Fund-vs-fund · International Equities
Pie Growth UK & Europe Fund vs Smart Asia Pacific 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 investment approach. The Smart Asia Pacific ETF (Smartshares) is a passive, single-holding wrapper: 99.92% of its portfolio is the Vanguard FTSE Pacific ETF, giving investors broad index-level exposure across Asia-Pacific markets with effectively no individual stock selection. The Pie Growth UK & Europe Fund (Pie Funds) is an actively managed, concentrated portfolio of individual European and UK equities, with its five largest disclosed positions each representing 3.4–3.85% of the fund — no single holding dominates.
This structural difference flows through to fees and recent returns. Smartshares charges 0.55% per annum; Pie Funds charges 1.85% — a gap of 130 basis points annually. Over the five-year period reported in each fund's latest Quarterly Fund Update, the Smart Asia Pacific ETF returned 8.66% per annum versus 0.98% for the Pie Growth UK & Europe Fund. Both carry a risk indicator of 5 on the standard 1–7 scale.
Asset allocation also differs meaningfully: Smartshares holds 98.31% in growth assets, while Pie Funds sits at 78.48%, reflecting a more moderate growth tilt likely attributable to its cash and defensive positions. Fund sizes are comparable — NZ$111 million and NZ$126 million respectively.
Geographic exposure is entirely distinct: Asia-Pacific equities versus UK and European equities, so these funds are not interchangeable as regional diversifiers.
Readers should verify all figures against the source 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 Asia Pacific ETF charges 1.30% lower in annual fund charges (0.55% vs 1.85%).
- 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
Pie Funds
1.85%
Highest 4% of cohort
Smartshares
0.55%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Pie Funds
0.98%
Bottom 6% over 5 years
Smartshares
8.66%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Pie Funds
NZ$126m
Upper half by size
Smartshares
NZ$111m
Upper half by size
| Metric | Pie Funds | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.85% | 0.55% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.98% | 8.66% | Higher is better (past not future) |
| Fund size | NZ$126m | NZ$111m | 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
Pie Funds
Pie Growth UK & Europe Fund
The Pie Growth UK & Europe Fund seeks to provide investors with long term capital growth by investing predominantly in a concentrated portfolio of hand-picked listed UK and European Smaller Companies, where Pie Funds considers value is greatest and the opportunity of earnings growth is high. The Pie Growth UK & Europe Fund may also invest in other types of financial products such as cash and unlisted equities.Full Pie Funds Pie Growth UK & Europe Fund profile →
Smartshares
Smart Asia Pacific ETF
The Smart Asia Pacific ETF is designed to track the return (before tax, fees and other expenses) of the FTSE Developed Asia Pacific All Cap Index. The Index is comprised of large, mid and small cap companies located in Japan, Australia, South Korea, Hong Kong, Singapore and New Zealand.Full Smartshares Smart Asia Pacific ETF profile →
Common questions
What's the difference between the Pie Growth UK & Europe Fund and the Smart Asia Pacific ETF?
Which fund has lower fees, Pie Growth UK & Europe Fund or Smart Asia Pacific 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?
