Fund-vs-fund · International Equities
Pathfinder Global Water Fund vs Smart Automation and Robotics ETF
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 how each achieves its international equities exposure. The Smart Automation and Robotics ETF (Smartshares) holds approximately 99.92% of its portfolio in a single underlying instrument — the iShares Automation & Robotics UCITS ETF — making it effectively a pass-through wrapper for that overseas ETF, with concentration risk sitting almost entirely within one position. The Pathfinder Global Water Fund, by contrast, holds a diversified basket of individual equities, with its five largest disclosed positions — Pentair Inc, Veolia Environnement, Ebara Corp, Roper Industries Inc, and Xylem Inc — ranging from 4.52% to 8.18%, each representing a distinct water-sector company.
Fee levels diverge meaningfully: Smartshares discloses an annual fund charge of 0.75%, while Pathfinder discloses 1.30% — a 55 basis point gap that compounds over time. Despite the higher fee, Pathfinder's disclosed five-year return of 6.99% per annum trails the Smartshares fund's 9.49%, though the differing thematic mandates (automation and robotics versus global water infrastructure) make like-for-like performance comparison limited in value. Both funds carry identical growth asset allocations of 98.31%, yet their risk indicators differ: Smartshares sits at 6 (higher) and Pathfinder at 5 (lower) on the standardised 1–7 scale. Fund sizes are comparable at NZD 70.6 million and NZD 63.3 million respectively.
Verify all figures against each fund's current PDS 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
- Smart Automation and Robotics ETF charges 0.55% lower in annual fund charges (0.75% 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
Smartshares
0.75%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Pathfinder
4.97%
Bottom 21% over 5 years
Smartshares
7.04%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Pathfinder
NZ$64m
Lower half by size
Smartshares
NZ$65m
Lower half by size
| Metric | Pathfinder | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.30% | 0.75% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 4.97% | 7.04% | Higher is better (past not future) |
| Fund size | NZ$64m | NZ$65m | 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
Smartshares weight in shared
0.5%
of Smart Automation and Robotics ETF top 10 is shared
| Holding | Pathfinder | Smartshares |
|---|---|---|
| $ Cash at Bank – NZD – Westpac NZ | 3.91% | 0.49% |
"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 →
Smartshares
Smart Automation and Robotics ETF
The Smart Automation and Robotics ETF is designed to track the return (before tax, fees and other expenses) of the STOXX® Global Automation & Robotics Index. The Index is comprised of stocks from developed and emerging market companies from sectors associated with the development of automatic and robotic technology.Full Smartshares Smart Automation and Robotics ETF 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
Smartshares
Common questions
What's the difference between the Pathfinder Global Water Fund and the Smart Automation and Robotics ETF?
Which fund has lower fees, Pathfinder Global Water Fund or Smart Automation and Robotics ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
