BNZ KiwiSaver Moderate Fund

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Not Mindful
Type: Conservative fund
Past Returns: 3.89%

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

Annual Fees: 0.62%

Annual fees, including any membership and % management 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

Exxon Mobil Corp 0.11%
Chevron Corporation 0.09%
Nextera Energy Inc 0.08%
Total Sa 0.06%
Royal Dutch Shell Plc-A Shs 0.05%
Dominion Energy Inc 0.04%
Enbridge Inc 0.04%
Royal Dutch Shell Plc - B Shs 0.04%
Wec Energy Group Inc 0.02%
Lukoil Pjsc 0.02%
Gazprom Ord Shs 0.02%
Gazprom (Gaz Capital Sa) 5.150 11/02/2026 0.02%
Perusahaan Listrik Negara Pt 6.25 25/01/2049 0.02%
Kinder Morgan Inc/De 0.02%
Petroleo Brasileiro Sa Petrobras 0.02%
Perusahaan Listrik Negara Pt 4.125 15/05/2027 0.02%
Anglo American Plc 0.02%
Anglo American Capital Plc 4.125 15/04/2021 0.02%
Cnooc Finance 2013 Ltd 2.875 30/09/2029 0.02%
Abu Dhabi National Energy Co Pjsc 3.625 12/01/2023 0.02%
Bp Capital Markets Plc 0.831% 08/11/2027 0.02%
BHP Group Plc 0.02%
Xcel Energy Inc 0.02%
Conocophillips 0.02%
Sinopec Group Overseas Development 2013 Ltd 5.375 17/10/2043 0.02%
Eni Spa 0.02%
Repsol Sa 0.01%
Equinor Asa 0.01%
Snam Spa 0.01%
Alliant Energy Corp 0.01%
Glencore Funding Llc 4.875 12/03/2029 0.01%
Bp Capital Markets America Inc 2.112 16/09/2021 0.01%
Engie Sa 7 30/10/2028 0.01%
Sunoco Logistics Partners Operations Lp 3.9 15/07/2026 0.01%
Occidental Petroleum Corp 0.01%
Jxtg Holdings Inc 0.01%
Total Sa 2.625 Perp 0.01%
Glencore Finance Europe Ltd 1.875 13/09/2023 0.01%
Total Capital International Sa 3.455 19/02/2029 0.01%
Total Capital International Sa 0.696 31/05/2028 0.01%
Engie Sa 0.500 24/10/2030 0.01%
Dominion Energy Inc 2 15/08/2021 0.01%
Pioneer Natural Resources Co 0.01%
Repsol International Finance Bv 0.25 2/08/2027 0.01%
Ptt Pcl - Foreign 0.01%
Cez As 0.875 02/12/2026 0.01%
Cheniere Energy Inc 0.01%
Energy Transfer Operating Lp 6.5 1/02/2042 0.01%
Hess Corp 0.01%
Husky Energy Inc 3.95 15/04/2022 0.01%
Petrochina Co Ltd-H 0.01%
Aes Corp 0.01%
Petroleos Mexicanos 5.35 12/02/2028 0.01%
Kinder Morgan Inc/De 5.55 1/06/2045 0.01%
Conocophillips Holding Co 6.95 15/04/2029 0.01%
Marubeni Corp 0.01%
Nrg Energy Inc 0.01%
Metro Inc 0.01%
Cabot Oil & Gas Corp 0.01%
Concho Resources Inc 0.01%
Xcel Energy Inc 4 15/06/2028 0.01%
Equinor Asa 3.95 15/05/2043 0.01%
Korea Gas Corp 28/11/2023 0.01%
Oneok Inc 0.01%
Pembina Pipeline Corp 0.01%
Equinor Asa 3.15 23/01/2022 0.01%
Tenaga Nasional Bhd 0.01%
Equinor Asa 3.25 10/11/2024 0.01%
Glencore Plc 0.01%
Bp Capital Markets America Inc 2.75 10/05/2023 0.01%
Shell International Finance Bv 4.375 11/05/2045 0.01%
Dte Energy Co 0.01%
Marathon Petroleum Corp 0.01%
BHP Billiton Finance Ltd 3.25 25/09/2024 0.01%
Shell International Finance Bv 3.4 12/08/2023 0.01%
Cnooc Ltd 0.01%
Petroleos Mexicanos 6.35 12/02/2048 0.01%
Pacificorp 6.1 1/08/2036 0.01%
Rwe Ag 0.01%
Engie Sa 0.01%
Firstenergy Corp 7.375 15/11/2031 0.01%
Cms Energy Corp 0.01%
Phillips 66 0.01%
Eog Resources Inc 0.01%
Valero Energy Corp 0.01%
Bp Capital Markets America Inc 3.937 21/09/2028 0.01%
Firstenergy Corp 0.01%
Equinor Asa 1.25 17/02/2027 0.01%
Shell International Finance Bv 1.625 20/01/2027 0.01%
Bp Capital Markets Plc 1.573 16/02/2027 0.01%
Neste Oyj 0.01%
China Petroleum & Chemical - H 0.01%
BHP Billiton Finance Ltd 3 29/05/2024 0.01%
Bp Capital Markets Plc 1.827 8/09/2025 0.01%
Aker Bp Asa 3.000 15/01/2025 0.01%
Williams Companies Inc 0.01%
Eni Spa 3.75 12/09/2025 0.01%
Suez 1.5 3/04/2029 0.01%
Total Capital International Sa 2.125 19/11/2021 0.01%
Engie Sa 1.875 19/09/2033 0.01%
Omv Ag 4.25 12/10/2021 0.01%
Engie Sa 2.625 20/07/2022 0.01%

