Funds

First Mortgage PIE Trust

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Issues of concern

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.

This fund has no investments in issues of concern

Key:

  • Human Rights Violations
  • Environmental Harm
  • Animal Cruelty
  • Weapons
  • Fossil Fuels
  • Social Harm

Companies of concern

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to 31st March 2024 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.

About this fund

In their own words

YOUR INVESTMENT WILL COMPRISE UNITS IN THE FIRST MORTGAGE PIE TRUST. THE FIRST MORTGAGE PIE TRUST INVESTS IN A POOLED INVESTMENT VEHICLE CALLED THE FIRST MORTGAGE TRUST GROUP INVESTMENT FUND WHICH INVESTS IN A PORTFOLIO OF LOANS SECURED BY REGISTERED FIRST MORTGAGES OVER LAND AND BUILDINGS IN NEW ZEALAND AND BANK DEPOSITS. THE INVESTMENT OBJECTIVE IS TO PROVIDE INVESTORS WITH AN INCOME RETURN AT A LEVEL WHICH WILL NORMALLY BE BETTER THAN BANK DEPOSITS AND COMPETITIVE WITH COMPARABLE INVESTMENT PRODUCTS. WHILE THIS CANNOT BE ASSURED, THE MANAGER'S OBJECTIVE IS TO GIVE INVESTORS A PRE-TAX RETURN (AFTER FEES AND EXPENSES) PER QUARTER OF AT LEAST 100 BASIS POINTS HIGHER THAN THE WEIGHTED AVERAGE REGISTERED BANKS' SIX MONTH DEPOSIT RATES (AS PUBLISHED BY THE RESERVE BANK).

Value $678M NZD
Period of data report 30th June 2024
Fund started 1st Jan. 2008
Total annual fund fees 1.66%
Total performance based fees 0.0%
Manager's basic fee 1.53%
Other management and administration charges 0.13%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Paul Bendall

Currently: Chief Executive Officer (2 years, 10 months)
Previously: General Manager, First Mortgage Managers Ltd (1 years, 0 months)

Andrew Western

Currently: Chief Financial Officer (0 years, 5 months)
Previously: Financial Controller - ASB Group (7 years, 3 months)

Sam Burgess

Currently: Head of Lending (0 years, 1 months)
Previously: Head of Lending, First Mortgage Managers Ltd (2 years, 1 months)

Geoff Newland

Currently: Head of Credit and Risk (3 years, 9 months)
Previously: Head of Property Credit - BNZ (15 years, 1 months)

Michael Smith

Currently: Director (9 years, 9 months)
Previously: Current position: Director, Craigs Investment Partners Superannuation Management Limited (13 years, 6 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.

Past Returns

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
2024 5.67% 5.21%
2023 -1.56% 4.32%
2022 -0.50% 3.65%
2021 8.70% 3.16%
2020 -0.05% 3.58%
2019 4.31% 3.88%
2018 3.39% 3.81%
2017 3.28% 3.76%
2016 2.92% 3.81%
2015 8.63% 4.06%

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 fund has filed with Disclose register to 30th June 2024.

Top 10 Investments

  • ANZ Bank - Call 71
    New Zealand Cash and Equivalents AA-
    7.96%
  • Loan Secured Over Residential Property In Auckland
    New Zealand Other
    2.6%
  • Loan Secured Over Commercial Property In Auckland
    New Zealand Other
    2.53%
  • Loan Secured Over Rural Property In Bay Of Plenty
    New Zealand Other
    2.15%
  • Loan Secured Over Commercial Property In Auckland
    New Zealand Other
    1.37%
  • Loan Secured Over Commercial Property In Wellington
    New Zealand Other
    1.3%
  • Loan Secured Over Commercial Property In Auckland
    New Zealand Other
    1.24%
  • Loan Secured Over Commercial Property In Auckland
    New Zealand Other
    1.2%
  • BNZ - Call A/C
    New Zealand Cash and Equivalents AA-
    1.18%
  • ASB - Call A/C
    New Zealand Cash and Equivalents AA-
    1.18%
Type Target Actual
Cash and Cash Equivalents 10.0% 11.66%
New Zealand Fixed Interest 5.0% 4.01%
International Fixed Interest 0.0% 0.0%
Australasian Equities 0.0% 0.0%
International Equities 0.0% 0.0%
Listed Properties 0.0% 0.0%
Unlisted Properties 0.0% 0.0%
Other 85.0% 84.33%
Commodities 0.0% 0.0%

Investment Mix

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

Target

Actual

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.