# Pathfinder Global Responsibility Fund

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** Pathfinder (Pathfinder Asset Management Limited)
- **Asset class:** International Equities
- **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%)
- **Responsible investment label:** yes (see SIPO for screening framework)
- **Confidence tier:** C (Sorted Smart Investor → FMA Disclose)
- **Last verified:** 2026-05-22

## Summary

The Pathfinder Global Responsibility Fund is a international equities managed fund run by Pathfinder. Ethical-investment specialist with global responsibility, water and trans-Tasman funds.

## Investment objective (from PDS)

> Ethical investing in companies connected to water quality, accessibility or sustainability to achieve above average long-term risk adjusted returns.

Source: Product Disclosure Statement dated 2026-03-30 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf

## Fund data

- **Annual fund charge:** 1.30% p.a. (from the latest Quarterly Fund Update)
- **5-year return (after charges, after tax at 28% PIR):** 4.97% p.a.
- **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$64 million
- **Asset mix:** 98% growth assets · 2% income assets
- **Fund started:** 21 April 2010
- **Minimum initial investment:** NZ$5,000

## Top 10 holdings

1. Veolia Environnement — 8.22%
2. Pentair Inc — 7.78%
3. Ebara Corp — 6.71%
4. CIA Saneamento Basico DE-ADR — 5.82%
5. Ferguson PLC — 5.04%
6. Organo Corp — 4.20%
7. Xylem Inc — 4.19%
8. Roper Industries Inc — 4.00%
9. Cash at Bank – NZD – Westpac — 3.91%
10. Waters Corp — 3.81%

Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register.

## Additional terms (from PDS)

- **Distribution cadence:** No distributions (accumulating)
- **Buy / sell spread:** 5 bps / 5 bps (transaction cost on subscription / redemption)

## Investment policy (from SIPO)

### Strategic asset allocation ranges

| Asset class | Target | Min | Max |
| --- | ---: | ---: | ---: |
| Cash and Cash Equivalents | 0% | 0% | 70% |
| NZ Fixed Interest | 0% | 0% | 20% |
| International Fixed Interest | 0% | 0% | 20% |
| Australasian Equities | 0% | 0% | 20% |
| International Equities | 100% | 30% | 100% |
| Listed Property | 0% | 0% | 30% |
| Other Assets | 0% | 0% | 10% |

### 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.

### 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.

### 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

Source: Statement of Investment Policy and Objectives dated 2026-04-13. https://smartinvestor.sorted.org.nz/disclose-document/5b9e5c338be34a64/Pathfinder-Managed-Funds-SIPO.pdf

## Scheme disclosures (from OMI)

Scheme-level. The same disclosures apply to every fund in this scheme.

- **Trustee / Supervisor:** Public Trust
- **Conflicts of interest disclosed in OMI:** 5

### Conflicts of interest (verbatim from 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.

### Related-party transactions

- **Salt Funds Management Limited** (Sister company) — Appointed as investment manager of the Wholesale Ethical Trans-Tasman Fund in which the Ethical Trans-Tasman Fund and the Ethical Growth Fund invest.
- **Helm Wealth Advisory Limited (formerly Alvarium Wealth (NZ) Limited)** (Sister company) — Appointed to provide services on behalf of Pathfinder to fulfill all obligations as the Manager of the Scheme.
- **Pathfinder Asset Management Limited (manager)** (Manager — related party fund-of-fund structure) — The Global Responsibility Fund invests solely in the wholesale Responsible Investment Fund managed by Pathfinder.
- **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Trans-Tasman Fund invests solely in the Wholesale Ethical Trans-Tasman Fund, a wholesale fund managed by Pathfinder and Salt Funds Management Limited.
- **Salt Funds Management Limited and Pathfinder Asset Management Limited** (Sister company / manager) — The Pathfinder Ethical Growth Fund may invest in the Wholesale Ethical Fixed Income Fund, the Wholesale Ethical Trans-Tasman Fund, the Pathfinder Responsible Investment Fund and the Green Bond Fund; Salt manages the Wholesale Ethical Trans-Tasman Fund.
- **Shareholder affiliates of Pathfinder** (Shareholder affiliates) — Investment in private loans issued by shareholder affiliates, directly or through a fund managed by an affiliate; approved by Ethics and Investment Committee and reported to the board.

Source: Other Material Information document dated 2026-03-30. https://smartinvestor.sorted.org.nz/disclose-document/b20ca147c87dd93e/Pathfinder-OMI-MIS-202603.pdf

## How to invest

Available via: Pathfinder directly. Read the current Product Disclosure Statement (PDS) before investing.

## Sources

- **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Pathfinder%20Global%20Responsibility%20Fund
- **Product Disclosure Statement:** /disclose-document/734dda387163bf8f/Pathfinder-Managed-Funds-PDS-2026-Final.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10778/OFR10780/FND1229/
- **Manager website:** https://www.pathfinder.co.nz

## Citations (authoritative primary sources)

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ)
- Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities
- Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html
- Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
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ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.