Fund-vs-fund · Other
First Sentier Global Listed Infrastructure FundvsRussell Investments Global Listed Infrastructure Fund
First Sentier Global Listed Infrastructure Fund (fund size NZ$128.8 million, annual fund charge 1.03%) and Russell Investments Global Listed Infrastructure Fund (fund size NZ$167.6 million, annual fund charge 1.08%) are both 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 11.94% and 17.19%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 1 of the same securities. If you held both, roughly 0.1% 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 | First Sentier | Russell Investments | Min weight |
|---|---|---|---|
| motiva infraestr de mobilidade | 1.17% | 0.11% | 0.11% |
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.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
First Sentier Global Listed Infrastructure Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Russell Investments Global Listed Infrastructure Fund
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. |
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?
