Fund-vs-fund · International Equities
Foundation Series Hedged Total World Fund vs SBS Wealth World Equity Portfolio
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 annual fee: the Foundation Series Hedged Total World Fund charges 0.07% per annum, while the SBS Wealth World Equity Portfolio charges 1.18% — a gap of 1.11 percentage points that compounds materially over time at any given return level. Both funds sit in the International Equities category and carry a risk indicator of 5 (on a scale of 1–7), and both report identical growth asset allocations of 98.31%, making the fee and portfolio construction the primary points of differentiation.
Portfolio construction diverges sharply. Foundation Series holds a single underlying position — the Vanguard Total World Stock ETF at a reported weight of 104.45%, reflecting the use of currency hedging derivatives that cause notional exposure to exceed 100% — alongside a negligible cash balance at BNZ. SBS Wealth builds its exposure through a multi-manager blend, anchored by Dimensional Global Sustainability PIE Fund (NZD Hedged) at 47.43%, with allocations to Schroders, Munro, Kernel, and cash at ANZ. This means SBS Wealth incorporates a sustainability screen and active/specialist satellite positions absent from the Foundation Series approach.
On returns, SBS Wealth discloses a five-year annualised return of 9.21%; Foundation Series does not disclose a five-year figure in this snapshot, so no direct historical return comparison can be made. Fund sizes are broadly comparable at approximately NZD 85.1 million and NZD 94.4 million respectively.
Always verify all figures against the current PDS and latest Quarterly Fund Update for each fund 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 1.11% lower in annual fund charges (0.07% vs 1.18%).
- 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
Foundation Series
0.07%
Lowest 5% of cohort
SBS Wealth
1.18%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
SBS Wealth
9.21%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$85m
Lower half by size
SBS Wealth
NZ$94m
Lower half by size
| Metric | Foundation Series | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.07% | 1.18% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 9.21% | Higher is better (past not future) |
| Fund size | NZ$85m | NZ$94m | 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.
Matching holdings
1
of each fund's top 10
Foundation Series weight in shared
0.0%
of Foundation Series Hedged Total World Fund top 10 is shared
SBS Wealth weight in shared
3.5%
of SBS Wealth World Equity Portfolio top 10 is shared
| Holding | Foundation Series | SBS Wealth |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 0.01% | 3.48% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
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 →
SBS Wealth
SBS Wealth World Equity Portfolio
The Fund aims to achieve capital growth and returns over the long-term through investment primarily in a portfolio of international equities, either directly or indirectly via an underlying fund diversified across various sectors.Full SBS Wealth SBS Wealth World Equity Portfolio profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
SBS Wealth
Common questions
What's the difference between the Foundation Series Hedged Total World Fund and the SBS Wealth World Equity Portfolio?
Which fund has lower fees, Foundation Series Hedged Total World Fund or SBS Wealth World Equity Portfolio?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
