Fund-vs-fund · International FI
Fisher Funds Income Fund vs Smart Global Aggregate Bond ETF
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 investment approach. The Fisher Funds Income Fund is an actively managed portfolio of individual fixed-income securities — predominantly NZ-domiciled bonds and bank paper, with its largest holding being NZ Local Government Funding Agency bonds at 9.18% — giving the manager discretion to select and weight positions. The Smart Global Aggregate Bond ETF is a passive, single-holding vehicle: 99.45% of its portfolio sits in the iShares Core Global Aggregate Bond UCITS ETF (NZD Hedged), meaning investors are exposed to a broadly diversified global bond index rather than a curated NZ-tilted selection.
This structural difference is directly reflected in fees. Fisher Funds charges an annual fund charge of 0.99%, while Smartshares charges 0.30% — a 0.69 percentage point gap that compounds meaningfully over time. Both funds carry a risk indicator of 3 and share an identical growth-assets allocation of 0.07%, so on those metrics they are equivalent.
Over the five-year period captured in each fund's latest Quarterly Fund Update, Fisher Funds Income Fund returned 2.20% per annum against Smartshares' 1.29%, though past performance is not a reliable indicator of future performance and the net-of-fee calculation methodology may differ between managers. Fund size is broadly comparable: Fisher Funds at NZD 42.2 million versus Smartshares at NZD 36.1 million.
Neither fund is a KiwiSaver scheme account product based on the data provided. Always verify figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 Global Aggregate Bond ETF charges 0.69% lower in annual fund charges (0.30% 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
Smartshares
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
2.20%
Top 10% over 5 years
Smartshares
1.29%
Top 23% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$42m
Lower half by size
Smartshares
NZ$36m
Smallest 24% in cohort
| Metric | Fisher Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.99% | 0.30% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 2.20% | 1.29% | Higher is better (past not future) |
| Fund size | NZ$42m | NZ$36m | 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 →
Smartshares
Smart Global Aggregate Bond ETF
The Smart Global Aggregate Bond ETF is designed to track the return (before tax, fees and other expenses) of the Bloomberg Global Aggregate Total Return Index Hedged NZD. The Index is comprised of global investment grade bonds. The currency exposure is hedged to the New Zealand dollar.Full Smartshares Smart Global Aggregate Bond 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 Income Fund and the Smart Global Aggregate Bond ETF?
Which fund has lower fees, Fisher Funds Income Fund or Smart Global Aggregate Bond 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?
