Funds

NZ Defence Force KiwiSaver Moderate Fund

Total Ethical Concerns: 7.03%

The average total concerns of all KiwiSaver balanced funds is 5.99%.

Companies of Concern

  • Animal Cruelty 1.02%

    • Koninklijke Ahold Delhaize Nv
      0.12%
      0.12%
    • Exxon Mobil Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • 0.05%
    • Eni Spa
      0.04%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.04%
    • Celanese US Holdings Llc
      0.03%
      0.03%
    • Chevron Corp.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.03%
    • Colgate-Palmolive Co.
      0.03%
      0.03%
    • FMC Corp.
      0.03%
      0.03%
    • Givaudan Finance Europe Bv
      0.03%
      0.03%
    • Hermès International Sca
      0.03%
      0.03%
    • Shell
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Tyson Foods Inc
      0.03%
      0.03%
    • Bayer
      0.02%
      0.02%
    • Dupont De Nemours
      0.02%
      0.02%
    • Huntsman Corp.
      0.02%
      0.02%
    • Kering SA
      0.02%
      0.02%
    • Nutrien Ltd.
      0.02%
      0.02%
    • Orbia Advance Corp. Sab De Cv
      0.02%
      0.02%
    • Syngenta
      0.02%
      0.02%
    • The Dow Chemical Co.
      0.02%
      0.02%
    • Unilever PLC
      0.02%
      0.02%
    • Air Liquide
      0.01%
      0.01%
    • Ecolab, Inc.
      0.01%
      0.01%
    • L'Oréal SA
      0.01%
      0.01%
    • The Sherwin-Williams Co.
      0.01%
      0.01%
    • Yara International Asa
      0.01%
      0.01%
  • Human Rights Violations 1.4%

    • 0.46%
    • UBS
      0.14%
      0.14%
    • Wells Fargo
      0.13%
      0.13%
    • Rio Tinto
      0.11%
      0.11%
    • General Motors
      0.08%
      0.08%
    • 0.07%
    • Nestlé
      0.07%
      0.07%
    • Motorola Solutions Inc
      0.06%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.06%
    • Bank Hapoalim B.M.
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Caterpillar
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Holcim
      0.02%
      0.02%
    • Palantir Technologies
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Petrobras
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • The Boeing Co.
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Petrochina Co Ltd
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Saudi Aramco
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Zijin Mining
      0.01%
      0.01%
  • Social Harm 0.49%

  • Fossil Fuels 3.89%

    • Contact Energy Ltd.
      0.70%
      1.5°C
      This company is on a 1.5°C pathway
      0.70%
    • National Grid PLC
      0.14%
      1.5°C
      This company is on a 1.5°C pathway
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • BP
      0.13%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.13%
    • American Electric Power Co., Inc.
      0.11%
      0.11%
    • Rio Tinto
      0.11%
      0.11%
    • Engie SA
      0.10%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.10%
    • Aker BP Asa
      0.09%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.09%
    • Duke Energy Corp
      0.09%
      0.09%
    • Nextera Energy, Inc.
      0.09%
      0.09%
    • Totalenergies Se
      0.08%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.08%
    • Dominion Energy, Inc.
      0.07%
      0.07%
    • Energy Transfer Lp
      0.07%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.07%
    • Itochu Corp.
      0.07%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.07%
    • Xcel Energy, Inc.
      0.07%
      0.07%
    • Atmos Energy Corp.
      0.06%
      0.06%
    • Enbridge, Inc.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Exxon Mobil Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Occidental Petroleum Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Pg&E Corp
      0.06%
      0.06%
    • Targa Resources Corp.
      0.06%
      0.06%
    • BHP
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Consolidated Edison, Inc.
      0.05%
      0.05%
    • Edp-Energias De Portugal SA
      0.05%
      1.5°C
      This company is on a 1.5°C pathway
      0.05%
    • The Williams Cos., Inc.
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Vår Energi Asa
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Cez As
      0.04%
      0.04%
    • Conocophillips
      0.04%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.04%
    • Eni Spa
      0.04%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.04%
    • Fairfax Financial Holdings Ltd.
      0.04%
      0.04%
    • Oneok, Inc.
      0.04%
      0.04%
    • Canadian Natural Resources Ltd.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Cheniere Energy, Inc.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Chevron Corp.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.03%
    • Diamondback Energy, Inc.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Kinder Morgan, Inc.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Mplx Lp
      0.03%
      0.03%
    • Nrg Energy, Inc.
      0.03%
      0.03%
    • OMV AG
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Pinnacle West Capital Corp.
      0.03%
      0.03%
    • Portland General Electric Co.
      0.03%
      0.03%
    • Rwe AG
      0.03%
      1.5°C
      This company is on a 1.5°C pathway
      0.03%
    • Sempra Energy
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Shell
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Snam Spa
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Vier Gas Transport Gmbh
      0.03%
      0.03%
    • Western Midstream Partners Lp
      0.03%
      0.03%
    • Wintershall Dea
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Centerpoint Energy, Inc.
      0.02%
      0.02%
    • Constellation Energy Corp.
      0.02%
      0.02%
    • Enel
      0.02%
      1.5°C
      This company is on a 1.5°C pathway
      0.02%
    • Enterprise Products Partners Lp
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Galaxy Pipeline Assets Bidco Ltd.
      0.02%
      0.02%
    • 0.02%
    • Jefferies
      0.02%
      0.02%
    • Pacificorp.
      0.02%
      0.02%
    • Petrobras
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Barrick Gold
      0.01%
      0.01%
    • Cenovus Energy, Inc.
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Channel Infrastructure
      0.01%
      0.01%
    • Delta Air Lines, Inc.
      0.01%
      0.01%
    • Ep Infrastructure As
      0.01%
      0.01%
    • National Grid North America, Inc.
      0.01%
      1.5°C
      This company is on a 1.5°C pathway
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Petrochina Co Ltd
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Repsol
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Saudi Aramco
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Suncor Energy, Inc.
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • The Southern Co.
      0.01%
      0.01%
    • The Weir Group PLC
      0.01%
      0.01%
    • Électricité De France SA
      0.01%
      0.01%
  • Weapons 0.35%

