Fund-vs-fund · Listed Property
ANZ Investments OneAnswer International Property Fund vs Pathfinder Global Property Fund
Both are Listed Property 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 risk profile. ANZ Investments OneAnswer International Property Fund carries a risk indicator of 6 (on the FMA's 1–7 scale), while Pathfinder Global Property Fund sits at 5 — a meaningful step down in stated volatility despite both funds allocating nearly identical proportions to growth assets (98.37% and 98.31% respectively). Investors should examine what drives that divergence, as it is not explained by asset-class allocation alone and may reflect differences in currency hedging, geographic concentration, or underlying security selection.
On fees, the two funds are near-identical: ANZ charges 0.99% annually versus Pathfinder's 1.00%, making this an immaterial distinction. The five-year return difference is more notable — ANZ returned 3.11% per annum against Pathfinder's 2.55% — though past performance is not a reliable indicator of future returns, and the gap may partly reflect the differing risk exposures implied by those separate risk indicators.
Fund size differs substantially: Pathfinder's fund holds approximately NZD 16.8 million in assets versus ANZ's NZD 7.1 million, which may have implications for liquidity and operational scale. Both funds share overlapping top holdings — Welltower Inc, Digital Realty Trust, and Equinix — but ANZ's positions in those names are noticeably larger, suggesting a more concentrated portfolio relative to Pathfinder's more distributed top-five weightings. Pathfinder also holds NZD cash (Westpac, 5.63%) as a top-five position, which ANZ's disclosed holdings do not show.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Annual fund charges are within 0.05% of each other (0.99% vs 1.00%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Pathfinder Global Property Fund is roughly 2.3× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.99%
Lower half of cohort
Pathfinder
1.00%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
3.11%
Top 21% over 5 years
Pathfinder
0.80%
Bottom 4% over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$7m
Smallest 3% in cohort
Pathfinder
NZ$17m
Smallest 17% in cohort
| Metric | ANZ Investments | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.99% | 1.00% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.11% | 0.80% | Higher is better (past not future) |
| Fund size | NZ$7m | NZ$17m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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 | No | 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.
Matching holdings
6
of each fund's top 10
ANZ Investments weight in shared
38.3%
of ANZ Investments OneAnswer International Property Fund top 10 is shared
Pathfinder weight in shared
26.9%
of Pathfinder Global Property Fund top 10 is shared
| Holding | ANZ Investments | Pathfinder |
|---|---|---|
| WE Welltower Inc US | 9.90% | 6.29% |
| PR Prologis Inc US | 4.88% | 6.82% |
| EQ Equinix Inc US | 9.12% | 4.34% |
| DR Digital Realty Trust Inc US | 5.17% | 4.03% |
| VE Ventas Inc US | 5.03% | 3.13% |
| UR Unibail Rodamco Westfield FR | 4.23% | 2.28% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer International Property Fund
The International Property Fund invests mainly in international listed property assets. Investments may include companies, funds or trusts that invest in property and are listed or are soon to be listed, and cash and cash equivalents. The International Property Fund aims to achieve a return (after the fund charge and before tax) that over the long-term outperforms the relevant market index.Full ANZ Investments ANZ Investments OneAnswer International Property Fund profile →
Pathfinder
Pathfinder Global Property Fund
The Fund invests directly in listed property companies that satisfy Pathfinder’s ethical investment criteria. The Fund targets a portfolio of 50 to 100 property companies.Full Pathfinder Pathfinder Global Property 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 International Property Fund and the Pathfinder Global Property Fund?
Which fund has lower fees, ANZ Investments OneAnswer International Property Fund or Pathfinder Global Property Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
