Integral Master Trust Diversified 40 Fund

Not Mindful

Type: Balanced fund

Past Returns: 4.81%

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

Annual Fees: 1.18%

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

Alleghany Corporation 0.01%
Anglo American PLC 0.02%
Apa Group 0.06%
BHP Group Limited Ordinary Fully Paid 0.49%
BHP Group PLC 0.03%
BP P.L.C 0.02%
Beach Energy Ltd 0.07%
Canadian Natural Resources 0.03%
Chevron Corp 0.08%
China Petroleum & Chemical 0.01%
Ck Hutchison Holdings Ltd 0.01%
Coca Cola Amatil Limited 0.10%
Coca Cola Co USD 0.07%
Conocophillips 0.07%
Devon Energy Corporation 0.01%
Diamondback Energy Inc 0.01%
Dominion Energy Inc 0.01%
Enbridge Inc 0.01%
Engie Aug5 0.01%
Eog Resources Inc 0.02%
Equinor Asa 0.01%
Equinor Asa 0.875000% 02/17/2023 0.16%
Equinor Asa 1.750000% 01/22/2026 0.05%
Exxon Mobil Corporation 0.09%
Glencore PLC 0.02%
Hess Corp 0.02%
Itochu Corp Jpy 0.02%
Lyondellbasell Industries 0.03%
Marathon Petrol Com 0.02%
Mitsubishi Corp Y50 0.02%
Mitsui & Co Ltd Jpy 0.02%
Occidental Petroleum Corp 0.01%
Oil Search Limited 0.04%
Oneok Inc 0.02%
Origin Energy Limited 0.03%
Petroleo Brasileiro Petrobras SA 0.01%
Phillips 66 Com Usd0.01 0.02%
Pioneer Natural Resources Co 0.03%
Ptt Public Company Thb1 Alien 0.01%
Royal Dutch Shell PLC-B Shs 0.07%
Santos Limited 0.15%
South32 Limited Ordinary Fully Paid 0.05%
Suncor Energy Inc 0.02%
Tc Energy Corp 0.01%
Total Capital Canada Ltd 1.125000% 03/18/2022 0.10%
Total Capital Intl SA 2.125000% 03/15/2023 0.28%
Total Capital Intl SA 2.125000% 11/19/2021 0.02%
Total Capital Intl SA 2.875000% 02/17/2022 0.17%
Total Capital Intl SA 4.250000% 11/26/2021 0.07%
Total Se 0.10%
Vale SA 0.04%
Valero Energy Corp 0.02%
Viva Energy Group Ordinary Fully Paid Deferred Settlement 0.03%
Whitehaven Coal Ltd 0.02%
Williams Companies Inc 0.02%
Woodside Petroleum Ltd 0.09%

Weapons

Airbus Se 0.03%
Amphenol Corp Cl A 0.02%
Austal Limited 0.02%
Boeing Co Com US$5 0.04%
Caci International Inc - Class A 0.01%
General Dynamics Corp 0.03%
Honeywell International Inc 0.06%
Jacobs Engineering Group Inc 0.02%
L3 Harris Technolocom 0.02%
Lockheed Martin Corp Com Stk Usd0.01 0.02%
Mitsubishi Heavy Industries Ltd 0.01%
Northrop Grumman Corp 0.02%
Oshkosh Corporation 0.02%
Raytheon Technolog Com 0.05%
Safran SA 0.02%
Textron Inc 0.01%
Transdigm Group Inc 0.01%

Tobacco

Casey'S General Stores Inc 0.02%
Seven & I Holdings Co Ltd 0.02%

Gambling

Aristocrat Leisure Ltd 0.08%
Crown Resorts Limited 0.04%
Jumbo Interactive Limited 0.01%
Tabcorp Holdings Ltd 0.05%
The Star Entertainment Group Limited 0.04%

Adult Entertainment/Pornography

Alcohol

Anheuser Busch Inbev SA Nv 0.01%
Boston Beer Company Inc 0.01%
Brown Forman Corp 0.01%
Carlsberg As - B 0.01%
Coca Cola Amatil Limited 0.10%
Constellation Brands Inc-A 0.02%
Diageo Ord 28 101/108P 0.03%
Graincorp Limited 0.02%
LVMH Moet Hennessy Vuitton Se 0.07%
Metcash Limited 0.07%
Treasury Wine Estates Limited 0.03%

Palm Oil

GMOs

Corteva Inc 0.02%

Human Rights & Environmental Violations

Archer Daniels Midland Co Com Stk Npv 0.01%
BHP Group Limited Ordinary Fully Paid 0.49%
BHP Group PLC 0.03%
Bayer AG 0.02%
Chevron Corp 0.08%
Duke Energy Corp Com USD 0.001 Post Rev Splt 0.02%
Freeport Mcmoran Inc 0.01%
Glencore PLC 0.02%
Johnson & Johnson Com US$1 0.20%
Kbr Inc 0.01%
Motorola Solutions Inc 0.01%
Nestle Finance Intl Ltd 0.750000% 05/16/2023 0.04%
Nestle Finance Intl Ltd 0.750000% 11/08/2021 0.06%
Nestle SA 0.16%
Petroleo Brasileiro Petrobras SA 0.01%
Rio Tinto Limited 0.15%
Rio Tinto PLC Ord 10P Gbp 0.04%
Royal Dutch Shell PLC-B Shs 0.07%
Sempra Energy USD 0.01%
Vale SA 0.04%

