Fund-vs-fund · Listed Property
Pathfinder Global Property Fund vs Summer Listed Property
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. Summer Listed Property holds exclusively New Zealand-listed property securities — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Property For Industry, and Vital Healthcare Property Trust collectively account for roughly 70% of the portfolio. Pathfinder Global Property Fund, by contrast, is globally diversified, with its five disclosed top holdings spanning US-listed logistics, healthcare real estate investment trusts, and data-centre operators (Prologis, Welltower, Digital Realty Trust, Equinix), alongside a 5.63% cash position at Westpac NZD. This geographic split carries meaningfully different currency, regulatory, and sector exposures for investors to consider.
Both funds sit at risk indicator 5 on the standard 1–7 scale and allocate approximately 98% to growth assets. Fees are close but not identical: Pathfinder charges 1.00% per annum; Summer charges 1.02%. Five-year returns (to each fund's respective QFU date) are similarly narrow — Pathfinder at 2.55% and Summer at 2.69% — though these figures reflect different underlying market exposures and should not be read as directly equivalent performance comparisons. Fund size differs more materially: Pathfinder holds approximately NZD 16.8 million in assets versus Summer's NZD 7.6 million, which may have implications for liquidity and operational scale. Summer's PDS URL references a KiwiSaver scheme structure, meaning participation would be through your KiwiSaver scheme account; Pathfinder is structured as a retail managed fund outside KiwiSaver.
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
- 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%.
- Pathfinder Global Property Fund is roughly 2.2× the size of the other fund.
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
Summer
1.02%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
0.80%
Bottom 4% over 5 years
Summer
2.69%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Pathfinder
NZ$17m
Smallest 17% in cohort
Summer
NZ$8m
Smallest 10% in cohort
| Metric | Pathfinder | Summer | 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% | 2.69% | Higher is better (past not future) |
| Fund size | NZ$17m | NZ$8m | 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 | InvestNow · 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 →
Summer
Summer Listed Property
The Summer Listed Property fund invests in listed financial products issued by entities whose principal business involves the owning or managing of property, property-like assets or real assets. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX All Real Estate Gross with Imputation Index.Full Summer Summer Listed Property 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 Global Property Fund and the Summer Listed Property?
Which fund has lower fees, Pathfinder Global Property Fund or Summer Listed Property?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
