Fund-vs-fund · International Equities
Russell Investments Global Shares Fund vs Russell Investments Hedged Global Shares Fund
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 currency hedging. The Russell Investments Global Shares Fund carries its international equity exposure unhedged against the New Zealand dollar, while the Russell Investments Hedged Global Shares Fund uses currency hedging to reduce foreign exchange fluctuation in returns. This distinction drives the most visible divergence in the data: despite near-identical underlying portfolios and growth asset allocations (both at 98.31%), the unhedged fund carries a risk indicator of 4 compared to the hedged fund's risk indicator of 5 on the FMA's seven-point scale. That higher risk rating for the hedged fund reflects the additional complexity and volatility introduced by derivative positions used to manage currency exposure, not greater equity risk per se.
The five-year return difference is also notable — the unhedged fund returned 11.07% per annum against 6.93% for the hedged fund — though this gap reflects the period's currency movements rather than a persistent structural advantage, and future currency conditions may reverse the relationship entirely. Annual fund charges are almost identical at 0.93% and 0.92% respectively. Both funds share the same top holdings in near-identical proportions, dominated by an S&P 500 futures position, Taiwan Semiconductor, Microsoft, and Nvidia, suggesting the two portfolios are managed to the same underlying equity strategy. Fund size differs modestly: NZD 351.4 million unhedged versus NZD 301.5 million hedged. Both funds share the same PDS document on FMA Disclose.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Annual fund charges are within 0.05% of each other (0.93% vs 0.92%).
- 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
Russell Investments
0.93%
Upper half of cohort
Russell Investments
0.92%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
11.07%
Top 22% over 5 years
Russell Investments
6.93%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$351m
Largest 20% in cohort
Russell Investments
NZ$301m
Largest 23% in cohort
| Metric | Russell Investments | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.93% | 0.92% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 11.07% | 6.93% | Higher is better (past not future) |
| Fund size | NZ$351m | NZ$301m | 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 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 | 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.
Matching holdings
10
of each fund's top 10
Russell Investments weight in shared
30.5%
of Russell Investments Global Shares Fund top 10 is shared
Russell Investments weight in shared
31.8%
of Russell Investments Hedged Global Shares Fund top 10 is shared
| Holding | Russell Investments | Russell Investments |
|---|---|---|
| SP S&P 500 Emini 2606 F US | 12.87% | 13.43% |
| TS Taiwan Semiconduct Manufacturing Usd TW | 2.55% | 2.66% |
 Microsoft Corp US | 2.42% | 2.53% |
| $ Cash at Bank (BNZ) NZ | 2.12% | 2.21% |
 Nvidia Corp US | 2.05% | 2.14% |
 Alphabet Inc Cap Cl C US | 1.82% | 1.90% |
 Amazon Com Inc US | 1.79% | 1.87% |
| SE Samsung Electronics Co Ltd KR | 1.69% | 1.77% |
| Alphabet Inc Cap Stk Cl A US | 1.68% | 1.75% |
| TS Taiwan Semicon Manufacturing Co Ltd TW | 1.51% | 1.57% |
"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 Shares Fund
The underlying investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed markets and emerging international markets. 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 markets, to implement investment strategies and to manage risk.Full Russell Investments Russell Investments Global Shares Fund profile →
Russell Investments
Russell Investments Hedged Global Shares Fund
The underlying investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed markets as well as emerging international markets. 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 markets, to implement investment strategies and to manage risk. The Fund targets a position of being fully hedged back to New Zealand Dollars. Due to active currency management by the underlying managers, there will generaFull Russell Investments Russell Investments Hedged Global Shares Fund profile →
Common questions
What's the difference between the Russell Investments Global Shares Fund and the Russell Investments Hedged Global Shares Fund?
Which fund has lower fees, Russell Investments Global Shares Fund or Russell Investments Hedged Global Shares 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?
