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International Equities: benchmark consistency

How often each International Equities fund beat its own market-index benchmark, year by year, after fees and tax. 4 of 31 ranked funds beat their benchmark in more than half their measured years.

Track record to 31 March 2026. Historical figures from the FMA's consolidated fund-update dataset — not current-year performance. Past performance is not a guide to the future.
1. Pie Growth UK & Europe Fund · Pie Funds

Beat its benchmark in 4 of 6 years

annual returns to 31 March 2026
2018 +12.03%
2019 -1.88%
2020 -9.12%
2021 +61.07%
2022 -2.98%
2026 +9.6%

Since inception: 8.08% p.a. after fees & tax vs benchmark 7.65%.

beat benchmark missed no benchmark on file

Beat its benchmark in 3 of 5 years

annual returns to 31 March 2026
2019 +11.19%
2020 +5.55%
2021 +36.69%
2022 +3.16%
2026 -4.65%

Since inception: 12.38% p.a. after fees & tax vs benchmark 10.66%.

beat benchmark missed no benchmark on file

Beat its benchmark in 4 of 7 years

annual returns to 31 March 2026
2017 +10.97%
2018 +20.33%
2019 +10.68%
2020 +4.21%
2021 +46.01%
2022 -7.22%
2026 +9.99%

Since inception: 9.3% p.a. after fees & tax vs benchmark 9.22%.

beat benchmark missed no benchmark on file
4. Pie Global Growth Fund 2 · Pie Funds

Beat its benchmark in 5 of 9 years

annual returns to 31 March 2026
2015 +10.04%
2016 +1.05%
2017 +14.12%
2018 +15.14%
2019 +1.91%
2020 +3.49%
2021 +41.57%
2022 -0.45%
2026 +20.78%

Since inception: 8.96% p.a. after fees & tax vs benchmark 9.57%.

beat benchmark missed no benchmark on file
5. Elevation Capital Global Shares Fund · Elevation Capital

Beat its benchmark in 5 of 10 years

annual returns to 30/06/2022
2013 +6.09%
2014 +12.52%
2015 +6.48%
2016 +7.77%
2017 +14.48%
2018 -4.79%
2019 -1.85%
2020 -9.63%
2021 +65.13%
2022 +3.19%

Since inception: 9.29% p.a. after fees & tax vs benchmark 10.15%.

beat benchmark missed no benchmark on file

Beat its benchmark in 4 of 8 years

annual returns to 30/06/2022
2015 +23.85%
2016 +10.92%
2017 +8.83%
2018 +7.44%
2019 +9.7%
2020 -14.89%
2021 +33.18%
2022 +5.76%

Since inception: 8.49% p.a. after fees & tax vs benchmark 5.83%.

beat benchmark missed no benchmark on file
7. Pathfinder Global Water Fund · Pathfinder

Beat its benchmark in 5 of 12 years

annual returns to 31 March 2026
2013 +10.73%
2014 +19.94%
2015 +6.78%
2016 +5.39%
2017 +9.73%
2018 +4.84%
2019 +7.39%
2020 -1.56%
2021 +32.63%
2022 +4.05%
2024 +18.9%
2026 +6.26%

Since inception: 9.38% p.a. after fees & tax vs benchmark 9.66%.

beat benchmark missed no benchmark on file
8. NZ Funds Global Shares · NZ Funds

Beat its benchmark in 4 of 10 years

annual returns to 30/06/2022
2013 +14.77%
2014 +11.57%
2015 +23.55%
2016 -9.22%
2017 +12.32%
2018 +7.85%
2019 +0.51%
2020 -5.62%
2021 +73.3%
2022 -16.31%

Since inception: 8.28% p.a. after fees & tax vs benchmark 10.11%.

beat benchmark missed no benchmark on file

Beat its benchmark in 4 of 11 years

annual returns to 31 March 2026
2013 +1.84%
2014 +16.43%
2015 +7.9%
2016 +0.36%
2017 +9.98%
2018 +20.7%
2019 +9.12%
2020 +2.69%
2021 +48.94%
2022 -5.59%
2026 -5.8%

Since inception: 9.01% p.a. after fees & tax vs benchmark 10.85%.

