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 scale: the Hunter Global Fixed Interest Fund holds approximately NZD 2.95 billion in assets under management, roughly five times the NZD 564 million held by the Russell Investments Global Fixed Interest Fund. Fund size can affect liquidity management, trading costs, and operational leverage, though neither outcome is predetermined by size alone.
Both funds sit at risk indicator 4 on the FMA's standardised scale and report identical growth asset allocations of 0.07%, confirming broadly comparable defensive positioning. Fees diverge modestly — Hunter charges 0.53% annually versus Russell Investments' 0.58% — a difference of five basis points that compounds meaningfully over long horizons.
The five-year return figures show a wider gap: Hunter reports 0.05% per annum against Russell Investments' 0.34% per annum. Investors should note that past returns do not predict future performance, and the period captured may reflect different currency hedging decisions, duration positioning, or benchmark choices rather than manager skill alone.
Portfolio construction also differs in character. Hunter's disclosed top holdings include sovereign bonds from China, the UK, and France, plus a GNMA mortgage-backed security, suggesting active sovereign and agency exposure. Russell Investments' top disclosed positions are dominated by US Treasuries and cash-like line items, with no single holding exceeding 2.39%, indicating a more granular or index-oriented structure at the position level.
Both funds share the International Fixed Interest category and a risk indicator of 4, making fee, return, and portfolio-composition differences the primary points of distinction here.
Always verify these details against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figure in 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
- 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?
