Medical Assurance Society Aggressive Fund

Not Mindful

Type: Growth fund

Past Returns: 4.11%

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

Annual Fees: 1.14%

Annual fees, including any membership and % management 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

Enbridge Inc 180222 Frn 0.02%
Energy Transfer Partners Lp 150325 4.05 Cb 0.02%

Weapons

Gambling

Las Vegas Sands Corp 250625 2.90 Cb 0.03%
Sands China Ltd 080828 5.4 Cb 0.01%

Alcohol

Anheuser Busch Inbev Nv 070325 1.75 Cb 0.02%
Pernod Ricard SA 150122 4.45 Cb 0.02%

Palm Oil

Indofood Sukses Makmur Tbk 0.01%
Kuala Lumpur Kepong Berhad 0.01%
Pt Astra International Tbk 0.01%

GMOs

Dupont De Nemours Inc. 0.07%
Novozymes A/S - B Shares 0.02%
Stora Enso Oyj 0.02%
Syngenta Finance AG 230421 3.933 Cb 0.03%

Human Rights & Environmental Violations

Johnson & Johnson 0.21%
Pt Astra International Tbk 0.01%

Animal Testing

Akzo Nobel Nv 0.040%
Associated British Foods PLC 0.020%
Bayer US Finance Ii Llc 151228 4.375 Cb 0.010%
Beiersdorf AG 0.020%
Burberry Group PLC 0.020%
Chr Hansen Holding A/S 0.020%
Clorox Company 0.060%
Coca-Cola European Partners 0.020%
Coca-Cola Hbc AG 0.010%
Colgate-Palmolive Co. 0.150%
Croda International PLC 0.020%
Danone SA 0.110%
Danone SA 021121 2.077 Cb 0.020%
Estee Lauder Companies - Class A 0.100%
General Mills Inc. 0.090%
Givaudan 0.080%
Henkel AG & Co Kgaa 0.020%
Henkel AG & Co Kgaa - Non-Voting 0.040%
International Flavors & Fragrances Inc. 0.030%
Johnson & Johnson 0.210%
Kao Corporation 0.110%
Kikkoman Corporation 0.010%
Kimberly-Clark Corporation 0.130%
Koninklijke Dsm Nv 0.060%
L'Oreal SA 0.190%
Novozymes A/S - B Shares 0.020%
Pepsico Inc. 0.470%
PPG Industries Inc. 0.060%
Procter & Gamble Co. 0.780%
Reckitt Benckiser Group PLC 0.150%
Shiseido Co. Ltd. 0.070%
Solvay SA 0.010%
Syngenta Finance AG 230421 3.933 Cb 0.030%
Tesco Property Finance PLC 130440 5.744 Sf 0.020%
Unilever Nv 0.200%
Unilever PLC 0.160%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Tue March 31st 2020 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 and research organisations.

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
2020	-4.35%	-0.77%
2019	6.14%	6.92%
2018	7.69%	6.18%
2017	8.26%	12.37%
2016	5.40%	0.36%
2015	12.09%	16.34%
2014	9.56%	11.07%
2013	13.67%	10.27%
2012	0.62%	-9.43%
2011	6.07%	5.82%

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 Tue March 31st 2020.

Showing the top 10 investments for this fund:

Hunter Global Fixed Interest Fund
New Zealand International Fixed Interest

10.36%
Technology Select Sector Spdr Exchange Traded Fund
United States International Equities

4.07%
Fisher & Paykel Healthcare Ltd
New Zealand Australasian Equities

3.73%
A2 Milk Company Ltd
New Zealand Australasian Equities

3.36%
Microsoft Corporation
United States International Equities

3.25%
Jbwere Premium Custody Call Account - NZD
New Zealand Cash and Cash Equivalents

3.09%
Jbwere Premium Custody Call Account - USD
New Zealand Cash and Cash Equivalents

2.44%
Health Care Select Sector Spdr Exchange Traded Fund
United States International Equities

2.08%
Infratil Ltd
New Zealand Australasian Equities

2.08%
NZ Govt. Inflation Indexed Bond 20/09/2030
New Zealand New Zealand Fixed Interest AA+

1.98%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Tue March 31st 2020.

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	0.0%	7.73%
New Zealand Fixed Interest	5.0%	3.26%
International Fixed Interest	10.0%	10.36%
Australasian Equities	26.0%	23.53%
International Equities	59.0%	54.55%
Listed Properties	0.0%	0.0%
Unlisted Properties	0.0%	0.0%
Other	0.0%	0.56%
Commodities	0.0%	0.0%

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Tue March 31st 2020.

Does this fund have a policy to exclude any industries from its investments? The first column shows if the fund has a policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

The Fund may have investments that are not consistent with their exclusions policy because they are still in the process of implementing their policy.

Issue of concern

Does this fund say it excludes this?

Actual holdings
Adult Entertainment/Pornography:

0.00%
Alcohol:

0.05%
Animal Testing:

3.69%
Fossil Fuels:

0.04%
Gambling:

0.05%
GMOs:

0.14%
Human Rights & Environmental Violations:

0.23%
Palm Oil:

0.04%
Tobacco:

0.00%
Weapons:

0.02%

Note that the fund’s intended exclusions may not be consistent with the analysis of the portfolio because of timing issues or because there are companies of concern in indirect investments by the fund.

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.

In their own words

"The Aggressive Fund invests around 85% in growth assets and around 15% in income assets. The fund aims to provide higher returns over the long term. Suitable for investors who are prepared to accept a higher level of investment risk to potentially achieve a higher return."

Value	$49M NZD
Period of data report	Tue March 31st 2020
Members	1,248
Fund started	Mon Oct. 1st 2007
Total annual fund fees	1.14%
Total performance based fees	0.0%
Manager's basic fee	1.01%
Administration charges	0.14%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Bruce Robertson	Currently: Portfolio Manager, JBWere (23 years, 0 months) Previously: Partner, Goldman Sachs JBWere (7 years, 1 months)
Tom Phillips	Currently: Portfolio Manager, JBWere (15 years, 7 months) Previously: Corporate lawyer, Bell Gully (7 years, 8 months)
Earl White	Currently: Executive Advisor, Bancorp Treasury (17 years, 2 months) Previously: Treasurer, BNP Paribas (8 years, 7 months)
Phil Borkin	Currently: Senior Strategist, JBWere (1 years, 3 months) Previously: Senior Macro Strategist, ANZ (4 years, 0 months)
Hayden Griffiths	Currently: Asset Allocation, JBWere (23 years, 11 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 Tue March 31st 2020.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v