Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income Fund vs Daintree Core Income PIE
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 investment transparency and construction. The Brandywine Global Opportunistic Fixed Income Fund holds a diversified portfolio of directly disclosed securities — U.S. Treasuries, Italian government bonds, a high-yield credit default swap index position, Colombian sovereign debt, and cash — spread across its top five holdings. The Daintree Core Income PIE, by contrast, invests 99.17% of its assets into a single underlying vehicle, the Daintree Core Income Trust NZD, making it a feeder fund structure; investors are one step removed from the underlying securities.
On risk, Brandywine carries a risk indicator of 4 (out of 7) versus Daintree's 3, suggesting the latter's construction targets lower volatility within the same International Fixed Income category. Both funds report identical growth asset allocations of 0.07%. Fee difference is modest: Brandywine charges 0.77% annually against Daintree's 0.73%.
Brandywine's five-year return is disclosed at 0.24% per annum; Daintree's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Fund size is comparable — Brandywine at approximately NZD 410 million, Daintree at approximately NZD 337 million.
Neither fund is a KiwiSaver scheme account product based on the data provided. Investors considering the Daintree structure should review the underlying trust's holdings and fees separately, as the PIE wrapper may not fully disclose all costs at this level.
Always verify these details against each fund's current Product Disclosure Statement and latest 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
- Annual fund charges are within 0.05% of each other (0.77% vs 0.73%).
- 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 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
Daintree
0.73%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
0.24%
Lower half over 5 years
Daintree
—
—
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 15% in cohort
Daintree
NZ$337m
Largest 24% in cohort
| Metric | Brandywine | Daintree | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 0.73% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.24% | — | Higher is better (past not future) |
| Fund size | NZ$410m | NZ$337m | 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 | 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.
Matching holdings
1
of each fund's top 10
Brandywine weight in shared
4.0%
of Brandywine Global Opportunistic Fixed Income Fund top 10 is shared
Daintree weight in shared
0.8%
of Daintree Core Income PIE top 10 is shared
| Holding | Brandywine | Daintree |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 4.04% | 0.83% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
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 →
Daintree
Daintree Core Income PIE
The Fund invests into the Daintree Core Income Trust with a diversified portfolio of international credit and fixed income securities and cash and applies a range of strategies that include duration and yield curve management, (actively managing the maturity profile of the portfolio), sector rotation and individual security selection. The aim of the Fund is to provide an absolute return (greater than cash) over time and a steady stream of income and capital stability over the medium term.Full Daintree Daintree Core Income PIE profile →
Common questions
What's the difference between the Brandywine Global Opportunistic Fixed Income Fund and the Daintree Core Income PIE?
Which fund has lower fees, Brandywine Global Opportunistic Fixed Income Fund or Daintree Core Income PIE?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
