FCG is on a private market operated by NZX for Fonterra....

FCG is on a private market operated by NZX for Fonterra. Fonterra/FCG is owned by NZ dairy farmers. However, they were able to sell shares into the FSF as units to retail investors (but no voting rights, only receive economic benefit). More recently Fonterra has changed its capital structure and part of that is farmers can no longer sell shares into the Fund (FSF)... hence the price divergence between the two stocks. FCG trades at a lower value due to being a restricted market (only Fonterra supplying dairy farmers can hold shares). Fonterra is currently buying back shares as part of the listing rules needs to release the notice to FSF as well. That's the high level summary - hope it helps.