Fisher Funds Balanced Strategy 45/55

Not Mindful

Fund type: Balanced fund

Past Returns: 6.17%

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

Annual Fees: 1.55%

Annual fees, including management and administration fees, but not membership 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

Cms Energy Corporation 0.32%
Kinder Morgan Inc Class P 0.32%
Channel Infrastructure NZ Ltd. 5.1% 01-Mar-2034 0.21%
Contact Energy Limited 0.16%
Contact Energy Limited Rcd 07/11/2022 08/11/2022 0.13%
Contact Energy Limited Rcd 19/10/2022 20/10/2022 0.13%
Enterprise Products Partners L.P. 0.13%
Vistra Corp. 0.09%
Williams Companies, Inc. 0.08%
Nrg Energy, Inc. 0.07%
Enbridge Inc. 0.06%
Lyondellbasell Industries Nv 0.06%
Nisource Inc 0.05%
Ppl Corporation 0.05%
Tc Energy Corporation 0.05%
Atmos Energy Corporation 0.04%
Constellation Energy Corporation 0.04%
Sempra Energy 0.04%
Enagas SA 0.03%
National Grid PLC 0.03%
Naturgy Energy Group, S.A. 0.03%
Parkland Corporation 0.03%
Snam S.P.A. 0.03%

Weapons

Hexcel Corporation 0.12%
Booz Allen Hamilton Holding Corporation Class A 0.03%

Alcohol

Delegat Group Limited 0.21%
Anheuser-Busch Inbev Worldwide, Inc. 5.875% 15-Jun-2035 0.07%
Diageo PLC 0.06%
Heineken Holding N.V. 0.05%
Constellation Brands, Inc. Class A 0.04%
Molson Coors Beverage Company Class B 0.03%
Carlsberg As Class B 0.02%

GMOs

Corteva Inc 0.03%

Human Rights & Environmental Violations

Meta Platforms Inc. Class A 1.14%
Johnson & Johnson 0.23%
Rio Tinto PLC 0.12%
Fmc Corporation 0.04%
Corteva Inc 0.03%
Caterpillar Inc. 0.02%

Animal Testing

Procter & Gamble Company 0.17%
Sherwin-Williams Company 2.95% 15-Aug-2029 0.11%
Mondelez International, Inc. Class A 0.09%
Lyondellbasell Industries Nv 0.06%
Dow, Inc. 0.05%
Koninklijke Ahold Delhaize N.V. 0.05%
Constellation Brands, Inc. Class A 0.04%
Fmc Corporation 0.04%
Yara International Asa 0.04%
3M Company 0.03%
Corteva Inc 0.03%
Dcc PLC 0.03%
Dupont De Nemours, Inc. 0.03%
Keurig Dr Pepper Inc. 0.03%
LVMH Moet Hennessy Louis Vuitton Se 0.03%
Molson Coors Beverage Company Class B 0.03%
Tyson Foods, Inc. Class A 0.03%
Unilever PLC 0.03%
Associated British Foods PLC 0.02%
Danone SA 0.02%
Eastman Chemical Company 0.02%
Essity Ab Class B 0.02%
Henkel AG & Co. Kgaa 0.02%
Henkel AG & Co. Kgaa Pref 0.02%
Kao Corp. 0.02%
Kimberly-Clark Corporation 0.02%
L'Oreal S.A. 0.02%
Moncler Spa 0.02%
Otsuka Holdings Co., Ltd. 0.02%
Celanese Corporation 0.01%
Kering SA 0.01%
Mowi Asa 0.01%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Fri Sept. 30th 2022 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.

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
2022	0.34%	-0.13%
2021	17.46%	18.87%
2020	-1.59%	-0.24%

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 Fri Sept. 30th 2022.

Showing the top 10 investments for this fund:

ANZ 10 A/C - Current Accounts
New Zealand Cash and Equivalents

5.49%
Proper("Bayfair Shopping Centre - Retail")
New Zealand Unlisted Property

1.68%
Mainfreight Limited
New Zealand Australasian Equities

1.47%
Infratil Limited
New Zealand Australasian Equities

1.47%
Fisher & Paykel Healthcare Corporation Limited
New Zealand Australasian Equities

1.27%
Amazon.Com, Inc.
United States International Equities

1.16%
Meta Platforms Inc. Class A
United States International Equities

1.14%
Alphabet Inc. Class A
United States International Equities

1.12%
Xero Limited
Australia Australasian Equities

1.11%
Paypal Holdings, Inc.
United States International Equities

1.0%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Fri Sept. 30th 2022.

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	7.0%	7.25%
New Zealand Fixed Interest	17.8%	19.66%
International Fixed Interest	18.3%	16.8%
Australasian Equities	16.2%	16.46%
International Equities	31.3%	30.63%
Listed Properties	0.0%	0.0%
Unlisted Properties	4.7%	4.25%
Other	4.7%	4.95%
Commodities	0.0%	0.0%

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Fri Sept. 30th 2022.

Does this fund exclude companies that cause deep concern to New Zealanders? The first column shows if the fund has a credible policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

Note that the fund’s exclusions policy may not be consistent with its portfolio holdings because the fund might be still implementing its policy change or the fund’s exclusion policy and thresholds may be different from the definitions applied by Mindful Money.

Issue of concern

Does this fund say it excludes this?

Actual holdings
Adult Entertainment/Pornography:

0.00%
Alcohol:

0.48%
Animal Testing:

1.17%
Fossil Fuels:

2.18%
Gambling:

0.00%
GMOs:

0.03%
Human Rights & Environmental Violations:

1.58%
Palm Oil:

0.00%
Tobacco:

0.00%
Weapons:

0.15%

Note that many funds exclude controversial weapons. However, the category of Weapons used in this analysis is broader in scope, covering all munitions, firearms and military weapons. Similarly Mindful Money uses a broader scope for fossil fuels than the government’s rules for default KiwiSaver funds. The full definitions used in the Mindful Money analysis are here.

In their own words

"This investment option 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, and is automatically rebalanced each year to the target investment mix of 45% Conservative Fund and 55% Growth Fund"

Value	$81M NZD
Period of data report	Fri Sept. 30th 2022
Fund started	Tue July 31st 2018
Total annual fund fees	1.55%
Total performance based fees	0.16%
Manager's basic fee	1.2%
Other management and administration charges	0.19%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Ashley Gardyne	Currently: Chief Investment Officer and Senior Portfolio Manager, International Equities (1 years, 3 months) Previously: Senior Portfolio Manager, International Equities, Fisher Funds Management Limited (5 years, 5 months)
David Mcleish	Currently: Senior Portfolio Manager, Fixed Interest (11 years, 6 months) Previously: Executive Director, Goldman Sachs International, London (3 years, 0 months)
Mark Brighouse	Currently: Chief Investment Strategist (5 years, 2 months) Previously: Chief Investment Officer, Fisher Funds Management Limited (5 years, 9 months)
Sam Dickie	Currently: Senior Portfolio Manager, NZ Equities (5 years, 7 months) Previously: Portfolio Manager, Moore Capital Asia Limited (5 years, 10 months)
Robbie Urquhart	Currently: Senior Portfolio Manager, Australian Equities (4 years, 4 months) Previously: Portfolio Manager / Principal, Trafalgar Copley Limited (11 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Fri Sept. 30th 2022.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v