Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all managed balanced funds is 8.32%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fifth largest producer worldwide of plastics in our oceans. It is seen by some investors as having unambitious recycling goals which it is also not meeting. Mondelez has also been linked to deforestation and child labour due to its operations.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Manufacture and bottle Coca-Cola beverages under licence. Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fourth largest producer of plastic pollution in our oceans globally. Annually, it uses 750,000 tonnes of plastic to package its products. The company has been subject to civil lawsuits by NGOs regarding its sustainability claims.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Endesa is the largest electric utilities company in Spain and the second largest in Portugal, generating electricity from a mix of hydropower, nuclear, coal, gas, oil, solar, and wind. Around 80% of energy generation is from renewables with a goal of 91% by the end of 2025. However, it still has power generated from fossil fuels. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Headquartered in Canada, TC Energy operates natural gas, oil, and power generation assets in Canada and the USA. The company operates nearly 100,000km of oil and gas pipelines, and currently has 2,170.6km of pipelines under development. Projects include Coastal GasLink.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Enel is one of the world's largests producers of renewable energy in the world and also holds a 70.1% stake in the energy company, Endesa. It generates around 7% of revenue from fossil fuels. However, the company generate 68% from renewables and have announced plans to be 100% renewable by 2040. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
Johnson & Johnson is the world's largest and most diverse healthcare firm. There have been repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. There have also been exceptionally high number of liability claims relating to talc-based products and links to cancers.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Volvo’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of property. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. Note Volvo cars is a separate entity not involved in this harm.
The fund aims to provide a balance between stability of returns and growing your investment over the long term by investing in a mix of income and growth assets
| Value | $286M NZD |
| Period of data report | 31st March 2026 |
| Fund started | 1st July 2006 |
| Total annual fund fees | 0.99% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.95% |
| Other management and administration charges | 0.04% |
| Total other charges | 81.58 |
| Total other charges currency | NZD |
|
Ashley Gardyne |
Currently: Chief Investment Officer (4 years, 9 months)
|
|
Quin Casey |
Currently: Senior Portfolio Manager, Fixed Interest (1 years, 8 months)
|
|
Mark Brighouse |
Currently: Chief Investment Strategist (8 years, 8 months)
|
|
Sam Dickie |
Currently: Senior Portfolio Manager, International Equities and Property & Infrastructure (3 years, 6 months)
|
|
Robbie Urquhart |
Currently: Senior Portfolio Manager, Australian Equities (7 years, 10 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 6.58% | 1.68% |
| 2025 | 3.98% | 3.03% |
| 2024 | 10.05% | 13.11% |
| 2023 | -2.59% | -3.54% |
| 2022 | 1.06% | 0.42% |
| 2021 | 18.16% | 20.38% |
| 2020 | -1.83% | 0.1% |
| 2019 | 4.49% | 7.1% |
| 2018 | 4.41% | 6.0% |
| 2017 | 5.71% | 6.86% |
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 31st March 2026.