Animal Testing

Air Liquide 0.030%
Albermarle Corp 0.010%
Archer Daniels Midland Co Com Stk Npv 0.010%
Arkema 0.010%
Basf Se 0.020%
Bayer AG 0.020%
Celanese Corp Series A 0.020%
Chevron Corp 0.080%
Coca Cola Amatil Limited 0.100%
Coca Cola Co USD 0.070%
Corteva Inc 0.020%
Covestro AG 0.010%
Danone 0.010%
Dow Inc 0.020%
Dupont De Nemours Inc 0.010%
Eastman Chemical Com 0.020%
Entegris Inc 0.010%
Estee Lauder Companies 0.020%
Fuji Film Holdings Corp 0.010%
General Mills Inc 0.020%
Givaudan - Reg 0.010%
Glaxosmithkline PLC 0.030%
Honeywell International Inc 0.060%
Ingersoll Rand Inc 0.010%
Ingredion Inc Com USD 0.01 0.010%
Intl Flavors & Fragrances USD 0.030%
Johnson & Johnson Com US$1 0.200%
Kao Corporation Jpy50 0.010%
Kellogg Company 0.010%
Koninklijke Dsm Nv 0.010%
Kraft Heinz Co Com Usd0.01 0.010%
L'Oreal 0.020%
LVMH Moet Hennessy Vuitton Se 0.070%
Lanxess 0.010%
Linde PLC 0.020%
Linde PLC Com 0.030%
Lyondellbasell Industries 0.030%
Mondelez International Inc 0.020%
Nan Ya Plastics Corp 0.010%
Nestle Finance Intl Ltd 0.750000% 05/16/2023 0.040%
Nestle Finance Intl Ltd 0.750000% 11/08/2021 0.060%
Nestle SA 0.160%
Nufarm Limited 0.030%
Nutrien Ltd Com Npv 0.010%
Orica Limited 0.050%
PPG Industries Inc 0.010%
Pepsico Inc Cap US$0.01 2/3 0.070%
Procter & Gamble Co/The 2.000000% 08/16/2022 0.010%
Procter & Gamble Company 0.130%
Pvh Corp Com Usd1.00 0.010%
Reckitt Benckiser Group PLC 0.010%
Royal Dutch Shell PLC-B Shs 0.070%
Seven & I Holdings Co Ltd 0.020%
Sherwin Williams Com Usd1 0.010%
Shin-Etsu Chem Co Y50 0.020%
Unilever PLC 0.040%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Wed March 31st 2021 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.

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
2021	17.44%	14.2%
2020	-2.28%	-2.79%
2019	4.43%	3.02%
2018	4.41%	2.9%
2017	5.71%	6.61%
2016	3.06%	1.99%
2015	8.56%	8.17%
2014	6.13%	3.59%
2013	8.77%	4.75%

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 Wed June 30th 2021.

Showing the top 10 investments for this fund:

Dimensional Five-Year Diversified Fixed Interest Trust NZD Class
Australia Int Fixed Interest

44.74%
BNZ Cash Account
New Zealand Cash and Equivalents AA-

13.72%
Apple Inc
United States International Equities

0.99%
Microsoft Corp
United States International Equities

0.95%
Facebook Inc Com USD Cl A
United States International Equities

0.62%
Amazon Com Inc
United States International Equities

0.44%
Unitedhealth Group Inc Com
United States International Equities

0.38%
Jp Morgan Chase & Co
United States International Equities

0.35%
CSL Limited
Australia Australasian Equities

0.33%
BHP Group Limited Ordinary Fully Paid
Australia Australasian Equities

0.33%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Wed June 30th 2021.

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	15.0%	13.72%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	45.0%	44.74%
Australasian Equities	0.0%	7.9%
International Equities	40.0%	33.65%
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 Wed June 30th 2021.

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).

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:

0.01%
Alcohol:

0.45%
Animal Testing:

2.44%
Fossil Fuels:

3.54%
Gambling:

0.30%
GMOs:

0.02%
Human Rights & Environmental Violations:

1.64%
Palm Oil:

0.03%
Tobacco:

0.06%
Weapons:

0.61%

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 their policy may be less stringent than the definitions applied by Mindful Money.

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 Diversified 40 Fund is a diversified fund providing a consistent exposure to the cash fixed interest and shares asset classes using both qualitative and quantitative investment techniques and with a slight bias towards defensive assets."

Value	$19M NZD
Period of data report	Wed June 30th 2021
Fund started	Wed May 25th 2011
Total annual fund fees	1.18%
Total performance based fees	0.0%
Manager's basic fee	0.59%
Other management and administration charges	0.59%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Elaine West	Currently: Financial Controller at Britannia Financial Services Ltd (3 years, 11 months) Previously: Financial Controller at NZ Venture Investment Fund (8 years, 5 months)
Alun Rees-Williams	Currently: General Manager Distribution and Director at Britannia Financial Services Ltd (20 years, 8 months) Previously: Administration Manager at David Milner and Associates (9 years, 0 months)
Gavin Dixon	Currently: Chief Executive Officer and Director at Britannia Financial Services Ltd (5 years, 6 months) Previously: Chief Executive Officer at Stream Holdings Group (0 years, 6 months)
Gregg Dell	Currently: General Manager of Wealth Products and General Counsel at Britannia Financial Services Ltd (5 years, 4 months) Previously: Managing Director at Dell Consulting Ltd (current position) (7 years, 4 months)
Michael Pipe	Currently: General Manager - Operations at Britannia Financial Services Ltd (1 years, 2 months) Previously: Operations Manager at IOOF New Zealand Limited (9 years, 7 months)