beat benchmark missed no benchmark on file

Beat its benchmark in 3 of 13 years

annual returns to 31 March 2026
2013 +7.88%
2014 +15.64%
2015 +19.98%
2016 +5.48%
2017 +12.23%
2018 +8.68%
2019 +5.94%
2020 -1.35%
2021 +27.38%
2022 +5.42%
2024 +35.31%
2025 +10.05%
2026 +17.52%

Since inception: 4.36% p.a. after fees & tax vs benchmark 6.97%.

beat benchmark missed no benchmark on file

Beat its benchmark in 3 of 13 years

annual returns to 31 March 2026
2013 +13.17%
2014 +20.88%
2015 +14.12%
2016 -2.27%
2017 +17.09%
2018 +9.27%
2019 +2.7%
2020 -14.77%
2021 +44.98%
2022 +5.57%
2024 +30.48%
2025 +3.69%
2026 +15.93%

Since inception: 4.2% p.a. after fees & tax vs benchmark 7.02%.

beat benchmark missed no benchmark on file

Beat its benchmark in 2 of 13 years

annual returns to 31 March 2026
2013 +10.69%
2014 +16.06%
2015 +16.52%
2016 -0.33%
2017 +14.36%
2018 +10.93%
2019 +3.83%
2020 -8.55%
2021 +36.54%
2022 +4.41%
2024 +28.5%
2025 +7.16%
2026 +16.65%

Since inception: 5.27% p.a. after fees & tax vs benchmark 8.03%.

beat benchmark missed no benchmark on file

Beat its benchmark in 1 of 7 years

annual returns to 31 March 2026
2019 +5.43%
2020 -6.01%
2021 +37.32%
2022 +6.59%
2024 +24.27%
2025 +7.93%
2026 +15.85%

Since inception: 5.32% p.a. after fees & tax vs benchmark 6.72%.

beat benchmark missed no benchmark on file
14. Russell Investments Global Shares Fund · Russell Investments

Beat its benchmark in 1 of 9 years

annual returns to 30/06/2022
2014 +11%
2015 +22.07%
2016 +1.36%
2017 +13.36%
2018 +10.71%
2019 +3.32%
2020 -2.24%
2021 +32.2%
2022 +4.36%

Since inception: 9.97% p.a. after fees & tax vs benchmark 11.69%.

beat benchmark missed no benchmark on file

Beat its benchmark in 1 of 9 years

annual returns to 30/06/2022
2014 +17.02%
2015 +16.5%
2016 -5.52%
2017 +17.84%
2018 +11.47%
2019 +0.37%
2020 -15.27%
2021 +50.52%
2022 +5.28%

Since inception: 9.11% p.a. after fees & tax vs benchmark 10.76%.

beat benchmark missed no benchmark on file
16. Fisher Funds Global Fund · Fisher Funds

Beat its benchmark in 1 of 10 years

annual returns to 30/06/2022
2013 +12.58%
2014 +12.5%
2015 +12.73%
2016 -4.59%
2017 +12.42%
2018 +7.79%
2019 +5.04%
2020 -2.88%
2021 +39.28%
2022 +2.17%

Since inception: 8.72% p.a. after fees & tax vs benchmark 11%.

beat benchmark missed no benchmark on file

Beat its benchmark in 1 of 12 years

annual returns to 31 March 2026
2015 +15.01%
2016 -3.13%
2017 +8.97%
2018 +9.18%
2019 +4.32%
2020 +1.09%
2021 +37.36%
2022 +5.66%
2023 -4.08%
2024 +22.26%
2025 +2.12%
2026 +7.22%

Since inception: 7.14% p.a. after fees & tax vs benchmark 10.18%.

beat benchmark missed no benchmark on file

Beat its benchmark in 0 of 12 years

annual returns to 31 March 2026
2013 +9.32%
2014 +16.01%
2015 +15.91%
2016 -5.5%
2017 +12.12%
2018 +10.88%
2019 +2.58%
2020 -9.05%
2021 +40.7%
2022 +2.78%
2025 +6.52%
2026 +16.36%

Since inception: 4.03% p.a. after fees & tax vs benchmark 6.28%.

