Funds

Generate Balanced Managed Fund

Fund type: Balanced fund

Average returns since the fund began, after fees and taxes. This fund does not yet have 3 years of data.

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

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Total Ethical Concerns: 5.75%

The average total concerns of all managed balanced funds is 8.32%.

Companies of Concern

Animal Cruelty 0.85%
LVMH Moët Hennessy Louis Vuitton Se
0.49%

0.49%

Animal Welfare Issues

Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

Fur & Speciality Leather

Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

LVMH MOËT HENNESSY LOUIS VUITTON SE Animal Welfare Issues Fur & Speciality Leather

Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.

Hermès International Sca
0.11%

0.11%

Animal Welfare Issues

Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

Fur & Speciality Leather

Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

Entegris, Inc.
0.09%

0.09%

Animal Testing

Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

Procter & Gamble Co.
0.03%

0.03%

Animal Testing

Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

Unilever PLC
0.03%

0.03%

Animal Testing

Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

UNILEVER PLC Animal Testing

Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.

Colgate-Palmolive Co.
0.02%

0.02%

Animal Testing

Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

Henkel AG & Co. Kgaa
0.02%

0.02%

Animal Testing

Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

Koninklijke Ahold Delhaize Nv
0.01%

0.01%

Animal Testing

Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Human Rights Violations 1.62%
Meta Platforms, Inc.
1.05%

1.05%

Public Safety

Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

META PLATFORMS, INC. Public Safety

Meta is the world’s largest online social network consisting of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. The company has faced several investigations and legal action linked to privacy-related allegations, including its handling of user data, and breaches of user privacy. Meta has also been criticised for its poor governance model, as well as allowing its platform in non-English speaking countries to be used to incite ethnic violence.

Uber Technologies, Inc.
0.30%

0.30%

Labour Rights Violations

Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.

UBER TECHNOLOGIES, INC. Labour Rights Violations

Uber is a ride and food delivery service provider. Evidence shows the company has been prioritising revenue growth over driver welfare and user safety. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage and other benefits, meaning drivers and vehicles are not subject to the labour standards expected from traditional taxi companies.

Thermo Fisher Scientific
0.24%

0.24%

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

THERMO FISHER SCIENTIFIC Human Rights Abuses

Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence shows Thermo Fisher Scientific continues to supply DNA sequencing products to the Xinjiang region, despite the company announcing it would halt sales to the region in 2019.

Johnson & Johnson
0.01%

0.01%

Public Safety

Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

JOHNSON & JOHNSON Public Safety

Johnson & Johnson is the world's largest and most diverse healthcare firm. The company has been involved in repeated incidents related to the quality and safety of several of its products across all three of the company’s business segments — drugs, devices, and consumer products. Several products have been associated with allegations of severe or even fatal adverse impacts on patients.

Nestlé
0.01%

0.01%

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

NESTLÉ Human Rights Abuses

Nestle manufactures and sells food and beverages. The company has been criticised for exploiting local water resources for its bottled water production, which has forced underprivileged communities to pay a premium for their groundwater while alternatives have been exhausted. There have also been several allegations of labour conflicts and human rights violations in Nestle’s palm oil, coffee, fruits and seafood supply chains.

Rio Tinto
0.01%

0.01%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

RIO TINTO Fossil Fuel Power Generation Human Rights Abuses

Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries.
Social Harm 0.31%
Metcash Ltd.
0.29%

0.29%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
Fossil Fuels 2.64%
Contact Energy Ltd.
1.95%

1.5°C
This company is on a 1.5°C pathway

1.95%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

CONTACT ENERGY LTD. Fossil Fuel Power Generation

Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel. In FY2023, 7% of the energy Contact generated came from thermal generation. However, Contact has announced plans for further investment in renewable generation. This includes NZD 1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

BP
0.16%

!!
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

0.16%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

BP Fossil Fuel Production

BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business.
Between 2020 and 2022, the company spent on average US$1,104 million per year on exploration activities alone. After generating 1,066 million barrels of oil in 2021, the company plans to expand their operations an additional 287% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Indonesia, India, Azerbaijan, UAE, Egypt, Mauritania, Brazil, Argentina, Bolivia, Trinidad and Tobago, USA and the UK. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.

