The World Equity Funds are available through financial advisers who can advise their clients on a preferred level of hedging according to their risk profile.

"Flexible currency hedging is not generally available to retail investors in New Zealand," Pathfinder executive director John Berry said.

"We want to ensure that people are properly advised on currency by investing through an authorised financial adviser."

Chairman Sandy Maier said the funds are unique because they give investors cost efficient and diversified access to global equities with the ability for each investor to select their own currency hedging ratio for their individual risk profile.

"The funds are designed for investors who want to choose their preferred exposure to the currency matching their risk appetite and currency outlook."

Investors may choose to protect their investment from the volatility of NZ dollar movements by implementing a 100% hedge, or they can opt for a low hedging ratio, depending on their appetite for risk and view on the currency.

"This provides a tool for investors who want the flexibility of having currency exposure at some point of their investment timeframe while removing currency exposure at other times," Maier said.

In the last 12 months the New Zealand exchange rate (when measured against the US dollar) has fluctuated between $0.72 and $0.88, close to a 20% range, without yet taking into account whether the investors' underlying investment has gone up or down in value.

Berry said NZ dollar movements significantly influence global investment returns.

"Fluctuations in the New Zealand dollar create investment gains when the dollar falls, and conversely losses when the New Zealand dollar rises. This presents investors with both risk and volatility. Many investors do not want gains and losses from currency fluctuations, but do not have the investment tools required to manage this."

The funds are split into two investment offerings. One fund assumes zero currency hedging (Fund U) while the second fund (Fund H) hedges against a range of currencies, reflecting the underlying equity exposure.

Investors can select their desired after tax hedging ratio by holding a mix of Fund U and Fund H units. On a monthly basis investors can, at no cost, change their mix and so adjust their currency hedge if their outlook on the exchange rate has changed.

The minimum initial investment for direct investors is $10,000 with no minimum amounts for investors via a wrap platform.