Fund-vs-fund · International FI
Hunter Global Fixed Interest Fund vs Russell Investments Global Fixed Interest Fund
Both are International FI 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 five-year return history. Russell Investments Global Fixed Interest Fund returned 0.56% per annum over five years against Hunter Global Fixed Interest Fund's 0.05% per annum over the same period — a gap of 51 basis points annualised. Both funds carry an identical risk indicator of 4 (out of 7) and an identical income-to-growth asset split of 87% income / 13% growth, so that performance divergence cannot be easily attributed to differing risk posture or asset allocation structure.
On fees, Hunter charges 0.53% annually versus Russell Investments at 0.58%, a 5-basis-point difference that is modest but worth noting given both funds sit in the same International Fixed Interest category. Fund size differs substantially: Hunter's fund holds approximately NZD 2.95 billion in assets under management, more than five times the NZD 581 million in Russell Investments' fund.
The portfolios reflect different approaches to sovereign and credit exposure. Hunter's disclosed top holdings include identifiable sovereign and agency bonds — China Development Bank, UK Gilt, French government debt, and a GNMA mortgage-backed security — alongside a 4.94% US dollar currency position. Russell Investments' top disclosed positions are dominated by cash and cash-equivalent line items, with the largest named bond exposure being New Zealand Government at 1.01%, which limits transparency into the underlying fixed interest strategy from this snapshot alone.
Note also that Russell Investments' linked PDS URL references a Sustainable Global Shares document, which may indicate a data mismatch in our snapshot; readers should verify directly.
Always check the current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
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
- Annual fund charges are within 0.05% of each other (0.53% vs 0.58%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Hunter Global Fixed Interest Fund is roughly 5.2× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Hunter
0.53%
Lower half of cohort
Russell Investments
0.58%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Hunter
0.05%
Bottom 3% over 5 years
Russell Investments
0.34%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Hunter
NZ$2.95b
Largest 2% in cohort
Russell Investments
NZ$564m
Largest 11% in cohort
| Metric | Hunter | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.53% | 0.58% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.05% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$2.95b | NZ$564m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | 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
Hunter
Hunter Global Fixed Interest Fund
The Fund invests in a diversified portfolio of actively managed fixed interest securities, cash and derivatives. The predominant investment is in securities issued by governments, supranationals, local authorities, and corporates. The fund may also invest in emerging market debt, asset backed securities, mortgage backed securities, structured notes, bank loans, high yield securities, mortgage derivatives, preferred securities, unrated securities, cash and cash equivalents, and derivative instruments, including currency hedging instruments. The fund targets being fFull Hunter Hunter Global Fixed Interest Fund profile →
Russell Investments
Russell Investments Global Fixed Interest Fund
The underlying investment exposure is predominantly to debt securities issued by supranationals, international governments, quasi-government agencies and corporates as well as structured credit securities including mortgage-backed and asset backed securities. The underlying investment portfolio may also be exposed to low grade or unrated debt securities, emerging market securities and currency. The Fund employs certain investment exclusions, please refer to the SIPO for further details. Derivatives may be used to obtain or reduce exposure to securities and marketsFull Russell Investments Russell Investments Global Fixed Interest Fund profile →
Common questions
What's the difference between the Hunter Global Fixed Interest Fund and the Russell Investments Global Fixed Interest Fund?
Which fund has lower fees, Hunter Global Fixed Interest Fund or Russell Investments Global Fixed Interest Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
