Fund-vs-fund · International FI
Coolabah Short Term Income PIE Fund vs NZ Funds Global Bonds
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 risk profile. NZ Funds Global Bonds carries a risk indicator of 4 (out of 7), while Coolabah Short Term Income PIE Fund sits at 2 — a meaningfully lower volatility classification despite both funds sitting in the International Fixed Income category and holding an identical growth asset allocation of 0.07%.
Fee structures diverge significantly. NZ Funds Global Bonds charges 1.44% per annum versus Coolabah's 0.67%, a gap of 77 basis points annually. On comparable fund sizes — NZ Funds at NZ$137.1 million and Coolabah at NZ$139.2 million — the cost difference is material over time.
Performance data is asymmetric. NZ Funds Global Bonds reports a five-year return of 0.17% per annum; Coolabah Short Term Income PIE Fund's five-year return is not available in this snapshot, likely reflecting the fund's shorter operating history.
Portfolio construction also differs. NZ Funds Global Bonds holds a concentrated domestic short-duration position, with its top five holdings all being New Zealand bank bills from Westpac and BNZ, together representing over 51% of the portfolio. Coolabah's disclosed holdings are more dispersed, with its largest single position (PIE Cash) at 6.09%, suggesting broader diversification across structured credit and fixed income instruments, though the full portfolio breakdown is not captured here.
Both funds share the same FMA category and near-identical fund sizes, making the risk rating and fee differential the clearest distinguishing factors for comparison purposes.
Always verify current fees, returns, and holdings against each fund's product disclosure statement 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
- Coolabah Short Term Income PIE Fund charges 0.77% lower in annual fund charges (0.67% vs 1.44%).
- 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 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
Coolabah
0.67%
Lower half of cohort
NZ Funds
1.44%
Highest 8% of cohort
5-year return p.a.
Past performance — not a predictor
Coolabah
—
—
NZ Funds
0.17%
Bottom 17% over 5 years
Fund size
Larger = more stable, lower close-risk
Coolabah
NZ$139m
Lower half by size
NZ Funds
NZ$137m
Lower half by size
| Metric | Coolabah | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.67% | 1.44% | Lower is better |
| Risk indicator (1–7) | 2 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 0.17% | Higher is better (past not future) |
| Fund size | NZ$139m | NZ$137m | 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 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 | 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
Coolabah weight in shared
6.1%
of Coolabah Short Term Income PIE Fund top 10 is shared
NZ Funds weight in shared
3.6%
of NZ Funds Global Bonds top 10 is shared
| Holding | Coolabah | NZ Funds |
|---|---|---|
| PC PIE Cash NZ | 6.09% | 3.60% |
"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
Coolabah
Coolabah Short Term Income PIE Fund
The fund provides exposure to an actively managed, diversified portfolio that aims to take advantage of investment opportunities within the Australian and global cash and fixed-income markets. The fund currently invests in an underlying fund managed by Coolabah Capital Investments (Retail) Pty Limited (Investment Manager) and targets a position of being fully hedged back to New Zealand dollars.Full Coolabah Coolabah Short Term Income PIE Fund profile →
NZ Funds
NZ Funds Global Bonds
The objective of the Global Bonds fund is to generate gains by investing in income assets and other authorised assets with active management. The fund is anticipated to mainly own and trade international bonds over the minimum suggested timeframe.Full NZ Funds NZ Funds Global Bonds profile →
Common questions
What's the difference between the Coolabah Short Term Income PIE Fund and the NZ Funds Global Bonds?
Which fund has lower fees, Coolabah Short Term Income PIE Fund or NZ Funds Global Bonds?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
