BNZ KiwiSaver Default Fund

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Fund type: Balanced fund

Past Returns: No three year data yet

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

Annual Fees: 0.35%

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

Contact Energy Ltd 1.01%
Genesis Energy Ltd 0.26%
Vier Gas Transport Gmbh 4.625% 26/09/2032 0.16%
Galaxy Pipeline Assets Bidco Ltd Medium Term Note 2.625% 31/03/2036 0.14%
Nextera Energy Inc 0.12%
Enterprise Products Operating Llc 4.45% 15/02/2043 0.09%
N.V. Nederlandse Gasunie 3.375% 11/07/2034 0.09%
The Williams Companies Inc 2.6% 15/03/2031 0.09%
Enbridge Inc 0.06%
Vier Gas Transport Gmbh 4% 26/09/2027 0.06%
Williams Companies Inc 4.85% 01/03/2048 0.05%
Anglo American Capital PLC 4.75% 21/09/2032 0.04%
Dominion Energy Inc 0.04%
Iberdrola SA 0.04%
Marathon Petroleum Corp 0.04%
Sempra Energy 0.04%
Valero Energy Corp 0.04%
Cheniere Energy Ord Shs 0.03%
Enel Spa 0.03%
Itochu Corp 0.03%
Kinder Morgan Inc/De 0.03%
National Grid PLC 0.03%
Phillips 66 0.03%
Ppl Electric Utilities Corp 4.15% 15/06/2048 0.03%
Tc Energy Corp 0.03%
Consolidated Edison Inc 0.02%
Constellation Energy Corp 0.02%
Engie SA 0.02%
Neste Ord Shs 0.02%
Pembina Pipeline Ord Shs 0.02%
Public Service Enterprise Group Ord Shs 0.02%
Rwe AG 0.02%
Apa Group 0.01%
Astra International Ord Shs 0.01%
Atmos Energy Ord Shs 0.01%
Citic Securities Co Ltd 0.01%
Ck Asset Holdings Ltd 0.01%
Ck Hutchison Holdings Ltd 0.01%
Consolidated Edison Company Of New York Inc 3.95% 01/04/2050 0.01%
Cosan Industria E Comercio Ord Shs 0.01%
Enel Americas Ord Shs 0.01%
Engie Brasil Energia Ord Shs 0.01%
Fortum Ord Shs 0.01%
Hong Kong & China Gas Co Ltd 0.01%
Jardine Matherson Holdings Ltd 0.01%
Kansai Electric Power Ord Shs 0.01%
Loews Corp 0.01%
Mitsui O.S.K. Lines Ltd 0.01%
Nippon Yusen Ord Shs 0.01%
Saudi Electricity Ord Shs 0.01%
Snam Ord Shs 0.01%
Vier Gas Transport Gmbh 0.125% 10/09/2029 0.01%

Weapons

Wal-Mart Stores Inc 0.15%
Brookfield Asset Management Inc 0.05%
Amphenol Corp-Cl A 0.03%
L3Harris Technologies Inc 0.03%
Transdigm Group Inc 0.02%
Canadian Tire Corp Ltd 0.01%
Heico Corp - A 0.01%
Howmet Aerospace Inc 0.01%
Mtu Aero Engines AG 0.01%
Rolls-Royce Holdings PLC 0.01%
Teledyne Technologies Inc 0.01%
Wal Mart De Mexico Sab De Cv 0.01%

Alcohol

Anheuser-Busch Inbev Worldwide Inc 5.45% 23/01/2039 0.11%
Anheuser-Busch Inbev Finance Inc 4.7% 01/02/2036 0.08%
Diageo PLC 0.08%
Bacardi Ltd 5.3% 15/05/2048 0.07%
Bacardi Ltd 4.45% 15/05/2025 0.06%
Diageo Capital B.V. 1.875% 08/06/2034 0.04%
Anheuser-Busch Inbev Nv 0.03%
Constellation Brands Inc-A 0.03%
Pernod Ricard SA 0.03%
Heineken Nv 0.02%
Kweichow Moutai Co Ltd-A 0.02%
Ambev SA 0.01%
Asahi Group Holdings Ltd 0.01%
Brown-Forman Corp-Class B 0.01%
China Resources Beer Holdings Ord Shs 0.01%
Heineken Holdings Nv 0.01%
Kirin Holdings Co Ltd 0.01%
Wuliangye Yibin Co Ltd 0.01%

