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:

  • Human Rights Violations
  • Environmental Harm
  • Animal Cruelty
  • Weapons
  • Fossil Fuels
  • Social Harm

Companies of concern

    • Contact Energy Ltd 5.41% 1.5°C
      This company is on a 1.5°C pathway
    • Genesis Energy Ltd 2.16%

Fund Provider Response

At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. Please see our website for a deeper explanation of our approach and examples of our engagement activities and outcomes: https://milfordasset.com/about-us/sustainable-investing

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. 2023 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

The Fund's objective is to target a return above the New Zealand Official Cash Rate after the base fund fee but before tax.



It primarily invests in New Zealand cash, short-dated debt securities and term deposits.

Value $597M NZD
Period of data report 30th Sept. 2023
Fund started 1st March 2019
Total annual fund fees 0.2%
Total performance based fees 0.0%
Manager's basic fee 0.19%
Other management and administration charges 0.01%
Total other charges 0.0
Total other charges currency NZD

Katlyn Parker

Currently: Investment Analyst (5 years, 5 months)
Previously: Private Wealth Adviser at Milford Asset Management, New Zealand (0 years, 8 months)

Ian Robertson

Currently: Senior Analyst (6 years, 5 months)
Previously: Associate Director Leverage Finance at ANZ Bank, New Zealand (2 years, 8 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2023.

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
2023 -0.79% 2.33%
2022 -2.46% 0.46%
2021 2.15% 0.27%
2020 1.75% 1.26%

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. 2023.

Top 10 Investments

  • Westpac 45 Day Wholesale Notice Deposit
    New Zealand NZ Fixed Interest AA-
    17.23%
  • NZD Cash Current Account (Hsbc)
    New Zealand Cash and Equivalents AA-
    11.01%
  • NZD Cash Call Account (Bank Of New Zealand)
    New Zealand Cash and Equivalents AA-
    10.47%
  • NZD Cash Call Account (Bank Of China)
    New Zealand Cash and Equivalents A
    3.51%
  • ANZ Bank 5.85% 06/10/2023
    New Zealand NZ Fixed Interest AA-
    3.4%
  • ANZ Bank 5.88% 11/12/2023
    New Zealand NZ Fixed Interest AA-
    3.36%
  • Heartland Bank Commercial Paper 16/10/2023
    New Zealand NZ Fixed Interest BBB
    3.34%
  • Auckland Airport Commercial Paper 19/10/2023
    New Zealand NZ Fixed Interest A-
    3.34%
  • Contact Energy Commercial Paper 27/11/2023
    New Zealand NZ Fixed Interest BBB
    3.32%
  • ASB Bank 6.07% 22/12/2023
    New Zealand NZ Fixed Interest AA-
    3.02%
Type Target Actual
Cash and Cash Equivalents 20.0% 25.23%
New Zealand Fixed Interest 80.0% 74.77%
International Fixed Interest 0.0% 0.0%
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%

Investment Mix

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

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2023.