Fund-vs-fund · International Equities
Simplicity Hedged Global Share FundvsSimplicity Unhedged Global Share Fund
Simplicity Hedged Global Share Fund (fund size NZ$2.66 billion, annual fund charge 0.15%) and Simplicity Unhedged Global Share Fund (fund size NZ$2.73 billion, annual fund charge 0.15%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 13.33% and 14.78%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 839 of the same securities. If you held both, roughly 99.3% 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 | Simplicity Hedged | Simplicity Unhedged | Min weight |
|---|---|---|---|
| Nvidia | 6.54% | 6.53% | 6.53% |
| Apple | 5.88% | 5.87% | 5.87% |
| Alphabet | 4.80% | 4.79% | 4.79% |
| Microsoft | 4.41% | 4.40% | 4.40% |
| Amazon.com | 3.22% | 3.22% | 3.22% |
| Broadcom | 2.31% | 2.31% | 2.31% |
| Meta Platforms | 1.99% | 1.99% | 1.99% |
| tesla motors | 1.73% | 1.73% | 1.73% |
| Eli Lilly and Company | 1.26% | 1.26% | 1.26% |
| JPMorgan Chase & Co | 1.25% | 1.25% | 1.25% |
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.
Why these two differ
The single most material structural difference between these two funds is currency hedging. The Simplicity Hedged Global Share Fund converts foreign currency exposure back to New Zealand dollars, meaning returns are largely insulated from NZD/USD and other exchange-rate movements. The Simplicity Unhedged Global Share Fund retains full foreign currency exposure, so investor returns will rise or fall with the NZD relative to the currencies of the underlying holdings. This hedging distinction is the defining choice between the two, and it drives the different Sorted URLs despite everything else being near-identical.
Beyond that single structural fork, the two funds are strikingly similar across every other disclosed dimension. Both are managed by Simplicity, sit in the International Equities category, carry an annual fund charge of 0.15%, and register a risk indicator of 5 on the standard 1–7 scale. Portfolio construction is effectively the same: both report 98.31% growth assets, and their top-five holdings — NVIDIA Corp, Apple Inc, Microsoft Corporation, Amazon.com Inc, and Alphabet Inc Class A — are weighted within one basis point of each other. Fund sizes are also close, at approximately NZD 2.66 billion (Hedged) and NZD 2.73 billion (Unhedged). Five-year return data is not available for either fund in this snapshot. Both funds share a single Product Disclosure Statement dated 1 September 2025.
Always verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-05-21 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 (0.15% vs 0.15%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity Hedged Global Share Fund hedges its foreign-currency exposure to NZD; Simplicity Unhedged Global Share Fund is unhedged. NZD weakness boosts unhedged returns and reduces hedged returns (the inverse on NZD strength).
Where each fund sits in its cohort
Percentile rank vs all 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Simplicity
0.15%
Lowest 9% of cohort
Simplicity
0.15%
Lowest 9% of cohort
5-year return p.a.
Past performance — not a predictor
Simplicity
—
—
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Simplicity
NZ$2.66b
Largest 2% in cohort
Simplicity
NZ$2.73b
Largest 1% in cohort
| Metric | Simplicity | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.15% | 0.15% | 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$2.66b | NZ$2.73b | 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 | Unhedged | 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
Simplicity
Simplicity Hedged Global Share Fund
The Hedged Global Share Fund invests in listed global shares and tracks the Bloomberg Developed Markets ex NZ ESG Screened Index (NZD Hedged). It is intended to be part of a diversified investment portfolio.Full Simplicity Simplicity Hedged Global Share Fund profile →
Simplicity
Simplicity Unhedged Global Share Fund
The Unhedged Global Share Fund invests in listed global shares and tracks the Bloomberg Developed Markets ex NZ ESG Screened Index. It is intended to be part of a diversified investment portfolio.Full Simplicity Simplicity Unhedged Global Share Fund profile →
Common questions
What's the difference between the Simplicity Hedged Global Share Fund and the Simplicity Unhedged Global Share Fund?
Which fund has lower fees, Simplicity Hedged Global Share Fund or Simplicity Unhedged Global Share Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
