Fund-vs-fund · Australasian Equities
Mint Australasian Equity Fund vs Smart S&P/NZX 50 ETF
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 investment approach and its direct cost consequence. The Mint Australasian Equity Fund is an actively managed portfolio; the Smart S&P/NZX 50 ETF passively replicates the S&P/NZX 50 Index. That distinction drives a wide fee gap: Mint charges an annual fund charge of 1.19%, nearly six times the Smartshares ETF's 0.20%. Over long holding periods, this compounding cost difference is a primary driver of net-of-fee outcomes regardless of gross performance.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry virtually identical growth asset allocations of 98.31%. Fund sizes are comparable — Mint at NZD 222.2 million, Smartshares at NZD 206.7 million. Over the five-year period reported in each fund's latest Quarterly Fund Update, the Smartshares ETF returned 0.33% per annum against Mint's 0.24%, though both figures are stated after fees and taxes and reflect a period ending on whatever date each QFU captures; direct comparison requires confirming identical measurement periods on FMA Disclose.
Top holdings overlap substantially — Fisher & Paykel Healthcare, Auckland Airport, Infratil, and Contact Energy appear in both — but Mint's active positioning results in notably different weightings and the inclusion of Meridian Energy in place of a2 Milk, reflecting the manager's stock selection decisions versus the index's market-cap-driven composition.
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 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
- Smart S&P/NZX 50 ETF charges 0.98% lower in annual fund charges (0.20% 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
Smartshares
0.20%
Lowest 3% of cohort
5-year return p.a.
Past performance — not a predictor
Mint
0.30%
Bottom 17% over 5 years
Smartshares
0.19%
Bottom 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Mint
NZ$199m
Largest 16% in cohort
Smartshares
NZ$198m
Largest 18% in cohort
| Metric | Mint | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.18% | 0.20% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.30% | 0.19% | Higher is better (past not future) |
| Fund size | NZ$199m | NZ$198m | 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
7
of each fund's top 10
Mint weight in shared
64.1%
of Mint Australasian Equity Fund top 10 is shared
Smartshares weight in shared
54.8%
of Smart S&P/NZX 50 ETF top 10 is shared
| Holding | Mint | Smartshares |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 17.65% | 16.63% |
 Infratil Ltd NZ | 12.63% | 8.82% |
 Auckland International Airport Ltd NZ | 8.54% | 10.23% |
 Contact Energy Ltd NZ | 6.04% | 6.67% |
 Meridian Energy Limited NZ | 7.58% | 5.41% |
 Mainfreight Ltd NZ | 5.21% | 3.61% |
 Ebos Group Ltd NZ | 6.50% | 3.45% |
"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 →
Smartshares
Smart S&P/NZX 50 ETF
The Smart S&P/NZX 50 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 Gross with Imputation Index. The Index is comprised of 50 of the largest companies listed on the NZX. The weighting of each company in the Index is based on its market capitalisation.Full Smartshares Smart S&P/NZX 50 ETF 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
Smartshares
Common questions
What's the difference between the Mint Australasian Equity Fund and the Smart S&P/NZX 50 ETF?
Which fund has lower fees, Mint Australasian Equity Fund or Smart S&P/NZX 50 ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
