Fund-vs-fund · Australasian Equities
Clarity New Zealand Equity Fund vs Pathfinder Ethical Trans-Tasman Fund
Both are Australasian Equities 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 geographic scope: despite sharing an "Australasian Equities" category label, the Pathfinder Ethical Trans-Tasman Fund explicitly targets both New Zealand and Australian equities — evidenced by Australian names such as National Australia Bank appearing in its top five holdings — while the Clarity New Zealand Equity Fund concentrates exclusively in New Zealand-listed companies, with no Australian exposure visible in its disclosed holdings. This distinction meaningfully affects country concentration risk and currency exposure for investors.
On fees, Clarity charges a disclosed annual fund charge of 1.06%, compared with Pathfinder's 1.00%, a 6 basis-point difference that compounds over time on similar-sized portfolios. Both funds sit at a risk indicator of 4 on the standard 1–7 scale and carry near-identical growth asset allocations of 98.31%. Fund size is comparable: Pathfinder at approximately NZD 13.3 million versus Clarity at approximately NZD 12.6 million.
Five-year returns after fees, as reported in each fund's latest Quarterly Fund Update, are close — Pathfinder at 1.73% per annum and Clarity at 1.68% per annum — though these figures cover a period of relatively subdued Australasian equity market performance and should not be extrapolated. Both funds share Fisher & Paykel Healthcare and Meridian Energy in their top holdings, though Clarity holds each at materially higher weights, reflecting its tighter NZ-only mandate.
Always verify all figures against each fund's current Product Disclosure Statement 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
- 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 58 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 | 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
5
of each fund's top 10
Clarity weight in shared
42.1%
of Clarity New Zealand Equity Fund top 10 is shared
Pathfinder weight in shared
26.9%
of Pathfinder Ethical Trans-Tasman Fund top 10 is shared
| Holding | Clarity | Pathfinder |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 13.53% | 9.40% |
 Infratil Ltd NZ | 9.44% | 4.97% |
 Auckland International Airport Ltd NZ | 8.48% | 4.60% |
 Ebos Group Ltd NZ | 4.34% | 4.01% |
 Contact Energy Ltd NZ | 6.33% | 3.87% |
"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
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
- 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 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?
