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 their portfolio construction approach. The Fisher Funds Income Fund holds a diversified basket of individual fixed-income securities — predominantly NZ-issued bonds and bank paper, with its largest position, NZ Local Government Funding Agency bonds, at 9.18% — giving it direct exposure to specific issuers. The SBS Wealth World Bond Portfolio takes a fund-of-funds approach, with approximately 95% of assets held in pooled vehicles: a single iShares ESG global aggregate ETF accounts for 44.62% of the portfolio, supplemented by Dimensional and Hunter funds. This structural distinction affects transparency of underlying holdings, currency exposure, and ESG screening, since the SBS portfolio's ETF anchor explicitly references an ESG mandate while the Fisher fund's PDS is silent on comparable screening criteria in the data provided.
On fees, SBS Wealth charges 0.77% annually versus Fisher Funds' 0.99%, a 22 basis point difference. Both carry a risk indicator of 3 and report identical growth asset allocations of 0.07%. Fund size is comparable — Fisher at NZD 42.2 million, SBS at NZD 45.6 million. The five-year return differential is significant: Fisher Funds Income Fund returned 2.2% per annum against SBS Wealth World Bond Portfolio's 0.32%, though past returns reflect different reference periods, market conditions, and currency-hedging outcomes that the quarterly fund update data alone does not fully explain.
Neither fund is a KiwiSaver scheme account product based on the data provided. Always verify fees, returns, and holdings against each fund's current PDS and latest quarterly fund update on FMA Disclose before relying on any figures here.
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
- 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 | 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
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?
