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

    • Hermes International 4.22%
    • Intl Flavors & Fragrances 3.77%
    • Estee Lauder Co Inc 3.56%
    • Kering 3.52%
    • Givaudan-Reg 2.52%
    • Christian Dior Se 2.27%
    • L'Oreal 0.26%
    • Burberry Group PLC 0.14%
    • Moncler Spa 0.04%

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 mainly invests in the shares of listed companies, although it may invest in unlisted companies up to total limit of 10% of Net Asset Value of the Fund. The companies we invest in may be based and operate anywhere in the world.

The principal objective of the Fund is to achieve positive absolute returns after fees and expenses, but before tax over the long term (that is a period of at least five years). The investment objectives and policy for the Fund are broadly drafted so as to provide us with the mandate to seek on behalf of investors long-term income and capital growth by directly investing in equities on a global basis.

Value $27.2M NZD
Period of data report 31st Dec. 2023
Fund started 9th Dec. 2008
Total annual fund fees 1.84%
Total performance based fees 0.0%
Manager's basic fee 1.27%
Other management and administration charges 0.57%
Total other charges 0.0
Total other charges currency NZD

Christopher Swasbrook

Currently: Portfolio Manager and Managing Director - Elevation Capital Management Limited (15 years, 0 months)
Previously: Co-Head Institutional Equities, Goldman Sachs JB Were (NZ) Limited. Partner, Goldman Sachs (Pty) Limited. (9 years, 6 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% 0.51%
2022 3.53% 3.19%
2021 35.55% 65.13%
2020 -7.06% -9.63%
2019 10.17% -1.85%
2018 7.53% -4.79%
2017 9.49% 14.48%
2016 4.71% 7.77%
2015 14.67% 6.48%
2014 10.13% 12.52%

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

  • Rakon Ltd
    New Zealand International Equities
  • Estee Lauder Cos Inc/The
    United States International Equities
  • Hermes International
    France International Equities
  • Paypal Holdings Inc
    United States International Equities
  • Remy Cointreau
    France International Equities
  • Walt Disney Co/The
    United States International Equities
  • New Zealand Exchange Ltd
    New Zealand International Equities
  • Alibaba Group Holding Ltd
    Hong Kong International Equities
  • Universal Music Group Nv
    Netherlands International Equities
  • Spotify Technology SA
    United States International Equities
Type Target Actual
Cash and Cash Equivalents 5.0% 10.22%
New Zealand Fixed Interest 0.0% 0.0%
International Fixed Interest 0.0% 0.0%
Australasian Equities 0.0% 12.01%
International Equities 95.0% 77.77%
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.

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