Fund-vs-fund · Diversified
Lifetime Retirement Income Fund vs Pathfinder Ethical Growth Fund
Both are Diversified 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 diversified funds is their growth asset allocation. The Pathfinder Ethical Growth Fund holds 78.48% in growth assets, positioning it closer to the aggressive end of the diversified spectrum, while the Lifetime Retirement Income Fund sits at 53.15% — a noticeably more conservative blend that reflects its income-oriented mandate for retirees. Both carry a risk indicator of 4 out of 7, though investors should weigh that shared rating against the meaningful gap in underlying asset mix.
On fees, the funds are close but not identical: Pathfinder charges 1.31% annually versus Lifetime's 1.36%. The five-year return picture is one-sided — Pathfinder reports a five-year return of 4.82% per annum, while Lifetime's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter track record. No direct performance comparison can be drawn.
Their portfolio construction also differs structurally. Pathfinder holds individual securities directly — Microsoft, NVIDIA, and Fisher & Paykel Healthcare appear among its top positions — alongside meaningful cash at bank positions. Lifetime operates as a fund-of-funds, with its largest exposures being wholesale pooled vehicles such as the Smart Wholesale Global Equity ESG funds and the Fisher Institutional New Zealand Fixed Interest Fund, suggesting a different layer of underlying costs and decision-making.
By fund size, Lifetime (NZD 115M) is modestly larger than Pathfinder (NZD 98M). Both are retail managed funds, not KiwiSaver scheme accounts.
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
- Pathfinder Ethical Growth Fund charges 0.05% lower in annual fund charges (1.31% vs 1.36%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Pathfinder Ethical Growth Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Lifetime
1.36%
Highest 11% of cohort
Pathfinder
1.31%
Highest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Lifetime
—
—
Pathfinder
4.82%
Top 23% over 5 years
Fund size
Larger = more stable, lower close-risk
Lifetime
NZ$115m
Upper half by size
Pathfinder
NZ$98m
Upper half by size
| Metric | Lifetime | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.36% | 1.31% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | 4.82% | Higher is better (past not future) |
| Fund size | NZ$115m | NZ$98m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 78% / 22% | 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
1
of each fund's top 10
Lifetime weight in shared
7.5%
of Lifetime Retirement Income Fund top 10 is shared
Pathfinder weight in shared
6.0%
of Pathfinder Ethical Growth Fund top 10 is shared
| Holding | Lifetime | Pathfinder |
|---|---|---|
| $ Cash at Bank NZ | 7.51% | 6.02% |
"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
Lifetime
Lifetime Retirement Income Fund
Managed investment fund designed to turn your retirement savings into a variable retirement income.Full Lifetime Lifetime Retirement Income Fund profile →
Pathfinder
Pathfinder Ethical Growth Fund
An ethical portfolio invested in growth and income assets.Full Pathfinder Pathfinder Ethical Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Lifetime
Pathfinder
LiveLast verified 2026-05-08
Common questions
What's the difference between the Lifetime Retirement Income Fund and the Pathfinder Ethical Growth Fund?
Which fund has lower fees, Lifetime Retirement Income Fund or Pathfinder Ethical Growth Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
