Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all KiwiSaver growth funds is 8.07%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
One of Aotearoa New Zealand’s largest electric utilities companies. Operates three thermal power stations that employ gas and diesel. In FY2024, 81% of the energy Contact generated came from renewable energy (lower than in 2023 due to a dry winter). However, at the end of 2024 Contact opened a major new geothermal renewable facility - the Tauhara plant. It is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
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.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
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
Uber classifies drivers as independent contractors, which can limit access to full employee rights such as a guaranteed minimum wage and sick leave. However, in some markets, new laws and agreements have introduced measures like minimum earnings floors, health allowances, and accident insurance. Uber’s latest Governance Strategy and Engagement Report (released on the 29th of August 2025) shows continued improvements in contractors’ rights.
We no longer invest in IBM. Following a detailed review of claims made against IBM by the UN Special Rapporteur, Pathfinder determined it breached our policy clause of Inconsistent Activities and we decided to divest. This decision reflects the outcome of our ethical research and Ethics and Investment Committee’s assessment. Learn more about our review process and decision here: https://pathfinder.kiwi/insights/decisions-regarding-gaza-the-un-and-pathfinder/
Provides exposure to a diversified ethical portfolio with a higher exposure to growth assets and a lower exposure to income assets
| Value | $8.03M NZD |
| Period of data report | 30th Sept. 2025 |
| Members | 450 |
| Fund started | 19th April 2021 |
| Total annual fund fees | 1.34% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.27% |
| Other management and administration charges | 0.07% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Mike Heath |
Currently: Investment Committee Member (5 years, 6 months)
|
|
Anthony Sowerby |
Currently: Investment Committee Member (5 years, 6 months)
|
|
Jason Choy |
Currently: Investment Committee Member (3 years, 2 months)
|
|
Kimi David |
Currently: Investment Committee Member (0 years, 7 months)
|
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th Sept. 2025.
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 | 3.71% | 2.13% |
| 2024 | 14.15% | 14.25% |
| 2023 | -3.87% | -2.73% |
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 Sept. 2025.
Pathfinder Ethical Growth Fund
New Zealand Fund
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 7.7% | 6.83% |
| New Zealand Fixed Interest | 8.8% | 7.22% |
| International Fixed Interest | 11.7% | 11.26% |
| Australasian Equities | 20.6% | 18.19% |
| International Equities | 41.5% | 47.77% |
| Listed Properties | 4.7% | 5.84% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 5.0% | 2.89% |
| Commodities | 0.0% | 0.0% |
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 Sept. 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. 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.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
One of Aotearoa New Zealand’s largest electric utilities companies. Operates three thermal power stations that employ gas and diesel. In FY2024, 81% of the energy Contact generated came from renewable energy (lower than in 2023 due to a dry winter). However, at the end of 2024 Contact opened a major new geothermal renewable facility - the Tauhara plant. It is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
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.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
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
Uber classifies drivers as independent contractors, which can limit access to full employee rights such as a guaranteed minimum wage and sick leave. However, in some markets, new laws and agreements have introduced measures like minimum earnings floors, health allowances, and accident insurance. Uber’s latest Governance Strategy and Engagement Report (released on the 29th of August 2025) shows continued improvements in contractors’ rights.
We no longer invest in IBM. Following a detailed review of claims made against IBM by the UN Special Rapporteur, Pathfinder determined it breached our policy clause of Inconsistent Activities and we decided to divest. This decision reflects the outcome of our ethical research and Ethics and Investment Committee’s assessment. Learn more about our review process and decision here: https://pathfinder.kiwi/insights/decisions-regarding-gaza-the-un-and-pathfinder/
Provides exposure to a diversified ethical portfolio with a higher exposure to growth assets and a lower exposure to income assets
| Value | $8.03M NZD |
| Period of data report | 30th Sept. 2025 |
| Members | 450 |
| Fund started | 19th April 2021 |
| Total annual fund fees | 1.34% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.27% |
| Other management and administration charges | 0.07% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Mike Heath |
Currently: Investment Committee Member (5 years, 6 months)
|
|
Anthony Sowerby |
Currently: Investment Committee Member (5 years, 6 months)
|
|
Jason Choy |
Currently: Investment Committee Member (3 years, 2 months)
|
|
Kimi David |
Currently: Investment Committee Member (0 years, 7 months)
|
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th Sept. 2025.
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 | 3.71% | 2.13% |
| 2024 | 14.15% | 14.25% |
| 2023 | -3.87% | -2.73% |
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 Sept. 2025.
Pathfinder Ethical Growth Fund
New Zealand Fund
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 7.7% | 6.83% |
| New Zealand Fixed Interest | 8.8% | 7.22% |
| International Fixed Interest | 11.7% | 11.26% |
| Australasian Equities | 20.6% | 18.19% |
| International Equities | 41.5% | 47.77% |
| Listed Properties | 4.7% | 5.84% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 5.0% | 2.89% |
| Commodities | 0.0% | 0.0% |
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 Sept. 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. 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.
