Fund-vs-fund · Other
NZ Funds Global Infrastructure vs Resolution Capital Global Listed Infrastructure PIE 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 their approach to portfolio construction and the resulting fee gap. NZ Funds Global Infrastructure carries an annual fund charge of 2.53%, compared with 1.05% for Resolution Capital Global Listed Infrastructure PIE Fund — a 148-basis-point difference that compounds significantly over time. This fee divergence likely reflects NZ Funds' use of derivatives and active overlay strategies: Goldman Sachs OTC Derivatives appears as the second-largest disclosed holding at 7.06%, alongside substantial cash positions at Citibank New Zealand (9.02%) and Westpac (2.97%), suggesting active hedging or synthetic exposures sit alongside direct equity holdings. Resolution Capital's portfolio, by contrast, is almost entirely invested in listed infrastructure equities — growth assets represent 98.31% versus 78.48% for NZ Funds — with its top five positions concentrated in utilities and energy-transport names such as SSE plc, Entergy Corp, and Kinder Morgan.
The risk indicators also diverge: NZ Funds sits at 5 on the standard 1–7 scale, Resolution Capital at 6, meaning Resolution Capital's regulator-disclosed volatility profile is classified one band higher despite NZ Funds holding more in cash and derivatives. NZ Funds manages approximately NZD 59.6 million in this fund; Resolution Capital approximately NZD 31.2 million. Neither fund discloses a five-year return figure in the data available for this snapshot. Both funds are not KiwiSaver scheme accounts. Readers should verify all figures against each fund's current 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
- Resolution Capital Global Listed Infrastructure PIE Fund charges 1.48% lower in annual fund charges (1.05% vs 2.53%).
- 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 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
NZ Funds
2.53%
Highest 6% of cohort
Resolution Capital
1.05%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
—
—
Resolution Capital
—
—
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$60m
Lower half by size
Resolution Capital
NZ$31m
Smallest 6% in cohort
| Metric | NZ Funds | Resolution Capital | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 2.53% | 1.05% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$60m | NZ$31m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 | 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
3
of each fund's top 10
NZ Funds weight in shared
14.4%
of NZ Funds Global Infrastructure top 10 is shared
Resolution Capital weight in shared
14.3%
of Resolution Capital Global Listed Infrastructure PIE Fund top 10 is shared
| Holding | NZ Funds | Resolution Capital |
|---|---|---|
| CN Citibank New Zealand Cash NZ | 9.02% | 4.77% |
 Westpac Cash NZ | 2.97% | 4.77% |
| CH Citibank Hong Kong Cash US | 2.40% | 4.77% |
"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 Infrastructure
The objective of the Global Infrastructure 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 infrastructure company shares. The fund may also hold other actively managed authorised asset classes.Full NZ Funds NZ Funds Global Infrastructure profile →
Resolution Capital
Resolution Capital Global Listed Infrastructure PIE Fund
The Fund primarily invests in global listed infrastructure securities that the Investment Manager considers provide long term sustainable cashflows backed by physical assets or concessions which provide essential services. This may include water and electricity utilities, renewables, airports, toll roads, ports, railroads and telecommunications infrastructure.Full Resolution Capital Resolution Capital Global Listed Infrastructure PIE Fund profile →
Common questions
What's the difference between the NZ Funds Global Infrastructure and the Resolution Capital Global Listed Infrastructure PIE Fund?
Which fund has lower fees, NZ Funds Global Infrastructure or Resolution Capital Global Listed Infrastructure PIE Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
