Schroder Sustainable Global Core PIE Fund
Schroder Sustainable Global Core PIE Fund is an international equities managed fund from Schroders with a fund size of NZ$946.0 million and an annual fund charge of 0.39%, as shown on Sorted Smart Investor on 22 May 2026; its 1-year return after fees and tax was 19.05% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Managed by SchrodersFund data last refreshed · holdings as filed to 31/03/2026
Schroder Sustainable Global Core PIE Fund is a international equities managed fund operated by Schroders; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 0.39% · minimum investment NZ$25,000 · distributions no distributions (accumulating). Compared with 83 other same-category funds on this site, the 0.39% annual fund charge sits below 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
0.39%
vs peer avg 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 4.91%
Fund size
NZ$946.0m
98% growth · 2% income
The investment objective of the Fund is to outperform relative to the MSCI World ex Tobacco Index (net dividends reinvested) net of fees with low index-relative risk across a broad range of market environments. The Fund also targets a weighted average carbon intensity lower than the benchmark index and is managed with reference to labour standards, and ESG considerations when selecting, retaining and realising the Fund's investments.
How Schroder Sustainable Global Core PIE Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- MSCI World ex Tobacco Index (net dividends reinvested) NZD
- Responsible-investment screen
- Excludes Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodology; Nuclear weapons — more than 5% of gross revenue; Thermal coal mining — more than 10% of gross revenue, plus 5 additional categories (full list in the SIPO).
- Top 3 holdings
- NVIDIA Corp (5.4%) · Apple Inc (4.7%) · Microsoft Corporation (3.3%)
Key facts
Fund start date
1 December 2023
Min. investment
NZ$25,000
Subsequent: NZ$5,000
Distributions
No distributions (accumulating)
Buy / sell spread
8 bps (0.08%) / 5 bps (0.05%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Currency
Unhedged
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| International equities | 100% | 90% | 100% |
| Cash and cash equivalents | — | 0% | 10% |
Responsible-investment approach
The Funds are Sustainable Investment funds applying ESG integration via Schroders' Exclusions Policy, monitoring and Active Ownership. Additional Negative Screens include Schroders Group's Global Norms List. The Funds target a Weighted Average Carbon Intensity lower than the MSCI World ex Tobacco Index, and utilise both an investment objective alongside a sustainability objective.
Exclusions
- Controversial weapons (cluster munitions, anti-personnel mines, chemical and biological weapons) — Schroders Group proprietary methodology
- Nuclear weapons — more than 5% of gross revenue
- Thermal coal mining — more than 10% of gross revenue
- Thermal coal power generation — more than 30% of gross revenue
- Tobacco, nicotine alternatives and tobacco-based products (production) — more than 10% of gross revenue
- Tobacco, nicotine alternatives and tobacco-based products (production, distribution, retail, licensing, supply) — more than 25% of gross revenue
- Civilian firearms (production) — more than 0% of gross revenue
- Global Norms List — Schroders Group proprietary methodology
Derivatives policy
Permitted derivative instruments include futures, currency derivatives, options and listed equity market derivatives. For the Hedged Fund, derivatives are also entered into for the purposes of hedging the Fund's foreign currency exposure to NZD.
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.
- FundRock acknowledges that its shared ultimate ownership with Apex NZ under Apex Group Limited may cause it to agree commercial terms for registry, fund accounting, and unit pricing services that favour Apex NZ over investors.
- Schroders discloses that its relationship with other Schroders-managed funds may lead it to direct crossing transactions or invest fund assets into other Schroders funds rather than third-party alternatives, potentially at investors' expense if not on arm's-length terms.
- Schroders acts as both investment manager and distributor of the Funds under the same fund hosting arrangement, meaning one related party controls investment decisions, product distribution, and scheme administration.
- FundRock discloses no performance-fee mechanic in the conflicts or related-party sections of this OMI; investors should refer to the PDS fee schedule to confirm applicable fees.
Generated 2026-05-28 from Schroder Investment Funds OMI (dated 2026-01-19). 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
Public Trust
Auditor
PricewaterhouseCoopers
Custodian
Public Trust (with JP Morgan Securities Australia Limited as sub-custodian for each Fund)
Conflicts disclosed
4
In OMI
Conflicts of interest disclosed in OMI
- FundRock and Apex NZ share common ultimate ownership under Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors.
- Parties related to the Funds, including staff of Schroders and FundRock and their families and staff and families of all parties listed in the 'Other information on the parties involved' section, may from time to time invest in the Funds.
- Schroders' relationship with Other Schroders Funds could influence it to undertake Crossing Transactions instead of buying or selling assets on market, or to undertake Crossing Transactions when one or another fund would not have otherwise transacted, potentially benefiting investors in one fund at the expense of the other.
- Schroders' association with Other Schroders Funds could influence it to invest the assets of the Funds into Other Schroders Funds instead of into direct assets or investment funds managed by third parties, potentially adversely affecting investors if not on arms' length terms or if third-party funds were more efficient.
