Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income FundvsSimplicity Hedged Global Bond Fund
Brandywine Global Opportunistic Fixed Income Fund (fund size NZ$410.3 million, annual fund charge 0.77%) and Simplicity Hedged Global Bond Fund (fund size NZ$964.0 million, annual fund charge 0.15%) 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 1.19%, per their quarterly fund updates filed on FMA Disclose.
Why these two differ
Simplicity Hedged Global Bond Fund and Brandywine Global Opportunistic Fixed Income Fund are both international fixed-income funds with identical risk indicators (4 on the FMA scale), but they differ materially in fee structure and portfolio strategy.
The most significant structural difference is annual cost. Simplicity charges 0.15% per annum, while Brandywine charges 0.77%—a gap of 0.62 percentage points. Over a decade on a $100,000 investment, this compounds substantially. Simplicity's fund size ($964 million) is more than double Brandywine's ($410 million), which may reflect economies of scale supporting the lower fee.
Portfolio composition reveals distinct mandates. Simplicity's holdings are predominantly US Treasury bonds (four similar-maturity instruments at 0.23% each) and NZD bank cash (0.99%), indicating a conservative, hedged approach focused on duration and credit quality. Brandywine's top holdings span US Treasuries, Italian government bonds, credit derivatives, Colombian government debt, and cash, signalling a multi-asset, opportunistic strategy seeking yield across geographies and credit qualities.
Brandywine discloses a five-year return of 0.24% per annum; Simplicity's five-year return is not available in the snapshot provided. Neither fund's latest Quarterly Fund Update in the FMA Disclose system may have been filed at the time this data was captured.
Verify the current Product Disclosure Statement and latest Quarterly Fund Update for each fund on the FMA Disclose register before making any investment decision.
Comparison generated 2026-10-12 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?
