Fund-vs-fund · International Equities
Clarity Dividend Yield Fund vs Pie Growth UK & Europe Fund
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 fee and return profile. The Pie Growth UK & Europe Fund charges 1.85% per annum against a five-year annualised return of 0.98%, while the Clarity Dividend Yield Fund charges 1.06% with a five-year annualised return of 4.87%. Both funds sit in the International Equities category and carry nearly identical fund sizes — approximately NZD 125.8 million and NZD 126.7 million respectively — but their risk indicators diverge: Pie Growth sits at 5 on the 1–7 scale, Clarity at 4, meaning Pie Growth has historically experienced greater volatility.
Despite both being classified as International Equities, their actual exposures differ sharply. Pie Growth concentrates in small- and mid-cap European names — Alzchem Group, FLATEXDEGIRO, Huber+Suhner — with a cash position (JPM Call Account – EUR) occupying the second-largest slot at 3.73%, and growth assets comprising 78.48% of the portfolio. Clarity, by contrast, holds 98.31% in growth assets and concentrates in large Australasian dividend-paying stocks: ANZ Group, Contact Energy, Genesis Energy, Spark, and Chorus. Investors seeking geographic or sector exposure should treat the "International Equities" label as a starting point only, not a reliable guide to underlying composition.
Both funds are retail managed funds, not KiwiSaver scheme accounts. Verify all figures — including fees, risk indicators, and returns — against each fund's current 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
- Clarity Dividend Yield Fund charges 0.79% lower in annual fund charges (1.06% vs 1.85%).
- 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 81 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
1.06%
Upper half of cohort
Pie Funds
1.85%
Highest 4% of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
4.87%
Bottom 17% over 5 years
Pie Funds
0.98%
Bottom 6% over 5 years
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$127m
Upper half by size
Pie Funds
NZ$126m
Upper half by size
| Metric | Clarity | Pie Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.06% | 1.85% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 4.87% | 0.98% | Higher is better (past not future) |
| Fund size | NZ$127m | NZ$126m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 78% / 22% | 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.
What each fund says it does
Clarity
Clarity Dividend Yield Fund
The Fund will provide actively managed exposure to dividend paying New Zealand and Australian equities. The Fund aims to generate higher dividend income than the benchmark over the medium to long term. It favours companies that we consider provide an attractive and sustainable dividend yield. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Dividend Yield Fund profile →
Pie Funds
Pie Growth UK & Europe Fund
The Pie Growth UK & Europe Fund seeks to provide investors with long term capital growth by investing predominantly in a concentrated portfolio of hand-picked listed UK and European Smaller Companies, where Pie Funds considers value is greatest and the opportunity of earnings growth is high. The Pie Growth UK & Europe Fund may also invest in other types of financial products such as cash and unlisted equities.Full Pie Funds Pie Growth UK & Europe Fund profile →
Common questions
What's the difference between the Clarity Dividend Yield Fund and the Pie Growth UK & Europe Fund?
Which fund has lower fees, Clarity Dividend Yield Fund or Pie Growth UK & Europe 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?
