Fund-vs-fund · International Equities
Mercer All Country Global Shares Index Fund vs Smart Asia Pacific 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 geographic scope. The Mercer All Country Global Shares Index Fund targets broad global equity exposure, holding positions across developed and emerging markets worldwide — with Macquarie True Index Emerging Markets Fund as its largest single holding at 12.19%, alongside major US technology names including Nvidia (4.71%), Apple (4.15%), Microsoft (2.91%), and Amazon (2.25%). The Smart Asia Pacific ETF, managed by Smartshares, concentrates almost entirely in Asia-Pacific equities through a single underlying holding: the Vanguard FTSE Pacific ETF, which constitutes 99.92% of the portfolio. This pass-through structure means the Smartshares fund's actual country and sector exposure is determined by that underlying ETF's composition rather than directly disclosed at the stock level.
Both funds sit at risk indicator 5 on the FMA's scale and carry identical growth asset allocations of 98.31%. Fund sizes are broadly comparable — Mercer at NZD 97.7 million, Smartshares at NZD 110.9 million. The annual fund charge differs: Mercer discloses 0.43% versus Smartshares at 0.55%. On the five-year return figure, Mercer shows 9.81% per annum against Smartshares' 8.66%, though differing benchmark universes and time periods make direct performance comparison limited in meaning. Neither fund is structured as a KiwiSaver scheme account based on the data available in this snapshot.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary for any investment decision.
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
- Mercer All Country Global Shares Index Fund charges 0.12% lower in annual fund charges (0.43% vs 0.55%).
- 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 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
Mercer
0.43%
Lower half of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
9.81%
Upper half over 5 years
Smartshares
8.66%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$98m
Upper half by size
Smartshares
NZ$111m
Upper half by size
| Metric | Mercer | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.43% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 9.81% | 8.66% | Higher is better (past not future) |
| Fund size | NZ$98m | NZ$111m | 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. |
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
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 →
Smartshares
Smart Asia Pacific ETF
The Smart Asia Pacific ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Developed Asia Pacific All Cap Index. The Index is comprised of large, mid and small cap companies located in Japan, Australia, South Korea, Hong Kong, Singapore and New Zealand.Full Smartshares Smart Asia Pacific ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Smartshares
Common questions
What's the difference between the Mercer All Country Global Shares Index Fund and the Smart Asia Pacific ETF?
Which fund has lower fees, Mercer All Country Global Shares Index Fund or Smart Asia Pacific ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
