Issues of concern

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.

Key:

  • Adult Entertainment/Pornography
  • Alcohol
  • Animal Cruelty
  • Fossil Fuels
  • Gambling
  • GMOs
  • Human Rights & Environmental Violations
  • Palm Oil
  • Tobacco
  • Weapons

Companies of concern

    • Energy Transfer Partners Lp 150325 4.05 Cb 0.07%
    • Itochu Corp 0.02%
    • Anglo American PLC 0.01%
    • Citic Ltd 0.01%
    • Eqt 0.01%
    • Hapvida Participacoes E Investimen 0.01%
    • Marubeni Corp 0.01%
    • Nippon Steel Corp 0.01%
    • Nippon Yusen 0.01%
    • Sumitomo Chemical Ltd 0.01%
    • Taiwan Cement Corp 0.01%
    • Amphenol Corp Class A 0.01%
    • Booz Allen Hamilton Holding Corp C 0.01%
    • Howmet Aerospace Inc 0.01%
    • Mtu Aero Engines Holding AG 0.01%
    • Walmart Inc 0.01%
    • Brown Forman Corp Class B 0.02%
    • Diageo PLC 0.02%
    • Constellation Brands Inc Class A 0.01%
    • Wuliangye Yibin Ltd A 0.01%
    • Corteva Inc 0.01%
    • Thermo Fisher Scientific Inc 0.27%
    • Credit Suisse Group AG 120833 6.537 Cb 0.15%
    • Credit Suisse AG 080823 6.50 Cb 0.14%
    • Caterpillar Inc 0.09%
    • Credit Suisse Mortgage Tr Series 20 Fact Cls A 151037 Abs 0.09%
    • Wells Fargo and Co 240328 3.526 Cb 0.09%
    • Credit Suisse Group AG 020432 2.875 Cb 0.08%
    • Energy Transfer Partners Lp 150325 4.05 Cb 0.07%
    • Johnson & Johnson 0.07%
    • Credit Suisse AG 070933 7.375 Cb 0.05%
    • Credit Suisse AG London 050126 0.25 Cb 0.04%
    • Meta Platforms Inc Class A 0.04%
    • Motorola Solutions Inc 0.04%
    • Nutrien Ltd 0.04%
    • Activision Blizzard Inc 0.03%
    • Archer Daniels Midland 0.03%
    • Credit Suisse Group AG 120624 4.207 Cb 0.03%
    • Credit Suisse Group AG 240627 1.00 Cb 0.03%
    • Bayer US Finance Ii Llc 151225 4.25 Cb 0.02%
    • Bayer US Finance Ii Llc 151228 4.375 Cb 0.02%
    • Bank Leumi Le Israel 0.01%
    • Bayer AG 0.01%
    • Corteva Inc 0.01%
    • Rio Tinto PLC 0.01%
    • Procter & Gamble 0.37%
    • Coca-Cola 0.28%
    • Pepsico Inc 0.28%
    • Unilever PLC 0.12%
    • Kimberly Clark Corp 0.07%
    • Loreal SA 0.07%
    • General Mills Inc 0.06%
    • Lair Liquide Societe Anonyme Pour 0.05%
    • Sherwin Williams 0.05%
    • Swpc0Gvu2 Ccp Sell Cds EUR 200625 Tesco PLC 1% Ms 0.05%
    • Compagnie Financiere Richemont SA 0.04%
    • Ecolab Inc 0.04%
    • Estee Lauder Inc Class 0.04%
    • Nutrien Ltd 0.04%
    • Archer Daniels Midland 0.03%
    • Church and Dwight Inc 0.03%
    • Clorox 0.03%
    • Daikin Industries Ltd 0.03%
    • Danone SA 0.03%
    • Hormel Foods Corp 0.03%
    • Kering SA 0.03%
    • Keurig Dr Pepper Inc 0.03%
    • PPG Industries Inc 0.03%
    • Tesco Property Finance PLC 130440 5.744 Sf 0.03%
    • Albemarle Corp 0.02%
    • Bayer US Finance Ii Llc 151225 4.25 Cb 0.02%
    • Bayer US Finance Ii Llc 151228 4.375 Cb 0.02%
    • Essity Class B 0.02%
    • Givaudan SA 0.02%
    • International Flavors & Fragrances 0.02%
    • Kao Corp 0.02%
    • Kellogg 0.02%
    • Koninkilijke Dsm Nv 0.02%
    • Koninklijke Ahold Delhaize Nv 0.02%
    • Mondelez International Inc Class A 0.02%
    • Mosaic 0.02%
    • Umicore SA 0.02%
    • 3M 0.01%
    • Ajinomoto Inc 0.01%
    • Akzo Nobel Nv 0.01%
    • Associated British Foods PLC 0.01%
    • Bayer AG 0.01%
    • Beiersdorf AG 0.01%
    • Burberry Group PLC 0.01%
    • Campbell Soup 0.01%
    • Celanese Corp 0.01%
    • Chr Hansen Holding 0.01%
    • Constellation Brands Inc Class A 0.01%
    • Corteva Inc 0.01%
    • Croda International PLC 0.01%
    • Fujifilm Holdings Corp 0.01%
    • George Weston Ltd 0.01%
    • Hanwha Solutions Corp 0.01%
    • Henkel & Kgaa Pref AG 0.01%
    • Henkel AG 0.01%
    • Intertek Group PLC 0.01%
    • Kerry Group PLC 0.01%
    • Kikkoman Corp 0.01%
    • Kraft Heinz 0.01%
    • Mitsubishi Chemical Group Corp 0.01%
    • Mowi 0.01%
    • Nan Ya Plastics Corp 0.01%
    • Nippon Paint Holdings Ltd 0.01%
    • Novozymes B 0.01%
    • Ping An Insurance (Group) Of China 0.01%
    • Rentokil Initial PLC 0.01%
    • Sgs SA 0.01%
    • Shiseido Ltd 0.01%
    • Sumitomo Chemical Ltd 0.01%
    • Symrise AG 0.01%
    • Tyson Foods Inc Class A 0.01%
    • Unicharm Corp 0.01%

