Fisher Funds Two Cash Enhanced Fund

Not Mindful

Type: Conservative fund

Past Returns: 3.13%

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

Annual Fees: 0.54%

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. 0.02%
Black Hills Corp Sr Unsec 0.02%
BP P.L.C. 0.03%
Chevron Corporation 0.02%
Cms Energy Corporation 0.05%
Conocophillips 0.01%
Energy Transfer Operatng Sr Unsec 0.01%
Equinor Asa 0.01%
Exxon Mobil Corporation 0.01%
Inpex Corporation 0.01%
Kinder Morgan Inc Class P 0.08%
Lyondellbasell Industries Nv 0.01%
Nextera Energy Capital Sr Unsec 0.02%
OMV AG 0.01%
Repsol SA 0.01%
Royal Dutch Shell PLC Class B 0.04%
Total SA 0.04%
Xcel Energy Inc. 0.01%

Gambling

Galaxy Entertainment Group Limited 0.01%
Las Vegas Sands Corp Sr Unsec 0.01%

Alcohol

Anheuser-Busch Inbev SA/Nv 0.01%
Anheuser-Busch Inbev Worldwide, Inc. 5.875% 15-Jun-2035 0.10%
Asahi Group Holdings,Ltd. 0.01%
Delegat Group Limited 0.09%
Diageo PLC 0.02%

GMOs

Basf Se 0.02%
Dupont De Nemours, Inc. 0.01%

Human Rights & Environmental Violations

Chevron Corporation 0.02%
Johnson & Johnson 0.04%
Nestle S.A. 0.05%
Rio Tinto Limited 0.06%
Rio Tinto PLC 0.03%
Royal Dutch Shell PLC Class B 0.04%
Sempra Energy 0.01%
Sempra Energy Sr Unsec 0.01%

Animal Testing

Basf Se 0.020%
Bayer US Finance Ii Llc Sr Unsec 144A 0.020%
Chevron Corporation 0.020%
Colgate-Palmolive Company 0.010%
Danone SA 0.020%
Danone SA Sr Unsec 144A 0.010%
General Mills, Inc. 0.010%
Glaxosmithkline PLC 0.040%
Johnson & Johnson 0.040%
Kimberly-Clark Corporation 0.010%
Kraft Heinz Foods Co Sr Unsec 0.010%
Nestle S.A. 0.050%
PPG Industries, Inc. 0.010%
Procter & Gamble Company 0.030%
Reckitt Benckiser Group PLC 0.030%
Reckitt Benckiser Tsy Sr Unsec 144A 0.020%
Royal Dutch Shell PLC Class B 0.040%
Solvay SA 0.010%
Sumitomo Chemical Co., Ltd. 0.010%
Unilever Nv 0.040%
Walgreens Boots Alliance Inc 0.020%

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	1.07%	1.38%
2019	4.40%	4.34%
2018	3.80%	3.67%
2017	4.16%	3.61%
2016	3.52%	3.89%
2015	8.10%	6.84%
2014	3.88%	3.58%
2013	6.92%	6.13%
2012	3.16%	3.3%
2011	5.06%	3.3%

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

5.34%
BNZ Call A/C - Current Accounts 30/06/2020
New Zealand Cash and Equivalents

3.5%
Government Of New Zealand 2.0% 20-Sep-2025
New Zealand NZ Fixed Interest AAA

1.79%
Government Of New Zealand 2.5% 20-Sep-2040
New Zealand NZ Fixed Interest AAA

1.78%
Government Of New Zealand 3.5% 14-Apr-2033
New Zealand NZ Fixed Interest AAA

1.74%
Rabobank Nederland Frn 22-Mar-2021
New Zealand NZ Fixed Interest AA3

1.58%
ASB Bank Ltd. Frn 22-Feb-2022
New Zealand NZ Fixed Interest AA-

1.57%
Government Of New Zealand 2.75% 15-Apr-2037
New Zealand NZ Fixed Interest AAA

1.31%
Government Of New Zealand 2.75% 15-Apr-2025
New Zealand NZ Fixed Interest AAA

1.27%
ANZ Bank Deposit A/C - Deposit Accounts 12/07/2020
New Zealand Cash and Equivalents NA

1.13%

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	29.5%	18.97%
New Zealand Fixed Interest	21.0%	39.48%
International Fixed Interest	27.0%	18.97%
Australasian Equities	6.5%	7.53%
International Equities	12.0%	12.39%
Listed Properties	2.0%	0.33%
Unlisted Properties	2.0%	2.33%
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:

0.23%
Animal Testing:

0.47%
Fossil Fuels:

0.41%
Gambling:

0.02%
GMOs:

0.03%
Human Rights & Environmental Violations:

0.26%
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

"The fund aims to provide protection for your savings, while also generating a stable level of return over the long term. Invested mainly in income assets with a small amount in growth assets"

Value	$700M NZD
Period of data report	Tue June 30th 2020
Members	50,813
Fund started	Mon Oct. 1st 2007
Total annual fund fees	0.54%
Total performance based fees	0.0%
Manager's basic fee	0.54%
Administration charges	0.0%
Total other charges	28.44
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