Integral Master Trust Diversified 40 Fund

Not Mindful

Fund type: Balanced fund

Past Returns: 4.98%

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 0.02%
Altagas Income Ltd 0.01%
Atlantia Spa 0.01%
Coca Cola Co USD 0.08%
Enagas 0.01%
Enbridge Inc 0.02%
Equinor Asa 1.750000% 01/22/2026 0.05%
Marathon Petrol Com 0.02%
Neste Oyj 0.01%
Parkland Corp 0.01%
Phillips 66 Com Usd0.01 0.01%
Valero Energy Corp 0.02%

Weapons

Amphenol Corp Cl A 0.03%
Caci International Inc - Class A 0.02%
Curtiss-Wright Corp 0.01%
Heico Corp Com Usd0.01 0.01%
Kawasaki Heavy Industries Ltd 0.01%
Meggitt PLC 0.02%
Mitsubishi Heavy Industries Ltd 0.01%
Oshkosh Corporation 0.02%
Rheinmetall AG 0.01%
Teledyne Technologies Inc 0.01%
Transdigm Group Inc 0.01%

Tobacco

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

Alcohol

Palm Oil

GMOs

Corteva Inc 0.01%

Human Rights & Environmental Violations

Barrick Gold Corp 0.01%
Johnson & Johnson Com US$1 0.33%
Motorola Solutions Inc 0.01%
Nestle Holdings Inc 0.625000% 01/15/2026 0.13%
Rio Tinto Limited 0.01%
Rio Tinto PLC Ord 10P Gbp 0.04%

Animal Testing

Akzo Nobel Nv Eur0.50 0.01%
Albermarle Corp 0.02%
Arkema 0.02%
Avantor Inc 0.02%
Avient Corporation Com Usd0.01 0.01%
Axalta Coating Systems Ltd 0.02%
Capri Holdings Ltd Com Npv 0.01%
Chr Hansen Holding A S 0.01%
Church & Dwight Co 0.03%
Coca Cola Co USD 0.08%
Corteva Inc 0.01%
Coty Inc 0.02%
Covestro AG 0.01%
Danone 0.05%
Dupont De Nemours Inc 0.02%
Ecolab Ltd 0.02%
Estee Lauder Companies 0.03%
Fmc Corp 0.01%
Fuji Film Holdings Corp 0.02%
General Mills Inc 0.03%
Givaudan - Reg 0.02%
Glaxosmithkline PLC 0.04%
Henkel AG & Co Kgaa Non Vtg Pref 0.01%
Hermes International 0.03%
Ingersoll Rand Inc 0.01%
Intl Flavors & Fragrances USD 0.03%
Johnson & Johnson Com US$1 0.33%
Johnson Matthey PLC 0.01%
Kao Corporation Jpy50 0.01%
Kellogg Company 0.02%
Kerry Group PLC-A 0.01%
Keurig Dr Pepper Inc 0.01%
Koninklijke Dsm Nv 0.01%
Kraft Heinz Co Com Usd0.01 0.02%
L'Oreal 0.05%
Lanxess 0.01%
Lg Household Health Care 0.01%
Nestle Holdings Inc 0.625000% 01/15/2026 0.13%
PPG Industries Inc 0.03%
Pepsico Inc Cap US$0.01 2/3 0.08%
Procter & Gamble Co/The 1.000000% 04/23/2026 0.01%
Procter & Gamble Company 0.26%
Pvh Corp Com Usd1.00 0.01%
Ralph Lauren Corp Com 0.01%
Reckitt Benckiser Group PLC 0.02%
Sainsbury (J) PLC 0.01%
Seven & I Holdings Co Ltd 0.02%
Sherwin Williams Com Usd1 0.04%
Shin-Etsu Chem Co Y50 0.02%
Sumitomo Chemical Jpy50 0.01%
Tapestry Inc Com Usd0.01 0.02%
Unilever PLC 0.08%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Thu Sept. 30th 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%	14.35%
2020	-2.28%	-2.6%
2019	4.43%	3.2%
2018	4.41%	3.07%
2017	5.71%	6.77%
2016	3.06%	2.17%
2015	8.56%	8.33%
2014	6.13%	3.76%
2013	8.77%	4.91%

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 Dec. 31st 2021.

Showing the top 10 investments for this fund:

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

41.09%
Harbour Enhanced Cash
New Zealand Cash and Equivalents

11.55%
BNZ Call Account
New Zealand Cash and Equivalents AA-

4.51%
Apple Inc
United States International Equities

1.52%
Microsoft Corp Usd0.00005
United States International Equities

0.82%
Facebook Inc Com USD Cl A
United States International Equities

0.81%
Unitedhealth Group Inc Com Stk Us0.01
United States International Equities

0.54%
Amazon Com Inc
United States International Equities

0.48%
Alphabet Inc Cap Stk Usd0.001 Cl A
United States International Equities

0.39%
Jp Morgan Chase & Co
United States International Equities

0.39%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Fri Dec. 31st 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%	15.97%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	45.0%	41.09%
Australasian Equities	0.0%	0.0%
International Equities	40.0%	42.94%
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 Dec. 31st 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:

0.00%
Alcohol:

0.01%
Animal Testing:

2.30%
Fossil Fuels:

0.45%
Gambling:

0.00%
GMOs:

0.01%
Human Rights & Environmental Violations:

0.58%
Palm Oil:

0.01%
Tobacco:

0.05%
Weapons:

0.25%

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	$22M NZD
Period of data report	Fri Dec. 31st 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 (4 years, 5 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 (21 years, 2 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 (6 years, 0 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, 10 months) Previously: Managing Director at Dell Consulting Ltd (current position) (7 years, 10 months)
Michael Pipe	Currently: General Manager - Operations at Britannia Financial Services Ltd (1 years, 8 months) Previously: Operations Manager at IOOF New Zealand Limited (9 years, 7 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Fri Dec. 31st 2021.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v