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 fee of 1.31%, compared with 1.02% for the Summer Growth Selection — a 29 basis point gap that compounds meaningfully over time on similar-sized portfolios. Both funds carry an identical risk indicator of 4 out of 7 and hold broadly comparable growth-asset allocations (Pathfinder at 78.34%, Summer at 77.76%), so the fee difference is not obviously explained by a meaningfully different risk profile.
On five-year returns, Pathfinder has returned 5.6% per annum against Summer's 4.51%, though past performance is not a reliable guide to future returns and the net-of-fees comparison requires care given the fee differential noted above. Fund size is similar: Pathfinder at approximately NZD 97.6 million, Summer at approximately NZD 111.5 million.
Portfolio construction differs in character. Pathfinder's top holdings are concentrated in direct global equities — Microsoft, Nvidia, Apple — alongside a notable 10.83% cash position at Westpac. Summer's visible holdings skew toward NZ-listed property (Precinct, Goodman) and include an internally branded fixed-interest fund and the Vanguard ESG US Stock ETF, suggesting a more fund-of-funds and domestically weighted structure at the top of the book. Both funds sit within a KiwiSaver scheme account context, though investors should confirm whether their specific account type affects applicable charges or tax treatment.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary for any investment decision.
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
- 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
- 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
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?
