Fund-vs-fund · International FI
Clarity Fixed Income Fund vs Dimensional Global Bond Sustainability PIE 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 geographic and issuer composition, which shapes their underlying risk profile despite identical risk indicators. The Dimensional Global Bond Sustainability PIE Fund holds sovereign and quasi-sovereign debt from international issuers — Canadian provinces, the United Kingdom gilt market, Belgian sovereign bonds, and French public-sector entities — with its largest single holding at 1.25%. The Clarity Fixed Income Fund is concentrated in New Zealand instruments: NZ Government Bonds account for 6.34% of the portfolio, followed by NZ dollar cash, domestic mortgage securities, and NZ housing and utility-linked bonds, with its top five holdings collectively representing roughly 24% of the fund. Investors seeking global diversification versus domestic NZ fixed income exposure are therefore looking at fundamentally different portfolios despite the shared category label.
On fees, the Dimensional fund charges 0.32% annually against Clarity's 0.70%, a difference of 38 basis points that compounds over time in a low-return asset class. Both funds are nearly identical in size (approximately NZD 213 million and NZD 212 million respectively) and carry the same risk indicator of 3 and growth asset allocation of 0.07%. Clarity discloses a five-year return of 1.84% per annum; Dimensional's five-year return figure is not available in this snapshot and should be sought directly from the manager or FMA Disclose. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify fees, returns, and holdings against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
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
- Dimensional Global Bond Sustainability PIE Fund charges 0.38% lower in annual fund charges (0.32% vs 0.70%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Dimensional Global Bond Sustainability PIE Fund applies responsible-investment / ESG screening. The other fund does not.
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
Clarity
0.70%
Lower half of cohort
Dimensional
0.32%
Lowest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
1.84%
Top 17% over 5 years
Dimensional
—
—
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$212m
Upper half by size
Dimensional
NZ$213m
Upper half by size
| Metric | Clarity | Dimensional | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.70% | 0.32% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 1.84% | — | Higher is better (past not future) |
| Fund size | NZ$212m | NZ$213m | 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 | Yes | 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 Fixed Income Fund
The Fund aims to provide income in excess of bank deposits and capital stability over the medium term by investing mainly in New Zealand fixed interest securities. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Fixed Income Fund profile →
Dimensional
Dimensional Global Bond Sustainability PIE Fund
Ordinarily the Fund gets exposure to a diverse portfolio of Investment Grade corporate and government global fixed interest securities, with a maximum maturity of twenty years from the date of settlement. Dimensional generally changes the portfolio's exposure to term risk and credit risk in response to changes in security prices, while keeping the portfolio's overall weighted average duration similar to the overall weighted average duration of the global bond market. The Fund intends to achieve this exposure by investing in funds and/or directly in fixed interestFull Dimensional Dimensional Global Bond Sustainability PIE Fund profile →
Common questions
What's the difference between the Clarity Fixed Income Fund and the Dimensional Global Bond Sustainability PIE Fund?
Which fund has lower fees, Clarity Fixed Income Fund or Dimensional Global Bond Sustainability PIE Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
