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 their risk indicator rating: ANZ Investments OneAnswer International Property Fund sits at 6 on the FMA's standardised 1–7 scale, while Pathfinder Global Property Fund sits at 5. This single-step difference signals that ANZ's fund has historically exhibited greater return volatility, and investors should read each fund's Product Disclosure Statement to understand what drives that gap. Both funds are almost entirely in growth assets — ANZ at 98.37% and Pathfinder at 98.31% — so asset allocation alone does not explain the divergence.
On fees, the two funds are nearly identical: ANZ charges 0.99% per annum and Pathfinder charges 1.00%. The five-year return picture, however, differs materially — ANZ's fund returned 3.11% per annum over five years versus Pathfinder's 0.80%, though past returns are not a reliable indicator of future performance and the higher-risk rating of the ANZ fund is relevant context. Pathfinder's fund is roughly 2.3 times larger by funds under management (NZD 16.6 million versus NZD 7.1 million). Both funds hold overlapping global listed property names — Welltower, Equinix, and Digital Realty Trust appear in each — though ANZ's top holding weightings are more concentrated, with Welltower at 9.9% compared to Pathfinder's 6.29%. Pathfinder also discloses a meaningful cash-at-bank position (4.97%) among its top five, which ANZ's equivalent disclosure does not show. Note that ANZ OneAnswer is offered within a KiwiSaver scheme account structure; Pathfinder's fund is a standalone managed fund.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- 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 | 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.
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
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?
