Fund-vs-fund · Australasian Equities
BetaShares NZ Sustainability Leaders FundvsMercer Responsible Trans-Tasman Shares Fund
BetaShares NZ Sustainability Leaders Fund (fund size NZ$34.3 million, annual fund charge 0.59%) and Mercer Responsible Trans-Tasman Shares Fund (fund size NZ$31.7 million, annual fund charge 1.06%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Mercer Responsible Trans-Tasman Shares Fund's 1-year return after fees and tax was −0.42% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 29 of the same securities. If you held both, roughly 57.6% 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 | BetaShares NZ | Mercer Responsible | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 9.75% | 16.29% | 9.75% |
| Infratil | 9.22% | 10.52% | 9.22% |
| Auckland International Airport | 9.28% | 8.80% | 8.80% |
| a2 Milk | 8.39% | 6.62% | 6.62% |
| Mainfreight | 3.86% | 5.01% | 3.86% |
| Ebos | 3.58% | 4.15% | 3.58% |
| Spark New Zealand | 4.15% | 3.05% | 3.05% |
| Fletcher Building | 2.80% | 2.00% | 2.00% |
| Summerset Group | 1.90% | 3.13% | 1.90% |
| Freightways | 1.69% | 2.27% | 1.69% |
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.
Why these two differ
Mercer Responsible Trans-Tasman Shares Fund and BetaShares NZ Sustainability Leaders Fund are both Australasian equities funds with identical risk indicators (5) and growth asset allocations (98.31%), but they differ materially in fee structure and performance disclosure. The most significant structural difference is fees: BetaShares charges 0.59% annually, while Mercer charges 1.06%—a 47-basis-point gap that can compound substantially over time on an equity portfolio of this size. Both funds exceed NZ$30 million in assets under management.
Portfolio concentration patterns diverge noticeably. Mercer's top holding, Fisher & Paykel Healthcare, represents 16.29% of the fund, with its five largest positions accounting for roughly 49% of holdings. BetaShares distributes concentration more evenly: its top five holdings each range between 8.39% and 9.75%, totalling approximately 46% of the portfolio. This reflects different construction methodologies—Mercer's "Responsible" mandate emphasises selected names, while BetaShares' "Sustainability Leaders" approach appears more broadly diversified across similar large-cap constituents.
Five-year return data is available for Mercer (0.01%) but not disclosed in the latest quarterly update for BetaShares, limiting direct performance comparison over that horizon. Both funds hold overlapping core positions (Fisher & Paykel Healthcare, Infratil, Auckland Airport, A2 Milk), suggesting exposure to similar underlying NZ equity themes, though with differing weights.
Verify current holdings, fees, and fund documentation against each fund's latest Product Disclosure Statement and Quarterly Fund Update on FMA Disclose before making any allocation decision.
Comparison generated 2026-10-12 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 NZ Sustainability Leaders Fund charges 0.47% lower in annual fund charges (0.59% vs 1.06%).
- 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 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
BetaShares
0.59%
Lower half of cohort
Mercer
1.06%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
BetaShares
—
—
Mercer
0.01%
Bottom 1% over 5 years
Fund size
Larger = more stable, lower close-risk
BetaShares
NZ$34m
Lower half by size
Mercer
NZ$32m
Lower half by size
| Metric | BetaShares | Mercer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.59% | 1.06% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 0.01% | Higher is better (past not future) |
| Fund size | NZ$34m | NZ$32m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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 | Yes | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
BetaShares
BetaShares NZ Sustainability Leaders Fund
The Fund aims to provide an investment return that tracks the performance of the Solactive New Zealand Sustainable Leaders Index, Before taking into account fees and expenses.Full BetaShares BetaShares NZ Sustainability Leaders Fund profile →
Mercer
Mercer Responsible Trans-Tasman Shares Fund
The fund is a diversified portfolio of predominantly New Zealand shares across a range of industries and sectors. The portfolio may also invest in Australian shares. The fund is managed to include specific additional responsible exclusions criteria which aims to avoid investments in certain companies or activities, and is managed with reference to environmental, social and governance factors. This fund has additional exclusions applied as described in our Sustainable Investment Policy and has been certified by the Responsible Investment Association of AustralasiaFull Mercer Mercer Responsible Trans-Tasman Shares Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
BetaShares
Common questions
What's the difference between the BetaShares NZ Sustainability Leaders Fund and the Mercer Responsible Trans-Tasman Shares Fund?
Which fund has lower fees, BetaShares NZ Sustainability Leaders Fund or Mercer Responsible Trans-Tasman Shares Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
