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 discloses an annual fund charge of 0.03%, while Summer Global Equities charges 1.02% — a gap of roughly 34 times. Over long holding periods, that fee differential compounds and directly reduces net returns regardless of gross market performance.
Portfolio construction diverges sharply as a consequence of that cost model. Foundation Series Hedged US 500 holds a single position — the Vanguard S&P 500 ETF at approximately 105% of net assets, reflecting currency hedging mechanics — delivering concentrated, passive exposure to large-cap US equities with currency risk hedged back to NZD. Summer Global Equities spreads exposure across a broader, actively constructed portfolio including ESG-screened ETFs and individual stocks such as Amazon, Uber, and Mastercard, suggesting a values-aware, actively managed mandate rather than pure index replication.
Risk indicators differ by one band: Foundation Series sits at 6 (higher volatility) versus Summer's 5, which may partly reflect the concentrated single-market exposure and hedging instrument use in the former. Both funds are comparable in size — approximately NZD 41.5 million and NZD 43.3 million respectively — and both allocate around 98% to growth assets.
Summer Global Equities discloses a five-year return of 6.87% per annum; Foundation Series Hedged US 500 Fund's five-year return figure is not available in this snapshot. Summer's PDS also indicates this is a KiwiSaver scheme account product, while Foundation Series operates as a standalone managed fund.
Always verify current fees, returns, and fund details against each fund's Product Disclosure Statement 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
- 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 82 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 | 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
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 →
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?
