Fund-vs-fund · International FI
Dimensional Global Bond Sustainability PIE FundvsDimensional Two-Year Sustainability Fixed Interest PIE Fund
Dimensional Global Bond Sustainability PIE Fund (fund size NZ$213.2 million, annual fund charge 0.32%) and Dimensional Two-Year Sustainability Fixed Interest PIE Fund (fund size NZ$263.9 million, annual fund charge 0.25%) are both international fixed interest managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 1.50% and 1.91%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 10 of the same securities. If you held both, roughly 1.4% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Dimensional Global | Dimensional Two-Year | Min weight |
|---|---|---|---|
| abn amro bank 4 % 07 07 | 0.32% | 0.53% | 0.32% |
| japan 10 year issue 0 % 12 20 | 0.20% | 0.38% | 0.20% |
| manitoba province of 3 % 06 02 | 0.19% | 0.45% | 0.19% |
| credit agricole 4 % 03 11 | 0.33% | 0.18% | 0.18% |
| pie cash | 0.16% | 0.97% | 0.16% |
| nordea bank abp 4 % 03 17 | 0.11% | 0.46% | 0.11% |
| westpac banking 5 % 09 19 | 0.12% | 0.08% | 0.08% |
| svenska handelsbanken 2 % 03 08 | 0.23% | 0.06% | 0.06% |
| cdp financial 3 % 06 02 | 0.04% | 0.30% | 0.04% |
| federal home loan bank 3 % 04 10 | 0.04% | 0.08% | 0.04% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two Dimensional funds is duration and the interest-rate risk that flows from it. The Two-Year Sustainability Fixed Interest PIE Fund (risk indicator 2) targets short-dated bonds — its top holdings mature in 2027–2028 — while the Global Bond Sustainability PIE Fund (risk indicator 3) holds longer-dated securities maturing in 2034–2035, producing a one-notch higher risk rating on the FMA's seven-point scale. Both funds sit in the International Fixed Interest category and share the same PDS.
On fees, the Two-Year fund discloses an annual fund charge of 0.25%, compared with 0.32% for the Global Bond fund — a 7 basis-point difference that compounds over time in a low-yield asset class. The Two-Year fund is also larger at approximately NZD 264 million versus approximately NZD 213 million. Both funds report identical growth asset exposure of 0.07%, consistent with their fixed-interest mandates, and both carry sustainability screens reflected in their names. Neither fund discloses a five-year return figure in the current quarterly fund update snapshot, so historical performance cannot be compared here.
The Global Bond fund's top holdings span Canadian provinces, UK gilts, and European sovereign issuers, suggesting broader geographic diversification than the Two-Year fund's more Australasian-weighted short-end exposure. Both funds are managed by Dimensional and are not KiwiSaver scheme accounts.
Always verify fees, risk indicators, and holdings 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 Two-Year Sustainability Fixed Interest PIE Fund charges 0.07% lower in annual fund charges (0.25% vs 0.32%).
- 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
Dimensional
0.32%
Lowest 19% 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$213m
Upper half by size
Dimensional
NZ$264m
Upper half by size
| Metric | Dimensional | Dimensional | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.32% | 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$213m | 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 | Yes | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Dimensional
Dimensional Global Bond Sustainability PIE Fund
Ordinarily the Fund gets exposure to a diverse portfolio of Investment Grade corporate and government global fixed interest securities, with a maximum maturity of twenty 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, while keeping the portfolio's overall weighted average duration similar to the overall weighted average duration of the global bond market. The Fund intends to achieve this exposure by investing in funds and/or directly in fixed interestFull Dimensional Dimensional Global Bond Sustainability 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 Global Bond Sustainability PIE Fund and the Dimensional Two-Year Sustainability Fixed Interest PIE Fund?
Which fund has lower fees, Dimensional Global Bond Sustainability PIE Fund or Dimensional Two-Year Sustainability Fixed Interest PIE Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
