Integral Master Trust Global Equities Fund

Not Mindful

Fund type: Aggressive fund

Past Returns: 10.30%

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

Annual Fees: 1.27%

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 0.04%
Altagas Income Ltd 0.03%
Atlantia Spa 0.03%
Brookfield Infrastructure Corp 0.01%
Chesapeake Utilities Corporation 0.01%
Citic Securities 0.01%
Coca Cola Co USD 0.20%
Enagas 0.03%
Enbridge Inc 0.05%
Equitrans Midstream Com 0.02%
Hollyfrontier Corp Com 0.02%
Itochu Enex Co Ltd 0.01%
Kirby Corp 0.01%
Loews Corp 0.02%
Macquarie Korea Infrastructure Fund 0.01%
Marathon Petrol Com 0.06%
Mitsui Mining and Smelting Co Ltd 0.02%
Naturgy Energy Group SA 0.01%
Neste Oyj 0.03%
Osaka Gas Co Ltd Jpy 0.01%
Parkland Corp 0.03%
Pbf Energy Inc Com 0.01%
Phillips 66 Com Usd0.01 0.03%
S-Oil Corporation 0.02%
Snam Spa 0.01%
The Thai Oil Public Company Limited 0.01%
Ugi Corp Com 0.02%
Valero Energy Corp 0.04%
Viva Energy Group Ordinary Fully Paid Deferred Settlement 0.02%

Weapons

Amphenol Corp Cl A 0.06%
Caci International Inc - Class A 0.04%
Curtiss-Wright Corp 0.03%
Heico Corp Com 0.01%
Heico Corp Com Usd0.01 0.03%
Hexcel Corp 0.02%
Howmet Aerospace I Com USD 0.02%
Kawasaki Heavy Industries Ltd 0.03%
Meggitt PLC 0.04%
Mitsubishi Heavy Industries Ltd 0.03%
Moog Inc - Class A 0.01%
Oshkosh Corporation 0.04%
Rbc Bearings Inc 0.02%
Rheinmetall AG 0.02%
Science Applications International Corp 0.02%
Teledyne Technologies Inc 0.04%
Transdigm Group Inc 0.04%
Woodward Inc 0.02%

Tobacco

Casey'S General Stores Inc 0.04%
Lawson Inc 0.02%
Seven & I Holdings Co Ltd 0.05%

Alcohol

Asahi Holdings Inc 0.02%

Palm Oil

Pt Indofood Sukses Makmur Tbk 0.02%

GMOs

Corteva Inc 0.03%

Human Rights & Environmental Violations

Barrick Gold Corp 0.03%
Evergreen Marine Corporation 0.01%
Formosa Plastics Corporation 0.02%
Hyundai Engineering & Construction 0.01%
Indivior PLC Ord Usd2 0.01%
Israel Discount Bank 0.01%
Johnson & Johnson Com US$1 0.79%
Motorola Solutions Inc 0.03%
Rio Tinto Limited 0.04%
Rio Tinto PLC Ord 10P Gbp 0.09%

