NZ Funds Global Shares
NZ Funds Global Shares is an international equities managed fund from NZ Funds with a fund size of NZ$176.4 million and an annual fund charge of 3.12%, as shown on Sorted Smart Investor on 22 May 2026.
Managed by NZ FundsFund data last refreshed · holdings as filed to 31/03/2026
NZ Funds Global Shares is a international equities managed fund operated by NZ Funds; PIE-structured; FMA risk indicator 6/7. Headline terms: annual fund charge 2.55% · distributions no distributions (accumulating). Compared with 83 other same-category funds on this site, the 2.55% annual fund charge sits above the same-category median of 0.62%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See ourPIR guideandPIE tax basicsfor the full picture, or use thePIR calculatorto confirm your rate.
Annual fund charge
3.12%
vs peer avg 0.91%
Risk indicator
6/7
1 = lower risk · 7 = higher risk
5-year return p.a.
1.37%
peer avg 4.91%
Fund size
NZ$176.4m
98% growth · 2% income
To grow your investment over the long term by investing in growth assets and other authorised assets with active management. Anticipated to mainly own and trade international shares, and other authorised asset classes over the minimum suggested timeframe.
Benchmark track record
Compare International Equities consistency →How NZ Funds Global Shares performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Growth of NZ$10,000
2013–2022, after fees & taxA notional NZ$10,000 compounded by each year's disclosed net return — a track-record trajectory from the FMA fund-update data, not a live unit price. Past performance is not a guide to the future.
NZ$10,000 → NZ$23,936 · to 30/06/2022
Beat its benchmark in 4 of 10 years
annual returns to 30/06/2022Since inception: 8.28% p.a. after fees & tax vs benchmark 10.11%.
Past performance. Returns are after fees and before tax, for years ending 30/06/2022. Past returns are not a guide to future returns.
How NZ Funds Global Shares differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Westpac Bank Bill 2.502% 06/05/2026 (17.0%) · Goldman Sachs Futures (6.9%) · Westpac Cash (5.9%)
- Currency policy
- NZ Funds actively manages foreign currency in each Portfolio. Where a Portfolio holds assets denominated in a foreign currency, NZ Funds may choose to hedge back to the New Zealand dollar or retain a foreign currency exp…
Key facts
Fund start date
31 October 2008
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
15% of the wholesale trust's returns above the hurdle rate. Performance benchmark: MSCI ACWI ex Fossil Fuels Net Total Return Local Index. Subject to high-water mark.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 5% | — | 50% |
| New Zealand fixed interest | 0% | 0% | 50% |
| International fixed interest | 0% | 0% | 50% |
| Australasian equities | 0% | 0% | 50% |
| International equities | 95% | — | 200% |
| Listed property | 0% | 0% | 50% |
| Commodities | 0% | 0% | 50% |
| Alternative Securities | 0% | 0% | 50% |
Responsible-investment approach
NZ Funds has adopted a responsible investment policy considering ESG factors as material to long-term investment returns. The policy excludes securities from companies involved in activities such as nuclear weapons, controversial weapons, tobacco, civilian firearms, pornography, unsustainable palm oil, alcohol (≥10% revenue), armaments (≥10% revenue), gambling (≥10% revenue), fossil fuel exploration/production (≥10% revenue), fossil fuel power generation (≥10% revenue), fossil fuel services (≥50% revenue), and fossil fuel distribution (≥50% revenue). Exclusions do not apply to derivatives.
Derivatives policy
NZ Funds uses derivatives to both increase returns (active positions) and reduce risk (hedge positions), including creating leverage where a derivative produces the same gain or loss as a much larger investment in the underlying asset. Book value is used to measure derivative value except for equity index futures, commodity futures, options, crypto asset futures and certain swaps where full notional value may be used.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- NZ Funds discloses a conflict of interest: it acts as manager of both the investor-facing Strategies/Portfolios and the underlying wholesale trusts, meaning it sets fees at both levels simultaneously.
- NZ Funds charges performance fees of 10–15% of returns above benchmark inside certain wholesale trusts; these fees reduce wholesale trust values and therefore indirectly reduce investor returns before any portfolio-level fees apply.