    • Amphenol Corp.
      0.10%
      0.10%
    • Mtu Aero Engines AG
      0.09%
      0.09%
    • Dassault Aviation SA
      0.04%
      0.04%
    • Rheinmetall AG
      0.04%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.04%
    • The Boeing Co.
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Howmet Aerospace, Inc.
      0.01%
      0.01%
    • Teledyne Technologies, Inc.
      0.01%
      0.01%
  • Environmental Harm 0.77%

    • Duke Energy Corp
      0.09%
      0.09%
    • Energy Transfer Lp
      0.07%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.07%
    • 0.07%
    • Pg&E Corp
      0.06%
      0.06%
    • BHP
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • PepsiCo
      0.05%
      0.05%
    • Chevron Corp.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.03%
    • 0.03%
    • FMC Corp.
      0.03%
      0.03%
    • Shell
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Bayer
      0.02%
      0.02%
    • Danone
      0.02%
      0.02%
    • 0.02%
    • Mondelez
      0.02%
      0.02%
    • Nutrien Ltd.
      0.02%
      0.02%
    • Syngenta
      0.02%
      0.02%
    • Unilever PLC
      0.02%
      0.02%
    • Barrick Gold
      0.01%
      0.01%
    • Zijin Mining
      0.01%
      0.01%

From the Fund Provider

  • About this fund

    About this Fund

    Invests mainly in defensive assets such as fixed interest and cash, with about 40% invested in growth assets such as shares and real assets. May be suitable for investors who want to invest in a broad mix of assets and who are comfortable with a higher degree of volatility in returns than can be expected from the Conservative fund.

    Value $9.41M NZD
    Period of data report 30th June 2025
    Members 472
    Fund started 9th Oct. 2015
    Total annual fund fees 0.73%
    Total performance based fees 0.0%
    Manager's basic fee 0.52%
    Other management and administration charges 0.21%
    Total other charges 0.0
    Total other charges currency NZD

    Ross Butler

    Currently: Chair - Mercer (N.Z.) Ltd (2 years, 2 months)
    Previously: Director Investments (Australia) Limited (current) (10 years, 4 months)

    Kylie Willment

    Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (7 years, 8 months)
    Previously: Senior Manager, Investment & Client Strategy - TCorp (NSW Treasury Corporation) (17 years, 0 months)

    Padraig Brown

    Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (3 years, 1 months)
    Previously: Head of Real Estate Investment Management, Mercer Australia (Pty) Ltd (11 years, 2 months)

    James Wilson

    Currently: Portfolio Manager - Mercer (N.Z.) Ltd (6 years, 5 months)
    Previously: Analyst - New Zealand Treasury (1 years, 0 months)

    David Scobie

    Currently: Principal, Investments New Zealand - Mercer (N.Z.) Ltd (1 years, 11 months)
    Previously: Principal Advisor, Capital Markets - New Zealand Treasury (1 years, 5 months)

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 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 4.34% 4.43%
    2024 10.86% 6.91%
    2023 -2.79% -2.69%
    2022 1.34% 0.76%
    2021 17.98% 11.34%
    2020 -1.40% -0.66%
    2019 5.81% 3.89%
    2018 5.28% 4.54%
    2017 5.86% 4.64%

    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 30th June 2025.

