Fund-vs-fund · International Equities
Dimensional Global Sustainability PIE Fund vs Pie Global Growth Fund 2
Both are International 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 Dimensional Global Sustainability PIE Fund charges an annual fund charge of 0.40%, while the Pie Global Growth Fund 2 charges 1.61% — a gap of 1.21 percentage points that compounds meaningfully over time at similar fund sizes (approximately NZD 222 million and NZD 220 million respectively).
Both funds sit at risk indicator 5 on the standard seven-point scale and hold an identical 98.31% in growth assets, placing them in closely matched risk-return territory within the International Equities category. The Dimensional fund does not yet disclose a five-year return figure in this snapshot; the Pie Global Growth Fund 2 reports a five-year return of 3.37% per annum.
Their investment approaches diverge markedly in portfolio construction. Dimensional's top holdings are large-cap US technology names — Apple (4.86%), Nvidia (4.82%), Meta (2.00%), Amazon (1.92%), and Microsoft (1.65%) — consistent with a broad index-aware, sustainability-screened strategy. Pie Global Growth Fund 2's top positions include an emerging-markets ETF and small-cap dividend fund, alongside meaningful cash-equivalent positions in call accounts (totalling roughly 5.56% in the top five), suggesting a more active, value-oriented allocation with emerging-markets exposure.
The "Sustainability" designation in Dimensional's name implies an ESG screen, though the precise exclusion criteria are defined in the fund's SIPO and PDS; Pie's mandate carries no equivalent sustainability label.
Always verify fees, returns, and holdings against each fund's current 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
- Dimensional Global Sustainability PIE Fund charges 1.21% lower in annual fund charges (0.40% vs 1.61%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Dimensional Global Sustainability PIE Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Dimensional
0.40%
Lower half of cohort
Pie Funds
1.61%
Highest 9% of cohort
5-year return p.a.
Past performance — not a predictor
Dimensional
—
—
Pie Funds
3.37%
Bottom 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Dimensional
NZ$222m
Upper half by size
Pie Funds
NZ$220m
Upper half by size
| Metric | Dimensional | Pie Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.40% | 1.61% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 3.37% | Higher is better (past not future) |
| Fund size | NZ$222m | NZ$220m | 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 Global 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 MSCI World ex Australia Index (net div.).Full Dimensional Dimensional Global Sustainability PIE Fund profile →
Pie Funds
Pie Global Growth Fund 2
The Pie Global Growth Fund seeks to provide investors with long term capital growth by investing predominantly in listed Smaller Companies globally. The fund may also invest in managed funds with similar characteristics to Pie Funds.Full Pie Funds Pie Global Growth Fund 2 profile →
Common questions
What's the difference between the Dimensional Global Sustainability PIE Fund and the Pie Global Growth Fund 2?
Which fund has lower fees, Dimensional Global Sustainability PIE Fund or Pie Global Growth Fund 2?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