Weapons

Teledyne Technologies Inc 0.01%
Heico Corp 0.01%
Transdigm Group Inc 0.01%

Gambling

Aristocrat Leisure Ltd 0.04%
Sky City Entertainment Group 0.02%
Sands China Ltd 0.01%
Galaxy Entertainment Group Ltd 0.01%
Las Vegas Sands Corp 0.01%

Alcohol

Lvmh Moet Hennessy Louis Vui 0.06%
Diageo Plc 0.05%
Constellation Brands Inc-A 0.02%
Anheuser-Busch Inbev Nv 0.02%
Delegat Group Ltd 0.02%
Pernod Ricard Sa 0.02%
Anheuser-Busch Inbev Sa/ 2.250 05/24/29 Mtn 0.02%
Asahi Group Holdings Ltd 0.01%
Heineken Holdings Nv 0.01%
Brown-Forman Corp-Class B 0.01%
Anheuser-Busch Inbev Worldwide Inc 4.6 15/04/2048 0.01%
Ambev Sa 0.01%
Kweichow Moutai Co Ltd-A 0.01%
Kirin Holdings Co Ltd 0.01%
Heineken Nv 0.01%
Carlsberg Breweries A/S 0.5 6/09/2023 0.01%
Anheuser-Busch Inbev Sa/ 2.875 02/04/2032 0.01%
Anheuser-Busch Cos Llc / Anheuser-Busch Inbev Worldwide Inc 4.9 1/02/2046 0.01%
Anheuser-Busch Inbev Sa/Nv 2.875 25/09/2024 0.01%
Carlsberg A/S 0.01%
Anheuser-Busch Inbev Finance Inc 3.3 1/02/2023 0.01%

Palm Oil

Posco 2.75 15/07/2024 0.02%
Posco 0.01%

GMOs

Novartis Ag 0.11%
Bayer Ag-Reg 0.04%
Du Pont De Nemours 0.02%
Basf Se 0.02%
Basf Se 0.875 6/10/2031 0.01%
Novartis Capital Corp 3.1 17/05/2027 0.01%
Novozymes A/S 0.01%
Nutrien Ltd 0.01%
Dupont De Nemours Inc 4.725 15/11/2028 0.01%
Nutrien Ltd 4 15/12/2026 0.01%

