Fund-vs-fund · International Equities
Clarity - Capital Group New Perspective Fund vs Smart Europe ETF
Both are International 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 investment approach. The Smart Europe ETF (Smartshares) is a passive, single-holding vehicle: 99.92% of its portfolio is invested in the Vanguard FTSE Europe ETF, giving investors concentrated, index-tracking exposure to European equities only. The Clarity – Capital Group New Perspective Fund, by contrast, is an actively managed global equity fund, allocating roughly 98% across two share classes of Capital Group's New Perspective Fund, which targets multinational growth companies across multiple geographies. This geographic scope distinction is fundamental — European-only versus globally diversified.
Both funds sit in the International Equities category, carry a risk indicator of 5, and hold near-identical growth asset weightings of 98.31%. Fund sizes are comparable: Smart Europe ETF at NZD ~$143M and the Clarity fund at NZD ~$155M. Where the funds diverge materially on cost, the Smart Europe ETF discloses an annual fund charge of 0.55%, while the Clarity fund discloses 1.21% — a 66-basis-point difference. On reported five-year returns, the Smart Europe ETF shows 13.0% versus 7.29% for the Clarity fund, though these figures reflect different underlying market exposures and time-period conditions, so direct comparison has limited analytical value. Both funds are not KiwiSaver scheme accounts.
Always verify these details against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Smart Europe ETF charges 0.66% lower in annual fund charges (0.55% vs 1.21%).
- 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 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Clarity
1.21%
Highest 21% of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
7.29%
Lower half over 5 years
Smartshares
10.78%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$155m
Upper half by size
Smartshares
NZ$152m
Upper half by size
| Metric | Clarity | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.21% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 7.29% | 10.78% | Higher is better (past not future) |
| Fund size | NZ$155m | NZ$152m | 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 · Sharesies · 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
Clarity weight in shared
1.9%
of Clarity - Capital Group New Perspective Fund top 10 is shared
Smartshares weight in shared
0.3%
of Smart Europe ETF top 10 is shared
| Holding | Clarity | Smartshares |
|---|---|---|
| $ NZD Cash at Bank NZ | 1.87% | 0.27% |
"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
Clarity
Clarity - Capital Group New Perspective Fund
The Fund aims to achieve long-term growth of capital by investing in shares of companies located around the world. The Fund is managed by Capital Group, and favours companies expected to benefit from structural trends in the global economy.Full Clarity Clarity - Capital Group New Perspective Fund profile →
Smartshares
Smart Europe ETF
The Smart Europe ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Developed Europe All Cap Index. The Index is comprised of large, mid and small cap companies located in European countries.Full Smartshares Smart Europe ETF profile →
Common questions
What's the difference between the Clarity - Capital Group New Perspective Fund and the Smart Europe ETF?
Which fund has lower fees, Clarity - Capital Group New Perspective Fund or Smart Europe ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
