Fund-vs-fund · International Equities
Foundation Series US Dividend Equity Fund vs Stewart Investors Worldwide Leaders 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 resulting portfolio concentration. The Foundation Series US Dividend Equity Fund holds 99.75% of its assets in a single underlying instrument — the Schwab U.S. Dividend Equity ETF — making it effectively a pass-through to one US-listed ETF focused on dividend-paying American equities. The Stewart Investors Worldwide Leaders Fund, by contrast, holds a diversified set of individual securities across multiple geographies, with its five disclosed top positions — Samsung Electronics, Singapore Telecomm, Watsco, BNZ cash, and Biomerieux — collectively representing around 27.9% of the fund, implying meaningful spread across further holdings.
The fee difference is also significant. Foundation Series discloses an annual fund charge of 0.06%, while Stewart Investors discloses 0.61% — a ten-fold difference that would compound materially over time.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry identical growth asset allocations of 98.31%. Fund sizes are comparable: NZD 10.8 million (Foundation Series) versus NZD 12.3 million (Stewart Investors). Neither fund discloses a five-year return figure in this snapshot, so historical performance cannot be compared here.
Geographic exposure also diverges sharply: Foundation Series is concentrated in the US, while Stewart Investors targets global developed-market equities. Neither fund is a KiwiSaver scheme account product based on the data presented.
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 US Dividend Equity Fund charges 0.55% lower in annual fund charges (0.06% vs 0.61%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Stewart Investors Worldwide Leaders Fund applies responsible-investment / ESG screening. The other fund does not.
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
0.06%
Lowest 3% of cohort
Stewart Investors
0.61%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Stewart Investors
—
—
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$11m
Smallest 7% in cohort
Stewart Investors
NZ$12m
Smallest 9% in cohort
| Metric | Foundation Series | Stewart Investors | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.06% | 0.61% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$12m | 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 | Yes | 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
0.3%
of Foundation Series US Dividend Equity Fund top 10 is shared
Stewart Investors weight in shared
4.7%
of Stewart Investors Worldwide Leaders Fund top 10 is shared
| Holding | Foundation Series | Stewart Investors |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 0.25% | 4.67% |
"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 US Dividend Equity Fund
The Fund aims for high long-run returns by investing in an ETF that invests in high dividend yielding shares issued by companies in the United States that have a record of consistently paying dividends.Full Foundation Series Foundation Series US Dividend Equity Fund profile →
Stewart Investors
Stewart Investors Worldwide Leaders Fund
Aims to achieve its investment objective by investing in a diversified portfolio of equity or equity-related securities of larger capitalisation companies which are listed in, traded, or dealt on any of the regulated markets worldwide. The Fund does not hedge currency risk.Full Stewart Investors Stewart Investors Worldwide Leaders Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Stewart Investors
Common questions
What's the difference between the Foundation Series US Dividend Equity Fund and the Stewart Investors Worldwide Leaders Fund?
Which fund has lower fees, Foundation Series US Dividend Equity Fund or Stewart Investors Worldwide Leaders Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
