Fund-vs-fund · Australasian Equities
Fisher Funds Australian Growth Fund vs Smart Australian Financials ETF
Both are Australasian 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 sector concentration. The Smart Australian Financials ETF is explicitly constructed around Australian financial sector equities — its top five holdings are all banks or financial institutions, with Commonwealth Bank of Australia alone at 31.61% and the top four holdings (CBA, Westpac, NAB, ANZ) collectively exceeding 73% of the portfolio. The Fisher Funds Australian Growth Fund, by contrast, is a diversified active Australian equities fund: its largest holding, BHP Group Limited, sits at 8.87%, and its top five span mining, financial services, technology logistics, banking, and automotive marketplaces. Both funds report identical growth asset allocations of 98.31%, confirming both are predominantly equity-driven, but their underlying exposures are fundamentally different in breadth.
On risk, the Financials ETF carries a higher risk indicator of 6 compared to the Australian Growth Fund's 5, consistent with its narrow sector focus. The fee difference is also notable: the ETF charges 0.54% annually versus the active fund's 0.87%. The five-year return figures diverge sharply — 14.26% per annum for the ETF against 1.31% for the active fund — though past returns do not indicate future performance, and the period captured may reflect unusually favourable conditions for Australian financials. Fund sizes are broadly comparable at approximately NZD 65 million and NZD 77 million respectively.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Smart Australian Financials ETF charges 0.33% lower in annual fund charges (0.54% vs 0.87%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
0.87%
Lower half of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
1.31%
Lower half over 5 years
Smartshares
14.26%
Top 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$77m
Upper half by size
Smartshares
NZ$65m
Lower half by size
| Metric | Fisher Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.87% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 1.31% | 14.26% | Higher is better (past not future) |
| Fund size | NZ$77m | NZ$65m | 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
2
of each fund's top 10
Fisher Funds weight in shared
9.9%
of Fisher Funds Australian Growth Fund top 10 is shared
Smartshares weight in shared
20.3%
of Smart Australian Financials ETF top 10 is shared
| Holding | Fisher Funds | Smartshares |
|---|---|---|
 Macquarie Group Limited AU | 5.46% | 8.06% |
 ANZ Group Holdings Limited AU | 4.45% | 12.21% |
"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
Fisher Funds
Fisher Funds Australian Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality Australian companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds Australian Growth Fund profile →
Smartshares
Smart Australian Financials ETF
The Smart Australian Financials ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 200 Financials Ex-A-REIT Index. The Index is comprised of financial sector companies from the S&P/ASX 200 Index, but excludes Australian real estate investments trusts.Full Smartshares Smart Australian Financials ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Fisher Funds Australian Growth Fund and the Smart Australian Financials ETF?
Which fund has lower fees, Fisher Funds Australian Growth Fund or Smart Australian Financials ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
