Funds
Bentham Global Income PIE Fund
Fund type: Defensive fund
Past Returns: *9.65%Annual Fees: 0.83%
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
Human Rights Violations
-
Ubs 0.11%
Business Ethics
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
UBS Business Ethics
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).
-
Kbr, Inc. 0.06%
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.
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.
-
Mattel, Inc. 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.
-
Ubs 0.11%
Animal Cruelty
-
Topgolf Callaway Brands Corp. 0.11%
Fur & Speciality Leather
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
-
Seaworld Entertainment, Inc. 0.09%
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.
-
Avient Corp. 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.
-
Element Solutions, Inc. 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.
-
Tronox Holdings PLC 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.
-
Six Flags Entertainment Corp. 0.02%
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.
-
Topgolf Callaway Brands Corp. 0.11%
Weapons
-
Transdigm Group, Inc. 0.18%
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.
-
Kbr, Inc. 0.06%
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.
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.
-
Ttm Technologies, Inc. 0.03%
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.
-
Compass Diversified Holdings 0.02%
Firearms
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
-
Transdigm Group, Inc. 0.18%
Fossil Fuels
-
BP 0.86%
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%. -
Enbridge, Inc. 0.24%
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.
-
Northern Oil & Gas, Inc. 0.05%
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.
-
Alliant Energy Corp. 0.02%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Civitas Resources, Inc. 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.
-
Hess Midstream Lp 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.
-
Rockcliff Energy Llc 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.
-
Sunoco Lp 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.
-
Genesis Energy Lp 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.
-
Matador Resources Co. 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.
-
Murphy Oil Corp. 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.
-
New Fortress Energy, Inc. 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.
-
BP 0.86%
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.
About this fund
In their own words
The fund provides exposure to an actively managed, diversified portfolio which invests in global credit markets. Foreign currency exposure is fully hedged to New Zealand dollars.
| Value | $103M NZD |
| Period of data report | 30th Sept. 2024 |
| Fund started | 11th April 2023 |
| Total annual fund fees | 0.83% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.83% |
| Other management and administration charges | 0.0% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
Key Personnel
|
Richard Quin |
Currently: CIO and Principal (14 years, 5 months) |
|
Nik Persic |
Currently: Deputy CIO and Principal (14 years, 5 months) |
|
Mark Fabry |
Currently: Senior Analyst and Principal (14 years, 5 months) |
|
Linden Smith |
Currently: Senior Analyst (7 years, 8 months) |
|
Calvin Niu |
Currently: Portfolio Analyst (13 years, 2 months) |
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 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 | 3.59% | 6.29% |
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. 2024.
Top 10 Investments
-
Cash (Underlying Fund)
New Zealand Cash and Equivalents15.38% -
Derivatives (Fx/Ir Hedges, Credit Derivatives)
New Zealand Other5.26% -
New Zealand Government Bon 4.25% 15/05/2036 Govt U
New Zealand Int Fixed Interest AAA2.1% -
Treasury Corp Of Victoria 2.00% 17/09/2035 Govt Gg
Australia Int Fixed Interest AA1.68% -
Australia Government Bond 4.25% 21/12/2035 Govt Se
Australia Int Fixed Interest AAA1.64% -
Queensland Treasury Corp 5.00% 21/07/2037 Govt Gg
Australia Int Fixed Interest AA1.25% -
New South Wales Treasury C 4.75% 20/02/2037 Govt G
Australia Int Fixed Interest AA1.22% -
Province Of Manitoba Canad 4.85% 28/08/2034 Govt S
Canada Int Fixed Interest A0.92% -
Australia Government Bond 4.25% 21/06/2034 Govt Se
Australia Int Fixed Interest AAA0.86% -
National Australia Bank Lt 5.18% 11/06/2034 Corp S
Australia Int Fixed Interest AA0.85%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 18.18% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 100.0% | 76.56% |
| 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% | 5.26% |
| Commodities | 0.0% | 0.0% |
Investment Mix
How the money in this fund is invested against the fund's targets.
Target
Actual
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2024.