Westpac Moderate Trust

Not Mindful

Type: Balanced fund

Past Returns: 2.94%

Average annual returns over the past 3 years, after fees and taxes. * indicates less than 3 years of data.

Annual Fees: 1.2%

Annual fees, including any membership and % management fee.

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.

Fossil Fuel

Aes Corporation 1.375% 15-Jan-2026 0.02%
Aes Corporation 3.95% 15-Jul-2030 0.02%
American Electric Power Company, Inc. 0.02%
Anglo American Capital PLC 4.0% 11-Sep-2027 0.01%
Anglo American PLC 0.03%
Atmos Energy Corporation 0.02%
BHP Group Ltd 0.06%
BP Capital Markets Bv 0.933% 04-Dec-2040 0.03%
Canadian National Railway Company 0.07%
China Longyuan Power Group Corp. Ltd. Class H 0.03%
Coca-Cola Company 0.01%
Coca-Cola Company 1.0% 15-Mar-2028 0.03%
E.On Se 0.35% 28-Feb-2030 0.02%
E.On Se 1.0% 07-Oct-2025 0.03%
Electricite De France SA 2.0% 09-Dec-2049 0.02%
Electricite De France SA 3.0% Perp 0.02%
Electricite De France SA 3.375% Perp 0.02%
Electricite De France SA 5.375% Perp 0.05%
Electricite De France SA 5.875% Perp 0.03%
Enbridge Inc. 0.03%
Enbridge Inc. 5.75% 15-Jul-2080 0.02%
Genesis Energy Ltd 0.08%
Itochu Corporation 0.03%
Kansas City Southern 0.09%
Kinder Morgan, Inc. 5.0% 15-Feb-2021 0.04%
Kinder Morgan, Inc. 5.625% 15-Nov-2023 0.01%
Lg Corp 0.04%
Loews Corporation 0.03%
Mplx Lp 4.125% 01-Mar-2027 0.02%
New World Development Co. Ltd. 0.03%
Norfolk Southern Corporation 0.02%
Nrg Energy, Inc. 2.45% 02-Dec-2027 0.03%
Rio Tinto PLC 0.04%
Rwe AG 0.01%
Upm-Kymmene Oyj 0.04%
Weyerhaeuser Company 0.03%
Williams Companies, Inc. 0.03%
Xcel Energy Inc. 3.4% 01-Jun-2030 0.02%
Xcel Energy Inc. 4.0% 15-Jun-2028 0.02%

Weapons

Amphenol Corporation Class A 0.04%
Chemring Group PLC 0.02%
Meggitt PLC 0.01%
Singapore Technologies Engineering Ltd 0.01%

Tobacco

Dufry AG 0.01%

Gambling

Aristocrat Leisure Ltd 0.05%
La Francaise Des Jeux SA 0.02%
Las Vegas Sands Corp. 0.01%
Playtech PLC 0.01%
Sky City Entertainment Group 0.24%
Vici Properties Inc 0.02%

Alcohol

Anheuser-Busch Inbev SA/Nv 2.125% 02-Dec-2027 0.03%
Anheuser-Busch Inbev SA/Nv 3.7% 02-Apr-2040 0.03%
Anheuser-Busch Inbev Worldwide, Inc. 4.75% 23-Jan-2029 0.03%
Anheuser-Busch Inbev Worldwide, Inc. 5.55% 23-Jan-2049 0.02%
Carlsberg A/S Class B 0.04%
Davide Campari-Milano N.V. 0.01%
Diageo PLC 0.09%
Dufry AG 0.01%
Heineken Nv 0.07%
Heineken Nv 2.25% 30-Mar-2030 0.01%
LVMH Moet Hennessy Louis Vuitton Se 0.12%
Pernod Ricard SA 0.07%
Wuliangye Yibin Co., Ltd. Class A 0.01%

Palm Oil

Human Rights & Environmental Violations

BHP Group Ltd 0.06%
Duke Energy Corporation 0.01%
Freeport-Mcmoran, Inc. 0.01%
Grupo Mexico S.A.B. De C.V. Class B 0.02%
Johnson & Johnson 0.10%
Nestle S.A. 0.13%
Rio Tinto PLC 0.04%
Sempra Energy 4.875% Perp 0.02%
Vale S.A. Sponsored Adr 0.03%

