Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all managed balanced funds is 8.32%.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
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.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2020 and 2022, the company spent on average US$2,329 million per year on exploration activities alone. After generating 1,376 million barrels of oil in 2021, the company plans to expand their operations an additional 317% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. 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 45.3%.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
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).
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
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.
An Australian oil and gas company with significant operations in natural gas and oil production and exploration. The company has plans for major short term expansion of exploration in Australia, Papua New Guinea, and Alaska. The company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 59%.
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.
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.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
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.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2020 and 2022, the company spent on average US$2,329 million per year on exploration activities alone. After generating 1,376 million barrels of oil in 2021, the company plans to expand their operations an additional 317% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. 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 45.3%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Genesis Energy is engaged in energy generation, trading and selling of electricity, and owns a portfolio of fossil fuel and renewable generation assets across New Zealand. Evidence shows that thermal generation from gas represents a significant portion of the company's total power generation (from the Huntly power station), and that oil and gas power revenues represent approximately 35% of the company's total revenue.
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.
Headquartered in Canada, TC Energy operates natural gas, oil, and power generation assets in Canada and the USA. The company operates nearly 100,000km of oil and gas pipelines, and currently has 2,170.6km of pipelines under development. Projects include Coastal GasLink.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Iberdrola is a Spanish energy company, and one of the largest utilities in the world with electric utility operations in nearly 40 countries. Evidence shows that energy generated from oil and gas accounts for 15% of the company’s revenues. However, the company currently generates 80% of their electricity from renewable sources and have committed to achieving net-zero emissions by 2040. The company reports a total investment of EUR €150 billion is planned for this decade to enable its energy transition. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
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.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2020 and 2022, the company spent on average US$2,329 million per year on exploration activities alone. After generating 1,376 million barrels of oil in 2021, the company plans to expand their operations an additional 317% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. 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 45.3%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. We use our detailed research to enable educated conversations with the companies we invest in and push them to deliver better outcomes via sustainability targets, action and reporting. Please see our website for a deeper explanation of our approach and examples in our latest engagement activities and outcomes report: https://milfordasset.com/Engagement-Activity-and-Outcomes
The Fund’s objective is to provide income and capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of four years. It is a diversified fund that primarily invests in fixed interest and equity income-generating securities.
| Value | $2.84B NZD |
| Period of data report | 31st Dec. 2024 |
| Fund started | 1st April 2010 |
| Total annual fund fees | 0.65% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.64% |
| Other management and administration charges | 0.01% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Paul Morris |
Currently: Portfolio Manager (8 years, 11 months)
|
|
Anthony Ip |
Currently: Co-Portfolio Manager (1 years, 8 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2024.
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% | 5.94% |
| 2023 | -2.59% | -1.0% |
| 2022 | 1.06% | 4.02% |
| 2021 | 18.16% | 12.97% |
| 2020 | -1.83% | -2.03% |
| 2019 | 4.49% | 8.29% |
| 2018 | 4.41% | 5.18% |
| 2017 | 5.71% | 8.03% |
| 2016 | 3.06% | 8.02% |
| 2015 | 8.56% | 15.08% |
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.
NZD Cash Current Account (Hsbc)
New Zealand Cash and Equivalents AA-
Contact Energy Ltd
New Zealand Australasian Equities
Telstra Corp Ltd
Australia Australasian Equities
Infratil Ltd
New Zealand Australasian Equities
Spark New Zealand Ltd
New Zealand Australasian Equities
NZ Government Inflation Indexed 2.00% 20/09/2025
New Zealand NZ Fixed Interest AAA
Microsoft Corporation
United States International Equities
Scentre Group 5.125% 24/09/2080
Australia Int Fixed Interest BBB+
USD Cash Current Account (Hsbc)
United States Cash and Equivalents A+
Origin Energy Finance Ltd 5.35% 26/09/2031
Australia Int Fixed Interest BBB
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 4.95% | 17.59% |
| New Zealand Fixed Interest | 9.9% | 10.63% |
| International Fixed Interest | 44.55% | 43.04% |
| Australasian Equities | 15.84% | 14.21% |
| International Equities | 5.94% | 8.16% |
| Listed Properties | 18.81% | 6.37% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
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.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
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.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2020 and 2022, the company spent on average US$2,329 million per year on exploration activities alone. After generating 1,376 million barrels of oil in 2021, the company plans to expand their operations an additional 317% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. 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 45.3%.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
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).
