Funds

Pie Property and Infrastructure Fund

Total Ethical Concerns: 24.99%

The average total concerns of all managed aggressive funds is 12.02%.

Companies of Concern

NON DISCLOSURE WARNING

The fund provider has not disclosed the full list of companies in this fund.

  • Fossil Fuels 24.99%

    • Constellation Energy Corp.
      4.00%
      4.00%
    • Nextera Energy, Inc.
      3.84%
      3.84%
    • E.On Se
      3.77%
      3.77%
    • Cheniere Energy, Inc.
      3.05%
      !!
      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
      3.05%
    • Oneok, Inc.
      2.99%
      2.99%
    • National Grid PLC
      2.66%
      !!
      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
      2.66%
    • Contact Energy Ltd.
      2.47%
      1.5°C
      This company is on a 1.5°C pathway
      2.47%
    • Sempra Energy
      1.23%
      !!
      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
      1.23%
    • Targa Resources Corp.
      0.97%
      0.97%

From the Fund Provider

  • About this fund

    About this Fund

    The Property & Infrustructure Fund's objective is to generate capital growth over a period exceeding 7 years. The Fund invests predominantly in listed property and infrustructure securities, directly and/or through externally managed funds.

    Value $136M NZD
    Period of data report 30th June 2025
    Fund started 5th Dec. 2023
    Total annual fund fees 1.25%
    Total performance based fees 0.0%
    Manager's basic fee 1.25%
    Other management and administration charges 0.0%
    Total other charges 0.0
    Total other charges currency NZD

    Michael Taylor

    Currently: Executive Director and Chief Investment Officer (3 years, 3 months)
    Previously: Executive Director and Chief Executive Officer, Pie Funds (15 years, 5 months)

    Toby Woods

    Currently: Portfolio Manager (Co) (0 years, 2 months)
    Previously: Senior Investment Analyst, Pie Funds (5 years, 11 months)

    Matt Young

    Currently: Portfolio Manager (Co) (0 years, 2 months)
    Previously: Investment Analyst - Global (4 years, 7 months)

    This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2025.

  • Past Returns

    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
    2025 4.07% 2.09%

    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 June 2025.

  • Investments

    Top 10 Investments

    • Morrison & Co High Conviction Infra Aus Feeder Nzh

      New Zealand International Equities

      10.86%
    • BNZ Call Account - NZD

      New Zealand Cash and Equivalents AA-

      4.14%
    • Constellation Energy Corp

      United States International Equities

      3.55%
    • Talen Energy Corp

      United States International Equities

      3.51%
    • Grupo Aeroportuario Del Pacifi

      United States International Equities

      3.13%
    • Sse PLC

      United Kingdom Other

      2.98%
    • Cheniere Energy Inc

      United States International Equities

      2.79%
    • Nextera Energy Inc

      United States International Equities

      2.41%
    • Aena Sme SA

      Spain International Equities

      2.37%
    • E.On Se

      Germany International Equities

      2.36%
    Type Target Actual
    Cash and Cash Equivalents 0.0% 5.77%
    New Zealand Fixed Interest 0.0% 0.0%
    International Fixed Interest 0.0% 0.0%
    Australasian Equities 10.0% 9.35%
    International Equities 60.0% 58.85%
    Listed Properties 30.0% 26.03%
    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 by asset type.

    This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2025.

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 2025 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.

Issues of Concern

  • 0.0% Animal Cruelty
  • 0.0% Human Rights Violations
  • 0.0% Social Harm
  • 24.99% Fossil Fuels
  • 0.0% Weapons
  • 0.0% Environmental Harm

Companies of Concern

NON DISCLOSURE WARNING

The fund provider has not disclosed the full list of companies in this fund.

  • Fossil Fuels

    • Constellation Energy Corp.
      4.00%
      4.00%
    • Nextera Energy, Inc.
      3.84%
      3.84%
    • E.On Se
      3.77%
      3.77%
    • Cheniere Energy, Inc.
      3.05%
      !!
      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
      3.05%
    • Oneok, Inc.
      2.99%
      2.99%
    • National Grid PLC
      2.66%
      !!
      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
      2.66%
    • Contact Energy Ltd.
      2.47%
      1.5°C
      This company is on a 1.5°C pathway
      2.47%
    • Sempra Energy
      1.23%
      !!
      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
      1.23%
    • Targa Resources Corp.
      0.97%
      0.97%

About this Fund

The Property & Infrustructure Fund's objective is to generate capital growth over a period exceeding 7 years. The Fund invests predominantly in listed property and infrustructure securities, directly and/or through externally managed funds.

Value $136M NZD
Period of data report 30th June 2025
Fund started 5th Dec. 2023
Total annual fund fees 1.25%
Total performance based fees 0.0%
Manager's basic fee 1.25%
Other management and administration charges 0.0%
Total other charges 0.0
Total other charges currency NZD

Michael Taylor

Currently: Executive Director and Chief Investment Officer (3 years, 3 months)
Previously: Executive Director and Chief Executive Officer, Pie Funds (15 years, 5 months)

Toby Woods

Currently: Portfolio Manager (Co) (0 years, 2 months)
Previously: Senior Investment Analyst, Pie Funds (5 years, 11 months)

Matt Young

Currently: Portfolio Manager (Co) (0 years, 2 months)
Previously: Investment Analyst - Global (4 years, 7 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2025.

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
2025 4.07% 2.09%

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 June 2025.

Top 10 Investments

  • Morrison & Co High Conviction Infra Aus Feeder Nzh

    New Zealand International Equities

    10.86%
  • BNZ Call Account - NZD

    New Zealand Cash and Equivalents AA-

    4.14%
  • Constellation Energy Corp

    United States International Equities

    3.55%
  • Talen Energy Corp

    United States International Equities

    3.51%
  • Grupo Aeroportuario Del Pacifi

    United States International Equities

    3.13%
  • Sse PLC

    United Kingdom Other

    2.98%
  • Cheniere Energy Inc

    United States International Equities

    2.79%
  • Nextera Energy Inc

    United States International Equities

    2.41%
  • Aena Sme SA

    Spain International Equities

    2.37%
  • E.On Se

    Germany International Equities

    2.36%
Type Target Actual
Cash and Cash Equivalents 0.0% 5.77%
New Zealand Fixed Interest 0.0% 0.0%
International Fixed Interest 0.0% 0.0%
Australasian Equities 10.0% 9.35%
International Equities 60.0% 58.85%
Listed Properties 30.0% 26.03%
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 by asset type.

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2025.

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 2025 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.