Fund-vs-fund · International Equities
Brandywine Global Opportunistic Equity Fund vs Foundation Series Total World 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 their investment approach, which in turn drives a striking fee gap. The Foundation Series Total World Fund is a pure passive vehicle: its entire portfolio is allocated to a single holding, the Vanguard Total World Stock ETF, delivering broad global equity exposure at an annual fund charge of 0.07%. The Brandywine Global Opportunistic Equity Fund takes an active, stock-selection approach, with its latest Quarterly Fund Update showing a concentrated set of individual positions — including Baidu, BNP Paribas, AerCap Holdings, and Kimberly-Clark — and charges an annual fund charge of 0.93%, a difference of 0.86 percentage points annually.
Both funds sit at risk indicator 5 on the standard 1–7 scale and hold near-identical growth asset allocations of 98.31%, so risk profile and asset-class exposure are closely matched on those measures. Fund sizes differ modestly: Foundation Series Total World Fund reports NZD 514.5 million versus Brandywine's NZD 410.3 million. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible from this data alone. The Foundation Series fund sits within a KiwiSaver scheme account structure (SCH13175), while the Brandywine fund is associated with SCH12302; investors should confirm which structures are available to them. Readers should verify all figures — including fees, holdings, and fund size — against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Foundation Series Total World Fund charges 0.86% lower in annual fund charges (0.07% vs 0.93%).
- 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 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
Brandywine
0.93%
Upper half of cohort
Foundation Series
0.07%
Lowest 5% of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
—
—
Foundation Series
—
—
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 18% in cohort
Foundation Series
NZ$514m
Largest 15% in cohort
| Metric | Brandywine | Foundation Series | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.93% | 0.07% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$410m | NZ$514m | 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 | No | 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
Brandywine
Brandywine Global Opportunistic Equity Fund
The Equity Fund will invest into an underlying fund that holds an actively managed portfolio of global equity and equity-related securities such as convertible securities (excluding contingent convertible securities), warrants, American depositary receipts (ADRs), global depositary receipts (GDRs), and preferred stock, including from emerging market issuers. Further details of the underlying fund are contained in the OMI and SIPO. The Equity Fund may, from time to time, use derivatives to hedge foreign currency risk.Full Brandywine Brandywine Global Opportunistic Equity Fund profile →
Foundation Series
Foundation Series Total World Fund
The fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in shares of the large, mid-sized and small companies listed on international stock markets.Full Foundation Series Foundation Series Total World Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Brandywine
Common questions
What's the difference between the Brandywine Global Opportunistic Equity Fund and the Foundation Series Total World Fund?
Which fund has lower fees, Brandywine Global Opportunistic Equity Fund or Foundation Series Total World Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
