Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Contact Energy Ltd. Fossil Fuel Power Generation
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.
Uber Technologies, Inc. Labour Rights Violations
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.
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
Occupied Palestinian Territories
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
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.
IBM War & Conflict
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.
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
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.
An ethical portfolio with a higher exposure to growth assets than income assets. The value of the Fund could move up or down significantly and is likely to fluctuate more than the other Funds in the Pathfinder KiwiSaver Plan.
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
$33.3M NZD
Period of data report
30th Sept. 2025
Members
783
Fund started
11th April 2025
Total annual fund fees
1.27%
Total performance based fees
0.0%
Manager's basic fee
1.25%
Other management and administration charges
0.02%
Total other charges
27.0
Total other charges currency
NZD
Key Personnel
John Berry
Currently: CEO (16 years, 6 months)
Previously: Deutsche Bank - Consultant (5 years, 0 months)
David Lewis
Currently: CIO (0 years, 5 months)
Previously: Milford Asset Management Limited (8 years, 5 months)
Kent Fraser
Currently: Chair of Investment Committee (9 years, 0 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 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
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.
Investments
Top 10 Investments
Cash At Bank - Westpac- NZD
New Zealand
Cash and Equivalents
AA-
4.05%
Microsoft Corporation
United States
International Equities
3.2%
Nvidia Corp
United States
International Equities
2.37%
Apple Inc
United States
International Equities
1.98%
Alphabet Inc Class A
United States
International Equities
1.76%
Infratil Ltd
New Zealand
Australasian Equities
1.57%
Broadcom Inc
United States
International Equities
1.39%
Fisher & Paykel Healthcare Ltd
New Zealand
Australasian Equities
1.33%
National Australia Bank
Australia
Australasian Equities
1.1%
Ebos Group Lrd
New Zealand
Australasian Equities
1.09%
Type
Target
Actual
Cash and Cash Equivalents
4.0%
7.63%
New Zealand Fixed Interest
2.0%
1.33%
International Fixed Interest
4.0%
2.1%
Australasian Equities
19.0%
20.01%
International Equities
59.0%
62.29%
Listed Properties
5.0%
6.62%
Unlisted Properties
0.0%
0.0%
Other
7.0%
0.02%
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 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.
Contact Energy Ltd. Fossil Fuel Power Generation
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.
Uber Technologies, Inc. Labour Rights Violations
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.
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
Occupied Palestinian Territories
Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories
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.
IBM War & Conflict
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.
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
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.
An ethical portfolio with a higher exposure to growth assets than income assets. The value of the Fund could move up or down significantly and is likely to fluctuate more than the other Funds in the Pathfinder KiwiSaver Plan.
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
$33.3M NZD
Period of data report
30th Sept. 2025
Members
783
Fund started
11th April 2025
Total annual fund fees
1.27%
Total performance based fees
0.0%
Manager's basic fee
1.25%
Other management and administration charges
0.02%
Total other charges
27.0
Total other charges currency
NZD
Key Personnel
John Berry
Currently: CEO (16 years, 6 months)
Previously: Deutsche Bank - Consultant (5 years, 0 months)
David Lewis
Currently: CIO (0 years, 5 months)
Previously: Milford Asset Management Limited (8 years, 5 months)
Kent Fraser
Currently: Chair of Investment Committee (9 years, 0 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 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
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.
Top 10 Investments
Cash At Bank - Westpac- NZD
New Zealand
Cash and Equivalents
AA-
4.05%
Microsoft Corporation
United States
International Equities
3.2%
Nvidia Corp
United States
International Equities
2.37%
Apple Inc
United States
International Equities
1.98%
Alphabet Inc Class A
United States
International Equities
1.76%
Infratil Ltd
New Zealand
Australasian Equities
1.57%
Broadcom Inc
United States
International Equities
1.39%
Fisher & Paykel Healthcare Ltd
New Zealand
Australasian Equities
1.33%
National Australia Bank
Australia
Australasian Equities
1.1%
Ebos Group Lrd
New Zealand
Australasian Equities
1.09%
Type
Target
Actual
Cash and Cash Equivalents
4.0%
7.63%
New Zealand Fixed Interest
2.0%
1.33%
International Fixed Interest
4.0%
2.1%
Australasian Equities
19.0%
20.01%
International Equities
59.0%
62.29%
Listed Properties
5.0%
6.62%
Unlisted Properties
0.0%
0.0%
Other
7.0%
0.02%
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 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.
Pathfinder KiwiSaver High Growth Fund
