Funds

NZ Defence Force Moderate Fund

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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

  • Fossil Fuel

    • Contact Energy Limited 0.55%
    • Nextera Energy Inc 0.26%
    • Sempra Energy 0.13%
    • Dominion Energy 0.12%
    • Entergy 0.11%
    • Enel Spa 0.10%
    • Xcel Energy Inc 0.10%
    • Public Service Enterprise Group 0.09%
    • Shell PLC Ord Eur0.07 0.08%
    • Emera Inc 0.07%
    • Totalenergies Se 0.07%
    • Allete Inc 0.06%
    • Alliant Energy Corp Com 0.06%
    • Enel Spa Eur1 0.06%
    • BHP Group Limited Ordinary Fully Paid 0.05%
    • Eni Spa 0.05%
    • Hera Spa 0.05%
    • Nextera Energy Capital Holdings Inc 0.05%
    • Pg and E Corp 0.05%
    • Snam Spa 0.05%
    • Avista Corp 0.04%
    • Santos Limited 0.04%
    • Ck Asset Holdings Hk 0.03%
    • Dte Energy Co USD 0.03%
    • Duke Energy Corp Com USD 0.001 Post Rev Splt 0.03%
    • Hera Eur1 0.03%
    • Mitsui & Co Ltd Jpy 0.03%
    • National Grid PLC Disc Coml Paper 4/2 Yrs 3&4 10-13-2022 0.03%
    • Oasis Petroleum Inc 0.03%
    • Pinnacle West Capital Corp 0.03%
    • Anglo American PLC 0.02%
    • Cosmo Energy Holdings Co Ltd 0.02%
    • Enbridge Inc 0.02%
    • Guangdong Investment Limited 0.02%
    • Guanghui Energy Co Ltd 0.02%
    • Hf Sinclair Corpor Com Usd0.01 0.02%
    • Hk Electric Investments Ltd 0.02%
    • Iberdrola SA 0.02%
    • Jizhong Energy Resources Co Ltd 0.02%
    • Mitsubishi Corp Y50 0.02%
    • Nippon Yusen Kk Npv Temp 0.02%
    • OMV AG 0.02%
    • Pvtpl Eni S P A Nt X 4.75% Due 09-12-2028 0.02%
    • Southern Co Com USD 0.02%
    • Vale SA 0.02%
    • Valero Energy Corp 0.02%
    • American Electric Power Company Inc 0.01%
    • Canadian Natural Resources 0.01%
    • Cheniere Energy Inc 0.01%
    • Ck Hutchison International 21 Ltd 1.5% Due 04-15-2026 Beo 0.01%
    • Enel Chile SA 4.875% 06-12-2028 0.01%
    • Enel Fin Intl N V Fixed 3.625% Due 05-25-2027 0.01%
    • Enel Fin Intl Nv Fixed 4.25% Due 06-15-2025 0.01%
    • Equinor Asa 0.01%
    • Harbour Energy PLC Ord Gbp0.00002 0.01%
    • Iberdrola SA Eur0.75 0.01%
    • Iren Spa 1% Snr Emtn 01/07/2030 EUR 0.01%
    • Japan Petroleum Exploration 0.01%
    • Kinder Morgan Inc 4.3% Due 06-01-2025 0.01%
    • Murphy Oil Corp 0.01%
    • Naturgy Finance B. 1.5% Gtd Snr 29/01/2028 EUR 0.01%
    • Ppl Corporation 0.01%
    • Reliance Inds 3.667% Snr 30/11/2027 USD 0.01%
    • Repsol SA 0.01%
    • Santos Finance Ltd 4.125% Gtd Snr 14/09/27 USD 0.01%
    • Sojitz Corporation 0.01%
    • Williams Companies Inc 0.01%
    • Williams Companies Inc 2.6% 03-15-2031 0.01%

  • Weapons

    • Mtu Aero Engines AG 0.02%

  • Tobacco

    • Performance Food Group Co 0.06%
    • Alimentation Couche-Tard 2.95% Due 01-25-2030 Beo 0.02%
    • Casey'S General Stores Inc 0.01%

  • Gambling

    • Skycity Entertainment Group Limited 0.19%
    • Vici Properties Inc 0.08%

  • Alcohol

    • Constellation Brands Inc-A 0.10%
    • Royal Unibrew As 0.02%
    • Treasury Wine Estates Limited 0.02%
    • Heineken Holding Nv 0.01%

  • Human Rights & Environmental Violations

    • Nestle SA 0.11%
    • Johnson & Johnson Com US$1 0.08%
    • Motorola Solutions Inc 0.08%
    • Shell PLC Ord Eur0.07 0.08%
    • Barrick Gold Corporation 0.06%
    • BHP Group Limited Ordinary Fully Paid 0.05%
    • Nestle Holdings Inc 0.05%
    • Pg and E Corp 0.05%
    • Thermo Fisher Scientific Inc 0.05%
    • Activision Blizzard Inc 0.04%
    • Bayer AG 0.03%
    • Duke Energy Corp Com USD 0.001 Post Rev Splt 0.03%
    • Rio Tinto PLC Ord 10P Gbp 0.03%
    • Petroleo Brasileiro Petrobras SA 0.02%
    • Rio Tinto Fin Usa 5.2 Due 11-02-2040 0.02%
    • Vale SA 0.02%
    • Wells Fargo & Co 1.338%-Frn Snr 04/05/25Eur 0.02%
    • Credit Suisse Gp 2.875%-Frn Snr 02/04/32Eur 0.01%
    • First International Bank Of Israel Ltd 0.01%
    • Nestle Hldgs Inc 0.875% Gtd Snr 18/07/25Eur 0.01%
    • Wells Fargo & Company 0.01%

