Fund-vs-fund · International Equities
BetaShares Global Sustainability Leaders Fund vs Pie Growth UK & Europe 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 investment mandate and portfolio construction. The Pie Growth UK & Europe Fund concentrates on small-to-mid-cap UK and European equities, with its five largest positions each under 4% and including names such as Alzchem Group AG and FLATEXDEGIRO AG. The BetaShares Global Sustainability Leaders Fund applies an ESG-screening methodology across global markets, with its top holdings dominated by large-cap US technology names — Broadcom Inc (6.88%), NVIDIA Corp (5.97%), and Apple Inc (4.25%) — reflecting a passive or rules-based index approach rather than active stock selection.
The fee difference is also significant: Pie charges an annual fund charge of 1.85%, compared with BetaShares at 0.77% — a gap of 108 basis points that compounds materially over time. Both funds carry a risk indicator of 5 on the FMA's seven-point scale.
Asset allocation diverges sharply. The BetaShares fund holds 98.31% in growth assets, while the Pie fund sits at 78.48%, with the remainder of the Pie fund including a cash position (JPM Call Account — EUR appears as its second-largest holding at 3.73%).
On performance, the Pie Growth UK & Europe Fund discloses a five-year return of 0.98% per annum; the BetaShares fund's five-year return figure is not available in this snapshot. Fund sizes are comparable: approximately NZD 125.8 million and NZD 117.8 million respectively.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- BetaShares Global Sustainability Leaders Fund charges 1.08% lower in annual fund charges (0.77% vs 1.85%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- BetaShares Global Sustainability Leaders Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
BetaShares
0.77%
Upper half of cohort
Pie Funds
1.85%
Highest 4% of cohort
5-year return p.a.
Past performance — not a predictor
BetaShares
—
—
Pie Funds
0.98%
Bottom 6% over 5 years
Fund size
Larger = more stable, lower close-risk
BetaShares
NZ$118m
Upper half by size
Pie Funds
NZ$126m
Upper half by size
| Metric | BetaShares | Pie Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 1.85% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 0.98% | Higher is better (past not future) |
| Fund size | NZ$118m | NZ$126m | 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 | Yes | No | 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
BetaShares
BetaShares Global Sustainability Leaders Fund
The fund aims to provide an investment return that tracks the performance of the Nasdaq Future Global Sustainability Leaders Index, before taking into account fees and expenses.Full BetaShares BetaShares Global Sustainability Leaders Fund profile →
Pie Funds
Pie Growth UK & Europe Fund
The Pie Growth UK & Europe Fund seeks to provide investors with long term capital growth by investing predominantly in a concentrated portfolio of hand-picked listed UK and European Smaller Companies, where Pie Funds considers value is greatest and the opportunity of earnings growth is high. The Pie Growth UK & Europe Fund may also invest in other types of financial products such as cash and unlisted equities.Full Pie Funds Pie Growth UK & Europe Fund profile →
Common questions
What's the difference between the BetaShares Global Sustainability Leaders Fund and the Pie Growth UK & Europe Fund?
Which fund has lower fees, BetaShares Global Sustainability Leaders Fund or Pie Growth UK & Europe 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?
