Fund-vs-fund · International Equities
Pathfinder Global Responsibility Fund vs Pathfinder Global Water Fund
Both are International Equities 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 observation here is that every data point in this snapshot is identical across both funds: same manager (Pathfinder), same annual fund charge (1.30%), same risk indicator (5 out of 7), same five-year return (4.97%), same fund size (NZD 63,891,501), same growth assets allocation (98.31%), same top-five holdings with identical weightings, and the same PDS URL. This raises a data integrity question rather than a meaningful structural comparison — the FMA Disclose snapshot supplied appears to have populated both fund records with the same underlying figures, which may indicate a data feed error, a fund merger, or that the two named funds currently share a single portfolio vehicle under Pathfinder's managed fund offer.
The names differ — "Global Responsibility Fund" versus "Global Water Fund" — suggesting distinct investment mandates in principle: a broad ESG-screened global equity strategy versus a thematic water-sector strategy. However, because the disclosed holdings, fees, size, and returns are numerically indistinguishable in this snapshot, no structural difference between the two can be confirmed from the data provided. It is possible that one fund name is a legacy label or that a consolidation has occurred that is not yet fully reflected in public records.
Readers should not treat this comparison as definitive. Verify each fund's current mandate, portfolio composition, and fee structure against the source PDS and the 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 (1.30% vs 1.30%).
- 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 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Pathfinder
1.30%
Highest 15% of cohort
Pathfinder
1.30%
Highest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
4.97%
Bottom 21% over 5 years
Pathfinder
4.97%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Pathfinder
NZ$64m
Lower half by size
Pathfinder
NZ$64m
Lower half by size
| Metric | Pathfinder | Pathfinder | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.30% | 1.30% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 4.97% | 4.97% | Higher is better (past not future) |
| Fund size | NZ$64m | NZ$64m | 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 | Yes | Yes | 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
10
of each fund's top 10
Pathfinder weight in shared
53.7%
of Pathfinder Global Responsibility Fund top 10 is shared
Pathfinder weight in shared
53.7%
of Pathfinder Global Water Fund top 10 is shared
| Holding | Pathfinder | Pathfinder |
|---|---|---|
| VE Veolia Environnement FR | 8.22% | 8.22% |
| PE Pentair Inc US | 7.78% | 7.78% |
| EB Ebara Corp JP | 6.71% | 6.71% |
| CS CIA Saneamento Basico DE-ADR US | 5.82% | 5.82% |
| FE Ferguson PLC GB | 5.04% | 5.04% |
| OR Organo Corp JP | 4.20% | 4.20% |
| XY Xylem Inc US | 4.19% | 4.19% |
| RI Roper Industries Inc US | 4.00% | 4.00% |
| $ Cash at Bank – NZD – Westpac NZ | 3.91% | 3.91% |
| WA Waters Corp US | 3.81% | 3.81% |
"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 Global Responsibility Fund
The Fund invests in companies connected to water quality, accessibility or sustainability1 that satisfy Pathfinder’s ethical investment criteria. The Fund’s investments are managed by Nordea Investment Management AB.Full Pathfinder Pathfinder Global Responsibility Fund profile →
Pathfinder
Pathfinder Global Water Fund
The Fund invests in companies connected to water quality, accessibility or sustainability1 that satisfy Pathfinder’s ethical investment criteria. The Fund’s investments are managed by Nordea Investment Management AB.Full Pathfinder Pathfinder Global Water Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Pathfinder
LiveLast verified 2026-05-08
Pathfinder
LiveLast verified 2026-05-08
Common questions
What's the difference between the Pathfinder Global Responsibility Fund and the Pathfinder Global Water Fund?
Which fund has lower fees, Pathfinder Global Responsibility Fund or Pathfinder Global Water 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?