Animal Testing

Air Liquide SA 0.040%
Akzo Nobel N.V. 0.050%
Bayer AG 0.050%
Burberry Group PLC 0.020%
Capri Holdings Limited 0.020%
Clorox Company 0.020%
Clorox Company 3.05% 15-Sep-2022 0.030%
Coca-Cola Company 0.010%
Coca-Cola Company 1.0% 15-Mar-2028 0.030%
Colgate-Palmolive Company 0.080%
Danone SA 0.070%
Ecolab Inc. 0.020%
Estee Lauder Companies Inc. Class A 0.050%
Fancl Corporation 0.040%
General Mills, Inc. 0.030%
Givaudan SA 0.010%
Hermes International Sca 0.020%
Ingevity Corporation 0.020%
J Sainsbury PLC 0.020%
Johnson & Johnson 0.100%
Kikkoman Corporation 0.010%
L'Oreal SA 0.010%
Linde PLC 0.110%
LVMH Moet Hennessy Louis Vuitton Se 0.120%
Mondelez International Holdings Netherlands Bv 2.0% 28-Oct-2021 0.040%
Mondelez International Holdings Netherlands Bv 2.125% 19-Sep-2022 0.030%
Mondelez International, Inc. 1.5% 04-May-2025 0.010%
Mondelez International, Inc. 2.75% 13-Apr-2030 0.030%
Mondelez International, Inc. Class A 0.020%
Mosaic Company 0.010%
Nestle S.A. 0.130%
Nissan Chemical Corporation 0.010%
Orkla Asa 0.010%
PPG Industries, Inc. 0.090%
Prada S.P.A. 0.030%
Procter & Gamble Company 0.020%
Reckitt Benckiser Group PLC 0.060%
Svenska Cellulosa Aktiebolaget Class B 0.040%
Symrise AG 0.010%
Tosoh Corporation 0.020%
Unilever PLC 0.050%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Thu Dec. 31st 2020 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.

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.

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
2020	-2.86%	-1.08%
2019	4.44%	4.72%
2018	4.90%	5.19%
2017	5.60%	3.57%
2016	3.06%	3.04%
2015	8.56%	9.15%
2014	6.13%	5.03%
2013	8.77%	7.84%

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 Wed Sept. 30th 2020.

Showing the top 10 investments for this fund:

K2 Alternative Strategies NZ Portfolio
Cayman Islands Other

2.95%
Fisher & Paykel Healthcare Ltd
New Zealand Australasian Equities

2.03%
US 2Yr Note (Cbt)
United States Int Fixed Interest

1.58%
A2 Milk Company Ltd
New Zealand Australasian Equities

1.48%
US 5Yr Note (Cbt)
United States Int Fixed Interest

1.37%
NZ Government Bond 2.75% 15/04/2037
New Zealand NZ Fixed Interest AA+

1.2%
Spark New Zealand Ltd
New Zealand Australasian Equities

1.01%
NZ Government Bond 5.5% 15/04/2023
New Zealand NZ Fixed Interest AA+

0.88%
NZ Government Bond 3% 20/04/2029
New Zealand NZ Fixed Interest AA+

0.81%
NZ Government Bond 4.50% 15/04/2027
New Zealand NZ Fixed Interest AA+

0.77%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Wed Sept. 30th 2020.

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	7.0%	6.3%
New Zealand Fixed Interest	24.0%	25.8%
International Fixed Interest	29.0%	28.98%
Australasian Equities	13.0%	13.27%
International Equities	19.0%	18.13%
Listed Properties	5.0%	4.52%
Unlisted Properties	0.0%	0.0%
Other	3.0%	3.0%
Commodities	0.0%	0.0%

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Wed Sept. 30th 2020.

Does this fund have a policy to exclude any industries from its investments? The first column shows if the fund has a policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

The Fund may have investments that are not consistent with their exclusions policy because they are still in the process of implementing their policy.

Issue of concern

Does this fund say it excludes this?

Actual holdings
Adult Entertainment/Pornography:

0.00%
Alcohol:

0.55%
Animal Testing:

1.63%
Fossil Fuels:

1.32%
Gambling:

0.38%
GMOs:

0.00%
Human Rights & Environmental Violations:

0.44%
Palm Oil:

0.01%
Tobacco:

0.01%
Weapons:

0.10%

Note that the fund’s intended exclusions may not be consistent with the analysis of the portfolio because of timing issues or because there are companies of concern in indirect investments by the fund.

Note that many funds exclude controversial weapons. However, the category of Weapons used in this analysis is broader in scope, covering all munitions, firearms and military weapons.

In their own words

"The Moderate Trust aims to provide moderate returns over the medium term. The fund has a higher benchmark allocation to income assets than to growth assets. Volatility is expected to be higher than the Conservative Trust but lower than the Balanced Trust in the Westpac Active Series."

Value	$990M NZD
Period of data report	Wed Sept. 30th 2020
Members	Not provided
Fund started	Wed Feb. 8th 2012
Total annual fund fees	1.2%
Total performance based fees	0.0%
Manager's basic fee	1.13%
Administration charges	0.07%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Nigel Jackson	Currently: Acting Head of Investments & Insurance (3 years, 7 months) Previously: Head of Customer Proposition (7 years, 7 months)
Philip Houghton-Brown	Currently: Head of Investment Solutions (0 years, 1 months) Previously: Chief Investment Officer / Head of Investments Mercer (8 years, 2 months)
Francois Richeboeuf	Currently: Senior Portfolio Manager (9 years, 10 months) Previously: Acting Head of Investment Solutions (0 years, 8 months)
Stephen Hong	Currently: Senior Portfolio Manager (8 years, 0 months) Previously: Portfolio Manager AXA Global Investors (5 years, 9 months)
Angelika Sansom	Currently: Investment Analytics Manager (19 years, 1 months) Previously: Investment Consultant Mercer (2 years, 4 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Wed Sept. 30th 2020.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v