Fund-vs-fund · International Equities
Lighthouse Global Equity Fund vs Smart Japan ESG ETF
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. The Lighthouse Global Equity Fund is an actively managed, concentrated portfolio of individually selected equities — its top five holdings span technology services, industrials, and an ETF wrapper — while the Smart Japan ESG ETF is a passive single-ETF vehicle holding 99.91% of assets in the iShares MSCI Japan ESG Screened UCITS ETF, giving investors exposure exclusively to Japanese equities filtered through ESG screens. This distinction drives meaningful differences across nearly every other dimension.
On fees, Lighthouse charges 1.03% per annum against Smartshares' 0.55%, a gap of 48 basis points that compounds materially over time. Risk profiles diverge sharply: Lighthouse carries a risk indicator of 7 (the highest band) versus 5 for the Smart Japan ESG ETF, though the asset allocation data add a counterintuitive wrinkle — the Smartshares fund holds 98.31% in growth assets compared to Lighthouse's 78.34%, with the latter currently holding 22.04% in cash at BNZ. The five-year return figures show Lighthouse at 10.71% and Smart Japan ESG ETF at 8.82%, though these reflect different market exposures (global concentrated vs. Japan ESG) and are not directly comparable on a risk-adjusted basis. Fund sizes are similar — NZD 17.7 million and NZD 14.6 million respectively.
Neither fund is a KiwiSaver scheme account. Always verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Smart Japan ESG ETF charges 0.48% lower in annual fund charges (0.55% vs 1.03%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Smart Japan ESG ETF 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
Lighthouse
1.03%
Upper half of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Lighthouse
10.71%
Upper half over 5 years
Smartshares
8.31%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Lighthouse
NZ$18m
Smallest 15% in cohort
Smartshares
NZ$18m
Smallest 13% in cohort
| Metric | Lighthouse | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.03% | 0.55% | Lower is better |
| Risk indicator (1–7) | 7 | 5 | Higher = more volatility |
| 5-year return p.a. | 10.71% | 8.31% | Higher is better (past not future) |
| Fund size | NZ$18m | NZ$18m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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
Lighthouse weight in shared
22.0%
of Lighthouse Global Equity Fund top 10 is shared
Smartshares weight in shared
0.4%
of Smart Japan ESG ETF top 10 is shared
| Holding | Lighthouse | Smartshares |
|---|---|---|
| $ Cash at Bank (BNZ) NZ | 22.04% | 0.38% |
"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
Lighthouse
Lighthouse Global Equity Fund
The fund invests in very large capitalisation stocks and Exchange Traded Funds listed on the NYSE and Nasdaq stock markets. It may use leverage of up to 30% of NAV. The fund's foreign currency exposures are not hedged back to New Zealand dollars.Full Lighthouse Lighthouse Global Equity Fund profile →
Smartshares
Smart Japan ESG ETF
The Smart Japan ESG ETF is designed to track the return (before tax, fees and other expenses) of the MSCI Japan Screened Index. The Index is comprised of Japanese companies screened for exposure to controversial weapons, civilian firearms, tobacco, thermal coal and oil sands. The Index excludes companies that fail to comply with the United Nations Global Compact Principles. For more information, please refer to the Smart Responsible Investment Policy.Full Smartshares Smart Japan ESG ETF profile →
Common questions
What's the difference between the Lighthouse Global Equity Fund and the Smart Japan ESG ETF?
Which fund has lower fees, Lighthouse Global Equity Fund or Smart Japan ESG ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
