Fund-vs-fund · International Equities
Fisher Funds International Growth Fund vs Foundation Series Hedged Total World Fund
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 and cost. Fisher Funds International Growth Fund is an actively managed, stock-picking portfolio holding individual equities across roughly 20–30 positions, with a 1.31% annual fund charge. The Foundation Series Hedged Total World Fund is a passive, index-tracking vehicle holding a single underlying instrument — the Vanguard Total World Stock ETF (reported at 104.45%, reflecting leverage or derivatives used for currency hedging) — at an annual fund charge of just 0.07%. That fee gap of 1.24 percentage points compounds materially over time and represents the single largest numerical difference disclosed in these QFUs.
Both funds sit at 98.31% growth assets, making their asset allocation structurally equivalent. They differ on risk indicator: Fisher Funds rates at 6 (higher risk on the FMA's 1–7 scale), Foundation Series at 5 (medium-high risk), likely reflecting the currency hedging in the latter smoothing short-term return volatility. Fisher Funds discloses a five-year annualised return of 0.26%; Foundation Series returns no five-year figure in our snapshot, as the fund appears to lack sufficient history. Fund sizes are similar — approximately $74 million and $85 million respectively. Fisher Funds' top holdings are concentrated individual stocks (Microsoft, Amazon, Mastercard, Meta, Tencent); Foundation Series offers broad global diversification through its single ETF wrapper.
Verify all figures against each fund's current 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
- Foundation Series Hedged Total World Fund charges 1.24% lower in annual fund charges (0.07% vs 1.31%).
- 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
1.31%
Highest 13% of cohort
Foundation Series
0.07%
Lowest 5% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
0.26%
Bottom 3% over 5 years
Foundation Series
—
—
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$74m
Lower half by size
Foundation Series
NZ$85m
Lower half by size
| Metric | Fisher Funds | Foundation Series | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.31% | 0.07% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.26% | — | Higher is better (past not future) |
| Fund size | NZ$74m | NZ$85m | 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 to NZD | 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 International Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds International Growth Fund profile →
Foundation Series
Foundation Series Hedged Total World Fund
The fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in shares of the large, mid-sized and small companies listed on international stock markets.Full Foundation Series Foundation Series Hedged Total World Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Common questions
What's the difference between the Fisher Funds International Growth Fund and the Foundation Series Hedged Total World Fund?
Which fund has lower fees, Fisher Funds International Growth Fund or Foundation Series Hedged Total World Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
