Fund-vs-fund · Other
Russell Investments Global Listed Infrastructure Fund vs Squirrel Monthly Income 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 underlying asset class and the risk profile that follows from it. The Russell Investments Global Listed Infrastructure Fund holds publicly traded global infrastructure equities — its top positions include Nextera Energy, Transurban Group, and Aena — making it a growth-oriented equity strategy despite its infrastructure label. The Squirrel Monthly Income Fund, by contrast, holds a diversified pool of short-term residential construction loans secured against New Zealand property, with its five largest disclosed positions each representing individual mortgage-secured loans across Auckland, Wellington, and Bay of Plenty. Both funds report an identical 98.31% growth assets allocation, which appears anomalous for Squirrel given its loan-book composition and warrants verification against the source documents.
The risk indicators diverge sharply: Russell's fund sits at 5 on the standard 1–7 scale, consistent with listed equity volatility; Squirrel's fund sits at 2, reflecting the shorter duration and secured-lending nature of its holdings. Annual fund charges also differ significantly — Russell discloses 1.08% and Squirrel discloses 2.14%, though the higher Squirrel figure may partly reflect costs embedded in credit origination and management. Russell's fund is slightly smaller at NZD 167.6 million versus Squirrel's NZD 210.1 million. Neither fund discloses a five-year return figure in the current snapshot, so long-run performance comparison is not possible here.
Always verify current fees, returns, and asset allocations against each fund's 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
- Russell Investments Global Listed Infrastructure Fund charges 1.06% lower in annual fund charges (1.08% vs 2.14%).
- 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
Russell Investments
1.08%
Upper half of cohort
Squirrel
2.14%
Highest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
—
—
Squirrel
—
—
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$168m
Upper half by size
Squirrel
NZ$210m
Largest 19% in cohort
| Metric | Russell Investments | Squirrel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.08% | 2.14% | Lower is better |
| Risk indicator (1–7) | 5 | 2 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$168m | NZ$210m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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
Russell Investments
Russell Investments Global Listed Infrastructure Fund
The Fund invests predominantly in infrastructure and infrastructure related securities that are listed, or expected to be listed, within the next six months, on stock exchanges in developed and emerging markets. The Fund employs certain investment exclusions, please refer to the SIPO for further details. The Fund also seeks to invest in corporations which follow good governance practices. Foreign currency exposures are largely hedged back to New Zealand dollars. Derivatives may be used to obtain or reduce exposure to securities and markets, implement investment stFull Russell Investments Russell Investments Global Listed Infrastructure Fund profile →
Squirrel
Squirrel Monthly Income Fund
The Fund is designed to provide investors with a regular income return generated through exposure to a diversified portfolio of loans secured against registered first mortgages on residential property across New Zealand. Loan exposure is obtained by investing in the Squirrel Wholesale Investment Funds scheme ("Squirrel Wholesale Funds"), whose funds obtain their loan exposure through investing via the Squirrel peer-to-peer ("P2P") platform operated by Squirrel Money Limited ("Squirrel"). Assets of the Squirrel Wholesale Funds may include exposure to fractional andFull Squirrel Squirrel Monthly Income Fund profile →
Common questions
What's the difference between the Russell Investments Global Listed Infrastructure Fund and the Squirrel Monthly Income Fund?
Which fund has lower fees, Russell Investments Global Listed Infrastructure Fund or Squirrel Monthly Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
