Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all managed defensive funds is 1.99%.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
The Fund invests in a diversified portfolio of actively managed fixed interest securities, cash and derivatives. The predominant investment is in securities issued by governments, supranationals, local authorities, and corporates. The fund may also invest in emerging market debt, asset backed securities, mortgage backed securities, structured notes, bank loans, high yield securities, mortgage derivatives, preferred securities, unrated securities, cash and cash equivalents, and derivative instruments, including currency hedging instruments. The fund targets being fully hedged to New Zealand dollars.
| Value | $2.95B NZD |
| Period of data report | 31st March 2026 |
| Fund started | 15th March 2017 |
| Total annual fund fees | 0.53% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.45% |
| Other management and administration charges | 0.08% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Sachin Gupta |
Currently: Executive Vice President and Global Portfolio Manager, Pacific Investment Management Co. (22 years, 3 months)
|
|
Tony Hildyard |
Currently: Senior Portfolio Specialist (4 years, 6 months)
|
|
Andrew Balls |
Currently: CIO Global Fixed Income, Pacific Investment Management Co. (12 years, 4 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 1.96% | 1.17% |
| 2025 | 3.78% | 3.13% |
| 2024 | 3.39% | 3.51% |
| 2023 | -0.79% | -4.02% |
| 2022 | -2.46% | -3.3% |
| 2021 | 2.15% | 4.87% |
| 2020 | 1.75% | 1.91% |
| 2019 | 2.76% | 2.86% |
| 2018 | 1.94% | 2.8% |
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 March 2026.
US Dollar
United States Cash and Equivalents
China Development Bank 08/01/2034
China Int Fixed Interest
UK Gilt 07/03/2030
United Kingdom Int Fixed Interest AA
France (Govt Of) 25/02/2030
France Int Fixed Interest A+
Gnma Ii Multpl Sgl 30Yr #Mb0868M 20/01/2056
United States Int Fixed Interest AA+
U S Treasury Bond 15/11/2054
United States Int Fixed Interest AA+
China Development Bank 22/05/2033
China Int Fixed Interest
Fnma Pass Thru 30Yr #Sd8526 01/04/2055
United States Int Fixed Interest AA+
U S Treasury Bond 15/08/2044
United States Int Fixed Interest AA+
Italian Btp Bond 01/04/2028
Italy Int Fixed Interest BBB+
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 4.43% |
| New Zealand Fixed Interest | 0.0% | 0.01% |
| International Fixed Interest | 100.0% | 95.56% |
| 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% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 31st March 2026 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.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
The Fund invests in a diversified portfolio of actively managed fixed interest securities, cash and derivatives. The predominant investment is in securities issued by governments, supranationals, local authorities, and corporates. The fund may also invest in emerging market debt, asset backed securities, mortgage backed securities, structured notes, bank loans, high yield securities, mortgage derivatives, preferred securities, unrated securities, cash and cash equivalents, and derivative instruments, including currency hedging instruments. The fund targets being fully hedged to New Zealand dollars.
| Value | $2.95B NZD |
| Period of data report | 31st March 2026 |
| Fund started | 15th March 2017 |
| Total annual fund fees | 0.53% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.45% |
| Other management and administration charges | 0.08% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Sachin Gupta |
Currently: Executive Vice President and Global Portfolio Manager, Pacific Investment Management Co. (22 years, 3 months)
|
|
Tony Hildyard |
Currently: Senior Portfolio Specialist (4 years, 6 months)
|
|
Andrew Balls |
Currently: CIO Global Fixed Income, Pacific Investment Management Co. (12 years, 4 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 1.96% | 1.17% |
| 2025 | 3.78% | 3.13% |
| 2024 | 3.39% | 3.51% |
| 2023 | -0.79% | -4.02% |
| 2022 | -2.46% | -3.3% |
| 2021 | 2.15% | 4.87% |
| 2020 | 1.75% | 1.91% |
| 2019 | 2.76% | 2.86% |
| 2018 | 1.94% | 2.8% |
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 March 2026.
US Dollar
United States Cash and Equivalents
China Development Bank 08/01/2034
China Int Fixed Interest
UK Gilt 07/03/2030
United Kingdom Int Fixed Interest AA
France (Govt Of) 25/02/2030
France Int Fixed Interest A+
Gnma Ii Multpl Sgl 30Yr #Mb0868M 20/01/2056
United States Int Fixed Interest AA+
U S Treasury Bond 15/11/2054
United States Int Fixed Interest AA+
China Development Bank 22/05/2033
China Int Fixed Interest
Fnma Pass Thru 30Yr #Sd8526 01/04/2055
United States Int Fixed Interest AA+
U S Treasury Bond 15/08/2044
United States Int Fixed Interest AA+
Italian Btp Bond 01/04/2028
Italy Int Fixed Interest BBB+
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 4.43% |
| New Zealand Fixed Interest | 0.0% | 0.01% |
| International Fixed Interest | 100.0% | 95.56% |
| 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% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 31st March 2026 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.