Delta Air Lines, Inc.
0.15%

0.15%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Cheniere Energy, Inc.
0.09%

!!
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

0.09%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

BHP Group
0.02%

!!
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

0.02%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

BHP GROUP Environmental Damage Fossil Fuel Production

One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.

Ck Hutchison
0.02%

0.02%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Conocophillips
0.02%

!!
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

0.02%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Dassault Systèmes Se
0.02%

0.02%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Galp Energia Sgps SA
0.02%

!!
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

0.02%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

National Grid PLC
0.02%

0.02%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

NATIONAL GRID PLC Fossil Fuel Production

Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.

Samsung C&T Corp.
0.02%

0.02%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Constellation Energy Corp.
0.01%

0.01%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Eog Resources, Inc.
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

0.01%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Nextera Energy, Inc.
0.01%

0.01%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

Rio Tinto
0.01%

0.01%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

RIO TINTO Fossil Fuel Power Generation Human Rights Abuses

Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries.

Totalenergies Se
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

0.01%

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

TOTALENERGIES SE Fossil Fuel Production

French based global oil major (7th largest in the world). In 2022 it produced 970 million barrels of oil and the company plans to expand their operations with an additional 7,970 million barrels in the short term (1-7 years). This planned term expansion overshoots the IEA Net-Zero Emissions Scenario by 57%.
Weapons 0.35%
Walmart, Inc.
0.21%

0.21%

Firearms

Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

WALMART, INC. Firearms

Walmart is the USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes. Walmart are currently working to improve their weapon-realted controls.

Amphenol Corp.
0.11%

0.11%

Military Weapons

Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

Airbus
0.02%

0.02%

Controversial Weapons

Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.

Military Weapons

Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

Nuclear Weapons

Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.

Teledyne Technologies, Inc.
0.01%

0.01%

Firearms

Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

Military Weapons

Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Environmental Harm 0.05%
BHP Group
0.02%

!!
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

0.02%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fossil Fuel Production

Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

BHP GROUP Environmental Damage Fossil Fuel Production

One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.

Wh Group
0.01%

0.01%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fund Provider Response

We invest in fossil fuel companies because energy is an essential resource for modern life, and we believe it is better to invest in the companies that are relative ESG leaders in the sector rather than ignoring the sector entirely.
We take a holistic approach to assessing a company's prospective ESG leadership, including the carbon intensity of current oil production facilities, initiatives to reduce this carbon intensity to help meet net zero goals, capital allocation policies including for green energy initiatives, and ESG scores on both the MSCI and Sustainalytics ratings scales.

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From the Fund Provider

About this fund

About this Fund

Fund type: Balanced fund

Past Returns: *12.57%

Average returns since the fund began, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 1.19%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

The Balanced Managed Fund aims to provide a medium return over the medium term. It invests in an actively managed portfolio made up of slightly more growth assets than income assets. Volatility is likely to be medium to high. Returns will vary and may be low or negative at times.

Generate is an award-winning KiwiSaver and wealth provider with a track record of strong, long-term performance through responsible investment. Generate was awarded both Investor Choice and Adviser Choice Awards at the Research IP Funds Manager of the year awards 2022 and also received a Consumer NZ People’s Choice Award for KiwiSaver.

Value	$8.35M NZD
Period of data report	31st Dec. 2024
Fund started	16th May 2022
Total annual fund fees	1.19%
Total performance based fees	0.0%
Manager's basic fee	1.1%
Other management and administration charges	0.09%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Sam Goldwater	Currently: Chief Investment Officer/Investment Committee Member/Executive Director (11 years, 9 months) Previously: Led the investment management of a sizeable portfolio of family assets (7 years, 5 months)
Daniel Frost	Currently: Portolio Manager - Property & Infrastructure, Australasian Equities (6 years, 11 months) Previously: Senior Analyst, Macquarie Bank (5 years, 4 months)
Andrew Bolland	Currently: Portolio Manager - Property & Infrastructure, Australasian Equities (5 years, 6 months) Previously: Senior Analyst/Associate Portfolio Manager, Salt Funds Management (6 years, 2 months)
Ayrton Oliver	Currently: Portfolio Manager - Fixed Income (3 years, 9 months) Previously: Vice President, JP Morgan Chief Investment Office, International Rates and FX Portfolio Management (7 years, 0 months)
Nathan Field	Currently: Portfolio Manager - Global Equities (1 years, 10 months) Previously: Portfolio Manager, Global Thematic Fund, Kiwi Wealth (13 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2024.

