Fund-vs-fund · Australasian Equities
NZ Funds New Zealand and Australian Shares vs Salt Long Short 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 how each deploys capital within the same Australasian Equities category. The Salt Long Short Fund holds only 53.15% in growth assets, with nearly half its portfolio sitting in cash and collateral positions — Cash at Bank (24.21%) and a Macquarie Collateral Account (23.43%) — reflecting its long-short strategy where collateral backing short positions is a core structural feature, not idle allocation. By contrast, NZ Funds New Zealand and Australian Shares holds 78.48% in growth assets, with its top five positions all being named NZ and Australian equities concentrated between roughly 5% and 6% each, suggesting a more conventional long-only equity exposure.
This structural difference flows through to risk: the Salt fund carries a risk indicator of 4, while the NZ Funds offering sits at 5 on the same standardised scale. Despite the lower risk rating, the Salt fund reports a five-year return of 13.56% per annum, compared to 4.59% for the NZ Funds fund over the same period — though past returns do not predict future performance.
On fees, Salt charges 3.21% annually versus NZ Funds at 2.52%. Fund sizes are broadly comparable at approximately NZD 178 million and NZD 194 million respectively. Neither fund is a KiwiSaver scheme account product based on the data available in this snapshot, though readers should confirm this directly.
Always 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.
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
- NZ Funds New Zealand and Australian Shares charges 0.69% lower in annual fund charges (2.52% vs 3.21%).
- 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
NZ Funds
2.52%
Highest 3% of cohort
Salt
3.21%
Highest 1% of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
4.59%
Upper half over 5 years
Salt
13.56%
Top 3% over 5 years
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$194m
Largest 20% in cohort
Salt
NZ$178m
Largest 22% in cohort
| Metric | NZ Funds | Salt | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 2.52% | 3.21% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 4.59% | 13.56% | Higher is better (past not future) |
| Fund size | NZ$194m | NZ$178m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 53% / 47% | 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 New Zealand and Australian Shares
The objective of the New Zealand and Australian Shares fund is to grow your investment over the long term by investing in growth assets and other authorised assets with active management. The fund is anticipated to mainly own and trade New Zealand and Australian shares over the minimum suggested timeframe.Full NZ Funds NZ Funds New Zealand and Australian Shares profile →
Salt
Salt Long Short Fund
The Fund aims to deliver positive absolute returns in all market environments. In addition to holding long-only New Zealand and Australian securities, the Fund may, at our discretion short sell securities, hold cash, lever its assets and utilise active currency management to generate returns (although generally will be fully hedged). The investment objective is to outperform the Reserve Bank of New Zealand Official Cash Rate +5% p.A. On a rolling three year basis.Full Salt Salt Long Short Fund profile →
Common questions
What's the difference between the NZ Funds New Zealand and Australian Shares and the Salt Long Short Fund?
Which fund has lower fees, NZ Funds New Zealand and Australian Shares or Salt Long Short 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?
