Pie Global Growth Fund 2 is a international equities managed fund operated by Pie Funds; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 1.50% · minimum investment NZ$25,000 · distributions no distributions (accumulating). Compared with 80 other same-category funds on this site, the 1.50% annual fund charge sits above the same-category median of 0.60%.
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 our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.61%
vs peer avg 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
3.37%
peer avg 4.91%
Fund size
NZ$220.4m
98% growth · 2% income
Capital growth over a period exceeding five years. Invests predominantly in listed international smaller companies and international managed funds. It may also invest in other types of products, such as cash and unlisted equities and other products issued by Pie Funds.
Benchmark track record
Compare International Equities consistency →How Pie Global Growth Fund 2 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.
Beat its benchmark in 5 of 9 years
annual returns to 31 March 2026Since inception: 8.96% p.a. after fees & tax vs benchmark 9.57%.
How Pie Global Growth Fund 2 differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- WisdomTree Emerging Markets SmallCap Dividend Fund (3.2%) · BNZ Call Account - NZD (3.1%) · JPM Call Account - USD (2.5%)
- Currency policy
- Except for the Fixed Income Fund and the Property & Infrastructure Fund (target hedging level 100%), the approach is not to fully hedge foreign currency exposure; some exposure will remain unhedged at the manager's discr…
Key facts
Fund start date
2 September 2013
Min. investment
NZ$25,000
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Responsible-investment approach
Pie Funds has a Responsible Investment Policy whereby it screens direct investments and integrates ESG (Environmental, Social and Governance) considerations within its investment process. Investments not excluded by the Responsible Investment Policy and permitted by the Supervisor are authorised.
Exclusions
- Investments excluded by the Responsible Investment Policy
Derivatives policy
Funds may use derivatives (including exchange-traded or OTC index/sector put options, short-sold individual or baskets of listed shares, OTC equity derivatives, and exchange-traded futures contracts) to gain long or short exposure to permitted assets or for market hedging. Tactical trading positions will typically not exceed 10% of the portfolio of the relevant Fund.
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.
- Pie Funds acknowledges that investment or operational decisions could be made to favour Pie Funds Management Limited's own shareholders over investors in the Funds.
- Pie Funds acknowledges that directors, employees, and associated persons who invest in the Funds may receive preferential treatment over other investors in those Funds.
- Pie Funds discloses that when the Chairman's Fund invests in other Pie Funds products, no management fee is charged on the Chairman's Fund, but fees and expenses within the underlying funds are not rebated to investors.
- Pie Funds has delegated administration, unit pricing, registry, and custody services to related-party Apex Investment Administration (NZ) Limited under a Services Agreement, representing a cost borne by the Funds.
Generated 2026-05-28 from Pie Funds Management Scheme OMI (dated 2026-03-24). 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
Trustees Executors Limited
Auditor
PWC
Custodian
Apex Investment Administration (NZ) Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- Investment or operational decisions may be made to benefit investors in Pie Funds Management Limited over investors in the Funds.
- Investment or operational decisions may be made to benefit those investors in the Funds who are Pie Funds directors, employees, and associated persons ahead of those investors who do not have that status.
- Certain Funds have the ability to invest in some or all of the other Funds (Other Pie Funds Products), including the Chairman's Fund investing in Other Pie Funds Products on an arm's length basis without management fee rebates.
How this fund compares to peers
Mechanical comparison vs the 81 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.
Annual fund charge
1.61%
Category median: 0.61%
Pricier than most peers (top 91% by fee)
5y return p.a. (after fees)
+3.37%
Category median: +8.31%
Lower than most peers (bottom 13% over period)
Fund size
NZ$220.4m
Category median: NZ$95.7m
68th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$779
Compounded charge over 5 years (excl. returns)
$478 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.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| WE WisdomTree Emerging Markets SmallCap Dividend Fund | 3.17% |
| BC BNZ Call Account - NZD | 3.06% |
| JC JPM Call Account - USD | 2.50% |
| MI Millicom International Cellular SA | 2.28% |
| SP SPDR Portfolio Emerging Markets ETF | 2.04% |
| JC JPM Call Account - AUD | 1.61% |
| SF Synchrony Financial | 1.54% |
| CS Comfort Systems USA Inc | 1.51% |
| TC TE Connectivity Ltd | 1.49% |
| EG EMCOR Group Inc | 1.40% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- PIE GLOBAL GROWTH FUND (FND563) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 4.28 KB
- Pie Funds Management Scheme PDS 1 April 2026.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 943.12 KB
- GGF QFU.pdf The quarterly update published by the provider PDF, 675.97 KB
- Chairmans Product Disclosure Statement 1 September 2023.pdf Additional product disclosure statement from the provider PDF, 196.23 KB
- Pie Global Small Companies Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 118.09 KB
- Pie Australasian Emerging Companies Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 123.74 KB
- Pie Growth U Kand Europe Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 111.76 KB
- Pie Multi Strategy Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 151.72 KB
- Pie Climate Friendly Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 113.91 KB
- Pie Conservative Fund Product Disclosure Statement 22 August 2019.pdf Additional product disclosure statement from the provider PDF, 148.81 KB
- Pie Funds Management Scheme OMI 1 April 2026.pdf Other Material Information PDF, 218.78 KB
- Pie s Responsible Investment Policy 1 April 2026.pdf Responsible Investment Policy PDF, 70.12 KB
- Pie Funds Management Scheme SIPO 1 April 2026.pdf Statement of investment policy and objectives PDF, 299.15 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 Pie Funds
Active manager focused on global growth equities including UK, Europe and small-cap strategies.
