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 they achieve their international equities exposure. The Pathfinder Global Water Fund holds a diversified basket of individual water-related companies — Veolia Environnement (8.22%), Pentair Inc (7.78%), Ebara Corp (6.71%), and others — giving investors direct, stock-level concentration across the water sector. The Smartshares Smart Automation and Robotics ETF, by contrast, places 99.95% of its portfolio into a single underlying vehicle, the iShares Automation and Robotics UCITS ETF, making it a fund-of-ETF structure with an additional layer of underlying holdings and associated costs not captured in its disclosed 0.75% annual fund charge alone.
On fees, the difference is substantial: Pathfinder charges 1.30% per annum versus Smartshares' 0.75%. Risk indicators diverge too — Pathfinder sits at 5 on the standard 1–7 scale, while Smartshares carries a 6, reflecting higher expected volatility. The five-year return figures show Smartshares at 7.04% and Pathfinder at 4.97%, though these figures are historical and cover different thematic exposures — water infrastructure versus automation and robotics — so they are not directly comparable on a like-for-like basis. Both funds report growth assets at 98.31% and are similarly sized (approximately NZD 63.9 million and NZD 65.1 million respectively). Neither fund is a KiwiSaver scheme account product under these offers.
Verify all figures against each fund's current PDS and 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
- 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
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?