Human Rights & Environmental Violations

Johnson & Johnson 0.23%
Nestle Sa-Reg 0.19%
Chevron Corporation 0.09%
Royal Dutch Shell Plc-A Shs 0.05%
Duke Energy Corp 0.04%
Royal Dutch Shell Plc - B Shs 0.04%
Rio Tinto Plc 0.03%
Nestle Holdings Inc 3.625 24/09/2028 0.02%
Petroleo Brasileiro Sa Petrobras 0.02%
Posco 2.75 15/07/2024 0.02%
BHP Group Plc 0.02%
Barrick Gold Corp 0.02%
Sempra Energy 0.02%
Vale Sa 0.02%
Glencore Funding Llc 4.875 12/03/2029 0.01%
Glencore Finance Europe Ltd 1.875 13/09/2023 0.01%
Nestle Holdings Inc 1.375 13/07/2021 0.01%
Petrochina Co Ltd-H 0.01%
Posco 0.01%
Freeport - Mcmoran Copper 0.01%
Glencore Plc 0.01%
Shell International Finance Bv 4.375 11/05/2045 0.01%
BHP Billiton Finance Ltd 3.25 25/09/2024 0.01%
Shell International Finance Bv 3.4 12/08/2023 0.01%
Nutrien Ltd 0.01%
Nestle Holdings Inc 4.000 24/09/2048 0.01%
Archer-Daniels-Midland Co 0.01%
Essity Aktiebolag-B 0.01%
Nestle Finance International Ltd 0.375 18/01/2024 0.01%
Nestle Holdings Inc 0.875 18/07/2025 0.01%
Shell International Finance Bv 1.625 20/01/2027 0.01%
Johnson & Johnson 1.15 20/11/2028 0.01%
BHP Billiton Finance Ltd 3 29/05/2024 0.01%
Nutrien Ltd 4 15/12/2026 0.01%
Johnson & Johnson 3.625 3/03/2037 0.01%

