Fund-vs-fund · Other
Mercer Global Listed Infrastructure Fund vs NZ Funds Global Infrastructure
Both are Other 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 how they construct their infrastructure exposure. The Mercer Global Listed Infrastructure Fund allocates 98.31% to growth assets, with its five largest positions all being directly held listed infrastructure equities — NextEra Energy, Essential Utilities, Sempra Energy, Enbridge, and American Electric Power — each carrying weights above 4%. NZ Funds Global Infrastructure holds 78.48% in growth assets, and its disclosed top holdings include Citibank New Zealand Cash (9.02%) and Goldman Sachs OTC Derivatives (7.06%), suggesting a portion of the portfolio is accessed through derivative overlays and cash collateral rather than direct equity ownership alone. This structural difference means the two funds likely carry meaningfully different return profiles and counterparty exposures despite sharing the same "Other" category and an identical risk indicator of 5 out of 7.
On fees, Mercer discloses an annual fund charge of 1.34%; NZ Funds discloses 2.53% — a gap of 119 basis points that compounds materially over time. Mercer reports a five-year annualised return of 8.36%; NZ Funds' five-year return figure is not available in our current snapshot, so a like-for-like performance comparison cannot be made. Mercer's fund is larger at approximately NZD 83.8 million versus NZD 59.6 million for NZ Funds. Neither fund is a KiwiSaver scheme account product based on available data.
Always verify these figures against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on them for any investment decision.
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
- 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 | InvestNow · 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?
