Bond Sustainability PIE Fund?
Which fund has lower fees, Bentham Global Income PIE Fund or Dimensional Global Bond Sustainability PIE Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
