Fund-vs-fund · Listed Property
Mercer Global Listed Real Estate Fund vs NZ Funds Global Property
Both are Listed Property 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 their asset allocation. Mercer Global Listed Real Estate Fund holds 98.31% in growth assets, making it an almost pure-play listed property vehicle. NZ Funds Global Property allocates 78.48% to growth assets, with the remainder in income and other assets — a meaningfully more defensive construction within the same category. This difference is reflected in their risk indicators: Mercer sits at 6 (on the standard 1–7 scale) while NZ Funds sits at 5, indicating lower expected volatility for the NZ Funds portfolio.
The fee gap is substantial. Mercer discloses an annual fund charge of 1.33%; NZ Funds discloses 2.52% — a 119-basis-point difference that compounds materially over time. Mercer is the larger fund at NZD 66.2 million versus NZD 51.3 million.
On returns, Mercer reports a five-year annualised return of 0.87%. NZ Funds does not disclose a five-year figure in the data captured for this snapshot, so a direct performance comparison cannot be made. Readers should check the latest Quarterly Fund Update on FMA Disclose for current NZ Funds return data.
Portfolio construction also differs: Mercer's top holdings are concentrated in listed REITs and data-centre operators, with Equinix at 8.57% its largest position. NZ Funds holds the same sector names at lower weights alongside cash (6.46%) and Goldman Sachs Futures (3.49%), suggesting derivatives-based management of exposures.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Real Estate Fund charges 1.19% lower in annual fund charges (1.33% vs 2.52%).
- 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 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mercer
1.33%
Highest 23% of cohort
NZ Funds
2.52%
Highest 7% of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
0.87%
Bottom 13% over 5 years
NZ Funds
—
—
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$66m
Upper half by size
NZ Funds
NZ$51m
Upper half by size
| Metric | Mercer | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.33% | 2.52% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.87% | — | Higher is better (past not future) |
| Fund size | NZ$66m | NZ$51m | 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.
Matching holdings
3
of each fund's top 10
Mercer weight in shared
18.1%
of Mercer Global Listed Real Estate Fund top 10 is shared
NZ Funds weight in shared
9.3%
of NZ Funds Global Property top 10 is shared
| Holding | Mercer | NZ Funds |
|---|---|---|
| EQ Equinix Inc US | 8.57% | 3.29% |
| SP Simon Property Group Inc US | 4.51% | 3.04% |
| VE Ventas Inc US | 5.06% | 2.99% |
"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 Real Estate Fund
The fund invests in a global portfolio of property securities listed on stock exchanges around the world. It aims to generate medium to high returns over the long term by investing in a broad range of property regions, sectors and securities through a single fund. Environmental, Social and Governance characteristics are integrated into the investment process. The fund aims provide a Gross Return above the FTSE EPRA/NAREIT Developed Total Return Index with net dividends reinvested (100% hedged to the NZD on an after-tax basis) on a rolling three-year basis.Full Mercer Mercer Global Listed Real Estate Fund profile →
NZ Funds
NZ Funds Global Property
The objective of the Global Property 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 property company shares. The fund may also hold other actively managed authorised asset classes.Full NZ Funds NZ Funds Global Property 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 Real Estate Fund and the NZ Funds Global Property?
Which fund has lower fees, Mercer Global Listed Real Estate Fund or NZ Funds Global Property?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
