Fund-vs-fund · Australasian Equities
Castle Point Trans-Tasman Fund vs Clarity New Zealand Equity Fund
Both are Australasian Equities 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 risk profile. The Castle Point Trans-Tasman Fund carries a risk indicator of 5 (on the FMA's 1–7 scale), while the Clarity New Zealand Equity Fund sits at 4, meaning Castle Point's fund has historically exhibited greater return volatility. This distinction is notable given that both funds hold an identical growth asset allocation of 98.31%, suggesting the difference in volatility arises from portfolio construction choices — likely Castle Point's higher concentration in its top holdings — rather than asset-class weighting.
On fees, the two funds are close: Castle Point charges 1.08% annually versus Clarity's 1.06%, a negligible difference. Fund size is similarly matched — Castle Point at approximately NZD 12.0 million and Clarity at NZD 12.6 million — placing both in the small-fund tier, where liquidity and scale economics may be relevant considerations.
The five-year return figures diverge more meaningfully: Clarity reports 1.68% annualised versus Castle Point's 0.91%, though past returns are not indicative of future performance and both figures cover a period that includes significant market disruption.
Portfolio overlap is substantial at the top — Fisher & Paykel Healthcare, Infratil, and Auckland International Airport feature in both funds' top five — but Castle Point holds a notably larger position in Fisher & Paykel Healthcare (16.03% versus 13.53%) and replaces Meridian Energy with A2 Milk in its top five.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Annual fund charges are within 0.05% of each other (1.08% vs 1.06%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Castle Point
1.08%
Upper half of cohort
Clarity
1.06%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Castle Point
0.91%
Lower half over 5 years
Clarity
1.68%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Castle Point
NZ$12m
Smallest 9% in cohort
Clarity
NZ$13m
Smallest 13% in cohort
| Metric | Castle Point | Clarity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.08% | 1.06% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.91% | 1.68% | Higher is better (past not future) |
| Fund size | NZ$12m | NZ$13m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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 | InvestNow · Direct | InvestNow · 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
8
of each fund's top 10
Castle Point weight in shared
62.2%
of Castle Point Trans-Tasman Fund top 10 is shared
Clarity weight in shared
58.8%
of Clarity New Zealand Equity Fund top 10 is shared
| Holding | Castle Point | Clarity |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 16.03% | 13.53% |
 Infratil Ltd NZ | 9.92% | 9.44% |
 Auckland International Airport Ltd NZ | 9.71% | 8.48% |
 Contact Energy Ltd NZ | 8.03% | 6.33% |
 A2 Milk Company Ltd NZ | 5.77% | 6.15% |
 Meridian Energy Limited NZ | 5.39% | 6.64% |
 Mercury NZ Limited NZ | 4.36% | 3.86% |
 Ebos Group Ltd NZ | 2.97% | 4.34% |
"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
Castle Point
Castle Point Trans-Tasman Fund
The Fund invests in New Zealand and Australian Listed Companies and is benchmarked to the S&P/NZX 50 Index (incl Imputation Credits). The performance objective of the Fund is to outperform the benchmark over rolling five-year periods after all fees (and other expenses) but before tax.Full Castle Point Castle Point Trans-Tasman Fund profile →
Clarity
Clarity New Zealand Equity Fund
The Fund will provide actively managed exposure to New Zealand equities. The Fund aims to generate a better return than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity New Zealand Equity Fund profile →
Common questions
What's the difference between the Castle Point Trans-Tasman Fund and the Clarity New Zealand Equity Fund?
Which fund has lower fees, Castle Point Trans-Tasman Fund or Clarity New Zealand Equity 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?
