Funds

This is a Mindful fund Devon Sustainability Fund

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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

  • Fossil Fuels

    • Contact Energy Ltd. 6.23% 1.5°C
      This company is on a 1.5°C pathway

Fund Provider Response

Contact Energy represents our only exposure to fossil fuels with the Devon Sustainability Fund. Contact generates <10% of their electricity via gas peakers and a baseload facility. We expect this to be materially reduced over the next few years with their planned closure of the Te Rapa co-generation power station and decommissioning of the gas-fired Taranaki Combined Cycle power station. On this basis Contact expects to be 95% renewable by 2024, with further targeted emission reductions across Scope 1, 2 and 3. Including a Net Zero pathway for Scope 1 and 2 by 2035, and fully Net Zero by 2050.

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. 2024 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 Fund invests in a select portfolio of well researched New Zealand and Australian listed companies that exhibit sustainable characteristics and those which demonstrate credible strategies to improve their outcomes with respect to ESG factors. The Sustainability Fund is actively managed, which means the holdings and returns may differ considerably from its benchmark.

Devon is an independent investment management business that specialises in building investment portfolios for our clients that are comprised of companies listed on the New Zealand and Australian stock exchanges. Our approach is an active one where our rigorous research and analytical skills are applied to maximum advantage. Devon was established in March 2010 and is staffed by a number of leading investment professionals, most of whom are shareholders in the business.

Value $29.1M NZD
Period of data report 30th Sept. 2024
Fund started 1st Sept. 2020
Total annual fund fees 1.25%
Total performance based fees 0.0%
Manager's basic fee 1.0%
Other management and administration charges 0.25%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Slade Robertson

Currently: Managing Director, Devon Funds Management (7 years, 8 months)
Previously: Portfolio Manager, Devon Funds Management (6 years, 10 months)

Tama Willis

Currently: Portfolio Manager, Devon Funds Management (12 years, 3 months)
Previously: Investment Analyst, GIC Asset Management (2 years, 0 months)

Mark Brown

Currently: Chief Investment Officer, Devon Funds Management (6 years, 9 months)
Previously: Head of Equities, ANZ (6 years, 0 months)

Ben Jenkin

Currently: Portfolio Manager, Devon Funds Management (1 years, 9 months)
Previously: Investment Analyst, Devon Funds Management (3 years, 1 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2024.

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
2024 14.61% 9.95%
2023 -4.85% -1.72%
2022 3.53% 5.36%

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. 2024.

Top 10 Investments

  • CSL Limited
    Australia Australasian Equities
    6.84%
  • Contact Energy
    New Zealand Australasian Equities
    6.29%
  • Infratil
    New Zealand Australasian Equities
    5.08%
  • Meridian Energy Limited
    New Zealand Australasian Equities
    4.12%
  • Summerset Group Holdings Limited
    New Zealand Australasian Equities
    3.77%
  • Telstra Corporation
    Australia Australasian Equities
    3.75%
  • Freightways
    New Zealand Australasian Equities
    3.25%
  • Goodman Group
    Australia Listed Property
    3.08%
  • Auckland International Airport
    New Zealand Australasian Equities
    3.05%
  • Precinct Properties
    New Zealand Australasian Equities
    2.98%
Type Target Actual
Cash and Cash Equivalents 5.0% 0.94%
New Zealand Fixed Interest 0.0% 0.0%
International Fixed Interest 0.0% 0.0%
Australasian Equities 0.0% 99.06%
International Equities 95.0% 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 30th Sept. 2024.