Fund-vs-fund · International Equities
Harbour T. Rowe Price Global Equity Fund (Hedged) vs Pie Global Growth Fund 2
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 portfolio construction and underlying investment approach. The Harbour T. Rowe Price Global Equity Fund (Hedged) is sub-advised by T. Rowe Price and concentrates its top positions in large-cap US technology names — NVIDIA (5.93%), Alphabet (4.26%), Apple (4.16%), and Microsoft (2.99%) — with currency exposure actively hedged back to NZD, as reflected by US Dollar appearing as a top-five line item (3.51%). The Pie Global Growth Fund 2, by contrast, holds a more diversified geographic mix that includes emerging-markets exposure through WisdomTree Emerging Markets SmallCap Dividend Fund (3.17%) and SPDR Portfolio Emerging Markets ETF (2.04%), with its largest disclosed positions well below 4%, suggesting a more distributed, smaller-average-position construction with no explicit hedging overlay indicated in the data.
On fees, Pie Global Growth Fund 2 charges 1.61% per annum versus Harbour's 1.24%, a 37-basis-point difference. Both carry a risk indicator of 5 out of 7 and are almost identically sized (approximately NZD 221 million each), with growth assets at 98.31% in both cases. On five-year returns, Pie Global Growth Fund 2 discloses 3.37% per annum; Harbour's five-year return figure is not available in this snapshot and should be sought directly from the fund's latest Quarterly Fund Update on FMA Disclose.
Always verify fees, returns, and holdings against the source 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
- Harbour T. Rowe Price Global Equity Fund (Hedged) charges 0.37% lower in annual fund charges (1.24% vs 1.61%).
- 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
Harbour
1.24%
Highest 19% of cohort
Pie Funds
1.61%
Highest 9% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
—
—
Pie Funds
3.37%
Bottom 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$221m
Upper half by size
Pie Funds
NZ$220m
Upper half by size
| Metric | Harbour | Pie Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.24% | 1.61% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 3.37% | Higher is better (past not future) |
| Fund size | NZ$221m | NZ$220m | 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
Harbour
Harbour T. Rowe Price Global Equity Fund (Hedged)
The Fund s objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognized exchanges and/or markets throughout the world. The portfolio may include investments in the securities of companies traded, listed or due to be listed, on recognized exchanges and/or markets of developing countries.Full Harbour Harbour T. Rowe Price Global Equity Fund (Hedged) profile →
Pie Funds
Pie Global Growth Fund 2
The Pie Global Growth Fund seeks to provide investors with long term capital growth by investing predominantly in listed Smaller Companies globally. The fund may also invest in managed funds with similar characteristics to Pie Funds.Full Pie Funds Pie Global Growth Fund 2 profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Pie Funds
Common questions
What's the difference between the Harbour T. Rowe Price Global Equity Fund (Hedged) and the Pie Global Growth Fund 2?
Which fund has lower fees, Harbour T. Rowe Price Global Equity Fund (Hedged) or Pie Global Growth Fund 2?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
