MAS Growth Fund

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Mindful Fund

Fund type: Growth fund

Past Returns: 9.85%

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

Annual Fees: 1.13%

Annual fees, including management and administration fees, but not membership 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

Itochu Corp 0.05%
Marubeni Corp 0.03%
Anglo American PLC 0.02%
Energy Transfer Partners Lp 150325 4.05 Cb 0.02%
Nippon Steel Corp 0.02%
Citic Ltd 0.01%
Citic Securities Ltd A 0.01%
Eqt 0.01%
Hapvida Participacoes E Investimen 0.01%
Lg Corp 0.01%
Nippon Yusen 0.01%
Sumitomo Chemical Ltd 0.01%
Taiwan Cement Corp 0.01%

Weapons

Walmart Inc 0.03%
Booz Allen Hamilton Holding Corp C 0.02%
Howmet Aerospace Inc 0.02%
Amphenol Corp Class A 0.01%
Jfe Holdings Inc 0.01%
Mtu Aero Engines Holding AG 0.01%

Tobacco

Eve Energy Ltd A 0.01%
Yunnan Energy New Materials Ltd A 0.01%

Gambling

Flutter Entertainment PLC 0.01%

Alcohol

Diageo PLC 0.04%
Brown Forman Corp Class B 0.03%
Constellation Brands Inc Class A 0.02%
Wuliangye Yibin Ltd A 0.02%
Shanxi Xinghuacun Fen Wine Factory 0.01%

Palm Oil

Kuala Lumpur Kepong 0.01%
Ppb Group 0.01%

GMOs

Corteva Inc 0.03%

Human Rights & Environmental Violations

Thermo Fisher Scientific Inc 0.55%
Caterpillar Inc 0.18%
Johnson & Johnson 0.15%
Meta Platforms Inc Class A 0.08%
Motorola Solutions Inc 0.08%
Nutrien Ltd 0.08%
Activision Blizzard Inc 0.07%
Archer Daniels Midland 0.06%
Credit Suisse Group AG 120833 6.537 Cb 0.05%
Credit Suisse AG 080823 6.50 Cb 0.04%
Bayer AG 0.03%
Corteva Inc 0.03%
Credit Suisse Mortgage Tr Series 20 Fact Cls A 151037 Abs 0.03%
Wells Fargo and Co 240328 3.526 Cb 0.03%
Bank Leumi Le Israel 0.02%
Credit Suisse Group AG 020432 2.875 Cb 0.02%
Energy Transfer Partners Lp 150325 4.05 Cb 0.02%
Rio Tinto PLC 0.02%
Credit Suisse AG 070933 7.375 Cb 0.01%
Credit Suisse AG London 050126 0.25 Cb 0.01%
Evergreen Marine Corp (Taiwan) Ltd 0.01%
Kuala Lumpur Kepong 0.01%
Posco Chemical Ltd 0.01%
Wells Fargo 0.01%
Yunnan Baiyao Group Ltd A 0.01%

Animal Testing

Procter & Gamble 0.74%
Coca-Cola 0.57%
Pepsico Inc 0.56%
Unilever PLC 0.24%
Kimberly Clark Corp 0.15%
Loreal SA 0.14%
General Mills Inc 0.11%
Lair Liquide Societe Anonyme Pour 0.11%
Sherwin Williams 0.11%
Compagnie Financiere Richemont SA 0.09%
Ecolab Inc 0.09%
Estee Lauder Inc Class 0.09%
Nutrien Ltd 0.08%
Daikin Industries Ltd 0.07%
Hormel Foods Corp 0.07%
Keurig Dr Pepper Inc 0.07%
PPG Industries Inc 0.07%
Archer Daniels Midland 0.06%
Church and Dwight Inc 0.06%
Clorox 0.06%
Kering SA 0.06%
Danone SA 0.05%
Givaudan SA 0.05%
Koninklijke Ahold Delhaize Nv 0.05%
International Flavors & Fragrances 0.04%
Kellogg 0.04%
Koninkilijke Dsm Nv 0.04%
Mondelez International Inc Class A 0.04%
Umicore SA 0.04%
Albemarle Corp 0.03%
Bayer AG 0.03%
Corteva Inc 0.03%
Essity Class B 0.03%
Fujifilm Holdings Corp 0.03%
Kao Corp 0.03%
Mosaic 0.03%
Unicharm Corp 0.03%
3M 0.02%
Ajinomoto Inc 0.02%
Akzo Nobel Nv 0.02%
Beiersdorf AG 0.02%
Burberry Group PLC 0.02%
Campbell Soup 0.02%
Celanese Corp 0.02%
Constellation Brands Inc Class A 0.02%
Croda International PLC 0.02%
Hanwha Solutions Corp 0.02%
Henkel & Kgaa Pref AG 0.02%
Intertek Group PLC 0.02%
Kerry Group PLC 0.02%
Kraft Heinz 0.02%
Nan Ya Plastics Corp 0.02%
Novozymes B 0.02%
Ping An Insurance (Group) Of China 0.02%
Rentokil Initial PLC 0.02%
Sgs SA 0.02%
Shiseido Ltd 0.02%
Swpc0Gvu2 Ccp Sell Cds EUR 200625 Tesco PLC 1% Ms 0.02%
Symrise AG 0.02%
Associated British Foods PLC 0.01%
China Feihe Ltd 0.01%
Chr Hansen Holding 0.01%
Clariant AG 0.01%
Darling Ingredients Inc 0.01%
Evonik Industries AG 0.01%
George Weston Ltd 0.01%
Henkel AG 0.01%
Inner Mongolia Yili Industrial Gro 0.01%
Inner Mongolia Yili Industrial Group Co. Ltd 0.01%
Kikkoman Corp 0.01%
Kimberly-Clark De Mexico Class A 0.01%
Kuala Lumpur Kepong 0.01%
Lg H & H Ltd 0.01%
Meiji Holdings Ltd 0.01%
Mitsubishi Chemical Group Corp 0.01%
Mitsui Chemicals Inc 0.01%
Mowi 0.01%
Nestle Malaysia 0.01%
Nippon Paint Holdings Ltd 0.01%
Orkla 0.01%
Ppb Group 0.01%
Ricoh Ltd 0.01%
Solvay SA 0.01%
Sumitomo Chemical Ltd 0.01%
Tesco PLC 0.01%
Turkiye Sise Ve Cam Fabrikalari A 0.01%
Tyson Foods Inc Class A 0.01%
Wanhua Chemical Group Ltd A 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 Fri Sept. 30th 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.

