Fund-vs-fund · Listed Property
Fisher Funds Property & Infrastructure Fund vs Resolution Capital Global Property Securities PIE Fund
Both are Listed Property 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 risk profile: the Resolution Capital Global Property Securities PIE Fund carries a risk indicator of 6 (out of 7), compared to Fisher Funds Property & Infrastructure Fund's risk indicator of 4. Both funds sit in the Listed Property category and hold an identical 98.31% allocation to growth assets, yet the risk indicators diverge sharply, suggesting meaningfully different volatility expectations — investors should review each fund's SIPO and PDS to understand the drivers of that gap.
On fees, Resolution Capital charges 1.05% per annum versus Fisher Funds' 1.53%, a 48-basis-point difference that compounds materially over time. Fund size is broadly comparable — Resolution Capital at approximately NZD 177.5 million, Fisher Funds at approximately NZD 162.8 million.
For returns, Fisher Funds discloses a five-year annualised return of 5.08%; Resolution Capital's five-year return figure is not available in the current snapshot, so a like-for-like performance comparison cannot be made here.
Portfolio construction also differs. Fisher Funds blends infrastructure names — American Tower (7.45%), NextEra Energy (7.31%) and Aena (5.69%) — alongside property, reflecting its "Property & Infrastructure" mandate. Resolution Capital concentrates on purer real estate investment trusts: Welltower (9.41%), Equinix (8.41%) and Federal Realty (5.17%), with cash at BNZ appearing as the third-largest disclosed position at 8.18%.
Always verify fee, return, and risk figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Resolution Capital Global Property Securities PIE Fund charges 0.48% lower in annual fund charges (1.05% vs 1.53%).
- 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 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.53%
Highest 17% of cohort
Resolution Capital
1.05%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
4.56%
Top 4% over 5 years
Resolution Capital
—
—
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$154m
Largest 10% in cohort
Resolution Capital
NZ$178m
Largest 3% in cohort
| Metric | Fisher Funds | Resolution Capital | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.53% | 1.05% | Lower is better |
| Risk indicator (1–7) | 4 | 6 | Higher = more volatility |
| 5-year return p.a. | 4.56% | — | Higher is better (past not future) |
| Fund size | NZ$154m | NZ$178m | 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 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 | InvestNow · 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 Property & Infrastructure Fund
The fund focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assetsFull Fisher Funds Fisher Funds Property & Infrastructure Fund profile →
Resolution Capital
Resolution Capital Global Property Securities PIE Fund
The Fund primarily invests in listed property and property-related securities, including real estate investment trusts (REITs), that derive most of their returns from rental income. The Fund’s investments provide exposure to a range of underlying real estate from around the world including but not limited to office buildings, shopping centres, industrial warehouses, residential communities, data centres and towers, self-storage, hotels and healthcare facilities. The Fund may also have exposure to companies which undertake activities such as real estate developmentFull Resolution Capital Resolution Capital Global Property Securities PIE Fund 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
Resolution Capital
Common questions
What's the difference between the Fisher Funds Property & Infrastructure Fund and the Resolution Capital Global Property Securities PIE Fund?
Which fund has lower fees, Fisher Funds Property & Infrastructure Fund or Resolution Capital Global Property Securities PIE Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
