BNZ KiwiSaver First Home Buyer Fund

Not Mindful

Type: Conservative fund

Past Returns: 2.53%

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

Annual Fees: 0.5%

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

Abu Dhabi National Energy Company PJSC 3.625% 12/01/2023 0.01%
Anglo American Capital PLC 3.625% 11/09/2024 0.01%
Anglo American PLC 0.01%
Basf Se 0.01%
BHP Group PLC 0.01%
BP Capital Markets PLC 0.831% 08/11/2027 0.01%
Canadian Pacific Railway Ord Shs 0.01%
Chevron Corporation 0.03%
China Cinda Finance (2017) I Ltd Medium Term Note 3.65% 09/03/2022 0.01%
Ck Hutchison International (19) Ltd 3.25% 11/04/2024 0.01%
Cnac Hk Finbridge Co Ltd 4.875% 14/03/2025 0.01%
Cnooc Finance 2013 Ltd 2.875% 30/09/2029 0.01%
Coca-Cola Co/The 0.04%
Conocophillips 0.01%
Dominion Energy Inc 0.01%
Electricite De France SA Medium Term Note 4.125% 25/03/2027 0.01%
Electricite De France SA Medium Term Note 6.125% 02/06/2034 0.01%
Enbridge Inc 0.01%
Enel Finance International Nv Medium Term Note 0.375% 17/06/2027 0.01%
Enel Spa 0.01%
Engie SA 1.375% 00/01/1900 0.01%
Exxon Mobil Corp 0.03%
Franco-Nevada Corp 0.01%
Gaz Capital SA Medium Term Note 5.15% 11/02/2026 0.01%
Iberdrola SA 0.02%
Itochu Corp 0.01%
Kinder Morgan Inc/De 0.01%
Mitsubishi Corp 0.01%
Mitsui & Co Ltd 0.01%
New Zealand Refining Ltd 0.01%
Nextera Energy Inc 0.03%
Norfolk Southern Corp 0.01%
Omers Finance Trust 0.45% 13/05/2025 0.01%
Orsted Ord Shs 0.01%
Petroleo Brasileiro SA Petrobras 0.01%
Posco 2.75% 15/07/2024 0.01%
Pt Pertamina (Persero) 3.1% 21/01/2030 0.01%
Reliance Industries Ltd 0.01%
Rio Tinto PLC 0.01%
Royal Dutch Shell PLC - B Shs 0.01%
Royal Dutch Shell PLC-A Shs 0.01%
Saudi Arabian Oil Co Medium Term Note 3.5% 16/04/2029 0.01%
Sinopec Group Overseas Development (2013) Ltd 5.375% 17/10/2043 0.01%
Sse PLC 4.75% 16/09/2077 0.01%
Tc Energy Corp 0.01%
Total SA 0.02%
Vale SA 0.01%
Wec Energy Group Ord Shs 0.01%
Xcel Energy Inc 3.4% 01/06/2030 0.01%
Xcel Energy Ord Shs 0.01%

Weapons

Amphenol Corp-Cl A 0.01%
Transdigm Group Inc 0.01%

Tobacco

Alimentation Couche-Tard Inc 0.01%

Gambling

Aristocrat Leisure Ltd 0.02%
Sands China Ltd 5.4% 08/08/2028 0.01%
Sky City Entertainment Group 0.07%

Alcohol

Anheuser Busch Inbev Nv Medium Term Note 2.25% 24/05/2029 0.01%
Anheuser-Busch Inbev Nv 0.01%
Constellation Brands Inc-A 0.01%
Delegat Group Ltd 0.01%
Diageo PLC 0.02%
Heineken Nv Medium Term Note 1% 04/05/2026 0.01%
LVMH Moet Hennessy Louis Vui 0.02%
Pernod Ricard SA 0.01%

Palm Oil

Posco 2.75% 15/07/2024 0.01%

Human Rights & Environmental Violations

Archer-Daniels-Midland Co 0.01%
Barrick Gold Corp 0.01%
BHP Group PLC 0.01%
Chevron Corporation 0.03%
Duke Energy Corp 0.01%
Johnson & Johnson 0.08%
Nestle Holdings Inc 3.625% 24/09/2028 0.01%
Nestle Holdings Inc 4% 24/09/2048 0.01%
Nestle SA-Reg 0.07%
Petroleo Brasileiro SA Petrobras 0.01%
Posco 2.75% 15/07/2024 0.01%
Rio Tinto PLC 0.01%
Royal Dutch Shell PLC - B Shs 0.01%
Royal Dutch Shell PLC-A Shs 0.01%
Sempra Energy 0.01%
Vale SA 0.01%

