Fund-vs-fund · International Equities
Pathfinder Global Responsibility Fund vs Pella Global Generations PIE 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 structural difference between these two funds is cost. Pathfinder Global Responsibility Fund charges an annual fund charge of 1.30%, while Pella Global Generations PIE Fund charges 0.85% — a gap of 45 basis points that compounds meaningfully over time on equivalent capital. Both funds sit at risk indicator 5 on the FMA's seven-point scale and carry near-identical growth asset allocations of 98.31%, placing them in broadly comparable risk territory within the International Equities category.
On historical performance, the comparison is one-sided: Pathfinder discloses a five-year annualised return of 4.97%, whereas Pella's five-year return figure is not available in this snapshot, most likely reflecting the fund's shorter operating history. Investors relying on track record as a decision input will find this data absent for Pella.
Portfolio construction differs notably. Pathfinder's top five holdings are concentrated in environmental and water-infrastructure names — Veolia Environnement, Pentair, Ebara Corp, CIA Saneamento Basico, and Ferguson — consistent with its responsibility mandate. Pella's top positions are more diversified across sectors, with Deutsche Boerse, LivaNova, Nutrien, and 3i Group featured alongside an 8.17% cash-at-bank position with BNZ, which is unusual as a largest disclosed holding for an equities fund. Fund sizes are nearly identical at roughly NZD 64 million each.
Always verify these details against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figure here.
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
- Pella Global Generations PIE Fund charges 0.45% lower in annual fund charges (0.85% vs 1.30%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Pathfinder Global Responsibility Fund applies responsible-investment / ESG screening. The other fund does not.
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
Pella
0.85%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
4.97%
Bottom 21% over 5 years
Pella
—
—
Fund size
Larger = more stable, lower close-risk
Pathfinder
NZ$64m
Lower half by size
Pella
NZ$64m
Lower half by size
| Metric | Pathfinder | Pella | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.30% | 0.85% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 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 | 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
1
of each fund's top 10
Pathfinder weight in shared
3.9%
of Pathfinder Global Responsibility Fund top 10 is shared
Pella weight in shared
8.2%
of Pella Global Generations PIE Fund top 10 is shared
| Holding | Pathfinder | Pella |
|---|---|---|
| $ Cash at Bank – NZD – Westpac NZ | 3.91% | 8.17% |
"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 →
Pella
Pella Global Generations PIE Fund
The Investment Manager believes it is possible to consistently generate excess returns by creating a diversified portfolio of highly cash flow generative companies with favourable outlooks that are trading at attractive valuations.Full Pella Pella Global Generations PIE Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Pathfinder
LiveLast verified 2026-05-08
Pella
Common questions
What's the difference between the Pathfinder Global Responsibility Fund and the Pella Global Generations PIE Fund?
Which fund has lower fees, Pathfinder Global Responsibility Fund or Pella Global Generations PIE Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