  • Investments

    Top 10 Investments

    • New Zealand Government Bond 3.0% 20/04/2029

      New Zealand NZ Fixed Interest AAA

      2.34%
    • Fisher & Paykel Healthcare Corporation Limited

      New Zealand Australasian Equities

      1.62%
    • New Zealand Government Bond 3.50% 14/04/2033

      New Zealand NZ Fixed Interest AAA

      1.53%
    • New Zealand Government Bond 1.50% 15/05/2031

      New Zealand NZ Fixed Interest AAA

      1.48%
    • New Zealand Government Bond 0.25% 15/05/2028

      New Zealand NZ Fixed Interest AAA

      1.42%
    • New Zealand Government Bond 2.75% 15/04/2037

      New Zealand NZ Fixed Interest AAA

      1.42%
    • New Zealand Government Bond 4.50% 15/05/2035

      New Zealand NZ Fixed Interest AAA

      1.41%
    • New Zealand Government Bond 1.75% 15/05/2041

      New Zealand NZ Fixed Interest AAA

      1.35%
    • New Zealand Government Bond 2.00% 15/05/2032

      New Zealand NZ Fixed Interest AAA

      1.31%
    • UK Gilt 3.75% 07/03/2027

      United Kingdom Int Fixed Interest AA

      1.21%
    Type Target Actual
    Cash and Cash Equivalents 12.0%% 12.59%%
    New Zealand Fixed Interest 18.5%% 19.78%%
    International Fixed Interest 29.5%% 29.3%%
    Australasian Equities 10.5%% 10.27%%
    International Equities 25.5%% 24.14%%
    Listed Properties 2.0%% 1.95%%
    Unlisted Properties 0.0%% 0.0%%
    Other 2.0%% 1.97%%
    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 30th June 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

  • 1.02% Animal Cruelty
  • 1.4% Human Rights Violations
  • 0.49% Social Harm
  • 3.89% Fossil Fuels
  • 0.35% Weapons
  • 0.77% Environmental Harm

Companies of Concern

  • Animal Cruelty

    • Koninklijke Ahold Delhaize Nv
      0.12%
      0.12%
    • Exxon Mobil Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • 0.05%
    • Eni Spa
      0.04%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.04%
    • Celanese US Holdings Llc
      0.03%
      0.03%
    • Chevron Corp.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.03%
    • Colgate-Palmolive Co.
      0.03%
      0.03%
    • FMC Corp.
      0.03%
      0.03%
    • Givaudan Finance Europe Bv
      0.03%
      0.03%
    • Hermès International Sca
      0.03%
      0.03%
    • Shell
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Tyson Foods Inc
      0.03%
      0.03%
    • Bayer
      0.02%
      0.02%
    • Dupont De Nemours
      0.02%
      0.02%
    • Huntsman Corp.
      0.02%
      0.02%
    • Kering SA
      0.02%
      0.02%
    • Nutrien Ltd.
      0.02%
      0.02%
    • Orbia Advance Corp. Sab De Cv
      0.02%
      0.02%
    • Syngenta
      0.02%
      0.02%
    • The Dow Chemical Co.
      0.02%
      0.02%
    • Unilever PLC
      0.02%
      0.02%
    • Air Liquide
      0.01%
      0.01%
    • Ecolab, Inc.
      0.01%
      0.01%
    • L'Oréal SA
      0.01%
      0.01%
    • The Sherwin-Williams Co.
      0.01%
      0.01%
    • Yara International Asa
      0.01%
      0.01%
  • Human Rights Violations

    • 0.46%
    • UBS
      0.14%
      0.14%
    • Wells Fargo
      0.13%
      0.13%
    • Rio Tinto
      0.11%
      0.11%
    • General Motors
      0.08%
      0.08%
    • 0.07%
    • Nestlé
      0.07%
      0.07%
    • Motorola Solutions Inc
      0.06%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.06%
    • Bank Hapoalim B.M.
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Caterpillar
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Holcim
      0.02%
      0.02%
    • Palantir Technologies
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Petrobras
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • The Boeing Co.
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Petrochina Co Ltd
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Saudi Aramco
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Zijin Mining
      0.01%
      0.01%
  • Fossil Fuels