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
2024	9.61%	13.79%

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. 2024.

Investments

Top 10 Investments

ASB NZ Dollar Cash Account

New Zealand Cash and Equivalents A1

5.47%
Fisher & Paykel Healthcare Ltd

New Zealand Australasian Equities

3.45%
Infratil

New Zealand Australasian Equities

3.27%
T Rowe Price Global Equity Fund

Australia International Equities

2.76%
Contact Energy

New Zealand Australasian Equities

2.06%
Auckland International Airport Ltd

New Zealand Australasian Equities

1.87%
Spark

New Zealand Australasian Equities

1.69%
Te Ahumairangi Global Equity Fund

New Zealand International Equities

1.47%
Nvidia

United States International Equities

1.36%
Microsoft

United States International Equities

1.28%

Type	Target	Actual
Cash and Cash Equivalents	5.0%	5.48%
New Zealand Fixed Interest	28.0%	30.27%
International Fixed Interest	7.0%	4.4%
Australasian Equities	15.0%	21.87%
International Equities	30.0%	31.76%
Listed Properties	15.0%	5.98%
Unlisted Properties	0.0%	0.24%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

Investment Mix

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 Dec. 2024.

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. 2024 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.

Companies of Concern
About this fund
Past Returns
Investments

Issues of Concern

0.85% Animal Cruelty
1.62% Human Rights Violations
0.31% Social Harm
2.64% Fossil Fuels
0.35% Weapons
0.05% Environmental Harm

Companies of Concern

Animal Cruelty
- LVMH Moët Hennessy Louis Vuitton Se
  0.49%
  
  0.49%
  
  Animal Welfare Issues
  
  Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
  
  Fur & Speciality Leather
  
  Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
  
  LVMH MOËT HENNESSY LOUIS VUITTON SE Animal Welfare Issues Fur & Speciality Leather
  
  Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
- Hermès International Sca
  0.11%
  
  0.11%
  
  Animal Welfare Issues
  
  Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
  
  Fur & Speciality Leather
  
  Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
- Entegris, Inc.
  0.09%
  
  0.09%
  
  Animal Testing
  
  Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
- Procter & Gamble Co.
  0.03%
  
  0.03%
  
  Animal Testing
  
  Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
- Unilever PLC
  0.03%
  
  0.03%
  
  Animal Testing
  
  Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
  
  UNILEVER PLC Animal Testing
  
  Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
- Colgate-Palmolive Co.
  0.02%
  
  0.02%
  
  Animal Testing
  
  Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
- Henkel AG & Co. Kgaa
  0.02%
  
  0.02%
  
  Animal Testing
  
  Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
- Koninklijke Ahold Delhaize Nv
  0.01%
  
  0.01%
  
  Animal Testing
  
  Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Human Rights Violations
- Meta Platforms, Inc.
  1.05%
  
  1.05%
  
  Public Safety
  
  Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
  
  META PLATFORMS, INC. Public Safety
  
  Meta is the world’s largest online social network consisting of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. The company has faced several investigations and legal action linked to privacy-related allegations, including its handling of user data, and breaches of user privacy. Meta has also been criticised for its poor governance model, as well as allowing its platform in non-English speaking countries to be used to incite ethnic violence.
- Uber Technologies, Inc.
  0.30%
  
  0.30%
  
  Labour Rights Violations
  
  Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
  
  UBER TECHNOLOGIES, INC. Labour Rights Violations
  
  Uber is a ride and food delivery service provider. Evidence shows the company has been prioritising revenue growth over driver welfare and user safety. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage and other benefits, meaning drivers and vehicles are not subject to the labour standards expected from traditional taxi companies.
- Thermo Fisher Scientific
  0.24%
  
  0.24%
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  THERMO FISHER SCIENTIFIC Human Rights Abuses
  
  Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence shows Thermo Fisher Scientific continues to supply DNA sequencing products to the Xinjiang region, despite the company announcing it would halt sales to the region in 2019.
- Johnson & Johnson
  0.01%
  
  0.01%
  
  Public Safety
  
  Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
  
  JOHNSON & JOHNSON Public Safety
  
  Johnson & Johnson is the world's largest and most diverse healthcare firm. The company has been involved in repeated incidents related to the quality and safety of several of its products across all three of the company’s business segments — drugs, devices, and consumer products. Several products have been associated with allegations of severe or even fatal adverse impacts on patients.
- Nestlé
  0.01%
  
