Pathfinder Asset Management, founded in 2009, runs a KiwiSaver scheme in which every fund, from Conservative to High Growth, applies the same ethical exclusions; there is no unscreened version. This review covers what Pathfinder excludes and invests in, its four funds and their charges to 31 March 2026, the $27 member fee and the Growth fund’s record to 30 June 2026. Other schemes are covered in our KiwiSaver provider reviews.
Pathfinder at a Glance
| Feature | Detail |
|---|---|
| Type | Independent fund manager |
| Default provider | No |
| Investment approach | Active, ethical-first |
| Ethical scope | All funds, all investments |
| Growth fund fee | 1.35% (year to 31 March 2026) |
| Growth fund 5-yr return (to 30 June 2026) | 6.44% p.a. |
| Member fee | $27/year (not charged to members under 18 or with a balance below $5,000) |
| B Corp certified | Yes |
| Child enrolments | Yes |
Who Is Pathfinder?
Pathfinder Asset Management was founded in 2009 by John Berry and Paul Brownsey, with a mission to “change the world through responsible investment.” The company holds B Corp certification, an independent accreditation for businesses assessed on social and environmental performance.
Pathfinder is a relatively small provider by funds under management compared to bank providers or Milford.
What Pathfinder Excludes
Pathfinder’s Ethical Investment Policy says the framework applies to its entire product range. Its exclusions (Appendix 1 of the policy) are grouped under three pillars, and many apply only above a set share of a company’s revenue:
- Respecting people: human rights; weapons (any identifiable revenue from controversial weapons or civilian automatic and semi-automatic firearms, and more than 5% of revenue from conventional weapons); nuclear weapons; alcohol (more than 5% of revenue from production, or 10% from sale); tobacco (for example, 10% of revenue from the sale of tobacco); recreational cannabis; adult entertainment (any identifiable revenue); gambling (any identifiable revenue from owning or operating gambling establishments)
- Respecting our planet: fossil fuels (5% or more of revenue from exploration, extraction, conversion or distribution); palm oil (5% or more of revenue); GMOs; other social and environmental harm
- Respecting animals: animal testing, factory farming, whaling, animals for entertainment and livestock export
The policy also allows exceptions: its Ethics and Investment Committee can approve holding a company that doesn’t fully comply (for example, one transitioning out of an excluded activity), and the decision and reasons go into an Exceptions Register.
What Pathfinder Invests In
Pathfinder’s positive screening targets companies in areas such as:
- Renewable energy companies and clean technology
- Healthcare and medical innovation
- Sustainable food and agriculture
- Financial inclusion businesses
- Companies meeting governance, diversity, and labour standards
Pathfinder engages with companies as an active shareholder — attending AGMs, filing shareholder resolutions, and publicly reporting on engagement outcomes.
Fund Range
Pathfinder offers four funds, all applying the same ethical framework:
| Fund | Risk profile | Total fund charges |
|---|---|---|
| Pathfinder KiwiSaver High Growth | High growth | 1.29% (estimated; newer fund) |
| Pathfinder KiwiSaver Growth | Growth (70%+ growth assets) | 1.35% |
| Pathfinder KiwiSaver Balanced | Balanced | 1.30% |
| Pathfinder KiwiSaver Conservative | Conservative | 1.17% |
Total fund charges in the year to 31 March 2026, from Pathfinder’s fund updates for the quarter to 30 June 2026 (checked October 2026). Members also pay a $27/year member fee, which isn’t charged to members under 18 or with a balance below $5,000.
Fees
Pathfinder’s Growth Fund charged 1.35% in the year to 31 March 2026, plus the $27/year member fee for members aged 18 or over with a balance of $5,000 or more. On a $50,000 balance that is about $702 a year ($675 + $27); on $20,000 it is about $297 ($270 + $27). Below $5,000, or under 18, only the percentage fee applies.
For other providers’ fees side by side, see the KiwiSaver fund fees comparison.
Performance
Pathfinder’s growth fund returns (source: Sorted Smart Investor):
| Period | Growth fund return (after fees) |
|---|---|
| 1-year (to 30 June 2026) | 8.87% |
| 5-year p.a. (to 30 June 2026) | 6.44% |
Past returns don’t predict future returns. For other providers’ growth funds over the same five years, see KiwiSaver fund returns; for other ethical providers, see ethical KiwiSaver providers compared.
B Corp Certification
Pathfinder is a certified B Corporation, independently assessed on social and environmental performance, accountability, and transparency.
Features and Limitations
Features:
- Ethical framework applied across every fund and investment
- Exclusions covering fossil fuels, weapons, gambling, tobacco, alcohol, adult entertainment, palm oil and animal welfare, mostly set by revenue thresholds
- Active shareholder engagement and public reporting on engagement outcomes
- B Corp certified; accepts child enrolments
Limitations:
- Growth fund fee of 1.35% plus a $27/year member fee, higher than passive index funds
- No conventional (unscreened) fund option
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- The provider's latest fund update: gives the fund's current fees, returns and holdings.
Frequently Asked Questions
What are Pathfinder’s main features? Ethical screening across every fund and B Corp certification. Its growth fund returned 6.44% a year after fees over the 5 years to 30 June 2026, at a fee of 1.35% plus a $27/year member fee.
How does Pathfinder compare to Booster SRI? Both offer ethical options. Pathfinder applies its ethical framework across all funds; Booster offers SRI as a separate range alongside standard (non-ethical) options. Booster is a default provider; Pathfinder is not a default provider.
Does Pathfinder invest in NZ companies? Yes. Pathfinder invests in NZ and international companies that meet its ethical criteria. Some NZ companies in sectors like energy, healthcare, and technology are included.
Can children enrol with Pathfinder? Yes. Pathfinder accepts child enrolments.
What to Read Next
- Ethical KiwiSaver Providers Compared: Pathfinder, Booster SRI and ANZ Responsible side by side
- Booster KiwiSaver Review: a provider with a separate SRI range
- KiwiSaver Fees Comparison: fees across providers
- KiwiSaver Fund Returns NZ: 5-year after-fee returns
- KiwiSaver Providers Compared: the complete provider overview
- How to Switch KiwiSaver Provider: steps and timing