Funds

This is a Mindful fund MAS KiwiSaver Conservative Fund

Total Ethical Concerns: 2.65%

The average total concerns of all KiwiSaver conservative funds is 3.58%.

Companies of Concern

  • Animal Cruelty 0.48%

    • The Sherwin-Williams Co.
      0.05%
      0.05%
    • 0.04%
    • Akzo Nobel Nv
      0.03%
      0.03%
    • Bayer
      0.02%
      0.02%
    • L'Oréal SA
      0.02%
      0.02%
    • Novozymes A/S
      0.02%
      0.02%
    • Church & Dwight Co., Inc.
      0.01%
      0.01%
    • Colgate-Palmolive Co.
      0.01%
      0.01%
    • PPG Industries, Inc.
      0.01%
      0.01%
    • Rpm International, Inc.
      0.01%
      0.01%
    • Shin-Etsu Chemical Co., Ltd.
      0.01%
      0.01%
    • Umicore
      0.01%
      0.01%
  • Human Rights Violations 1.73%

    • UBS
      0.73%
      0.73%
    • Wells Fargo
      0.42%
      0.42%
    • 0.38%
    • 0.07%
    • Caterpillar
      0.02%
      0.02%
  • Social Harm 0.09%

  • Fossil Fuels 0.13%

    • Cassa Depositi E Prestiti Spa
      0.03%
      0.03%
    • Fairfax Financial Holdings Ltd.
      0.02%
      0.02%
    • The Southern Co.
      0.02%
      0.02%
    • Dassault Systèmes Se
      0.01%
      0.01%
  • Weapons 0.14%

    • 0.03%
    • Amphenol Corp.
      0.02%
      0.02%
    • Heico Corp.
      0.02%
      0.02%
    • Howmet Aerospace, Inc.
      0.02%
      0.02%
    • Transdigm Group, Inc.
      0.02%
      0.02%
    • Mtu Aero Engines AG
      0.01%
      0.01%
  • Environmental Harm 0.13%

    • Coca-Cola
      0.03%
      0.03%
    • PepsiCo
      0.03%
      0.03%
    • Bayer
      0.02%
      0.02%

From the Fund Provider

  • About this fund

    About this Fund

    The Conservative Fund invests mainly in income assets with a modest allocation to growth assets. The Fund aims to preserve capital while providing a steady return over the short to medium term. It is suitable for investors who want to take a more cautious approach and accept a smaller amount of investment risk to potentially achieve a more stable return.

    MAS is proud to be a New Zealand-owned insurance and investment company that’s been enhancing the financial health and wellbeing of our Members since 1921. Originally founded by doctors for doctors, today we support all New Zealand professionals and their families with a range of insurance and investment solutions to help grow your wealth and protect what’s important. As a mutual we're owned by our Members, so we have your best interests at heart and not a single dollar goes to offshore shareholders. If you'd like to discuss your insurance or investment requirements, we'd love to talk.

    Value $78.6M NZD
    Period of data report 31st March 2025
    Members 1,716
    Fund started 1st Oct. 2007
    Total annual fund fees 0.85%
    Total performance based fees 0.0%
    Manager's basic fee 0.66%
    Other management and administration charges 0.19%
    Total other charges 0.0
    Total other charges currency NZD

    Brendan O’Donovan

    Currently: Chair Investment Committee (7 years, 9 months)
    Previously: Independent Director, MAS (3 years, 8 months)

    Daniel Mead

    Currently: Head of Investment (1 years, 8 months)
    Previously: Senior Portfolio Manager, AMP (2 years, 4 months)

    Hayden Griffiths

    Currently: Head of Asset Allocation, JBWere (28 years, 11 months)
    Previously: Analyst, BZW (2 years, 5 months)

    Rickey Ward

    Currently: Australasian Equity Manager, JBWere (10 years, 11 months)
    Previously: Head of Australasian Equities, Nikko Asset Management (20 years, 0 months)

    Fergus Mcdonald

    Currently: Head of Bonds and Currency, Nikko Asset Management (24 years, 9 months)
    Previously: NZ Fixed Interest Portfolio Manager, Nikko Asset Management (10 years, 5 months)

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

  • Past Returns

    Past Returns

    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 3.91% 4.0%
    2024 6.48% 6.13%
    2023 -1.85% -2.55%
    2022 -0.74% -1.4%
    2021 8.94% 9.13%
    2020 0.61% 0.84%
    2019 4.19% 3.27%
    2018 3.58% 3.62%
    2017 4.10% 4.6%
    2016 3.52% 1.81%

    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 31st March 2025.

