Fund Evaluator:
Commonwealth Australia/New Zealand (CNZLX)
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Fund Details
Commonwealth Australia/New Zealand Overview
Commonwealth Australia/New Zealand (CNZLX) is an actively managed International Equity Focused Region fund. Commonwealth Intl Series Tr launched the fund in 1991.
The investment seeks to provide long-term capital appreciation and current income. The fund normally invests at least 80% of its net assets in the securities of, and depositary receipts (including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs")) represented by, Australian and New Zealand issuers that are tied economically to Australia or New Zealand. It may invest in shares of other investment companies, including open-end and closed-end funds and exchange-traded funds.
About Commonwealth Australia/New Zealand (CNZLX)
There are 2 members of the management team with an average tenure of 29.32 years: Wesley Yuhnke (2002), Robert Scharar (1991). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and S&P/NZX 50 TR USD index with a weighting of 100%. Commonwealth Australia/New Zealand has 41 securities in its portfolio. The top 10 holdings constitute 59.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Commonwealth Australia/New Zealand is part of the Equity global asset class and is within the International Equity fund group. Commonwealth Australia/New Zealand has 93.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.0%. There is 93.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Commonwealth Australia/New Zealand has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $980 million average for the Focused Region category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CNZLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Commonwealth Australia/New Zealand expense ratio is high compared to funds in the Focused Region category. Commonwealth Australia/New Zealand has an expense ratio of 2.89%, which is 181% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Commonwealth Australia/New Zealand has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 36% for the Focused Region category.
Recently, in the month of July 2026, Commonwealth Australia/New Zealand returned 2.1%, which earned it a grade of C, as the Focused Region category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Commonwealth Australia/New Zealand has a trailing yield of 0.50%, which is below the 2.42% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Commonwealth Australia/New Zealand Grades
Year to date, the fund has returned 5.3%, 8.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.4% over the past year (grade of F), 4.6% over the past three years (grade of F) and -1.7% per year over the past five years (grade of F) and 3.1% per year over the past 10 years (grade of F).
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CNZLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CNZLX Return (NAV) | 2.1% | 3.3% | 9.4% | 4.6% | -1.7% | 3.1% |
| CNZLX Grade | C | A | F | F | F | F |
| +/- Category | 2.1% | 2.9% | -20.5% | -12.7% | -8.6% | -5.2% |
| Focused Region Avg | -0.0% | 0.5% | 29.8% | 17.3% | 6.9% | 8.3% |
| CNZLX Tax Cost Ratio | na | na | 0.2% | 0.3% | 0.5% | 0.7% |
CNZLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CNZLX Return (NAV) | 5.3% | 20.4% | -8.3% | -3.4% | -21.3% | 4.6% | 15.7% | 17.4% | -9.6% | 16.1% | 16.7% |
| CNZLX Grade | F | F | D | F | D | C | B | D | B | F | C |
| +/- Category | -8.4% | -15.9% | -10.8% | -22.5% | -3.5% | -6.0% | 7.3% | -6.5% | 2.2% | -10.0% | 1.9% |
| Focused Region Avg | 13.7% | 36.3% | 2.5% | 19.2% | -17.8% | 10.6% | 8.4% | 23.9% | -11.8% | 26.1% | 14.7% |
| Risk Measures | |
| Standard Deviation: | 14.8% |
| Total Risk Index: | 1.21 - Above Average |
| Category Risk Index: | 0.87 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 0.90 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $13 Mil |
| Fund Total Assets: | $ 14 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 34.7 years | |||
| Average Tenure: 29.3 years | |||
| Managers (Year): Scharar Robert (1991), Yuhnke Wesley (2002) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 59.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 93.4% |
Portfolio Allocation |
|
| Domestic Stock: | 5.0% |
| Foreign Stock: | 93.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | Commonwealth Intl Series Tr |
| Phone Number: | 888-345-1898 |
| Website: | www.commonwealthfunds.com |
| Status: | Open |
| Inception Date: | November 25, 1991 |
| Min. Initial Purchase: | $ 200 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.89% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Commonwealth Australia/New Zealand |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
