Fund-vs-fund · Other
Mercer Global Listed Infrastructure Fund vs Russell Investments Global Listed Infrastructure Fund
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 cost. The Mercer Global Listed Infrastructure Fund charges an annual fund fee of 1.34%, compared with 1.08% for the Russell Investments Global Listed Infrastructure Fund — a 26 basis point gap that compounds meaningfully over time on a buy-and-hold position.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry an almost identical growth asset allocation of 98.31%, so their risk profiles and asset-class positioning are structurally aligned. The Russell fund is roughly twice the size at NZD 153.4 million versus Mercer's NZD 83.8 million, though fund size alone does not determine investor outcomes.
On performance, Mercer discloses a five-year annualised return of 8.36%; Russell's five-year return figure is not available in this snapshot, so a direct long-run comparison cannot be made. Investors relying on return history should check the latest Quarterly Fund Update for the Russell fund on FMA Disclose directly.
Both portfolios share meaningful exposure to NextEra Energy and Sempra, suggesting overlapping infrastructure themes. However, Russell's top holdings include a 7.38% cash-at-bank (BNZ) position, which is not evident in Mercer's disclosed top five — a difference that could reflect timing of deployment or a deliberate liquidity buffer. Mercer's top holdings are concentrated in US utilities and pipeline names; Russell's visible holdings show broader geographic reach including Transurban (Australia) and Aena (Spain).
Always verify current fees, returns, and holdings against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Russell Investments Global Listed Infrastructure Fund charges 0.26% lower in annual fund charges (1.08% vs 1.34%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Russell Investments Global Listed Infrastructure Fund is roughly 2.0× the size of the other fund.
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
Russell Investments
1.08%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
8.36%
Top 25% over 5 years
Russell Investments
—
—
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$84m
Lower half by size
Russell Investments
NZ$168m
Upper half by size
| Metric | Mercer | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.34% | 1.08% | 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$168m | 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.
Matching holdings
2
of each fund's top 10
Mercer weight in shared
9.1%
of Mercer Global Listed Infrastructure Fund top 10 is shared
Russell Investments weight in shared
7.8%
of Russell Investments Global Listed Infrastructure Fund top 10 is shared
| Holding | Mercer | Russell Investments |
|---|---|---|
| NE Nextera Energy Inc US | 5.21% | 5.12% |
| NG National Grid PLC GB | 3.93% | 2.64% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
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 →
Russell Investments
Russell Investments Global Listed Infrastructure Fund
The Fund invests predominantly in infrastructure and infrastructure related securities that are listed, or expected to be listed, within the next six months, on stock exchanges in developed and emerging markets. The Fund employs certain investment exclusions, please refer to the SIPO for further details. The Fund also seeks to invest in corporations which follow good governance practices. Foreign currency exposures are largely hedged back to New Zealand dollars. Derivatives may be used to obtain or reduce exposure to securities and markets, implement investment stFull Russell Investments Russell Investments Global Listed Infrastructure Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Russell Investments
Common questions
What's the difference between the Mercer Global Listed Infrastructure Fund and the Russell Investments Global Listed Infrastructure Fund?
Which fund has lower fees, Mercer Global Listed Infrastructure Fund or Russell Investments Global Listed Infrastructure Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
