Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income FundvsEvidential Sustainable Global Bond Fund
Brandywine Global Opportunistic Fixed Income Fund (fund size NZ$410.3 million, annual fund charge 0.77%) and Evidential Sustainable Global Bond Fund (fund size NZ$600.2 million, annual fund charge 0.32%) are both international fixed interest managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 2.48% and 1.52%, per their quarterly fund updates filed on FMA Disclose.
Why these two differ
The most material structural difference between these two funds is cost. The Evidential Sustainable Global Bond Fund charges an annual fund fee of 0.32%, while the Brandywine Global Opportunistic Fixed Income Fund charges 0.77% — more than twice as much. For investors in a fund of either size, that gap compounds meaningfully over time and warrants close attention.
Both funds sit in the International Fixed Income category, carry a risk indicator of 4 out of 7, and hold an identical 0.07% in growth assets, signalling broadly comparable defensive positioning on paper. Fund size differs: Evidential's fund holds approximately NZD 600 million in assets versus Brandywine's approximately NZD 410 million. Five-year return data is available only for Brandywine, which discloses 0.24% per annum; Evidential's five-year return figure is not available in this snapshot, so a like-for-like return comparison cannot be made.
Portfolio construction reveals a sharper divergence in concentration and style. Brandywine's top five holdings account for roughly 28% of the fund, led by a US Treasury floating-rate note at 8.42% and Italian government bonds at 6.32%, with meaningful exposure to Colombian sovereign debt and a credit default swap instrument. Evidential's top five holdings are more evenly spread (each between 1.0% and 1.22%) across Canadian provincial bonds, a UK gilt, a French public institution bond, and Belgian government debt, reflecting the fund's stated sustainable mandate.
Always verify these details against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figure here.
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
- 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 | 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?