Animal Testing

Johnson & Johnson 0.230%
Nestle Sa-Reg 0.190%
Procter and Gamble Co/The 0.170%
Pepsico Inc 0.110%
Coca-Cola Co/The 0.110%
Chevron Corporation 0.090%
Lvmh Moet Hennessy Louis Vui 0.060%
Glaxosmithkline Plc 0.060%
Royal Dutch Shell Plc-A Shs 0.050%
Colgate-Palmolive Co 0.040%
Bayer Ag-Reg 0.040%
Air Liquide Sa 0.040%
Unilever Plc 0.040%
Unilever Nv-Cva 0.040%
Royal Dutch Shell Plc - B Shs 0.040%
L'Oreal Sa 0.040%
Kao Corporation 0.030%
Danone 0.030%
Ecolab Inc 0.030%
Reckitt Benckiser Group Plc 0.030%
Kimberly-Clark Corp 0.030%
Air Products and Chemicals Inc. 0.030%
Bayer US Finance Ii Llc 4.25% 15/12/2025 0.020%
Du Pont De Nemours 0.020%
Nestle Holdings Inc 3.625 24/09/2028 0.020%
Clorox Company 0.020%
Reckitt Benckiser Tsy 2.75% 26/06/2024 0.020%
General Mills Inc 0.020%
Basf Se 0.020%
Tesco Corporate Treasury Services Plc 1.375 24/10/2023 0.020%
Estee Lauder Cos Inc/The 0.020%
Walgreens Boots Alliance Inc 0.020%
Tesco Plc 0.020%
Givaudan Sa 0.020%
Pepsico Inc 0.875 16/10/2039 0.010%
Basf Se 0.875 6/10/2031 0.010%
Nestle Holdings Inc 1.375 13/07/2021 0.010%
Unilever Capital Corp 3.125 22/03/2023 0.010%
Chr Hansen Holding A/S 0.010%
Associated British Foods Plc 0.010%
Kikkoman Corp 0.010%
Pepsico Inc 4.6 17/07/2045 0.010%
Cabot Oil & Gas Corp 0.010%
Fmc Corp 0.010%
Novozymes A/S 0.010%
Coca-Cola Co/The 3.2 1/11/2023 0.010%
Beiersdorf Ag 0.010%
Glaxosmithkline Capital Plc 3.375 20/12/2027 0.010%
Tesco Property Finance 1 Plc 7.6227 13/07/2039 0.010%
Shell International Finance Bv 4.375 11/05/2045 0.010%
Shell International Finance Bv 3.4 12/08/2023 0.010%
Kraft Heinz Co/The 0.010%
Church & Dwight Co Inc 0.010%
Ppg Industries Inc 0.010%
Shiseido Co Ltd 0.010%
Henkel Ag & Co Kgaa 0.010%
Nestle Holdings Inc 4.000 24/09/2048 0.010%
Archer-Daniels-Midland Co 0.010%
Koninklijke Dsm Nv 0.010%
Essity Aktiebolag-B 0.010%
Unilever Nv 0.5 12/08/2023 0.010%
Coca-Cola European Partners Plc 1.5 8/11/2027 0.010%
Nestle Finance International Ltd 0.375 18/01/2024 0.010%
Air Liquide Finance Sa 0.375 18/04/2022 0.010%
Nestle Holdings Inc 0.875 18/07/2025 0.010%
Shell International Finance Bv 1.625 20/01/2027 0.010%
Johnson & Johnson 1.15 20/11/2028 0.010%
Procter & Gamble Co/The 0.5 25/10/2024 0.010%
Coca-Cola Co/The 0.75 22/09/2026 0.010%
Akzo Nobel Nv 0.010%
Johnson & Johnson 3.625 3/03/2037 0.010%
Praxair Inc 1.625 1/12/2025 0.010%
Argentum Netherlands Bv For Zurich Insurance Co Ltd 3.5 1/10/2046 0.010%
Akzo Nobel Nv 2.625 27/07/2022 0.010%

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to Tue June 30th 2020 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 and research organisations.

A summary of this fund and its details.

Number FND517
Name BNZ KiwiSaver Moderate Fund
Risk profile Conservative fund
Description The Moderate Fund invests mostly in income assets which have lower levels of risks and returns. It also has a sizeable allocation to growth assets which have higher risks and returns. It aims to achieve moderate returns over the medium term.
Value $560M NZD
Members 32,506
Market index description based on a composite index made up of related market indices that represent the target investment mix (including currency hedging where relevant)
Period of data report Tue June 30th 2020
Fund started Mon Feb. 11th 2013
Three-year average return 3.89%
Market index past year return 5.90%
Past year return net of charges and tax 4.56%
Past year return net of charges gross of tax 5.6%
Market index return since fund started 7.58%
Return since fund started net 5.41%
Total annual fund fees 0.62%
Total performance based fees 0.0%
Manager's basic fee 0.62%
Administration charges 0.0%
Total other charges 1.95
Total other charges currency NZD

Key Personnel

  • Christine Yates

    Currently: Director, BNZ Investment Services Limited (0 years, 8 months)
    Previously: Chief Customer Officer, Private Wealth and Insurances, BNZ (current position) (1 years, 4 months)

  • Christine Yates

    Currently: Director, BNZ Investment Services Limited (0 years, 8 months)
    Previously: Chief Customer Officer, Private Wealth and Insurances, BNZ (current position) (1 years, 4 months)

  • Christine Yates

    Currently: Director, BNZ Investment Services Limited (0 years, 8 months)
    Previously: Chief Customer Officer, Private Wealth and Insurances, BNZ (current position) (1 years, 4 months)

  • Christine Yates

    Currently: Director, BNZ Investment Services Limited (0 years, 8 months)
    Previously: Chief Customer Officer, Private Wealth and Insurances, BNZ (current position) (1 years, 4 months)

