Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income Fund vs Simplicity Hedged 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 cost: Simplicity Hedged Global Bond Fund charges an annual fund fee of 0.15%, while the Brandywine Global Opportunistic Fixed Income Fund charges 0.77% — a gap of 0.62 percentage points annually on capital invested. Over time, that difference compounds and directly reduces net returns for investors in the higher-fee fund.
Both funds share the same risk indicator of 4 and an identical growth assets allocation of 0.07%, placing them in comparable risk territory within the International Fixed Income category. Fund size differs meaningfully: Simplicity's fund holds approximately NZD 964 million in assets versus Brandywine's NZD 410 million. On five-year returns, the data is asymmetric — Brandywine discloses a five-year annualised return of 0.24%, while Simplicity's equivalent figure is not available in this snapshot, so a direct performance comparison cannot be made.
Portfolio construction reveals a deeper strategic divergence. Simplicity's top holdings are almost entirely concentrated in US Treasury bonds with narrow maturity clusters, suggesting a more constrained, government-focused mandate. Brandywine's portfolio includes Italian government bonds, a Colombian sovereign bond yielding 11.50%, credit default swap instruments, and a US Treasury floating-rate note — reflecting a broader, opportunistic approach that introduces more active positioning and credit and emerging-market exposure.
Simplicity's fund also carries "Hedged" in its name, indicating currency risk management is embedded in the mandate; Brandywine's hedging approach is not specified in this data.
Always verify current fees, returns, and holdings against each fund's 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
- Simplicity Hedged Global Bond Fund charges 0.62% lower in annual fund charges (0.15% vs 0.77%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity Hedged Global Bond Fund is roughly 2.3× the size of the other fund.
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
Simplicity
0.15%
Lowest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
0.24%
Lower half over 5 years
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 15% in cohort
Simplicity
NZ$964m
Largest 5% in cohort
| Metric | Brandywine | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 0.15% | 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$964m | 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 to NZD | 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
Simplicity weight in shared
1.0%
of Simplicity Hedged Global Bond Fund top 10 is shared
| Holding | Brandywine | Simplicity |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 4.04% | 0.99% |
"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 →
Simplicity
Simplicity Hedged Global Bond Fund
The Hedged Global Bond Fund invests in government bonds and other highly rated liquid bonds., designed to generate a return similar to the performance of the Bloomberg MSCI Global Aggregate Sustainability Select SRI Float Adjusted Index (hedged into New Zealand dollars) and to be the hedged global bond component of a diversified investment portfolio.Full Simplicity Simplicity Hedged Global Bond Fund profile →
Common questions
What's the difference between the Brandywine Global Opportunistic Fixed Income Fund and the Simplicity Hedged Global Bond Fund?
Which fund has lower fees, Brandywine Global Opportunistic Fixed Income Fund or Simplicity Hedged Global Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