  0.01%
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  NESTLÉ Human Rights Abuses
  
  Nestle manufactures and sells food and beverages. The company has been criticised for exploiting local water resources for its bottled water production, which has forced underprivileged communities to pay a premium for their groundwater while alternatives have been exhausted. There have also been several allegations of labour conflicts and human rights violations in Nestle’s palm oil, coffee, fruits and seafood supply chains.
- Rio Tinto
  0.01%
  
  0.01%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  RIO TINTO Fossil Fuel Power Generation Human Rights Abuses
  
  Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
  Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries.
Social Harm
- Metcash Ltd.
  0.29%
  
  0.29%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
Fossil Fuels
- Contact Energy Ltd.
  1.95%
  
  1.5°C
  This company is on a 1.5°C pathway
  
  1.95%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  CONTACT ENERGY LTD. Fossil Fuel Power Generation
  
  Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel. In FY2023, 7% of the energy Contact generated came from thermal generation. However, Contact has announced plans for further investment in renewable generation. This includes NZD 1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
- BP
  0.16%
  
  !!
  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
  
  0.16%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
  
  BP Fossil Fuel Production
  
  BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business.
  Between 2020 and 2022, the company spent on average US$1,104 million per year on exploration activities alone. After generating 1,066 million barrels of oil in 2021, the company plans to expand their operations an additional 287% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Indonesia, India, Azerbaijan, UAE, Egypt, Mauritania, Brazil, Argentina, Bolivia, Trinidad and Tobago, USA and the UK. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.
- Delta Air Lines, Inc.
  0.15%
  
  0.15%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Cheniere Energy, Inc.
  0.09%
  
  !!
  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
  
  0.09%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- BHP Group
  0.02%
  
  !!
  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
  
  0.02%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
  
  BHP GROUP Environmental Damage Fossil Fuel Production
  
  One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
- Ck Hutchison
  0.02%
  
  0.02%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Conocophillips
  0.02%
  
  !!
  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
  
  0.02%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Dassault Systèmes Se
  0.02%
  
  0.02%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Galp Energia Sgps SA
  0.02%
  
  !!
  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
  
  0.02%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- National Grid PLC
  0.02%
  
  0.02%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
  
  NATIONAL GRID PLC Fossil Fuel Production
  
  Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.
- Samsung C&T Corp.
  0.02%
  
  0.02%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Constellation Energy Corp.
  0.01%
  
  0.01%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Eog Resources, Inc.
  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
  
  0.01%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Nextera Energy, Inc.
  0.01%
  
  0.01%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
- Rio Tinto
  0.01%
  
  0.01%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  RIO TINTO Fossil Fuel Power Generation Human Rights Abuses
  
  Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
  Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries.
- Totalenergies Se
  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
  
  0.01%
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
  
  TOTALENERGIES SE Fossil Fuel Production
  
  French based global oil major (7th largest in the world). In 2022 it produced 970 million barrels of oil and the company plans to expand their operations with an additional 7,970 million barrels in the short term (1-7 years). This planned term expansion overshoots the IEA Net-Zero Emissions Scenario by 57%.
Weapons
- Walmart, Inc.
  0.21%
  
  0.21%
  
  Firearms
  
  Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
  
  WALMART, INC. Firearms
  
  Walmart is the USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes. Walmart are currently working to improve their weapon-realted controls.
- Amphenol Corp.
  0.11%
  
  0.11%
  
  Military Weapons
  
  Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
- Airbus
  0.02%
  
  0.02%
  
  Controversial Weapons
  
  Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
  
  Military Weapons
  
  Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
  
  Nuclear Weapons
  
  Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
- Teledyne Technologies, Inc.
  0.01%
  
  0.01%
  
  Firearms
  
  Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
  
  Military Weapons
  
  Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Environmental Harm
- BHP Group
  0.02%
  
  !!
  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
  
  0.02%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Fossil Fuel Production
  
  Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
  
  BHP GROUP Environmental Damage Fossil Fuel Production
  
  One of the world's largest mining companies, headquartered in Australia with operations globally. In 2015 Samarco (a BHP joint venture with Vale SA) caused the Mariana dam disaster releasing huge quantities of heavy metal waste into the Doce River basin. This is the largest pollution incident ever recorded and devastated communities and the ecosystem. BHP also mines thermal coal. While it sold some coal mines, it will continue to operate the Mt Arthur mine in New South Wales until 2030.
- Wh Group
  0.01%
  
