Fund-vs-fund · International Equities
NZ Funds Global Utilities vs Smart US Large Value ETF
Both are International 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. Smart US Large Value ETF charges an annual fund fee of 0.51%, while NZ Funds Global Utilities charges 2.53% — a gap of 202 basis points that compounds materially over time regardless of which fund performs better on any given horizon.
Both funds sit at risk indicator 5 on the FMA's seven-point scale, but their underlying construction diverges sharply. The Smartshares fund is effectively a single-holding wrapper: 99.75% of its portfolio is the Vanguard Value ETF, giving investors concentrated, passive exposure to large-cap US value equities with 98.31% growth assets. NZ Funds Global Utilities takes an actively managed, sector-concentrated approach focused on global utilities companies — its top five positions are individual European utility stocks plus a Goldman Sachs futures position, with growth assets at 78.48%, meaning a meaningful defensive allocation sits alongside the equity exposure.
On returns, the Smartshares fund reports a five-year annualised return of 13.03%. NZ Funds Global Utilities' five-year return figure is not available in this snapshot, so a like-for-like performance comparison cannot be made here. Fund sizes are comparable: $55.0 million (Smartshares) versus $62.2 million (NZ Funds).
The two funds suit different structural preferences — passive single-market indexing versus active global-sector selection — and that distinction, alongside the fee differential, is the primary axis on which to evaluate them.
Always verify figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Smart US Large Value ETF charges 2.02% lower in annual fund charges (0.51% 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 81 international equities 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 3% of cohort
Smartshares
0.51%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
—
—
Smartshares
13.03%
Top 13% over 5 years
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$62m
Lower half by size
Smartshares
NZ$55m
Lower half by size
| Metric | NZ Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 2.53% | 0.51% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 13.03% | Higher is better (past not future) |
| Fund size | NZ$62m | NZ$55m | 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 | 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.
What each fund says it does
NZ Funds
NZ Funds Global Utilities
The objective of the Global Utilities 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 utility company shares. The fund may also hold other actively managed authorised asset classes.Full NZ Funds NZ Funds Global Utilities profile →
Smartshares
Smart US Large Value ETF
The Smart US Large Value ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Value Index. The Index is comprised of large US value companies.Full Smartshares Smart US Large Value ETF profile →
Common questions
What's the difference between the NZ Funds Global Utilities and the Smart US Large Value ETF?
Which fund has lower fees, NZ Funds Global Utilities or Smart US Large Value ETF?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