  • Animal Cruelty

    • Procter & Gamble Company 0.15%
    • Pepsico Inc Cap US$0.01 2/3 0.12%
    • Nestle SA 0.11%
    • Constellation Brands Inc-A 0.10%
    • Shell PLC Ord Eur0.07 0.08%
    • Colgate Palmolive Usd1 0.06%
    • Koninklijke Ahold Delhaize Nv 0.06%
    • Eni Spa 0.05%
    • Nestle Holdings Inc 0.05%
    • Coca Cola Co USD 0.04%
    • Kering 0.04%
    • Mondelez International Inc 0.04%
    • Nomad Foods Ltd 0.04%
    • Tyson Foods Inc Class A 0.04%
    • Bayer AG 0.03%
    • Church & Dwight Co 0.03%
    • Estee Lauder Companies 0.03%
    • General Mills Inc 0.03%
    • Kellogg Company 0.03%
    • Kimberly Clark Corp Com Usd1.25 0.03%
    • Koninklijke Dsm Nv 0.03%
    • 3M Co 4.0% 09-14-2048 0.02%
    • Air Liquide 0.02%
    • Campbell Soup Co USD 0.02%
    • Capri Holdings Ltd Com Npv 0.02%
    • Colgate-Palmolive Co 4% Due 08-15-2045 0.02%
    • Essity Ab 1.625% Gtd Snr 30/03/27 EUR 0.02%
    • Hermes International 0.02%
    • Ingredion Inc Com USD 0.01 0.02%
    • Kimberly Clark De Mexico S A B De C V Fo2.431% Due 07-01-2031 Beo 0.02%
    • L'Oreal 0.02%
    • Mitsubishi Corp Y50 0.02%
    • Ping An Insurance Group Of China Limited 0.02%
    • Pvtpl Eni S P A Nt X 4.75% Due 09-12-2028 0.02%
    • Sherwin Williams Com Usd1 0.02%
    • Symrise AG 0.02%
    • Darling Ingredients Inc 0.01%
    • Kimberly-Clark 6.625% Due 08-01-2037 0.01%
    • Mitsubishi Gas Chemical Co 0.01%
    • Nestle Hldgs Inc 0.875% Gtd Snr 18/07/25Eur 0.01%
    • Nisshinbo Holdings Inc 0.01%
    • Reliance Inds 3.667% Snr 30/11/2027 USD 0.01%
    • Solvay SA .5% 06/09/2029 0.01%
    • Unilever PLC 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

In their own words

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 $7.7M NZD
Period of data report 31st Dec. 2022
Members 515
Fund started 9th Oct. 2015
Total annual fund fees 0.85%
Total performance based fees 0.0%
Manager's basic fee 0.58%
Other management and administration charges 0.27%
Total other charges 13.5
Total other charges currency NZD

Key Personnel

Kristen Kohere-Soutar

Currently: Chair - Mercer (N.Z.) Ltd (3 years, 1 months)
Previously: Director - Mercer (N.Z.) Ltd (current) (5 years, 4 months)

Martin Lewington

Currently: CEO - Mercer (N.Z.) Ltd (13 years, 10 months)
Previously: Head of Investments - Mercer (N.Z.) Ltd (3 years, 8 months)

Kylie Willment

Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (5 years, 2 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 (0 years, 7 months)
Previously: Head of Real Estate Investment Management, Mercer Australia (Pty) Ltd (11 years, 2 months)

Robert Kavanagh

Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (8 years, 9 months)
Previously: Vice President - Account Management PIMCO Australia Pty Limited (7 years, 0 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 0.20%
Animal Cruelty 1.93%
Fossil Fuels 3.54%
Gambling 0.28%
GMOs 0.00%
Human Rights & Environmental Violations 1.01%
Palm Oil 0.01%
Tobacco 0.10%
Weapons 0.04%

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% 0.76%
2021 16.60% 11.34%
2020 -1.09% -0.66%
2019 5.56% 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 31st Dec. 2022.

Top 10 Investments

  • Fx Positions
    New Zealand Int Fixed Interest
    3.7%
  • Robeco Global Credit Fund
    Australia Int Fixed Interest
    3.52%
  • First Sentier Global Listed Infrastructure Fund
    New Zealand Other
    2.48%
  • ASB Bank Limited Rcd Maturing 24/03/2023
    New Zealand Cash and Equivalents AA-
    1.34%
  • New Zealand Government Bond 3.00% 20/04/2029
    New Zealand NZ Fixed Interest AAA
    1.15%
  • New Zealand Government Bond 1.75% 15/05/2041
    New Zealand NZ Fixed Interest AAA
    1.08%
  • Fisher & Paykel Healthcare Corporation Limited
    New Zealand Australasian Equities
    0.99%
  • New Zealand Government Bond 0.5% 15/05/2024
    New Zealand NZ Fixed Interest AAA
    0.93%
  • Housing New Zealand Limited Bond 3.36% 12/06/2025
    New Zealand NZ Fixed Interest AAA
    0.92%
  • New Zealand Government Bond 2.75% 15/04/2037
    New Zealand NZ Fixed Interest AAA
    0.9%
Type Target Actual
Cash and Cash Equivalents 18.0% 19.55%
New Zealand Fixed Interest 13.0% 12.75%
International Fixed Interest 29.0% 28.84%
Australasian Equities 9.5% 9.48%
International Equities 22.5% 21.54%
Listed Properties 4.0% 3.95%
Unlisted Properties 0.0% 0.0%
Other 4.0% 3.89%
Commodities 0.0% 0.0%

Investment Mix

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

Target

Actual

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