  0.01%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fund Provider Response

About this Fund

Fund type: Balanced fund

Past Returns: *12.57%

Average returns since the fund began, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 1.19%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

Value	$8.35M NZD
Period of data report	31st Dec. 2024
Fund started	16th May 2022
Total annual fund fees	1.19%
Total performance based fees	0.0%
Manager's basic fee	1.1%
Other management and administration charges	0.09%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Sam Goldwater	Currently: Chief Investment Officer/Investment Committee Member/Executive Director (11 years, 9 months) Previously: Led the investment management of a sizeable portfolio of family assets (7 years, 5 months)
Daniel Frost	Currently: Portolio Manager - Property & Infrastructure, Australasian Equities (6 years, 11 months) Previously: Senior Analyst, Macquarie Bank (5 years, 4 months)
Andrew Bolland	Currently: Portolio Manager - Property & Infrastructure, Australasian Equities (5 years, 6 months) Previously: Senior Analyst/Associate Portfolio Manager, Salt Funds Management (6 years, 2 months)
Ayrton Oliver	Currently: Portfolio Manager - Fixed Income (3 years, 9 months) Previously: Vice President, JP Morgan Chief Investment Office, International Rates and FX Portfolio Management (7 years, 0 months)
Nathan Field	Currently: Portfolio Manager - Global Equities (1 years, 10 months) Previously: Portfolio Manager, Global Thematic Fund, Kiwi Wealth (13 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2024.

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
2024	9.61%	13.79%

Top 10 Investments

ASB NZ Dollar Cash Account

New Zealand Cash and Equivalents A1

5.47%
Fisher & Paykel Healthcare Ltd

New Zealand Australasian Equities

3.45%
Infratil

New Zealand Australasian Equities

3.27%
T Rowe Price Global Equity Fund

Australia International Equities

2.76%
Contact Energy

New Zealand Australasian Equities

2.06%
Auckland International Airport Ltd

New Zealand Australasian Equities

1.87%
Spark

New Zealand Australasian Equities

1.69%
Te Ahumairangi Global Equity Fund

New Zealand International Equities

1.47%
Nvidia

United States International Equities

1.36%
Microsoft

United States International Equities

1.28%

Type	Target	Actual
Cash and Cash Equivalents	5.0%	5.48%
New Zealand Fixed Interest	28.0%	30.27%
International Fixed Interest	7.0%	4.4%
Australasian Equities	15.0%	21.87%
International Equities	30.0%	31.76%
Listed Properties	15.0%	5.98%
Unlisted Properties	0.0%	0.24%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

Investment Mix

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 Dec. 2024.

Funds

Generate Balanced Managed Fund

Total Ethical Concerns: 5.75%

Companies of Concern

Animal Cruelty 0.85%

Human Rights Violations 1.62%

Fossil Fuels 2.64%

Weapons 0.35%

Environmental Harm 0.05%

Fund Provider Response

From the Fund Provider

About this fund

About this Fund

In their own words

Key Personnel

Past Returns

Past Returns

Investments

Top 10 Investments

Investment Mix

Issues of Concern

Companies of Concern

Animal Cruelty

Human Rights Violations

Fossil Fuels

Weapons

Environmental Harm

Fund Provider Response

About this Fund

In their own words

Key Personnel

Past Returns

Top 10 Investments

Investment Mix

Disclosures

Investing Risk

How we are funded

Privacy

Funds

Generate Balanced Managed Fund

Total Ethical Concerns: 5.75%

Companies of Concern

Animal Cruelty 0.85%

Human Rights Violations 1.62%

Social Harm 0.31%

Fossil Fuels 2.64%

Weapons 0.35%

Environmental Harm 0.05%

Fund Provider Response

From the Fund Provider

About this fund

About this Fund

In their own words

Key Personnel

Past Returns

Past Returns

Investments

Top 10 Investments

Investment Mix

Issues of Concern

Companies of Concern

Animal Cruelty

Human Rights Violations

Social Harm

Fossil Fuels

Weapons

Environmental Harm