Funds

MAS Conservative Fund

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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.

Key:

  • Adult Entertainment/Pornography
  • Alcohol
  • Animal Cruelty
  • Fossil Fuels
  • Gambling
  • GMOs
  • Human Rights & Environmental Violations
  • Palm Oil
  • Tobacco
  • Weapons

Companies of concern

  • Fossil Fuel

    • Energy Transfer Partners Lp 150325 4.05 Cb 0.09%
    • Itochu Corp 0.01%
    • Marubeni Corp 0.01%
    • Nippon Steel Corp 0.01%
    • Sunoco Logistics Partners Operations Lp 150123 3.45 Cb 0.01%

  • Weapons

    • Booz Allen Hamilton Holding Corp C 0.01%
    • Walmart Inc 0.01%

  • Alcohol

    • Brown Forman Corp Class B 0.01%
    • Constellation Brands Inc Class A 0.01%
    • Diageo PLC 0.01%

  • GMOs

    • Corteva Inc 0.01%

  • Human Rights & Environmental Violations

    • Credit Suisse Group AG 120833 6.537 Cb 0.20%
    • Credit Suisse AG 080823 6.50 Cb 0.18%
    • Thermo Fisher Scientific Inc 0.14%
    • Credit Suisse Mortgage Tr Series 20 Fact Cls A 151037 Abs 0.12%
    • Wells Fargo and Co 240328 3.526 Cb 0.11%
    • Credit Suisse Group AG 020432 2.875 Cb 0.10%
    • Energy Transfer Partners Lp 150325 4.05 Cb 0.09%
    • Credit Suisse AG 070933 7.375 Cb 0.06%
    • Credit Suisse AG London 050126 0.25 Cb 0.06%
    • Caterpillar Inc 0.05%
    • Credit Suisse Group AG 120624 4.207 Cb 0.04%
    • Credit Suisse Group AG 240627 1.00 Cb 0.04%
    • Johnson & Johnson 0.04%
    • Bayer US Finance Ii Llc 151225 4.25 Cb 0.03%
    • Bayer US Finance Ii Llc 151228 4.375 Cb 0.03%
    • Activision Blizzard Inc 0.02%
    • Archer Daniels Midland 0.02%
    • Meta Platforms Inc Class A 0.02%
    • Motorola Solutions Inc 0.02%
    • Nutrien Ltd 0.02%
    • Bank Leumi Le Israel 0.01%
    • Bayer AG 0.01%
    • Corteva Inc 0.01%
    • Rio Tinto PLC 0.01%

  • Animal Cruelty

    • Procter & Gamble 0.19%
    • Coca-Cola 0.14%
    • Pepsico Inc 0.14%
    • Swpc0Gvu2 Ccp Sell Cds EUR 200625 Tesco PLC 1% Ms 0.06%
    • Unilever PLC 0.06%
    • Kimberly Clark Corp 0.04%
    • Tesco Property Finance PLC 130440 5.744 Sf 0.04%
    • Bayer US Finance Ii Llc 151225 4.25 Cb 0.03%
    • Bayer US Finance Ii Llc 151228 4.375 Cb 0.03%
    • General Mills Inc 0.03%
    • Lair Liquide Societe Anonyme Pour 0.03%
    • Loreal SA 0.03%
    • Sherwin Williams 0.03%
    • Archer Daniels Midland 0.02%
    • Church and Dwight Inc 0.02%
    • Clorox 0.02%
    • Compagnie Financiere Richemont SA 0.02%
    • Daikin Industries Ltd 0.02%
    • Ecolab Inc 0.02%
    • Estee Lauder Inc Class 0.02%
    • Hormel Foods Corp 0.02%
    • Keurig Dr Pepper Inc 0.02%
    • Nutrien Ltd 0.02%
    • PPG Industries Inc 0.02%
    • 3M 0.01%
    • Ajinomoto Inc 0.01%
    • Albemarle Corp 0.01%
    • Bayer AG 0.01%
    • Campbell Soup 0.01%
    • Constellation Brands Inc Class A 0.01%
    • Corteva Inc 0.01%
    • Croda International PLC 0.01%
    • Danone SA 0.01%
    • Essity Class B 0.01%
    • Fujifilm Holdings Corp 0.01%
    • Givaudan SA 0.01%
    • International Flavors & Fragrances 0.01%
    • Kao Corp 0.01%
    • Kellogg 0.01%
    • Kering SA 0.01%
    • Kerry Group PLC 0.01%
    • Koninkilijke Dsm Nv 0.01%
    • Koninklijke Ahold Delhaize Nv 0.01%
    • Mondelez International Inc Class A 0.01%
    • Mosaic 0.01%
    • Novozymes B 0.01%
    • Ping An Insurance (Group) Of China 0.01%
    • Sgs SA 0.01%
    • Shiseido Ltd 0.01%
    • Symrise AG 0.01%
    • Umicore SA 0.01%
    • Unicharm Corp 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 30th Sept. 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.

