Kiwi Wealth Default

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Not Mindful
Type: Conservative fund
Past Returns: 2.95%

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

Annual Fees: 0.73%

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

Aker BP Asa 15/6/2024 0.16%
Ameren Corp 0.03%
American Electric Power Co Inc 0.04%
BHP Billiton 0.03%
BHP Billiton PLC 0.03%
BP Capital Markets PLC 10/2/2024 0.32%
BP PLC 0.06%
Canadian Natural Resources Ltd 0.01%
Chevron Corp 0.08%
Chevron Corp 16/5/2021 0.19%
China Petroleum & Chemical-H 0.01%
China Shenhua Energy Co-H 0.01%
Clp Holdings Ltd 0.01%
Cms Energy Corp 0.03%
Cnooc Ltd 0.01%
Conocophillips 0.01%
Diamondback Energy Inc 0.01%
Electric Power Development Co Ltd 0.01%
Emera Inc 0.01%
Enbridge Inc 0.03%
Eog Resources Inc 0.03%
Exxon Mobil Corp 0.04%
Gazprom PJSC 0.01%
Jxtg Holdings Inc 0.01%
Lukoil PJSC 0.01%
Lundin Petroleum Ab 0.01%
Lyondellbasell Industries Nv 0.01%
Marathon Petroleum Corp 0.02%
Nextera Energy Inc 0.11%
Oneok Inc 0.02%
Oneok Partners Lp 15/3/2025 0.03%
Oneok Partners Lp 15/9/2023 0.03%
Phillips 66 0.01%
Pioneer Natural Resources Co 0.03%
Ptt Explor & Prod Pcl-Nvdr 0.01%
Ptt Pcl/Foreign 0.01%
Royal Dutch Shell 0.04%
Royal Dutch Shell B Shares 0.03%
Rwe AG 0.02%
S-Oil Corp 0.01%
Snam Spa 0.02%
Suncor Energy Inc 0.01%
Tatneft PJSC 0.01%
Tenaga Nasional Bhd 0.01%
Total Capital International 4.25% 26/11/2021 26/11/2021 0.01%
Total Capital International SA 19/6/2021 0.08%
Total Capital International SA 2/9/2020 0.19%
Total SA 0.05%
Xcel Energy Inc 0.04%

Weapons

Airbus Se 0.03%
Boeing Co/The 0.01%
L3Harris Technologies Inc 0.02%
Raytheon Co 0.06%
Safran SA 0.03%
Thales SA 0.03%
United Technologies Corp 0.07%

Gambling

Galaxy Entertainment Group Ltd 0.01%
Las Vegas Sands Corp 0.01%
Sands China Ltd 0.01%
William Hill PLC 7/9/2023 0.14%

Alcohol

Ambev SA 0.01%
Anheuser-Busch Inbev Nv 0.02%
Asahi Group Holdings Ltd 0.01%
Carlsberg A/S 0.02%
Constellation Brands Inc 1/5/2021 0.15%
Constellation Brands Inc-A 0.06%
Davide Campari-Milano Spa 0.02%
Diageo PLC 0.07%
Heineken Nv 0.03%
Jiangsu Yanghe Brewery Joint-Stock Co Ltd 0.01%
Kirin Holdings Co Ltd 0.01%
Kweichow Moutai Co Ltd 0.01%
LVMH Moet Hennessy Louis Vuitton Se 0.06%
Pernod Ricard SA 0.03%

Palm Oil

Posco 0.01%

GMOs

Basf Se 0.01%
Dupont De Nemours Inc 0.02%
Novartis 0.12%
Novozymes A/S-B Shares 0.02%
Nutrien Ltd 0.01%

Human Rights & Environmental Violations

BHP Billiton 0.03%
BHP Billiton PLC 0.03%
Chevron Corp 0.08%
Duke Energy Corp 0.04%
Grupo Mexico Sab De Cv 0.01%
Johnson & Johnson 0.13%
Johnson & Johnson 15/1/2028 0.02%
Johnson & Johnson 20/5/2024 0.37%
Nestle S.A. 0.19%
Nutrien Ltd 0.01%
Posco 0.01%
Rio Tinto Ltd 0.02%
Royal Dutch Shell 0.04%
Royal Dutch Shell B Shares 0.03%
Sempra Energy 0.02%

