Fund-vs-fund · International Equities
Brandywine Global Opportunistic Equity Fund vs Smart US Large Growth ETF
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. The Smartshares Smart US Large Growth ETF is effectively a single-holding wrapper: 99.88% of its portfolio is invested in the Vanguard Growth ETF, giving investors concentrated, passive exposure to large-cap US growth equities. The Brandywine Global Opportunistic Equity Fund, managed under the Franklin Templeton umbrella, holds a diversified basket of individual global equities — its top disclosed positions include Baidu, BNP Paribas, AerCap, and Kimberly-Clark, each weighted between roughly 2.7% and 3.4% — reflecting an active, geographically broader mandate.
This structural difference carries through to cost and risk. Smartshares charges 0.51% in annual fund charges against Brandywine's 0.93%, a 42-basis-point gap. Despite the higher growth-asset allocation similarity (both sit at 98.31%), Brandywine carries a risk indicator of 5 compared to Smartshares' 6, suggesting the latter's US-growth concentration is assessed as more volatile on the standardised FMA scale. Smartshares reports a five-year return of 13.81% per annum; Brandywine's five-year return figure is not available in our snapshot, so direct long-run performance comparison is not possible here. Fund sizes are broadly comparable: Smartshares at approximately NZD 499.7 million, Brandywine at approximately NZD 410.3 million.
Readers should verify all figures, including the latest fund charges and returns, against each fund's current Product Disclosure Statement and 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
- Smart US Large Growth ETF charges 0.42% lower in annual fund charges (0.51% 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
Smartshares
0.51%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
—
—
Smartshares
13.81%
Top 8% over 5 years
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 18% in cohort
Smartshares
NZ$500m
Largest 16% in cohort
| Metric | Brandywine | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.93% | 0.51% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | 13.81% | Higher is better (past not future) |
| Fund size | NZ$410m | NZ$500m | 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 →
Smartshares
Smart US Large Growth ETF
The Smart US Large Growth ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Growth Index. The Index is comprised of large US growth companies.Full Smartshares Smart US Large Growth ETF profile →
Common questions
What's the difference between the Brandywine Global Opportunistic Equity Fund and the Smart US Large Growth ETF?
Which fund has lower fees, Brandywine Global Opportunistic Equity Fund or Smart US Large Growth ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
