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.


  • Human Rights Violations
  • Environmental Harm
  • Animal Cruelty
  • Weapons
  • Fossil Fuels
  • Social Harm

Companies of concern

    • Nextera Energy Inc 5.93%
    • Public Service Enterprise Gp 4.74%
    • Centerpoint Energy Inc 4.16%
    • Xcel Energy Inc 3.35%
    • Dominion Energy Inc 3.24%
    • Alliant Energy Corp 3.22%
    • Atlantica Sustainable Infras 1.91%
    • Pinnacle West Capital 1.40%
    • Hera Spa 1.00%
    • Enel Spa 0.99% 1.5°C
      This company is on a 1.5°C pathway
    • Iberdrola SA 0.51% 1.5°C
      This company is on a 1.5°C pathway

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

The Fund aims to achieve capital growth and inflation-protected income by investing in a globally diversified portfolio of infrastructure securities, with a focus on companies that the Investment Manager believes can contribute to or benefit from sustainable development. The Fund aims to outperform the FTSE Developed Core Infrastructure ex – Pipelines Net Total Return Index (NZD hedged), after fees and expenses, but before investor taxes, over rolling five-year periods.

Value $321M NZD
Period of data report 31st Dec. 2023
Fund started 17th Dec. 2013
Total annual fund fees 1.0%
Total performance based fees 0.0%
Manager's basic fee 0.98%
Other management and administration charges 0.02%
Total other charges 0.0
Total other charges currency NZD

Peter Meany

Currently: Head of Global Listed Infrastructure (16 years, 11 months)
Previously: Director, Head of Infrastructure & Utilities Research (Credit Suisse Equities, Australia) (4 years, 0 months)

Rebecca Sherlock

Currently: Portfolio Manager (6 years, 6 months)
Previously: Senior Analyst (First Sentier Investors) (9 years, 2 months)

Trent Koch

Currently: Portfolio Manager (9 years, 8 months)
Previously: Senior Investment Specialist (First Sentier Investors) (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 -5.17% -9.65%
2022 3.53% 12.04%
2021 35.55% 21.08%
2020 -7.06% -11.96%
2019 10.17% 16.29%
2018 7.53% -0.57%
2017 9.49% 13.62%
2016 4.71% 6.3%
2015 14.67% 21.92%

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

  • Nextera Energy Inc.
    United States International Equities
  • Union Pacific Corp.
    United States International Equities
  • American Twr Reit Inc.
    United States Listed Property
  • Exelon Corporation.
    United States International Equities
  • Canadian Natl Railway Co.
    Canada International Equities
  • Edison International.
    United States International Equities
  • Pennon Group Ord Gbp0.6105.
    United Kingdom International Equities
  • Crown Castle Intl Corp.
    United States Listed Property
  • Xcel Energy Inc.
    United States International Equities
  • Norfolk Southern Corp USD.
    United States International Equities
Type Target Actual
Cash and Cash Equivalents 2.0% 0.48%
New Zealand Fixed Interest 0.0% 0.0%
International Fixed Interest 0.0% 0.0%
Australasian Equities 0.0% 3.78%
International Equities 98.0% 83.83%
Listed Properties 0.0% 9.92%
Unlisted Properties 0.0% 0.0%
Other 0.0% 1.99%
Commodities 0.0% 0.0%

Investment Mix

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

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2023.