Animal Testing

Adeka Corporation 0.01%
Air Water Inc 0.02%
Akzo Nobel Nv Eur0.50 0.03%
Albermarle Corp 0.04%
Arkema 0.05%
Avantor Inc 0.05%
Avient Corporation Com Usd0.01 0.02%
Axalta Coating Systems Ltd 0.04%
Beiersdorf AG 0.02%
Bic 0.02%
Burberry Group PLC 0.02%
Capri Holdings Ltd Com Npv 0.03%
Celanese Corp Series A 0.01%
Chr Hansen Holding A S 0.03%
Church & Dwight Co 0.08%
Cj Cheikjedang Corp 0.01%
Clariant AG Reg 0.01%
Clorox Co Del 0.02%
Coca Cola Co USD 0.20%
Colruyt Nv 0.01%
Corbion Nv 0.01%
Corteva Inc 0.03%
Coty Inc 0.04%
Covestro AG 0.03%
Danone 0.11%
Dupont De Nemours Inc 0.06%
Ecolab Ltd 0.04%
Estee Lauder Companies 0.07%
Ezaki Glico Co Ltd 0.02%
Fancl Corporation 0.02%
Far Eastern New Century Corporation 0.01%
Ferro Corp 0.01%
Fmc Corp 0.03%
Formosa Plastics Corporation 0.02%
Fuji Film Holdings Corp 0.04%
General Mills Inc 0.07%
Givaudan - Reg 0.05%
Glaxosmithkline PLC 0.10%
Hansol Chemical Co Ltd 0.02%
Hanwha Solutions Corp 0.01%
Henkel AG & Co Kgaa Non Vtg Pref 0.02%
Hermes International 0.07%
Hollyfrontier Corp Com 0.02%
Huntsman Corporation 0.02%
Ingersoll Rand Inc 0.03%
Ingevity Corp 0.01%
Intl Flavors & Fragrances USD 0.08%
Johnson & Johnson Com US$1 0.79%
Johnson Matthey PLC 0.02%
K & S AG Shs 0.01%
Kansai Paint Co Ltd 0.02%
Kao Corporation Jpy50 0.03%
Kellogg Company 0.05%
Kerry Group PLC-A 0.03%
Keurig Dr Pepper Inc 0.03%
Kikkoman Corporation Jpy 0.01%
Koninklijke Dsm Nv 0.03%
Kose Corp 0.02%
Kraft Heinz Co Com Usd0.01 0.04%
L'Oreal 0.12%
Lanxess 0.03%
Lg Household Health Care 0.03%
Lotte Chemical Corporation 0.01%
Mitsui Chemicals Inc 0.01%
Nagase & Co Ltd 0.01%
Nan Ya Plastics Corp 0.02%
Nippon Paint Holdings Co Ltd 0.02%
Nissan Chemical Corporation 0.01%
Novozymes A/S Ser`B`Dkk2 0.02%
Nufarm Limited 0.01%
Nutrien Ltd Com Npv 0.02%
Orica Limited 0.01%
PPG Industries Inc 0.07%
Pepsico Inc Cap US$0.01 2/3 0.20%
Procter & Gamble Company 0.63%
Puma Se 0.02%
Pvh Corp Com Usd1.00 0.03%
Ralph Lauren Corp Com 0.03%
Reckitt Benckiser Group PLC 0.06%
Rpm International Inc 0.02%
Sainsbury (J) PLC 0.03%
Sensient Technologies Corp 0.02%
Seven & I Holdings Co Ltd 0.05%
Sherwin Williams Com Usd1 0.09%
Shin-Etsu Chem Co Y50 0.06%
Skc Ltd 0.02%
Sumitomo Chemical Jpy50 0.03%
Svenska Cellulosa Ab - B Shares 0.01%
Symrise AG 0.02%
Tapestry Inc Com Usd0.01 0.04%
Umicore Npv 0.02%
Unilever PLC 0.19%
Univar Solutions Inc 0.01%
Victrex PLC 0.02%
Xerox Hldgs Corp Com Usd1.00 0.02%

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	36.18%	32.17%
2020	-7.01%	-4.61%
2019	9.82%	3.35%
2018	7.69%	8.44%
2017	9.49%	13.26%
2016	4.71%	1.77%
2015	14.67%	17.74%
2014	10.13%	12.1%
2013	13.93%	6.03%

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:

Apple Inc
United States International Equities

3.47%
BNZ Call Account
New Zealand Cash and Equivalents AA-

2.23%
Microsoft Corp Usd0.00005
United States International Equities

1.88%
Facebook Inc Com USD Cl A
United States International Equities

1.84%
Unitedhealth Group Inc Com Stk Us0.01
United States International Equities

1.23%
Amazon Com Inc
United States International Equities

1.09%
Alphabet Inc Cap Stk Usd0.001 Cl A
United States International Equities

0.89%
Jp Morgan Chase & Co
United States International Equities

0.89%
Alphabet Inc Com Cl C
United States International Equities

0.86%
Johnson & Johnson Com US$1
United States International Equities

0.8%

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	3.0%	2.16%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	0.0%	0.0%
Australasian Equities	0.0%	0.0%
International Equities	97.0%	97.84%
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:

0.02%
Animal Testing:

5.13%
Fossil Fuels:

0.94%
Gambling:

0.00%
GMOs:

0.03%
Human Rights & Environmental Violations:

1.08%
Palm Oil:

0.03%
Tobacco:

0.12%
Weapons:

0.59%

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 Global Equities Fund is single asset class fund that provides a consistent exposure to the global shares asset class."

Value	$24M NZD
Period of data report	Fri Dec. 31st 2021
Fund started	Thu May 19th 2011
Total annual fund fees	1.27%
Total performance based fees	0.0%
Manager's basic fee	0.59%
Other management and administration charges	0.68%
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