Fund-vs-fund · Listed Property
Pathfinder Global Property Fund vs Salt Enhanced Property Fund
Both are Listed Property 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 geographic concentration. The Salt Enhanced Property Fund holds all five of its disclosed top positions in New Zealand-listed property companies — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Vital Healthcare Property Trust, and Property for Industry — with the top five alone accounting for roughly 76% of the portfolio. The Pathfinder Global Property Fund, by contrast, holds internationally listed REITs and real-asset companies such as Prologis, Welltower, Equinix, and Digital Realty Trust, with a cash-at-bank line appearing as the third-largest disclosed position at 4.97%. Investors are therefore exposed to materially different currency, market, and regulatory environments despite both funds sitting in the Listed Property category.
Both funds carry a risk indicator of 5 out of 7 and an almost identical growth-assets allocation of 98.31%. Fund sizes are comparable: Pathfinder at NZD 16.6 million and Salt at NZD 18.4 million. Fees are close but not identical — Pathfinder discloses 1.00% and Salt 1.02% annual fund charges. The five-year return figures diverge more noticeably: Pathfinder reports 0.8% per annum and Salt reports 1.67% per annum, though past returns are not a reliable indicator of future performance. A PDS URL is available for Pathfinder in this snapshot; Salt's PDS link is not present in the current data and should be sourced directly from FMA Disclose.
Verify all figures against each fund's current 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
- Annual fund charges are within 0.05% of each other (1.00% vs 1.02%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Pathfinder
1.00%
Lower half of cohort
Salt
1.02%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
0.80%
Bottom 4% over 5 years
Salt
1.67%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Pathfinder
NZ$17m
Smallest 17% in cohort
Salt
NZ$18m
Lower half by size
| Metric | Pathfinder | Salt | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.00% | 1.02% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.80% | 1.67% | Higher is better (past not future) |
| Fund size | NZ$17m | NZ$18m | 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 | 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.
What each fund says it does
Pathfinder
Pathfinder Global Property Fund
The Fund invests directly in listed property companies that satisfy Pathfinder’s ethical investment criteria. The Fund targets a portfolio of 50 to 100 property companies.Full Pathfinder Pathfinder Global Property Fund profile →
Salt
Salt Enhanced Property Fund
The Fund targets a portfolio of shares of New Zealand and Australian property trusts, companies and other property-related securities. The Fund may also, at our discretion short sell securities, hold cash, lever its assets and utilise active currency management to generate returns (although generally will be fully hedged). The investment objective is to outperform the S&P/NZX All Real Estate (Industry Group) Gross Index on a rolling three year basis.Full Salt Salt Enhanced Property Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Pathfinder
LiveLast verified 2026-05-08
Salt
Common questions
What's the difference between the Pathfinder Global Property Fund and the Salt Enhanced Property Fund?
Which fund has lower fees, Pathfinder Global Property Fund or Salt Enhanced Property Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
