Fund-vs-fund · International Equities
Mercer Core Global Shares Fund vs Pathfinder Global Water Fund
Both are International 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 investment mandate and resulting portfolio composition. The Mercer Core Global Shares Fund is a broad-market international equities fund, with its top five holdings dominated by large-cap US technology companies — Nvidia (5.15%), Apple (4.82%), Microsoft (3.21%), Alphabet (2.53%), and Amazon (2.27%). The Pathfinder Global Water Fund, by contrast, is a thematic fund concentrating exclusively on water-related businesses, with its top five positions — Pentair (8.18%), Veolia Environnement (7.64%), Ebara Corp (5.59%), Roper Industries (5.05%), and Xylem (4.52%) — reflecting notably higher individual-stock concentration in a narrower industrial and utilities universe. This thematic focus fundamentally changes the sector exposure and diversification profile despite both funds sitting in the International Equities category with identical growth asset allocations of 98.31% and the same risk indicator of 5.
On fees, Pathfinder charges 1.30% annually versus Mercer's 1.24%, a modest but persistent difference. Fund sizes are comparable — Mercer at NZD 60.9 million and Pathfinder at NZD 63.3 million. Over the five-year period disclosed in each fund's Quarterly Fund Update, Mercer returned 13.93% per annum against Pathfinder's 6.99%, though past performance reflects different market cycles and does not indicate future results.
Neither fund is structured as a KiwiSaver scheme account. Readers should verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Mercer Core Global Shares Fund charges 0.06% lower in annual fund charges (1.24% vs 1.30%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Pathfinder Global Water Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Mercer
1.24%
Highest 19% of cohort
Pathfinder
1.30%
Highest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Mercer
13.93%
Top 6% over 5 years
Pathfinder
4.97%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Mercer
NZ$61m
Lower half by size
Pathfinder
NZ$64m
Lower half by size
| Metric | Mercer | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.24% | 1.30% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 13.93% | 4.97% | Higher is better (past not future) |
| Fund size | NZ$61m | NZ$64m | 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.
What each fund says it does
Mercer
Mercer Core Global Shares Fund
The fund invests in shares listed on share markets predominately in developed economies. The portfolio uses multiple managers and is diversified by region, manager and investment approaches. Environmental, Social and Governance characteristics are integrated into the underlying investment managers’ investment processes. The fund aims to provide a Gross Return above the return of the MSCI World Index with net dividends reinvested (in NZD) on a rolling three-year basis.Full Mercer Mercer Core Global Shares Fund profile →
Pathfinder
Pathfinder Global Water Fund
The Fund invests in companies connected to water quality, accessibility or sustainability1 that satisfy Pathfinder’s ethical investment criteria. The Fund’s investments are managed by Nordea Investment Management AB.Full Pathfinder Pathfinder Global Water Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
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 Mercer Core Global Shares Fund and the Pathfinder Global Water Fund?
Which fund has lower fees, Mercer Core Global Shares Fund or Pathfinder Global Water 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?
