Fund-vs-fund · Other
First Sentier Global Listed Infrastructure Fund vs Squirrel Monthly Income 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 structural difference between these two funds is their underlying asset type and associated risk profile, which diverges sharply despite an identical growth-assets allocation of 98.31% on both sides. The Squirrel Monthly Income Fund holds a granular portfolio of New Zealand residential construction loans — individually secured mortgages spread across Auckland, Wellington, and Bay of Plenty — giving it an income-oriented, credit-risk character. The First Sentier Global Listed Infrastructure Fund, by contrast, holds publicly traded global infrastructure equities such as Duke Energy, American Electric Power, and Union Pacific, exposing investors to listed-market volatility. This distinction is captured directly in the risk indicators: Squirrel sits at 2 (low), while First Sentier sits at 5 (medium to high) on the standard 1–7 scale.
Fee levels also differ meaningfully. Squirrel's annual fund charge is 2.14%, roughly double First Sentier's 1.03%. In exchange for that higher fee, Squirrel's QFU does not report a five-year return figure, so long-run performance cannot be compared from this snapshot. First Sentier discloses a five-year annualised return of 3.26%. Fund size differs as well: Squirrel is larger at approximately NZD 210 million versus First Sentier's NZD 129 million.
Neither fund is structured as a KiwiSaver scheme account. Both sit in the "Other" category on FMA Disclose, reflecting their specialist mandates rather than conventional asset-class labels.
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 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
- First Sentier Global Listed Infrastructure Fund charges 1.11% lower in annual fund charges (1.03% vs 2.14%).
- 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
Squirrel
2.14%
Highest 19% of cohort
5-year return p.a.
Past performance — not a predictor
First Sentier
3.26%
Lower half over 5 years
Squirrel
—
—
Fund size
Larger = more stable, lower close-risk
First Sentier
NZ$129m
Upper half by size
Squirrel
NZ$210m
Largest 19% in cohort
| Metric | First Sentier | Squirrel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.03% | 2.14% | Lower is better |
| Risk indicator (1–7) | 5 | 2 | Higher = more volatility |
| 5-year return p.a. | 3.26% | — | Higher is better (past not future) |
| Fund size | NZ$129m | NZ$210m | 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
1
of each fund's top 10
First Sentier weight in shared
5.3%
of First Sentier Global Listed Infrastructure Fund top 10 is shared
Squirrel weight in shared
1.6%
of Squirrel Monthly Income Fund top 10 is shared
| Holding | First Sentier | Squirrel |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 5.28% | 1.60% |
"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 →
Squirrel
Squirrel Monthly Income Fund
The Fund is designed to provide investors with a regular income return generated through exposure to a diversified portfolio of loans secured against registered first mortgages on residential property across New Zealand. Loan exposure is obtained by investing in the Squirrel Wholesale Investment Funds scheme ("Squirrel Wholesale Funds"), whose funds obtain their loan exposure through investing via the Squirrel peer-to-peer ("P2P") platform operated by Squirrel Money Limited ("Squirrel"). Assets of the Squirrel Wholesale Funds may include exposure to fractional andFull Squirrel Squirrel Monthly Income Fund profile →
Common questions
What's the difference between the First Sentier Global Listed Infrastructure Fund and the Squirrel Monthly Income Fund?
Which fund has lower fees, First Sentier Global Listed Infrastructure Fund or Squirrel Monthly Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
