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 fee level. 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 at roughly NZD 112–118 million in size and carry an identical growth asset allocation of 98.31%, so the fee differential is not explained by materially different asset mix.
Risk profile diverges modestly: Salt carries a risk indicator of 4 (on the standard 1–7 scale), while Dimensional sits at 5, reflecting somewhat higher expected volatility. On five-year returns, Salt discloses an annualised 3.81%; Dimensional's five-year return figure is not available in our snapshot, likely because the fund lacks sufficient performance history at this stage.
The portfolios are geographically distinct despite sharing the same category. Salt concentrates in New Zealand-listed names — Fisher & Paykel Healthcare at 16.1% is its single largest position — whereas Dimensional's disclosed top holdings are dominated by Australian financials, with Commonwealth Bank, Westpac, and NAB collectively representing around 15.5% of the fund. Dimensional's sustainability mandate also introduces an ESG screen absent from Salt's dividend-focused strategy, which targets companies with a record of growing dividend payments.
Always verify fees, holdings, and risk indicators against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 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 | 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
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?