ANZ 10 A/C - Current Accounts
New Zealand Cash and Equivalents AA-
Fisher & Paykel Healthcare Corp Ltd
New Zealand Australasian Equities
NZ Government Index Linked Bond 20/09/35 2.50
New Zealand NZ Fixed Interest AAA
Infratil Limited
New Zealand Australasian Equities
Microsoft Corporation
United States International Equities
NZ Government Bond 14/04/2033 3.50
New Zealand NZ Fixed Interest AAA
E-Mini S&P 500 Futures 18/06/2026
United States International Equities
NZ Government Bond 15/05/2031 1.50
New Zealand NZ Fixed Interest AAA
Bayfair Shopping Centre - Retail
New Zealand Unlisted Property
NZ Government Index Linked Bond 20/09/40 2.50
New Zealand NZ Fixed Interest AAA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 7.45% |
| New Zealand Fixed Interest | 16.0% | 19.13% |
| International Fixed Interest | 19.0% | 16.01% |
| Australasian Equities | 18.0% | 16.9% |
| International Equities | 38.0% | 36.53% |
| Listed Properties | 2.0% | 0.95% |
| Unlisted Properties | 2.0% | 3.03% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 2026 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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fifth largest producer worldwide of plastics in our oceans. It is seen by some investors as having unambitious recycling goals which it is also not meeting. Mondelez has also been linked to deforestation and child labour due to its operations.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Manufacture and bottle Coca-Cola beverages under licence. Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fourth largest producer of plastic pollution in our oceans globally. Annually, it uses 750,000 tonnes of plastic to package its products. The company has been subject to civil lawsuits by NGOs regarding its sustainability claims.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Endesa is the largest electric utilities company in Spain and the second largest in Portugal, generating electricity from a mix of hydropower, nuclear, coal, gas, oil, solar, and wind. Around 80% of energy generation is from renewables with a goal of 91% by the end of 2025. However, it still has power generated from fossil fuels. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Headquartered in Canada, TC Energy operates natural gas, oil, and power generation assets in Canada and the USA. The company operates nearly 100,000km of oil and gas pipelines, and currently has 2,170.6km of pipelines under development. Projects include Coastal GasLink.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Enel is one of the world's largests producers of renewable energy in the world and also holds a 70.1% stake in the energy company, Endesa. It generates around 7% of revenue from fossil fuels. However, the company generate 68% from renewables and have announced plans to be 100% renewable by 2040. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
Johnson & Johnson is the world's largest and most diverse healthcare firm. There have been repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. There have also been exceptionally high number of liability claims relating to talc-based products and links to cancers.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Volvo’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of property. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. Note Volvo cars is a separate entity not involved in this harm.
The fund aims to provide a balance between stability of returns and growing your investment over the long term by investing in a mix of income and growth assets
| Value | $286M NZD |
| Period of data report | 31st March 2026 |
| Fund started | 1st July 2006 |
| Total annual fund fees | 0.99% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.95% |
| Other management and administration charges | 0.04% |
| Total other charges | 81.58 |
| Total other charges currency | NZD |
|
Ashley Gardyne |
Currently: Chief Investment Officer (4 years, 9 months)
|
|
Quin Casey |
Currently: Senior Portfolio Manager, Fixed Interest (1 years, 8 months)
|
|
Mark Brighouse |
Currently: Chief Investment Strategist (8 years, 8 months)
|
|
Sam Dickie |
Currently: Senior Portfolio Manager, International Equities and Property & Infrastructure (3 years, 6 months)
|
|
Robbie Urquhart |
Currently: Senior Portfolio Manager, Australian Equities (7 years, 10 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 6.58% | 1.68% |
| 2025 | 3.98% | 3.03% |
| 2024 | 10.05% | 13.11% |
| 2023 | -2.59% | -3.54% |
| 2022 | 1.06% | 0.42% |
| 2021 | 18.16% | 20.38% |
| 2020 | -1.83% | 0.1% |
| 2019 | 4.49% | 7.1% |
| 2018 | 4.41% | 6.0% |
| 2017 | 5.71% | 6.86% |
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 31st March 2026.
ANZ 10 A/C - Current Accounts
New Zealand Cash and Equivalents AA-
Fisher & Paykel Healthcare Corp Ltd
New Zealand Australasian Equities
NZ Government Index Linked Bond 20/09/35 2.50
New Zealand NZ Fixed Interest AAA
Infratil Limited
New Zealand Australasian Equities
Microsoft Corporation
United States International Equities
NZ Government Bond 14/04/2033 3.50
New Zealand NZ Fixed Interest AAA
E-Mini S&P 500 Futures 18/06/2026
United States International Equities
NZ Government Bond 15/05/2031 1.50
New Zealand NZ Fixed Interest AAA
Bayfair Shopping Centre - Retail
New Zealand Unlisted Property
NZ Government Index Linked Bond 20/09/40 2.50
New Zealand NZ Fixed Interest AAA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 7.45% |
| New Zealand Fixed Interest | 16.0% | 19.13% |
| International Fixed Interest | 19.0% | 16.01% |
| Australasian Equities | 18.0% | 16.9% |
| International Equities | 38.0% | 36.53% |
| Listed Properties | 2.0% | 0.95% |
| Unlisted Properties | 2.0% | 3.03% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 2026 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.
