Fund-vs-fund · International FI
Bentham Global Income PIE Fund vs Vision 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
- Bentham Global Income PIE Fund charges 1.68% lower in annual fund charges (0.83% vs 2.51%).
- 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
Vision
2.51%
Highest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Bentham
—
—
Vision
3.17%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
Bentham
NZ$180m
Upper half by size
Vision
NZ$149m
Upper half by size
| Metric | Bentham | Vision | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.83% | 2.51% | Lower is better |
| Risk indicator (1–7) | 3 | 1 | Higher = more volatility |
| 5-year return p.a. | — | 3.17% | Higher is better (past not future) |
| Fund size | NZ$180m | NZ$149m | 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
Vision weight in shared
10.3%
of Vision Income Fund top 10 is shared
| Holding | Bentham | Vision |
|---|---|---|
| $ Cash NZ | 10.70% | 10.35% |
"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 →
Vision
Vision Income Fund
The Fund is intended to provide members of the Brethren community (Community) with an investment product that suitably satisfies the Community’s ethical requirements, as an alternative to other fixed income investments in the market. The investment Manager will set a rate of return at which distributions to investors will be paid. Where the Fund's net income exceeds that set rate, the excess will be paid to Vision Invest Trust (Residual).Full Vision Vision Income Fund profile →
Common questions
What's the difference between the Bentham Global Income PIE Fund and the Vision Income Fund?
Which fund has lower fees, Bentham Global Income PIE Fund or Vision Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
