Fund-vs-fund · International Equities
Russell Investments Global Shares Fund vs Russell Investments Sustainable 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 their annual fund charge. The Russell Investments Global Shares Fund charges 0.93% per annum, while the Russell Investments Sustainable Global Shares Fund charges 0.33% — a gap of 60 basis points that, compounded over time, can meaningfully affect net returns on a similar gross asset base. Both funds are managed by Russell Investments, sit in the International Equities category, carry an identical risk indicator of 4 (on the FMA's 1–7 scale), and hold almost identical growth asset allocations of 98.31%.
On performance, the Global Shares Fund reports a five-year annualised return of 11.07%. The Sustainable Global Shares Fund's five-year return is not disclosed in the latest Quarterly Fund Update snapshot available to us, likely reflecting a shorter track record rather than underperformance. Fund sizes are comparable — $351.4 million and $364.2 million respectively.
Portfolio construction differs meaningfully. The Global Shares Fund's largest single position is an S&P 500 E-mini futures contract at 12.87%, indicating active use of derivatives for index exposure. The Sustainable Global Shares Fund carries the same futures contract at only 2.53%, with its heaviest weights in Nvidia (4.46%) and Apple (3.99%), suggesting a more direct equity approach shaped by its sustainability mandate. Both funds share the same PDS document.
Always verify fees, holdings, and performance 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
- Russell Investments Sustainable Global Shares Fund charges 0.60% lower in annual fund charges (0.33% vs 0.93%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Russell Investments Sustainable Global Shares Fund applies responsible-investment / ESG screening. The other fund does not.
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
0.33%
Lowest 21% of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
11.07%
Top 22% over 5 years
Russell Investments
—
—
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$351m
Largest 20% in cohort
Russell Investments
NZ$364m
Largest 19% in cohort
| Metric | Russell Investments | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.93% | 0.33% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 11.07% | — | Higher is better (past not future) |
| Fund size | NZ$351m | NZ$364m | 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 | Yes | 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
8
of each fund's top 10
Russell Investments weight in shared
26.3%
of Russell Investments Global Shares Fund top 10 is shared
Russell Investments weight in shared
18.2%
of Russell Investments Sustainable Global Shares Fund top 10 is shared
| Holding | Russell Investments | Russell Investments |
|---|---|---|
| SP S&P 500 Emini 2606 F US | 12.87% | 2.53% |
 Microsoft Corp US | 2.42% | 2.74% |
 Nvidia Corp US | 2.05% | 4.46% |
 Amazon Com Inc US | 1.79% | 2.11% |
 Alphabet Inc Cap Stk Cl A US | 1.68% | 1.76% |
| $ Cash at Bank (BNZ) NZ | 2.12% | 1.65% |
| Alphabet Inc Cap Cl C US | 1.82% | 1.55% |
| TS Taiwan Semicon Manufacturing Co Ltd TW | 1.51% | 1.42% |
"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 Sustainable Global Shares Fund
The Fund invests predominantly in a broad range of international shares listed on stock exchanges in developed and emerging international markets. The Fund targets a lower carbon exposure, and higher Climate Solutions Revenue, compared to the Benchmark. The Fund also 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. Foreign currency exposures are unhedged.Full Russell Investments Russell Investments Sustainable Global Shares Fund profile →
Common questions
What's the difference between the Russell Investments Global Shares Fund and the Russell Investments Sustainable Global Shares Fund?
Which fund has lower fees, Russell Investments Global Shares Fund or Russell Investments Sustainable Global Shares Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
