Fund-vs-fund · Other
Mercer Global Listed Infrastructure FundvsNZ Funds Global Infrastructure
Mercer Global Listed Infrastructure Fund (fund size NZ$83.8 million, annual fund charge 1.34%) and NZ Funds Global Infrastructure (fund size NZ$59.6 million, annual fund charge 2.53%) are both managed funds, as shown on Sorted Smart Investor on 22 May 2026; Mercer Global Listed Infrastructure Fund's 1-year return after fees and tax was 13.75% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Why these two differ
Mercer Global Listed Infrastructure Fund and NZ Funds Global Infrastructure operate at materially different cost and asset allocation levels despite both carrying a risk indicator of 5. Mercer charges 1.34% annually, while NZ Funds charges 2.53%—nearly double. This fee gap compounds significantly over time and represents the most material structural difference between the two funds.
The funds' portfolio compositions reflect divergent strategies. Mercer allocates 98.31% to growth assets with a concentrated focus on listed infrastructure names: its top five holdings (NextEra Energy, Essential Utilities, Sempra Energy, Enbridge, and American Electric Power) account for approximately 23.6% of the fund. NZ Funds allocates 78.48% to growth assets but takes a broader approach, holding 9.02% in Citibank New Zealand cash and 7.06% in Goldman Sachs OTC derivatives as part of its top holdings, alongside infrastructure names like Vestas (2.62%) and Equinix (2.42%).
Mercer's five-year return stands at 8.36%. NZ Funds' five-year performance is not disclosed in its latest Quarterly Fund Update snapshot. Mercer's fund size ($83.8 million) exceeds NZ Funds' ($59.6 million), potentially affecting liquidity and trading efficiency.
Both funds are categorised as "Other" rather than traditional growth or income categories. Investors should verify current asset allocations, holdings, and fee structures against each fund's latest Product Disclosure Statement and Quarterly Fund Update on FMA Disclose before making any decision.
Comparison generated 2026-10-12 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 Global Listed Infrastructure Fund charges 1.19% lower in annual fund charges (1.34% vs 2.53%).
- 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 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mercer
1.34%
Upper half of cohort
NZ Funds
2.53%
Highest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
8.36%
Top 25% over 5 years
NZ Funds
—
—
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$84m
Lower half by size
NZ Funds
NZ$60m
Lower half by size
| Metric | Mercer | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.34% | 2.53% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 8.36% | — | Higher is better (past not future) |
| Fund size | NZ$84m | NZ$60m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 78% / 22% | 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 Global Listed Infrastructure Fund
The fund invests in infrastructure securities in both developed and emerging markets across a range of sectors. This provides access to a range of infrastructure sectors across geographic regions, with active portfolio management that seeks to target excess returns and predictable, stable cash flows. Environmental, Social and Governance characteristics are integrated into the investment process. The fund aims to provide total returns (income and capital growth) after costs and before tax, above the FTSE Developed Core Infrastructure 50/50 Index (100% hedged to theFull Mercer Mercer Global Listed Infrastructure Fund profile →
NZ Funds
NZ Funds Global Infrastructure
The objective of the Global Infrastructure fund is to mitigate the impact of inflation on your investment over the medium and/or long term with active management. The fund is anticipated to mainly own and trade international infrastructure company shares. The fund may also hold other actively managed authorised asset classes.Full NZ Funds NZ Funds Global Infrastructure profile →
Documents
Crawled directly from each manager's website. How we record provenance →
NZ Funds
Common questions
What's the difference between the Mercer Global Listed Infrastructure Fund and the NZ Funds Global Infrastructure?
Which fund has lower fees, Mercer Global Listed Infrastructure Fund or NZ Funds Global Infrastructure?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
