Fund-vs-fund · International FI
Fisher Funds Income Fund vs SBS Wealth World Bond Portfolio
Both are International FI 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 how they build their fixed income exposure. Fisher Funds Income Fund holds a portfolio of individual bonds and cash accounts directly — its top five positions include NZ Local Government Funding Agency notes, Westpac NZ bonds, and TR Group Limited paper, each representing modest single-digit weights. SBS Wealth World Bond Portfolio takes a fund-of-funds approach, with roughly 95% of disclosed assets sitting in four collective vehicles, the largest being the iShares Global Aggregate Bond ESG UCITS ETF NZD Hedged at 44.62%. This structural distinction has meaningful implications for currency hedging, ESG screening, and underlying credit diversification that investors would need to examine in each fund's SIPO and PDS.
Both funds share a risk indicator of 3 and sit in the International Fixed Income category. Their sizes are comparable — Fisher Funds at approximately NZD 43.3 million, SBS Wealth at approximately NZD 45.6 million. Fisher Funds discloses a higher annual fund charge of 0.99% versus SBS Wealth's 0.77%. On five-year returns, Fisher Funds Income Fund returned 2.09% per annum against SBS Wealth World Bond Portfolio's 0.32%, though past returns are not a reliable indicator of future performance. Growth asset allocation is minimal for both: 0.13% for Fisher Funds and 0.07% for SBS Wealth. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify these figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on them.
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
- SBS Wealth World Bond Portfolio charges 0.22% lower in annual fund charges (0.77% vs 0.99%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
0.99%
Highest 18% of cohort
SBS Wealth
0.77%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
2.20%
Top 10% over 5 years
SBS Wealth
0.32%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$42m
Lower half by size
SBS Wealth
NZ$46m
Lower half by size
| Metric | Fisher Funds | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.99% | 0.77% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 2.20% | 0.32% | Higher is better (past not future) |
| Fund size | NZ$42m | NZ$46m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | 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 Income Fund
The fund aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assetsFull Fisher Funds Fisher Funds Income Fund profile →
SBS Wealth
SBS Wealth World Bond Portfolio
The Fund aims to provide investors with a broadly diversified portfolio of international investment grade income securities primarily through a large pool of offshore income producing investments.Full SBS Wealth SBS Wealth World Bond Portfolio profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
- Quarterly Fund Update56 kB · file fingerprint recorded
- + 4 more on the fund page
SBS Wealth
Common questions
What's the difference between the Fisher Funds Income Fund and the SBS Wealth World Bond Portfolio?
Which fund has lower fees, Fisher Funds Income Fund or SBS Wealth World Bond Portfolio?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