Animal Testing

Air Liquide SA 0.030%
Air Products & Chemicals Inc 0.030%
Akzo Nobel Nv 0.030%
Arkema SA 0.020%
Basf Se 0.010%
Burberry Group PLC 0.020%
Chevron Corp 0.080%
Coca Cola 0.110%
Danone SA 0.010%
Danone SA 15/6/2022 0.030%
Ecolab Inc 8/12/2021 0.190%
Estee Lauder Cos Inc/The 0.010%
General Mills Inc 0.040%
Givaudan - Reg 0.010%
Glaxosmithkline PLC 0.040%
Henkel AG & Co Kgaa Vorzug 0.010%
Johnson & Johnson 0.130%
Johnson & Johnson 15/1/2028 0.020%
Johnson & Johnson 20/5/2024 0.370%
Kimberly-Clark Corp 0.050%
L'Oreal SA 0.020%
LVMH Moet Hennessy Louis Vuitton Se 0.060%
Mitsui Chemicals Inc 0.010%
Nestle S.A. 0.190%
Novozymes A/S-B Shares 0.020%
Pepsico Inc 0.050%
PPG Industries Inc 0.010%
Procter & Gamble Co/The 0.180%
Procter & Gamble Co/The 2/11/2023 0.160%
Reckitt Benckiser Group PLC 0.020%
Royal Dutch Shell 0.040%
Royal Dutch Shell B Shares 0.030%
Shiseido Co Ltd 0.020%
Tesco Corporate Treasury Services PLC 1/7/2024 0.220%
Tesco PLC 0.030%
Unilever PLC 0.070%

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 March 31st 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.

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% 1.24%
2019 4.40% 3.69%
2018 3.80% 3.92%
2017 4.16% 4.65%
2016 3.52% 2.43%

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:

  • Westpac NZD Account
    New Zealand Cash and Equivalents AA-
    6.7%
  • New Zealand Local Government Funding Agency Bond 14/4/2033
    New Zealand NZ Fixed Interest AA+
    2.39%
  • Landwirtschaftliche Rentenbank 23/4/2024
    Germany Int Fixed Interest AAA
    1.75%
  • Kommunalbanken As 20/8/2025
    Norway Int Fixed Interest AAA
    1.65%
  • Housing New Zealand Ltd 18/10/2028
    New Zealand NZ Fixed Interest AA+
    1.58%
  • New Zealand Local Government Funding Agency Bond 15/4/2027
    New Zealand NZ Fixed Interest AA+
    1.56%
  • Australia Government Bond 21/4/2037
    Australia Int Fixed Interest AA+
    1.53%
  • New Zealand Treasury Bill 23/9/2020
    New Zealand Cash and Equivalents AA+
    1.29%
  • International Bank For Reconstruction & Development 19/2/2025
    United States Int Fixed Interest AAA
    1.08%
  • Housing New Zealand Ltd 24/4/2030
    New Zealand NZ Fixed Interest AA+
    0.98%

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

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

Target

Actual


Type Target Actual
Cash and Cash Equivalents 50.0% 39.37%
New Zealand Fixed Interest 30.0% 18.13%
International Fixed Interest 0.0% 23.33%
Australasian Equities 0.0% 0.34%
International Equities 20.0% 18.49%
Listed Properties 0.0% 0.34%
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 Tue June 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:
    0.51%
  • Animal Testing:
    2.37%
  • Fossil Fuels:
    2.00%
  • Gambling:
    0.17%
  • GMOs:
    0.18%
  • Human Rights & Environmental Violations:
    1.03%
  • Palm Oil:
    0.01%
  • Tobacco:
    0.00%
  • Weapons:
    0.25%

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 March 31st 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 Default Fund is intended for short-term investment until you choose the best fund(s) for your circumstances. It holds 15% to 25% in shares and other growth assets at all times, with the remainder invested in a combination of cash and fixed interest assets. Its objective is to deliver a benchmark return similar to being invested in a fund of 50% in New Zealand cash, 30% in New Zealand fixed interest assets and 20% in shares and other growth assets."

Value $300M NZD
Period of data report Tue June 30th 2020
Members 34,806
Fund started Tue July 1st 2014
Total annual fund fees 0.73%
Total performance based fees 0.0%
Manager's basic fee 0.69%
Administration charges 0.04%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Simon O'Grady

Currently: Chief Investment Officer - Kiwi Wealth Investments Limited Partnership (7 years, 8 months)
Previously: Head of Investment Strategy - Suncorp Investment Management (5 years, 0 months)

Diana Gordon

Currently: Head of Fixed Interest - Kiwi Wealth Investments Limited Partnership (7 years, 10 months)
Previously: Senior High Yield Portfolio Manager, Goldman Sachs Asset Management, New York (10 years, 10 months)

Greg Hayton

Currently: Cash Portfolio Manager & Senior Fixed Income Trader - Kiwi Wealth Investments Limited Partnership (10 years, 8 months)
Previously: Portfolio Administrator - Gareth Morgan Investments Limited Partnership (1 years, 6 months)

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

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.