Pathfinder Ethical Growth Fund
Managed by Pathfinder Pathfinder Ethical Growth Fund is a diversified managed fund operated by Pathfinder; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.35% · minimum investment NZ$5,000 · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 1.35% annual fund charge sits above the same-category median of 0.99%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.31%
vs peer avg 1.29%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
4.82%
peer avg 4.31%
Fund size
NZ$98.2m
78% growth · 22% income
Ethical investing to achieve medium to high returns with a higher risk focus.
Benchmark track record
Compare Diversified consistency →How Pathfinder Ethical Growth Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 0 of 5 years
annual returns to 31 March 2026Since inception: 2.14% p.a. after fees & tax vs benchmark 4.65%.
How Pathfinder Ethical Growth Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Responsible-investment screen
- Excludes Industries or activities that create significant harm or transgress filters of respecting people, planet and animals; Activities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold.
- Top 3 holdings
- Cash at Bank- NZD- Westpac (6.0%) · Cash at Bank- NZD- ANZ (3.8%) · Microsoft Corporation (2.9%)
Key facts
Fund start date
17 August 2020
Min. investment
NZ$5,000
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Earlier PDS versions
Archived Product Disclosure Statements held by Sorted Smart Investor. Older than 36 months so not used for current fund facts above; useful for fee-history context.
- 2020 dated Annual fund charge 1.26% (−0.09pp vs current) View archived PDF →
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and Cash Equivalents | 7% | 0% | 100% |
| NZ Fixed Interest | 9% | 0% | 70% |
| International Fixed Interest | 14% | 0% | 70% |
| Australasian Equities | 18% | 0% | 90% |
| International Equities | 43% | 0% | 90% |
| Listed Property | 4% | 0% | 20% |
| Other Assets | 5% | 0% | 15% |
Responsible-investment approach
Ethical investing is used as a primary filter for all investments across all funds. This includes negative screening (exclusions based on harm to people, planet and animals), positive screening (ESG scores, positive investment themes such as Healthy Planet and Healthy Living), and good stewardship (active ownership, climate change transition support, UNPRI signatory commitments). An Ethical Investment Policy details exclusions, companies of concern, and an exceptions register.
Exclusions
- Industries or activities that create significant harm or transgress filters of respecting people, planet and animals
- Activities breaching exclusions defined in the Ethical Investment Policy by industry classification and revenue threshold
Derivatives policy
Derivative contracts may be used to manage market risk exposure to equities, foreign currencies, interest rates and other market investment risks, or to take an investment position. Derivatives can be futures, options or other instruments in any currency, whether listed on an exchange or over-the-counter. The protection overlay does not allow overall net short positions.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Pathfinder discloses that several of its retail funds invest solely or partially into wholesale funds managed by Pathfinder itself or sister company Salt Funds Management, creating a fund-of-fund related-party structure.
- Pathfinder acknowledges that Helm Wealth Advisory Limited, a sister company, is appointed to fulfil all management obligations of the Scheme on Pathfinder's behalf, meaning a related party delivers core operational services.
- Pathfinder discloses that the Scheme may invest in private loans issued by shareholder affiliates of Pathfinder, with approval required from the Ethics and Investment Committee and reporting to the board.
- Pathfinder acknowledges that staff and senior executives of parent company SPH Wealth Holdings Limited may personally trade securities also held or considered by the Scheme's funds, governed by its Insider Trading Policy.
Generated 2026-05-28 from Pathfinder Managed Investment Scheme OMI (dated 2026-03-30). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Conflicts disclosed
5
In OMI
Conflicts of interest disclosed in OMI
- Investments are made into funds or financial products of a related party (e.g. financial products managed or arranged by Pathfinder, Helm Wealth or Salt Funds Management Limited, our sister companies, or associated companies), managed via Pathfinder's Related Party Transaction Policy.
- Investments that are bought, sold or held by Pathfinder's KiwiSaver Plan may also be bought, sold or held by a Fund in the Scheme, managed by Pathfinder's Trade Allocation Policy.
- Pathfinder and Helm Wealth staff, including senior executives from parent company SPH Wealth Holdings Limited, may want to buy, sell or hold a security personally that is also held or considered by a Fund, managed by Pathfinder's Insider Trading Policy.
- Investments are made into companies where a director is also a person associated with Pathfinder, managed via Pathfinder's Related Party Transaction Policy.
- Pathfinder and its shareholder's executives may hold governance positions with one or more of the organisations that Pathfinder financially supports.
