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. Salt Enhanced Property Fund's top five holdings — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Vital Healthcare Property Trust, and Property for Industry — are all New Zealand-listed REITs, with the top five alone accounting for roughly 75% of the portfolio. Pathfinder Global Property Fund, by contrast, holds internationally listed property securities including Prologis, Welltower, Digital Realty Trust, and Equinix, with no single position exceeding 6.5% and meaningful cash exposure (5.63% in NZD at Westpac). Pathfinder's structure implies broader geographic and sub-sector diversification; Salt's structure implies concentrated exposure to the domestic NZ listed property market.
Both funds sit at risk indicator 5 and carry nearly identical growth asset allocations of 98.31%. Annual fund charges are close — Pathfinder at 1.00% and Salt at 1.02%. Fund sizes are similar: Pathfinder at approximately NZD 16.8 million and Salt at approximately NZD 19.8 million, both relatively small pools. The five-year return figures diverge considerably — Pathfinder records 2.55% per annum against Salt's 0.27% — though past returns reflect different market conditions and do not indicate future performance.
No PDS URL is recorded in our snapshot for Salt Enhanced Property Fund; a current product disclosure statement should be sought directly via FMA Disclose. Neither fund is a KiwiSaver scheme account product.
Always verify fees, returns, holdings, and fund size against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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
- 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
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?