About this fund

In their own words

The Conservative Fund invests mainly in income assets with a modest allocation to growth assets. The Fund aims to preserve capital while providing a steady return over the short to medium term. It is suitable for investors who want to take a more cautious approach and accept a smaller amount of investment risk to potentially achieve a more stable return.

Value $36M NZD
Period of data report 31st Dec. 2022
Fund started 1st Oct. 2007
Total annual fund fees 1.05%
Total performance based fees 0.0%
Manager's basic fee 0.85%
Other management and administration charges 0.21%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Bruce Robertson

Currently: Portfolio manager, JBWere (25 years, 9 months)
Previously: Partner, Goldman Sachs JBWere (7 years, 1 months)

Tom Phillips

Currently: Portfolio manager, JBWere (18 years, 4 months)
Previously: Corporate lawyer, Bell Gully (7 years, 8 months)

Earl White

Currently: Executive Advisor, Bancorp Treasury (19 years, 11 months)
Previously: Treasurer, BNP Paribas (8 years, 7 months)

Phil Borkin

Currently: Senior Strategist, JBWere (4 years, 0 months)
Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

Hayden Griffiths

Currently: Head of Asset allocation, JBWere (26 years, 8 months)
Previously: Analyst, BZW (2 years, 5 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2022.

Investment Exclusions

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 0.03%
Animal Cruelty 1.35%
Fossil Fuels 0.13%
Gambling 0.00%
GMOs 0.01%
Human Rights & Environmental Violations 1.42%
Palm Oil 0.00%
Tobacco 0.00%
Weapons 0.02%

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. 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.

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.

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
2022 -0.26% -1.41%
2021 8.99% 9.15%
2020 0.27% 1.1%
2019 4.19% 3.22%
2018 3.39% 3.62%
2017 3.28% 4.51%
2016 2.92% 0.78%
2015 8.63% 9.33%
2014 5.69% 4.05%
2013 8.30% 7.2%

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 fund has filed with Disclose register to 31st Dec. 2022.

Top 10 Investments

  • Hunter Global Fixed Interest Fund
    New Zealand Int Fixed Interest
    44.54%
  • Jbwere Premium Custody Call Account - NZD
    New Zealand Cash and Equivalents
    13.78%
  • Bank Of New Zealand 4.985% 07/06/2027
    New Zealand NZ Fixed Interest AA-
    3.25%
  • Kiwibank 5.737% 19/10/2027
    New Zealand NZ Fixed Interest
    2.08%
  • Westpac 3.696% 16/02/27
    New Zealand NZ Fixed Interest AA-
    1.89%
  • Vector Ltd 4.996% 14/03/2024
    New Zealand NZ Fixed Interest BBB
    1.78%
  • Chorus Ltd 4.35% 06/12/2028
    New Zealand NZ Fixed Interest BBB
    1.71%
  • NZ Govt 1.5% 15/05/2031
    New Zealand NZ Fixed Interest AAA
    1.33%
  • ASB 5.524% 21/06/2027
    New Zealand NZ Fixed Interest AA-
    1.09%
  • Bank Of New Zealand 5.536% 25/05/2028
    New Zealand NZ Fixed Interest AA-
    0.86%
Type Target Actual
Cash and Cash Equivalents 10.0% 14.88%
New Zealand Fixed Interest 25.0% 21.54%
International Fixed Interest 45.0% 44.54%
Australasian Equities 6.0% 6.07%
International Equities 14.0% 12.97%
Listed Properties 0.0% 0.0%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
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 31st Dec. 2022.