Fund-vs-fund · Australasian Equities
Mint Australasian Equity Fund vs Russell Investments NZ Shares Fund
Both are Australasian 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.
Why these two differ
The most material structural difference between these two funds is cost. The Mint Australasian Equity Fund charges an annual fund fee of 1.19%, compared with 0.78% for the Russell Investments NZ Shares Fund — a 41-basis-point gap that compounds meaningfully over time on similar underlying exposure. Both funds sit at risk indicator 5 on the FMA's standardised 1–7 scale and hold an identical growth asset allocation of 98.31%, so the structural risk profile is essentially the same.
Five-year returns are near-identical in the snapshot data: Mint at 0.24% per annum and Russell at 0.25% per annum, though investors should note these figures reflect a period that includes significant market volatility and may not be representative of future performance. Fund sizes are also closely matched — Mint at NZD 222.2 million and Russell at NZD 220.4 million — suggesting comparable scale.
Portfolio construction diverges modestly. Both funds hold Fisher & Paykel Healthcare as their largest position (Mint 14.85%, Russell 15.59%) and share Infratil and Auckland International Airport in their top five. The key difference is that Mint includes Meridian Energy (7.45%) and Contact Energy (6.59%) prominently, while Russell's top five replaces Meridian with A2 Milk Company (5.75%), indicating a somewhat different sectoral tilt within the same broad market.
Neither fund is a KiwiSaver scheme account product based on the data provided. Always verify fees, returns, and holdings against the current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
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 NZ Shares Fund charges 0.40% lower in annual fund charges (0.78% vs 1.18%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mint
1.18%
Highest 23% of cohort
Russell Investments
0.78%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Mint
0.30%
Bottom 17% over 5 years
Russell Investments
0.34%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Mint
NZ$199m
Largest 16% in cohort
Russell Investments
NZ$209m
Largest 15% in cohort
| Metric | Mint | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.18% | 0.78% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.30% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$199m | NZ$209m | 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
9
of each fund's top 10
Mint weight in shared
72.3%
of Mint Australasian Equity Fund top 10 is shared
Russell Investments weight in shared
67.9%
of Russell Investments NZ Shares Fund top 10 is shared
| Holding | Mint | Russell Investments |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 17.65% | 16.42% |
 Infratil Ltd NZ | 12.63% | 10.28% |
 Auckland International Airport Ltd NZ | 8.54% | 8.89% |
 Contact Energy Ltd NZ | 6.04% | 7.93% |
 Mainfreight Ltd NZ | 5.21% | 5.18% |
 Meridian Energy Limited NZ | 7.58% | 4.63% |
 Ebos Group Ltd NZ | 6.50% | 4.09% |
 Summerset Group Holdings Ltd NZ | 4.57% | 3.59% |
 A2 Milk Company Ltd NZ | 3.56% | 6.84% |
"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
Mint
Mint Australasian Equity Fund
The Fund invests predominantly in Australasian equities and targets medium to long-term growth. The Fund is benchmarked against the S&P/NZX 50 Gross Index with an investment objective of outperforming the benchmark after fees and expenses over the medium to long term.Full Mint Mint Australasian Equity Fund profile →
Russell Investments
Russell Investments NZ Shares Fund
The underlying investment exposure is typically comprised of a broad range of shares and other equity securities listed on the NZX. This may include derivative instruments which may be used to obtain or reduce exposure to securities and to hedge any Australian dollar exposure. Investment in Australian shares will generally be in those companies which have a listing on the NZX.Full Russell Investments Russell Investments NZ Shares Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Mint
LiveLast verified 2026-05-08
- Quarterly Fund Update285 kB · file fingerprint recorded
- Supporting document648 kB · file fingerprint recorded
- Annual Report361 kB · file fingerprint recorded
- Statement of Investment Policy158 kB · file fingerprint recorded
- Product Disclosure Statement1853 kB · file fingerprint recorded
- Supporting document1425 kB · file fingerprint recorded
- + 2 more on the fund page
Russell Investments
Common questions
What's the difference between the Mint Australasian Equity Fund and the Russell Investments NZ Shares Fund?
Which fund has lower fees, Mint Australasian Equity Fund or Russell Investments NZ Shares Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
