Fund-vs-fund · Australasian Equities
Dimensional Australian Sustainability PIE Fund vs Salt NZ Dividend Appreciation Fund
Both are Australasian 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 cost: the Salt NZ Dividend Appreciation Fund charges an annual fund charge of 1.10%, while the Dimensional Australian Sustainability PIE Fund charges 0.35% — a gap of 0.75 percentage points that compounds meaningfully over time on similar-sized portfolios. Both funds sit in the Australasian Equities category, carry an identical risk indicator of 5 out of 7, and hold near-identical growth asset allocations of 98.31%, making the fee differential particularly prominent as a distinguishing factor.
Portfolio construction differs substantially. Salt's fund is concentrated in New Zealand-listed names, with Fisher & Paykel Healthcare the single largest position at 15.24%, followed by Auckland International Airport and Infratil. Dimensional's fund tilts toward Australian equities, led by the major banks — Commonwealth Bank, Westpac, and NAB — with the largest position at 5.70%, indicating a more broadly diversified and less concentrated structure. The fund names also signal different mandates: Salt targets dividend appreciation, while Dimensional incorporates a sustainability screen.
On performance, Salt discloses a five-year annualised return of 4.01%; Dimensional's five-year return is not available in this snapshot, likely reflecting the fund's shorter history or a pending update. Fund sizes are comparable — approximately NZD 119.1 million and NZD 117.7 million respectively.
Verify all figures against each fund's current 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
- Dimensional Australian Sustainability PIE Fund charges 0.75% lower in annual fund charges (0.35% vs 1.10%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Dimensional Australian Sustainability PIE Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Dimensional
0.35%
Lowest 18% of cohort
Salt
1.10%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Dimensional
—
—
Salt
3.81%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Dimensional
NZ$118m
Upper half by size
Salt
NZ$112m
Upper half by size
| Metric | Dimensional | Salt | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.35% | 1.10% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 3.81% | Higher is better (past not future) |
| Fund size | NZ$118m | NZ$112m | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | No | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow | InvestNow · 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
Dimensional
Dimensional Australian Sustainability PIE Fund
The fund is expected to be fully invested. A portion of the portfolio may be allocated to cash and cash equivalents for liquidity purposes. The fund is not managed with the objective of achieving a particular return relative to a benchmark index. However, to compare the performance of the fund with a broad measure of market performance, reference may be made to the S&P/ASX 300 Index (Total Return).Full Dimensional Dimensional Australian Sustainability PIE Fund profile →
Salt
Salt NZ Dividend Appreciation Fund
The Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. The investment objective is to outperform the S&P/NZX 50 Gross Index on a rolling three year basis.Full Salt Salt NZ Dividend Appreciation Fund profile →
Common questions
What's the difference between the Dimensional Australian Sustainability PIE Fund and the Salt NZ Dividend Appreciation Fund?
Which fund has lower fees, Dimensional Australian Sustainability PIE Fund or Salt NZ Dividend Appreciation 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?
