Fund-vs-fund · International Equities
Mercer Core Global Shares FundvsPella Global Generations PIE Fund
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.
How much do these two overlap?
They hold 17 of the same securities. If you held both, roughly 5.6% 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 Core | Pella Global | Min weight |
|---|---|---|---|
| Microsoft | 3.21% | 1.65% | 1.65% |
| Broadcom | 1.74% | 1.06% | 1.06% |
| ASML Holding | 0.88% | 2.21% | 0.88% |
| Mastercard | 0.57% | 2.63% | 0.57% |
| SCHNEIDER ELECTRIC SE | 0.21% | 2.72% | 0.21% |
| Unitedhealth Group | 0.20% | 2.05% | 0.20% |
| Vinci | 0.17% | 1.92% | 0.17% |
| BOSTON SCIENTIFIC | 0.15% | 2.29% | 0.15% |
| Intuitive Surgical | 0.12% | 2.08% | 0.12% |
| ING GROEP NV | 0.11% | 1.69% | 0.11% |
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.
What's different at a glance
- Pella Global Generations PIE Fund charges 0.39% lower in annual fund charges (0.85% vs 1.24%).
- 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
1.24%
Highest 17% of cohort
Pella
0.85%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
13.93%
Top 6% over 5 years
Pella
—
—
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$61m
Lower half by size
Pella
NZ$64m
Lower half by size
| Metric | Mercer | Pella | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.24% | 0.85% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 13.93% | — | Higher is better (past not future) |
| Fund size | NZ$61m | NZ$64m | 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 Core Global Shares Fund
The fund invests in shares listed on share markets predominately in developed economies. The portfolio uses multiple managers and is diversified by region, manager and investment approaches. Environmental, Social and Governance characteristics are integrated into the underlying investment managers’ investment processes. The fund aims to provide a Gross Return above the return of the MSCI World Index with net dividends reinvested (in NZD) on a rolling three-year basis.Full Mercer Mercer Core Global Shares Fund profile →
Pella
Pella Global Generations PIE Fund
The Investment Manager believes it is possible to consistently generate excess returns by creating a diversified portfolio of highly cash flow generative companies with favourable outlooks that are trading at attractive valuations.Full Pella Pella Global Generations PIE Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Pella
Common questions
What's the difference between the Mercer Core Global Shares Fund and the Pella Global Generations PIE Fund?
Which fund has lower fees, Mercer Core Global Shares Fund or Pella Global Generations PIE Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
