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 Smart Europe ESG ETF (Smartshares) is a single-holding wrapper, with 99.91% of assets invested in the iShares MSCI Europe ESG Screened UCITS ETF — giving investors essentially passive, index-linked exposure to European equities filtered through ESG screens. The Elevation Capital Global Shares Fund, by contrast, is an actively managed, concentrated portfolio spread across individual stocks globally, with its largest disclosed position being Rakon Ltd at 8.59%, followed by Alphabet, Adobe, PUIG, and Swatch Group, none exceeding 4%.
This structural difference flows into cost, risk, and return figures. Smartshares charges 0.55% in annual fund charges against Elevation Capital's 1.80% — a 1.25 percentage point gap that compounds over time. Despite the higher fee, Elevation Capital's disclosed five-year return stands at 3.40% per annum, compared with 12.92% for the Smartshares fund over the same period, though past performance is not a reliable indicator of future returns. On risk, Elevation Capital carries a higher risk indicator of 6 versus 5 for Smartshares, yet holds a meaningfully lower growth-assets allocation (78.34% vs 98.31%), suggesting a portion of the portfolio sits in income or cash assets not visible in the top-holdings snapshot. Fund sizes are comparable, at roughly NZD 22.2 million and NZD 23.1 million respectively. Neither fund is a KiwiSaver scheme; investors should note these are standalone managed fund accounts, not KiwiSaver scheme accounts.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- 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?
