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

    • Meta Platforms Inc-Class A 3.09%
    • Thermo Fisher Scientific Inc 1.33%
    • Uber Technologies, Inc. 1.13%
    • Rio Tinto PLC-Spon Adr 0.36%
    • Rio Tinto Ltd 0.20%
    • Shell PLC 2.24% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • BHP Group Ltd 0.48% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Newcrest Mining Ltd 0.25%
    • Shell PLC 2.24% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • LVMH Moet Hennessy Louis Vui 0.37%
    • Estee Lauder Co Inc 0.28%
    • L'Oreal 0.27%
    • Air Liquide SA 0.03%
    • Albemarle Corp 0.01%
    • Transdigm Group Inc 0.31%
    • Shell PLC 2.24% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Teck Resources Ltd-Cls B 1.89%
    • Santos Ltd 1.17% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Eog Resources Inc 1.05% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Monadelphous Group Ltd 0.53%
    • Viva Energy Group Ltd 0.52% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Contact Energy Ltd 0.50% 1.5°C
      This company is on a 1.5°C pathway
    • BHP Group Ltd 0.48% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Beach Energy Ltd 0.38% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Rio Tinto PLC-Spon Adr 0.36%
    • Agl Energy Ltd 0.24%
    • Apa Group 0.23% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Ampol Ltd 0.22%
    • Rio Tinto Ltd 0.20%
    • Rwe AG 0.10%
    • Dominion Energy Inc 0.09%
    • Ameren Corporation 0.08%
    • Nextera Energy Inc 0.08%
    • Whitehaven Coal Ltd 0.07%
    • Orsted A/S 0.06% 1.5°C
      This company is on a 1.5°C pathway
    • Cheniere Energy Inc 0.05% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Iberdrola SA 0.05% 1.5°C
      This company is on a 1.5°C pathway
    • Origin Energy Ltd 0.05% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Tc Energy Corp 0.04% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Karoon Energy Ltd 0.01% !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
    • Neste Oyj 0.01%

Fund Provider Response

At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. Please see our website for a deeper explanation of our approach and examples of our engagement activities and outcomes: https://milfordasset.com/about-us/sustainable-investing

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’s objective is to maximise capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of ten years.



It primarily invests in international equities, with a moderate allocation to Australasian equities.

Value $1.26B NZD
Period of data report 30th Sept. 2023
Fund started 21st June 2021
Total annual fund fees 1.15%
Total performance based fees 0.0%
Manager's basic fee 1.14%
Other management and administration charges 0.01%
Total other charges 0.0
Total other charges currency NZD

Stephen Johnston

Currently: Portfolio Manager (10 years, 0 months)
Previously: Senior Portfolio Manager at Adelante Asset Management, United Kingdom (4 years, 0 months)

Jonathan Windust

Currently: Portfolio Manager (15 years, 6 months)
Previously: Investment Director at Gartmore Investment Management, United Kingdom (7 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 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% -2.45%

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. 2023.

Top 10 Investments

  • NZD Cash Call Account (Bank Of New Zealand)
    New Zealand Cash and Equivalents AA-
    4.95%
  • Meta Platforms Inc
    United States International Equities
    3.09%
  • NZD Cash Current Account (Hsbc)
    New Zealand Cash and Equivalents AA-
    2.86%
  • Elevance Health Inc
    United States International Equities
    2.63%
  • Sony Corporation
    Japan International Equities
    2.33%
  • Microsoft Corporation
    United States International Equities
    2.32%
  • Arthur J Gallagagh & Co
    United States International Equities
    2.31%
  • Coca-Cola Europacific Partners PLC
    United Kingdom International Equities
    2.27%
  • Shell PLC
    Netherlands International Equities
    2.24%
  • Avantor Inc
    United States International Equities
    2.18%
Type Target Actual
Cash and Cash Equivalents 5.0% 9.63%
New Zealand Fixed Interest 0.0% 0.12%
International Fixed Interest 0.0% 0.02%
Australasian Equities 25.0% 21.51%
International Equities 70.0% 66.7%
Listed Properties 0.0% 2.02%
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.

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2023.