Fund-vs-fund · International Equities
Foundation Series Hedged US 500 Fund vs Summer Global Equities
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 cost: Foundation Series Hedged US 500 Fund charges 0.03% per annum, while Summer Global Equities charges 1.02% — a 34-fold difference that will compound meaningfully over time regardless of which direction markets move.
Portfolio construction diverges sharply as well. Foundation Series Hedged US 500 holds a single dominant position — Vanguard S&P 500 ETF at a reported 105.23% weight (the excess over 100% reflects derivative-based currency hedging mechanics) — giving investors concentrated, hedged exposure to large-cap US equities. Summer Global Equities spreads exposure across ESG-screened ETFs and individual stocks spanning US and international markets, with its largest holding, Vanguard ESG US Stock ETF, at just 5.99%. The ESG tilt in Summer's portfolio is an explicit structural feature absent from Foundation Series.
Risk indicators differ by one band: Foundation Series sits at 6 (higher volatility), Summer at 5 (medium-to-higher). Both funds hold roughly 98% in growth assets, so the difference likely reflects the currency hedging and concentration in Foundation Series rather than asset-class divergence. Fund sizes are comparable — approximately NZD 41.5 million versus NZD 43.3 million.
On returns, Summer Global Equities discloses a five-year return of 6.87% per annum; Foundation Series does not disclose a five-year figure in this snapshot, so no like-for-like comparison is available. Summer is a KiwiSaver scheme fund (your KiwiSaver scheme account); Foundation Series's scheme status should be confirmed via its PDS.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 US 500 Fund charges 0.99% lower in annual fund charges (0.03% vs 1.02%).
- 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
0.03%
Lowest 1% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Summer
6.87%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$42m
Lower half by size
Summer
NZ$43m
Lower half by size
| Metric | Foundation Series | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.03% | 1.02% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 6.87% | Higher is better (past not future) |
| Fund size | NZ$42m | NZ$43m | 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
Foundation Series
Foundation Series Hedged US 500 Fund
The fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in shares of the largest companies listed on stock markets in the United States.Full Foundation Series Foundation Series Hedged US 500 Fund profile →
Summer
Summer Global Equities
The Summer Global Equities fund invests in international shares. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the MSCI ACWI Net Total Return Index, 50% hedged to the New Zealand dollar.Full Summer Summer Global Equities profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Summer
Common questions
What's the difference between the Foundation Series Hedged US 500 Fund and the Summer Global Equities?
Which fund has lower fees, Foundation Series Hedged US 500 Fund or Summer Global Equities?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
