MAS Moderate Fund

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Fund type: Balanced fund

Past Returns: 5.04%

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

Annual Fees: 1.07%

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

Energy Transfer Partners Lp 150325 4.05 Cb 0.07%
Itochu Corp 0.02%
Anglo American PLC 0.01%
Citic Ltd 0.01%
Eqt 0.01%
Hapvida Participacoes E Investimen 0.01%
Marubeni Corp 0.01%
Nippon Steel Corp 0.01%
Nippon Yusen 0.01%
Sumitomo Chemical Ltd 0.01%
Taiwan Cement Corp 0.01%

Weapons

Amphenol Corp Class A 0.01%
Booz Allen Hamilton Holding Corp C 0.01%
Howmet Aerospace Inc 0.01%
Mtu Aero Engines Holding AG 0.01%
Walmart Inc 0.01%

Alcohol

Brown Forman Corp Class B 0.02%
Diageo PLC 0.02%
Constellation Brands Inc Class A 0.01%
Wuliangye Yibin Ltd A 0.01%

GMOs

Corteva Inc 0.01%

Human Rights & Environmental Violations

Thermo Fisher Scientific Inc 0.27%
Credit Suisse Group AG 120833 6.537 Cb 0.15%
Credit Suisse AG 080823 6.50 Cb 0.14%
Caterpillar Inc 0.09%
Credit Suisse Mortgage Tr Series 20 Fact Cls A 151037 Abs 0.09%
Wells Fargo and Co 240328 3.526 Cb 0.09%
Credit Suisse Group AG 020432 2.875 Cb 0.08%
Energy Transfer Partners Lp 150325 4.05 Cb 0.07%
Johnson & Johnson 0.07%
Credit Suisse AG 070933 7.375 Cb 0.05%
Credit Suisse AG London 050126 0.25 Cb 0.04%
Meta Platforms Inc Class A 0.04%
Motorola Solutions Inc 0.04%
Nutrien Ltd 0.04%
Activision Blizzard Inc 0.03%
Archer Daniels Midland 0.03%
Credit Suisse Group AG 120624 4.207 Cb 0.03%
Credit Suisse Group AG 240627 1.00 Cb 0.03%
Bayer US Finance Ii Llc 151225 4.25 Cb 0.02%
Bayer US Finance Ii Llc 151228 4.375 Cb 0.02%
Bank Leumi Le Israel 0.01%
Bayer AG 0.01%
Corteva Inc 0.01%
Rio Tinto PLC 0.01%

Animal Testing

Procter & Gamble 0.37%
Coca-Cola 0.28%
Pepsico Inc 0.28%
Unilever PLC 0.12%
Kimberly Clark Corp 0.07%
Loreal SA 0.07%
General Mills Inc 0.06%
Lair Liquide Societe Anonyme Pour 0.05%
Sherwin Williams 0.05%
Swpc0Gvu2 Ccp Sell Cds EUR 200625 Tesco PLC 1% Ms 0.05%
Compagnie Financiere Richemont SA 0.04%
Ecolab Inc 0.04%
Estee Lauder Inc Class 0.04%
Nutrien Ltd 0.04%
Archer Daniels Midland 0.03%
Church and Dwight Inc 0.03%
Clorox 0.03%
Daikin Industries Ltd 0.03%
Danone SA 0.03%
Hormel Foods Corp 0.03%
Kering SA 0.03%
Keurig Dr Pepper Inc 0.03%
PPG Industries Inc 0.03%
Tesco Property Finance PLC 130440 5.744 Sf 0.03%
Albemarle Corp 0.02%
Bayer US Finance Ii Llc 151225 4.25 Cb 0.02%
Bayer US Finance Ii Llc 151228 4.375 Cb 0.02%
Essity Class B 0.02%
Givaudan SA 0.02%
International Flavors & Fragrances 0.02%
Kao Corp 0.02%
Kellogg 0.02%
Koninkilijke Dsm Nv 0.02%
Koninklijke Ahold Delhaize Nv 0.02%
Mondelez International Inc Class A 0.02%
Mosaic 0.02%
Umicore SA 0.02%
3M 0.01%
Ajinomoto Inc 0.01%
Akzo Nobel Nv 0.01%
Associated British Foods PLC 0.01%
Bayer AG 0.01%
Beiersdorf AG 0.01%
Burberry Group PLC 0.01%
Campbell Soup 0.01%
Celanese Corp 0.01%
Chr Hansen Holding 0.01%
Constellation Brands Inc Class A 0.01%
Corteva Inc 0.01%
Croda International PLC 0.01%
Fujifilm Holdings Corp 0.01%
George Weston Ltd 0.01%
Hanwha Solutions Corp 0.01%
Henkel & Kgaa Pref AG 0.01%
Henkel AG 0.01%
Intertek Group PLC 0.01%
Kerry Group PLC 0.01%
Kikkoman Corp 0.01%
Kraft Heinz 0.01%
Mitsubishi Chemical Group Corp 0.01%
Mowi 0.01%
Nan Ya Plastics Corp 0.01%
Nippon Paint Holdings Ltd 0.01%
Novozymes B 0.01%
Ping An Insurance (Group) Of China 0.01%
Rentokil Initial PLC 0.01%
Sgs SA 0.01%
Shiseido Ltd 0.01%
Sumitomo Chemical Ltd 0.01%
Symrise AG 0.01%
Tyson Foods Inc Class A 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 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% -0.04%
2021 17.46% 14.55%
2020 -1.59% 0.61%
2019 4.47% 4.17%
2018 4.41% 4.31%
2017 5.71% 6.5%
2016 3.06% 1.21%
2015 8.56% 11.58%
2014 6.13% 5.8%
2013 8.77% 7.95%

