Fund-vs-fund · International FI
Russell Investments Global Fixed Interest Fund vs Simplicity Hedged Global Bond 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 cost. Simplicity Hedged Global Bond Fund charges an annual fund fee of 0.15%, while Russell Investments Global Fixed Interest Fund charges 0.58% — nearly four times higher. Over time, that gap compounds directly against net returns, making it a central consideration for any like-for-like analysis.
Both funds carry an identical risk indicator of 4 out of 7, sit in the International Fixed Income category, and hold predominantly income assets. Simplicity's portfolio is almost entirely income-oriented at 0.07% growth assets; Russell's is modestly higher at 0.13%. Simplicity's top disclosed holdings are US Treasury bonds with coupons in the 4.25–4.375% range, consistent with a passive, hedged sovereign-bond mandate. Russell's top disclosed positions are dominated by cash and cash-equivalent line items, with "TITULOS DE TESORERIA" and "NEW ZEALAND GOVERNMENT" bonds appearing lower in the list, suggesting a more actively managed, multi-sector fixed income approach.
Fund size also differs: Simplicity sits at approximately NZD 964 million versus Russell's NZD 581 million. On performance, Russell discloses a five-year annualised return of 0.56%; Simplicity's five-year return figure is not available in this snapshot. The absence of that data limits direct return comparisons. Russell's PDS URL in this snapshot points to a sustainable global shares document, which may reflect a data anomaly and warrants independent verification.
Always verify current fees, returns, and portfolio details against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figures here.
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
- Simplicity Hedged Global Bond Fund charges 0.43% lower in annual fund charges (0.15% vs 0.58%).
- 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
Russell Investments
0.58%
Lower half of cohort
Simplicity
0.15%
Lowest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
0.34%
Lower half over 5 years
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$564m
Largest 11% in cohort
Simplicity
NZ$964m
Largest 5% in cohort
| Metric | Russell Investments | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.58% | 0.15% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.34% | — | Higher is better (past not future) |
| Fund size | NZ$564m | NZ$964m | 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 to NZD | 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 | 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
Russell Investments weight in shared
5.5%
of Russell Investments Global Fixed Interest Fund top 10 is shared
Simplicity weight in shared
3.0%
of Simplicity Hedged Global Bond Fund top 10 is shared
| Holding | Russell Investments | Simplicity |
|---|---|---|
| SC Settled Cash NZ | 2.39% | 0.99% |
| TT TBA true cash reduction US | 1.60% | 0.99% |
| $ Cash Held at Broker NZ | 1.54% | 0.99% |
"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
Russell Investments
Russell Investments Global Fixed Interest Fund
The underlying investment exposure is predominantly to debt securities issued by supranationals, international governments, quasi-government agencies and corporates as well as structured credit securities including mortgage-backed and asset backed securities. The underlying investment portfolio may also be exposed to low grade or unrated debt securities, emerging market securities and currency. The Fund employs certain investment exclusions, please refer to the SIPO for further details. Derivatives may be used to obtain or reduce exposure to securities and marketsFull Russell Investments Russell Investments Global Fixed Interest Fund profile →
Simplicity
Simplicity Hedged Global Bond Fund
The Hedged Global Bond Fund invests in government bonds and other highly rated liquid bonds., designed to generate a return similar to the performance of the Bloomberg MSCI Global Aggregate Sustainability Select SRI Float Adjusted Index (hedged into New Zealand dollars) and to be the hedged global bond component of a diversified investment portfolio.Full Simplicity Simplicity Hedged Global Bond Fund profile →
Common questions
What's the difference between the Russell Investments Global Fixed Interest Fund and the Simplicity Hedged Global Bond Fund?
Which fund has lower fees, Russell Investments Global Fixed Interest Fund or Simplicity Hedged Global Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
