Fund-vs-fund · International Equities
Pathfinder Global Water FundvsPella Global Generations PIE Fund
Pathfinder Global Water Fund (fund size NZ$63.9 million, annual fund charge 1.30%) and Pella Global Generations PIE Fund (fund size NZ$64.0 million, annual fund charge 0.85%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Pathfinder Global Water Fund's 1-year return after fees and tax was 6.26% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 2 of the same securities. If you held both, roughly 3.3% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Pathfinder Global | Pella Global | Min weight |
|---|---|---|---|
| Waters Corp | 3.81% | 2.17% | 2.17% |
| spirax sarco engineering | 1.09% | 1.89% | 1.09% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Pathfinder Global Water Fund
Pella Global Generations PIE Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their fee level. Pathfinder Global Water Fund charges an annual fund charge of 1.30%, compared with Pella Global Generations PIE Fund at 0.85% — a 45 basis point gap that compounds meaningfully over time on otherwise similarly sized portfolios (Pathfinder at approximately NZ$63.9 million, Pella at approximately NZ$64.0 million).
Both funds sit at risk indicator 5 on the standard 1–7 scale and hold near-identical growth asset allocations of 98.31%, placing them in equivalent volatility territory within the International Equities category. Where they diverge sharply is in mandate focus. Pathfinder's portfolio is concentrated around a single theme — global water infrastructure and utilities — with its top five holdings (Veolia Environnement, Pentair, Ebara Corp, CIA Saneamento Basico, Ferguson PLC) each drawn from that sector. Pella's holdings are more diversified across industries, including Deutsche Boerse, LivaNova, Nutrien, and 3i Group, with cash at BNZ representing 8.17% of the fund. That cash weighting also suggests a more conservative deployment posture relative to Pathfinder's 8.22% top equity position.
On performance, Pathfinder discloses a five-year annualised return of 4.97%; Pella's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter track record. Investors comparing long-run performance data will find only one side of that comparison currently populated.
Always verify fees, returns, and holdings against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figures 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 Water Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 84 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 14% of cohort
Pella
0.85%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
4.97%
Bottom 17% 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. |
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
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?