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:

  • Hunter Global Fixed Interest Fund
    New Zealand Int Fixed Interest
    39.54%
  • Jbwere Premium Custody Call Account - NZD
    New Zealand Cash and Equivalents
    4.04%
  • Bank Of New Zealand 4.985% 07/06/2027
    New Zealand NZ Fixed Interest AA-
    2.57%
  • Microsoft Corp
    United States International Equities
    1.61%
  • Infratil Ltd
    New Zealand Australasian Equities
    1.59%
  • Westpac 3.696% 16/02/27
    New Zealand NZ Fixed Interest AA-
    1.46%
  • Vector Ltd 4.996% 14/03/2024
    New Zealand NZ Fixed Interest BBB
    1.37%
  • Chorus Ltd 4.35% 06/12/2028
    New Zealand NZ Fixed Interest BBB
    1.33%
  • NZ Govt 1.5% 15/05/2031
    New Zealand NZ Fixed Interest AAA
    1.04%
  • Fisher & Paykel Healthcare Ltd
    New Zealand Australasian Equities
    0.95%

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 5.5% 7.01%
New Zealand Fixed Interest 19.5% 14.83%
International Fixed Interest 35.0% 39.55%
Australasian Equities 12.5% 13.34%
International Equities 27.5% 25.27%
Listed Properties 0.0% 0.0%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
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:
    0.06%
  • Animal Testing:
    2.48%
  • Fossil Fuels:
    0.19%
  • Gambling:
    0.00%
  • GMOs:
    0.01%
  • Human Rights & Environmental Violations:
    1.48%
  • Palm Oil:
    0.00%
  • Tobacco:
    0.00%
  • Weapons:
    0.05%

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.

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

"The Moderate Fund invests mainly in income assets with a moderate allocation to growth assets. The Fund aims to provide moderate returns over the short to medium term. It is suitable for investors who are prepared to accept some investment risk to potentially achieve a moderate return."

Value $160M NZD
Period of data report Fri Sept. 30th 2022
Fund started Fri April 1st 1994
Total annual fund fees 1.07%
Total performance based fees 0.0%
Manager's basic fee 0.88%
Other management and administration charges 0.18%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Bruce Robertson

Currently: Portfolio manager, JBWere (25 years, 6 months)
Previously: Partner, Goldman Sachs JBWere (7 years, 1 months)

Tom Phillips

Currently: Portfolio manager, JBWere (18 years, 1 months)
Previously: Corporate lawyer, Bell Gully (7 years, 8 months)

Earl White

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

Phil Borkin

Currently: Senior Strategist, JBWere (3 years, 9 months)
Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

Hayden Griffiths

Currently: Head of Asset allocation, JBWere (26 years, 5 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 Fri Sept. 30th 2022.

Downloads

Download the fund's disclosure statement and portfolio holdings.

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Before investing, consider your investment aims, your values and your risk preferences. You should read the Product Disclosure Statement for the investment fund carefully. It contains the fund’s investment objectives, risks, fees and other information which you should know before investing. This website has a list of the advisers that are registered with the Responsible Investment Association of Australasia. You should contact an investment adviser before investing if you have questions or if you are unclear about the implications of your investment decision.