Fund-vs-fund · International FI
Daintree High Income PIE vs Summer Global Fixed Interest
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 their growth-asset allocation, which signals meaningfully different portfolio construction despite both carrying an identical risk indicator of 3 and sitting in the same International Fixed Interest category. Summer Global Fixed Interest allocates 0.31% to growth assets, while Daintree High Income PIE holds just 0.07% — making Daintree's portfolio more defensively positioned within the category on that single metric.
Both funds are fund-of-funds structures. Summer Global Fixed Interest places 96.17% of its portfolio into the Hunter Global Fixed Interest Fund, with the remainder in an ANZ transactional bank account. Daintree High Income PIE channels 98.06% into the Daintree High Income Trust NZD, holding 1.94% in NZD cash at bank. Investors are therefore taking on an additional layer of underlying fund exposure in both cases, and the characteristics of those underlying vehicles will materially shape actual outcomes.
On fees, the difference is narrow: Summer charges 0.87% per annum versus Daintree's 0.90%. Summer reports a five-year annualised return of 0.2%; Daintree's five-year return figure is not available in our current snapshot, so direct long-run performance comparison is not possible here. Fund size is similarly modest for both — NZ$1.07 million for Summer and NZ$744,000 for Daintree — which may have implications for liquidity and operational scale.
Both funds are KiwiSaver scheme accounts under their respective schemes. Always verify current figures 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
- Annual fund charges are within 0.05% of each other (0.90% vs 0.87%).
- 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
Daintree
0.90%
Highest 21% of cohort
Summer
0.87%
Highest 24% of cohort
5-year return p.a.
Past performance — not a predictor
Daintree
—
—
Summer
0.20%
Bottom 23% over 5 years
Fund size
Larger = more stable, lower close-risk
Daintree
NZ$744k
Smallest 5% in cohort
Summer
NZ$1m
Smallest 8% in cohort
| Metric | Daintree | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.90% | 0.87% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 0.20% | Higher is better (past not future) |
| Fund size | NZ$744k | NZ$1m | 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.
What each fund says it does
Daintree
Daintree High Income PIE
The Fund invests into the Daintree High Income Trust (Underlying Fund) that has a diversified portfolio of international credit fixed income securities and cash, with an allocation to non-investment grade securities. This Underlying Fund applies a range of strategies that include duration and yield curve management, sector rotation and individual security selection. The aim of the Fund is to provide income over the medium term and a total return (after fees) that exceeds the Benchmark.Full Daintree Daintree High Income PIE profile →
Summer
Summer Global Fixed Interest
The Summer Global Fixed Interest fund invests in international fixed interest assets. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the Bloomberg Global Aggregate Total Return Index (hedged to New Zealand dollars).Full Summer Summer Global Fixed Interest profile →
Common questions
What's the difference between the Daintree High Income PIE and the Summer Global Fixed Interest?
Which fund has lower fees, Daintree High Income PIE or Summer Global Fixed Interest?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