  • Christine Yates

    Currently: Director, BNZ Investment Services Limited (0 years, 8 months)
    Previously: Chief Customer Officer, Private Wealth and Insurances, BNZ (current position) (1 years, 4 months)

  • Christine Yates

    Currently: Director, BNZ Investment Services Limited (0 years, 8 months)
    Previously: Chief Customer Officer, Private Wealth and Insurances, BNZ (current position) (1 years, 4 months)

  • Hayley Cassidy

    Currently: Director, BNZ Investment Services Limited (1 years, 2 months)
    Previously: Chief General Counsel, BNZ (current position) (1 years, 3 months)

  • Hayley Cassidy

    Currently: Director, BNZ Investment Services Limited (1 years, 2 months)
    Previously: Chief General Counsel, BNZ (current position) (1 years, 3 months)

  • Hayley Cassidy

    Currently: Director, BNZ Investment Services Limited (1 years, 2 months)
    Previously: Chief General Counsel, BNZ (current position) (1 years, 3 months)

  • Hayley Cassidy

    Currently: Director, BNZ Investment Services Limited (1 years, 2 months)
    Previously: Chief General Counsel, BNZ (current position) (1 years, 3 months)

  • Hayley Cassidy

    Currently: Director, BNZ Investment Services Limited (1 years, 2 months)
    Previously: Chief General Counsel, BNZ (current position) (1 years, 3 months)

  • Hayley Cassidy

    Currently: Director, BNZ Investment Services Limited (1 years, 2 months)
    Previously: Chief General Counsel, BNZ (current position) (1 years, 3 months)

  • Paul Richardson

    Currently: Director, BNZ Investment Services Limited (0 years, 7 months)
    Previously: Chief Investment Officer/Executive Director, Mint Asset Management Limited (4 years, 8 months)

  • Paul Richardson

    Currently: Director, BNZ Investment Services Limited (0 years, 7 months)
    Previously: Chief Investment Officer/Executive Director, Mint Asset Management Limited (4 years, 8 months)

  • Paul Richardson

    Currently: Director, BNZ Investment Services Limited (0 years, 7 months)
    Previously: Chief Investment Officer/Executive Director, Mint Asset Management Limited (4 years, 8 months)

  • Paul Richardson

    Currently: Director, BNZ Investment Services Limited (0 years, 7 months)
    Previously: Chief Investment Officer/Executive Director, Mint Asset Management Limited (4 years, 8 months)

  • Paul Richardson

    Currently: Director, BNZ Investment Services Limited (0 years, 7 months)
    Previously: Chief Investment Officer/Executive Director, Mint Asset Management Limited (4 years, 8 months)

  • Paul Richardson

    Currently: Director, BNZ Investment Services Limited (0 years, 7 months)
    Previously: Chief Investment Officer/Executive Director, Mint Asset Management Limited (4 years, 8 months)

  • Richard Ansell

    Currently: Director, BNZ Investment Services Limited (1 years, 4 months)
    Previously: Chair, BNZ Investment Review Committee (0 years, 10 months)

  • Richard Ansell

    Currently: Director, BNZ Investment Services Limited (1 years, 4 months)
    Previously: Chair, BNZ Investment Review Committee (0 years, 10 months)

  • Richard Ansell

    Currently: Director, BNZ Investment Services Limited (1 years, 4 months)
    Previously: Chair, BNZ Investment Review Committee (0 years, 10 months)

  • Richard Ansell

    Currently: Director, BNZ Investment Services Limited (1 years, 4 months)
    Previously: Chair, BNZ Investment Review Committee (0 years, 10 months)

  • Richard Ansell

    Currently: Director, BNZ Investment Services Limited (1 years, 4 months)
    Previously: Chair, BNZ Investment Review Committee (0 years, 10 months)

  • Richard Ansell

    Currently: Director, BNZ Investment Services Limited (1 years, 4 months)
    Previously: Chair, BNZ Investment Review Committee (0 years, 10 months)

