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 defensive funds is 1.99%.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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 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.
Actions by Israel have caused severe violations of human rights including breaches of the Geneva Convention in Gaza and other illegally occupied Palestinian Territories. Breaches include starvation as a weapon of war, deliberate attacks on civilians and protected infrastructure, and forced displacement of the population.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
The fund aims to provide stable returns over the long term by investing in international fixed interest assets
| Value | $101M NZD |
| Period of data report | 30th Sept. 2025 |
| Fund started | 1st Nov. 1990 |
| Total annual fund fees | 1.26% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.06% |
| Other management and administration charges | 0.2% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Ashley Gardyne |
Currently: Chief Investment Officer (4 years, 3 months)
|
|
Mark Brighouse |
Currently: Chief Investment Strategist (8 years, 2 months)
|
|
Sachin Gupta |
Currently: Lead portfolio manager, Pacific Investment Management Company LLC (10 years, 4 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
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 |
|---|---|---|
| 2025 | 3.87% | 2.34% |
| 2024 | 3.43% | 2.48% |
| 2023 | -0.79% | -4.5% |
| 2022 | -2.46% | -3.28% |
| 2021 | 2.15% | 2.73% |
| 2020 | 1.75% | 1.78% |
| 2019 | 2.76% | 2.33% |
| 2018 | 1.94% | 1.85% |
| 2017 | 1.52% | 2.07% |
| 2016 | 2.91% | 1.75% |
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 Sept. 2025.
Bank Of New Zealand 23/11/2026 Frn
New Zealand NZ Fixed Interest AA-
NZ Local Government Funding Agency 15/04/27 4.50%
New Zealand NZ Fixed Interest AAA
Westpac NZ Limited 06/07/2026 Frn
New Zealand NZ Fixed Interest AA-
ANZ 10 A/C - Current Accounts
New Zealand Cash and Equivalents AA-
Auckland Int Airport Ltd 11/10/2025 Frn
New Zealand Cash and Equivalents
Auckland Council 04/10/2027 Frn
New Zealand NZ Fixed Interest AA
NZ Local Government Funding Agency 15/04/26 1.50%
New Zealand NZ Fixed Interest AAA
Rabobank NZ Limited 05/04/2027 Frn
New Zealand NZ Fixed Interest AA
Tax Traders Sovereign Inv Tst 28/01/26
New Zealand Cash and Equivalents
NZ Local Government Funding Agency 15/05/28 2.25%
New Zealand NZ Fixed Interest AAA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 4.67% |
| New Zealand Fixed Interest | 0.0% | 3.12% |
| International Fixed Interest | 100.0% | 92.21% |
| 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 | 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 30th Sept. 2025.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 30th Sept. 2025 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 low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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 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.
Actions by Israel have caused severe violations of human rights including breaches of the Geneva Convention in Gaza and other illegally occupied Palestinian Territories. Breaches include starvation as a weapon of war, deliberate attacks on civilians and protected infrastructure, and forced displacement of the population.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
The fund aims to provide stable returns over the long term by investing in international fixed interest assets
| Value | $101M NZD |
| Period of data report | 30th Sept. 2025 |
| Fund started | 1st Nov. 1990 |
| Total annual fund fees | 1.26% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.06% |
| Other management and administration charges | 0.2% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Ashley Gardyne |
Currently: Chief Investment Officer (4 years, 3 months)
|
|
Mark Brighouse |
Currently: Chief Investment Strategist (8 years, 2 months)
|
|
Sachin Gupta |
Currently: Lead portfolio manager, Pacific Investment Management Company LLC (10 years, 4 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
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 |
|---|---|---|
| 2025 | 3.87% | 2.34% |
| 2024 | 3.43% | 2.48% |
| 2023 | -0.79% | -4.5% |
| 2022 | -2.46% | -3.28% |
| 2021 | 2.15% | 2.73% |
| 2020 | 1.75% | 1.78% |
| 2019 | 2.76% | 2.33% |
| 2018 | 1.94% | 1.85% |
| 2017 | 1.52% | 2.07% |
| 2016 | 2.91% | 1.75% |
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 Sept. 2025.
Bank Of New Zealand 23/11/2026 Frn
New Zealand NZ Fixed Interest AA-
NZ Local Government Funding Agency 15/04/27 4.50%
New Zealand NZ Fixed Interest AAA
Westpac NZ Limited 06/07/2026 Frn
New Zealand NZ Fixed Interest AA-
ANZ 10 A/C - Current Accounts
New Zealand Cash and Equivalents AA-
Auckland Int Airport Ltd 11/10/2025 Frn
New Zealand Cash and Equivalents
Auckland Council 04/10/2027 Frn
New Zealand NZ Fixed Interest AA
NZ Local Government Funding Agency 15/04/26 1.50%
New Zealand NZ Fixed Interest AAA
Rabobank NZ Limited 05/04/2027 Frn
New Zealand NZ Fixed Interest AA
Tax Traders Sovereign Inv Tst 28/01/26
New Zealand Cash and Equivalents
NZ Local Government Funding Agency 15/05/28 2.25%
New Zealand NZ Fixed Interest AAA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 4.67% |
| New Zealand Fixed Interest | 0.0% | 3.12% |
| International Fixed Interest | 100.0% | 92.21% |
| 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 | 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 30th Sept. 2025.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 30th Sept. 2025 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.
