Fund-vs-fund · International Equities
Mercer All Country Global Shares Index FundvsSBS Wealth World Equity Portfolio
Mercer All Country Global Shares Index Fund (fund size NZ$97.7 million, annual fund charge 0.43%) and SBS Wealth World Equity Portfolio (fund size NZ$94.4 million, annual fund charge 1.18%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 15.85% and 12.81%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 24 of the same securities. If you held both, roughly 16.0% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Mercer All | SBS Wealth | Min weight |
|---|---|---|---|
| Nvidia | 4.71% | 2.66% | 2.66% |
| Alphabet | 3.43% | 1.99% | 1.99% |
| Apple | 4.15% | 1.86% | 1.86% |
| Amazon.com | 2.25% | 1.49% | 1.49% |
| Microsoft | 2.91% | 1.27% | 1.27% |
| Meta Platforms | 1.39% | 1.26% | 1.26% |
| Johnson & Johnson | 0.66% | 0.89% | 0.66% |
| Visa | 0.58% | 0.96% | 0.58% |
| Broadcom | 1.55% | 0.57% | 0.57% |
| Mastercard | 0.48% | 1.08% | 0.48% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is cost. The Mercer All Country Global Shares Index Fund charges an annual fund fee of 0.43%, while the SBS Wealth World Equity Portfolio charges 1.18% — a gap of 0.75 percentage points that compounds meaningfully over time. Both sit at risk indicator 5 on the standard 1–7 scale and carry an identical growth asset allocation of 98.31%, so the divergence in fees is not explained by differing risk postures.
Their construction philosophies differ just as sharply. Mercer's fund is an index-tracking vehicle, with its largest disclosed holding being the Macquarie True Index Emerging Markets Fund (12.19%), followed by direct positions in Nvidia (4.71%), Apple (4.15%), Microsoft (2.91%), and Amazon (2.25%), suggesting broad market-cap exposure. SBS Wealth takes an actively assembled multi-manager approach: nearly half the portfolio (47.43%) sits in the Dimensional Global Sustainability PIE Fund (NZD Hedged), with further allocations to Schroders, Munro, and Kernel funds, plus a 3.48% cash deposit at ANZ Bank — indicating a deliberate sustainability and infrastructure tilt alongside currency hedging choices absent from Mercer's disclosed holdings.
On five-year returns, Mercer returned 9.81% per annum versus SBS Wealth's 9.21%, though past performance does not indicate future performance. Fund sizes are comparable: NZD 97.7 million (Mercer) and NZD 94.4 million (SBS Wealth). Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify fees, returns, and holdings against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
Comparison generated 2026-05-21 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
- Mercer All Country Global Shares Index Fund charges 0.75% lower in annual fund charges (0.43% vs 1.18%).
- 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 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mercer
0.43%
Lower half of cohort
SBS Wealth
1.18%
Highest 23% of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
9.81%
Upper half over 5 years
SBS Wealth
9.21%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$98m
Lower half by size
SBS Wealth
NZ$94m
Lower half by size
| Metric | Mercer | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.43% | 1.18% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 9.81% | 9.21% | Higher is better (past not future) |
| Fund size | NZ$98m | NZ$94m | 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 | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Mercer
Mercer All Country Global Shares Index Fund
The fund is a passively managed international shares portfolio that is designed to track the return of the MSCI All Country World ex Tobacco Index. Environmental, Social and Governance characteristics are integrated into the underlying investment managers' investment processes. The fund aims to provide a return that closely matches the return of the MSCI All Country World ex Tobacco Index with net dividends reinvested (50% hedged to NZD on an after-tax basis).Full Mercer Mercer All Country Global Shares Index Fund profile →
SBS Wealth
SBS Wealth World Equity Portfolio
The Fund aims to achieve capital growth and returns over the long-term through investment primarily in a portfolio of international equities, either directly or indirectly via an underlying fund diversified across various sectors.Full SBS Wealth SBS Wealth World Equity Portfolio profile →
Documents
Crawled directly from each manager's website. How we record provenance →
SBS Wealth
Common questions
What's the difference between the Mercer All Country Global Shares Index Fund and the SBS Wealth World Equity Portfolio?
Which fund has lower fees, Mercer All Country Global Shares Index Fund or SBS Wealth World Equity Portfolio?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
