Fund-vs-fund · Australasian Equities
Clarity New Zealand Equity FundvsPathfinder Ethical Trans-Tasman Fund
Clarity New Zealand Equity Fund (fund size NZ$12.6 million, annual fund charge 1.06%) and Pathfinder Ethical Trans-Tasman Fund (fund size NZ$12.4 million, annual fund charge 1.00%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 7.25% and −1.06%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 21 of the same securities. If you held both, roughly 49.0% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Clarity New | Pathfinder Ethical | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 13.53% | 9.40% | 9.40% |
| Infratil | 9.44% | 4.97% | 4.97% |
| Auckland International Airport | 8.48% | 4.60% | 4.60% |
| Ebos | 4.34% | 4.01% | 4.01% |
| Contact Energy | 6.33% | 3.87% | 3.87% |
| Mercury NZ | 3.86% | 2.56% | 2.56% |
| Freightways | 2.23% | 2.58% | 2.23% |
| a2 Milk | 6.15% | 2.15% | 2.15% |
| Fletcher Building | 1.93% | 2.49% | 1.93% |
| Summerset Group | 2.63% | 1.81% | 1.81% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is geographic scope. Despite sharing the Australasian Equities category, the Pathfinder Ethical Trans-Tasman Fund explicitly spans both New Zealand and Australian listed companies — its top five holdings include National Australia Bank alongside NZ names — while the Clarity New Zealand Equity Fund concentrates solely on New Zealand equities, with its disclosed holdings confined entirely to NZ-listed companies. Investors seeking pure NZ equity exposure will find meaningfully different underlying market risk between the two.
On returns, the five-year figures diverge noticeably: Clarity recorded 1.68% per annum against Pathfinder's 0.45% per annum over the same period, though past performance does not indicate future performance and the differing geographic mandates partly explain this gap. Annual fund charges are close but not identical — Pathfinder charges 1.00% and Clarity 1.06%. Both carry a risk indicator of 4 (on a 1–7 scale) and hold identical growth-asset weightings of 98.31%. Fund sizes are similarly matched at approximately NZD 12.4 million and NZD 12.6 million respectively.
The Pathfinder fund applies an ethical screening overlay, which its name signals; Clarity's latest QFU does not disclose a comparable exclusion framework in this data snapshot. Both funds share Fisher & Paykel Healthcare and Auckland International Airport in their top holdings, though Clarity assigns notably higher weights to each — 13.53% versus 9.4% for FPH, and 8.48% versus 4.6% for the airport.
Verify all figures against each fund's current 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
- Pathfinder Ethical Trans-Tasman Fund charges 0.06% lower in annual fund charges (1.00% vs 1.06%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Pathfinder Ethical Trans-Tasman Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Clarity
1.06%
Upper half of cohort
Pathfinder
1.00%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
1.68%
Upper half over 5 years
Pathfinder
0.45%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$13m
Smallest 13% in cohort
Pathfinder
NZ$12m
Smallest 11% in cohort
| Metric | Clarity | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.06% | 1.00% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.68% | 0.45% | Higher is better (past not future) |
| Fund size | NZ$13m | NZ$12m | 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 | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Clarity
Clarity New Zealand Equity Fund
The Fund will provide actively managed exposure to New Zealand equities. The Fund aims to generate a better return than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity New Zealand Equity Fund profile →
Pathfinder
Pathfinder Ethical Trans-Tasman Fund
The Fund invests in Australasian equities, listed property companies and other assets that satisfy Pathfinder’s ethical investment criteria. This is a high-conviction fund of top investment ideas. The Fund may achieve this by investing in Pathfinders Wholesale Ethical Trans-Tasman Fund.Full Pathfinder Pathfinder Ethical Trans-Tasman Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Clarity
Pathfinder
LiveLast verified 2026-05-08
Common questions
What's the difference between the Clarity New Zealand Equity Fund and the Pathfinder Ethical Trans-Tasman Fund?
Which fund has lower fees, Clarity New Zealand Equity Fund or Pathfinder Ethical Trans-Tasman 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?
