Fund-vs-fund · International Equities
Pathfinder Global Water 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 their investment mandate. The Pathfinder Global Water Fund is a thematic fund concentrated exclusively in water-related businesses — its top five holdings (Pentair, Veolia Environnement, Ebara, Roper Industries, Xylem) are all water infrastructure or technology companies, with the largest position at 8.18%. The Pella Global Generations PIE Fund takes a broader, multi-sector approach, with holdings spanning financial infrastructure (Deutsche Boerse), healthcare technology (LivaNova), agriculture (Nutrien), and private equity (3i Group), suggesting a diversified rather than thematic strategy.
Fee structure differs meaningfully: Pathfinder charges an annual fund charge of 1.30%, compared with Pella's 0.85% — a 45 basis point gap that compounds over time. Both funds carry a risk indicator of 5 out of 7 and hold almost identical growth asset allocations of 98.31%, and their fund sizes are closely matched at NZD 63.3 million and NZD 64.0 million respectively.
On performance, Pathfinder discloses a five-year annualised return of 6.99%. Pella's five-year return figure is not available in this snapshot — the fund may be too recently established to have a five-year track record, but investors should check the latest Quarterly Fund Update on FMA Disclose directly. One further note: Pella's largest disclosed position is cash at BNZ (8.17%), which may reflect timing or transitional allocation rather than a strategic stance.
Always verify these figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on them.
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
- 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 Water 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 Water 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 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 →
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
- 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
Pella
Common questions
What's the difference between the Pathfinder Global Water Fund and the Pella Global Generations PIE Fund?
Which fund has lower fees, Pathfinder Global Water 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?
