Fund-vs-fund · International Equities
Russell Investments Hedged Sustainable Global Shares Fund vs Schroder Sustainable Global Core PIE Fund (Hedged)
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 cost. The Russell Investments Hedged Sustainable Global Shares Fund discloses an annual fund charge of 0.33%, while the Schroder Sustainable Global Core PIE Fund (Hedged) discloses 0.39% — a six-basis-point gap that, applied to fund sizes of roughly NZD 744 million and NZD 732 million respectively, represents a meaningful dollar difference in ongoing fees at scale.
Beyond fees, the two funds are structurally similar. Both sit in the International Equities category, both carry a risk indicator of 5 out of 7, and both hold 98.31% in growth assets — an identical figure that reflects comparably aggressive equity tilts. Both apply currency hedging, as signalled by their names. Neither fund has a disclosed five-year return figure available in the current snapshot, so historical performance cannot be compared here.
Top-holdings overlap is high: Nvidia, Apple, Microsoft, and Amazon appear in both funds' top five, with Schroders weighting each modestly higher. Notably, the Schroder fund's third-largest disclosed holding is "Cash at Bank (BNZ)" at 4.64%, suggesting a meaningful cash buffer or settlement position at the snapshot date — no equivalent cash line appears in Russell's top five. Russell's list includes an S&P 500 E-mini futures position (2.63%), indicating use of derivatives for index exposure; Schroders' top five shows no equivalent futures line.
Both managers offer these as standalone managed funds, not as KiwiSaver scheme accounts. Verify all figures against each fund's current 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
- Russell Investments Hedged Sustainable Global Shares Fund charges 0.06% lower in annual fund charges (0.33% vs 0.39%).
- 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
0.33%
Lowest 21% of cohort
Schroders
0.39%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Russell Investments
—
—
Schroders
—
—
Fund size
Larger = more stable, lower close-risk
Russell Investments
NZ$744m
Largest 10% in cohort
Schroders
NZ$732m
Largest 12% in cohort
| Metric | Russell Investments | Schroders | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.33% | 0.39% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$744m | NZ$732m | 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 to NZD | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | 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
5
of each fund's top 10
Russell Investments weight in shared
15.6%
of Russell Investments Hedged Sustainable Global Shares Fund top 10 is shared
Schroders weight in shared
20.6%
of Schroder Sustainable Global Core PIE Fund (Hedged) top 10 is shared
| Holding | Russell Investments | Schroders |
|---|---|---|
 Nvidia Corp US | 4.65% | 5.41% |
 Apple Inc US | 4.16% | 4.72% |
 Microsoft Corp US | 2.86% | 3.29% |
 Amazon Com Inc US | 2.20% | 2.54% |
| $ Cash at Bank (BNZ) NZ | 1.72% | 4.64% |
"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 Hedged 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 largely hedged back to New Zealand dollars.Full Russell Investments Russell Investments Hedged Sustainable Global Shares Fund profile →
Schroders
Schroder Sustainable Global Core PIE Fund (Hedged)
The fund aims to provide exposure to global listed equities and is an actively managed strategy designed to target outperformance relative to the benchmark index with limited risk relative to the index. This strategy provides the benefits of index-based investing from a risk and cost perspective with the advantage of relative performance upside potential.Full Schroders Schroder Sustainable Global Core PIE Fund (Hedged) profile →
Common questions
What's the difference between the Russell Investments Hedged Sustainable Global Shares Fund and the Schroder Sustainable Global Core PIE Fund (Hedged)?
Which fund has lower fees, Russell Investments Hedged Sustainable Global Shares Fund or Schroder Sustainable Global Core PIE Fund (Hedged)?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
