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 as a capital-preservation-oriented portfolio whose top disclosed holdings are fixed-income instruments — NZ Government bonds and a Westpac floating rate note dominate by weight. The Pathfinder Ethical Growth Fund sits at 78.48% growth assets, with listed equities including Microsoft, Fisher & Paykel Healthcare, and NVIDIA among its largest positions. This divergence is reflected directly in their risk indicators: the Conservative Fund sits at 3 on the standard 1–7 scale; the Ethical Growth Fund at 4.
The fee gap is substantial. Pathfinder charges an annual fund charge of 1.31%, more than double the Conservative Fund's 0.63%. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, the Ethical Growth Fund returned 4.82% per annum against the Conservative Fund's 1.62% — though this difference is consistent with the higher growth-asset exposure and correspondingly higher risk rating, and past returns are not a reliable indicator of future performance.
Both funds are similarly sized: approximately NZD 103.9 million (Conservative) and NZD 98.2 million (Ethical Growth). Pathfinder's mandate explicitly applies an ethical screening overlay, which is absent from the ANZ fund's disclosed strategy. Neither fund is a KiwiSaver scheme account offering in these particular structures, though both managers operate separate KiwiSaver scheme accounts elsewhere.
Readers should verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
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 | Direct | 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
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?