beat benchmark missed no benchmark on file

Beat its benchmark in 0 of 11 years

annual returns to 31 March 2026
2013 +7.07%
2014 +12.24%
2015 +15.99%
2016 -0.91%
2017 +12.99%
2018 +7.86%
2019 +5.26%
2020 -6%
2021 +37.72%
2022 +7.22%
2026 +12.81%

Since inception: 9.13% p.a. after fees & tax vs benchmark 11.36%.

beat benchmark missed no benchmark on file
20. Smart Asia Pacific ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +13.32%
2018 +10.93%
2019 -1.85%
2020 -2.52%
2021 +25.92%
2022 -7.58%

Since inception: 2.8% p.a. after fees & tax vs benchmark 4.74%.

beat benchmark missed no benchmark on file
21. Smart Emerging Markets ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +14.74%
2018 +12.9%
2019 -2.29%
2020 -8.5%
2021 +33.63%
2022 -8.75%

Since inception: 3.42% p.a. after fees & tax vs benchmark 5.3%.

beat benchmark missed no benchmark on file
22. Smart Europe ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +5.55%
2018 +10.31%
2019 +0.13%
2020 -6.55%
2021 +25.76%
2022 +1.71%

Since inception: 1.98% p.a. after fees & tax vs benchmark 4.03%.

beat benchmark missed no benchmark on file
23. Smart Total World ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +12.48%
2018 +8.75%
2019 +7.03%
2020 -0.68%
2021 +31.64%
2022 +6.04%

Since inception: 6.63% p.a. after fees & tax vs benchmark 8.59%.

beat benchmark missed no benchmark on file
24. Smart US 500 ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +13.56%
2018 +7.37%
2019 +15.34%
2020 +5.92%
2021 +29.57%
2022 +15.77%

Since inception: 10.46% p.a. after fees & tax vs benchmark 12.3%.

beat benchmark missed no benchmark on file
25. Smart US Large Growth ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +12.32%
2018 +11.03%
2019 +17.72%
2020 +15.17%
2021 +35.47%
2022 +13.85%

Since inception: 11.38% p.a. after fees & tax vs benchmark 13.31%.

beat benchmark missed no benchmark on file
26. Smart US Large Value ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +15.23%
2018 +4.42%
2019 +12.62%
2020 -2.85%
2021 +25.86%
2022 +13.96%

Since inception: 8.87% p.a. after fees & tax vs benchmark 10.83%.

beat benchmark missed no benchmark on file
27. Smart US Mid Cap ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +13.5%
2018 +6.03%
2019 +11.51%
2020 -4.43%
2021 +40.14%
2022 +8.69%

Since inception: 7.66% p.a. after fees & tax vs benchmark 9.51%.

beat benchmark missed no benchmark on file
28. Smart US Small Cap ETF · Smartshares

Beat its benchmark in 0 of 6 years

annual returns to 30/06/2022
2017 +17.91%
2018 +5.91%
2019 +11.19%
2020 -13.19%
2021 +55.43%
2022 +0.83%

Since inception: 6.85% p.a. after fees & tax vs benchmark 8.66%.

beat benchmark missed no benchmark on file

Beat its benchmark in 0 of 4 years

annual returns to 30/06/2022
2019 +3.01%
2020 -5.73%
2021 +36.39%
2022 +8.22%

Since inception: 7.28% p.a. after fees & tax vs benchmark 8.54%.

beat benchmark missed no benchmark on file

Beat its benchmark in 0 of 3 years

annual returns to 31 March 2026
2021 +54.6%
2022 +4.09%
2026 -6.75%

Since inception: 7.3% p.a. after fees & tax vs benchmark 4.16%.

beat benchmark missed no benchmark on file

Beat its benchmark in 0 of 3 years

annual returns to 30/06/2022
2020 -0.7%
2021 +22.02%
2022 -5.08%

Since inception: 2.47% p.a. after fees & tax vs benchmark 7.76%.

beat benchmark missed no benchmark on file

Other categories

Methodology & sources

Each fund's after-fee, after-tax annual return is compared to the annual return of the market index it names in its FMA fund update. We count the years the fund's return exceeded that index. Funds with fewer than 3 measured years are not ranked.

Past performance is not indicative of future returns. ManagedFundsNZ provides information only, not personalised financial advice — for advice, see a licensed financial adviser.

FMA Disclose fund-update data