Funds

This is a Mindful fund Pathfinder KiwiSaver Balanced Fund

Total Ethical Concerns: 0.62%

The average total concerns of all KiwiSaver balanced funds is 5.99%.

Companies of Concern

  • Fossil Fuels 0.62%

    • Contact Energy Ltd.
      0.62%
      1.5°C
      This company is on a 1.5°C pathway
      0.62%

Fund Provider Response

We believe Contact Energy is, on the whole, making a positive contribution to the gradual decarbonisation of Aotearoa’s electricity sector through significant investments in solar, geothermal, and battery assets. They have a credible path to being ~98% renewable by late 2025. The ~2% balance is expected to come from 200–300 GWh a year from the Stratford gas peakers; in addition, they retain the ability to purchase emergency supply from Genesis’ Huntly plant. Learn more about why we invest here: https://shorturl.at/FRwN4

From the Fund Provider

  • About this fund

    About this Fund

    An ethical portfolio with a balance between growth assets and income assets. This Fund’s value is likely to fluctuate more than the Conservative Fund but less than the Growth Fund.

    Pathfinder is a boutique fund manager based in Auckland. We started investing ethically in 2010, and now manage 9 funds, with our research and expertise focused on investing responsibly and ethically in global markets. We seek out companies actively making a positive difference and believe these kinds of companies also make better long-term financial investments. Investing ethically to us means making conscious choices for doing good with the money we manage. We want our investors to both do good and do well.

    Value $126M NZD
    Period of data report 30th June 2025
    Members 2,875
    Fund started 23rd July 2019
    Total annual fund fees 1.16%
    Total performance based fees 0.0%
    Manager's basic fee 1.1%
    Other management and administration charges 0.06%
    Total other charges 27.0
    Total other charges currency NZD

    John Berry

    Currently: CEO (16 years, 3 months)
    Previously: Deutsche Bank - Consultant (5 years, 0 months)

    David Lewis

    Currently: CIO (0 years, 2 months)
    Previously: Milford Asset Management Limited (8 years, 5 months)

    Kent Fraser

    Currently: Chair of Investment Committee (8 years, 9 months)
    Previously: (None years, None months)

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 2025.

  • Past Returns

    Past Returns

    Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

    Year Market Average Fund Annual Return
    2025 4.34% 2.81%
    2024 10.86% 11.79%
    2023 -2.79% -1.85%
    2022 1.34% 4.97%
    2021 17.98% 21.62%

    The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 2025.

  • Investments

    Top 10 Investments

    • Cash At Bank - NZD - ANZ

      New Zealand Cash and Equivalents AA-

      5.56%
    • Cash At Bank - NZD - Westpac

      New Zealand Cash and Equivalents AA-

      4.3%
    • Microsoft Corporation

      United States International Equities

      2.07%
    • New Zealand Government Bond 15/05/2054

      New Zealand Int Fixed Interest AAA

      1.86%
    • European Investment Bank 14/02/2033

      Luxembourg Int Fixed Interest AAA

      1.46%
    • Kfw Development Bank 28/02/2034

      Georgia Int Fixed Interest AAA

      1.35%
    • New Zealand Local Government Funding Agency 15/04/2037

      New Zealand NZ Fixed Interest AAA

      1.03%
    • Nvidia Corp

      United States International Equities

      1.03%
    • Infratil Ltd

      New Zealand Australasian Equities

      0.87%
    • Contact Energy Bond 10/03/54

      New Zealand NZ Fixed Interest

      0.82%
    Type Target Actual
    Cash and Cash Equivalents 10.0% 10.49%
    New Zealand Fixed Interest 17.0% 14.98%
    International Fixed Interest 22.0% 21.55%
    Australasian Equities 13.0% 11.82%
    International Equities 32.0% 33.02%
    Listed Properties 3.0% 4.17%
    Unlisted Properties 0.0% 0.0%
    Other 3.0% 3.97%
    Commodities 0.0% 0.0%

    Investment Mix

    How the money in this fund is invested by asset type.

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 2025.

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to 31st March 2025 and Mindful Money analysis of funds within those portfolios. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.

Please note that companies may breach more than one of these areas of concern.

The listing of companies of concern is based on definitions used in Mindful Money's methodology. These definitions may be different from the exclusions policy and definitions applied by the fund provider.

Mindful Money uses the term Mindful Funds as our standard for ethical investment and responsible investment. This does not imply that other funds are unethical or that the fund providers that do not meet these standards are unethical providers.

