Medical Assurance Society Conservative Fund

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.

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

A summary of this fund and its details.

Key Personnel

• Bruce Robertson

  Currently: Portfolio manager, JBWere (23 years, 0 months)
  Previously: Partner, Goldman Sachs JBWere (7 years, 1 months)

• Earl White

  Currently: Executive Advisor, Bancorp Treasury (17 years, 2 months)
  Previously: Treasurer, BNP Paribas (8 years, 7 months)

• Hayden Griffiths

  Currently: Asset allocation, JBWere (23 years, 11 months)
  Previously: Analyst, BZW (2 years, 5 months)

• Phil Borkin

  Currently: Senior Strategist, JBWere (1 years, 3 months)
  Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

• Tom Phillips

  Currently: Portfolio manager, JBWere (15 years, 7 months)
  Previously: Corporate lawyer, Bell Gully (7 years, 8 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 2020 .

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

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 31 March 2020 .

Showing the top 10 investments for this fund:

• Hunter Global Fixed Interest Fund
  New Zealand International Fixed Interest
  44.6%
• Jbwere Premium Custody Call Account - NZD
  New Zealand Cash and Equivalents
  14.92%
• NZ Govt. Inflation Indexed Bond 20/09/2030
  New Zealand New Zealand Fixed Interest AA+
  8.2%
• Bank Of China Term Deposit
  New Zealand Cash and Equivalents
  2.6%
• Vector Bond 14/03/2024
  New Zealand New Zealand Fixed Interest BBB
  2.04%
• Insurance Australia Group Subordinated Bond
  New Zealand New Zealand Fixed Interest BBB
  1.84%
• Bank Of China Bond 17/10/2022
  New Zealand New Zealand Fixed Interest A
  1.75%
• BNZ Term Deposit
  New Zealand Cash and Equivalents A-1+
  1.73%
• Chorus Bond 6/12/2028
  New Zealand New Zealand Fixed Interest BBB
  1.66%
• Quayside Holding Perpetual Security
  New Zealand New Zealand Fixed Interest UNRATED
  1.16%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register 31 March 2020 .

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

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 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:
  1.20%
• Fossil Fuels:
  0.18%
• Gambling:
  0.18%
• GMOs:
  0.14%
• Human Rights & Environmental Violations:
  0.05%
• Palm Oil:
  0.01%
• Tobacco:
  0.00%
• Weapons:
  0.00%

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

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 Conservative Fund aims to preserve capital while providing a steady return. It invests predominantly (around 80%) in Income assets (such as cash and New Zealand and international fixed interest), and around 20% in Growth assets (such as Australasian and international equities) in order to enhance returns. It is likely to be more suited to investors with a strong emphasis on the security of their savings over time. This Fund is certified by the Responsible Investment Association of Australasia (RIAA) and engages with companies to improve their performance."

Download the fund's disclosure statement and portfolio holdings.

• Portfolio holdings v