Fund-vs-fund · Diversified
Pathfinder Ethical Growth Fund vs Summer Growth Selection
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 funds is cost. The Pathfinder Ethical Growth Fund charges an annual fund charge of 1.31%, compared with 1.02% for the Summer Growth Selection — a 29 basis-point gap that compounds meaningfully over time in a same-category, same-risk comparison. Both funds carry a risk indicator of 4 out of 7 and hold similar growth-asset allocations (Pathfinder at 78.48%, Summer at 77.76%), so the fee difference is not obviously explained by a divergence in portfolio construction at the headline level.
On five-year returns, Pathfinder returned 4.82% per annum against Summer's 4.51%, a 31 basis-point advantage that broadly offsets the fee differential in gross terms — though investors should consider that past performance is not a reliable indicator of future performance. Fund size is comparable: Summer sits at approximately NZD 111.5 million, Pathfinder at NZD 98.2 million.
Portfolio construction differs in approach. Pathfinder holds individual equities directly (Microsoft, NVIDIA, Fisher & Paykel Healthcare) alongside meaningful cash positions at Westpac and ANZ. Summer's top holdings reveal a fund-of-funds layer — a Hunter Global Fixed Interest Fund and a Vanguard ESG US Stock ETF — suggesting greater use of pooled vehicles. Both funds share exposure to Fisher & Paykel Healthcare and Microsoft. Summer's PDS is associated with a KiwiSaver scheme account; Pathfinder's PDS covers a retail managed fund structure.
Always verify current fees, holdings, and fund details against each fund's Product Disclosure Statement 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
- Summer Growth Selection charges 0.29% lower in annual fund charges (1.02% vs 1.31%).
- 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
Pathfinder
1.31%
Highest 22% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
4.82%
Top 23% over 5 years
Summer
4.51%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Pathfinder
NZ$98m
Upper half by size
Summer
NZ$111m
Upper half by size
| Metric | Pathfinder | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.31% | 1.02% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 4.82% | 4.51% | Higher is better (past not future) |
| Fund size | NZ$98m | NZ$111m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 | Yes | No | 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
3
of each fund's top 10
Pathfinder weight in shared
6.2%
of Pathfinder Ethical Growth Fund top 10 is shared
Summer weight in shared
5.3%
of Summer Growth Selection top 10 is shared
| Holding | Pathfinder | Summer |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 2.06% | 2.46% |
 Microsoft Corporation US | 2.89% | 1.55% |
 Alphabet Inc Class A US | 1.21% | 1.28% |
"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
Pathfinder
Pathfinder Ethical Growth Fund
An ethical portfolio invested in growth and income assets.Full Pathfinder Pathfinder Ethical Growth Fund profile →
Summer
Summer Growth Selection
The Summer Growth Selection fund invests in a lesser exposure to cash and fixed interest investments and a greater exposure to equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Balanced Selection (but with more risk).Full Summer Summer Growth Selection profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Pathfinder
LiveLast verified 2026-05-08
Summer
Common questions
What's the difference between the Pathfinder Ethical Growth Fund and the Summer Growth Selection?
Which fund has lower fees, Pathfinder Ethical Growth Fund or Summer Growth Selection?
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?