Issues of Concern

  • 0.0% Animal Cruelty
  • 0.0% Human Rights Violations
  • 0.0% Social Harm
  • 0.62% Fossil Fuels
  • 0.0% Weapons
  • 0.0% Environmental Harm

Companies of Concern

  • Fossil Fuels

    • Contact Energy Ltd.
      0.62%
      1.5°C
      This company is on a 1.5°C pathway
      0.62%

Fund Provider Response

We believe Contact Energy is, on the whole, making a positive contribution to the gradual decarbonisation of Aotearoa’s electricity sector through significant investments in solar, geothermal, and battery assets. They have a credible path to being ~98% renewable by late 2025. The ~2% balance is expected to come from 200–300 GWh a year from the Stratford gas peakers; in addition, they retain the ability to purchase emergency supply from Genesis’ Huntly plant. Learn more about why we invest here: https://shorturl.at/FRwN4

About this Fund

An ethical portfolio with a balance between growth assets and income assets. This Fund’s value is likely to fluctuate more than the Conservative Fund but less than the Growth Fund.

Pathfinder is a boutique fund manager based in Auckland. We started investing ethically in 2010, and now manage 9 funds, with our research and expertise focused on investing responsibly and ethically in global markets. We seek out companies actively making a positive difference and believe these kinds of companies also make better long-term financial investments. Investing ethically to us means making conscious choices for doing good with the money we manage. We want our investors to both do good and do well.

Value $126M NZD
Period of data report 30th June 2025
Members 2,875
Fund started 23rd July 2019
Total annual fund fees 1.16%
Total performance based fees 0.0%
Manager's basic fee 1.1%
Other management and administration charges 0.06%
Total other charges 27.0
Total other charges currency NZD

John Berry

Currently: CEO (16 years, 3 months)
Previously: Deutsche Bank - Consultant (5 years, 0 months)

David Lewis

Currently: CIO (0 years, 2 months)
Previously: Milford Asset Management Limited (8 years, 5 months)

Kent Fraser

Currently: Chair of Investment Committee (8 years, 9 months)
Previously: (None years, None months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 2025.

Past Returns

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

Year Market Average Fund Annual Return
2025 4.34% 2.81%
2024 10.86% 11.79%
2023 -2.79% -1.85%
2022 1.34% 4.97%
2021 17.98% 21.62%

The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 2025.

Top 10 Investments

  • Cash At Bank - NZD - ANZ

    New Zealand Cash and Equivalents AA-

    5.56%
  • Cash At Bank - NZD - Westpac

    New Zealand Cash and Equivalents AA-

    4.3%
  • Microsoft Corporation

    United States International Equities

    2.07%
  • New Zealand Government Bond 15/05/2054

    New Zealand Int Fixed Interest AAA

    1.86%
  • European Investment Bank 14/02/2033

    Luxembourg Int Fixed Interest AAA

    1.46%
  • Kfw Development Bank 28/02/2034

    Georgia Int Fixed Interest AAA

    1.35%
  • New Zealand Local Government Funding Agency 15/04/2037

    New Zealand NZ Fixed Interest AAA

    1.03%
  • Nvidia Corp

    United States International Equities

    1.03%
  • Infratil Ltd

    New Zealand Australasian Equities

    0.87%
  • Contact Energy Bond 10/03/54

    New Zealand NZ Fixed Interest

    0.82%
Type Target Actual
Cash and Cash Equivalents 10.0% 10.49%
New Zealand Fixed Interest 17.0% 14.98%
International Fixed Interest 22.0% 21.55%
Australasian Equities 13.0% 11.82%
International Equities 32.0% 33.02%
Listed Properties 3.0% 4.17%
Unlisted Properties 0.0% 0.0%
Other 3.0% 3.97%
Commodities 0.0% 0.0%

Investment Mix

How the money in this fund is invested by asset type.

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 2025.

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to 31st March 2025 and Mindful Money analysis of funds within those portfolios. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.

Please note that companies may breach more than one of these areas of concern.

The listing of companies of concern is based on definitions used in Mindful Money's methodology. These definitions may be different from the exclusions policy and definitions applied by the fund provider.

Mindful Money uses the term Mindful Funds as our standard for ethical investment and responsible investment. This does not imply that other funds are unethical or that the fund providers that do not meet these standards are unethical providers.