- A notional management fee of 0.50% per annum is built into the hurdle-rate calculation for wholesale trusts, meaning the performance-fee threshold is set lower than if actual costs alone were used.
- NZ Funds' directors, employees, and their associated persons may invest in the same Strategies and Portfolios as external investors, a personal-interest conflict NZ Funds has openly disclosed.
Generated 2026-05-28 from NZ Funds Managed Portfolio Service Part Two (NZ Funds Wealth Builder) OMI (dated 2025-10-20). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
The New Zealand Guardian Trust Company Limited
Auditor
Ernst & Young
Custodian
Citibank N.A. (custodial services agreements entered into by the Supervisor, however all property of the Portfolios is currently held by the Supervisor)
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- The Portfolios invest in wholesale trusts managed by NZ Funds, creating a conflict of interest because NZ Funds charges a performance fee in certain wholesale trusts which certain Portfolios invest in, and these fees affect the value of the wholesale trusts and indirectly the returns of the Portfolios, and could materially influence investment decisions in respect of a Portfolio if non-arm's length fees were paid.
- NZ Funds' directors and employees and their associated persons and entities may invest in the Portfolios.
How this fund compares to peers
Mechanical comparison vs the 84 other international equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
NZ Funds Global Shares: 3.12% per annum. International Equities median across 84 funds:0.62%. This fund is 2.50 percentage points above the category median.
Annual fund charge
3.12%
Category median: 0.62%
Pricier than most peers (top 98% by fee)
5y return p.a. (after fees)
+1.37%
Category median: +8.66%
Lower than most peers (bottom 8% over period)
Fund size
NZ$176.4m
Category median: NZ$104.3m
63th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$1,466
Compounded charge over 5 years (excl. returns)
$1,159 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Complete portfolio
This fund files 1 holding with the FMA as at 31/03/2026. The largest 1 are shown.
Top 10 concentration: 6.2% of net assets.
Direct disclosed holdings only — a floor on exposure, not a total. Filings list wrappers and securities together, so a fund holding another fund shows no look-through here. Disclosed rows account for 6.2% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| WESTPAC CASH | 6.16% |
Every NZ managed fund must file its complete portfolio with the FMA each quarter. Where a line is itself a fund, trust or ETF, the securities inside it are not broken out here.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 Westpac Bank Bill 2.502% 06/05/2026 | 16.97% |
 Goldman Sachs Futures | 6.93% |
| Westpac Cash | 5.90% |
CNCitibank New Zealand Cash | 5.27% |
CHCitibank Hong Kong Cash | 5.15% |
 NVIDIA Corp | 2.59% |
 Taiwan Semiconductor Manufacturing Company | 2.30% |
 Apple Inc | 2.21% |
CUCummins Inc | 1.77% |
 JPMorgan Chase & Co | 1.75% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- GLOBAL SHARES (FND1621) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 2.25 KB
- NZ Funds Active Growth Series PDS 28 October 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 307.64 KB
- NZ Funds Active Series Global Shares Fund Update 31.03.26.pdf The quarterly update published by the provider PDF, 183.83 KB
- NZ Funds Active Inflation Series PDS 28 October 2025.pdf Additional product disclosure statement from the provider PDF, 430.11 KB
- NZ Funds Active Income Series PDS 28 October 2025.pdf Additional product disclosure statement from the provider PDF, 261.19 KB
- NZ Funds Active Series Other Material Information 28 October 2025.pdf NZ Funds Active Series – Other Material Information contains additional information relating to the NZ Funds Active Series and sho
- NZ Funds Managed Portfolio Service Scheme SIPO 28 October 2025.pdf Statement of investment policy and objectives PDF, 798.71 KB
About this category
Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
About NZ Funds
NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios.
NZ Funds has 12 retail funds in our coverage across Diversified, International Equities, International FI, Listed Property, Other, Australasian Equities and NZ Fixed Interest strategies, with annual fund charges from 1.20% to 3.12% a year.