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
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.
An Australian oil and gas company with significant operations in natural gas and oil production and exploration. The company has plans for major short term expansion of exploration in Australia, Papua New Guinea, and Alaska. The company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 59%.
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.
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.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
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.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2020 and 2022, the company spent on average US$2,329 million per year on exploration activities alone. After generating 1,376 million barrels of oil in 2021, the company plans to expand their operations an additional 317% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. 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 45.3%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Genesis Energy is engaged in energy generation, trading and selling of electricity, and owns a portfolio of fossil fuel and renewable generation assets across New Zealand. Evidence shows that thermal generation from gas represents a significant portion of the company's total power generation (from the Huntly power station), and that oil and gas power revenues represent approximately 35% of the company's total revenue.
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.
Headquartered in Canada, TC Energy operates natural gas, oil, and power generation assets in Canada and the USA. The company operates nearly 100,000km of oil and gas pipelines, and currently has 2,170.6km of pipelines under development. Projects include Coastal GasLink.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Iberdrola is a Spanish energy company, and one of the largest utilities in the world with electric utility operations in nearly 40 countries. Evidence shows that energy generated from oil and gas accounts for 15% of the company’s revenues. However, the company currently generates 80% of their electricity from renewable sources and have committed to achieving net-zero emissions by 2040. The company reports a total investment of EUR €150 billion is planned for this decade to enable its energy transition. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
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.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
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.
Where companies are involved in the development or release of GMO plants and seeds.
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2020 and 2022, the company spent on average US$2,329 million per year on exploration activities alone. After generating 1,376 million barrels of oil in 2021, the company plans to expand their operations an additional 317% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. 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 45.3%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. We use our detailed research to enable educated conversations with the companies we invest in and push them to deliver better outcomes via sustainability targets, action and reporting. Please see our website for a deeper explanation of our approach and examples in our latest engagement activities and outcomes report: https://milfordasset.com/Engagement-Activity-and-Outcomes
The Fund’s objective is to provide income and capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of four years. It is a diversified fund that primarily invests in fixed interest and equity income-generating securities.
| Value | $2.84B NZD |
| Period of data report | 31st Dec. 2024 |
| Fund started | 1st April 2010 |
| Total annual fund fees | 0.65% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.64% |
| Other management and administration charges | 0.01% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Paul Morris |
Currently: Portfolio Manager (8 years, 11 months)
|
|
Anthony Ip |
Currently: Co-Portfolio Manager (1 years, 8 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2024.
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% | 5.94% |
| 2023 | -2.59% | -1.0% |
| 2022 | 1.06% | 4.02% |
| 2021 | 18.16% | 12.97% |
| 2020 | -1.83% | -2.03% |
| 2019 | 4.49% | 8.29% |
| 2018 | 4.41% | 5.18% |
| 2017 | 5.71% | 8.03% |
| 2016 | 3.06% | 8.02% |
| 2015 | 8.56% | 15.08% |
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.
NZD Cash Current Account (Hsbc)
New Zealand Cash and Equivalents AA-
Contact Energy Ltd
New Zealand Australasian Equities
Telstra Corp Ltd
Australia Australasian Equities
Infratil Ltd
New Zealand Australasian Equities
Spark New Zealand Ltd
New Zealand Australasian Equities
NZ Government Inflation Indexed 2.00% 20/09/2025
New Zealand NZ Fixed Interest AAA
Microsoft Corporation
United States International Equities
Scentre Group 5.125% 24/09/2080
Australia Int Fixed Interest BBB+
USD Cash Current Account (Hsbc)
United States Cash and Equivalents A+
Origin Energy Finance Ltd 5.35% 26/09/2031
Australia Int Fixed Interest BBB
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 4.95% | 17.59% |
| New Zealand Fixed Interest | 9.9% | 10.63% |
| International Fixed Interest | 44.55% | 43.04% |
| Australasian Equities | 15.84% | 14.21% |
| International Equities | 5.94% | 8.16% |
| Listed Properties | 18.81% | 6.37% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
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.
