Fund-vs-fund · International FI
NZ Funds Global Bonds vs Vision Income Fund
Both are International FI 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 underlying asset composition and the risk profile that follows from it. NZ Funds Global Bonds holds its five largest positions entirely in short-dated NZ bank bills from Westpac and BNZ, collectively representing over 51% of disclosed holdings, producing a concentrated exposure to domestic bank credit. Vision Income Fund's top holdings are dominated by secured loans — including loans secured by rural property and other assets — alongside a cash fund and bank deposits, making private lending the primary return driver. Despite both funds sitting in the International Fixed Income category and sharing an identical 0.07% growth asset allocation, their risk indicators diverge sharply: NZ Funds Global Bonds is rated 4 on the standard 1–7 scale, while Vision Income Fund is rated 1, reflecting materially different volatility expectations.
On fees, Vision Income Fund discloses a 2.51% annual fund charge against NZ Funds Global Bonds' 1.44%. On five-year returns, Vision Income Fund reported 3.17% per annum versus 0.17% for NZ Funds Global Bonds, though past returns are not a reliable indicator of future performance and the return gap should be read alongside the structural and liquidity differences inherent in private lending versus listed instruments. Fund sizes are broadly comparable at approximately NZD 149 million and NZD 137 million respectively.
Readers should verify all figures — including fees, risk indicators, and current 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
- NZ Funds Global Bonds charges 1.07% lower in annual fund charges (1.44% vs 2.51%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
NZ Funds
1.44%
Highest 8% of cohort
Vision
2.51%
Highest 2% of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
0.17%
Bottom 17% over 5 years
Vision
3.17%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$137m
Lower half by size
Vision
NZ$149m
Upper half by size
| Metric | NZ Funds | Vision | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.44% | 2.51% | Lower is better |
| Risk indicator (1–7) | 4 | 1 | Higher = more volatility |
| 5-year return p.a. | 0.17% | 3.17% | Higher is better (past not future) |
| Fund size | NZ$137m | NZ$149m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | InvestNow · 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
NZ Funds weight in shared
7.0%
of NZ Funds Global Bonds top 10 is shared
Vision weight in shared
20.7%
of Vision Income Fund top 10 is shared
| Holding | NZ Funds | Vision |
|---|---|---|
 Westpac Cash NZ | 3.60% | 10.35% |
| CH Citibank Hong Kong Cash US | 3.42% | 10.35% |
"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
NZ Funds
NZ Funds Global Bonds
The objective of the Global Bonds fund is to generate gains by investing in income assets and other authorised assets with active management. The fund is anticipated to mainly own and trade international bonds over the minimum suggested timeframe.Full NZ Funds NZ Funds Global Bonds profile →
Vision
Vision Income Fund
The Fund is intended to provide members of the Brethren community (Community) with an investment product that suitably satisfies the Community’s ethical requirements, as an alternative to other fixed income investments in the market. The investment Manager will set a rate of return at which distributions to investors will be paid. Where the Fund's net income exceeds that set rate, the excess will be paid to Vision Invest Trust (Residual).Full Vision Vision Income Fund profile →
Common questions
What's the difference between the NZ Funds Global Bonds and the Vision Income Fund?
Which fund has lower fees, NZ Funds Global Bonds or Vision Income 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?