  • Richard Morath

    Currently: Director, BNZ Investment Services Limited (7 years, 0 months)
    Previously: Non-Executive Director, BNZ Life Insurance Limited (current position) (16 years, 7 months)

  • Richard Morath

    Currently: Director, BNZ Investment Services Limited (7 years, 0 months)
    Previously: Non-Executive Director, BNZ Life Insurance Limited (current position) (16 years, 7 months)

  • Richard Morath

    Currently: Director, BNZ Investment Services Limited (7 years, 0 months)
    Previously: Non-Executive Director, BNZ Life Insurance Limited (current position) (16 years, 7 months)

  • Richard Morath

    Currently: Director, BNZ Investment Services Limited (7 years, 0 months)
    Previously: Non-Executive Director, BNZ Life Insurance Limited (current position) (16 years, 7 months)

  • Richard Morath

    Currently: Director, BNZ Investment Services Limited (7 years, 0 months)
    Previously: Non-Executive Director, BNZ Life Insurance Limited (current position) (16 years, 7 months)

  • Richard Morath

    Currently: Director, BNZ Investment Services Limited (7 years, 0 months)
    Previously: Non-Executive Director, BNZ Life Insurance Limited (current position) (16 years, 7 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to Tue June 30th 2020.

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
2020 1.07% 1.45%
2019 4.40% 4.43%
2018 3.80% 5.79%
2017 4.16% 6.83%
2016 3.52% 1.48%
2015 8.10% 9.67%
2014 3.88% 4.93%

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 Tue June 30th 2020.

Showing the top 10 investments for this fund:

  • Fisher & Paykel Healthcare Ltd
    New Zealand Australasian Equities
    1.94%
  • A2 Milk Company Ltd
    New Zealand Australasian Equities
    1.67%
  • Spark New Zealand Ltd
    New Zealand Australasian Equities
    1.02%
  • BNP NZD Account
    New Zealand Cash and Equivalents A+
    0.95%
  • BNZ Bank Account
    New Zealand Cash and Equivalents AA-
    0.89%
  • Microsoft Corporation
    United States International Equities
    0.86%
  • Apple Inc
    United States International Equities
    0.85%
  • NZ Government Bond 1.5% 15/05/2031
    New Zealand NZ Fixed Interest AA+
    0.81%
  • Meridian Energy Limited
    New Zealand Australasian Equities
    0.68%
  • Amazon.Com Inc
    United States International Equities
    0.66%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register 30 June 2020 .

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

Target

Actual


Type Target Actual
Cash and Cash Equivalents 10.0% 14.14%
New Zealand Fixed Interest 14.0% 10.98%
International Fixed Interest 41.0% 37.07%
Australasian Equities 11.0% 11.57%
International Equities 24.0% 26.24%
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 30 June 2020 .

Does this fund have a policy to exclude any industries from its investments? The first column shows if the fund has a policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

The Fund may have investments that are not consistent with their exclusions policy because they are still in the process of implementing their policy.

  • Issue of concern
    Does this fund say it excludes this?
    Actual holdings
  • Adult Entertainment/Pornography:
    0.00%
  • Alcohol:
    0.35%
  • Animal Testing:
    2.17%
  • Fossil Fuels:
    1.63%
  • Gambling:
    0.09%
  • GMOs:
    0.25%
  • Human Rights & Environmental Violations:
    1.02%
  • Palm Oil:
    0.03%
  • Tobacco:
    0.00%
  • Weapons:
    0.03%

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to Tue June 30th 2020 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 and research organisations.

Note that the fund’s intended exclusions may not be consistent with the analysis of the portfolio because of timing issues or because there are companies of concern in indirect investments by the fund.

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.

In their own words: "The Moderate Fund invests mostly in income assets which have lower levels of risks and returns. It also has a sizeable allocation to growth assets which have higher risks and returns. It aims to achieve moderate returns over the medium term."

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.