Milford KiwiSaver Balanced Fund

Not Mindful

Type: Balanced fund

Past Returns: 4.25%

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

Annual Fees: 1.28%

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

Agl Energy Ltd 5% 11/05/2021 0.07%
Apa Group 0.14%
Beach Energy Ltd 0.01%
BHP Group Ltd 0.10%
Cooper Energy Ltd 0.02%
Origin Energy Limited 0.07%
Santos Ltd 0.01%
Senex Energy Ltd 0.02%

Weapons

Safran SA 0.39%
Transdigm Group Inc 0.08%

Gambling

Aristocrat Leisure Ltd 0.02%
Crown Resorts Ltd Frn 04/23/2075 0.32%

Alcohol

Delegat Group Ltd 0.16%
LVMH Moet Hennessy Louis Vui 0.24%
Metcash Limited 0.13%

Human Rights & Environmental Violations

BHP Group Ltd 0.10%
Rio Tinto Ltd 0.08%
Rio Tinto PLC-Spon Adr 0.06%

Animal Testing

Ecolab Inc 0.130%
Estee Lauder Cos Inc/The 0.210%
L'Oreal SA 0.160%
L'Oreal SA - Pf 0.280%
LVMH Moet Hennessy Louis Vui 0.240%
Reckitt Benckiser Group PLC 0.590%

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	-1.89%	-0.86%
2019	5.68%	6.15%
2018	5.63%	7.45%
2017	6.10%	8.25%
2016	4.01%	4.31%
2015	11.09%	15.12%
2014	7.28%	10.47%
2013	10.75%	17.52%
2012	1.75%	3.34%
2011	5.30%	4.2%

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:

NZD Cash Current Account (Nab Bank)
New Zealand Cash and Equivalents AA-

4.13%
A2 Milk Company Ltd
New Zealand Australasian Equities

1.82%
Spark New Zealand Ltd
New Zealand Australasian Equities

1.78%
Fisher & Paykel Healthcare Ltd
New Zealand Australasian Equities

1.73%
USD Cash Current Account (Citibank)
United States Cash and Equivalents A+

1.49%
AUD Cash Current Account (Nab Bank)
Australia Cash and Equivalents AA-

1.33%
Microsoft Corporation
United States International Equities

1.28%
Amazon.Com Inc
United States International Equities

1.17%
Alphabet Inc - Class C
United States International Equities

1.16%
NZD Margin Account (Macquarie)
New Zealand Cash and Equivalents BBB+

1.16%

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	8.0%	18.01%
New Zealand Fixed Interest	8.0%	6.78%
International Fixed Interest	23.0%	23.22%
Australasian Equities	29.0%	23.52%
International Equities	26.0%	21.03%
Listed Properties	6.0%	5.9%
Unlisted Properties	0.0%	0.0%
Other	0.0%	1.54%
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:

0.53%
Animal Testing:

1.61%
Fossil Fuels:

0.44%
Gambling:

0.34%
GMOs:

0.00%
Human Rights & Environmental Violations:

0.24%
Palm Oil:

0.00%
Tobacco:

0.00%
Weapons:

0.47%

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 Fund’s objective is to provide capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of five years.It is a diversified fund that primarily invests in equities, with a significant allocation to fixed interest securities."

Value	$410M NZD
Period of data report	Tue June 30th 2020
Members	9,386
Fund started	Thu April 1st 2010
Total annual fund fees	1.28%
Total performance based fees	0.22%
Manager's basic fee	1.04%
Administration charges	0.02%
Total other charges	36.0
Total other charges currency	NZD

Key Personnel

Paul Morris	Currently: Portfolio Manager (4 years, 5 months) Previously: Head of Portfolio Strategy and Fixed Income at Macquarie Private Wealth, New Zealand (4 years, 6 months)
Mark Riggall	Currently: Portfolio Manager, Senior Dealer (5 years, 6 months) Previously: Executive Director of Equity Derivatives Trading at Morgan Stanley, United Kingdom and Hong Kong (11 years, 0 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.

Portfolio holdings v