Fund-vs-fund · Australasian Equities
Salt NZ Dividend Appreciation FundvsSmart NZ Dividend ETF
Both are Australasian 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.
How much do these two overlap?
They hold 14 of the same securities. If you held both, roughly 30.1% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Salt NZ | Smart NZ | Min weight |
|---|---|---|---|
| Contact Energy | 6.10% | 10.71% | 6.10% |
| Meridian Energy | 4.06% | 10.59% | 4.06% |
| Mercury NZ | 4.03% | 9.85% | 4.03% |
| Tower | 3.44% | 4.65% | 3.44% |
| Spark New Zealand | 2.66% | 9.70% | 2.66% |
| Heartland Group Holdings | 3.68% | 2.17% | 2.17% |
| VITAL HEALTHCARE PROPERTY TRUST | 1.75% | 2.67% | 1.75% |
| Chorus | 1.44% | 10.72% | 1.44% |
| Turners Automotive Group | 4.12% | 1.32% | 1.32% |
| Genesis Energy | 0.97% | 4.53% | 0.97% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Salt NZ Dividend Appreciation Fund
Smart NZ Dividend ETF
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their risk profile: the Smart NZ Dividend ETF carries a risk indicator of 5, while the Salt NZ Dividend Appreciation Fund sits one band lower at 4, despite both funds allocating an identical 98.31% to growth assets. This divergence likely reflects differences in volatility of underlying holdings rather than asset allocation, and investors should examine each fund's SIPO for the precise methodology applied.
Fee structure is also notably different. Smartshares charges 0.54% per annum, while Salt charges 1.10% — roughly double. Over time, that gap compounds materially against returns. On five-year returns, Salt's fund has delivered 3.81% annually versus 3.14% for the Smartshares fund, though past performance is not a reliable indicator of future returns and the period in question should be verified in each fund's latest QFU.
Portfolio construction diverges meaningfully. The Smartshares fund is concentrated in regulated utilities and telecommunications — Chorus, Contact Energy, Meridian, Mercury, and Spark together make up over 51% of the portfolio — consistent with a mechanical dividend-yield screen. Salt's fund leads with Fisher & Paykel Healthcare at 16.1%, followed by Auckland International Airport and Infratil, suggesting a dividend-growth quality tilt rather than a pure yield focus. The two funds share Contact Energy as a top holding, but otherwise offer distinct sector exposures within the same Australasian Equities category. Fund sizes are comparable: $97.3m (Smartshares) and $112.5m (Salt). No PDS URL was available in our snapshot for the Salt fund.
Verify all figures against the source 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
- Smart NZ Dividend ETF charges 0.56% lower in annual fund charges (0.54% vs 1.10%).
- 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 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Salt
1.10%
Upper half of cohort
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Salt
3.81%
Upper half over 5 years
Smartshares
3.14%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Salt
NZ$112m
Upper half by size
Smartshares
NZ$97m
Upper half by size
| Metric | Salt | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.10% | 0.54% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.81% | 3.14% | Higher is better (past not future) |
| Fund size | NZ$112m | NZ$97m | 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. |
What each fund says it does
Salt
Salt NZ Dividend Appreciation Fund
The Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. The investment objective is to outperform the S&P/NZX 50 Gross Index on a rolling three year basis.Full Salt Salt NZ Dividend Appreciation Fund profile →
Smartshares
Smart NZ Dividend ETF
The Smart NZ Dividend ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 High Dividend Index. The Index is comprised of 25 high yielding companies listed on the NZX and included in the S&P/NZX 50 Index.Full Smartshares Smart NZ Dividend ETF profile →
Common questions
What's the difference between the Salt NZ Dividend Appreciation Fund and the Smart NZ Dividend ETF?
Which fund has lower fees, Salt NZ Dividend Appreciation Fund or Smart NZ Dividend ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