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.
Schroder Sustainable Global Core PIE Fund: 0.39% per annum. International Equities median across 84 funds:0.62%. This fund is 0.23 percentage points below the category median.
Annual fund charge
0.39%
Category median: 0.62%
Cheaper than 75% of peers
Fund size
NZ$946.0m
Category median: NZ$104.3m
Top 5% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$193
Compounded charge over 5 years (excl. returns)
$113 less 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 46 holdings with the FMA as at 31/03/2026. The largest 25 are shown.
Top 10 concentration: 0.4% 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 -1.9% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| SK HYNIX INC | 0.04% | |
| AICHI STEEL CORP | 0.04% | |
| EXELIXIS INC | 0.04% | |
| HANWHA SYSTEMS CO LTD | 0.04% | |
| AGEAS | 0.04% | |
| PULTEGROUP INC | 0.04% | |
| BILIBILI INC | 0.04% | |
| ULTA BEAUTY INC | 0.04% | |
| NITTO DENKO CORP | 0.04% | |
| POSTE ITALIANE SPA | 0.04% | |
| NEXT PLC | 0.04% | |
| ALIBABA GROUP HOLDING-SP ADR | 0.04% | |
| PACKAGING CORP OF AMERICA | 0.04% | |
| IG GROUP HOLDINGS PLC | 0.04% | |
| AON PLC | 0.03% | |
| CLEAR SECURE INC | 0.03% | |
| REXEL SA | 0.03% | |
| STIFEL FINANCIAL CORP | 0.03% | |
| HALOZYME THERAPEUTICS INC | 0.03% | |
| RAMBUS INC | 0.03% | |
| COMMERCIAL METALS CO | 0.03% | |
| AMERICAN INTERNATIONAL GROUP I | 0.03% | |
| ASM INTERNATIONAL NV | 0.03% | |
| EVOLUTION MINING LTD | 0.03% | |
| NEXANS SA | 0.03% |
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 9 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 NVIDIA Corp | 5.40% |
 Apple Inc | 4.72% |
 Microsoft Corporation | 3.29% |
 Amazon.Com Inc | 2.54% |
 Alphabet Inc Class A | 2.13% |
 Broadcom Inc | 1.85% |
| Alphabet Inc Class C | 1.78% |
 Meta Platforms Inc | 1.58% |
 Tesla Motors Inc | 1.30% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SCHRODER SUSTAINABLE GLOBAL CORE PIE FUND (FND45740) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 13.54 KB
- 20260120 Schroders PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 294.86 KB
- 20260331 Schroder Sustainable Global Core PIE QFU.pdf The quarterly update published by the provider PDF, 467.49 KB
- 20260120 Schroders OMI.pdf Other material information PDF, 324.86 KB
- 20260401 Schroder Investment Funds SIPO.pdf Statement of investment policy and objectives PDF, 424.86 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 Schroders
Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors.
Schroders has 2 retail funds in our coverage across International Equities strategies, with annual fund charges from 0.39% to 0.39% a year.
Based in London.
Head-to-head
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Peer funds
Other International Equities funds
FMA risk band
Same risk band (5/7)
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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 Schroder Sustainable Global Core PIE Fund?
Schroder Sustainable Global Core PIE Fund is managed by Schroders. Global asset manager with a Sustainable Global Core PIE fund (hedged and unhedged variants) for NZ investors.
What asset class is the Schroder Sustainable Global Core PIE Fund?
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 Schroder Sustainable Global Core PIE Fund?
The annual fund charge for the Schroder Sustainable Global Core PIE Fund is 0.39% 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 Schroder Sustainable Global Core PIE Fund?
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 Schroder Sustainable Global Core PIE Fund a PIE fund?
Yes. The Schroder Sustainable Global Core PIE Fund 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 Schroder Sustainable Global Core PIE Fund?
Fund size (assets under management) is NZ$946 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Schroder Sustainable Global Core PIE Fund invest in?
The latest published top holdings are: NVIDIA Corp (5.40%), Apple Inc (4.72%), Microsoft Corporation (3.29%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
Is the Schroder Sustainable Global Core PIE Fund currency-hedged?
No. The Schroder Sustainable Global Core PIE Fund is unhedged — returns include the impact of NZD/foreign-currency movements. NZD weakness boosts foreign-asset returns in NZD terms; NZD strength reduces them.
Does the Schroder Sustainable Global Core PIE Fund apply responsible-investment screens?
Yes. The Schroder Sustainable Global Core PIE Fund applies responsible-investment or ESG screening criteria — exclusions and engagement policies are documented in the fund's Statement of Investment Policy and Objectives (SIPO). Check the SIPO for the specific screening framework used.
How can I invest in the Schroder Sustainable Global Core PIE Fund?
The Schroder Sustainable Global Core PIE Fund is available via Schroders directly. Always read the current Product Disclosure Statement before investing.