Fund-vs-fund · International Equities
Fisher Funds Global Fund vs Smart Europe ETF
Both are International 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 their investment approach. The Smart Europe ETF is effectively a single-holding passthrough — 99.92% of its portfolio sits in the Vanguard FTSE Europe ETF, giving investors broad, passive exposure to European equities. The Fisher Funds Global Fund, by contrast, is an actively managed portfolio spread across global equities, with its largest disclosed position being an ANZ current account (8.75%), followed by individual stocks including Microsoft (3.21%), Amazon (2.22%), and Alphabet (1.72%), plus S&P 500 futures exposure. This active construction also explains the material fee gap: Fisher Funds charges 1.64% per annum versus Smartshares' 0.55% — a difference of 109 basis points annually.
Both funds share a risk indicator of 5 and sit within International Equities, yet their geographic scope diverges sharply: the Smart Europe ETF is Europe-only, while the Fisher Funds Global Fund targets global markets with a discernible US tilt. Growth asset allocation also differs — 98.31% for the Smart Europe ETF against 78.48% for the Fisher Funds Global Fund, with the latter holding a meaningful cash and defensive buffer. Fund sizes are nearly identical (approximately NZD 152 million each). The five-year return figures reported in each fund's latest quarterly fund update show 10.78% per annum for the Smart Europe ETF and 5.51% for the Fisher Funds Global Fund, though these reflect different underlying market exposures and time periods should be checked for alignment.
Verify all figures against each fund's current PDS and latest quarterly fund update on FMA Disclose before relying on this comparison.
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 Europe ETF charges 1.09% lower in annual fund charges (0.55% vs 1.64%).
- 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 81 international 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
1.64%
Highest 8% of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
5.51%
Bottom 24% over 5 years
Smartshares
10.78%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$152m
Upper half by size
Smartshares
NZ$152m
Upper half by size
| Metric | Fisher Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.64% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 5.51% | 10.78% | Higher is better (past not future) |
| Fund size | NZ$152m | NZ$152m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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.
What each fund says it does
Fisher Funds
Fisher Funds Global Fund
The fund focuses on growth of your investment over the long term by investing in international companiesFull Fisher Funds Fisher Funds Global Fund profile →
Smartshares
Smart Europe ETF
The Smart Europe ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Developed Europe All Cap Index. The Index is comprised of large, mid and small cap companies located in European countries.Full Smartshares Smart Europe 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 Global Fund and the Smart Europe ETF?
Which fund has lower fees, Fisher Funds Global Fund or Smart Europe 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?