  • Investments

    Top 10 Investments

    • Hunter Global Fixed Interest Fund

      New Zealand Int Fixed Interest

      43.18%
    • Jbwere Premium Custody Call Account - NZD

      New Zealand Cash and Equivalents

      6.0%
    • Chorus Limited 4.35% 06/12/2028

      New Zealand NZ Fixed Interest BBB

      1.64%
    • Kiwibank 6.254% 19/10/2028

      New Zealand NZ Fixed Interest A+

      1.62%
    • New Zealand Government 1.5% 15/05/2031

      New Zealand NZ Fixed Interest AAA

      1.54%
    • New Zealand Government 4.5% 15/05/2035

      New Zealand NZ Fixed Interest AAA

      1.49%
    • Auckland International Airport 6.22% 02/11/2029

      New Zealand NZ Fixed Interest A-

      1.32%
    • Westpac New Zealand 6.73% 14/02/2034

      New Zealand NZ Fixed Interest A

      1.19%
    • New Zealand Local Government Funding Agency 3.50% 14/04/2033

      New Zealand NZ Fixed Interest AAA

      1.14%
    • ASB Bank 5.524% 21/06/2027

      New Zealand NZ Fixed Interest AA-

      1.02%
    Type Target Actual
    Cash and Cash Equivalents 10.0% 10.31%
    New Zealand Fixed Interest 25.0% 26.74%
    International Fixed Interest 45.0% 43.18%
    Australasian Equities 6.0% 5.86%
    International Equities 14.0% 13.91%
    Listed Properties 0.0% 0.0%
    Unlisted Properties 0.0% 0.0%
    Other 0.0% 0.0%
    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 31st March 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 31st March 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.

Issues of Concern

  • 0.48% Animal Cruelty
  • 1.73% Human Rights Violations
  • 0.09% Social Harm
  • 0.13% Fossil Fuels
  • 0.14% Weapons
  • 0.13% Environmental Harm

Companies of Concern

  • Animal Cruelty

    • The Sherwin-Williams Co.
      0.05%
      0.05%
    • 0.04%
    • Akzo Nobel Nv
      0.03%
      0.03%
    • Bayer
      0.02%
      0.02%
    • L'Oréal SA
      0.02%
      0.02%
    • Novozymes A/S
      0.02%
      0.02%
    • Church & Dwight Co., Inc.
      0.01%
      0.01%
    • Colgate-Palmolive Co.
      0.01%
      0.01%
    • PPG Industries, Inc.
      0.01%
      0.01%
    • Rpm International, Inc.
      0.01%
      0.01%
    • Shin-Etsu Chemical Co., Ltd.
      0.01%
      0.01%
    • Umicore
      0.01%
      0.01%
  • Human Rights Violations

    • UBS
      0.73%
      0.73%
    • Wells Fargo
      0.42%
      0.42%
    • 0.38%
    • 0.07%
    • Caterpillar
      0.02%
      0.02%
  • Fossil Fuels

    • Cassa Depositi E Prestiti Spa
      0.03%
      0.03%
    • Fairfax Financial Holdings Ltd.
      0.02%
      0.02%
    • The Southern Co.
      0.02%
      0.02%
    • Dassault Systèmes Se
      0.01%
      0.01%
  • Weapons

    • 0.03%
    • Amphenol Corp.
      0.02%
      0.02%
    • Heico Corp.
      0.02%
      0.02%
    • Howmet Aerospace, Inc.
      0.02%
      0.02%
    • Transdigm Group, Inc.
      0.02%
      0.02%
    • Mtu Aero Engines AG
      0.01%
      0.01%
  • Environmental Harm

    • Coca-Cola
      0.03%
      0.03%
    • PepsiCo
      0.03%
      0.03%
    • Bayer
      0.02%
      0.02%

About this Fund

The Conservative Fund invests mainly in income assets with a modest allocation to growth assets. The Fund aims to preserve capital while providing a steady return over the short to medium term. It is suitable for investors who want to take a more cautious approach and accept a smaller amount of investment risk to potentially achieve a more stable return.