Palm Oil

Astra International Ord Shs 0.01%

GMOs

Corteva Inc 0.03%

Human Rights & Environmental Violations

Johnson & Johnson 0.35%
Meta Platforms Inc 0.25%
Nestle SA-Reg 0.24%
Thermo Fisher Scientific Inc 0.16%
Credit Suisse Group AG 3.091% 14/05/2032 0.13%
Wells Fargo & Co 0.12%
Basf Se 3.75% 29/06/2032 0.07%
Caterpillar Inc 0.07%
Activision Blizzard Inc 0.05%
Archer-Daniels-Midland Co 0.04%
Bayer AG-Reg 0.04%
Credit Suisse AG London 0.25% 01/09/2028 0.04%
Credit Suisse Group AG 4.194% 01/04/2031 0.04%
Nutrien Ord Shs 0.04%
Rio Tinto PLC 0.04%
Basf Se 0.03%
Corteva Inc 0.03%
Freeport - Mcmoran Copper 0.03%
Thermo Fisher Scientific (Finance I) B.V. 1.625% 18/10/2041 0.03%
Barrick Gold Corp 0.02%
Li Ning Ord Shs 0.02%
Rio Tinto Ltd 0.02%
Thermo Fisher Scientific Inc 1.875% 01/10/2049 0.02%
Astra International Ord Shs 0.01%
Bank Hapoalim Bm 0.01%
Bank Leumi Le Israel Ord Shs 0.01%
Centrais Eletricas Brasileiras SA 0.01%
Credit Suisse Group Ord Shs 0.01%
Fmc Corp 0.01%
Formosa Chemicals & Fibre Ord Shs 0.01%
Posco 0.01%

Animal Testing

Procter and Gamble Co/The 0.25%
Nestle SA-Reg 0.24%
Coca-Cola Co/The 0.18%
Pepsico Inc 0.18%
LVMH Moet Hennessy Louis Vui 0.12%
Unilever PLC 0.09%
Basf Se 3.75% 29/06/2032 0.07%
Kraft Heinz Foods Company 4.125% 01/07/2027 0.07%
Tesco Property Finance 3 PLC 5.744% 13/04/2040 0.07%
L'Oreal SA 0.06%
Mondelez International Inc-A 0.06%
3M Co 0.05%
Air Liquide SA 0.05%
Colgate-Palmolive Co 0.05%
Danone SA 1% Perpetual 0.05%
Rentokil Initial Finance B.V. 4.375% 27/06/2030 0.05%
Tesco Property Finance 2 PLC 6.0517% 13/10/2039 0.05%
Archer-Daniels-Midland Co 0.04%
Bayer AG-Reg 0.04%
Estee Lauder Cos Inc/The 0.04%
General Mills Inc 0.04%
Nutrien Ord Shs 0.04%
Sherwin-Williams Co/The 0.04%
Basf Se 0.03%
Constellation Brands Inc-A 0.03%
Corteva Inc 0.03%
Daikin Industries Ltd 0.03%
Dow Inc 0.03%
Ecolab Inc 0.03%
Hermes International 0.03%
Kering 0.03%
Keurig Dr Pepper Ord Shs 0.03%
Kimberly-Clark Corp 0.03%
Kraft Heinz Foods Company 4.875% 01/10/2049 0.03%
Albemarle Corp 0.02%
Canon Inc 0.02%
Danone 0.02%
Denso Corp 0.02%
Du Pont De Nemours 0.02%
Kao Corporation 0.02%
Kellogg Co 0.02%
Koninkilijke Dsm Ord Shs 0.02%
Koninklijke Ahold Delhaize Nv 0.02%
Kraft Heinz Co/The 0.02%
Kraft Heinz Foods Co 4.375% 01/06/2046 0.02%
PPG Industries Inc 0.02%
Ping An Insurance Group 0.02%
Tesco Property Finance 1 PLC 7.6227% 13/07/2039 0.02%
Tyson Foods Inc 0.02%
Akzo Nobel Nv 0.01%
Asahi Group Holdings Ltd 0.01%
Avantor Inc 0.01%
Barry Callebaut Ord Shs 0.01%
Burberry Group PLC 0.01%
Campbell Soup Co 0.01%
Clorox Company 0.01%
Croda International PLC 0.01%
Fmc Corp 0.01%
Formosa Chemicals & Fibre Ord Shs 0.01%
Fujifilm Holdings Ord Shs 0.01%
Groupe Bruxelles Lambert SA 0.01%
Mitsubishi Chemical Holdings Corp 0.01%
Moncler Ord Shs 0.01%
Mosaic Co/The 0.01%
Mowi Asa 0.01%
Nippon Paint Holdings Ord Shs 0.01%
Otsuka Holdings Co Ltd 0.01%
Ping An Insurance Group - A 0.01%
Rentokil Initial Ord Shs 0.01%
Shiseido Co Ltd 0.01%
The Swatch Group AG 0.01%
Umicore Ord Shs 0.01%
Unicharm Corporation 0.01%
Wilmar International Ord Shs 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

