Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income Fund vs Evidential Sustainable Global Bond 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.
Why these two differ
The most material structural difference between these two funds is their cost. The Evidential Sustainable Global Bond Fund charges an annual fund fee of 0.32%, compared with 0.77% for the Brandywine Global Opportunistic Fixed Income Fund — a gap of 45 basis points that compounds over time on any invested balance. Both sit at risk indicator 4 on the FMA's standardised scale and carry an identical 0.13% growth assets allocation, placing them in broadly similar volatility and asset-mix territory within the International Fixed Income category.
Portfolio construction diverges notably. Evidential's top five holdings are all investment-grade government and quasi-government bonds from Canada, the United Kingdom, France, and Belgium, each position sized between 1.00% and 1.22%, suggesting a diversified, high-quality sovereign tilt. Brandywine's top holdings are more concentrated — a US Treasury floating-rate note at 8.42% and Italian government bonds at 6.32% dominate — and include a credit-default-swap instrument (CDX.NA.HY.46) and Colombian sovereign debt, indicating a wider mandate that reaches into high-yield credit derivatives and emerging markets. Brandywine's fund name includes "Opportunistic," which is consistent with this broader positioning.
On fund size, Evidential is larger at approximately NZD 600 million versus Brandywine's approximately NZD 410 million. Evidential's five-year return figure is not disclosed in this snapshot; Brandywine's equivalent is 0.24% per annum over five years.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Evidential Sustainable Global Bond Fund charges 0.45% lower in annual fund charges (0.32% vs 0.77%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Evidential Sustainable Global Bond Fund applies responsible-investment / ESG screening. The other fund does not.
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
Brandywine
0.77%
Upper half of cohort
Evidential
0.32%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
0.24%
Lower half over 5 years
Evidential
—
—
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 15% in cohort
Evidential
NZ$600m
Largest 8% in cohort
| Metric | Brandywine | Evidential | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 0.32% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.24% | — | Higher is better (past not future) |
| Fund size | NZ$410m | NZ$600m | 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 | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow · 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 Fixed Income Fund
The fund invests in an actively managed portfolio of sovereign bonds, investment grade corporate bonds, mortgage securities, currencies, and other similar securities. The fund can also invest in emerging market debt, high yield debt, and below investment grade non-sovereign and corporate debt.Full Brandywine Brandywine Global Opportunistic Fixed Income Fund profile →
Evidential
Evidential Sustainable Global Bond Fund
The Fund provides investors with exposure to a diversified portfolio of intermediate term global fixed interest and money market securities whilst taking into account certain environmental and social considerations. The Fund aims to hedge all foreign currency exposure to the New Zealand dollar.Full Evidential Evidential Sustainable Global Bond Fund profile →
Common questions
What's the difference between the Brandywine Global Opportunistic Fixed Income Fund and the Evidential Sustainable Global Bond Fund?
Which fund has lower fees, Brandywine Global Opportunistic Fixed Income Fund or Evidential Sustainable Global Bond 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?