Animal Testing

Air Liquide SA 0.020%
Air Products and Chemicals- Inc. 0.010%
Archer-Daniels-Midland Co 0.010%
Basf Se 0.010%
Bayer AG-Reg 0.010%
Bayer Aktiengesellschaft 0.75% 06/01/2027 0.010%
Bayer Capital Corp Bv 1.5% 26/03/2026 0.010%
Bayer US Finance Ii Llc 4.25% 15/10/2025 0.010%
Chevron Corporation 0.030%
Church and Dwight Ord Shs 0.010%
Clorox Company 0.010%
Cnac Hk Finbridge Co Ltd 4.875% 14/03/2025 0.010%
Coca-Cola Co/The 0.040%
Colgate-Palmolive Co 0.010%
Danone 0.010%
Dow Chemical Co 0.5% 15/03/2027 0.010%
Dow Inc 0.010%
Du Pont De Nemours 0.010%
Ecolab Inc 0.010%
Estee Lauder Cos Inc/The 0.010%
General Mills Inc 0.010%
Givaudan Ord Shs 0.010%
Glaxosmithkline Capital PLC Medium Term Note 1.625% 12/05/2035 0.010%
Glaxosmithkline PLC 0.020%
Henkel AG & Co Kgaa 0.010%
Hermes International 0.010%
Johnson & Johnson 0.080%
Kao Corporation 0.010%
Kimberly-Clark Corp 0.010%
Koninkilijke Dsm Ord Shs 0.010%
L'Oreal SA 0.020%
Linde PLC 0.030%
LVMH Moet Hennessy Louis Vui 0.020%
Mondelez International Inc-A 0.020%
Nestle Holdings Inc 3.625% 24/09/2028 0.010%
Nestle Holdings Inc 4% 24/09/2048 0.010%
Nestle SA-Reg 0.070%
Pepsico Inc 0.040%
PPG Industries Inc 0.010%
Procter and Gamble Co/The 0.070%
Reckitt Benckiser Group PLC 0.010%
Reckitt Benckiser Tsy 2.75% 26/06/2024 0.010%
Reliance Industries Ltd 0.010%
Royal Dutch Shell PLC - B Shs 0.010%
Royal Dutch Shell PLC-A Shs 0.010%
Sherwin-Williams Co/The 0.010%
Shin-Etsu Chemical Co Ltd 0.010%
Tesco Corporate Treasury Services PLC Medium Term Note 1.375% 24/10/2023 0.010%
Tesco PLC 0.010%
Unilever Nv-Cva 0.020%
Unilever PLC 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 Wed Sept. 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, Sustainalytics and research organisations.

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
2020	1.07%	1.4%
2019	4.40%	2.68%
2018	3.80%	3.5%
2017	4.16%	3.85%

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 Wed Sept. 30th 2020.

Showing the top 10 investments for this fund:

ANZ Bank New Zealand Ltd. Registered Certificate Of Deposit 24/03/2021
New Zealand NZ Fixed Interest AA-

2.23%
Bank Of New Zealand Registered Certificate Of Deposit 27/01/2021
New Zealand NZ Fixed Interest AA-

1.92%
China Construction Bank (New Zealand) Limited Registered Certificate Of Deposit 09/06/2021
New Zealand NZ Fixed Interest A

1.91%
New Zealand Local Government Funding Agency Ltd. Registered Certificate Of Deposit 15/03/2021
New Zealand NZ Fixed Interest AA+

1.79%
ANZ Bank New Zealand Ltd. Registered Certificate Of Deposit 30/03/2021
New Zealand NZ Fixed Interest AA-

1.6%
ANZ Bank New Zealand Ltd Floating Rate Note 21/12/2020
New Zealand NZ Fixed Interest AA-

1.58%
Westpac New Zealand Ltd. Registered Certificate Of Deposit 17/03/2021
New Zealand NZ Fixed Interest AA-

1.28%
Kiwibank Ltd Registered Certificate Of Deposit 10/11/2020
New Zealand NZ Fixed Interest A

1.28%
Bank Of China New Zealand Ltd Registered Certificate Of Deposit 23/10/2020
New Zealand NZ Fixed Interest A

1.28%
Mufg Bank Ltd NZD Call Account
New Zealand Cash and Equivalents A

1.28%

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

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	60.0%	62.45%
New Zealand Fixed Interest	6.0%	4.87%
International Fixed Interest	19.0%	18.49%
Australasian Equities	5.0%	3.84%
International Equities	10.0%	10.35%
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 Wed Sept. 30th 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:

0.10%
Animal Testing:

0.87%
Fossil Fuels:

0.62%
Gambling:

0.10%
GMOs:

0.00%
Human Rights & Environmental Violations:

0.31%
Palm Oil:

0.01%
Tobacco:

0.01%
Weapons:

0.02%

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 First Home Buyer Fund invests mostly in income assets which generally have lower levels of risk with the potential for lower returns. It also has a small allocation to growth assets which generally have higher levels of risk and potential returns. It aims to achieve relatively stable returns over the short to medium term."

Value	$210M NZD
Period of data report	Wed Sept. 30th 2020
Members	17,111
Fund started	Tue Sept. 15th 2015
Total annual fund fees	0.5%
Total performance based fees	0.0%
Manager's basic fee	0.5%
Administration charges	0.0%
Total other charges	1.95
Total other charges currency	NZD

Key Personnel

Richard Morath	Currently: Director BNZ Investment Services Limited (7 years, 3 months) Previously: Non-Executive Director BNZ Life Insurance Limited (current position) (16 years, 10 months)
Richard Ansell	Currently: Director BNZ Investment Services Limited (1 years, 7 months) Previously: Member BNZ Investment Review Committee (current position) (1 years, 7 months)
Hayley Cassidy	Currently: Director BNZ Investment Services Limited (1 years, 5 months) Previously: Chief General Counsel BNZ (current position) (1 years, 6 months)
Paul Richardson	Currently: Director BNZ Investment Services Limited (0 years, 10 months) Previously: Chief Investment Officer/Executive Director Mint Asset Management Limited (4 years, 8 months)
Daniel Huggins	Currently: Director BNZ Investment Services Limited (0 years, 2 months) Previously: Executive - Customer Products & Services BNZ (current position) (0 years, 6 months)

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

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v