Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income Fund vs Russell Investments Global Fixed Interest 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 lies in portfolio concentration and credit composition. The Brandywine Global Opportunistic Fixed Income Fund's top five holdings account for roughly 28% of the portfolio, with individual positions as large as 8.42% in a single US Treasury floating-rate note and 6.32% in Italian government bonds, alongside an emerging-market sovereign position in Colombian debt at 4.10%. The Russell Investments Global Fixed Interest Fund, by contrast, shows a highly dispersed portfolio where no single disclosed holding exceeds 2.39%, consistent with a multi-manager or index-like construction approach. This concentration difference is meaningful for investors assessing issuer and country risk within the same broad asset class.
On fees, Russell charges 0.58% per annum versus Brandywine's 0.77%, a 19-basis-point gap that compounds materially over time in a low-return fixed income environment. Both funds carry a risk indicator of 4 on the standard 1–7 scale and report identical growth asset allocations of 0.07%. Over the five-year period captured in each fund's latest Quarterly Fund Update, Russell returned 0.34% per annum and Brandywine 0.24% per annum, though short observation windows in fixed income are rarely sufficient for drawing performance conclusions.
Fund size differs — Russell at NZD 564 million versus Brandywine at NZD 410 million — though both are of meaningful scale for a retail market. Russell's PDS is issued under the Russell Investment Funds umbrella; Brandywine's sits within the Franklin Templeton Investment Funds scheme.
Always verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Russell Investments Global Fixed Interest Fund charges 0.19% lower in annual fund charges (0.58% vs 0.77%).
- 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
Russell Investments
0.58%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
0.24%
Lower half over 5 years
Russell Investments
0.34%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 15% in cohort
Russell Investments
NZ$564m
Largest 11% in cohort
| Metric | Brandywine | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 0.58% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.24% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$410m | NZ$564m | 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
Russell Investments weight in shared
2.4%
of Russell Investments Global Fixed Interest Fund top 10 is shared
| Holding | Brandywine | Russell Investments |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 4.04% | 2.39% |
"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 →
Russell Investments
Russell Investments Global Fixed Interest Fund
The underlying investment exposure is predominantly to debt securities issued by supranationals, international governments, quasi-government agencies and corporates as well as structured credit securities including mortgage-backed and asset backed securities. The underlying investment portfolio may also be exposed to low grade or unrated debt securities, emerging market securities and currency. The Fund employs certain investment exclusions, please refer to the SIPO for further details. Derivatives may be used to obtain or reduce exposure to securities and marketsFull Russell Investments Russell Investments Global Fixed Interest Fund profile →
Common questions
What's the difference between the Brandywine Global Opportunistic Fixed Income Fund and the Russell Investments Global Fixed Interest Fund?
Which fund has lower fees, Brandywine Global Opportunistic Fixed Income Fund or Russell Investments Global Fixed Interest Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