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to 30th Sept. 2022 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.

About this fund

The Moderate Fund invests mainly in income assets with a moderate allocation to growth assets. The Fund aims to provide moderate returns over the short to medium term. It is suitable for investors who are prepared to accept some investment risk to potentially achieve a moderate return.

MAS is a membership-based insurance and investment company for New Zealand professionals. As a mutual society, our customers become Members. We're owned by our Members so we don't have to generate big profits for external shareholders. And because MAS advisers are paid a salary with no commissions, you can be sure we have your best interest at heart. We were founded by doctors for doctors in 1921, and now more than 80% of the medical profession insure with MAS. Today we welcome all professionals along with their friends and families. If you'd like to discuss insurance, investments or lending, we'd love to talk.

Value $75M NZD
Period of data report 31st Dec. 2022
Members 1,588
Fund started 1st Oct. 2007
Total annual fund fees 1.07%
Total performance based fees 0.0%
Manager's basic fee 0.88%
Other management and administration charges 0.18%
Total other charges 0.0
Total other charges currency NZD

Bruce Robertson

Currently: Portfolio manager, JBWere (25 years, 9 months)
Previously: Partner, Goldman Sachs JBWere (7 years, 1 months)

Tom Phillips

Currently: Portfolio manager, JBWere (18 years, 4 months)
Previously: Corporate lawyer, Bell Gully (7 years, 8 months)

Earl White

Currently: Executive Advisor, Bancorp Treasury (19 years, 11 months)
Previously: Treasurer, BNP Paribas (8 years, 7 months)

Phil Borkin

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

Hayden Griffiths

Currently: Head of Asset allocation, JBWere (26 years, 8 months)
Previously: Analyst, BZW (2 years, 5 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2022.

Investment Exclusions

Does this fund exclude companies that cause deep concern to New Zealanders? The first column shows if the fund has a credible policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

Note that the fund’s exclusions policy may not be consistent with its portfolio holdings because the fund might be still implementing its policy change or the fund’s exclusion policy and thresholds may be different from the definitions applied by Mindful Money.

Issue of concern Does this fund say it excludes this? Actual holdings
Adult Entertainment /Pornography 0.00%
Alcohol 0.06%
Animal Cruelty 2.48%
Fossil Fuels 0.19%
Gambling 0.00%
GMOs 0.01%
Human Rights & Environmental Violations 1.48%
Palm Oil 0.00%
Tobacco 0.00%
Weapons 0.05%

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to 30th Sept. 2022 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.

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. Similarly Mindful Money uses a broader scope for fossil fuels than the government’s rules for default KiwiSaver funds. The full definitions used in the Mindful Money analysis are here.

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
2022 0.35% -0.04%
2021 16.60% 14.47%
2020 -1.09% 0.66%
2019 5.56% 4.17%
2018 5.28% 4.16%
2017 5.86% 6.38%
2016 4.01% 1.16%
2015 11.09% 11.4%
2014 7.28% 5.84%
2013 10.75% 7.99%

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 Dec. 2022.

Top 10 Investments

  • Hunter Global Fixed Interest Fund
    New Zealand Int Fixed Interest
    34.73%
  • Jbwere Premium Custody Call Account - NZD
    New Zealand Cash and Equivalents
    8.51%
  • Bank Of New Zealand 4.985% 07/06/2027
    New Zealand NZ Fixed Interest AA-
    2.44%
  • Nzdusd Maturing 27/01/2023 (Bzl NZ)
    New Zealand International Equities
    1.64%
  • Kiwibank 5.737% 19/10/2027
    New Zealand NZ Fixed Interest
    1.56%
  • Infratil Ltd
    New Zealand Australasian Equities
    1.49%
  • Westpac 3.696% 16/02/27
    New Zealand NZ Fixed Interest
    1.42%
  • Vector Ltd 4.996% 14/03/2024
    New Zealand NZ Fixed Interest BBB
    1.34%
  • Fisher & Paykel Healthcare Ltd
    New Zealand Australasian Equities
    1.33%
  • Microsoft Corp
    United States International Equities
    1.3%
Type Target Actual
Cash and Cash Equivalents 5.5% 10.81%
New Zealand Fixed Interest 19.5% 16.19%
International Fixed Interest 35.0% 34.73%
Australasian Equities 12.5% 12.67%
International Equities 27.5% 25.6%
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 against the fund's targets.

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2022.