Fund-vs-fund · Australasian Equities
Devon Australian 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 their five-year return history: the Devon Australian Fund has returned 7.47% per annum over five years, while the Pathfinder Ethical Trans-Tasman Fund has returned just 0.45% over the same period. Both funds sit in the Australasian Equities category and hold an identical 98.31% in growth assets, so this return divergence is likely driven by stock selection and geographic tilt rather than asset allocation. Devon's portfolio leans heavily into large-cap Australian resources and banking names — BHP Group (8.68%), Rio Tinto (7.65%), and ANZ Group Holdings (6.42%) dominate — whereas Pathfinder's top holdings skew toward New Zealand-listed companies with an ethical screening overlay, led by Fisher & Paykel Healthcare (9.40%), Infratil (4.97%), and Auckland International Airport (4.60%).
On fees, Pathfinder charges a lower annual fund charge of 1.00% versus Devon's 1.30%. The risk indicators diverge too: Devon carries a risk indicator of 5 (out of 7), Pathfinder a 4, suggesting Devon's Australian-heavy, resources-concentrated portfolio has exhibited greater return volatility historically. Fund sizes are comparable — Devon at NZ$10.3 million and Pathfinder at NZ$12.4 million — placing both firmly in the smaller end of the retail market. Neither fund is a KiwiSaver scheme account option based on the data available in this snapshot.
Always verify these figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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 0.30% lower in annual fund charges (1.00% vs 1.30%).
- 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
Devon
1.30%
Highest 12% of cohort
Pathfinder
1.00%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Devon
7.47%
Top 19% over 5 years
Pathfinder
0.45%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Devon
NZ$10m
Smallest 8% in cohort
Pathfinder
NZ$12m
Smallest 11% in cohort
| Metric | Devon | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.30% | 1.00% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 7.47% | 0.45% | Higher is better (past not future) |
| Fund size | NZ$10m | 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. |
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
2
of each fund's top 10
Devon weight in shared
7.1%
of Devon Australian Fund top 10 is shared
Pathfinder weight in shared
9.6%
of Pathfinder Ethical Trans-Tasman Fund top 10 is shared
| Holding | Devon | Pathfinder |
|---|---|---|
 National Australia Bank Ltd AU | 3.92% | 4.67% |
 Infratil Ltd AU | 3.14% | 4.97% |
"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
Devon
Devon Australian Fund
A select portfolio of companies which are primarily Australian listed companies. The Australian market offers exposure to a number of sectors that are not available in New Zealand. The Australian Fund is actively managed, which means the holdings and investment returns may differ considerably from its benchmark. The Fund tends to be fully invested in shares but can hold cash.Full Devon Devon Australian 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 →
Devon
LiveLast verified 2026-05-08
Pathfinder
LiveLast verified 2026-05-08
Common questions
What's the difference between the Devon Australian Fund and the Pathfinder Ethical Trans-Tasman Fund?
Which fund has lower fees, Devon Australian 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?
