Fund-vs-fund · International Equities
Elevation Capital Global Shares Fund vs Smart Europe ESG ETF
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 their investment approach. The Elevation Capital Global Shares Fund is an actively managed, concentrated portfolio holding individual equities across global markets, with its largest single position being Rakon Ltd at 8.59% — a New Zealand-listed company, notable for a fund categorised as International Equities. The Smart Europe ESG ETF, managed by Smartshares, is a passive fund investing almost entirely (99.95%) in the iShares MSCI Europe ESG Screened UCITS ETF, providing broad European exposure with an ESG screen applied at the index level.
Fee structures differ substantially. Elevation Capital charges an annual fund charge of 1.80%, compared with Smartshares' 0.55% — a gap of 1.25 percentage points that compounds meaningfully over time. On risk, Elevation Capital carries a risk indicator of 6 (out of 7) versus Smartshares' 5, though the Smartshares fund has a higher growth asset allocation (98.31% versus 78.48%), which may reflect how the underlying ETF classifies its assets.
The five-year return figures diverge sharply: the Smart Europe ESG ETF returned 10.92% per annum against Elevation Capital's 3.40%, though past performance is not a reliable indicator of future returns and the periods and market exposures underlying these figures differ. Both funds are similar in size, at approximately NZD 23 million each.
Readers should 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.
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
- Smart Europe ESG ETF charges 1.25% lower in annual fund charges (0.55% vs 1.80%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart Europe ESG ETF applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Elevation Capital
1.80%
Highest 6% of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Elevation Capital
3.40%
Bottom 15% over 5 years
Smartshares
10.92%
Top 24% over 5 years
Fund size
Larger = more stable, lower close-risk
Elevation Capital
NZ$23m
Smallest 20% in cohort
Smartshares
NZ$24m
Smallest 21% in cohort
| Metric | Elevation Capital | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.80% | 0.55% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.40% | 10.92% | Higher is better (past not future) |
| Fund size | NZ$23m | NZ$24m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 | No | Yes | 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
Elevation Capital
Elevation Capital Global Shares Fund
The Fund mainly invests in the shares of listed companies, although it may invest in unlisted companies up to total limit of 10% of Net Asset Value of the Fund. The companies we invest in may be based and operate anywhere in the world. The principal objective of the Fund is to achieve positive absolute returns after fees and expenses, but before tax over the long term (that is a period of at least five years). The investment objectives and policy for the Fund are broadly drafted so as to provide us with the mandate to seek on behalf of investors long-term incomeFull Elevation Capital Elevation Capital Global Shares Fund profile →
Smartshares
Smart Europe ESG ETF
The Smart Europe ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI Europe Screened Index. The Index is comprised of European companies screened for exposure to controversial weapons, civilian firearms, tobacco, thermal coal and oil sands. The Index excludes companies that fail to comply with the United Nations Global Compact Principles. For more information, please refer to the Smart Responsible Investment Policy.Full Smartshares Smart Europe ESG ETF profile →
Common questions
What's the difference between the Elevation Capital Global Shares Fund and the Smart Europe ESG ETF?
Which fund has lower fees, Elevation Capital Global Shares Fund or Smart Europe ESG ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
