Funds
Integral Master Trust Defensive Fund
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
Environmental Harm
-
Shell International Fin 0.64%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
SHELL INTERNATIONAL FIN Animal Testing Environmental Damage Fossil Fuel Production
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2021 and 2023, the company spent an average of USD $2,015 million per year on exploration activities alone. After generating 1,250 million barrels of oil in 2023, the company plans to expand their operations an additional 5,650 million barrels in the short term (1-7 years).
The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 66.5%.
-
Shell International Fin 0.64%
Animal Cruelty
-
Exxon Mobil Corporation 0.73%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
EXXON MOBIL CORPORATION Animal Testing Fossil Fuel Production
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and speciality products. Between 2021 and 2023, the company spent an average of USD $1,355 million per year on exploration activities alone. After generating 1,630 million barrels of oil in 2023, the company plans to expand their operations by an additional 7,930 million barrels in the short term (1-7 years). This is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
The expansion is also proposed to extend far and wide across the globe, including in Australia, Papua New Guinea, Indonesia, Malaysia, Thailand, Kazakhstan, Azerbaijan, Iraq, Qatar, UAE, Yemen, Chad, Angola, Nigeria, Equatorial Guinea, Argentina, Guyana, USA, Canada, the UK, Germany, Netherlands, and Russia. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 55.2%.
-
Shell International Fin 0.64%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
SHELL INTERNATIONAL FIN Animal Testing Environmental Damage Fossil Fuel Production
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2021 and 2023, the company spent an average of USD $2,015 million per year on exploration activities alone. After generating 1,250 million barrels of oil in 2023, the company plans to expand their operations an additional 5,650 million barrels in the short term (1-7 years).
The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 66.5%.
-
Procter & Gamble Co/The 0.18%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Exxon Mobil Corporation 0.73%
Fossil Fuels
-
Exxon Mobil Corporation 0.73%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
EXXON MOBIL CORPORATION Animal Testing Fossil Fuel Production
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and speciality products. Between 2021 and 2023, the company spent an average of USD $1,355 million per year on exploration activities alone. After generating 1,630 million barrels of oil in 2023, the company plans to expand their operations by an additional 7,930 million barrels in the short term (1-7 years). This is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
The expansion is also proposed to extend far and wide across the globe, including in Australia, Papua New Guinea, Indonesia, Malaysia, Thailand, Kazakhstan, Azerbaijan, Iraq, Qatar, UAE, Yemen, Chad, Angola, Nigeria, Equatorial Guinea, Argentina, Guyana, USA, Canada, the UK, Germany, Netherlands, and Russia. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 55.2%.
-
Shell International Fin 0.64%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
SHELL INTERNATIONAL FIN Animal Testing Environmental Damage Fossil Fuel Production
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2021 and 2023, the company spent an average of USD $2,015 million per year on exploration activities alone. After generating 1,250 million barrels of oil in 2023, the company plans to expand their operations an additional 5,650 million barrels in the short term (1-7 years).
The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 66.5%.
-
Exxon Mobil Corporation 0.73%
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
In their own words
The Defensive Fund provides investors with a consistent exposure to defensive assets (cash and fixed interest).
| Value | $45.8M NZD |
| Period of data report | 31st Dec. 2023 |
| Fund started | 20th May 2011 |
| Total annual fund fees | 0.94% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.94% |
| Other management and administration charges | 0.0% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
Key Personnel
|
Elaine West |
Currently: Chief Financial Officer at Britannia Financial Services Ltd (6 years, 5 months) |
|
Alun Rees-Williams |
Currently: General Manager Distribution and Director at Britannia Financial Services Ltd (23 years, 2 months) |
|
Gavin Dixon |
Currently: Chief Executive Officer and Director at Britannia Financial Services Ltd (8 years, 0 months) |
|
Gregg Dell |
Currently: General Manager of Wealth Products and General Counsel at Britannia Financial Services Ltd (7 years, 10 months) |
|
Michael Pipe |
Currently: General Manager - Operations at Britannia Financial Services Ltd (3 years, 8 months) |
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 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% | 0.01% |
| 2022 | -2.46% | -4.09% |
| 2021 | 2.15% | 0.31% |
| 2020 | 1.75% | 1.11% |
| 2019 | 2.76% | 1.57% |
| 2018 | 1.94% | 1.66% |
| 2017 | 1.52% | 1.62% |
| 2016 | 2.91% | 2.12% |
| 2015 | 5.21% | 2.51% |
| 2014 | 1.36% | 2.27% |
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 31st Dec. 2023.
Top 10 Investments
-
Dimensional Five-Year Diversified Fixed Interest Trust NZD Class
Australia Int Fixed Interest76.19% -
Harbour Enhanced Cash Fund
New Zealand Cash and Equivalents21.15% -
BNZ Cash At Bank
New Zealand Cash and Equivalents AA-2.66%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 25.0% | 23.81% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 75.0% | 76.19% |
| 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.
Target
Actual
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2023.