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 the nature of their underlying assets and what that means for risk and return profile. The Squirrel Monthly Income Fund holds 78.34% in growth assets, predominantly New Zealand residential construction loans secured by property, with cash and cash equivalents making up a further 14.75% of the portfolio. Despite a relatively high growth-asset allocation, it carries a risk indicator of 2 out of 7, reflecting the secured, income-oriented character of those loans. No five-year return figure is disclosed in the current snapshot. The First Sentier Global Listed Infrastructure Fund is almost entirely in growth assets at 98.31%, concentrated in listed global infrastructure equities such as Duke Energy, American Electric Power, and Union Pacific, and carries a markedly higher risk indicator of 5 out of 7, consistent with listed equity volatility. Its disclosed five-year return is 3.26% per annum.
On fees, the difference is also significant: Squirrel charges 2.14% annually versus First Sentier's 1.03%, roughly double, which is notable given Squirrel's lower stated risk level. Fund size is comparable — Squirrel at approximately NZD 178 million, First Sentier at approximately NZD 129 million. Neither fund is a KiwiSaver scheme account product, though both are retail managed funds registered on FMA Disclose. The two funds share an "Other" category classification but are structurally very different: one is a private credit vehicle focused on domestic property lending, the other a listed global equities fund concentrated in infrastructure sectors.
Always verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- 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 | InvestNow · Direct | InvestNow · 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?
