Fund-vs-fund · Diversified
ANZ Investments OneAnswer Conservative Fund vs Pathfinder Ethical Growth Fund
Both are Diversified funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their asset allocation. The ANZ Investments OneAnswer Conservative Fund holds 23.37% in growth assets, positioning it firmly toward the defensive end of the diversified spectrum, while the Pathfinder Ethical Growth Fund holds 78.34% in growth assets — a markedly higher exposure to equities and growth-oriented securities. This divergence directly shapes each fund's risk profile: the Conservative Fund carries a risk indicator of 3, while the Ethical Growth Fund sits at 4 on the same standardised scale.
That allocation gap also maps onto their five-year return figures. The Pathfinder Ethical Growth Fund returned 5.60% per annum over five years against the ANZ Conservative Fund's 1.62%, though past returns are not a reliable guide to future performance and the higher growth allocation carries correspondingly greater volatility.
Fee structures differ substantially. ANZ Investments discloses an annual fund charge of 0.63%, roughly half the 1.31% charged by Pathfinder. Whether that difference is offset by portfolio construction, ethical screening methodology, or return outcomes is a judgement each investor must make.
Pathfinder's top disclosed holdings include Microsoft, Nvidia, Apple, and Fisher & Paykel Healthcare, reflecting its equity-heavy, ethically screened mandate. ANZ's visible holdings are dominated by short-dated New Zealand bank debt instruments, consistent with its conservative, income-oriented positioning. Both funds are similarly sized at approximately $97–104 million. Neither fund is a KiwiSaver scheme account product based on the data provided.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- ANZ Investments OneAnswer Conservative Fund charges 0.68% lower in annual fund charges (0.63% vs 1.31%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Pathfinder Ethical Growth Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.63%
Lowest 19% of cohort
Pathfinder
1.31%
Highest 22% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
1.62%
Bottom 15% over 5 years
Pathfinder
4.82%
Top 23% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$104m
Upper half by size
Pathfinder
NZ$98m
Upper half by size
| Metric | ANZ Investments | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.63% | 1.31% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.62% | 4.82% | Higher is better (past not future) |
| Fund size | NZ$104m | NZ$98m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 78% / 22% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow · Direct | InvestNow · Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer Conservative Fund
The Conservative Fund invests mainly in income assets (cash and cash equivalents and fixed interest), with a smaller exposure to growth assets (equities, listed property and listed infrastructure). The fund may also invest in alternative assets. The Conservative Fund aims to achieve (after the fund charge and before tax) over the long term low relatively stable returns, allowing for small ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Conservative Fund profile →
Pathfinder
Pathfinder Ethical Growth Fund
An ethical portfolio invested in growth and income assets.Full Pathfinder Pathfinder Ethical Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
ANZ Investments
Pathfinder
LiveLast verified 2026-05-08
- Supporting document490 kB · file fingerprint recorded
- Supporting document5160 kB · file fingerprint recorded
- Supporting document6356 kB · file fingerprint recorded
- Supporting document11086 kB · file fingerprint recorded
- Supporting document13994 kB · file fingerprint recorded
- Supporting document11709 kB · file fingerprint recorded
- + 9 more on the fund page
Common questions
What's the difference between the ANZ Investments OneAnswer Conservative Fund and the Pathfinder Ethical Growth Fund?
Which fund has lower fees, ANZ Investments OneAnswer Conservative Fund or Pathfinder Ethical Growth Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
