Fisher Funds Balanced Strategy

Not Mindful

Type: Balanced fund

Past Returns: 4.71%

Average annual returns over the past 3 years, after fees and taxes. * indicates less than 3 years of data.

Annual Fees: 1.1%

Annual fees, including any membership and % management fee.

The graph below shows the percentage of the fund invested in each of the worst issues of concern to New Zealanders. Below the graph are listed all the companies this fund invests in, by issue of concern.

Fossil Fuel

American Electric Power Company, Inc. 0.04%
BP P.L.C. 0.08%
Chevron Corporation 0.06%
Cms Energy Corporation 0.11%
Conocophillips 0.02%
Equinor Asa 0.02%
Exxon Mobil Corporation 0.04%
Hess Corporation 0.01%
Inpex Corporation 0.02%
Kinder Morgan Inc Class P 0.18%
Lyondellbasell Industries Nv 0.01%
OMV AG 0.01%
Repsol SA 0.02%
Royal Dutch Shell PLC Class B 0.11%
Total SA 0.10%
Valero Energy Corporation 0.01%
Xcel Energy Inc. 0.03%

Gambling

Galaxy Entertainment Group Limited 0.02%

Alcohol

Anheuser-Busch Inbev SA/Nv 0.02%
Anheuser-Busch Inbev Worldwide, Inc. 5.875% 15-Jun-2035 0.11%
Asahi Group Holdings,Ltd. 0.03%
Constellation Brands, Inc. Class A 0.01%
Delegat Group Limited 0.28%
Diageo PLC 0.05%

GMOs

Basf Se 0.06%
Dupont De Nemours, Inc. 0.01%

Human Rights & Environmental Violations

Chevron Corporation 0.06%
Johnson & Johnson 0.11%
Nestle S.A. 0.13%
Rio Tinto Limited 0.16%
Rio Tinto PLC 0.09%
Royal Dutch Shell PLC Class B 0.11%
Sempra Energy 0.02%

Animal Testing

Basf Se 0.060%
Chevron Corporation 0.060%
Colgate-Palmolive Company 0.020%
Danone SA 0.040%
General Mills, Inc. 0.030%
Glaxosmithkline PLC 0.100%
Johnson & Johnson 0.110%
Kimberly-Clark Corporation 0.030%
Nestle S.A. 0.130%
PPG Industries, Inc. 0.020%
Procter & Gamble Company 0.080%
Reckitt Benckiser Group PLC 0.070%
Royal Dutch Shell PLC Class B 0.110%
Solvay SA 0.020%
Sumitomo Chemical Co., Ltd. 0.020%
Unilever Nv 0.090%
Walgreens Boots Alliance Inc 0.040%

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to Tue March 31st 2020 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 and research organisations.

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
2020	-1.89%	0.07%
2019	5.68%	7.32%
2018	5.63%	6.73%
2017	6.10%	6.7%
2016	4.01%	3.84%
2015	11.09%	8.47%
2014	7.28%	8.95%
2013	10.75%	9.5%
2012	1.75%	-1.67%
2011	5.30%	7.08%

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 Tue June 30th 2020.

Showing the top 10 investments for this fund:

ANZ 10 A/C - Current Accounts
New Zealand Cash and Equivalents

5.7%
Fisher & Paykel Healthcare Corporation Limited
New Zealand Australasian Equities

2.13%
Bayfair Shopping Centre - Retail
New Zealand Unlisted Property

2.01%
A2 Milk Company Ltd.
New Zealand Australasian Equities

1.67%
BNZ Call A/C - Current Accounts 30/06/2020
New Zealand Cash and Equivalents

1.54%
Mainfreight Limited
New Zealand Australasian Equities

1.36%
Infratil Limited
New Zealand Australasian Equities

1.22%
Emini S&P 500 (Cme) Sep 20 18/09/2020
United States International Equities

1.2%
Government Of New Zealand 2.0% 20-Sep-2025
New Zealand NZ Fixed Interest AAA

1.14%
Auckland International Airport Limited
New Zealand Australasian Equities

0.97%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register Tue June 30th 2020.

How the money in this fund is invested against the fund's targets.

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	11.5%	10.23%
New Zealand Fixed Interest	11.0%	18.88%
International Fixed Interest	21.0%	15.34%
Australasian Equities	18.0%	20.61%
International Equities	28.5%	29.26%
Listed Properties	5.0%	0.82%
Unlisted Properties	5.0%	4.86%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to Tue June 30th 2020.

Does this fund have a policy to exclude any industries from its investments? The first column shows if the fund has a policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

The Fund may have investments that are not consistent with their exclusions policy because they are still in the process of implementing their policy.

Issue of concern

Does this fund say it excludes this?

Actual holdings
Adult Entertainment/Pornography:

0.00%
Alcohol:

0.50%
Animal Testing:

1.03%
Fossil Fuels:

0.87%
Gambling:

0.02%
GMOs:

0.07%
Human Rights & Environmental Violations:

0.68%
Palm Oil:

0.00%
Tobacco:

0.00%
Weapons:

0.00%

Note that the fund’s intended exclusions may not be consistent with the analysis of the portfolio because of timing issues or because there are companies of concern in indirect investments by the fund.

Note that many KiwiSaver funds exclude controversial weapons. However, the category of Weapons used in this analysis is broader in scope, covering all munitions, firearms and military weapons.

In their own words

"This investment option aims to provide a balance between protecting your investment and growing it over the long term. Invests in a balance of income and growth assets, and automatically rebalanced each year to the target investment mix of 45% Conservative Fund and 55% Growth Fund."

Value	$810M NZD
Period of data report	Tue June 30th 2020
Members	39,299
Fund started	Fri June 12th 2009
Total annual fund fees	1.1%
Total performance based fees	0.11%
Manager's basic fee	0.92%
Administration charges	0.07%
Total other charges	36.0
Total other charges currency	NZD

Key Personnel

Frank Jasper	Currently: Chief Investment Officer (2 years, 11 months) Previously: Director, Fisher Funds Management Limited (12 years, 4 months)
Mark Brighouse	Currently: Chief Investment Strategist (2 years, 11 months) Previously: Chief Investment Officer, Fisher Funds Management Limited (5 years, 9 months)
David Mcleish	Currently: Senior Portfolio Manager, Fixed Interest (9 years, 3 months) Previously: Executive Director, Goldman Sachs International, London (3 years, 0 months)
Sam Dickie	Currently: Senior Portfolio Manager, NZ Equities (3 years, 4 months) Previously: Portfolio Manager, Moore Capital Asia Limited (5 years, 10 months)
Ashley Gardyne	Currently: Senior Portfolio Manager, International Equities (4 years, 2 months) Previously: Senior Investment Analyst, International Equities, Fisher Funds Management Limited (2 years, 11 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to Tue June 30th 2020.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v