Fund-vs-fund · International FI
Dimensional Five-Year Diversified Fixed Interest PIE Fund vs Dimensional Two-Year Sustainability Fixed Interest PIE Fund
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 Dimensional fixed interest funds is duration risk, reflected directly in their risk indicators. The Dimensional Two-Year Sustainability Fixed Interest PIE Fund carries a risk indicator of 2, while the Dimensional Five-Year Diversified Fixed Interest PIE Fund sits at risk indicator 3, consistent with its longer maturity profile. This is confirmed by the top holdings: the Two-Year fund's positions cluster around 2027–2028 maturities, whereas the Five-Year fund's holdings predominantly mature around 2030. Longer duration bonds are generally more sensitive to interest rate movements, which the higher risk indicator captures.
The fee difference is narrow but present — 0.25% per annum for the Two-Year fund versus 0.28% for the Five-Year fund. Both funds are similarly sized (approximately NZ$264 million and NZ$276 million respectively) and share an identical growth assets allocation of 0.13%, meaning income assets dominate both portfolios. Neither fund discloses a five-year return figure in our snapshot, so historical performance comparison is not possible here.
The naming distinction also signals a strategic difference: the Two-Year fund explicitly references "Sustainability" in its mandate, which may indicate ESG screening or exclusions, while the Five-Year fund is labelled "Diversified," potentially reflecting a broader issuer universe — though the data sourced is silent on the precise screening criteria applied to each.
Both funds share the same PDS document filed on FMA Disclose. Always verify current fees, risk indicators, and investment mandates against the source PDS 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 (0.28% vs 0.25%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Dimensional Two-Year Sustainability Fixed Interest PIE Fund applies responsible-investment / ESG screening. The other fund does not.
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
Dimensional
0.28%
Lowest 8% of cohort
Dimensional
0.25%
Lowest 5% of cohort
5-year return p.a.
Past performance — not a predictor
Dimensional
—
—
Dimensional
—
—
Fund size
Larger = more stable, lower close-risk
Dimensional
NZ$276m
Upper half by size
Dimensional
NZ$264m
Upper half by size
| Metric | Dimensional | Dimensional | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.28% | 0.25% | Lower is better |
| Risk indicator (1–7) | 3 | 2 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$276m | NZ$264m | 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 to NZD | Hedged to NZD | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow | InvestNow | 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 Five-Year Diversified Fixed Interest PIE Fund
Ordinarily the Fund gets exposure to a diverse portfolio of high credit quality corporate and government global fixed interest securities, with a maximum maturity of five years from the date of settlement. Dimensional generally changes the portfolio's exposure to term risk in response to changes in security prices. The Fund intends to achieve this exposure by investing in funds and/or directly in fixed interest securities. The Fund may also hold cash or cash equivalent securities, and currency hedging instruments.Full Dimensional Dimensional Five-Year Diversified Fixed Interest PIE Fund profile →
Dimensional
Dimensional Two-Year Sustainability Fixed Interest PIE Fund
Ordinarily the Fund gets exposure to a diverse portfolio of Investment Grade corporate and government global fixed interest securities, with an overall maximum weighted average duration of two years, and for any individual security, a maximum maturity of three years from the date of settlement. Dimensional generally changes the portfolio's exposure to term risk and credit risk in response to changes in security prices. The Fund intends to achieve this exposure by investing in funds and/or directly in fixed interest securities. The Fund may also hold cash or cash eFull Dimensional Dimensional Two-Year Sustainability Fixed Interest PIE Fund profile →
Common questions
What's the difference between the Dimensional Five-Year Diversified Fixed Interest PIE Fund and the Dimensional Two-Year Sustainability Fixed Interest PIE Fund?
Which fund has lower fees, Dimensional Five-Year Diversified Fixed Interest PIE Fund or Dimensional Two-Year Sustainability Fixed Interest PIE 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?
