Pathfinder is New Zealand’s most explicitly values-driven KiwiSaver provider. Unlike providers that bolt an ethical fund onto a standard range, Pathfinder applies its ethical framework across every investment in every fund. If ethical alignment is your primary criterion for choosing a KiwiSaver provider, Pathfinder deserves serious consideration.
Disclosure: MoneyBalance may earn a referral fee from Pathfinder. This does not influence our analysis or ratings.
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 | ~0.85%–0.99% |
| Growth fund 5-yr return (indicative) | ~7.5%–8.5% p.a. |
| Admin fee | Check current PDS |
| Mindful Money rating | Strong (consistently high) |
| 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 meeting high standards of social and environmental performance.
Pathfinder is a relatively small provider by funds under management compared to bank providers or Milford — but size is not a quality indicator in KiwiSaver, and Pathfinder’s investment approach is distinctive in the NZ market.
What Pathfinder Excludes
Pathfinder’s ethical screening is among the most rigorous in NZ. Exclusions include companies involved in:
- Fossil fuel extraction (coal, oil, gas production)
- Weapons manufacturing (conventional and controversial weapons)
- Tobacco and alcohol production
- Gambling (casinos, online gambling operators)
- Adult entertainment
- Predatory lending (payday lenders)
- Significant human rights violations or poor labour practices
- Deforestation and environmental destruction
The exclusion criteria are applied consistently across all funds — Pathfinder does not offer a “standard” alternative with looser screening.
What Pathfinder Invests In
Pathfinder’s positive screening means it actively seeks companies making a genuine positive contribution:
- Renewable energy companies and clean technology
- Healthcare and medical innovation
- Sustainable food and agriculture
- Financial inclusion businesses
- Companies with strong 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 a straightforward fund range, all applying the same ethical framework:
| Fund | Risk profile | Fee (approx.) |
|---|---|---|
| Pathfinder KiwiSaver Growth | Growth (70%+ growth assets) | ~0.99% |
| Pathfinder KiwiSaver Balanced | Balanced | ~0.92% |
| Pathfinder KiwiSaver Conservative | Conservative | ~0.85% |
Check Pathfinder’s product disclosure statement for current fees and fund composition.
Fees
Pathfinder’s fees sit in the mid-range of the NZ KiwiSaver market — more expensive than Simplicity (0.31%) and BNZ (~0.40%–0.55%), but cheaper than ANZ (~1.06%), Fisher Funds (~1.35%), and broadly in line with Milford (~0.85%–1.05%).
For an active ethical manager, the fee is reasonable. The comparison most members make is:
- Simplicity at 0.31% (passive, no ethical screen) — $155/year on $50,000
- Pathfinder at ~0.92% (active, ethical-first) — $460/year on $50,000
- Difference: ~$305/year on $50,000
Whether this is worth it depends entirely on how much the ethical alignment matters to you.
Performance
Pathfinder’s growth fund has delivered competitive returns for an ethical-focused manager:
| Period | Growth fund return (indicative, after fees) |
|---|---|
| 1-year (2025) | ~8%–10% |
| 3-year p.a. | ~6.5%–7.5% |
| 5-year p.a. | ~7.5%–8.5% |
How this compares:
- Broadly in line with or slightly ahead of Simplicity (passive, no ethical screen) on some periods
- Approximately 1.5–2 percentage points behind Milford (non-ethical active)
- Meaningfully better than ANZ Responsible Growth (~6.8%–7.5% 5-year) — the alternative ethical fund — despite having deeper ethical credentials
The ethical penalty (performance given up for values) in Pathfinder’s case has been modest compared to the non-ethical market. Some years, Pathfinder’s exclusion of fossil fuels and inclusion of clean tech has helped rather than hurt returns.
Mindful Money Rating
Mindful Money (mindfulmoneyguide.co.nz) independently rates KiwiSaver funds on ethical depth. Pathfinder consistently receives one of the highest ratings in NZ — reflecting the quality and consistency of its ethical framework compared to providers with superficial screening.
If ethical investing is your goal, Pathfinder’s Mindful Money rating provides independent verification beyond the provider’s own marketing.
B Corp Certification
Pathfinder is a certified B Corporation — independently assessed on social and environmental performance, accountability, and transparency. In NZ’s KiwiSaver market, this is a distinguishing credential that most providers cannot match.
Who Pathfinder Suits
Good fit:
- Members for whom ethical alignment is the primary or equal criterion alongside fees and performance
- Members who want comprehensive exclusions (fossil fuels, weapons, gambling, tobacco, adult content)
- Members who value active shareholder engagement and impact reporting
- Members comfortable with a smaller, specialist fund manager
Less ideal:
- Members whose sole criterion is lowest possible fees (Simplicity is better on cost)
- Members seeking the highest recent returns regardless of ethics (Milford leads on 5-year performance)
- Members who want to invest in fossil fuels, defence, or other excluded sectors
How to Join Pathfinder
- Visit pathfinderasset.com
- Complete the online membership application (5–10 minutes)
- If switching from another provider, Pathfinder manages the transfer
- Transfer typically completes within 10 working days
Frequently Asked Questions
Is Pathfinder a good KiwiSaver provider? Yes — for members who prioritise ethical investment. Its fee is reasonable for an active ethical manager, its performance has been competitive, and its ethical credentials are independently verified by Mindful Money and B Corp certification.
How does Pathfinder compare to Booster SRI? Both are credible ethical options. Pathfinder applies its ethical framework across all funds; Booster offers SRI as a separate range alongside standard (non-ethical) options. Pathfinder has a stronger “ethics-first” identity; Booster SRI benefits from being within a larger 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. Many ethically-minded parents choose Pathfinder for children’s KiwiSaver accounts.
What to Read Next
- Ethical KiwiSaver Providers Compared — Pathfinder vs Booster SRI vs ANZ Responsible
- Booster KiwiSaver Review — the other dedicated ethical option
- KiwiSaver Fees Comparison — where Pathfinder sits in the fee landscape
- Best Performing KiwiSaver Funds NZ — full performance rankings
- Best KiwiSaver Providers NZ — the complete provider overview
- Switching KiwiSaver Providers — how to move to Pathfinder