Based in Auckland.
Common questions
Questions people ask about NZ Funds Global Shares
Questions that recur in search results for this fund, answered from its filed PDS, Fund Update and FMA Disclose record. How the question set was captured is documented in our methodology. Not personal financial advice — for guidance specific to your situation, consult a licensed financial adviser.
Are global shares a good investment?
Global shares are a growth-oriented asset class with higher risk and return potential than income-focused investments. Whether they suit a particular investor depends on individual circumstances, time horizon, and risk tolerance; check the fund's risk indicator (this fund is rated 6/7 on the FMA standardised scale) and review the Product Disclosure Statement before investing.
Is a global equity fund a good investment?
Global equity funds offer diversification across international markets and are commonly used as part of a balanced investment approach. This fund's 5-year return after fees and before tax was 1.37% p.a. as at the latest QFU; however, past performance is not a guarantee of future results, and suitability depends on individual circumstances.
How are overseas shares taxed in NZ?
Overseas shares held through a PIE (Portfolio Investment Entity) fund are taxed at a capped rate up to your prescribed investor rate (PIR) — a maximum of 28% — rather than under the FIF (Foreign Investment Fund) rules. For detailed information on tax treatment, consult the IRD website or your tax adviser.
Is it good to invest in global funds?
Global funds provide access to international markets and can form part of a diversified investment portfolio. This fund holds approximately 98.31% growth assets and is rated 6/7 for risk on the FMA standardised scale; review the PDS and consider your own financial situation before investing.
Head-to-head
Compare NZ Funds Global Shares with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International Equities funds
Same manager
Other funds by NZ Funds
- NZ Funds New Zealand and Australian SharesAustralasian Equities
- NZ Funds New Zealand and Australian BondsNZ Fixed Interest
- NZ Funds Global BondsInternational FI
FMA risk band
Same risk band (6/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the NZ Funds Global Shares?
NZ Funds Global Shares is managed by NZ Funds. NZ-owned manager offering Wealth Builder strategies, Income Generator, and a series of Global and New Zealand sector portfolios.
What asset class is the NZ Funds Global Shares?
It is a international equities managed fund. The fund has a growth risk profile. Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
What are the fees for the NZ Funds Global Shares?
The annual fund charge for the NZ Funds Global Shares is 3.12% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the NZ Funds Global Shares?
The risk indicator is 6/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the NZ Funds Global Shares a PIE fund?
Yes. The NZ Funds Global Shares is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the NZ Funds Global Shares?
Fund size (assets under management) is NZ$176 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the NZ Funds Global Shares invest in?
The latest published top holdings are: Westpac Bank Bill 2.502% 06/05/2026 (16.97%), Goldman Sachs Futures (6.93%), Westpac Cash (5.90%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the NZ Funds Global Shares?
The NZ Funds Global Shares is available via NZ Funds directly. Always read the current Product Disclosure Statement before investing.
Are global shares a good investment?
Global shares are a growth-oriented asset class with higher risk and return potential than income-focused investments. Whether they suit a particular investor depends on individual circumstances, time horizon, and risk tolerance; check the fund's risk indicator (this fund is rated 6/7 on the FMA standardised scale) and review the Product Disclosure Statement before investing.
Is a global equity fund a good investment?
Global equity funds offer diversification across international markets and are commonly used as part of a balanced investment approach. This fund's 5-year return after fees and before tax was 1.37% p.a. as at the latest QFU; however, past performance is not a guarantee of future results, and suitability depends on individual circumstances.
How are overseas shares taxed in NZ?
Overseas shares held through a PIE (Portfolio Investment Entity) fund are taxed at a capped rate up to your prescribed investor rate (PIR) — a maximum of 28% — rather than under the FIF (Foreign Investment Fund) rules. For detailed information on tax treatment, consult the IRD website or your tax adviser.
Is it good to invest in global funds?
Global funds provide access to international markets and can form part of a diversified investment portfolio. This fund holds approximately 98.31% growth assets and is rated 6/7 for risk on the FMA standardised scale; review the PDS and consider your own financial situation before investing.