Fund-vs-fund · International Equities
Hyperion Global Growth Companies PIE Fund vs NZ Funds Global Shares
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 lies in how they actually achieve international equity exposure. Hyperion Global Growth Companies PIE Fund holds concentrated direct equity positions — its top five names (Tesla 12.48%, Alphabet 11.06%, Meta 10.19%, Amazon 9.83%, Arm Holdings 7.52%) account for over half the portfolio, with 98.31% in growth assets and minimal cash. NZ Funds Global Shares, despite sharing the identical 98.31% growth-asset allocation on paper, deploys its exposure through a derivatives and cash-management structure: its largest disclosed holding is a Westpac bank bill (16.97%), followed by Goldman Sachs Futures (6.93%) and several cash positions across Westpac, Citibank NZ, and Citibank Hong Kong. This synthetic approach means the underlying equity risk is held off-balance-sheet via futures rather than direct ownership.
On fees, Hyperion charges 4.38% annually versus NZ Funds' 3.12% — a 1.26 percentage-point gap that compounds materially over time. Both carry a risk indicator of 6 out of 7. Fund size is nearly identical (Hyperion NZD 176.8m, NZ Funds NZD 176.4m). NZ Funds discloses a five-year return of 1.37% per annum; Hyperion's five-year return figure is not available in this snapshot. Both funds are retail managed funds, not KiwiSaver scheme accounts.
Always verify fees, returns, and holdings against each fund's 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
- NZ Funds Global Shares charges 1.26% lower in annual fund charges (3.12% vs 4.38%).
- 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
Hyperion
4.38%
Highest 1% of cohort
NZ Funds
3.12%
Highest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Hyperion
—
—
NZ Funds
1.37%
Bottom 8% over 5 years
Fund size
Larger = more stable, lower close-risk
Hyperion
NZ$177m
Upper half by size
NZ Funds
NZ$176m
Upper half by size
| Metric | Hyperion | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 4.38% | 3.12% | Lower is better |
| Risk indicator (1–7) | 6 | 6 | Higher = more volatility |
| 5-year return p.a. | — | 1.37% | Higher is better (past not future) |
| Fund size | NZ$177m | NZ$176m | 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 | No | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow · 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
Hyperion weight in shared
6.7%
of Hyperion Global Growth Companies PIE Fund top 10 is shared
NZ Funds weight in shared
2.6%
of NZ Funds Global Shares top 10 is shared
| Holding | Hyperion | NZ Funds |
|---|---|---|
 Nvidia Corp US | 6.68% | 2.59% |
"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
Hyperion
Hyperion Global Growth Companies PIE Fund
The Fund invests primarily in growth-oriented companies primarily listed on a recognised global exchange, at the time of initial investment, and will also have some exposure to cash.Full Hyperion Hyperion Global Growth Companies PIE Fund profile →
NZ Funds
NZ Funds Global Shares
The objective of the Global Shares fund is to grow your investment over the long term by investing in growth assets and other authorised assets with active management. The fund is anticipated to mainly own and trade international shares over the minimum suggested timeframe.Full NZ Funds NZ Funds Global Shares profile →
Common questions
What's the difference between the Hyperion Global Growth Companies PIE Fund and the NZ Funds Global Shares?
Which fund has lower fees, Hyperion Global Growth Companies PIE Fund or NZ Funds Global Shares?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