    • Contact Energy Ltd.
      0.70%
      1.5°C
      This company is on a 1.5°C pathway
      0.70%
    • National Grid PLC
      0.14%
      1.5°C
      This company is on a 1.5°C pathway
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • BP
      0.13%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.13%
    • American Electric Power Co., Inc.
      0.11%
      0.11%
    • Rio Tinto
      0.11%
      0.11%
    • Engie SA
      0.10%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.10%
    • Aker BP Asa
      0.09%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.09%
    • Duke Energy Corp
      0.09%
      0.09%
    • Nextera Energy, Inc.
      0.09%
      0.09%
    • Totalenergies Se
      0.08%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.08%
    • Dominion Energy, Inc.
      0.07%
      0.07%
    • Energy Transfer Lp
      0.07%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.07%
    • Itochu Corp.
      0.07%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.07%
    • Xcel Energy, Inc.
      0.07%
      0.07%
    • Atmos Energy Corp.
      0.06%
      0.06%
    • Enbridge, Inc.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Exxon Mobil Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Occidental Petroleum Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Pg&E Corp
      0.06%
      0.06%
    • Targa Resources Corp.
      0.06%
      0.06%
    • BHP
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Consolidated Edison, Inc.
      0.05%
      0.05%
    • Edp-Energias De Portugal SA
      0.05%
      1.5°C
      This company is on a 1.5°C pathway
      0.05%
    • The Williams Cos., Inc.
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Vår Energi Asa
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Cez As
      0.04%
      0.04%
    • Conocophillips
      0.04%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.04%
    • Eni Spa
      0.04%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.04%
    • Fairfax Financial Holdings Ltd.
      0.04%
      0.04%
    • Oneok, Inc.
      0.04%
      0.04%
    • Canadian Natural Resources Ltd.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Cheniere Energy, Inc.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Chevron Corp.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.03%
    • Diamondback Energy, Inc.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Kinder Morgan, Inc.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Mplx Lp
      0.03%
      0.03%
    • Nrg Energy, Inc.
      0.03%
      0.03%
    • OMV AG
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Pinnacle West Capital Corp.
      0.03%
      0.03%
    • Portland General Electric Co.
      0.03%
      0.03%
    • Rwe AG
      0.03%
      1.5°C
      This company is on a 1.5°C pathway
      0.03%
    • Sempra Energy
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Shell
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Snam Spa
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Vier Gas Transport Gmbh
      0.03%
      0.03%
    • Western Midstream Partners Lp
      0.03%
      0.03%
    • Wintershall Dea
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Centerpoint Energy, Inc.
      0.02%
      0.02%
    • Constellation Energy Corp.
      0.02%
      0.02%
    • Enel
      0.02%
      1.5°C
      This company is on a 1.5°C pathway
      0.02%
    • Enterprise Products Partners Lp
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Galaxy Pipeline Assets Bidco Ltd.
      0.02%
      0.02%
    • 0.02%
    • Jefferies
      0.02%
      0.02%
    • Pacificorp.
      0.02%
      0.02%
    • Petrobras
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Barrick Gold
      0.01%
      0.01%
    • Cenovus Energy, Inc.
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Channel Infrastructure
      0.01%
      0.01%
    • Delta Air Lines, Inc.
      0.01%
      0.01%
    • Ep Infrastructure As
      0.01%
      0.01%
    • National Grid North America, Inc.
      0.01%
      1.5°C
      This company is on a 1.5°C pathway
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Petrochina Co Ltd
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Repsol
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Saudi Aramco
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • Suncor Energy, Inc.
      0.01%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.01%
    • The Southern Co.
      0.01%
      0.01%
    • The Weir Group PLC
      0.01%
      0.01%
    • Électricité De France SA
      0.01%
      0.01%
  • Weapons

    • Amphenol Corp.
      0.10%
      0.10%
    • Mtu Aero Engines AG
      0.09%
      0.09%
    • Dassault Aviation SA
      0.04%
      0.04%
    • Rheinmetall AG
      0.04%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.04%
    • The Boeing Co.
      0.02%
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.02%
    • Howmet Aerospace, Inc.
      0.01%
      0.01%
    • Teledyne Technologies, Inc.
      0.01%
      0.01%
  • Environmental Harm