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 1.87% 2.98%
2021 27.41% 26.91%
2020 -3.40% -0.34%
2019 6.95% 6.46%
2018 7.80% 5.66%
2017 9.24% 10.64%
2016 3.62% 1.15%
2015 13.73% 14.73%
2014 8.43% 9.72%
2013 12.00% 10.85%

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 Fri Sept. 30th 2022.

Showing the top 10 investments for this fund:

  • Hunter Global Fixed Interest Fund
    New Zealand Int Fixed Interest
    12.15%
  • Jbwere Premium Custody Call Account - NZD
    New Zealand Cash and Equivalents
    4.58%
  • Microsoft Corp
    United States International Equities
    3.25%
  • Infratil Ltd
    New Zealand Australasian Equities
    3.12%
  • Fisher & Paykel Healthcare Ltd
    New Zealand Australasian Equities
    1.86%
  • Meridian Energy Limited
    New Zealand Australasian Equities
    1.65%
  • Spark New Zealand Ltd
    New Zealand Australasian Equities
    1.56%
  • Mainfreight Ltd
    New Zealand Australasian Equities
    1.5%
  • Auckland International Airport Ltd
    New Zealand Australasian Equities
    1.3%
  • Tesla Inc
    United States International Equities
    1.23%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register Fri Sept. 30th 2022.

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

Target

Actual


Type Target Actual
Cash and Cash Equivalents 1.5% 4.93%
New Zealand Fixed Interest 6.5% 5.3%
International Fixed Interest 12.0% 12.15%
Australasian Equities 24.5% 26.17%
International Equities 55.5% 51.01%
Listed Properties 0.0% 0.0%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.44%
Commodities 0.0% 0.0%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to Fri Sept. 30th 2022.

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:
    0.12%
  • Animal Testing:
    4.94%
  • Fossil Fuels:
    0.22%
  • Gambling:
    0.01%
  • GMOs:
    0.03%
  • Human Rights & Environmental Violations:
    1.66%
  • Palm Oil:
    0.02%
  • Tobacco:
    0.02%
  • Weapons:
    0.10%

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

In their own words

"The Growth Fund invests mainly in growth assets with a modest allocation to income assets. The Fund aims to provide strong returns over the long term. It is suitable for investors who are prepared to accept a high level of investment risk to potentially achieve a high 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 $320M NZD
Period of data report Fri Sept. 30th 2022
Members 6,415
Fund started Mon Oct. 1st 2007
Total annual fund fees 1.13%
Total performance based fees 0.0%
Manager's basic fee 1.0%
Other management and administration charges 0.13%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Bruce Robertson

Currently: Portfolio manager, JBWere (25 years, 6 months)
Previously: Partner, Goldman Sachs JBWere (7 years, 1 months)

Tom Phillips

Currently: Portfolio manager, JBWere (18 years, 1 months)
Previously: Corporate lawyer, Bell Gully (7 years, 8 months)

Earl White

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

Phil Borkin

Currently: Senior Strategist, JBWere (3 years, 9 months)
Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

Hayden Griffiths

Currently: Head of Asset allocation, JBWere (26 years, 5 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 Fri Sept. 30th 2022.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Latest news

You should be prudent about your investment.

Investing involves risk. The value of investments can go down, as well as going up. You might lose some of your capital invested. The information provided on this website is not a recommendation to buy, sell or hold any financial products. Nothing on this page is financial advice for the purposes of the Financial Markets Conduct Act 2013 and any associated regulations.

Before investing, consider your investment aims, your values and your risk preferences. You should read the Product Disclosure Statement for the investment fund carefully. It contains the fund’s investment objectives, risks, fees and other information which you should know before investing. This website has a list of the advisers that are registered with the Responsible Investment Association of Australasia. You should contact an investment adviser before investing if you have questions or if you are unclear about the implications of your investment decision.