Fund-vs-fund · Other
First Sentier Global Listed Infrastructure Fund vs Russell Investments Global Listed Infrastructure Fund
Both are Other 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 difference between these two funds is return transparency: First Sentier Global Listed Infrastructure Fund discloses a five-year annualised return of 3.26%, giving investors a concrete performance reference point, while the Russell Investments Global Listed Infrastructure Fund's latest Quarterly Fund Update does not report a five-year return figure in this snapshot — meaning like-for-like historical comparison is not currently possible here.
Both funds sit in the "Other" category, carry a risk indicator of 5 out of 7, and hold an identical growth assets allocation of 98.31%, signalling closely matched risk profiles and asset-class exposure. Fee structures differ modestly: Russell charges an annual fund charge of 1.08% versus First Sentier's 1.03%, a five basis-point difference that compounds over time. Russell's fund is larger at approximately NZD 167.6 million versus First Sentier's NZD 128.8 million.
Portfolio construction reveals meaningful divergence in stock selection despite the shared infrastructure mandate. Russell's top holdings lean toward energy infrastructure — Nextera Energy, Cheniere Energy, and Targa Resources — alongside toll-road operator Transurban and airport operator Aena. First Sentier concentrates more heavily in regulated utilities (Duke Energy, American Electric Power) and rail (Union Pacific), and notably shows "Cash at Bank (BNZ)" as a 5.28% top holding, indicating a material cash position not visible in Russell's disclosed top five.
Neither fund is classified as a KiwiSaver scheme account product under this data. Always verify current fees, returns, and holdings against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
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
- First Sentier Global Listed Infrastructure Fund charges 0.05% lower in annual fund charges (1.03% vs 1.08%).
- 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 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
First Sentier
1.03%
Lower half of cohort
Russell Investments
1.08%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
First Sentier
3.26%
Lower half over 5 years
Russell Investments
—
—
Fund size
Larger = more stable, lower close-risk
First Sentier
NZ$129m
Upper half by size
Russell Investments
NZ$168m
Upper half by size
| Metric | First Sentier | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.03% | 1.08% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.26% | — | Higher is better (past not future) |
| Fund size | NZ$129m | NZ$168m | 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 | No | No | 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.
Matching holdings
4
of each fund's top 10
First Sentier weight in shared
15.5%
of First Sentier Global Listed Infrastructure Fund top 10 is shared
Russell Investments weight in shared
15.6%
of Russell Investments Global Listed Infrastructure Fund top 10 is shared
| Holding | First Sentier | Russell Investments |
|---|---|---|
| NE Nextera Energy Inc US | 3.94% | 5.12% |
| TG Transurban Group Ordinary Shares Units Stapled Securities AU | 3.89% | 4.49% |
| XE Xcel Energy Inc US | 3.56% | 3.04% |
| ON Oneok Inc US | 4.09% | 2.93% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
First Sentier
First Sentier Global Listed Infrastructure Fund
The Fund invests in the shares of infrastructure companies from around the world. The infrastructure sector includes operating assets from the transport, utilities, energy and communications sectors. The strategy is based on active, bottom-up security selection which seeks to identify mispricing. The Fund seeks to minimise risk through on-the-ground research, focus on quality, and sensible portfolio construction. The Fund takes into account ESG considerations in relation to selection, retention and realisation of investments. Currency exposure will be hedged backFull First Sentier First Sentier Global Listed Infrastructure Fund profile →
Russell Investments
Russell Investments Global Listed Infrastructure Fund
The Fund invests predominantly in infrastructure and infrastructure related securities that are listed, or expected to be listed, within the next six months, on stock exchanges in developed and emerging markets. The Fund employs certain investment exclusions, please refer to the SIPO for further details. The Fund also seeks to invest in corporations which follow good governance practices. Foreign currency exposures are largely hedged back to New Zealand dollars. Derivatives may be used to obtain or reduce exposure to securities and markets, implement investment stFull Russell Investments Russell Investments Global Listed Infrastructure Fund profile →
Common questions
What's the difference between the First Sentier Global Listed Infrastructure Fund and the Russell Investments Global Listed Infrastructure Fund?
Which fund has lower fees, First Sentier Global Listed Infrastructure Fund or Russell Investments Global Listed Infrastructure Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
