Funds
Pathfinder KiwiSaver Balanced Fund
Issues of concern
The graph below shows the percentage of the fund invested in each of the worst issues of concern to New Zealanders. Below the graph are listed all the companies this fund invests in, by issue of concern.
Key:
- Human Rights Violations
- Environmental Harm
- Animal Cruelty
- Weapons
- Fossil Fuels
- Social Harm
Companies of concern
Human Rights Violations
-
Caterpillar Inc 0.28%
War & Conflict
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
CATERPILLAR INC War & Conflict
Caterpillar, a manufacturer of heavy equipment, power solutions, and locomotives, has a history of supplying the Israeli military. In 2004, Human Rights Watch reported the use of Caterpillar D9 bulldozers in demolishing over 250 Palestinian homes in Gaza, resulting in Palestinian casualties. Subsequently, in 2017, the Israeli military acquired numerous Caterpillar heavy engineering vehicles through a significant deal. The sale was financed by the United States Government, but the deal itself was between the Israeli military and Caterpillar. Incidents involving Caterpillar equipment causing harm to Palestinians have persisted, with recent instances reported as of 2023.
These occurrences include the use of Caterpillar equipment in demolishing Palestinian homes in illegally occupied territories, constructing illegal settlements and their infrastructure on occupied land, as well as building the Separation Wall in the West Bank and the Gaza border wall. Evidence also suggests Caterpillar’s products have been used by third parties in other conflict-affected areas, including Myanmar and the Western Sahara. Caterpillar's continued supply to these conflict areas raises concerns about its complicity in the misuse of its products.
-
Caterpillar Inc 0.28%
Fossil Fuels
-
Contact Energy Ltd 0.73%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
CONTACT ENERGY LTD Fossil Fuel Power Generation
Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel. In FY2023, 7% of the energy Contact generated came from thermal generation. However, Contact has announced plans for further investment in renewable generation. This includes NZD 1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Contact Energy Ltd 0.73%
1.5°C
Fund Provider Response
As of November 2023, this fund no longer invests in Caterpillar.
We consider Contact Energy to be a “good citizen” which is working hard to mitigate its contribution to climate change with its large investment in new renewable energy generation plants (geothermal and wind). Although Contact still have two remaining fossil fuelled
generation plants, they are used only when demand conditions make it necessary to preserve electrical grid supply to customers. In addition, Contact plans to phase these plants out by 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 30th Sept. 2023 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.
About this fund
In their own words
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 | $75.7M NZD |
| Period of data report | 31st Dec. 2023 |
| Members | 1,989 |
| 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 |
Key Personnel
|
John Berry |
Currently: CEO (14 years, 9 months) |
|
Paul Brownsey |
Currently: CIO (14 years, 9 months) |
|
Kent Fraser |
Currently: Chair of Investment Committee (7 years, 3 months) |
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2023.
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 |
|---|---|---|
| 2023 | -2.79% | -1.85% |
| 2022 | 0.71% | 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 31st Dec. 2023.
Top 10 Investments
-
Cash At Bank - Westpac
New Zealand Cash and Equivalents AA-11.9579% -
Kiwibank Bond 20/09/2024
New Zealand NZ Fixed Interest AA2.1749% -
Microsoft Corporation
United States International Equities1.8334% -
Kapstream Absolute Return Income Plus Fund
Australia Int Fixed Interest A-1.5967% -
Asml Holding Nv
Netherlands International Equities1.3933% -
Infratil Ltd
New Zealand Australasian Equities1.2935% -
Lam Research Corp
United States International Equities1.2389% -
Nvidia Corp
United States International Equities1.1433% -
First Solar Inc
United States International Equities1.0816% -
American Waters Works Co Inc
United States International Equities1.0599%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 9.6% | 13.88% |
| New Zealand Fixed Interest | 15.0% | 21.58% |
| International Fixed Interest | 22.5% | 10.96% |
| Australasian Equities | 13.6% | 14.88% |
| International Equities | 31.0% | 31.49% |
| Listed Properties | 3.3% | 3.95% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 5.0% | 3.26% |
| Commodities | 0.0% | 0.0% |
Investment Mix
How the money in this fund is invested against the fund's targets.
Target
Actual
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2023.