Fund-vs-fund · International Equities
Evidential Sustainable Targeted Factor FundvsSchroder Sustainable Global Core PIE Fund (Hedged)
Evidential Sustainable Targeted Factor Fund (fund size NZ$773.0 million, annual fund charge 0.62%) and Schroder Sustainable Global Core PIE Fund (Hedged) (fund size NZ$732.2 million, annual fund charge 0.39%) are both international equities 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 14.51% and 17.17%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 38 of the same securities. If you held both, roughly 1.5% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Evidential Sustainable | Schroder Sustainable | Min weight |
|---|---|---|---|
| KEYCORP | 0.16% | 0.06% | 0.06% |
| Huntington Bancshares | 0.15% | 0.06% | 0.06% |
| BORGWARNER INC | 0.11% | 0.06% | 0.06% |
| SYNCHRONY FINANCIAL | 0.37% | 0.05% | 0.05% |
| C.H. ROBINSON WORLDWIDE INC | 0.29% | 0.05% | 0.05% |
| Steel Dynamics | 0.19% | 0.05% | 0.05% |
| GLOBE LIFE INC | 0.17% | 0.05% | 0.05% |
| AXIS CAPITAL HOLDING | 0.12% | 0.05% | 0.05% |
| REGIONS FINANCIAL CORP | 0.12% | 0.05% | 0.05% |
| element solutions | 0.10% | 0.05% | 0.05% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is their fee level and portfolio construction approach. The Schroder Sustainable Global Core PIE Fund (Hedged) charges an annual fund charge of 0.39%, compared with 0.62% for the Evidential Sustainable Targeted Factor Fund — a gap of 23 basis points that compounds over time on broadly similar gross exposure. Both funds sit in the International Equities category, carry a risk indicator of 5 out of 7, and hold an almost identical growth asset allocation of 98.31%.
Portfolio concentration diverges sharply. Schroders' top five holdings are dominated by large-cap technology names — NVIDIA (5.41%), Apple (4.72%), Microsoft (3.29%), and Amazon (2.54%) — with cash at BNZ (4.64%) also featuring prominently, suggesting meaningful hedging activity consistent with the fund's hedged mandate. Evidential's top five are far more dispersed, with no single holding exceeding 0.68% (PayPal), pointing to a broadly diversified factor-tilted approach rather than market-cap concentration. This structural difference in concentration is likely a direct consequence of Evidential's stated "targeted factor" methodology versus Schroders' core index-tracking style.
Fund size is comparable: Evidential at NZD 772.98 million, Schroders at NZD 732.22 million. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible here.
Always verify fees, holdings, and risk indicators against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-05-21 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
- Schroder Sustainable Global Core PIE Fund (Hedged) charges 0.23% lower in annual fund charges (0.39% vs 0.62%).
- 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 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Evidential
0.62%
Lower half of cohort
Schroders
0.39%
Lowest 25% of cohort
5-year return p.a.
Past performance — not a predictor
Evidential
—
—
Schroders
—
—
Fund size
Larger = more stable, lower close-risk
Evidential
NZ$773m
Largest 9% in cohort
Schroders
NZ$732m
Largest 11% in cohort
| Metric | Evidential | Schroders | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.62% | 0.39% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$773m | NZ$732m | 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 to NZD | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Evidential
Evidential Sustainable Targeted Factor Fund
The fund invests in a diversified portfolio of small and medium capitalisation companies associated with global developed markets (excluding Australia and New Zealand), with an emphasis on companies that are expected to have higher returns. The fund also takes into account certain environmental and social considerations. The fund’s currency position is unhedged.Full Evidential Evidential Sustainable Targeted Factor Fund profile →
Schroders
Schroder Sustainable Global Core PIE Fund (Hedged)
The fund aims to provide exposure to global listed equities and is an actively managed strategy designed to target outperformance relative to the benchmark index with limited risk relative to the index. This strategy provides the benefits of index-based investing from a risk and cost perspective with the advantage of relative performance upside potential.Full Schroders Schroder Sustainable Global Core PIE Fund (Hedged) profile →
Common questions
What's the difference between the Evidential Sustainable Targeted Factor Fund and the Schroder Sustainable Global Core PIE Fund (Hedged)?
Which fund has lower fees, Evidential Sustainable Targeted Factor Fund or Schroder Sustainable Global Core PIE Fund (Hedged)?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