MAS is proud to be a New Zealand-owned insurance and investment company that’s been enhancing the financial health and wellbeing of our Members since 1921. Originally founded by doctors for doctors, today we support all New Zealand professionals and their families with a range of insurance and investment solutions to help grow your wealth and protect what’s important. As a mutual we're owned by our Members, so we have your best interests at heart and not a single dollar goes to offshore shareholders. If you'd like to discuss your insurance or investment requirements, we'd love to talk.

Value $78.6M NZD
Period of data report 31st March 2025
Members 1,716
Fund started 1st Oct. 2007
Total annual fund fees 0.85%
Total performance based fees 0.0%
Manager's basic fee 0.66%
Other management and administration charges 0.19%
Total other charges 0.0
Total other charges currency NZD

Brendan O’Donovan

Currently: Chair Investment Committee (7 years, 9 months)
Previously: Independent Director, MAS (3 years, 8 months)

Daniel Mead

Currently: Head of Investment (1 years, 8 months)
Previously: Senior Portfolio Manager, AMP (2 years, 4 months)

Hayden Griffiths

Currently: Head of Asset Allocation, JBWere (28 years, 11 months)
Previously: Analyst, BZW (2 years, 5 months)

Rickey Ward

Currently: Australasian Equity Manager, JBWere (10 years, 11 months)
Previously: Head of Australasian Equities, Nikko Asset Management (20 years, 0 months)

Fergus Mcdonald

Currently: Head of Bonds and Currency, Nikko Asset Management (24 years, 9 months)
Previously: NZ Fixed Interest Portfolio Manager, Nikko Asset Management (10 years, 5 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

Past Returns

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 3.91% 4.0%
2024 6.48% 6.13%
2023 -1.85% -2.55%
2022 -0.74% -1.4%
2021 8.94% 9.13%
2020 0.61% 0.84%
2019 4.19% 3.27%
2018 3.58% 3.62%
2017 4.10% 4.6%
2016 3.52% 1.81%

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 31st March 2025.

Top 10 Investments

  • Hunter Global Fixed Interest Fund

    New Zealand Int Fixed Interest

    43.18%
  • Jbwere Premium Custody Call Account - NZD

    New Zealand Cash and Equivalents

    6.0%
  • Chorus Limited 4.35% 06/12/2028

    New Zealand NZ Fixed Interest BBB

    1.64%
  • Kiwibank 6.254% 19/10/2028

    New Zealand NZ Fixed Interest A+

    1.62%
  • New Zealand Government 1.5% 15/05/2031

    New Zealand NZ Fixed Interest AAA

    1.54%
  • New Zealand Government 4.5% 15/05/2035

    New Zealand NZ Fixed Interest AAA

    1.49%
  • Auckland International Airport 6.22% 02/11/2029

    New Zealand NZ Fixed Interest A-

    1.32%
  • Westpac New Zealand 6.73% 14/02/2034

    New Zealand NZ Fixed Interest A

    1.19%
  • New Zealand Local Government Funding Agency 3.50% 14/04/2033

    New Zealand NZ Fixed Interest AAA

    1.14%
  • ASB Bank 5.524% 21/06/2027

    New Zealand NZ Fixed Interest AA-

    1.02%
Type Target Actual
Cash and Cash Equivalents 10.0% 10.31%
New Zealand Fixed Interest 25.0% 26.74%
International Fixed Interest 45.0% 43.18%
Australasian Equities 6.0% 5.86%
International Equities 14.0% 13.91%
Listed Properties 0.0% 0.0%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
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 31st March 2025.