    • Duke Energy Corp
      0.09%
      0.09%
    • Energy Transfer Lp
      0.07%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.07%
    • 0.07%
    • Pg&E Corp
      0.06%
      0.06%
    • BHP
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • PepsiCo
      0.05%
      0.05%
    • Chevron Corp.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      OPT
      Complicit in severe breaches of civilian Human Rights in
      Occupied Palestinian Territories
      0.03%
    • 0.03%
    • FMC Corp.
      0.03%
      0.03%
    • Shell
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Bayer
      0.02%
      0.02%
    • Danone
      0.02%
      0.02%
    • 0.02%
    • Mondelez
      0.02%
      0.02%
    • Nutrien Ltd.
      0.02%
      0.02%
    • Syngenta
      0.02%
      0.02%
    • Unilever PLC
      0.02%
      0.02%
    • Barrick Gold
      0.01%
      0.01%
    • Zijin Mining
      0.01%
      0.01%

About this Fund

Invests mainly in defensive assets such as fixed interest and cash, with about 40% invested in growth assets such as shares and real assets. May be suitable for investors who want to invest in a broad mix of assets and who are comfortable with a higher degree of volatility in returns than can be expected from the Conservative fund.

Value $9.41M NZD
Period of data report 30th June 2025
Members 472
Fund started 9th Oct. 2015
Total annual fund fees 0.73%
Total performance based fees 0.0%
Manager's basic fee 0.52%
Other management and administration charges 0.21%
Total other charges 0.0
Total other charges currency NZD

Ross Butler

Currently: Chair - Mercer (N.Z.) Ltd (2 years, 2 months)
Previously: Director Investments (Australia) Limited (current) (10 years, 4 months)

Kylie Willment

Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (7 years, 8 months)
Previously: Senior Manager, Investment & Client Strategy - TCorp (NSW Treasury Corporation) (17 years, 0 months)

Padraig Brown

Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (3 years, 1 months)
Previously: Head of Real Estate Investment Management, Mercer Australia (Pty) Ltd (11 years, 2 months)

James Wilson

Currently: Portfolio Manager - Mercer (N.Z.) Ltd (6 years, 5 months)
Previously: Analyst - New Zealand Treasury (1 years, 0 months)

David Scobie

Currently: Principal, Investments New Zealand - Mercer (N.Z.) Ltd (1 years, 11 months)
Previously: Principal Advisor, Capital Markets - New Zealand Treasury (1 years, 5 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 30th June 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 4.34% 4.43%
2024 10.86% 6.91%
2023 -2.79% -2.69%
2022 1.34% 0.76%
2021 17.98% 11.34%
2020 -1.40% -0.66%
2019 5.81% 3.89%
2018 5.28% 4.54%
2017 5.86% 4.64%

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 30th June 2025.

Top 10 Investments

  • New Zealand Government Bond 3.0% 20/04/2029

    New Zealand NZ Fixed Interest AAA

    2.34%
  • Fisher & Paykel Healthcare Corporation Limited

    New Zealand Australasian Equities

    1.62%
  • New Zealand Government Bond 3.50% 14/04/2033

    New Zealand NZ Fixed Interest AAA

    1.53%
  • New Zealand Government Bond 1.50% 15/05/2031

    New Zealand NZ Fixed Interest AAA

    1.48%
  • New Zealand Government Bond 0.25% 15/05/2028

    New Zealand NZ Fixed Interest AAA

    1.42%
  • New Zealand Government Bond 2.75% 15/04/2037

    New Zealand NZ Fixed Interest AAA

    1.42%
  • New Zealand Government Bond 4.50% 15/05/2035

    New Zealand NZ Fixed Interest AAA

    1.41%
  • New Zealand Government Bond 1.75% 15/05/2041

    New Zealand NZ Fixed Interest AAA

    1.35%
  • New Zealand Government Bond 2.00% 15/05/2032

    New Zealand NZ Fixed Interest AAA

    1.31%
  • UK Gilt 3.75% 07/03/2027

    United Kingdom Int Fixed Interest AA

    1.21%
Type Target Actual
Cash and Cash Equivalents 12.0%% 12.59%%
New Zealand Fixed Interest 18.5%% 19.78%%
International Fixed Interest 29.5%% 29.3%%
Australasian Equities 10.5%% 10.27%%
International Equities 25.5%% 24.14%%
Listed Properties 2.0%% 1.95%%
Unlisted Properties 0.0%% 0.0%%
Other 2.0%% 1.97%%
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 30th June 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.