How this fund compares to peers
Mechanical comparison vs the 67 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.31%
Category median: 0.99%
Pricier than most peers (top 78% by fee)
5y return p.a. (after fees)
+4.82%
Category median: +3.27%
Higher than 77% of peers
Fund size
NZ$98.2m
Category median: NZ$57.5m
59th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$638
Compounded charge over 5 years (excl. returns)
$153 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| $ Cash at Bank- NZD- Westpac | 6.02% |
| $ Cash at Bank- NZD- ANZ | 3.78% |
 Microsoft Corporation | 2.89% |
 Fisher & Paykel Healthcare Ltd | 2.06% |
 NVIDIA Corp | 1.68% |
 Apple Inc | 1.43% |
 Alphabet Inc Class A | 1.21% |
 Infratil Ltd | 1.16% |
 Broadcom Inc | 1.15% |
 National Australia Bank Ltd | 1.01% |
Documents
- 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
- Other Material Information719 kB · file fingerprint recorded
- Product Disclosure Statement594 kB · file fingerprint recorded
- Statement of Investment Policy884 kB · file fingerprint recorded
- Supporting document157 kB · file fingerprint recorded
- Supporting document1063 kB · file fingerprint recorded
- Supporting document406 kB · file fingerprint recorded
- Supporting document407 kB · file fingerprint recorded
- Supporting document1676 kB · file fingerprint recorded
- Supporting document429 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- ETHICAL GROWTH FUND (FND20394) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 14.75 KB
- Pathfinder Managed Funds PDS 2026 Final.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 594.18 KB
- Pathfinder Ethical Growth Quarterly Fund Update 202603.pdf The quarterly update published by the provider PDF, 554.94 KB
- Pathfinder PDS Ethical Growth Fund Aug 2020.pdf Additional product disclosure statement from the provider PDF, 1.75 MB
- FMC Exemption Notice 2020.pdf FMC Exemption Notice-Financial Statement and Annual Report PDF, 110.17 KB
- Pathfinder OMI MIS 202603.pdf Other Material Information document March 2026 PDF, 719.00 KB
- Private Asset Valuation Policy FINAL Dec 25.pdf Private Asset Valuation Policy PDF, 1.58 MB
- Pathfinder Ethical Investment Policy V 5.pdf Ethical Investment Policy PDF, 1.60 MB
- Pathfinder Managed Funds SIPO.pdf Statement of investment policy and objectives PDF, 884.27 KB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About Pathfinder
Ethical-investment specialist with global responsibility, water and trans-Tasman funds.
See all funds from Pathfinder →Common questions
Questions people ask about Pathfinder Ethical Growth Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
What are the pros and cons of a Pathfinder?
Pathfinder Ethical Growth Fund applies responsible-investment and ESG screens as part of its investment process, which may appeal to investors with sustainability preferences. The fund carries a risk indicator of 4/7 on the FMA standardised scale with an annual fund charge of 1.31% p.a., which is 0.08 percentage points higher than the peer-cohort average of 1.23% p.a.; its 5-year return after fees and before tax was 5.6% p.a. as at the latest QFU.
Is Pathfinder KiwiSaver good?
Whether a Pathfinder KiwiSaver scheme account suits your circumstances depends on your risk tolerance, investment timeframe, and tax position. You should compare the fund's risk indicator (4/7), fees (1.31% p.a.), and asset mix (~78.34% growth / 21.66% income) against other available options and review the Product Disclosure Statement on the Pathfinder manager website or via InvestNow before deciding.
Head-to-head
Compare Pathfinder Ethical Growth Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Pathfinder
- Pathfinder Global Responsibility FundInternational Equities
- Pathfinder Global Water FundInternational Equities
- Pathfinder Global Property FundListed Property
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 4 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Pathfinder Ethical Growth Fund?
Pathfinder Ethical Growth Fund is managed by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds.
What asset class is the Pathfinder Ethical Growth Fund?
It is a diversified managed fund. The fund has a growth risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Pathfinder Ethical Growth Fund?
The annual fund charge for the Pathfinder Ethical Growth Fund is 1.31% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Pathfinder Ethical Growth Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Pathfinder Ethical Growth Fund a PIE fund?
Yes. The Pathfinder Ethical Growth Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Pathfinder Ethical Growth Fund?
Fund size (assets under management) is NZ$98 million as at the latest Quarterly Fund Update. Asset mix is approximately 78% growth assets and 22% income assets.
What does the Pathfinder Ethical Growth Fund invest in?
The latest published top holdings are: Cash at Bank- NZD- Westpac (6.02%), Cash at Bank- NZD- ANZ (3.78%), Microsoft Corporation (2.89%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
Does the Pathfinder Ethical Growth Fund apply responsible-investment screens?
Yes. The Pathfinder Ethical Growth Fund applies responsible-investment or ESG screening criteria — exclusions and engagement policies are documented in the fund's Statement of Investment Policy and Objectives (SIPO). Check the SIPO for the specific screening framework used.
How can I invest in the Pathfinder Ethical Growth Fund?
The Pathfinder Ethical Growth Fund is available via Pathfinder directly. Always read the current Product Disclosure Statement before investing.
What are the pros and cons of a Pathfinder?
Pathfinder Ethical Growth Fund applies responsible-investment and ESG screens as part of its investment process, which may appeal to investors with sustainability preferences. The fund carries a risk indicator of 4/7 on the FMA standardised scale with an annual fund charge of 1.31% p.a., which is 0.08 percentage points higher than the peer-cohort average of 1.23% p.a.; its 5-year return after fees and before tax was 5.6% p.a. as at the latest QFU.
Is Pathfinder KiwiSaver good?
Whether a Pathfinder KiwiSaver scheme account suits your circumstances depends on your risk tolerance, investment timeframe, and tax position. You should compare the fund's risk indicator (4/7), fees (1.31% p.a.), and asset mix (~78.34% growth / 21.66% income) against other available options and review the Product Disclosure Statement on the Pathfinder manager website or via InvestNow before deciding.