See all funds from Pie Funds →Common questions
Questions people ask about Pie Global Growth Fund 2
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
Are pie funds good?
PIE funds offer a tax structure where investor tax is capped at your prescribed investor rate (maximum 28%), which can be advantageous compared to FIF taxation for some investors. Whether a PIE fund suits your circumstances depends on your tax position and investment goals—consult your tax adviser or the IRD guidance on PIE vs FIF taxation.
How much does pie fund NZ charge?
Pie Global Growth Fund 2 charges an annual fund charge of 1.61% p.a. as at the latest Quarterly Fund Update. This is higher than the peer-cohort average of 0.95% p.a. for comparable funds; you can compare fees across funds using the FMA Disclose register.
Is 2% management fee high?
Pie Global Growth Fund 2's annual fund charge is 1.61% p.a., which is 0.66 percentage points above the peer-cohort average of 0.95% p.a. for this category. Fee levels vary across managed funds; check the FMA Disclose register to compare charges across the market.
Head-to-head
Compare Pie Global Growth Fund 2 with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International Equities funds
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 5 funds →AI & integrations
Use this fund inside the tools you already use
Every fund on ManagedFundsNZ ships in three formats so AI assistants and data tools can consume it without scraping: a canonical HTML page, a plain Markdown twin, and a structured JSON twin. Citation back to the canonical URL is required; full reuse policy at /llms-policy.txt.
- Canonical (HTML)managedfunds.nz/funds/pie/global-growth-2/This page. Browsable.
- Markdown twinmanagedfunds.nz/funds/pie/global-growth-2/markdown.mdPlain text. AI-crawler-ready.
- Structured (JSON)managedfunds.nz/funds/pie/global-growth-2/data.jsonMachine-parseable.
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 Pie Global Growth Fund 2?
Pie Global Growth Fund 2 is managed by Pie Funds. Active manager focused on global growth equities including UK, Europe and small-cap strategies.
What asset class is the Pie Global Growth Fund 2?
It is a international equities managed fund. 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 Pie Global Growth Fund 2?
The annual fund charge for the Pie Global Growth Fund 2 is 1.61% 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 Pie Global Growth Fund 2?
The risk indicator is 5/7 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 Pie Global Growth Fund 2 a PIE fund?
Yes. The Pie Global Growth Fund 2 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 Pie Global Growth Fund 2?
Fund size (assets under management) is NZ$220 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Pie Global Growth Fund 2 invest in?
The latest published top holdings are: WisdomTree Emerging Markets SmallCap Dividend Fund (3.17%), BNZ Call Account - NZD (3.06%), JPM Call Account - USD (2.50%). 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 Pie Global Growth Fund 2?
The Pie Global Growth Fund 2 is available via Pie Funds directly. Always read the current Product Disclosure Statement before investing.
Are pie funds good?
PIE funds offer a tax structure where investor tax is capped at your prescribed investor rate (maximum 28%), which can be advantageous compared to FIF taxation for some investors. Whether a PIE fund suits your circumstances depends on your tax position and investment goals—consult your tax adviser or the IRD guidance on PIE vs FIF taxation.
How much does pie fund NZ charge?
Pie Global Growth Fund 2 charges an annual fund charge of 1.61% p.a. as at the latest Quarterly Fund Update. This is higher than the peer-cohort average of 0.95% p.a. for comparable funds; you can compare fees across funds using the FMA Disclose register.
Is 2% management fee high?
Pie Global Growth Fund 2's annual fund charge is 1.61% p.a., which is 0.66 percentage points above the peer-cohort average of 0.95% p.a. for this category. Fee levels vary across managed funds; check the FMA Disclose register to compare charges across the market.