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:

  • Fisher & Paykel Healthcare Ltd
    New Zealand Australasian Equities
    1.84%
  • Apple Inc
    United States International Equities
    1.71%
  • Spark New Zealand Ltd
    New Zealand Australasian Equities
    1.61%
  • Auckland International Airport Ltd
    New Zealand Australasian Equities
    1.5%
  • Microsoft Corporation
    United States International Equities
    1.41%
  • Infratil Ltd
    New Zealand Australasian Equities
    1.08%
  • Ebos Group Ltd
    New Zealand Australasian Equities
    1.03%
  • Contact Energy Ltd
    New Zealand Australasian Equities
    1.01%
  • Meridian Energy Ltd
    New Zealand Australasian Equities
    1.0%
  • Mainfreight Ltd
    New Zealand Australasian Equities
    1.0%

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 5.0% 6.17%
New Zealand Fixed Interest 9.0% 10.24%
International Fixed Interest 26.0% 26.13%
Australasian Equities 20.0% 19.18%
International Equities 40.0% 38.28%
Listed Properties 0.0% 0.0%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
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:
    0.64%
  • Animal Testing:
    2.81%
  • Fossil Fuels:
    2.95%
  • Gambling:
    0.00%
  • GMOs:
    0.03%
  • Human Rights & Environmental Violations:
    1.96%
  • Palm Oil:
    0.01%
  • Tobacco:
    0.00%
  • Weapons:
    0.35%

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 Default Fund invests largely in growth assets, which generally have higher levels of risk with the potential for higher returns. It also has a sizeable allocation to income assets, which generally have lower levels of risk and potential returns. It aims to achieve a medium level of return over the medium to long term."

Value $430M NZD
Period of data report Fri Sept. 30th 2022
Members 58,564
Fund started Wed Dec. 1st 2021
Total annual fund fees 0.35%
Total performance based fees 0.0%
Manager's basic fee 0.35%
Other management and administration charges 0.0%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Peter Forster

Currently: Chair, BNZ Investment Review Committee (2 years, 9 months)
Previously: General Manager Wealth, BNZ (current position) (4 years, 1 months)

Richard Ansell

Currently: Member, BNZ Investment Review Committee (2 years, 9 months)
Previously: Director, BNZ Investment Services Limited (current position) (3 years, 7 months)

Jason Wong

Currently: Member, BNZ Investment Review Committee (1 years, 9 months)
Previously: Senior Markets Strategist, BNZ (current position) (6 years, 9 months)

Hayden Griffiths

Currently: Member, BNZ Investment Review Committee (1 years, 9 months)
Previously: Executive Director and Head of Asset Allocation, JBWere (current position) (13 years, 3 months)

Louis Nel

Currently: Member, BNZ Investment Review Committee (0 years, 6 months)
Previously: Head of Investment Solutions Wealth, BNZ (current position) (11 years, 8 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.

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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.